Finanzas

THE teller at ICBC, China’s (and the world’s) biggest bank, ushers a new, well-heeled customer into a private room. It is not for VIP treatment but a stern warning. The customer wants to invest in products offering higher returns than a basic savings account. The teller fixes a camera on her and reels off a series of questions. Are you aware that prices can go down as well as up? Do you understand that the bank does not guarantee this product? Only when the customer has been recorded saying “yes” does she get her wish.

Some complain that these videotaped agreements, now mandatory at Chinese banks selling similar investment products, feel like interrogations. But for the financial system, they are a step away from the precipice. Banks have used such transactions to channel cash into off-balance-sheet loans, serving riskier corners of the economy. Firms with little lending expertise have also muscled into the same space.

The catch-all phrase to describe this is shadow banking. It is…Continue reading

THE decline of the conventional job has been much heralded in recent years. It is now nearly axiomatic that people will work for a range of employers in a variety of roles over their lifetimes, with a much more flexible schedule than in the past. Opinion is still divided over whether this change is a cause for concern or a chance for workers to be liberated from the rut of office life.

Is the shift really happening? Some figures from the Bureau of Labour Statistics (BLS), released on June 7th, showed that only 10.1% of American workers were in “alternative employment” last year, a lower proportion than the 10.7% recorded in 2005. In contrast, a study of the British economy by the Institute for Fiscal Studies (IFS) shows that the self-employed sector has been growing, with the number of self-employed sole traders rising by 25% between 2007-08 and 2015-16.

These two measures are different. But getting a good statistical fix is not easy when the jobs are hard to define. The ecology of…Continue reading

Role model

IF THERE is a single example of how dramatically the regulatory environment has changed for American banks in the past 18 months, it may be the trickle of information that has recently emerged about an inquiry into their sales practices. The Office of the Comptroller of the Currency (OCC), a banking watchdog, began it in 2016 after widespread malpractice was uncovered at Wells Fargo, one of the country’s biggest banks. It ended the inquiry quietly by writing to several banks on June 4th; it sent the letters to Congress on June 11th. The public learned of the probe only because of diligent reporting by American Banker, a trade publication which appears to have gleaned its information mainly from banking consultants.

The OCC responded to American Banker’s report by releasing enough information to suggest that some banks were guilty of at least minor jiggery-pokery. It confirmed as much in testy exchanges between…Continue reading

Draghi alarga tres meses los estímulos que han apuntalado la economía pero les pone fecha de caducidad si la inflación y el petróleo no lo tuercen

Draghi alarga tres meses los estímulos que han apuntalado la economía pero les pone fecha de caducidad si la inflación y el petróleo no lo tuercen

Un instrumento clave contra las próximas crisis que se debería crear para reforzar la arquitectura del euro es un presupuesto propio de la zona euro

Hacienda estrechó el cerco en 2012 sobre las sociedades de artistas y deportistas

El banco central anticipa que habrá dos incrementos adicionales este año, uno más de los que proyectó en marzo

El ICAC también saciona a Deloitte con otros 270.000 euros por las cuentas de ACS de 2012

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