Tema: PPCC-Pisitófilos Creditófagos-Invierno 2022

[Cadavre Exquis]

https://www.expansion.com/empresas/banca/2022/12/28/63ab782fe5fdea3b6e8b460d.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/empresas/banca/2022/12/28/63ab9407e5fdeaca728b45fe.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/empresas/banca/2022/12/28/63ab89d5e5fdeac7688b4651.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20221228/page/25/textview

Sólo transportistas y agricultores tendrán descuento en el carburante

Saludos.

[Derby]

No es necesario un banco malo en China. Está claro que el modelo nuevo será un modelo más selectivo que el capitalismo popular que hemos vivido estas últimas décadas.

https://www.ft.com/content/6e9085ec-0d59-43f7-ac00-ccfedbe96ed6

Beijing changes tack on tackling property crisis

Defaults such as Evergrande’s froze the markets but new state-backed funds could release them

More than a year after China’s property crisis began, the government has finally changed its tune on the best way to overcome it.

In its initial stages, which were dominated by the default of heavily indebted real estate developer Evergrande and a host of its peers, widely held expectations of government support failed to materialise.

The liquidity problems had in part arisen because of Beijing’s attempts to discourage the excessive borrowing that had for years dominated real estate development. Companies unable to borrow new money as markets froze on the spectacle of Evergrande’s excess defaulted on the old and construction activity slumped.

But in November this year, as concerning housing data continued to emerge, authorities appeared to reconsider the dangers of debt. The government unveiled 16 support measures for the property sector. Then state-run banks pledged an eye-watering amount — around $256bn according to S&P — in potential credit to specific developers.

The message of an industry divided between the good and the bad was reiterated this month at the country’s Central Economic Work Conference, where policymakers pledged to support “high-quality leaders” and their balance sheets.

These include companies such as Vanke, which is partly owned by the subway operator in the city of Shenzhen, and Country Garden, the biggest developer in the country by sales. Jens Presthus, an associate director at advisory group Global Counsel, notes that Vanke’s part state ownership has already allowed it to borrow at lower rates than peers. One potential use of the vast funds earmarked for them is mergers and acquisitions, potentially allowing them to snap up the land or assets owned by failed peers, bailing out the assets if not their previous owners or creditors.

This kind of state-encouraged private-sector consolidation is typical of financial crises, as when JPMorgan agreed to buy Bear Stearns and the assets of retail bank Washington Mutual during the 2008 financial crisis. But while a collapse of financial institutions posed a spiralling threat to the entire financial and payments system, the collapse of Chinese real estate developers has so far been largely confined to that sector in its effects.

Despite the new wave of government support, the latest data in November still paint a grim picture. Property investment fell 20 per cent year-on-year. Property sales fell by a third in both volume and value in November year on year.

Ting Lu, chief China economist at Nomura, notes that the rate of decline in sales did improve in a 30-city sample in the first half of December, but believes it could take a few more months for the sector to recover. The zero-Covid apparatus that is now being relaxed may, with its lockdowns and bureaucracy, explain in part why the sluggishness in real estate dragged on for so long.

Until now, the official response has been to encourage the completion of housing projects, given that homebuyers in China typically pay for new apartments before they are completed. This has often required the help of local governments, who were already under significant financial pressure because of the loss of revenues from land sales to developers.

The government’s so-called “three red lines” policy, introduced in the summer of 2020, sought to constrain developers. It came at a time, now easily forgotten, when stimulus and monetary loosening to ward off the economic hit from Covid-19 had prompted a boom in both the stock and property markets in China.

The new funds pledged by state-owned banks amount to credit lines that stand available, rather than an immediate lending splurge. They differ in legal convention from the international debts that some developers took on and which were at the centre of the crisis.

If the flood of money is unleashed, it would amount to a significant undoing of a new creed of restraint on borrowing. But ultimately new lending will not be easily deployed unless there is a major recovery in demand for housing — what Harry Hu at S&P Ratings has called a “buy-in from end-customers”.

Lu at Nomura notes that medium- to long-term household loans were Rmb210bn ($30bn) in November, less than half their level a year earlier. The big question is whether Chinese homebuyers, rather than the Chinese government, have also changed their minds about debt and housing.

PS. El mercado laboral (durante décadas ha sido más bien un "mercadillo" del todo a 100) también se volverá más selectivo. Eso siempre resulta favorable para quien puede hacer las cosas bien (tan difícil para tantos). Cuando yo terminé mis estudios en Derecho ya no se nos contrataba. A los licenciados en Derecho, cuando se nos empezaba a pagar algo, bien era en negro bien facturábamos como profesionales autónomos. Si no aceptabas las condiciones sabías que otro las aceptaría.

Amigos míos que cursaron otros estudios universitarios (ingenierías, incluso económicas) nos miraban con extrañeza o hilaridad...algunos de ellos, como de generaciones anteriores a la mía, lo sufren/han sufrido indirectamente: a partir de que sus hijos han sufrido condiciones laborales abusivas.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20221228/page/26/textview

El Gobierno prorroga a todo 2023 el límite del 2% a la subida del alquiler

https://www.eleconomista.es/economia/noticias/12090791/12/22/La-prorroga-de-la-congelacion-de-los-alquileres-origina-criticas-en-el-sector.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/empresas/energia/2022/12/27/63aae538e5fdeaa2738b460c.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/fiscal/2022/12/28/63ab570ae5fdeac7688b4649.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/fiscal/2022/12/28/63ab4d9b468aeb45588b4677.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/opinion/2022/12/27/63ab0f8d468aebd9108b4619.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/energia/noticias/12090706/12/22/Rusia-prohibe-las-exportaciones-de-petroleo-a-Europa-y-a-los-paises-que-han-fijado-un-tope-al-barril.html

Saludos.

[Derby]

Será necesario ser muy selectivo. De manera diferente de la que hemos vivido en las últimas décadas, en la que la mediocridad ha campado a sus anchas y se ha defendido rodeándose de mediocridad.

https://www.bloomberg.com/news/articles/2022-12-28/london-law-firms-may-face-a-reckoning-in-2023-after-this-year-s-pay-scale-mess

London Law Firms Face a Reckoning in 2023 After This Year’s ‘Pay Scale Mess’

*Pay packages surge was out-of-whack with slowing deals revenue
*New London law recruits lured with offers of £100,000 a year

London’s biggest law firms paid generously to secure the brightest young recruits they could this year. Meeting those salary pledges next year will be a lot tougher with revenues from deal making expected to slow dramatically. 

Many of the UK’s top law firms upped salaries for newly-qualified lawyers to as much as £100,000 ($120,600) this year to narrow the gap with top US firms in London. But the value of initial public offerings in the UK capital, a key source of cash for law firms which advise on these deals, fell in the first half of 2022 to the lowest since 2008. With the UK already on the brink of recession, a reckoning of sorts may be coming. (...)

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/12090767/12/22/El-gasto-en-pensiones-marca-un-record-de-10943-millones-en-diciembre.html

Saludos.

[Derby]

https://www.wsj.com/articles/negative-yielding-bonds-could-be-approaching-their-final-days-11672179726

Negative-Yielding Bonds Could Be Approaching Their Final Days

Japan is the last major economy to have a target interest rate below zero

Negative yields on government bonds look like they are about to ride off into the sunset.

The worldwide sum of negative-yielding debt has almost completely evaporated, another effect of central bankers’ efforts to fight inflation around the world. It now stands at $271 billion, down from more than $18.4 trillion two years ago, according to Bloomberg index data accessed via FactSet.

This unusual debt piled up in recent years as central banks in Europe and Japan held their target interest rates below zero to try to stimulate economic growth.

This year, however, surging inflation has prompted Europe’s major central banks to raise interest rates, pulling yields there back into positive territory. That has left Japan as home to nearly all the sub-zero-yielding debt that remains.

But last week, the Bank of Japan eased its efforts to keep the yield on 10-year Japanese government bonds below 0.25%. In the days since, the Japanese 10-year yield has risen to just shy of 0.5%, and yields on shorter-term notes of less than 10 years have turned positive. Now, only the yields on Japanese government bills that mature in a year or less remain negative.

Some investors believe that move has opened the door for the Bank of Japan to raise its target interest rate above zero next year, from minus 0.1% today. If it does, yields on more Japanese short-term bills would likely turn positive.(...)

[sudden and sharp]

My power’s really low, so this may be the last image I can send. Don’t worry about me though: my time here has been both productive and serene. If I can keep talking to my mission team, I will – but I’ll be signing off here soon. Thanks for staying with me.

https://www.lavanguardia.com/ciencia/fisica-espacio/20221222/8655032/robot-nasa-marte-despide-haber-completado-mision-tuit-conmovedor-pmv.html
https://twitter.com/NASAInSight/status/1604955574659035136











[ Mission accomplished  ]