PPCC: Pisitófilos Creditófagos. Veranito 2025

[Derby]

https://www.ft.com/content/5125a35e-f062-4dcc-8df3-e08c3cbb1f2c

Private equity groups warn of mis-selling as sector opens up to individual investors

Surge of investment has raised concerns about whether advisers adequately explain illiquidity risk


In the UK, wealth managers are increasingly considering offering semi-liquid funds that provide access to private markets © Charlie Bibby/FT

Private capital groups have warned of a potential wave of mis-selling claims from wealthy investors if advisers fail to adequately explain the risks involved to customers.

Wealth managers and advisers are increasingly offering private equity, private credit and infrastructure products to individuals in Europe seeking to diversify their portfolios and boost returns.

Demand for access to private assets has led to a surge in investment in so-called evergreen or semi-liquid funds in the UK and Europe. More than €88bn had been invested by June this year, more than double the amount in early 2024, according to consultancy firm Novantigo.

But private capital groups told the Financial Times that some intermediaries lacked experience and might not have the expertise to assess the products and explain the lack of liquidity, which can make it difficult for investors to withdraw their money during times of market stress.

Although investments can be made monthly, money can only be withdrawn every few months, meaning the products are not suitable for individuals who are either unwilling or unable to lock cash away for indefinite periods of time.

“The big concern I have is that [intermediaries] say it’s liquid,” said one executive at an asset manager, who said their firm was putting a lot of time into educating potential sellers about their products.

They added that intermediaries who failed to properly explain the funds’ illiquidity put themselves at risk of mis-selling complaints.

A partner at a leading alternative asset manager said smaller intermediaries often lacked the knowledge needed to do proper assessments of their products compared with larger banks that distributed them.

There was a “thorough process we have to pass to get on a JPMorgan [Chase] or Julius Baer platform, for example, which isn’t typically the case with less-scaled distributors”, the person added.

Steffen Pauls, co-chief executive and founder of Moonfare, an investment service that provides private equity products, said that clients needed to understand private market assets could not be sold on demand.

“Unlike public equities, these investments are designed to be held over long periods. If wealth managers and advisers don’t fully understand this dynamic, or fail to communicate it clearly to their clients, the risk of disappointment rises sharply.”

In the UK, wealth managers are increasingly considering offering semi-liquid funds that provide access to private markets called Long-Term Asset Funds after the Financial Conduct Authority in 2023 gave the green light for them to be offered to sophisticated individuals. Investors in Europe have access to a similar product called a European Long-Term Investment Fund.

Mara Dobrescu, senior principal for fixed-income strategy ratings at research firm Morningstar, warned these funds “come with limited withdrawal opportunities, and they have not yet been tested in a severe risk-off environment”.

She added that “several quarters of withdrawals in a row” could force managers to halt withdrawals from the fund and this “could be difficult for retail investors to stomach”.

There was a “marketing frenzy around evergreen” funds and the risks were not necessarily made clear, she added.

RBC Wealth Management, Evelyn Partners, and Quilter Cheviot are among the wealth managers aiming to offer greater access to private markets to wealthy clients. DIY investment site Hargreaves Lansdown earlier this month said it would offer access to LTAFs through personal pension wrappers.

Traditional fund groups such as Schroders have launched their own LTAFs, while other European players such as Carmignac have formed partnerships with alternative asset specialists.

[Derby]

https://www.project-syndicate.org/commentary/trump-state-capitalism-lawless-and-no-answer-to-china-rivalry-by-curtis-j-milhaupt-and-angela-huyue-zhang-2025-09

Lawless State Capitalism Is No Answer to China’s Rise, Curtis J. Milhaupt and Angela Huyue Zhang

Invoking national security and the economic rivalry with China, the Trump administration is pursuing legally dubious interventions and control of private industry, with potentially high costs for US dynamism. Like the panic over Japan's rise in the 1980s, the administration's response is unwarranted and counterproductive.

STANFORD/LOS ANGELES – It is tempting to frame the Sino-American economic rivalry as a clash between engineering doers and lawyerly naysayers, as the Chinese-Canadian analyst Dan Wang does in his new book Breakneck: China’s Quest to Engineer the Future. But this is a false dichotomy, because law is a crucial feature of US capitalism.

We have heard the lawyers-versus-engineers argument before. Forty years ago, Japan’s economic rise induced similar anxieties, most famously articulated in the American sociologist Ezra Vogel’s book Japan as Number One: Lessons for America. Commentators fretted that America was mired in lawsuits while Japan’s best minds were solving problems and driving their country’s meteoric growth. Yet over the ensuing decades, the United States, with its mammoth legal industry, outperformed Japan by a wide margin.

Today’s panic about an Asian economic challenger is equally unwarranted and counterproductive. Invoking national security and the competition with China, Donald Trump’s administration is pursuing increasingly anti-capitalist and legally dubious interventions into private industry, with potentially high costs for American dynamism.

Consider the whirlwind of deals struck this summer. Just 11 days after Intel’s CEO, Lip-Bu Tan, met with Trump, the White House announced that the US government had taken a 10% stake in the company.

The Trump administration also secured a “golden share” in US Steel as a condition of its sale to Nippon Steel; forged a multibillion-dollar partnership between the Pentagon and the rare-earth producer MP Materials; and negotiated revenue-sharing agreements with the chipmakers Nvidia and AMD in exchange for easing export restrictions. Apple, for its part, pledged another $100 billion in US investment in return for tariff relief.

None of these startling moves was approved by Congress, nor has any been challenged in court. Corporate America has remained silent, apparently cowed by Trump’s intimidation of universities, law firms, and other institutions. While the speed of the dealmaking could be seen as a virtue, it is better understood as a warning sign, because such interventions rest on shaky legal foundations.

Consider the “golden share” the US government has taken in US Steel. The Trump administration justified its intervention by channeling it through the Committee on Foreign Investment in the United States (CFIUS), which is empowered to review foreign takeovers that might threaten national security. Yet the conditions of the deal – protecting worker salaries, blocking a headquarters move, and mandating new capital investment – suggest that it is less a matter of security than an opportunistic use of the CFIUS process to advance powerful steelworker unions’ interests.

Similarly, the government’s investment in the rare-earths firm MP Materials relied on an expansive reading of the Cold War-era Defense Production Act. Critics argue that the administration used emergency powers to sidestep standard federal procurement and contracting requirements.

In the same vein, the revenue-sharing arrangements with chipmakers Nvidia and AMD very much resemble an export tax that could be challenged as unconstitutional. Even if the administration were to argue that these sales fall outside the definition of “exports” because the chips are manufactured in Taiwan, it would still face a formidable statutory obstacle: the Export Control Reform Act of 2018 explicitly bars the government from charging fees in exchange for export licenses.

The Intel deal is no less contentious. The CHIPS and Science Act provided incentives for the construction of new semiconductor fabrication plants in the US, yet Intel has won exemptions from some of those obligations in exchange for granting the government an equity stake.

Critics also point to potential conflicts with other federal statutes that prohibit agencies from acquiring equity stakes without explicit congressional authorization. They argue that the administration’s unprecedented investments in private businesses outside of a national crisis require a clear mandate from Congress.

These are not mere technical quibbles. The lawless state capitalism that Trump is forging introduces significant risks. If companies start to expect bailouts or special favors, they may engage in more reckless behavior. Moreover, capital may be steered not toward the best ideas, but toward politically connected projects. Managers may find their planning disrupted by the White House’s unpredictable whims. And investors may stay on the sidelines, knowing that their returns could be sacrificed for political priorities.

Intel itself quietly sounded the alarm in its SEC filing after the deal, warning that, given the lack of precedent, “it is difficult to foresee all the potential consequences” of the government becoming a significant shareholder of a private company. Translation: “This could end badly.”

China’s own record indicates that state capitalism, while capable of mobilizing resources to deliver infrastructure and promote growth, also creates serious pathologies. It has bred rampant corruption, waste, and periodic crackdowns that undermine confidence in the very sectors the government seeks to promote. America risks reproducing these dysfunctions if it follows the same path.

To be sure, the US urgently needs to channel resources into infrastructure, manufacturing, and innovation, and excessive proceduralism can hinder investment and impede responses to national-security threats. But worthy policy objectives must be pursued within the bounds of law and through transparent processes, not by an executive branch that makes up rules on the fly, cuts opaque deals with favored firms, and erodes the predictability that underpins US markets.

The rule of law, imperfect though it may be, provides a necessary degree of predictability and accountability for market and government actors. Jettisoning it in the name of winning the geopolitical rivalry with China will only undermine a key source of US strength.

[tomasjos]

Mientras tanto Netanyahu sube la apuesta

Netanyahu insiste en que no habrá Estado palestino y amenaza con una "respuesta" a los últimos reconocimientos https://share.google/3ZV3cZqQfkgs2cIJF



Netanyahu insiste en que no habrá Estado palestino y amenaza con una “respuesta” a los últimos reconocimientos
El primer ministro israelí ha advertido de que a su vuelta de la Asamblea General de la ONU anunciará una “respuesta” a la decisión de Reino Unido, Canadá y Australia

El primer ministro israelí, Benjamín Netanyahu, insistió este domingo en que “no habrá un Estado palestino” después de que Reino Unido, Canadá y Australia lo reconociesen, y advirtió de que a su vuelta de la Asamblea General de la ONU que se celebrará la semana entrante en Estados Unidos anunciará una “respuesta” a esa decisión.

En un vídeo difundido por su oficina en redes sociales, Netanyahu lanza un mensaje a los países que están reconociendo el Estado de Palestina por la ofensiva israelí en Gaza: “Eso no sucederá. No se establecerá un Estado palestino al oeste del río Jordán”.



A todo esto, esa afirmación de Netanyahu es respuesta al reconocimiento del estado palestino por parte de lo que queda del Imperio británico
Reino Unido, Canadá y Australia reconocen a Palestina como Estado
https://www.eldiario.es/internacional/reino-unido-reconocera-hoy-palestina_1_12614720.html

[Derby]

https://www.baha.com/EU-seen-moving-to-bar-Big-Tech-from-financial-data-plan/news/details/64848727

EU seen moving to bar Big Tech from financial data plan

The European Union plans to ban major American technology companies from a new financial data-sharing framework, according to the Financial Times, which cited EU diplomats and documents it obtained.

Backed by Germany, the proposal would exclude Meta Inc., Apple Inc., Alphabet Inc.'s Google LLC and Amazon.com Inc. from the Financial Data Access regulation, which aims to let third-party providers use bank and insurer data to develop digital finance products. Germany told other EU members the move would "promote the development of an EU digital financial ecosystem" and protect consumer "digital sovereignty," the newspaper saw in a document.

Negotiations on the regulation are in their final phase, with a deal expected this fall. The debate comes weeks after an EU law took effect, imposing strict transparency and accountability rules on designated companies, including several of the US tech groups now facing exclusion from the financial data plan.

[Derby]

https://themarketear.com/newsfeed/cQ3MiEyh4N

The last time resulted in the dot-com bubble

Starting a rate cut cycle with double digit earnings has only happened once in past 40 years.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20250920/page/3/textview

Madrid responde a la falta de vivienda

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13555269/09/25/estos-son-los-grandes-proyectos-que-sumaran-mas-de-260000-viviendas-nuevas-a-madrid.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/actualidad/noticias/13554580/09/25/espana-afianza-su-relacion-comercial-con-israel-y-exporta-el-doble-de-lo-que-compra.html

https://www.eleconomista.es/infraestructuras-servicios/noticias/13554569/09/25/la-publica-ineco-terminara-sus-proyectos-en-israel-pero-renuncia-a-nuevos-contratos.html

https://www.eleconomista.es/industria/noticias/13552728/09/25/defensa-tiene-un-problema-con-el-veto-a-israel-necesita-comprar-armamento-por-2000-millones-para-sustituir-su-tecnologia.html

https://www.eleconomista.es/actualidad/noticias/13554595/09/25/gil-gidron-espana-no-puede-renunciar-a-la-tecnologia-israeli-porque-todo-el-mundo-la-usa-a-diario.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/transportes-turismo/noticias/13554554/09/25/las-hoteleras-baten-record-de-rentabilidad-con-la-subida-de-los-precios-de-las-habitaciones-y-el-auge-de-la-demanda.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/transportes-turismo/noticias/13554472/09/25/aena-aplazara-mas-alla-de-2031-obras-por-4000-millones-de-su-plan-aeroportuario.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13554528/09/25/los-tres-anuncios-de-diaz-que-dificultan-el-acuerdo-salarial-a-tres-anos.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/vivienda-inmobiliario/noticias/13553346/09/25/el-precio-de-la-vivienda-se-aferra-a-los-maximos-de-2008-y-sube-a-2093-euros-por-metro-cuadrado.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/economia/noticias/13553524/09/25/el-ine-revisa-al-alza-tres-decimas-el-avance-del-pib-de-2024-hasta-el-35-y-reduce-el-de-2023-al-25.html

https://www.europapress.es/economia/macroeconomia-00338/noticia-facturacion-industria-sube-19-julio-suma-dos-meses-incrementos-20250919091628.html

Saludos.

[Cadavre Exquis]

https://www.eleconomista.es/opinion/noticias/13554517/09/25/la-cortina-de-humo-con-la-vivienda-el-pib-y-palestina-para-tapar-lo-demas.html

Saludos.

[berberecho]

No creo que le haya pasado nada a Asustadísimos, al menos eso espero, de verdad.

En su perfil se lee su última actividad:

Septiembre 18, 2025, 17:57:23 pm

Confío en que esté dando hype, como otras veces ha hecho (bien es verdad que no con el silencio)

[Cadavre Exquis]

https://cincodias.elpais.com/fortunas/2025-09-21/tres-grandes-museos-europeos-transforman-sus-espacios-frente-al-turismo-masivo.html

Saludos.