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Daily Archives: January 8, 2014

The State of the Banking Sector in Europe

OECD – Dirk Schoenmaker, Toon Peek – Duisenberg School of Finance, Netherlands. Jan 6, 2014.

“This paper reviews the state of the banking sector in Europe. At the aggregate level, the empirical data suggest that the Baltics, Cyprus, Greece and Ireland, in particular, are hit by a strong decline in lending in the wake of the financial crisis. This deleveraging is mainly caused by a reduction in cross-border supply of credit. We also examine the capital position of the European banking system, using November 2013 stock market data. In the basic scenario to restore capital to a market based leverage ratio of 3%, EUR 84 billion of extra capital would be needed for the largest 60 banks. At the bank level, the top tertile of well-capitalised banks (with a market based leverage ratio well above 4%) continues lending. By contrast, the 2nd tertile of medium-capitalised banks (between 3 and 4%) and the 3rd tertile of weakly capitalised banks (well below 3%) show a strong decline in lending. Moreover, the market-to-book ratio is below one for these banks. The market thus gives a lower value to these banks. Our findings provide prima facie evidence of a credit crunch in Europe. Another fallout of the financial crisis is an increase, though very modest, of concentration in banking in the distressed countries (Greece, Ireland, Portugal, Spain and Italy). The enhancement of financial stability through (forced) M&As seems to come at the expense of reduced competition.”

2014–15 Occupational Outlook Handbook

“The 2014–15 Occupational Outlook Handbook (OOH) was released today by the U.S. Bureau of Labor Statistics (BLS). The OOH reflects BLS employment projections for the 2012–22 decade. The OOH is one of the nation’s most widely used sources of career information. It provides details on hundreds of occupations and is used by career counselors, students, parents, teachers, jobseekers, career changers,Continue Reading

Gallup – Three in 10 in U.S. Own an Array of Consumer Electronics

“As electronics enthusiasts gather in Las Vegas for the International Consumer Electronics Show this week, a new Gallup analysis finds Americans falling into four groups according to their ownership levels of the electronic devices already available. At one end of the spectrum, 31% are “Super Tech Adopters,” who report broad ownership of the major computingContinue Reading

Trends in transition from classical censorship to Intenet censorship: selected country overviews

Dr Constance Bitso, Department of Information Science, University of Pretoria, Lynnwood Road, Pretoria, South Africa; Prof Ina Fourie, Department of Information Science, University of Pretoria, Lynnwood Road, Pretoria, South Africa; Prof Theo Bothma, Department of Information Science, University of Pretoria, Lynnwood Road, Pretoria “Censorship is no longer limited to printed media and videos. Its impact is felt much more stronglyContinue Reading

Determinants of European Bank CDS Spreads in Times of Crisis

Samaniego-Medina, Reyes and Trujillo‐Ponce, Antonio and Cardone-Riportella, Clara and Parrado-Martínez, Purificación, Determinants of European Bank CDS Spreads in Times of Crisis (December 1, 2013). WP Funcas, No. 736. Available at SSRN: http://ssrn.com/abstract=2375715 “Since the beginning of the financial crisis, the credit default swap (CDS) spreads of the European banks have severely increased. This paper empiricallyContinue Reading

The Concentration of Wealth in New York City

Changes in the Structure of Household Income by Race/Ethnic Groups and Latino Nationalities 1990 – 2010 – Laird W. Bergad, Distinguished Professor, Department of Latin American, Latino and Puerto Rican Studies, Lehman College, Ph.D. Program in History, Graduate Center. “This study examines the concentration of wealth in New York City between 1990 and 2010 using data on household income fromContinue Reading

Net Loss: The Killing of Marine Mammals in Foreign Fisheries

Natural Resources Defense Council (NRDC): “Few realize it, but nearly every foreign fish product sold in the United States enters the U.S. market in violation of federal law. from the cod and haddock that go into the fish sticks enjoyed by children to the sea bass served at fine restaurants, if it was imported, it probably entered this countryContinue Reading

Minutes of the Federal Open Market Committee, December 17-18, 2013

“The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 17-18, 2013. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to these minutes. The minutes for eachContinue Reading

Public Report on the Independent Assessment Process for Google, Microsoft, and Yahoo

“The Global Network Initiative today released a public report on the independent assessments of founding companies Google, Microsoft, and Yahoo. The assessments looked at cases of government requests implicating the rights of Internet users, and found that each company is making a good faith effort to implement GNI’s Principles on Freedom of Expression and Privacy, and toContinue Reading

New GAO Reports – Government Support for Bank Holding Companies, InfoSec, James Webb Space Telescope

GOVERNMENT SUPPORT FOR BANK HOLDING COMPANIES – Statutory Changes to Limit Future Support Are Not Yet Fully Implemented, GAO-14-174T, Jan 8, 2014: “GAO found that from 2007 through 2009, the federal government’s actions to stabilize the financial system provided significant funding support and other benefits to bank holding companies and their subsidiaries. The Board of Governors ofContinue Reading