Edward Altman says the benign credit cycle is in “extra innings,” but the metaphorical relief pitchers — central bankers — are running out of gas. Though most indicators point towards the end of the benign cycle, Altman cannot predict when the stress cycle will begin.
Interest rates are nearing a lower bound, David Schawel, CFA, tells Will Ortel during a recent Take 15 interview. “Most likely we’re not going to be in a 30-year bull market for interest rates falling again,” he said. So what does this mean for fixed-income investors?
What's the cause of the current global economic malaise? Lord Adair Turner believes it all comes down to debt. His proposed solution? Helicopter money, or what he prefers to call "overt monetary finance of increased fiscal expenditure."
In my previous life, as a reporter for the Financial Times, I did a stint covering philanthropy. I heard a lot about social entrepreneurship, philanthrocapitalism, and the ways that some philanthropists and nonprofit organizations were tackling some of the world's toughest, seemingly intractable, social ills.
As the saying goes, it’s tough to make predictions, especially about the future. But it’s manifestly worth the effort because catching big trends is how fortunes are made and catastrophic losses are avoided.
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Jupiter Asset Management has closed the Jupiter New Europe fund. The fund had been shrinking for years, a spokesperson said, and the company thought termination would be in the best interest of shareholders. Citywire (24 Jun.)
Switzerland will prohibit EU exchanges from trading Swiss shares beginning Monday if the bloc does not extend equivalence for the country's stock market. The EU reportedly has held off on extension because Switzerland has not endorsed a partnership treaty. Reuters (24 Jun.)
The Financial Stability Board has praised Citigroup for obtaining 700 legal entity identifiers for units when only 6.2% of banks provide information on ultimate parents when applying for the 20-digit bar codes. Of 40 million identifiers needed for universal adoption, only 1.4 million have been issued, says Allan Grody, a consultant who serves on FSB advisory panels. MLex (subscription required) (24 Jun.)
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