http://ftalphaville.ft.com FT Alphaville - Market Commentary - FT.com Thu, 07 Aug 2014 22:33:20 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://ftalphaville.ft.com/2014/08/07/1922312/the-closer-439/ http://ftalphaville.ft.com/2014/08/07/1922312/the-closer-439/#comments Thu, 07 Aug 2014 22:23:21 +0000 Cardiff Garcia http://ftalphaville.ft.com/?p=1922312 FURTHER FURTHER READING - America’s new workforce [http://www.economist.com/node/21610975]. Continue reading: The Closer ]]> http://ftalphaville.ft.com/2014/08/07/1922312/the-closer-439/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1921822/federal-reserve-finds-us-households-are-unwell/ http://ftalphaville.ft.com/2014/08/07/1921822/federal-reserve-finds-us-households-are-unwell/#comments Thu, 07 Aug 2014 20:00:59 +0000 Matthew C Klein http://ftalphaville.ft.com/?p=1921822 The Federal Reserve has just released its first “ Report on the Economic Well-Being of U.S. Households “. It provides some useful context for the ongoing debates about the income distribution and excess savings . A few particularly dispiriting highlights: Continue reading: Federal Reserve finds US households are unwell ]]> http://ftalphaville.ft.com/2014/08/07/1921822/federal-reserve-finds-us-households-are-unwell/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1921762/pari-passu-goes-to-the-peace-palace/ http://ftalphaville.ft.com/2014/08/07/1921762/pari-passu-goes-to-the-peace-palace/#comments Thu, 07 Aug 2014 17:36:02 +0000 Joseph Cotterill http://ftalphaville.ft.com/?p=1921762 That is, Argentina filed a case at the International Court of Justice in the Hague on Thursday — claiming that US court decisions in the pari passu saga have violated its sovereign immunity in public international law. Note that Argentina originally waived immunity within the New York law bonds owned by the holdouts. Continue reading: Pari passu goes to the Peace Palace ]]> http://ftalphaville.ft.com/2014/08/07/1921762/pari-passu-goes-to-the-peace-palace/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1919522/derivatives-and-public-entities-dont-be-a-day-one-loser/ http://ftalphaville.ft.com/2014/08/07/1919522/derivatives-and-public-entities-dont-be-a-day-one-loser/#comments Thu, 07 Aug 2014 16:20:39 +0000 Joseph Cotterill http://ftalphaville.ft.com/?p=1919522 Banco Espirito Santo has recently, and spectacularly, shown how many sins of the past lie beneath Portuguese corporate life. Also recently, readers of the Independent (and Matt Levine ) would have come across what must be one of the most pointlessly complicated derivatives transactions ever — and also involving a Portuguese company. Continue reading: Derivatives and public entities: don’t be a day-one loser ]]> http://ftalphaville.ft.com/2014/08/07/1919522/derivatives-and-public-entities-dont-be-a-day-one-loser/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1920422/sometimes-inequality-is-good-for-growth-and-sometimes-it-isnt/ http://ftalphaville.ft.com/2014/08/07/1920422/sometimes-inequality-is-good-for-growth-and-sometimes-it-isnt/#comments Thu, 07 Aug 2014 15:56:24 +0000 Matthew C Klein http://ftalphaville.ft.com/?p=1920422 The current level of income inequality in the U.S. is dampening GDP growth. At least, that’s the conclusion of a new report from S&P Capital IQ . There’s a lot to digest in this exhaustive summary of existing research, including a bunch of interesting data on educational attainment and research on political frictions in times of extreme inequality. But the core argument is driven by a simple relationship: while many people tend to spend most of their earnings (and often more than they actually earn) on goods and services, those who make a lot of money spend a large share of their income on financial assets and property. As more and more of the country’s income shifts upwards to a smaller subset of the population, everyone else is deprived of spending power at the same time as more capital is available to invest. Continue reading: Sometimes inequality is good for growth, and sometimes it isn’t ]]> http://ftalphaville.ft.com/2014/08/07/1920422/sometimes-inequality-is-good-for-growth-and-sometimes-it-isnt/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1921032/nine-questions-for-african-minerals/ http://ftalphaville.ft.com/2014/08/07/1921032/nine-questions-for-african-minerals/#comments Thu, 07 Aug 2014 10:31:42 +0000 Joseph Cotterill http://ftalphaville.ft.com/?p=1921032 They come from Deutsche Bank’s analysts — who have in the meantime suspended their ‘buy’ rating on the London-listed Sierra Leone iron ore miner. Background: a related party transaction , a director resignation , an internal investigation into $50m of shareholders’ money also paid to a related party, and a four-fifths share-price drop in a year. (And a 25 per stake held by the Shangdong Iron and Steel.) Continue reading: Nine questions for African Minerals ]]> http://ftalphaville.ft.com/2014/08/07/1921032/nine-questions-for-african-minerals/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1920832/ecb-policy-meeting-tough-questions-for-mario-draghi/ http://ftalphaville.ft.com/2014/08/07/1920832/ecb-policy-meeting-tough-questions-for-mario-draghi/#comments Thu, 07 Aug 2014 10:03:43 +0000 Claire Jones http://ftalphaville.ft.com/?p=1920832 Interest rates are very likely to remain unchanged at record lows and little is expected on the central bank’s plans to buy asset-backed securities or embark on full-scale quantitative easing. The decision is out at 12.45pm UK time. Continue reading: ECB policy meeting: tough questions for Mario Draghi ]]> http://ftalphaville.ft.com/2014/08/07/1920832/ecb-policy-meeting-tough-questions-for-mario-draghi/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1920812/the-early-lunch-wrap-575/ http://ftalphaville.ft.com/2014/08/07/1920812/the-early-lunch-wrap-575/#comments Thu, 07 Aug 2014 09:37:49 +0000 FT Alphaville http://ftalphaville.ft.com/?p=1920812 Good morning New York, FT ALPHAVILLE Continue reading: The (early) Lunch Wrap ]]> http://ftalphaville.ft.com/2014/08/07/1920812/the-early-lunch-wrap-575/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1920732/go-long-harrods/ http://ftalphaville.ft.com/2014/08/07/1920732/go-long-harrods/#comments Thu, 07 Aug 2014 09:15:35 +0000 FT Alphaville http://ftalphaville.ft.com/?p=1920732 Click for the Russian government’s official decree banning food imports from the US, EU, Canada, Australia and the Kingdom of Norway… Continue reading: Go long Harrods ]]> http://ftalphaville.ft.com/2014/08/07/1920732/go-long-harrods/feed/ 0 http://ftalphaville.ft.com/2014/08/07/1920692/further-reading-1574/ http://ftalphaville.ft.com/2014/08/07/1920692/further-reading-1574/#comments Thu, 07 Aug 2014 06:21:47 +0000 David Keohane http://ftalphaville.ft.com/?p=1920692 Elsewhere on Thursday, - The maximum wage and bonus culture. - Who stole the four hour workday? - China’s 1 per cent (and a creaking social contract?) - Peer effects in companies. Continue reading: Further reading ]]> http://ftalphaville.ft.com/2014/08/07/1920692/further-reading-1574/feed/ 0