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Old 25.04.2018., 12:25   #211
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Default Odgovor na: Ekonomske zanimljivosti - Hrvatska i svijet

Super je kad više nema pesimista i nitko ne vidi uvjete za novu krizu.
Btw. jedna zanimljivost... Nije najava bilo čega, ali od takvih zanimljivosti se svašta izrodi:
https://ftalphaville.ft.com/2018/04/...rate-moves---/

While much has been made of the rise in the London Interbank Offered Rate (Libor), there have been dislocations elsewhere in the “plumbing” of financial markets as well.

A pair of US repo rates have climbed above the top of the Fed's designated policy range this month:
Quill Cloud

First, a quick refresher on why this is strange. US interest rates are essentially the cost of dollars over time. In normal times, the Fed adjusts the cost of dollars over time by changing borrowing costs for bank reserves, which are transferrable into dollars on demand.

Of course, there are a bunch of things that aren't exactly dollars, but are pretty darn dollar-like. Repo of high-quality securities, like Treasury bills, falls into this category. (Remember, repurchase agreements are included in M3.)

So you'd think that the fed funds rate, the cost of borrowing reserves/dollars short-term, would be very close to repo rates, which reflect the cost of borrowing dollars short-term with Treasuries as collateral.

They usually are -- at least in the years since the central bank introduced its reverse repurchase facility. But repo rates have strayed a bit more than normal this month.

At the start of this month, the Treasury tri-party repo rate rose above the Fed's policy range for the first time since 2012, according to data from Bank of New York Mellon. And while the general collateral finance (GCF) repo rate moves outside of the Fed's policy band fairly often, it has stayed above the band for longer than normal in April, according to data from Bloomberg.

This matters because of the distinction we mentioned above, between dollars and T-bills. Both are obligations of US government entities, but these two entities are taking vastly different approaches to policy. The Treasury issued more than $300bn of net new bills in the first quarter of this year, which the rates strategists at Wells Fargo called “ monumental”. And as bank balance sheets become laden with those securities, financing costs in repo markets have climbed in turn. At the same time, the Fed is shrinking its balance sheet, and as it does so it's purchasing a smaller amount of Treasuries at auction. And the balance sheets of repo-intermediating banks are rather more constrained than they used to be.

Broadly, though, the rise in short-term rates heralds the beginning of a pretty big regime change for markets.

The US used to be awash with reserves, but those reserves were neutralised by quantitative easing and IOER (the interest rate on excess reserves). Now the world is getting a wave of Treasury supply, and those securities will be significantly more mobile than the excess reserves that've been collecting interest at the Fed for the past six years. (And that supply comes as the ECB starts to think about tapering.)

To be clear, we are not scaremongering about the US deficit, and selling Treasuries is still not a valid political threat. But on a micro level, these moves in rates are a signal that asset allocators and corporate treasurers should shake off any residual drowsiness from their years in the cheap-money doldrums.

Stimulative US fiscal policy and tighter global monetary policy will lead to a surge in the supply of safe investments. And if Treasury bills and CDs (certificates of deposit) are suddenly good ways to earn a return, what does that mean for the pool of funding for the latest buzzy fintech startup?
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Old 25.04.2018., 20:49   #212
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Citat:
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Super je kad više nema pesimista i nitko ne vidi uvjete za novu krizu....
A ovaj današnji naslov:
STIŽE NOVA GLOBALNA KRIZA, RECESIJA ĆE NAJBOLNIJE POGODITI EUROPU: ‘Sadašnjost je svijetla, ali budućnost će biti mračna’

https://net.hr/danas/novac/stize-nov...e-biti-mracna/

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Old 27.07.2018., 13:32   #213
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DONESENA ODLUKA ARBITRAŽNOG VIJEĆA U SAD-u: Hrvatska je bespravno izvlastila imovinu tvrtke Gavrilović

Tvrtka Gavrilović u petak je priopćila da je Arbitražno vijeće pri Međunarodnom centru za rješavanje investicijskih sporova (ICSID) u Washingtonu, u postupku koji su Gjuro Gavrilović i njegova tvrtka pokrenuli protiv Republike Hrvatske, donijelo pravorijek kojim je “jednoglasno utvrdilo da je Republika Hrvatska bespravno izvlastila imovinu tvrtke Gavrilović”.

Arbitražno vijeće pravorijek je donijelo 26. srpnja, navodi se u priopćenju te petrinjske tvrtke, koje potpisuju Gjuro Gavrilović kao vlasnik i Georg Gavrilović kao član Uprave Gavrilovića.

Gavrilović je arbitražni postupak protiv hrvatske države pred ICSID-om pokrenuo krajem 2012. godine, a radi zaštite stranog ulaganja te je tražio naknadu štete u iznosu od 198,5 milijuna eura, temeljeći svoj zahtjev na Ugovoru o zaštiti stranih ulaganja koji je Hrvatska sklopila s Austrijom.

“Arbitražno vijeće je utvrdilo da investicija Gjure Gavrilovića, koja se sastojala u kupnji pet društava iz sastava bivšeg holdinga Gavrilović tijekom stečaja, uživa pravo na zaštitu temeljem Washingtonske konvencije i ugovora o zaštiti ulaganja sklopljenog između Republike Hrvatske i Republike Austrije”, kaže se u priopćenju tvrtke i samog Gjure Gavrilovića.
Nastavak nesmetanog rada

Također se navodi kako je “investicija učinjena u skladu sa važećim zakonima, a nepravilnosti u stečaju koje je prigovorila Republika Hrvatska tijekom postupka, isključivo se mogu staviti na teret državi i njenim nadležnim tijelima, ali ne i Gjuri Gavriloviću”.

Nakon 25 godina bezuspješnog pokušaja da svoja prava zaštite pred nadležnim tijelima Republike Hrvatske i svih podnesenih pritisaka, uključujući i vođenje neosnovanih kaznenih postupaka, tvrtka Gavrilović d.o.o. i Gjuro Gavrilović ovaj pravorijek doživljavaju “prvenstveno kao potvrdu svojih nastojanja da dokažu protupravnost postupanja Republike Hrvatske i njenih tijela te legitimnost izvršenog ulaganja”, ističe se u priopćenju.

Tvrtka Gavrilović i Gjuro Gavrilović, kako se navodi, nadaju se da navedeni pravorijek predstavlja osnovu za daljnji nesmetani rad tvrtke.
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Old 27.07.2018., 18:47   #214
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Kome vjerovati?

DORH: Hrvatska u arbitraži s Gavrilovićem uspjela s 98 posto
https://www.vecernji.hr/vijesti/dorh...-posto-1260880
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