George Magnus News
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China must pursue reform to keep its economy “full of vigor” as the demographic advantages that helped boost the nation’s growth wane, said Yao Jingyuan, the former chief economist at the statistics bureau.
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China’s wage gains have moderated on weaker corporate profits, capping consumer demand as the government seeks to sustain a rebound after a seven-quarter economic slowdown.
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Italian Prime Minister Mario Monti and his Spanish counterpart Mariano Rajoy tried to mask a growing divide over Europe’s new bailout strategy by emphasizing their commitment to the timetable for banking union.
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Europe’s mounting debt crisis is unlikely to lead a widespread collapse of banks, according to George Magnus, senior economic adviser to UBS Investment Bank in London.
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George Magnus , senior economic adviser for UBS Investment Bank in London, said European Union leaders must restructure Greek debt without further delay.
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If, as opinion polls suggest, the French Socialist Party’s presidential candidate, Francois Hollande, ousts Nicolas Sarkozy in elections this spring, the euro area may be in for a new wave of instability with far- reaching consequences for financial markets and the euro system itself.
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European leaders are playing a “huge game of brinksmanship” as they grapple over who should shoulder the burdens to resolve the euro region’s debt crisis, said UBS AG’s George Magnus.
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July 3 (Bloomberg) -- U.K. Chancellor of the Exchequer George Osborne, Deutsche Bank Private Wealth Management Chief Investment Officer Kevin Lecocq, Rochdale Securities analyst Richard Bove and UBS AG senior economic adviser George Magnus discuss Robert Diamond's resignation as Chief Executive Officer of Barclays Plc. Axa Framlington Investment Management senior fund manager Mark Hargraves, SVM Asset Management CEO Colin McLean, Cenkos Securities Plc banking analyst Sandy Chen and former U.K. Financial Services Authority Chairman Howard Davies also speak. (Source: Bloomberg)
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Barclays Plc saved itself 25.5 million pounds ($40 million) in fines by moving first to settle a probe over the rigging of global interest rates. In return, it has lost three top executives, $5 billion of market value and sparked a government inquiry.
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Policy makers struggling to understand the barrage of financial panics, protests and other ills afflicting the world would do well to study the works of a long-dead economist: Karl Marx. The sooner they recognize we’re facing a once-in-a-lifetime crisis of capitalism, the better equipped they will be to manage a way out of it.
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