Crowdfunding In Europe: The Top 10 'Peer-to-Peer' Lenders

Forbes

The following guest post is by David Drake, founder and chairman of LDJ Capital, a New York City private equity firm, and of The Soho Loft, a global financial media company with divisions in Conferences and Publishing.

Crowdfunders generally fall into different categories: equity, donation, reward, and debt. The last is also known as microfinancing — and commonly referred to in Europe as “peer-to-peer lending.” Here are the top 10 up-and-coming peer-to-peer lenders e making financial waves in Europe:

Greece’s troubles

The troika is back

The Economist

The stand-off between the government and international lenders continues

Mar 1st 2014 | ATHENS

THE scene is familiar: burly Greek bodyguards hustle a trio of foreign bureaucrats into the finance ministry through a side entrance to avoid a cluster of anti-austerity protesters shouting “troika go home”. Hours later tight-lipped representatives of the troika—the European Commission, IMF and European Central Bank (ECB)—head back to their hotel while ministry officials spin their version of the talks: heroic Greek resistance to “excessive” demands made by the country’s international creditors.

In Ukraine, Naming of Interim Government Gets Mixed Response

By DAVID M. HERSZENHORNFEB. 26, 2014

The New York Times

KIEV, Ukraine — Standing before a crowd of tens of thousands in Independence Square, the center of the three-month civic uprising that ousted President Viktor F. Yanukovych, the lawmakers temporarily controlling Ukraine announced an interim government on Wednesday night to be led by Arseniy P. Yatsenyuk, a veteran public official.

Hagel Warns Russia Not to Intervene in Ukraine

By HELENE COOPERFEB. 27, 2014

The New York Times

BRUSSELS — Secretary of Defense Chuck Hagel warned Russia on Thursday to stay out of the turmoil in Ukraine, while NATO defense ministers issued repeated statements meant to show support for the new leadership in Kiev.

“We expect other nations to respect Ukraine’s sovereignty and avoid provocative action,” Mr. Hagel said after the ministers met at NATO headquarters here. “That’s why I’m closely watching Russia’s military exercises along the Ukrainian border, which they just announced yesterday.”

Gunmen’s seizure of parliament building stokes tensions in Ukraine’s Crimea

By William Booth and Will Englund, Published: February 26 | Updated: Thursday, February 27, 9:06

Washington Post

SEVASTOPOL, Ukraine — With unrest growing in the Crimea over Ukraine’s political transformation, a group of armed men seized the local parliament and the regional government headquarters in Simferopol early Thursday morning, barricaded themselves inside both buildings and raised Russian flags, news services reported.

They were reported to be wearing plain uniforms without designating marks. The Interfax news agency quoted a local authority as saying the men were from a Crimean self-defense group.

The takeover, in the regional capital of Simferopol, brings tensions in the Crimea to a new high, just hours after thousands of ethnic Russians there had protested against the new government in Kiev, while Crimean Tatars rallied in its support. It also came after Moscow ordered surprise military exercises in a district bordering Ukraine and put troops in the region on high alert.

Hunting credit, firms look beyond wary EU banks

BY STEVE SLATER

LONDON Wed Feb 26, 2014 3:17am EST

(Reuters) - When David Armitt needed to refinance loans last year for his 153-year-old manufacturing company in Yorkshire, he found British banks reluctant to lend. So he took the nuclear option.

The finance director in Huddersfield turned instead to San Francisco-based Wells Fargo, borrowing $28 million after putting up as collateral the gearboxes that his firm, David Brown Gear Systems, makes to propel nuclear submarines.

Year of the PIIGS? Greece leads 2014 stock market league table

Portugal, Italy, Ireland, Greece and Spain have been the best performers in Europe so far in 2014

By Kyle Caldwell4:15PM GMT 25 Feb 2014

The Telegraph

Backers of the UK stock market are celebrating a steady start for the FTSE 100 in 2014 and a challenge of its 1999 all-time high of 6930. But its marginal gain of 1.3pc since the start of year is dwarfed by gains from some of the eurozone's most troubled economies.

Data from Russell Investments, an asset management firm, show Portugal, Italy, Ireland and Greece have been the best performers in Europe so far in 2014.

Natural Big Lies

FEBRUARY 24, 2014, 1:27 PM  46 Comments

Paul Krugman

The New York Times

I’ve been doing some more Fed transcript readings, and noticing how implausible everyone found it that what did happen, could happen. And I have a small insight as I remember the days of bubble denial. It involves a violation of Godwin’s Law, but in a good cause.

Stakes High as E.C.B. Tests Banks

FEB. 23, 2014

The New York Times

A lot is riding on the cleanup of euro zone banks that is being overseen by the European Central Bank. The progress so far is encouraging. But clarity is needed on a few points to ensure that lenders really do get a good scrubbing and so are able to support the zone’s fragile economic recovery.

The E.C.B. is in the midst of a so-called comprehensive assessment of euro zone banks. This has two elements: an “asset quality review,” or A.Q.R., to determine whether the loans and other assets held on their balance sheets are valued properly, and a “stress test” to check whether they could withstand a severe economic downturn.

Greece resumes bailout talks with lenders, no hard figures discussed

BY HARRY PAPACHRISTOU AND LEFTERIS PAPADIMAS

(Reuters) - Greece resumed bailout talks with its international lenders on Monday, hoping to end six months of wrangling over the release of new rescue loans it needs to avoid default.

At stake is the disbursement of funds to repay 9.3 billion of bonds maturing in May, the biggest single debt redemption Greece faces in the next three decades, according to Thomson Reuters Eikon data.

They held a first round of talks but no hard numbers were discussed. "Talks are tough, a lot of issues are open," a senior Finance Ministry official said, declining to be named.

Piraeus Port Becomes Hub in Greek Logistics-Industry Push

By Jonathan Stearns  Feb 25, 2014 2:01 AM GMT+0200

Bloomberg

The Greek port of Piraeus could become one of Europe’s top five container-shipping hubs as the government spurs logistics activities in a bid to kick-start economic growth, said Development Minister Kostis Hatzidakis.

Piraeus, now the 11th-largest container-shipping port in the European Union, is expanding as China-based Cosco Pacific Ltd. (1199) operates one of two piers, builds a third and prepares to offer cargo-train shipping to multinational companies including Hewlett-Packard Co. (HPQ) and Huawei Technologies Co.

Εντοπίσθηκαν ταμειακά διαθέσιμα ύψους 3 δισ. ευρώ στον δημόσιο τομέα

ΣΩΤΗΡΗΣ ΝΙΚΑΣ

Καθημερινή

«Λευκή» τρύπα 3 δισ. ευρώ έχει εντοπίσει το υπουργείο Οικονομικών στον αχανή δημόσιο τομέα. Τα κεφάλαια αυτά μπορούν να αξιοποιηθούν ως «ρεζέρβες» για τα κρατικά ταμεία, με το οικονομικό επιτελείο να κινείται προς αυτήν την κατεύθυνση για να καλύπτει –όποτε αυτό απαιτηθεί– κενά στο χρηματοδοτικό πρόγραμμα της χώρας.

Billionaire Soros considers investing in European banks: paper

FRANKFURT Sun Feb 23, 2014 7:27am EST

(Reuters) - George Soros wants to invest in Europe's financial sector, according to a German magazine's interview with the billionaire investor on Sunday.

"I believe in the euro," weekly Der Spiegel quoted him as saying.

"Therefore my investment team is looking forward to make a lot of money soon in Europe by, for example, pumping money in banks which urgently need capital," he added, noting the euro zone needs this kind of private investment right now.

Greece resumes protracted bailout talks with lenders

BY HARRY PAPACHRISTOU AND LEFTERIS PAPADIMAS

ATHENS Mon Feb 24, 2014 3:02am EST

(Reuters) - Greece resumes bailout talks with its international lenders on Monday, hoping to end six months of wrangling over the release of new rescue loans it needs to avoid default.

At stake is the disbursement of funds to repay 9.3 billion of bonds maturing in May, the biggest single debt redemption Greece faces in the next three decades, according to Thomson Reuters Eikon data.

The review by the European Union and the International Monetary Fund has dragged on since September, with disagreements about the extent of savings and reforms Athens must make to comply with the terms of its bailout.

Stocks slip as Fed rate talk spooks some investors

By Associated Press, Thursday, February 20, 2:04 AM

NEW YORK — Stocks fell Wednesday as investors were left uneasy by news that some Federal Reserve policymakers were willing to start raising short-term interest rates sooner than previously expected.

The market was mixed most of the day, then turned lower after 2 p.m., when the Fed released the minutes from its January policy meeting.

The minutes revealed that some policymakers “raised the possibility that it might be appropriate to increase the federal funds rate relatively soon.”

China training for ‘short sharp war’ with Japan, Navy official says

The Washington Times

Capt. James Fannell, the chief of intelligence of the U.S. Pacific Fleet, believes that China is training for war with Japan.

A recent training exercise by the Chinese military included an amphibious invasion geared toward securing Japanese resources in the East China Sea, the U.S. Naval Institute News reported.

Fed Closes a Loophole for Banks Overseas

By PETER EAVIS

The New York Times

Updated, 8:51 p.m. | Foreign banks with a major presence on Wall Street will no longer be allowed to avoid many of the tougher rules that the United States introduced after the financial crisis to prevent banking failures and bailouts.

The Federal Reserve, a leading bank regulator, approved a final rule on Tuesday that will force the American operations of foreign banks to follow many of the same rules as American banks. In doing so, the Fed closed a gaping loophole that roughly half the big firms on Wall Street were able to exploit simply because their headquarters were overseas.

Πλεόνασμα 1,2 δισ. στο ισοζύγιο τρεχουσών συναλλαγών το 2013

Για πρώτη φορά από το 1948

Τετάρτη, 19 Φεβρουαρίου 2014 11:20

Η Ναυτεμπορική

Πλεόνασμα ύψους 1,2 δισ. ευρώ παρουσίασε το ισοζύγιο τρεχουσών συναλλαγών το 2013, έναντι ελλείμματος 4,6 δισ. ευρώ το 2012, σύμφωνα με στοιχεία που έδωσε στη δημοσιότητα η Τράπεζα της Ελλάδος .

Πρόκειται για την πρώτη φορά από το 1948 που η χώρα εμφανίζει πλεονασματικό ισοζύγιο τρεχουσών συναλλαγών, σε ετήσια βάση.

Στην εξέλιξη αυτή συνέβαλε κατά κύριο λόγο η σημαντική μείωση του εμπορικού ελλείμματος κατά 2,4 δισ. ευρώ καθώς και η αύξηση των πλεονασμάτων των ισοζυγίων τρεχουσών μεταβιβάσεων κατά 3 δισ. ευρώ και υπηρεσιών κατά 1,7 δισ. ευρώ. Αντιθέτως, αυξήθηκε το έλλειμμα του ισοζυγίου εισοδημάτων.

Fed adopts tough capital rules for foreign banks

Tue, Feb 18 2014

By Douwe Miedema

WASHINGTON (Reuters) - The Federal Reserve on Tuesday adopted tight new rules for foreign banks to shield the U.S. taxpayer from costly bailouts, ceding only minor concessions despite pressure from abroad to weaken the rule.

Foreign banks with sizable operations on Wall Street such as Deutsche Bank and Barclays had pushed back hard against the plan because it means they will need to transfer costly capital from Europe.

The Fed, which oversees foreign banks, gave them a year longer to meet the standards, and applied it to fewer banks than in a first draft, but the rule was largely unchanged from when it was first proposed in December 2012.

A Test Europe’s Banks Mustn’t Fail

By FRANCESCO GIAVAZZI and ANIL K. KASHYAPFEB. 17, 2014

The New York Times

Europe is lurching toward an overhaul of its banking system. Later this year, the European Central Bank is set to assume the authority to supervise the 130 largest banks in the euro zone — a momentous process of centralizing financial regulation in Frankfurt aimed at preventing another round of the bank failures that contributed to the 2007-8 global financial crisis.

In preparation for the handoff, the E.C.B. will conduct a “stress test” to gauge how the banks would fare if economic conditions deteriorated. But the central bank’s point person for these efforts, Danièle Nouy, appears to have misdiagnosed the problem, suggesting that “insufficient transparency regarding the balance sheets of the European banks” is the critical problem.