Demonstration march in Ukraine

In Kiev the so-called “March of the Gleicheit” took place on 17.6.2018. Between 3,000 and 5,000 people took part in the march to demonstrate for the rights of homosexuals. The participants included American and Canadian ambassadors as well as German Minister of State Michael Roth. This is reported by the Tagesschau.

Approximately 150 right-wing counter-demonstrators lined up for the march, but this could be continued. Five police officers were injured and 50 people were arrested. Above all, the Ukrainian Orthodox Church of the Moscow Patriarchate wants to ban the march. The March of Equality takes place annually since 2013, with the exception of 2014.

Demonstration march in Ukraine

In Kiev the so-called “March of the Gleicheit” took place on 17.6.2018. Between 3,000 and 5,000 people took part in the march to demonstrate for the rights of homosexuals. The participants included American and Canadian ambassadors as well as German Minister of State Michael Roth. This is reported by the Tagesschau.

Approximately 150 right-wing counter-demonstrators lined up for the march, but this could be continued. Five police officers were injured and 50 people were arrested. Above all, the Ukrainian Orthodox Church of the Moscow Patriarchate wants to ban the march. The March of Equality takes place annually since 2013, with the exception of 2014.

Double agents of the stock market

Double agents of the stock marketep ricardo curras dia y amando sanchez

Having a large investor in the shareholding is not always synonymous with tranquility and confidence for a listed company. On the contrary, it can be a source of instability. Many are ‘double agents’ who earn money whether the stock goes up or when it goes down . Ask the DIA distribution chain, which is listed on the stock exchange with the sword of Damocles that means having 20% ​​of its capital in the hands of bearish investors. It is an unprecedented photo in any company listed on the Spanish stock exchange.

Despite the tumult and closing of shorts caused at the end of July by the Russian Mikhail Fridman, who declared 10% of DIA’s capital, bearish investors continue to dominate the capital of the Spanish company directed by Ricardo Currás, despite having reduced the 24.5% to 20% its percentage declared before the CNMV the first week of August.

The alignment of ‘hedge funds’ with positions against DIA seems endless: Marshall Wace (3.5%), GLG Partners (0.6%), the fund of George Soros SFK UK Management (0.5%); Canada Pension Plan Investment Board (0.67%); Highbridge (0.47%), UBS Asset Management (1.48%); Worldquant (0.5%) Darsana Capital Partners (1.23%), Dalton (0.5%), Delores Holdings , with 3.3% … And up to twenty funds have participated in recent months in the dance of bearish positions that DIA lives.

diacortos

These investors bet in short on the share of DIA through derivatives or, directly, the sale of shares that they have borrowed previously. Your benefit occurs if the quote falls and you can buy them cheaper before returning them to their owner .

The usual thing is to resort to depositaries or funds that go long term with large amounts of shares in exchange for the payment of a rent. That additional income is added to the dividend payment of the company and the guarantee of recovering the shares within an agreed period, which forces the bearish investor to buy them back on the stock exchange.

DOUBLE PAY: DIVIDEND AND RENT

What they hide this list of names is the origin of the actions with which these funds have been put down on DIA. According to the documentation sent to the CNMV, it is the institutions themselves with relevant positions in the shareholding and supposedly bullish who are lending their shares to the aforementioned funds. The last to confess this ‘sin’ is Goldman Sachs, the all-powerful Wall Street investment bank. The company broke into DIA with 3.9% of the company, although in a matter of days it dropped to 2.8% and it keeps on loan a part of its titles: 0.3%.

It’s not the only one. Blackrock , the world’s largest fund manager, holds a 6.5% position in the capital of DIA, but 2.5% of this package in loan position. The investment bank Morgan Stanley declares 4.1% of the Spanish company, but 3.1% is food for the bears. Even Norges Bank , the custodian of the Norwegian sovereign fund, has loaned 2% of the 3% it holds in DIA. Together, these four large investors have loaned 8% of the capital of 16% they claim to own.

Why lend to your enemy? In the case of the four large funds mentioned, their shares end up on loan among themselves seeking to maximize their profits in the usual long-short strategies among hedge funds. It is a way to get extra profitability. For example, a fund with shares of DIA will collect its dividends, it will benefit from a potential increase in shares, but meanwhile, if it lends those securities, it will obtain the payment of a ‘rent’ on the part of the bearish investor.

In this strange ‘win-win’ all win … except the small minority shareholders who attend as guests of stone to this swing . On paper, investment funds based in Spain are also foreign to these operations as they can not lend their shares. It is one of the pending claims of the collective investment industry in Spain, which requires a reform to compete on equal terms.

However, these restrictions can be avoided thanks to the large custodian banks of shares such as Goldman Sachs, BNY Mellon or Chase Nominess , which include in their custody contracts the possibility of operating on a loan with these securities. Many of these securities, in fact, belong to the securities accounts of small investors who, without knowing it for sure, have signed a contract with their usual broker that allows it.

Behind this type of situation, however, there are large loopholes in regulation and a larger debate: Should the securities lending be prohibited by the reference shareholders of a company? Their access to the management team, decision-making and even the board of directors of a company allows them to know in advance when things are going to go wrong or for a listed company. Their status as major shareholders puts them in a position of domination and influence on the price. A power that implies a great responsibility. Should Amancio Ortega be able to lend his shares for a season? Or the Del Pino, Villar Mir, Florentino Pérez?

Double agents of the stock market

Double agents of the stock marketep ricardo curras dia y amando sanchez

Having a large investor in the shareholding is not always synonymous with tranquility and confidence for a listed company. On the contrary, it can be a source of instability. Many are ‘double agents’ who earn money whether the stock goes up or when it goes down . Ask the DIA distribution chain, which is listed on the stock exchange with the sword of Damocles that means having 20% ​​of its capital in the hands of bearish investors. It is an unprecedented photo in any company listed on the Spanish stock exchange.

Despite the tumult and closing of shorts caused at the end of July by the Russian Mikhail Fridman, who declared 10% of DIA’s capital, bearish investors continue to dominate the capital of the Spanish company directed by Ricardo Currás, despite having reduced the 24.5% to 20% its percentage declared before the CNMV the first week of August.

The alignment of ‘hedge funds’ with positions against DIA seems endless: Marshall Wace (3.5%), GLG Partners (0.6%), the fund of George Soros SFK UK Management (0.5%); Canada Pension Plan Investment Board (0.67%); Highbridge (0.47%), UBS Asset Management (1.48%); Worldquant (0.5%) Darsana Capital Partners (1.23%), Dalton (0.5%), Delores Holdings , with 3.3% … And up to twenty funds have participated in recent months in the dance of bearish positions that DIA lives.

diacortos

These investors bet in short on the share of DIA through derivatives or, directly, the sale of shares that they have borrowed previously. Your benefit occurs if the quote falls and you can buy them cheaper before returning them to their owner .

The usual thing is to resort to depositaries or funds that go long term with large amounts of shares in exchange for the payment of a rent. That additional income is added to the dividend payment of the company and the guarantee of recovering the shares within an agreed period, which forces the bearish investor to buy them back on the stock exchange.

DOUBLE PAY: DIVIDEND AND RENT

What they hide this list of names is the origin of the actions with which these funds have been put down on DIA. According to the documentation sent to the CNMV, it is the institutions themselves with relevant positions in the shareholding and supposedly bullish who are lending their shares to the aforementioned funds. The last to confess this ‘sin’ is Goldman Sachs, the all-powerful Wall Street investment bank. The company broke into DIA with 3.9% of the company, although in a matter of days it dropped to 2.8% and it keeps on loan a part of its titles: 0.3%.

It’s not the only one. Blackrock , the world’s largest fund manager, holds a 6.5% position in the capital of DIA, but 2.5% of this package in loan position. The investment bank Morgan Stanley declares 4.1% of the Spanish company, but 3.1% is food for the bears. Even Norges Bank , the custodian of the Norwegian sovereign fund, has loaned 2% of the 3% it holds in DIA. Together, these four large investors have loaned 8% of the capital of 16% they claim to own.

Why lend to your enemy? In the case of the four large funds mentioned, their shares end up on loan among themselves seeking to maximize their profits in the usual long-short strategies among hedge funds. It is a way to get extra profitability. For example, a fund with shares of DIA will collect its dividends, it will benefit from a potential increase in shares, but meanwhile, if it lends those securities, it will obtain the payment of a ‘rent’ on the part of the bearish investor.

In this strange ‘win-win’ all win … except the small minority shareholders who attend as guests of stone to this swing . On paper, investment funds based in Spain are also foreign to these operations as they can not lend their shares. It is one of the pending claims of the collective investment industry in Spain, which requires a reform to compete on equal terms.

However, these restrictions can be avoided thanks to the large custodian banks of shares such as Goldman Sachs, BNY Mellon or Chase Nominess , which include in their custody contracts the possibility of operating on a loan with these securities. Many of these securities, in fact, belong to the securities accounts of small investors who, without knowing it for sure, have signed a contract with their usual broker that allows it.

Behind this type of situation, however, there are large loopholes in regulation and a larger debate: Should the securities lending be prohibited by the reference shareholders of a company? Their access to the management team, decision-making and even the board of directors of a company allows them to know in advance when things are going to go wrong or for a listed company. Their status as major shareholders puts them in a position of domination and influence on the price. A power that implies a great responsibility. Should Amancio Ortega be able to lend his shares for a season? Or the Del Pino, Villar Mir, Florentino Pérez?

Inequality is growing, because super companies are attacking

Inequality Super companies are attacking

The fact that the devil commonly shits on the biggest pile is just as much an old adage as it is true: This year, US Forbes magazine counted more than 2,000 billionaires worldwide for the first time. Her fortune grew 18 percent last year to $ 7.67 trillion, a record. Particularly generous Microsoft founder Bill Gates was considered, his wealth is estimated at 85.3 billion dollars. Second place belongs to Amazon inventor Jeff Bezos with 83.5 billion dollars. He is followed by Spaniard Amancio Ortega, whose textile chain Inditex (including Zara) ran so well that he owns 81.6 billion dollars.

All three owe their immense wealth to the overwhelming success of the companies that built them. Just as Gates used the Microsoft Windows operating system to change the world of computers, Bezos revolutionized shopping. Only his company Amazon became the largest seller of books, now you can find everything on Amazon, even mangoes, pants and coffee machines. Ortega, on the other hand, made a splash with clothes alone.

These big corporations fascinate some of the best economists. For example, several studies have been published in recent months that show that market concentration has increased sharply in all sectors. The power of corporations is growing. The scientists see this as an important cause for the growing inequality in many industrialized countries. Because the super-companies, thanks to excellent products or thanks to their dominant position – or both – high profits and allow their owners unprecedented asset growth.

“We wanted to know why the distribution of economic income has shifted significantly in favor of capital owners like Gates and Bezos and at the expense of workers,” says David Dorn, Professor of International Trade and Labor Markets at the University of Zurich. The fact that the wage share has been declining for a long time in the US, most European countries and even China has surprised economists. So Dorn investigated the phenomenon together with a prominent research team from the USA. For their empirical study (“The Fall of the Labor Share and the Rise of Superstar Firms”), they were able to access a vast body of data from the US Census Bureau, which breaks down the economic development into the branches of the companies.

For example, the researchers discovered that market concentration in all major sectors of the United States has increased significantly. This means that the largest companies in the industry will increase their market share in terms of the industry’s sales. It showed that large companies grow faster. And because large companies usually have small pay ratios, it’s clear that the share of employees in national income declines over the decades, while companies’ share of profits increases. “From the strengthening of the super-companies benefit first and foremost the shareholders and not the employees,” says Dorn.

He is not alone in his assessment. A new consensus is emerging among economists that applies to all industrialized countries: concentration has now progressed so far that it is weakening competition, harming the economy and putting society in serious trouble. When the pressure of competition fades, dominant companies need not be as innovative as they used to be. They can hoard profits instead of reinvesting them right away, and therefore create fewer jobs than they can. “Monopolistic power could become for economists what taxes and unions were in the 1970s – an enemy to fight,” economist and blogger Noah Smith believes.

The phenomenon of super companies extends far beyond the American technology sector. It is found in many sectors of the US industry, retail, wholesale, services and finance, utilities and transport companies. Everywhere today, the four largest companies in a sector have a significantly larger market share than they did 30 years ago. For example, in the US retail sector, the market share of the largest four providers has doubled in the past three decades from 15 to 30 percent, Dorn and colleagues show. In industry, energy, transportation and finance companies, the largest companies are even more involved in market share. A similar development exists in many European countries, including Germany.

Inequality is growing, because super companies are attacking

Inequality Super companies are attacking

The fact that the devil commonly shits on the biggest pile is just as much an old adage as it is true: This year, US Forbes magazine counted more than 2,000 billionaires worldwide for the first time. Her fortune grew 18 percent last year to $ 7.67 trillion, a record. Particularly generous Microsoft founder Bill Gates was considered, his wealth is estimated at 85.3 billion dollars. Second place belongs to Amazon inventor Jeff Bezos with 83.5 billion dollars. He is followed by Spaniard Amancio Ortega, whose textile chain Inditex (including Zara) ran so well that he owns 81.6 billion dollars.

All three owe their immense wealth to the overwhelming success of the companies that built them. Just as Gates used the Microsoft Windows operating system to change the world of computers, Bezos revolutionized shopping. Only his company Amazon became the largest seller of books, now you can find everything on Amazon, even mangoes, pants and coffee machines. Ortega, on the other hand, made a splash with clothes alone.

These big corporations fascinate some of the best economists. For example, several studies have been published in recent months that show that market concentration has increased sharply in all sectors. The power of corporations is growing. The scientists see this as an important cause for the growing inequality in many industrialized countries. Because the super-companies, thanks to excellent products or thanks to their dominant position – or both – high profits and allow their owners unprecedented asset growth.

“We wanted to know why the distribution of economic income has shifted significantly in favor of capital owners like Gates and Bezos and at the expense of workers,” says David Dorn, Professor of International Trade and Labor Markets at the University of Zurich. The fact that the wage share has been declining for a long time in the US, most European countries and even China has surprised economists. So Dorn investigated the phenomenon together with a prominent research team from the USA. For their empirical study (“The Fall of the Labor Share and the Rise of Superstar Firms”), they were able to access a vast body of data from the US Census Bureau, which breaks down the economic development into the branches of the companies.

For example, the researchers discovered that market concentration in all major sectors of the United States has increased significantly. This means that the largest companies in the industry will increase their market share in terms of the industry’s sales. It showed that large companies grow faster. And because large companies usually have small pay ratios, it’s clear that the share of employees in national income declines over the decades, while companies’ share of profits increases. “From the strengthening of the super-companies benefit first and foremost the shareholders and not the employees,” says Dorn.

He is not alone in his assessment. A new consensus is emerging among economists that applies to all industrialized countries: concentration has now progressed so far that it is weakening competition, harming the economy and putting society in serious trouble. When the pressure of competition fades, dominant companies need not be as innovative as they used to be. They can hoard profits instead of reinvesting them right away, and therefore create fewer jobs than they can. “Monopolistic power could become for economists what taxes and unions were in the 1970s – an enemy to fight,” economist and blogger Noah Smith believes.

The phenomenon of super companies extends far beyond the American technology sector. It is found in many sectors of the US industry, retail, wholesale, services and finance, utilities and transport companies. Everywhere today, the four largest companies in a sector have a significantly larger market share than they did 30 years ago. For example, in the US retail sector, the market share of the largest four providers has doubled in the past three decades from 15 to 30 percent, Dorn and colleagues show. In industry, energy, transportation and finance companies, the largest companies are even more involved in market share. A similar development exists in many European countries, including Germany.

First ten days of the Spring Super Series

The Spring 2017 SuperSeries are underway at full speed and the players have responded to the offer of tournaments that 888poker.es has presented by sitting at the virtual tables and generating boats superior to the guaranteed ones that we offered.

The tournaments are being a success of participation and we see winners of all kinds in the events held, from regular players that we can see every day in the usual tournaments of the room, along with fans who have decided to try their luck in some of the events. And many of them have been lucky in the form of important prizes, even with the victory in some of the events.

We have passed the equator of series and this is the most important thing that has happened. If you remember, there is a total of more than € 500,000 guaranteed in prizes and they are being exceeded event after event. The most interesting tournaments are still ahead, so we’ll wait to see how much the full distribution of prizes in these series comes.

What happened

Tournaments have been played from € 3 to € 250 entry. The most important, the two Great Sundays that have been celebrated with guaranteed € 30,000 each, with the usual buy-in of € 100. The first brought together 278 players and ended with the triumph of “Josemi8811” and a first prize of € 6,327.23. The second group gathered 255 participants, of which 36 entered the awards, “retigreton” finished the tournament in first position and with € 6,135 more in their 888poker.es account.

And “Josemi8811” has managed to repeat victory to take the event 25. After winning the Great Sunday, he took the Big Thursday four days later, this time more than € 4,000 reward for his work. Undoubtedly, until now, the player of the series.

The event number 8, with € 3 entry and € 5,000 guaranteed had 992 players, the record of these series, and “desperator” was the best of all with a first prize of € 900.

The two High Roller events that have been played so far, with € 250 entry have brought together 60 and 55 players, with the winners “Pepewings” and “Milingo25” with more than € 4,500 each.

And what about the rest of events. A total of 3,316 players have passed in these first events. We have had all kinds of winners in the Super Series tournaments, from professionals to amateurs, as we all know, 888poker.es is poker for everyone.

The best is left

If what has happened so far has been spectacular, we have the best of the series ahead. Little by little the emotion will increase until we arrive on Sunday to the most important event of the 73 that make up these series.

Event 69 is the one that most players are waiting for, many of them already classified in our satellites and concentrated in what may be their most important event of the year. A tournament with € 100,000 guaranteed for € 215 entry is not seen every day. An opportunity to take advantage of an important prizepool and take a pinch if you have any luck.

With the number of satellites we have prepared, there are few that have not been classified. You still have the opportunity to do it.

This tournament is played on Sunday 25, probably the day with the best tournaments. As always for all pockets, from the € 3 entrance with € 5,000 guaranteed, going through the € 55 entrance with € 25,000 guaranteed and ending with the main event that we have already told you.

On Monday 26 the festival ends with the closing events, but every day you have the opportunity to participate in the series of tournaments with which you can take a leap of quality in your game and quantity in your bank.

Every year we are surpassing with the SuperSeries, and we hope to beat all the records in these Spring Edition. But let’s not get ahead of ourselves and when we finish we’ll review what happened at the 888poker.es tables.

First ten days of the Spring Super Series

Image result for online pokerThe Spring 2017 SuperSeries are underway at full speed and the players have responded to the offer of tournaments that 888poker.es has presented by sitting at the virtual tables and generating boats superior to the guaranteed ones that we offered.

The tournaments are being a success of participation and we see winners of all kinds in the events held, from regular players that we can see every day in the usual tournaments of the room, along with fans who have decided to try their luck in some of the events. And many of them have been lucky in the form of important prizes, even with the victory in some of the events.

We have passed the equator of series and this is the most important thing that has happened. If you remember, there is a total of more than € 500,000 guaranteed in prizes and they are being exceeded event after event. The most interesting tournaments are still ahead, so we’ll wait to see how much the full distribution of prizes in these series comes.

What happened

Tournaments have been played from € 3 to € 250 entry. The most important, the two Great Sundays that have been celebrated with guaranteed € 30,000 each, with the usual buy-in of € 100. The first brought together 278 players and ended with the triumph of “Josemi8811” and a first prize of € 6,327.23. The second group gathered 255 participants, of which 36 entered the awards, “retigreton” finished the tournament in first position and with € 6,135 more in their 888poker.es account.

And “Josemi8811” has managed to repeat victory to take the event 25. After winning the Great Sunday, he took the Big Thursday four days later, this time more than € 4,000 reward for his work. Undoubtedly, until now, the player of the series.

The event number 8, with € 3 entry and € 5,000 guaranteed had 992 players, the record of these series, and “desperator” was the best of all with a first prize of € 900.

The two High Roller events that have been played so far, with € 250 entry have brought together 60 and 55 players, with the winners “Pepewings” and “Milingo25” with more than € 4,500 each.

And what about the rest of events. A total of 3,316 players have passed in these first events. We have had all kinds of winners in the Super Series tournaments, from professionals to amateurs, as we all know, 888poker.es is poker for everyone.

The best is left

If what has happened so far has been spectacular, we have the best of the series ahead. Little by little the emotion will increase until we arrive on Sunday to the most important event of the 73 that make up these series.

Event 69 is the one that most players are waiting for, many of them already classified in our satellites and concentrated in what may be their most important event of the year. A tournament with € 100,000 guaranteed for € 215 entry is not seen every day. An opportunity to take advantage of an important prizepool and take a pinch if you have any luck.

With the number of satellites we have prepared, there are few that have not been classified. You still have the opportunity to do it.

This tournament is played on Sunday 25, probably the day with the best tournaments. As always for all pockets, from the € 3 entrance with € 5,000 guaranteed, going through the € 55 entrance with € 25,000 guaranteed and ending with the main event that we have already told you.

On Monday 26 the festival ends with the closing events, but every day you have the opportunity to participate in the series of tournaments with which you can take a leap of quality in your game and quantity in your bank.

Every year we are surpassing with the SuperSeries, and we hope to beat all the records in these Spring Edition. But let’s not get ahead of ourselves and when we finish we’ll review what happened at the 888poker.es tables.

Archbishop defends the money that the Church receives from public powers because it watches over the people who do not care

Archbishop defends the money that the Church receives from public powers because it watches over the people who do not care

Image result for archbishop of Toledo and Primate of Spain, Braulio RodríguezThe archbishop of Toledo and Primate of Spain, Braulio Rodríguez, has assured that if the Church receives money from public authorities in their charitable-social works or to sustain the artistic heritage, “we do it because we take care of people and problems that they do not care for or because the patrimony of the Church generates wealth and has social and educational work “.

In his weekly paper, collected by Europa Press, he stressed that “frequently”, when talking about the Church, “we tend to stay in the most external aspects of it, which are often the most vulnerable”.

“Moreover, the image that comes from the Church from circles, platforms, political associations, social media, is not very promising and they get what they want: that people do not accept the Church or consider it a separate organization of Christ, separated from the concrete life of his faithful, “he lamented.

This consideration of Rodriguez comes to collation of his idea that “many are distrustful of the monies that the diocesan Church receives.” “With simplicity and trust I ask you to be generous, give your Church a significant contribution, something that expresses love and gratitude towards the one who has taught you to know Jesus Christ and the good Father of heaven,” he said.

“I take it for granted that in the 2017 Income Tax Return you have placed the cross in the box of the Catholic Church, because it is a direct and non-burdensome way for you to help the Diocese as a whole. One thing is certain: we only depend on our Catholics and our good administration, “he concluded.

Archbishop defends the money that the Church receives from public powers because it watches over the people who do not care

Archbishop defends the money that the Church receives from public powers because it watches over the people who do not care

Image result for archbishop of Toledo and Primate of Spain, Braulio RodríguezThe archbishop of Toledo and Primate of Spain, Braulio Rodríguez, has assured that if the Church receives money from public authorities in their charitable-social works or to sustain the artistic heritage, “we do it because we take care of people and problems that they do not care for or because the patrimony of the Church generates wealth and has social and educational work “.

In his weekly paper, collected by Europa Press, he stressed that “frequently”, when talking about the Church, “we tend to stay in the most external aspects of it, which are often the most vulnerable”.

“Moreover, the image that comes from the Church from circles, platforms, political associations, social media, is not very promising and they get what they want: that people do not accept the Church or consider it a separate organization of Christ, separated from the concrete life of his faithful, “he lamented.

This consideration of Rodriguez comes to collation of his idea that “many are distrustful of the monies that the diocesan Church receives.” “With simplicity and trust I ask you to be generous, give your Church a significant contribution, something that expresses love and gratitude towards the one who has taught you to know Jesus Christ and the good Father of heaven,” he said.

“I take it for granted that in the 2017 Income Tax Return you have placed the cross in the box of the Catholic Church, because it is a direct and non-burdensome way for you to help the Diocese as a whole. One thing is certain: we only depend on our Catholics and our good administration, “he concluded.