Despite markets, schools, airports and businesses being shut on Monday here in Taipei, Taiwan where I am writing this, there has been some unexpected good news for the economy. Analysts had concluded that Taiwan would suffer badly from the US-China trade war. Instead international funds are investing once again and the currency, the Taiwan Dollar, has been the best Asian performer this quarter. And another thing: Typhoon Mitag has largely blown through and it’s now considered safe to venture outside again!
Bean Counters- nice work ….while you can get it
Under fire like all the Big Four accountancy firms by the U.K. regulator, PWC has unveiled some telling numbers as to just why the industry is under review: $42 billion revenues and 276,000 employees globally. PWC audits 28% of the Ftse 100 companies and the same number of the next 250 largest U.K. companies. If this sounds cosy to you, the review of the Big Four will almost certainly conclude the same. The question is what it will recommend. Meanwhile all Finance Directors need to explain why those eye watering fees paid to the Big Four are good value- after all: bean counting: it’s not rocket science is it?!
The UBS research team has produced a bubble index of global cities. The only places that represent good or fair value are in order:
Chicago, Dubai, Milan, Boston and Singapore. The 7 most over valued in order are: Munich, Toronto, Hong Kong, Amsterdam, Frankfurt, Vancouver and Paris. Others that are simply expensive include Madrid, London, NYC, Sydney, Tokyo, Zurich and San Francisco. If you already live and are planning to remain in one of these great cities, this is only of passing interest, but if you are contemplating a purchase in Chicago or Dubai it is reassuring.
The absence of Johannesburg and Cape Town from the table suggests that South Africa which is still enduringly popular with SGM-FX’s customers represents great value -as does the ZAR generally.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
UK A couple of statistics over the weekend that caught the eye: the first is more marketing than substantive economically, but the second one is rather more significant. Taking the first one, Saffron Building Society is offering its savers who have been with them for more than 1 year the chance to open a monthly […]
UK House Prices Unsurprisingly given the 12 interest rate rises and cost of living squeeze in the UK, the housing market has seen its largest year on year fall since 2009 when everyone was suffering from the global financial crisis. In the year to April the UK housing market has dropped by 3.4% with the […]
Turkish Lira While President Erdogan removed the uncertainty overhanging the Turkish market by winning the election in the run off over the weekend, the news served to cement the certainty that nothing much was likely to change with respect to Turkish economic policy or indeed the subservient role of the Central Bank of Turkey to […]