German Banking – WBTS Forum http://wbts-forum.org/ Wed, 15 Sep 2021 16:54:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wbts-forum.org/wp-content/uploads/2021/04/default1.png German Banking – WBTS Forum http://wbts-forum.org/ 32 32 Vladimir Putin accused of militarizing Russian gas https://wbts-forum.org/vladimir-putin-accused-of-militarizing-russian-gas/ https://wbts-forum.org/vladimir-putin-accused-of-militarizing-russian-gas/#respond Wed, 15 Sep 2021 16:54:02 +0000 https://wbts-forum.org/vladimir-putin-accused-of-militarizing-russian-gas/ Russian President Vladimir Putin observes joint Russian-Belarusian military exercises. September 13, 2021 (Sputnik / Alexey Druzhinin / Kremlin via REUTERS) Vladimir Putin is trying to put pressure on Europe to approve its Nord Stream 2 gas pipeline by arming Russian gas supplies. With construction work on Russia’s controversial energy pipeline finally completed, critics say the […]]]>

Russian President Vladimir Putin observes joint Russian-Belarusian military exercises. September 13, 2021 (Sputnik / Alexey Druzhinin / Kremlin via REUTERS)

Vladimir Putin is trying to put pressure on Europe to approve its Nord Stream 2 gas pipeline by arming Russian gas supplies.

With construction work on Russia’s controversial energy pipeline finally completed, critics say the Kremlin is artificially raising gas prices in a bid to speed up the long certification process and get the pipeline operational. Such maneuvers seem to justify previous fears about Vladimir Putin’s militarization of Russian energy supplies to the EU, but there has not yet been a meaningful response from Washington, Berlin or Brussels.

For several weeks, Russia has been accused of deliberately failing to respond to increased European demand for gas, leading to soaring prices and alarming storage levels across the continent. Many analysts believe Moscow’s goal is to stress the need for Nord Stream 2 in order to bypass the many legal and bureaucratic delays that still prevent the pipeline from delivering gas from Russia to Germany across the Baltic Sea. Currently, it is estimated that administrative hurdles could delay the pipeline for months or even more than a year.

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Since its creation, the Nord Stream 2 project has encountered strong opposition from both sides of the Atlantic. The European Parliament has repeatedly voted against the pipeline, while central European countries like Poland fear it will strengthen Russia’s grip on regional energy markets and strengthen Putin’s ability to blackmail his neighbors.

Many Ukrainians see the pipeline as an economically unjustified geopolitical weapon aimed directly at their country. They argue that the main goal of Nord Stream 2 is to end Moscow’s dependence on Ukraine’s gas transit system, potentially paving the way for a major escalation in an ongoing campaign of military aggression. Russian who is already in his eighth year.

In the United States, the pipeline has sparked bipartisan opposition that continues to rumble despite President Biden’s May 2021 decision to ease sanctions measures. Allegations of recent manipulation of Russia’s energy supply prompted a vigorous reaction from US Senator Pat Toomey, the senior Republican on the Senate Banking Committee, who told the Atlantic Council: “Any deal allowing the completion of the Nord Stream 2 pipeline is seriously defective. Administration to impose sanctions on Nord Stream 2 AG as required by law under CAATSA [Countering America’s Adversaries Through Sanctions Act] to stop Moscow’s efforts to militarize gas supplies to Europe.

In December 2020, the US Congress passed draconian sanctions measures aimed at stopping construction of the pipeline. However, President Biden backed down in late spring and lifted the sanctions out of deference to Germany. Following a major outcry, the two countries then signed an agreement in July committing to impose sanctions if Russia “militarized” the use of energy or threatened Ukraine’s sovereignty.

Despite these commitments, no action has been taken on the current accusations regarding Russian energy supplies to the EU. While many European politicians and congressional leaders have expressed concerns, Germany is currently in the final stages of a national election campaign and is unable to enter a showdown with the Kremlin.

Yuriy Vitrenko, CEO of Ukrainian energy giant Naftogaz, believes there is no doubt that today’s gas shortages are a deliberate ploy by Moscow that should trigger sanctions from Germany and the United States.

“What Russia is doing is very intentionally suspending gas supplies to Europe. Moscow is suspending gas supply in order to force Europe to accept Nord Stream 2 and certify it before the US Congress adopts additional sanctions, ”says Vitrenko. “Russia’s actions are the epitome of the militarization of gas. Anyone who refuses to acknowledge what Moscow is doing, especially when it is doing it so blatantly, sends a dangerous message to the Russians that they can use gas to blackmail Europe and get away with it. ”

Last week, the Biden administration’s new energy adviser, Amos Hochstein, warned of a looming energy crisis in Europe this winter due to supply shortages in Russia. Speaking to the Financial Times, Hochstein said Russia had “under-supplied the market relative to its traditional supplies” and contributed to the highest prices on record. “If you have a really cold winter in January and February, you might run out of supplies. And this is where I worry. It’s not just a few geopolitical games. People’s lives are at stake.

However, while Hochstein has stated unequivocally that Russia has “militarized natural gas for many, many years”, he did not say Moscow has deliberately cut gas supplies in recent months. Such restraint is perhaps not surprising. If the allegations of market manipulation were officially confirmed, it could potentially trigger additional sanctions against Moscow under the terms of the US-German deal.

“We agree with Mr Hochstein’s efforts to draw attention to the growing gas crisis in Europe which could leave the continent cold this winter,” comments Vitrenko. “At the same time, we don’t understand why the Biden administration is reducing sanctions pressure on Russia as the Kremlin increases the militarization of gas across Europe. Our position is that US sanctions should be fully enforced as long as Putin continues to use gas as a weapon. We must act to hold Russia to account. This can be achieved not by allowing Russia to have the ultimate gas weaponry tool, the Nord Stream 2, but by removing that tool and ensuring that the Kremlin can never use it. “

As concerns about Russia’s grip on European gas supplies grow, U.S. Senators Toomey and Ted Cruz this week threatened to suspend the appointments of five senior Treasury Department officials indefinitely if the Biden administration does not the company operating Russia’s Nord Stream 2 pipeline project is not blacklisted. .

“Administration’s so-called ‘deal’ with Germany grants Vladimir Putin a geostrategic victory, strengthens corrupt Russian influence in Europe, and significantly weakens the security of Ukraine, Poland and other states at the forefront of the Kremlin aggression, “Toomey and Cruz said in a letter to the chairmen of the Senate banking and foreign relations committees.

Diane Francis is a non-resident senior researcher at the Eurasia Center of the Atlantic Council, editor-in-chief of the National Post in Canada, author of ten books and author of a newsletter on America.

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The opinions expressed in UkraineAlert are solely those of the authors and do not necessarily reflect the views of the Atlantic Council, its staff or its supporters.

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Why Evergrande’s debt problems threaten China https://wbts-forum.org/why-evergrandes-debt-problems-threaten-china/ https://wbts-forum.org/why-evergrandes-debt-problems-threaten-china/#respond Fri, 10 Sep 2021 23:00:02 +0000 https://wbts-forum.org/why-evergrandes-debt-problems-threaten-china/ Every now and then a business becomes so big and messy that governments fear what would happen to the economy as a whole if it failed. In China, Evergrande, a sprawling real estate developer, is that company. Evergrande has the distinction of being the most indebted real estate developer in the world and has been […]]]>

Every now and then a business becomes so big and messy that governments fear what would happen to the economy as a whole if it failed. In China, Evergrande, a sprawling real estate developer, is that company.

Evergrande has the distinction of being the most indebted real estate developer in the world and has been on life support for months. A steady drumbeat of bad news in recent weeks has accelerated what many experts warn is inevitable: failure.

Rating agency Fitch said this week that the default “looks likely.” Moody’s, another rating agency, said Evergrande was strapped for money and time. Evergrande faces over $ 300 billion in debt, hundreds of unfinished residential buildings, and angry vendors who have shut down construction sites. The company even started paying overdue bills by selling unfinished properties.

Observers are watching to see if Chinese regulators keep their promise to clean up the country’s corporate sector by letting “debt bombs” like Evergrande fall.

In its heyday ten years ago, Evergrande sold bottled water, owned China’s best professional soccer team, and even took a brief interest in pig farming. It has grown so big and sprawling that it even a unit that manufactures electric cars, although it has delayed mass production.

Today, Evergrande is seen as a rocky threat to China’s biggest banks.

The company, which was founded in 1996, took advantage of China’s epic real estate boom that urbanized vast swathes of the country and resulted in nearly three-quarters of household wealth being locked in housing. This has placed Evergrande at the center of power in an economy that has relied on the real estate market for supercharged economic growth.

Its billionaire founder, Xu Jiayin, is a member of the Chinese People’s Political Consultative Conference, an elite group of politically well-connected advisers. Mr. Xu’s connections likely gave creditors more confidence to continue lending money to Evergrande as it grew and expanded into new businesses. Eventually, however, Evergrande found himself with more debt than he could afford.

In recent years, she has faced lawsuits from homebuyers who are still awaiting completion of apartments they have partially paid for. Suppliers and creditors have claimed hundreds of billions of dollars in unpaid bills. Some have suspended construction on the Evergrande projects.

Evergrande could have continued if it hadn’t been for two problems. First, Chinese regulators are cracking down on the reckless borrowing habits of real estate developers. This forced Evergrande to start selling part of his sprawling business empire. It is not going so well. It has yet to sell its electric vehicle business, despite discussions with potential buyers. Some experts say buyers are expecting a fiery sale.

Second, the Chinese real estate market is slowing down and the demand for new apartments is lower. This week, the National Finance and Development Institution, a leading think tank in Beijing, said the housing market boom “has shown signs of a turning point,” citing weak demand and slowing prices. sales.

Much of the money Evergrande has been able to raise comes from pre-sold apartments that have yet to be completed. Evergrande has nearly 800 unfinished projects across China and up to 1.2 million people still waiting to move into their new homes, REDD Intelligence research shows.

Evergrande cut prices for new apartments, but even that failed to attract new buyers. In August, it had a quarter of sales less than a year ago.

Beijing will be tempted to say ‘no’, but a collapse could cause serious damage, leaving domestic owners, suppliers and investors – potentially millions – unhappy. And Beijing has finally decided to support other large companies that have encountered big problems in the past.

For years, many investors gave money to companies like Evergrande because they believed that in the end, Beijing would always step in to save it if things got too volatile. And for decades, investors have been right. But in recent years, authorities have shown a greater willingness to let companies go bankrupt in order to bring China’s unsustainable debt problem under control.

Authorities brought Evergrande’s leaders to a meeting last month and told them to get their debt in order. They also continued to tell its banks to cut back on developer loans.

A central bank campaign to bring home debt under control and reduce the banking sector’s exposure to distressed developers should mean that an Evergrande bankruptcy would have less impact on China’s financial system.

The reality is perhaps more complicated.

Panic among investors and homebuyers could spill over into the real estate market and affect prices, affecting household wealth and confidence. It could also shake up global financial markets and make it more difficult for other Chinese companies to continue to finance their operations with foreign investment. Writing in the Financial Times last week, billionaire investor George Soros warned that an Evergrande default could cause the Chinese economy to collapse.

Chen Zhiwu, professor of finance at the University of Hong Kong, said failure could lead to a credit crunch for the entire economy as financial institutions become more risk-averse. A failure by Evergrande, he added, was “not good news for the financial system or the economy in general.”

Not everyone is so pessimistic. Bruce Pang, an economist at China Renaissance Securities, said a default could lay the foundation for a healthier economy in the future. “If Evergrande failed with the fading conviction of ‘too big to fail’, it would prove Beijing’s greater tolerance for defaults despite short-term pain and disruption,” Pang said.

Foreign investors owe $ 7.4 billion in Evergrande bond payments next year alone. At various times of the year, they panicked, sending bond trading in the secondary market to new depths. Over the past week, Evergrande bonds were going at 50 cents on the dollar. Its debt trading was so frantic at one point that regulators briefly halted trading.

The company’s main listing in Hong Kong has lost more than three-quarters of its value over the past year.

Foreign investors fear that if Evergrande fails, all the money owed to them will vanish into thin air. Beijing officials have indicated they are no longer willing to bail out foreign and domestic bondholders. In any bankruptcy proceeding, they would be at the bottom of the list of creditors to get any of the assets of the Chinese company.


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JPMorgan Acquires Majority Stake in Volkswagen Payments Business https://wbts-forum.org/jpmorgan-acquires-majority-stake-in-volkswagen-payments-business/ https://wbts-forum.org/jpmorgan-acquires-majority-stake-in-volkswagen-payments-business/#respond Wed, 08 Sep 2021 15:32:34 +0000 https://wbts-forum.org/jpmorgan-acquires-majority-stake-in-volkswagen-payments-business/ Dive brief: JPMorgan Chase plans to acquire a majority stake of nearly 75% in Volkswagen Financial Services, the payment platform of the German automaker, the bank said on Wednesday. The New York-based bank said the deal, which is expected to close in the first half of 2022, will expand the bank’s digital payment capabilities and […]]]>

Dive brief:

  • JPMorgan Chase plans to acquire a majority stake of nearly 75% in Volkswagen Financial Services, the payment platform of the German automaker, the bank said on Wednesday.
  • The New York-based bank said the deal, which is expected to close in the first half of 2022, will expand the bank’s digital payment capabilities and “will see the platform extended and accessible to the entire auto industry. for the first time “. Financial terms of the deal were not disclosed.
  • The deal comes as the country’s largest bank continues to run a “aggressiveAcquisition Strategy CEO Jamie Dimon hinted last year.

Dive overview:

JPMorgan called Volkswagen’s payment platform “a natural fit” for the bank’s wholesale payments business, which combines corporate treasury, trade finance, card and merchant services.

The bank said that over time, the alliance between the two companies will seek to develop the platform for new markets and industries outside of the automotive sector “where mobility-driven payments will become central.”

Volkswagen Financial Services will remain a shareholder and the platform will continue to facilitate payments across the Volkswagen network to support all of the Volkswagen Group brands around the world, the bank said.

“We plan to build on the innovative foundation of Volkswagen Financial Services on the existing platform and apply our payments expertise globally to meet changing customer expectations in the automotive industry and beyond. ”, Shahrokh Moinian, Wholesale Manager for Europe, Middle East and Africa. payments to JPMorgan, said in a statement.

The agreement precedes a plan to deploy on-board technology that allows drivers to automatically pay for fuel or tolls, Moinian told Reuters Wednesday.

“One of the fastest growing platforms is the connected car market, where the car acts as a wallet to buy goods, services or subscriptions,” he said.

Volkswagen Payments SA, which was founded in 2017, operates in 32 markets and will remain Luxembourg-based, the bank said in a statement.

JPMorgan’s latest acquisition comes as onboard payments are expected to hit $ 4 billion in 2021, according to a Grand View Research study.

The deal is the latest in a series of investments made by the country’s largest bank over the past year, following Dimon’s promise at the bank’s 2020 annual investor meeting that he would be “much more aggressive with acquisitions at all levels. “

The bank has made more than 30 acquisitions this year, according to the Financial Times, which cited data from Refinitiv.

Among the bank’s high-profile deals over the past year was the purchase of fintech 55ip in December, a Boston-based startup that helps financial advisors automatically create tax-efficient portfolios.

In June, JPMorgan agreed to buy UK digital wealth management platform Nutmeg for £ 700million ($ 972.8million). This deal comes like the bank recognized it would launch a digital banking platform in the UK this year.

The bank is also considering purchasing San Francisco-based OpenInvest for an undisclosed amount, on bank announced in June. OpenInvest, which helps finance professionals personalize and account for value-based investments, will retain its own brand and be integrated into JPMorgan Chase’s private banking and wealth management offerings, the companies said.

JPMorgan also turned to the Brazilian market. The bank announced in June he plans to take a 40% stake in Brazilian digital bank C6. Financial terms of the transaction were not disclosed.


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Sartorius joins the DAX Blue Chip Index https://wbts-forum.org/sartorius-joins-the-dax-blue-chip-index/ https://wbts-forum.org/sartorius-joins-the-dax-blue-chip-index/#respond Sat, 04 Sep 2021 07:36:22 +0000 https://wbts-forum.org/sartorius-joins-the-dax-blue-chip-index/ GTTINGEN, Germany, September 4, 2021 / PRNewswire / – Life sciences group Sartorius will be listed in the German DAX blue chip index. After the market closes September 17, 2021, Sartorius preferred shares will be included in the DAX calculation, as Deutsche Börse announced on Friday evening. In addition, Sartorius preferred shares will continue to […]]]>

GTTINGEN, Germany, September 4, 2021 / PRNewswire / – Life sciences group Sartorius will be listed in the German DAX blue chip index. After the market closes September 17, 2021, Sartorius preferred shares will be included in the DAX calculation, as Deutsche Börse announced on Friday evening. In addition, Sartorius preferred shares will continue to be listed on TecDAX, the leading index of German technology stocks.

“Sartorius has been very dynamic. Based on customer focus, innovation and profitable and sustainable growth, our company creates value for customers, employees and investors, and we would like to thank all of these stakeholders for their many years of service. confidence. Today we are delighted that the performance of our stocks led to their inclusion in the DAX. At the same time, we are aware that the development of stock prices also depends on market factors that we cannot influence. Membership in DAX shows the growing importance of the biotechnology and life sciences sectors and puts Sartorius even more in the public eye. Last but not least, it gives us greater visibility as an employer ”, declared Joachim kreuzburg, Chairman of the Management Board and CEO of Sartorius.

Deutsche Börse had decided on various rule changes for its indices at the end of 2020 and announced that it would expand the DAX index from 30 to 40 members. Following this reform, the DAX will include the 40 largest companies listed on Deutsche Börse according to their free float market capitalization. As a result, after deducting Sartorius shares which are not freely tradable, approximately 72% of its preferred shares will be included in this index, while ordinary shares will not be included in the calculation. Thus, approximately one third of the total market capitalization of Sartorius will be taken into account in determining membership in the DAX.

This press release contains forward-looking statements concerning the future development of the Sartorius group. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such statements. Sartorius assumes no responsibility for updating these statements in light of new information or future events. This is a translation of the original German press release. Sartorius assumes no responsibility for the accuracy of this translation. The original German press release is the legally binding version.

A profile of Sartorius
The Sartorius Group is a leading international partner in life science research and the biopharmaceutical industry. With innovative laboratory instruments and consumables, the Group’s Laboratory Products and Services division focuses on the needs of laboratories performing research and quality controls in pharmaceutical and biopharmaceutical companies and those of academic research institutes. The Bioprocess Solutions division, with its broad product portfolio focused on single-use solutions, helps customers manufacture biotechnology drugs and vaccines safely and efficiently. The Group is experiencing double-digit annual growth on average and is regularly expanding its portfolio through acquisitions of complementary technologies. In fiscal year 2020, the company achieved sales of approximately 2.34 billion euros. At the end of 2020, nearly 11,000 people were employed at the approximately 60 manufacturing and sales sites of the Group, serving customers around the world.

Follow Sartorius on Twitter and on LinkedIn.

Contact
Timo lindemann
Business communication
+49 (0) 551.308.4724
[email protected]

Logo – https://mma.prnewswire.com/media/1123369/Sartorius_Logo.jpg

View original content: https://www.prnewswire.com/news-releases/sartorius-to-join-the-dax-blue-chip-index-301369378.html

SOURCE Sartorius SA



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GLOBIANCE – New Digital Banking Provider Opens Branches Worldwide https://wbts-forum.org/globiance-new-digital-banking-provider-opens-branches-worldwide/ https://wbts-forum.org/globiance-new-digital-banking-provider-opens-branches-worldwide/#respond Wed, 01 Sep 2021 16:49:37 +0000 https://wbts-forum.org/globiance-new-digital-banking-provider-opens-branches-worldwide/ Launched in 2018 by Mr. Oliver Marco La Rosa, Ms. Irina La Rosa, Mr. Alexander Pfau, Mr. Sascha La Rosa and a small team, Globiance is a financial services group comprised of cryptocurrency exchanges and institutions financial institutions located around the world. The platform offers built-in individual bank accounts for each customer while focusing on […]]]>

Launched in 2018 by Mr. Oliver Marco La Rosa, Ms. Irina La Rosa, Mr. Alexander Pfau, Mr. Sascha La Rosa and a small team, Globiance is a financial services group comprised of cryptocurrency exchanges and institutions financial institutions located around the world. The platform offers built-in individual bank accounts for each customer while focusing on the user experience of buying and selling crypto, combined with the ability to instantly withdraw fiat to the built-in accounts.

Globiance provides financial services to businesses and individuals. Users can make payments to merchants with cryptocurrency using a credit card. The platform covers the exchange and trading of crypto and fiat currencies, stablecoins in major currencies, payment solutions and global transfers. Multi-currency wallet accounts include multiple currencies such as EUR, GBP, USD, SGD, HKD, THB, MYR, IDR, CNY, JPY, KRW, INR and many more.

With its Crypto processing gateway, customers can pay with cryptocurrencies like Bitcoin instead of their credit cards. Useful for all businesses and highly effective for high-risk industries, the gateway can be used at lower fees, risk-free, no sliding reservations, and offers definitive transactions. It is available in white label for merchants and integrates perfectly with their platforms.

In less than 3 years, Globiance is already present in Argentina, Australia, Brazil, British Virgin Islands, Canada, Estonia, Hong Kong, Mauritius, Singapore and the USA. Until the first quarter of 2022, the financial services group is striving to also launch in Germany, Indonesia, Japan, Malaysia, the Philippines, South Korea, Switzerland, Thailand, Turkey and the United Arab Emirates.

At the end of July 2021, Globiance launched its GBEX in-house token which can be used on all Globiance platforms around the world. It is a 3rd generation token, based on the revolutionary XinFin XDC protocol. This future-proof technology allows it to handle more transactions, offer faster confirmation times and lower fees, as well as use less power and support smart contracts. The token was designed in a deflationary way, so that the supply decreases over time.

[Telegram: https://t.me/GBEX_TOKEN_CHAT]

GBEX starts from a small price to allow each user to buy the tokens. On Globiance exchange platforms around the world and in the crypto processing gateway, users can pay fees using GBEX tokens and can benefit from discounts.

In GlobianceBank, users have access to banking solutions with additional possibilities to store their funds in multiple accounts and jurisdictions to ensure security and accessibility at all times. In addition to providing more and more profitable banking solutions demanded by clients in high risk industries, Globiance will also allow users to trade securities as new features are released on the platform.

About the co-founder and CEO

Globiance co-founder and CEO, Mr. Oliver Marco La Rosa, is of German-Italian descent and founded his first IT company by leasing game servers for Esports in 1999. He then started an IT support business. . One of their biggest clients was CitiBank and they served the bank’s Frankfurt branch for over 8 years. The head office was then moved to Malta where for another 5 years they served more European banks such as IKANO Bank Group.

Mr. La Rosa has over 13 years of experience providing services to banks across Europe. With this immense knowledge of how the financial services industry works, Mr. La Rosa’s family made a personal investment in the Globiance brand without any outside financial support.

Mr. La Rosa said: “Since 2018, my vision has been to make Globiance a globally recognized and regulated brand allowing us to serve international retail and business clients. Having already made a lot of progress, we still have a long way to go to achieve this goal. And I’m sure we’ll get there with constant diligence and persistence. “

He continued, “We believe in providing top-notch customer service and our team is always available to resolve customer issues or queries. Globiance has the reputation of being a trusted partner in financial services. Our business customers, who trust and appreciate our services, are our greatest reward and therefore we continue to listen to their needs and requests.

For more information, visit www.globiance.com or email [email protected]

Media contact
Company Name: Globiance
Contact: Sascha
E-mail: Send an email
Country: Estonia
Website: https://globiance.com/


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DKB charges negative interest over 50,000 euros https://wbts-forum.org/dkb-charges-negative-interest-over-50000-euros/ https://wbts-forum.org/dkb-charges-negative-interest-over-50000-euros/#respond Sat, 28 Aug 2021 17:11:51 +0000 https://wbts-forum.org/dkb-charges-negative-interest-over-50000-euros/ Berlin-based direct bank DKB, actually popular with younger and thrifty customers due to its low costs, is reducing its provision for negative interest. A spokesperson confirmed the corresponding information to the FAZ on Thursday. New customers will be charged a 0.5% custody fee on checking and overnight accounts for balances over $ 50,000 from September […]]]>

Berlin-based direct bank DKB, actually popular with younger and thrifty customers due to its low costs, is reducing its provision for negative interest. A spokesperson confirmed the corresponding information to the FAZ on Thursday. New customers will be charged a 0.5% custody fee on checking and overnight accounts for balances over $ 50,000 from September 1, he said. Previously, the compensation was 100,000 euros.

Existing customers will also no longer be spared from negative interest rates. In the coming days, the bank will contact customers with particularly large deposits to agree on a deposit fee with them.

Due to falling interest margins and a significant increase in deposits, the bank spokesperson said it was forced to pass the negative interest rate of the European Central Bank on to customers more. . More recently, Commerzbank and Postbank lowered the negative interest limit to 50,000 euros. ING direct bank, a major competitor of DKB, announced the move in November.

Michael Ermrich, chairman of the Association of East German Savings Banks, said in an interview with Bloomberg a few days ago that he expected the industry trend to charge fees on-call duty continues while lowering exemption limits.

Stuttgart banking professor Hans-Peter Burghof had even expressed the opinion that it might be the most honest solution if the banks charged negative interest to everyone without allocation instead of turning the screw on several. times on costs. Alternative Bank Switzerland, once one of the pioneers of negative interest rates, recently embarked on this path.

According to figures from the comparison portal Biallo, 520 establishments in Germany now charge negative interest to customers, of which 483 banks and savings banks also charge private customers.


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German bank lends 36 million euros to Irish energy group for construction of solar energy projects https://wbts-forum.org/german-bank-lends-36-million-euros-to-irish-energy-group-for-construction-of-solar-energy-projects/ https://wbts-forum.org/german-bank-lends-36-million-euros-to-irish-energy-group-for-construction-of-solar-energy-projects/#respond Wed, 25 Aug 2021 04:45:22 +0000 https://wbts-forum.org/german-bank-lends-36-million-euros-to-irish-energy-group-for-construction-of-solar-energy-projects/ The German bank Berenberg will lend 36 million euros to the Irish group Elgin Energy to support the development of solar energy projects in the Republic and the United Kingdom. Elgin is building solar power and energy storage plants in Ireland, Britain and Australia, including spending € 400 million there on generators capable of powering […]]]>

The German bank Berenberg will lend 36 million euros to the Irish group Elgin Energy to support the development of solar energy projects in the Republic and the United Kingdom.

Elgin is building solar power and energy storage plants in Ireland, Britain and Australia, including spending € 400 million there on generators capable of powering up to 140,000 homes .

The company confirmed on Tuesday that Berenberg’s junior green energy debt fund will finance the advanced development of around 50 Irish and UK solar projects.

Under the terms of the agreement, Berenberg will provide a total of 36 million euros in project credit, which can be drawn over three years.

Ronan Kilduff, chief executive of Elgin Energy, said the deal was a “radical change” in raising capital for the company that would accelerate development of a significant number of solar projects.

“Elgin Energy has a total portfolio of advanced development stage projects totaling over 3.7 gigawatts in three key markets of UK, Australia and Ireland,” he noted.

Mr. Kilduff added that the company looks forward to working with Berenberg as a strategic partner.

Support wind farms

Founded in 1590, Berenberg is one of the oldest banks in Europe. The Hamburg, Germany-based lender has divisions spanning wealth and asset management, investment banking and corporate banking.

Its € 600 million junior green debt I, II and III funds have supported more than 100 wind and solar projects in Europe, Japan, Australia and the United States.

Torsten Heidemann, head of infrastructure and energy at Berenberg, said the partnership would expand the scope of the green energy fund to Irish and UK projects.

“Elgin has a strong track record of performance in the market and we look forward to building our relationship into the future,” he said.

The first projects covered by the Berenberg deal are expected to be ready for construction within the last three months of next year, according to Elgin.

The company will develop them to the point where they can start generating electricity through its existing partnerships.

Last year, two of Elgin’s Irish solar projects succeeded in securing support for the first auction of the state’s Renewable Energy Support Program.

The company claims to have delivered 21 solar projects with a total capacity of 230 megawatts (MW) under the UK government’s renewable bond program, before the program ends in 2017.

In 2020, it partnered with Foresight Group to develop solar projects with a total capacity of 276 MW.

The company has grown internationally over the past 11 years, employing engineers, accountants and lawyers in its offices in Dublin, London and Sydney.


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Deutsche Bank hires Ian Long from ICBCI as IB Vice President for Asia https://wbts-forum.org/deutsche-bank-hires-ian-long-from-icbci-as-ib-vice-president-for-asia/ https://wbts-forum.org/deutsche-bank-hires-ian-long-from-icbci-as-ib-vice-president-for-asia/#respond Mon, 23 Aug 2021 11:09:46 +0000 https://wbts-forum.org/deutsche-bank-hires-ian-long-from-icbci-as-ib-vice-president-for-asia/ (Bloomberg) – Ian Long, head of Asian equity capital markets at ICBC International Securities Ltd., has left the bank to join Deutsche Bank AG. The Hong Kong-based banker will be vice president of coverage and investment banking advice in Asia at Deutsche Bank, according to an internal memo seen by Bloomberg News. Long previously worked […]]]>

(Bloomberg) – Ian Long, head of Asian equity capital markets at ICBC International Securities Ltd., has left the bank to join Deutsche Bank AG.

The Hong Kong-based banker will be vice president of coverage and investment banking advice in Asia at Deutsche Bank, according to an internal memo seen by Bloomberg News. Long previously worked at the German lender as head of capital markets in China until his departure in June 2014.

In his new role, Long will help drive private and public fundraising operations for the bank’s clients in Asia, including working with its ECM teams and financial sponsors, the memo said.

Deutsche Bank is rebuilding its ECM business in Asia after shutting down the majority of its equity business in 2019 and cutting 18,000 jobs globally. The bank is looking to hire around 10 to 12 people, Bloomberg News reported.

The move comes as the initial public offerings are at the midpoint of what is expected to be a record year, with ultra-low interest rates and abundant liquidity fueling a record first half.

In June, Deutsche Bank lost the ability to sponsor Hong Kong IPOs after failing to replace staff needed by regulators, weighing on its plans to return to ECM. With Long’s membership, the bank would have three main sponsors for its advisory business, a person familiar with the matter said. The bank aims to resume its role as sponsor bank by the end of the month, according to the person, who asked not to be identified because the information is private.

Long joined ICBCI in June 2020 and was previously Head of Corporate Finance in Asia Ex-Japan and Equity Capital Markets at Mizuho Securities Asia, as shown on his LinkedIn profile.

Deutsche Bank recently hired Derek Chung to head its group of financial institutions for Asia, as well as Albert Chang, formerly at Orient Securities Co. in Hong Kong, to head its corporate advisory group for the ‘Asia-Pacific, according to an internal memo.

Separately, Deutsche Bank recently hired Joseph Lun as head of its equity capital markets team in Hong Kong, IFR reported, citing an internal memo.

A representative for Deutsche Bank declined to comment. An ICBCI representative did not immediately respond to requests for comment.

(Updates with details of Long’s role in the second and third paragraphs and Deutsche Bank’s response in the ninth paragraph.)

More stories like this are available at bloomberg.com

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PJSC Sberbank: Sber wins five prestigious Red Dot Award categories https://wbts-forum.org/pjsc-sberbank-sber-wins-five-prestigious-red-dot-award-categories/ https://wbts-forum.org/pjsc-sberbank-sber-wins-five-prestigious-red-dot-award-categories/#respond Sun, 22 Aug 2021 10:08:48 +0000 https://wbts-forum.org/pjsc-sberbank-sber-wins-five-prestigious-red-dot-award-categories/ Four Sber projects won Red Dot Awards in five categories. Panelists praised Sber’s HR Pulse platform, the user interface for Sber’s new ATMs, a typeface system and widgets on the SberBusiness corporate online banking platform. Pulse, the HR platform, won awards in two categories: Applications and User Interface and Experience Design (the User Interfaces subcategory). […]]]>

Four Sber projects won Red Dot Awards in five categories. Panelists praised Sber’s HR Pulse platform, the user interface for Sber’s new ATMs, a typeface system and widgets on the SberBusiness corporate online banking platform.

Pulse, the HR platform, won awards in two categories: Applications and User Interface and Experience Design (the User Interfaces subcategory). It consolidates more than 40 instruments for Sberbank employees and job applicants. Pulse is different from traditional HCM (Human Capital Management) systems due to its human-centric approach and improved user experience. The platform is easy to use on all kinds of devices: desktops, tablets and phones. Its universal design system, exclusive buttons and illustrations, original texts and redesign help users switch between devices and services to solve various problems.

The ATM user interface has been reinvented, with the most popular transactions now available on the home screen and a personalized menu offering the transactions and amounts of money that a specific user would find relevant. Voice typing is another new option for customers to receive services through voice interactions. In addition, Sber’s new ATMs are environmentally friendly: when a plastic card expires, the user can recycle it using an ATM; Customers are also advised to print receipts only when necessary. The all-new interface is user-friendly and displays icons and brief on-screen animations alongside the ATM modules responsible for a specific action. This micro-animation on ATM screens is instrumental as it mimics real actions and shows guidance guiding customers.

Sber typeface system is the largest corporate typeface system in Russia featuring 50 unique fonts – from universal fonts and working well with small font sizes to bright display fonts supporting the brand new image – designed specifically for Sber . It is important to note that the fonts work well with both the main foreign languages ​​(English, French, Spanish, German, Portuguese) and the languages ​​of the former member states of the USSR.

SberBusiness Widgets are a promising technology of the bank that meets the needs of businesses and greatly facilitates the routine of the business. Widgets can be integrated into both the SberBusiness website and mobile app, allowing you to manage day-to-day tasks in various areas of work: from transactions and payment control to utility payments, business promotion and building relationships with clients. This is Sber’s fourth Red Dot award for corporate online banking. In 2017, Sberbank was the first Russian bank to receive a Red Dot award – in that year it was awarded for the design of the online banking platform Sberbank Business Online.

The Red point price is one of the most prestigious international quality labels in the global design industry. Awarded by the European Design Zentrum NRW, it dates from 1955 and evaluates the best products in three main categories: Product Design, Communication Design and Design Concept. The Red Dot Jury is made up of around fifty international experts. They test, discuss and evaluate each entry individually by applying the following criteria: degree of innovation, functionality, formal quality, ergonomics, durability, emotional content, ecological compatibility, etc. Previously, the SberPortal smart display, the SberBank Online mobile app, and other Sber products and services had won the Red Dot Awards.

Disclaimer

Sberbank of Russia published this content on August 20, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 22 Aug 2021 10:03:06 AM UTC.


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Asian markets mixed in cautious trade https://wbts-forum.org/asian-markets-mixed-in-cautious-trade/ https://wbts-forum.org/asian-markets-mixed-in-cautious-trade/#respond Wed, 11 Aug 2021 03:36:17 +0000 https://wbts-forum.org/asian-markets-mixed-in-cautious-trade/ (RTTNews) – Asian stock markets traded mixed on Wednesday, following mixed signals from Wall Street overnight, reflecting economic optimism following announcement of the US Senate’s approval of a bill of $ 1 trillion infrastructure. Traders also remained concerned about the rapid spread of the delta variant of the coronavirus in the region. Asian markets closed […]]]>

(RTTNews) – Asian stock markets traded mixed on Wednesday, following mixed signals from Wall Street overnight, reflecting economic optimism following announcement of the US Senate’s approval of a bill of $ 1 trillion infrastructure. Traders also remained concerned about the rapid spread of the delta variant of the coronavirus in the region. Asian markets closed largely higher on Tuesday.

Traders are also cautiously awaiting the US consumer price inflation reading for July later today for directional clues to the global economic recovery. Inflation data could have an impact on the outlook for monetary policy.

The Australian stock market is slightly higher on Wednesday, extending the winning streak of the previous five sessions, with the benchmark S & P / ASX 200 just below the 7,600 level near new all-time highs, despite Wall’s mixed indices. Street overnight, helped by commodities, financials and energy stocks.

Traders are agitated amid concerns over the worsening national coronavirus situation in New South Wales and the extended lockdown, with 344 new cases reported on Tuesday. Victoria has registered 20 new cases of COVID-19, with 118 active cases of coronavirus across Victoria. Queensland has four new cases of the locally acquired virus.

The benchmark S & P / ASX 200 is up 27.40 points or 0.36% to 7,590.00, after hitting an all-time high of 7,615.10 earlier. The broader All Ordinaries index is up 29.90 points or 0.38% to 7,860.30. Australian stocks ended slightly higher on Tuesday.

Among the major miners, BHP Group and Fortescue Metals each gain more than 2%, while Rio Tinto gains almost 2%. OZ Minerals is up almost 1%.

Mineral Resources shares are down nearly 5%, even after beating market expectations with a 230% increase in after-tax profit and a fully franked final dividend of $ 1.75.

Oil stocks are higher. Oil Search is gaining more than 1 percent, Woodside Petroleum is adding nearly 1 percent, and Beach’s energy is up more than 2 percent. Origin Energy and Santos are higher by more than 1% each.

In the tech space, WiseTech Global is down over 1%, Appen is down almost 1%, and Xero and Afterpay are down almost 2%. Among the Big Four banks, Westpac earns almost 1%, while Commonwealth Bank, National Australia Bank and ANZ Banking earn more than 1% each.

The Commonwealth Bank doubled its dividend to $ 2 and announced a $ 6 billion share buyback after reporting 20% ​​higher annual profit to $ 8.65 billion.

The Reserve Bank of New Zealand (RBNZ) issued a formal warning to the local Westpac Banking Corp unit for failing to report nearly 8,000 transactions as required by anti-money laundering and anti-terrorism laws .

Among gold miners, Evolution Mining is down 0.3% and Resolute Mining almost 2%, while Newcrest Mining, Gold Road Resources and Northern Star Resources are down more than 1% each.

Shares of Iress are up nearly 5% after the software company gave private equity giant EQT exclusive due diligence as it returns this morning with an enhanced bid of $ 3.03 billion.

Kangaroo Island Plantation and Timber (KIPT) has been denied permission by the South Australian government to build a deepwater port. However, the stock is gaining more than 5%.

In economic news, consumer confidence in Australia remains weak in August, according to the latest Westpac Bank survey on Wednesday, its confidence index fell 4.4% to 104.1, against 108.8 in July. Confidence fell as three major cities in the country were stranded, with all components of the index falling.

In the currency market, the Australian dollar is trading at $ 0.735 on Wednesday.

The Japanese stock market is significantly higher on Wednesday, extending gains from the previous three sessions, with the Nikkei benchmark breaking through the 28,000 mark, despite mixed Wall Street indices overnight, though traders remain extremely concerned then as the country continues to struggle to contain the rapid spread of the delta variant of the coronavirus.

The benchmark Nikkei 225 closed the morning session at 28,069.28, up 181.13 points or 0.65%, after peaking at 28,146.88 earlier. Japanese stocks closed slightly higher on Tuesday.

Market heavyweight SoftBank Group lost nearly 2%, while operator Uniqlo Fast Retailing gained nearly 2%. Among automakers, Honda earns more than 1 percent and Toyota adds nearly 1 percent.

SoftBank Group posted a drop in net income of nearly 40% in the April-June quarter, after the previous year’s exceptional profit on the sale of shares of its US mobile phone subsidiary.

In the tech space, Screen Holdings is down nearly 3%, Tokyo Electron is down over 2% and Advantest is down over 3%.

In the banking sector, Sumitomo Mitsui Financial gains nearly 3%, Mitsubishi UFJ Financial gains more than 3% and Mizuho Financial is up more than 2%. Among the major exporters, Panasonic and Mitsubishi Electric each gain nearly 1%, while Canon and Sony are stagnant.

Among the other big winners, Toho Zinc gains almost 14%, Bridgestone adds almost 8% and Taiheiyo Cement is up more than 6%, while Kawasaki Kisen Kaisha and Daiichi Sankyo are higher by almost 6% each. . Yokohama Rubber and Yokogawa Electric each earn nearly 5%, while J. Front Retailing, Pacific Metals, Suzuki Motor, Daiwa House Industry and Marui Group each gain over 4% each. Kobe Steel, Mitsui Mining & Smelting, Mitsui Mining & Smelting are also up nearly 4% each.

Conversely, Sumco is down nearly 5%, while Kirin Holdings and Showa Denko KK are down nearly 3% each. Taiyo Yuden is down more than 2%.

In the currency market, the US dollar traded in the upper 110 yen range on Wednesday.

Elsewhere in Asia, New Zealand, Hong Kong, Malaysia, and China are 0.1-0.6% each higher, while South Korea, Indonesia, Taiwan, and Singapore are 0. 1 to 0.6% each.

On Wall Street, stocks posted another mixed performance during Tuesday’s session after closing on opposite sides of the line unchanged for two consecutive sessions. As the Dow Jones and S&P 500 hit new records, the highly technical Nasdaq fell.

The Dow Jones rose early in the session and remained firmly positive throughout the day before closing up 162.82 points or 0.5% at 35,264.67. The S&P 500 fluctuated during the session but managed to gain 4.40 points or 0.1% to 4,436.75. Meanwhile, the Nasdaq came under pressure after seeing its initial strength and ended the day down 72.09 points or 0.5% to 14,788.09.

Meanwhile, major European markets also moved higher on this day. While the UK FTSE 100 index climbed 0.4%, the German DAX index rose 0.2% and the French CAC 40 index rose 0.1%.

Crude oil futures stabilized sharply higher on Tuesday, recovering from recent losses as data showing increased fuel demand in India in July pushed prices higher. West Texas Intermediate crude oil futures for September ended $ 1.81 or 2.7% at $ 68.29 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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