German Banking – WBTS Forum http://wbts-forum.org/ Mon, 03 Jan 2022 08:13:46 +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 German American Bancorp, Inc. (NASDAQ: GABC) to report quarterly sales of $ 53.10 million https://wbts-forum.org/german-american-bancorp-inc-nasdaq-gabc-to-report-quarterly-sales-of-53-10-million/ Mon, 03 Jan 2022 08:13:46 +0000 https://wbts-forum.org/german-american-bancorp-inc-nasdaq-gabc-to-report-quarterly-sales-of-53-10-million/

Equity research analysts predict that German American Bancorp, Inc. (NASDAQ: GABC) will post $ 53.10 million in sales for the current quarter, Zacks Investment Research reports. Three analysts provided earnings estimates for German American Bancorp. The lowest sales estimate is $ 51.60 million and the highest is $ 54.00 million. German American Bancorp reported sales of $ 56.83 million in the same quarter last year, indicating a negative growth rate of 6.6% year-on-year. The company is expected to release its next earnings report on Monday, January 24.

Zacks says analysts expect German American Bancorp to report annual revenue of $ 217.10 million for the current fiscal year, with estimates ranging from $ 212.90 million to $ 223.00 millions of dollars. For the next year, analysts predict the company will post sales of $ 244.30 million, with estimates ranging from $ 239.60 million to $ 249.00 million. Zacks Investment Research sales averages are an average based on a survey of sales-side research analysts who cover German American Bancorp.

German American Bancorp (NASDAQ: GABC) last released its quarterly results on Sunday, October 24. The bank reported earnings per share of $ 0.81 for the quarter, beating analysts’ consensus estimates of $ 0.71 by $ 0.10. The company posted revenue of $ 56.84 million for the quarter, compared to analysts’ estimates of $ 53.50 million. German American Bancorp had a net margin of 37.01% and a return on equity of 13.50%.

Meanwhile, Zacks Investment Research downgraded German American Bancorp shares from a “hold” rating to a “sell” rating in a research report released on Tuesday, December 28.

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GABC shares opened at $ 38.98 on Monday. The company has a market cap of $ 1.03 billion, a price-to-earnings ratio of 12.03 and a beta of 0.70. The company has a current ratio of 0.75, a quick ratio of 0.75, and a debt ratio of 0.29. German American Bancorp has a 52 week low at $ 32.21 and a 52 week high at $ 51.11. The stock has a 50-day moving average of $ 40.30.

The company also recently disclosed a quarterly dividend, which was paid on Saturday, November 20. Shareholders of record on Wednesday, November 10 received a dividend of $ 0.21. This represents an annualized dividend of $ 0.84 and a return of 2.15%. The ex-dividend date of this dividend was Tuesday, November 9. German American Bancorp’s dividend payout ratio is 25.93%.

Several hedge funds and other institutional investors have recently bought and sold shares in the company. Bank of New York Mellon Corp increased its position in shares of German American Bancorp by 2.6% in the third quarter. Bank of New York Mellon Corp now owns 174,583 shares of the bank valued at $ 6,744,000 after purchasing an additional 4,496 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in German American Bancorp shares in the third quarter valued at approximately $ 659,000. BNP Paribas Arbitrage SA increased its position in German American Bancorp shares by 96.5% in the third quarter. BNP Paribas Arbitrage SA now owns 6,894 shares of the bank valued at $ 266,000 after purchasing an additional 3,385 shares during the period. Two Sigma Advisers LP increased its position in shares of German American Bancorp by 126.6% in the third quarter. Two Sigma Advisers LP now owns 32,400 shares of the bank valued at $ 1,252,000 after purchasing an additional 18,100 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of German American Bancorp by 31.1% in the third quarter. Two Sigma Investments LP now owns 24,950 shares of the bank valued at $ 964,000 after purchasing an additional 5,914 shares during the period. 43.12% of the shares are currently held by institutional investors.

About German American Bancorp

German American Bancorp, Inc is a holding company, which owns trust, brokerage and financial planning through German American Financial Advisors & Trust Co and German American Insurance, Inc. It operates in the business segments of following activities: Core Banking, Wealth Management Services, insurance operations and others.

See also: What is a Roth IRA?

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The common currency of Europe 02 celebrates its 20th anniversary https://wbts-forum.org/the-common-currency-of-europe-02-celebrates-its-20th-anniversary/ Sat, 01 Jan 2022 08:03:01 +0000 https://wbts-forum.org/the-common-currency-of-europe-02-celebrates-its-20th-anniversary/

FRANKFURT, Germany – The European Central Bank celebrated the 20th anniversary of the euro banknotes and coins on Friday as member countries tackle the impact of the pandemic on the economy and the European Union forges a new level of cooperation financial support to help stimulate recovery.

The event was celebrated at midnight on New Years Eve with an illuminated display in blue and yellow, the colors of the EU, projected onto its skyscraper headquarters in Frankfurt, Germany.

The introduction of banknotes and coins in 12 countries on January 1, 2002 was a logistical undertaking that followed the introduction of the euro for accounting and electronic payment purposes three years earlier, on January 1, 1999. Today , the euro is used in 19 of the 27 EU countries.

The introduction of cash saw the new euro banknotes and coins quickly replace German marks, French francs and Italian lire in ATMs, cash registers, wallets and purses. Shop customers who paid in old currencies received change in euros at fixed exchange rates. It swept the old currencies out of circulation as people spent their remaining national money.

Warnings of a logistical disaster did not come true. The President of the European Central Bank Christine Lagarde – in 2002, a lawyer in a global law firm – recalled having withdrawn her first euros from an ATM near her home in Normandy with friends who had predicted that the change would overload the machines. “We made a bet: if the machine gave us French francs instead of euro banknotes, they could keep the money,” she wrote on the website of the European Central Bank. “After midnight we tried the cash machine. It handed out brand new euro banknotes and we all raised a glass to the new European currency.”

The bank plans to redesign the banknotes, with a final decision on the new look expected in 2024. The original designs with generic windows, doors and bridges from different eras that do not represent any specific place or monument have undergone an update. relatively minor update since introduction. The bank is also studying a possible digital version of the currency.

The euro has had its ups and downs since its launch as a major European integration project. The monetary union has faced speculation that it will break down during a protracted public and bank debt crisis in 2011-15. The President of the European Central Bank, Mario Draghi, helped end the market turmoil with his July 26, 2012 pledge to “do whatever it takes” to preserve the euro, followed by the offer of the European Central Bank to buy the public debt of countries facing excessive borrowing costs.

Under Lagarde, the central bank rolled out a $ 2.1 trillion bond buying program aimed at lowering borrowing costs for companies so they could weather the worst of the pandemic.

In response to the pandemic, the governments of the European Union have taken a further step towards economic and financial integration by agreeing to borrow money together for the EU’s Next Generation stimulus fund of 918 billion euros. dollars. The fund aims to support the post-pandemic recovery by financing projects that help the economy reduce carbon dioxide emissions to fight climate change, and that support the growing use of digital technology.

Finance ministers from euro member countries said in a joint article published in major European newspapers that there was still work to be done to strengthen the shared currency, such as improving the way private investment crosses borders and strengthen joint banking supervision to avoid costly crises.

“None of these problems can be solved by countries acting alone,” they wrote. “The euro is proof of what we can achieve when we work together.”

Irish Finance Minister Paschal Donohoe, who heads the panel of finance ministers of Eurogroup member countries, said the currency “has strengthened its foundations over the past 20 years. It has been proven to cope with great challenges and great crises “.

A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)

Photo A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)
Photo A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)
Photo A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)
Photo A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)
Photo A light installation is projected onto the European Central Bank building during a rehearsal in Frankfurt, Germany, Thursday, December 30, 2021. The light show will mark the 20th anniversary of the European currency, the euro, on the evening of New Years. (Photo / Michael Probst)


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Actions that will be in action today https://wbts-forum.org/actions-that-will-be-in-action-today/ Thu, 30 Dec 2021 03:10:39 +0000 https://wbts-forum.org/actions-that-will-be-in-action-today/

Bank securities: The Reserve Bank of India’s macro stress tests for credit risk show that the gross NPA ratio of programmed commercial banks could drop from 6.9% in September 2021 to 8.1% by September 2022 in the baseline scenario and 9.5% in a severe stress scenario. According to the latest RBI Financial Stability Report (FSR), the bank-led model of credit growth faces headwinds even as lender inquiries volumes show growing credit demand of the share of high-risk consumers, especially after the second wave of Covid.

Puravankara: The Board of Directors has adopted an enabling resolution to approve a proposed transaction and has entered into a framework agreement with Keppel Puravankara Development Private Ltd (KPDPL) – an associated company. The company owns 49 percent of the registered capital of KPDPL, which has a residential project and a commercial project. The business plan is being split into a separate wholly owned subsidiary of KPDPL and following the split of the KPDPL business plan into a separate wholly owned subsidiary the company will be allocated 49% of the WOS shares of KPDPL. Upon the allotment, the company will sell its 49 percent stake in KPDPL’s WOS to Keppel Investment (Mauritius) Pte Ltd for a consideration of 112 crore.

NMDC: The Goa cabinet on Wednesday approved a policy to allow the export of iron ore landfills, which will allow mining to resume in the coastal state for the next four to five years.

Rane Holdings: ZF increased its stake to become a majority shareholder with 51 percent in the Rane TRW Steering Systems joint venture of the Rane group. Until now, the two partners have held equal shares in the company. Going forward, the joint venture will operate in the market as ZF Rane Automotive India. The name change reflects the enhanced cooperation between the partners.

Futuristic Confidence: The board of directors of Confidence Futuristic Energetech Ltd has approved the allotment of 1,05 10,000 equity shares of 10 each to 120 per share on a preferential basis, to the promoter / group of promoters and others (i.e. i.e. people / entities not part of the promoter and promoter group).

Deep industries received an award letter from GSPC LNG Limited (GLL) for the lease of gas compression services at the GSPC LNG terminal, Mundra, Gujarat, India for a period of 5 years. The estimated total value of said reward is approximately 44.40 crore.

Kimia Biosciences Limited has been recognized / validated for the supply of pharmaceutical raw materials to Bangladesh by the General Directorate of Drug Administration & Licensing Authority (Drugs), Govt. of the People’s Republic of Bangladesh. This source validation certificate is valid for 3 years from the date of issue.

Pioneer Embroidery Limited (PEL), one of the main players and owners of the “Silkolite” brand of specialty polyester filament yarns (SPFY), is continuing its expansion project in SPFY on schedule. The company has already placed the major equipment order with a German manufacturer of quality textile extrusion equipment, along with advance payments, which would ensure delivery by the third quarter of fiscal year 23. The equipment is mainly financed by a German bank. Construction work on the land adjoining the company’s existing manufacturing plant in Kala Amb, Himachal Pradesh is progressing well, with foundation work already completed.

Lambodhara textiles Limited offered to install a 3.1 MW DC and 2.4 MW AC ground-mounted grid-based solar power plant in Manaparai, Trichy district, Tamil Nadu, at an estimated cost of 14.90 crore for purposes of captive consumption, which would help the company reduce its dependence on non-renewable energy sources. As a result, 90 percent of the company’s energy consumption will be green energy.

Global KPI infrastructure received the confirmation of the order for the execution of a solar energy project with a capacity of 10 MWDC of M / s. Colourtex Industries Private Limited, Surat under the “Captive Power Producer (CPP)” segment of the company.

Sharika Enterprises received an order from the Power Grid Corporation of India for the implementation of a smart city project at the Powergrid Township project in the amount of 1.74 crore.

Varun drinks Limited has incorporated a new company – Varun Beverages RDC SAS – in the Democratic Republic of the Congo to carry on the business of manufacturing, selling, trading and distributing carbonated and non-carbonated drinks.


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Faced with Covid, European citizens demanded an EU response – and got it | Luuk van Middelaar https://wbts-forum.org/faced-with-covid-european-citizens-demanded-an-eu-response-and-got-it-luuk-van-middelaar/ Wed, 29 Dec 2021 08:00:00 +0000 https://wbts-forum.org/faced-with-covid-european-citizens-demanded-an-eu-response-and-got-it-luuk-van-middelaar/

March 2020: An insidious virus is spreading across the world, dragging tens of thousands of people across the European continent into a battle to the death. Most European countries secure their borders; millions of homes lock their front doors. Hellish scenes unfold, fueling fears of infection. In Europe, a catastrophe is unfolding, but there is no common answer.

The loudest cry comes from Italy, affected very early on by the virus. Cries for help go unanswered and bitter reproaches ensue. The EU is slow to react: the fact that the Brussels institutions do not have the “competences”, or formal powers, to act in the field of public health does not impress anyone. When, soon after, an economic depression looms, doomers begin to predict the end of the EU.

Then suddenly the union began to show remarkable dynamism and resilience. The pandemic has brought misadventures, mistrust and fierce clashes of all kinds, but it has also mobilized unforeseen forces and brought about enormous political upheaval. In the summer of 2020, the bloc’s presidents and prime ministers made two sweeping decisions: the EU would buy vaccines centrally and it would establish a massive coronavirus recovery fund. We no longer spoke of “skills”. The EU has reinvented itself. How was that possible?

During the Covid-19 disaster, more than in previous crises, political decision-making followed public demand for action. All the citizens felt threatened in their own bodies. The disease was nobody’s fault. This crisis was so overwhelming – the weird lockdowns, the massive layoffs, the geomedical “divide and rule” by China and the United States – that “Europe” had to do something in response. Pandemic desperation forced the union to take a form it did not have before.

Day in and day out, European societies count and bless the sick and the dead, listen to televised proclamations from monarchs, presidents or prime ministers, sing from balconies and applaud medical staff at night. These were intensely lived moments of belonging.

At the same time, neighboring states have moved closer than ever to their suffering, lockdown rules, intensive care policies and death rates. Leaving aside pandemic empathy; observing other countries had its uses at home. The media have compared their own governments with others. Why was Austria testing more aggressively than France? Why were more people dying in Britain than in Greece?

But in the EU, with its single market, its currency and its common borders, it went beyond comparison. The decisions next door had a direct impact on people’s lives. What if Germany injected billions into its own economy and Italy couldn’t? What if Sweden took a lax stance on Covid and kept its borders open? What if Hungary accepted a Russian vaccine? Certain national audiences hastened to tell their neighbors: this decision which is yours, it is also our business. Conversely, several national leaders reached out to a wider European audience. This interaction was new.

On the other hand, the financial storms from 2008 had been appeased in a top-down fashion. Governments, alarmed by central bankers and experts, have had to convince reluctant parliaments of the need to take drastic decisions to save the banking system and the currency. The audience watched, not asking for anything. The economic freedoms introduced by Brussels machinery from 1957 were also granted from above, as a favor, and not extracted from below as a request. In the pandemic, however, primacy returned to the public for the first time.

Recognizing the dynamism of the situation and mobilizing to act for the public, these are the responses that we demand of our political leaders. Hence the condemnation of the early Brussels defense. When history strikes, the lack of formal powers is no excuse. What counts is the capacity demonstrated in the situation to engage in an “event politics”, that is to say identify and counter a shock affecting all citizens, improvise and persuade at the time; and, by extension, to anticipate events and increase the resilience of the system. Such cases do not require legal skills but rather the acceptance of personal and political responsibility.

Few leaders were more aware of this than Angela Merkel. The pandemic was the last major European crisis in her 16 years as German Chancellor, and her performance has been masterful. By Easter 2020, she could feel how the dividing lines were hardening, how political struggles for solidarity were breaking out between northern and southern Europe. Daily, she read reports on how Covid-19 economically separated the heart of the euro zone and its Mediterranean periphery (a risk for German exporters). And that’s how she decided on May 18, 2020, after careful consideration, to take the plunge. On behalf of the Federal Republic, she assumed responsibility for an EU coronavirus recovery fund of 500 billion euros, to be disbursed in the form of grants, not loans. What had remained taboo during the dangerous eurozone crisis suddenly became possible.

Merkel has demonstrated a seismological sensitivity to undercurrents and aftershocks in the public sphere. This unique ordeal could produce lifts and landslides, abrupt emotional eruptions. “Our country is dying,” leaders in Rome and Madrid told him – and therefore pandemic aid could not be conditional; that would be humiliating. Nor was it possible to ignore the fact that Italian public confidence in the union was plummeting and that for two out of three Italians leaving had become an option.

Changes in the public sphere are pure politics. The result is not just the sum of objective forces (such as a country’s trade balance, arsenal or technological capabilities). They are also and above all a matter of humor and feeling, of gratitude and resentment, of memory and expectation, of words and stories, expressed in balances for the most part unstable and shifting majorities. Yet that is no reason to consider the mood of the public to be fickle. It can be read, felt and influenced. In addition, public opinion is able to dismiss or shatter many supposedly objective realities, as it turned out during the pandemic.

In March 2020, Dutch Finance Minister Wopke Hoekstra insensibly proposed that the European Commission investigate the lack of financial buffers in Italy and Spain. It was a rude blow aimed at garnering applause from the Dutch audience, but it caused boos and hisses from all over Europe, and Hoekstra had to run away, having misjudged the nature, size and mood of its European audience.

Other actors have actively sought a larger European gallery. Southern Europe has revived an old desire for the euro crisis: a call for the issuance of a common debt. It did so in the classic way, in a letter dated March 25 from nine heads of government to Charles Michel, the President of the European Council. Much more effectively, a few days later, local politicians in Italy bought a full page advertisement in the Frankfurter Allgemeine Zeitung to call on the German public to support “corona bonds”.

It is sometimes claimed that because we do not all speak the same language, there is no European public space. It’s absurd. Applause and shouting are universally understood. The audience politicians deal with is not just the voters whose verdict they submit every few years.

During the pandemic, the European public discovered its role. It has become clear that our lives and our health are a matter of public concern. We want politicians who protect us, save lives and chart a course for the future. This growing emergency call drowned out the usual whistle of every Brussels initiative as unwelcome interference in national affairs.

A European res publica has translated from a shapeless task into a political decision. At a time of great vulnerability, a pandemic war of words has made the European Union stand up for what its people hold most dear and given it new political strength.


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]]> Aareal Bank’s Management Board and Supervisory Board recommend acceptance of the tender offer made by Atlantic BidCo GmbH https://wbts-forum.org/aareal-banks-management-board-and-supervisory-board-recommend-acceptance-of-the-tender-offer-made-by-atlantic-bidco-gmbh/ Mon, 27 Dec 2021 10:15:01 +0000 https://wbts-forum.org/aareal-banks-management-board-and-supervisory-board-recommend-acceptance-of-the-tender-offer-made-by-atlantic-bidco-gmbh/ DGAP-News: Aareal Bank AG / Keyword (s): Mergers & Acquisitions

Aareal Bank’s Management Board and Supervisory Board recommend acceptance of the tender offer made by Atlantic BidCo GmbH

12/27/2021 / 11:13
The issuer is solely responsible for the content of this advertisement.

Aareal Bank’s Management Board and Supervisory Board recommend acceptance of the tender offer made by Atlantic BidCo GmbH

– Reasoned statement on the published offer

– The Management Board and the Supervisory Board of Aareal Bank consider the offer advantageous from a strategic point of view, and the cash consideration of? 29 per share to be fair

Wiesbaden, December 27, 2021 – The management board and supervisory board of Aareal Bank AG today issued a joint reasoned statement – as required by applicable law – on the voluntary takeover bid presented by Atlantic BidCo GmbH. Atlantic BidCo GmbH (the “Bidder”) is a bidding company indirectly owned by financial investors Advent International Corporation and Centerbridge Partners, LP as well as other co-investors – including the Canada Pension Plan Investment Board (CPPIB) which holds a significant minority stake.

The Management Board and the Supervisory Board had already expressed their general support when the offer was announced on November 23, 2021, on the basis of an investment agreement concluded with Atlantic BidCo GmbH. The investment agreement, all important elements of which are included in the offering document, focuses primarily on the plan to accelerate growth in the three segments of the Aareal Bank Group over the next few years, based on of the “Aareal Next Level” strategy. In this context, from a strategic point of view, the Management Board and the Supervisory Board believe that the offer is in the interest of the Company and its stakeholders.

After careful examination of the information memorandum published by the Offeror on December 17, 2021, the Management Board and the Supervisory Board also estimate that the cash consideration of? 29 per Aareal Bank share to be fair within the meaning of Section 31 (1) of the German Securities Acquisitions and Takeovers Act (Wertpapiererwerbs- und bernahmegesetz – “WpÜG”). The two boards have reviewed the offer document independently of each other and recommend that shareholders accept the offer. Regardless of their recommendation, however, the management board and supervisory board note that all shareholders of Aareal Bank AG should take into account the general situation, their personal situation and their vision of potential future developments, and that each decides independently. if he wishes to accept the offer. or not.

When assessing the price of the offer with regard to its financial fairness, the Management Board was advised by Perella Weinberg Partners, and the Supervisory Board by Deutsche Bank. The two institutions have provided fairness opinions which confirm that the offer price is indeed fair. The offer price includes a premium of approximately 35% over the volume-weighted average XETRA price of Aareal Bank share in the last three months leading up to October 7, 2021, when discussions with financial investors on the acquisition of a potential controlling interest were confirmed by means of an ad hoc disclosure. Based on this offer price, Aareal Bank Group is valued at? 1.736 billion.

The offer acceptance period began with the publication of the offer document on December 17, 2021 and is expected to expire on January 19, 2022, at midnight CET. In addition to the other customary general conditions, the offer provides for a minimum acceptance level of 70 percent. Completion of the takeover is subject to merger control approval and other regulatory approvals. The detailed offer is available in the tenderer’s offer document on www.atlantic-offer.com.

The joint reasoned statement of the Management Board and the Supervisory Board of Aareal Bank AG can be viewed on the Company’s website at https://www.aareal-bank.com/en/investors-portal/equity- investors / investment-agreement-and – takeover offer in German, or translated into English (the translation is non-binding). Copies of the declaration are also available from Aareal Bank AG, Investor Relations, Paulinenstrasse 15, 65189 Wiesbaden, Germany (phone: +49 611? 348 3009, fax: +49 611 348 2637, e-mail: IR @ Aareal -Bank. Com), free (please provide your full mailing address).

Contact
Christian Feldbrügge
Telephone: +49 611 348 2280
Mobile: +49 171 866 7919
christian.feldbruegge@aareal-bank.com

About the Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is one of the leading international real estate specialists. It provides smart finance, software products and digital solutions for the real estate sector and related industries, and is present on three continents: Europe, North America and Asia / Pacific. Aareal Bank AG, whose shares are included in the SDAX index of Deutsche Börse, is the parent entity of the Group. It manages the various entities organized into the Group’s business segments: Structured Real Estate Financing, Banking & Digital Solutions and Aareon. The Structured Real Estate Finance segment encompasses all of the Aareal Bank Group’s real estate finance and finance activities. Here, the Bank supports its clients in carrying out large-volume tertiary real estate investments. Investment properties mainly include office buildings, hotels, shopping centers, logistics and residential buildings, as well as student apartments. In the segment of banking and digital solutions, the Aareal Bank Group supports companies in the housing, property management and energy sectors as a partner in digitization – by combining advisory services and complete product solutions with traditional corporate banking services and deposit taking. Its subsidiary Aareon, the leading provider of ERP software and digital solutions for the European real estate sector and their partners, represents the third business segment. Aareon is digitizing the real estate industry by delivering user-driven software solutions that simplify and automate processes, support sustainable and energy-efficient operations, and interconnect all participants in the process.

12.27.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

DGAP’s distribution services include regulatory announcements, financial / corporate news, and press releases.
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Credit Suisse Fund accuses SoftBank of investing more than $ 440 million https://wbts-forum.org/credit-suisse-fund-accuses-softbank-of-investing-more-than-440-million/ Sat, 25 Dec 2021 16:28:00 +0000 https://wbts-forum.org/credit-suisse-fund-accuses-softbank-of-investing-more-than-440-million/

A Credit Suisse group AG

CS 1.68%

SoftBank Group accused fund Corp.

9984 -0.59%

in U.S. court cases for orchestrating transactions that rendered worthless a $ 440 million investment the fund made to finance a company backed by SoftBank.

The case, filed Thursday in U.S. district court in California, asks a federal judge to allow the Credit Suisse fund to serve a subpoena on a U.S. branch of SoftBank. The filing, which indicates the fund is preparing to sue SoftBank in the UK, deepens the dispute over the demise of Greensill Capital, a supply chain finance company that went into insolvency earlier this year.

Greensill provided business loans which served as advances on payments expected from clients of those businesses; Greensill conditioned the securities lending, which the investment funds managed by Credit Suisse bought.

One of those companies was Katerra Inc., an American start-up in the construction industry. The Credit Suisse fund held $ 440 million in notes secured by Greensill’s loan to Katerra, and when Katerra ran into financial trouble last year, Greensill forgave the loan.

SoftBank was an investor in both Greensill and Katerra, and in the US court filing the Credit Suisse fund, it said SoftBank had “orchestrated a deal” that cut the fund off of any possible proceeds without notifying the fund.

A spokesperson for SoftBank declined to comment, as did a spokesperson for Credit Suisse.

SoftBank invested in Greensill in late 2020, and Credit Suisse executives expected the money to go into their funds to pay off Katerra’s loan – instead it ended up in the German banking unit. of Greensill, the Wall Street Journal reported in April.

In June, the Journal reported that Credit Suisse had dissolved a personal banking relationship with SoftBank founder Masayoshi Son and ended transactions with the company.

The court record filed Thursday is known as the Section 1782 motion, in which a party can ask a U.S. court to order the collection of evidence for proceedings outside the United States. The Credit Suisse fund says it has taken enough action to sue SoftBank in the UK. to justify the summons, which requires a variety of documents.

Write to Charles Forelle at charles.forelle@wsj.com

Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8


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European stocks hit one-month high as Omicron fears fade https://wbts-forum.org/european-stocks-hit-one-month-high-as-omicron-fears-fade/ Thu, 23 Dec 2021 17:10:00 +0000 https://wbts-forum.org/european-stocks-hit-one-month-high-as-omicron-fears-fade/

The DAX chart of the German stock index is pictured on the stock exchange in Frankfurt, Germany on December 22, 2021. REUTERS / Staff

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  • STOXX 600 wins for a third consecutive session
  • Travel stocks increase thanks to updates from Omicron
  • Banks follow yields up
  • Holcim wins on $ 1.35 billion deal

December 23 (Reuters) – European stocks hit a month-long high on Thursday, driven by gains in bank stocks as signs that the impact of the Omicron variant may be less severe than expected led to better palatability for the risk that drove Eurozone and Treasury yields higher.

The pan-European STOXX 600 (.STOXX) gained 1%, marking the third straight session of gains, boosted by banking (.SX7P) and travel (.SXTP) stocks, following a global rally in stocks that was also helped by the economic strength of the United States. The data.

Two vaccine makers said their shots were safe from Omicron, as UK data suggested it could cause proportionally fewer hospital cases than the Delta coronavirus variant, although public health experts have warned that the battle against COVID -19 was far from over. Read more

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Researchers at the University of Edinburgh and Imperial College London have reported evidence that the Omicron variant is less severe than the Delta coronavirus variant.

“The Omicron wave will not derail the economic recovery which is well underway, it could delay it, but 2022 will have an attractive and healthy economic environment,” said Philip Petursson, chief investment strategist at IG Wealth Management.

European government bond yields rose for the fourth session in a row and benchmark US Treasury yields hit two-week highs as the return of risk sentiment in the market reduced the need for safe-haven debt, helping to push bank stocks higher.

The STOXX 600 is expected to gain around 21% this year, slightly underperforming a 26% gain from the S&P 500 and is only 1.5% off its record highs.

“This year the economies reopened after the 2020 lockdowns and benefited from all fiscal stimulus. 2022 will be the path to normalization of equity returns, interest rates and economic growth,” said Petursson.

AstraZeneca (AZN.L) added to the positive sentiment after the drugmaker said that a three-dose treatment of its COVID-19 vaccine was effective against the Omicron variant, citing data from a lab study from the ‘University of Oxford. Read more

Swiss building materials company Holcim (HOLN.S) gained 1.9% after announcing it would buy Malarkey Roofing Products for $ 1.35 billion in order to expand into the growing US roofing market residential. Read more

Flutter Entertainment (FLTRF.L) rose 2.1% after announcing it would buy Italian online games operator Sisal for 1.62 billion pounds ($ 2.16 billion), while the group of online betting seeks to expand its presence in Europe. Read more

Continental AG (CONG.DE) added 2.5% after its CEO told a magazine that the German automotive supplier could hit the upper limit of its profit margin outlook in 2021 as vehicle production resumed in fourth trimester.

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Reporting by Anisha Sircar and Shashank Nayar in Bangalore; Editing by Shounak Dasgupta and Barbara Lewis

Our Standards: Thomson Reuters Trust Principles.


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Absa Bank and GIZ launch the Sh50mn program to train 1,500 women entrepreneurs https://wbts-forum.org/absa-bank-and-giz-launch-the-sh50mn-program-to-train-1500-women-entrepreneurs/ Tue, 21 Dec 2021 12:30:50 +0000 https://wbts-forum.org/absa-bank-and-giz-launch-the-sh50mn-program-to-train-1500-women-entrepreneurs/

NAIROBI, Kenya Dec 21-Absa Bank Kenya, in collaboration with the German Development Cooperation, has launched a 50 million shillings program aimed at increasing the growth and competitiveness of women-owned businesses.

Double SHE stars, the project will provide business skills training to 1,500 women entrepreneurs who run small businesses in various sectors of the economy that have been negatively affected by the current Covid-19 pandemic.

Adopt holistic face-to-face training, online sessions and workshops; The program aims to address business gaps and training needs that women entrepreneurs face, such as insufficient access to finance, mentorship, information and markets.

The analysis of the commercial impacts of Covid-19 and the development of adaptation and adaptation measures will be specifically targeted.

Speaking at the launch of the partnership, Elizabeth Wasunna, Director of Corporate Banking Services at Absa Bank, said: “Absa Bank is committed to making financial services more accessible and improving the financial literacy of women entrepreneurs.

Representing GIZ, Thomas Jaeschke, the E4D program manager underlined the commitment of the German Development Cooperation to create decent and sustainable jobs for women and young people through the development of MSMEs.

“This partnership therefore aims to address the capacity, structural and financial challenges, as well as the impacts of the current pandemic, which these MSMEs are facing to realize their full potential by accelerating these multiplier effects,” said Jaeschke.

The 1,500 SHE stars will be enrolled in a technical business management program facilitated by Yunus Environment Hub as part of the Absa SHE Business Academy as part of the program.

Among other things, the program will cover cash flow analysis, risk management, income diversification, branding, fundraising, leadership and people management.

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As part of the training program, Absa Bank will also provide loan facilities.


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Lebanon could make initial pact with IMF between January and February – Deputy Prime Minister https://wbts-forum.org/lebanon-could-make-initial-pact-with-imf-between-january-and-february-deputy-prime-minister/ Sun, 19 Dec 2021 21:39:56 +0000 https://wbts-forum.org/lebanon-could-make-initial-pact-with-imf-between-january-and-february-deputy-prime-minister/

Women-led startups among finalists for PIF’s Sanabil 500 Global Accelerator Program

RIYADH: Sanabil Investments, 100% owned by the Public Investment Fund, and 500 Global, a leading global venture capital firm, unveiled 11 startups on Sunday in the second batch of the Sanabil 500 seed accelerator program MENA 2021.

The founders lead a third of the pack, signaling 500 Global’s commitment to continue to support diversity. The program provides pre-seed and seed-stage startups in the Middle East and North Africa with the foundation they need to validate and grow their businesses regionally and globally.

Selected from 500 applicants, the finalists work across a wide range of industries, including FinTech, e-commerce, NFT, healthcare tech, and real estate tech.

“The Sanabil 500 MENA Seed Accelerator aims to create a resilient, integrated and sustainable entrepreneurial ecosystem that attracts start-ups from across the region and contributes to its growth. We are delighted to support such talented founders as they embark on a promising journey, ”said Bedy Yang, Managing Partner at 500 Global.

More than 60% have their main operations in Saudi Arabia or have a Saudi-born founder, while startups without a head office in the country have indicated their intention to establish operations in Saudi Arabia within the next three years.

“Our 11 finalists reflect the ever-evolving breadth and depth of today’s entrepreneurial ambitions and where the founders believe their products and services could soon make a difference in our daily lives,” said a spokesperson for Sanabil.

The 12-week program, which ended in Riyadh with Demo Day, provided the founders with dedicated mentorship focused on business strategy development, fundraising and growth.

Here is the list of start-ups for batch 2:

Bring: Allows customers to buy and claim insurance online with just a few clicks.

Nuqtah: NFT Marketplace for Creatives in Saudi Arabia.

Améen: Certified therapist in the comfort of your home.

Jingle Pay: Digital banking app that simplifies the daily financial needs of expats.

Below: Direct-to-consumer sales focused on men’s waist hygiene products in MENA.

Playbook: Edutainment platform and professional network that accelerates the career progression of women.

Nitros: Multi-carrier shipping software that enables online merchants to automate their shipping operations.

Let’s go to work: A digital marketplace and membership that connects users to on-demand workspaces, private offices and meeting rooms.

Juleb: SaaS for pharmacies that helps increase sales and ensures compliance with an enterprise resource planning system that streamlines point-of-sale processes.

As a team : Event management application for organizing and sharing sports competitions.

Twin health: Enables early detection of disease using imaging and AI tools to extend healthy human lifespan.


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Foreign Banks To Vote In Hong Kong ‘Patriots Only’ Election As Citizens’ Voting Power Fades https://wbts-forum.org/foreign-banks-to-vote-in-hong-kong-patriots-only-election-as-citizens-voting-power-fades/ Sat, 18 Dec 2021 01:30:00 +0000 https://wbts-forum.org/foreign-banks-to-vote-in-hong-kong-patriots-only-election-as-citizens-voting-power-fades/

About 40% of the banks registered to vote in Sunday’s legislative elections in Hong Kong are owned by foreigners, some of whom are partly owned by their respective governments, despite Beijing’s warning against interference by foreign forces in the ballot ” reserved for patriots ”.

Forty-six of the 114 voters in the finance functional constituency are banks in Europe, North America and other parts of Asia, HKFP’s review of registration and election information revealed. The constituency will elect a member of the new 90-seat “patriots only” Legislative Council.

Photo: HKFP remix.

Eight of the list of foreign banking companies that are voters are headquartered in the United States, including banking giants JPMorgan Chase, Bank of America and Wells Fargo.