WBTS Forum http://wbts-forum.org/ Thu, 12 May 2022 11:32:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://wbts-forum.org/wp-content/uploads/2021/04/default1.png WBTS Forum http://wbts-forum.org/ 32 32 Telefónica increases revenue in all markets and earns 706 million euros in the first quarter, Access Evolution https://wbts-forum.org/telefonica-increases-revenue-in-all-markets-and-earns-706-million-euros-in-the-first-quarter-access-evolution/ Thu, 12 May 2022 11:32:22 +0000 https://wbts-forum.org/telefonica-increases-revenue-in-all-markets-and-earns-706-million-euros-in-the-first-quarter-access-evolution/

• Telefónica’s growth accelerated in the first quarter, driven by revenue growth in all countries where the company operates, with double-digit increases in Brazil and Hispam as well as growth in Germany, the UK UK and Spain, and by continuing to execute a strategy focused on value creation.
• The company is on track to meet its annual targets, with organic growth in revenue (+3.2%) and OIBDA (+2.1%) in the first three months of 2022.
• The Group is overcoming the current scenario of inflationary pressure supported by revenue growth, the efficiency of the new operational model and the favorable evolution of exchange rates.
• Telefónica has covered maturities beyond 2024, it has more than 80% of its debt at fixed rates and the average debt maturity is 12.9 years.
• Telefónica Tech accelerates its growth with revenues reaching 299 million euros, 80.6% more than in the first quarter of 2021.
• “Telefónica’s strong start to the year in a context of inflationary pressures and geopolitical instability demonstrates the company’s strength in facing the most adverse situations. Once again, it confirms that the company’s strategic plan Group is fair and represents a valid and solid roadmap to continue providing the best service to our customers,” said José María Álvarez-Pallete, President and CEO of the company.

Madrid, May 12, 2022. Telefónica accelerated its growth in the first quarter of 2022, recording an increase in revenues in all the company’s markets in reported terms and a net profit of 706 million euros.

During the first three months of the year, the company also made progress in the execution of its strategic plan, with the achievement of new milestones aimed at creating value. Of particular note in this area is the finalization of the acquisition of Oi’s mobile assets in Brazil, which will generate synergies of approximately 1,000 million euros. Also note the agreements concluded in Spain concerning La Liga, with a reduction in net costs of 15% following the agreement with DAZN; improving the network in Germany; advancing the process of creating fiber vehicles in Spain and the UK; and the acquisition of the British company Incremental by Telefónica Tech, followed by the purchase of BE-terna.

“Telefónica’s strong start to the year in a context of inflationary pressures and geopolitical instability testifies to the company’s strength in facing the most adverse situations. Once again, this confirms that the group’s strategic plan is right and represents a valid and solid roadmap to continue providing the best service to our customers,” said José María Álvarez-Pallete, President and CEO of Telefónica. .

“During the first quarter, we pursued our strategy, centered on value creation. The successful conclusion of the Oi deal in Brazil and the agreement signed with DAZN for LaLiga rights shows that Telefónica never rests in the execution of its strategic plan,” said the company’s COO, Ángel Vilá. Laura Abasolo, Chief Financial and Control Officer & Head of Telefonica Hispam, underlines “the robust start to the year, with widespread organic growth and solid free cash flow generation”.

In this context of compliance and execution of the strategic plan, Telefónica has shown progress in digitizing the business model – with 81% of processes already digitized – with the aim of continuing to take advantage of technology and the efficiency to make further progress in this area. direction.

Revenue: growth in all countries

First quarter revenue reached €10,883 million, aggregating 50% of the VMO2 JV created in the UK, representing growth of 3.2% compared to the same period in 2021.

On a reported basis, revenue growth spread across all of the markets in which the group operates, with double-digit growth in Brazil (+18.1%) and Hispam (+10.9 %), for a total of 9,410 million euros. Of that revenue, 73% now comes from broadband connectivity and digital services, up 2.1 percentage points from the same period in 2021.

Operating income before depreciation and amortization (OIBDA) increased by 2.1% to 3,753 million euros, of which 50% from VMO2. In published data, it amounted to 3,199 million euros, again with double-digit increases in Brazil (+14.6%) and Hispam (+50.7%).

For the first time in recent years, the favorable evolution of exchange rates had a positive effect on both revenue and OIBDA in the same quarter, with a contribution of 242 million euros to revenue and of 95 million euros in operating income before depreciation.

By markets, Spain represented 28% of the company’s revenues; Hispanic, 20%; Brazil, 18%; Germany, 18%; and the United Kingdom, 14%. Also by market, 30% of OIBDA came from Spain, 21% from Brazil, 16% from Germany, 16% from Hispam and 15% from the United Kingdom.

Revenue and OIBDA growth is on track to meet the company’s full-year financial targets of achieving single-digit organic growth in both positions. The same is true for the CapEx to sales ratio, which stands at 12%, against an annual target of 15%.

Telefónica Tech: 80% growth

Telefónica Tech accelerated its growth in the first three months of 2022. Revenues increased by 80.6% year-on-year to reach 299 million euros, thanks to the good performance of all areas and to the integration of operations during 2021.

At Telefonica Infra, the company made progress during the quarter in the process of creating fiber vehicles in Spain and the United Kingdom, with ongoing discussions with potential investors, and concluded the alliance with Pontegadea in Telxius, following the sale of KKR’s stake.

Generation of free cash: 15.5 times more than in 2021

In the first three months of the year, Telefónica recorded free cash flow generation of €513 million, including leasing, 15.5 times more than in the first quarter of 2021 due to spectrum auctions encountered during the first months of last year.

CapEx fell by 4.9% organically to €1,320 million, of which 50% VMO2, while operating cash flow (OIBDA – CapEx) increased by 6.4%, also organically, to €2,433 millions of euros.

Solid financial position: maturities covered beyond 2024

At the end of the first quarter, Telefónica’s solid financial position allowed it to face the current scenario of inflationary pressures and rising interest rates, a position which also benefits from the efficiency gains derived from the new business model. Despite inflationary pressure in all regions where the company operates, revenues and OIBDA have increased sequentially in each, and 80% of the revenue base has pricing mechanisms as a buffer against this effect. Additionally, Telefónica has decades of experience in high inflation markets.

At the end of the first quarter, net financial debt had fallen to 27,453 million euros, 23.3% less than in March 2021. Of the total debt, more than 80% is at fixed rates, so that the company is protected against possible increases in financing costs and the average maturity of the debt is 12.9 years.

In addition, Telefónica has a large liquidity position of €22,302 million and has hedged debt maturities beyond 2024.

More and better customers: 368 million hits

The Telefónica group’s access base stood at 368.3 million at the end of March, 1.1% more than a year earlier. Fiber customers increased by 20% and mobile plan customers by 4.3% compared to March 2021.

The company continues to focus on fiber deployment and the development of sustainable, open and virtualized technologies. At the end of March, Telefónica maintained its leading position in terms of the number of premises served by fiber, increasing its presence by 6% to reach a total of 162.9 million premises, of which approximately 85 million pass through Telefónica’s own network. .

In terms of 5G technology, Telefónica offers coverage in over 400 UK cities, around 250 German cities and 21 Brazilian cities, while in Spain it covers around 82% of the population. In addition, the deployment of 5G autonomous technology continues, following the acquisition of frequencies in Spain, the United Kingdom and Brazil in 2021.

ESG and solidarity with Ukraine

Telefónica’s sustainability goals, embedded in the company’s business strategy and aligned with the United Nations SDGs, advanced during the quarter with milestones such as the boost given to the Innovation Hub and talents through the opening of the new Universitas campus, Telefónica’s firm commitment to employability and digital training, as well as the three WDA mentions received in recognition of the transparency in the management of information concerning employees of the business and the value chain.

Telefónica’s ESG objectives are tangible. The company aims to achieve net zero emissions by 2040, with an intermediate deadline of 2025 in the main markets (scope 1+2), and to be a zero waste company by 2030. It must also achieve mobile broadband coverage of 90-97% in rural areas. regions of Spain, Brazil and Germany by 2024; have 33% of women managers by 2024; and to eliminate the gender pay gap by 2050. Equally tangible is the goal to fund more than €10,000 million according to sustainability criteria in the coming years; achieve gender parity in the company’s main governing bodies by 2030; and maintaining a “zero tolerance” policy towards corruption.

Telefónica and Fundación Telefónica also showed solidarity with Ukraine during the quarter with assistance for people living in Ukraine, people with friends and family there, and anyone seeking protection in other country. The initiatives were articulated through monetary donations and free telecommunications services (calls, roaming or SMS), and by employees, volunteers and organizations in the various countries in which the company operates.

Bruske to German Chancellor and G7: turning away from ambition https://wbts-forum.org/bruske-to-german-chancellor-and-g7-turning-away-from-ambition/ Wed, 11 May 2022 18:11:47 +0000 https://wbts-forum.org/bruske-to-german-chancellor-and-g7-turning-away-from-ambition/

BERLIN, May 11, 2022 (GLOBE NEWSWIRE) — Today in Germany, Bea Bruske delivered a strong message from international trade union leaders to German Chancellor Olaf Scholz, G7 Chairman.

“When it comes to developing a plan to decarbonize all sectors of our economies, it is essential that workers are at the table. These workers help build the economies of these countries and they must not be left alone to carry the burden,” said Bruske, President of the Canadian Labor Congress.

Bruske delivered his comments on behalf of the “Labour 7”, a group of representatives of trade union federations from the G7 countries.

“We, the trade union leaders of the G7 countries, urge our governments to move from ambition to implementing climate protection,” Bruske said in his remarks. “These investments should not be diminished by responding to other global crises. As you said on Monday, Madam Chancellor, increased military spending should not affect social cohesion or diminish commitments to other priorities.

Bruske argued that G7 leaders should put workers and their families at the center of their plans when it comes to taking action on climate change.

“It was an honor to deliver a clear message from the workers to Chancellor Scholz and the G7,” Bruske said. “Labour leaders around the world have been able to find common ground around protecting our climate, environment and biodiversity, and accelerating the global energy transition, while building a sustainable economic system and fair where workers are not left behind. This is essential to ensure a better life for everyone on our planet.

Bruske stressed the importance for world leaders to act, together with the labor movement, to create high-quality, family-supporting jobs.

“We must not trade good jobs for poor quality and precarious jobs. Leaders of wealthier nations must understand that building a just transition for workers is essential for us to successfully tackle climate change,” Bruske said.

Bruske added that international conventions on health and safety at work, strong social and workplace protections and investment in health care and social services are all essential elements in achieving a sustainable planet. .

To arrange an interview, please contact:
CLC Media Relations

]]> Germany’s internet economy grows despite war in Ukraine – EURACTIV.com https://wbts-forum.org/germanys-internet-economy-grows-despite-war-in-ukraine-euractiv-com/ Wed, 11 May 2022 11:24:01 +0000 https://wbts-forum.org/germanys-internet-economy-grows-despite-war-in-ukraine-euractiv-com/

Germany’s digital industry has continued to grow despite Russia’s war in Ukraine, although uncertainty in the industry and among customers remains high, according to a recent report by digital association eco. EURACTIV Germany reports.

The report, released Tuesday (May 10) by environmental and international consultancy Arthur D, looked at the potential impact of the war in Ukraine on Germany’s internet economy.

Compared to other sectors, the impact on the digital industry has proven to be limited, even with continued inflation as well as sectoral self-restraints, according to the report. The negative effects of the sanctions are overcompensated by the price increases, he added.

“The internet industry is a reliable partner in the crisis,” Eco CEO Oliver Süme said in a press briefing on Tuesday, adding that the policy should help reduce uncertainty in the market.

According to eco, it would be desirable to have a rapid and reliable design of a transatlantic agreement on data protection or measures to strengthen digital sovereignty and energy independence.

Maik Außendorf, digital policy spokesperson for the Greens in the German Bundestag, told EURACTIV that “we in politics are challenged to create the framework conditions for the expected growth and at the same time to guarantee German SMEs a high level of IT security”.

Growth projections

In the report, analysts forecast steady growth for the internet economy through 2025 with a healthy average annual growth of 12.2%. This would result in an increase in turnover of 258 billion euros.

However, given that demand could flatten out in some regions or the crisis could lead consumers to cut non-essential spending, a medium-term correction phase is expected from 2023, according to the report.

According to the report, the increased transition to home offices during the pandemic has already led to increased sales in the internet economy, as a significant increase in demand for services has been felt in many segments.

Continued inflation and the war in Ukraine are now leading to price increases and thus prolonging the trend of income growth, at least in the short term. But eco pointed out that interest rates, energy and production costs are also rising in some cases, meaning higher sales shouldn’t translate to higher profitability.

A previous Index by digital association Bitkom painted a bleaker picture of the future of the digital industry in Germany, where assessments of the situation and business expectations had deteriorated in light of the Russian invasion. .

It is “small consolation that the business climate in the digital industry continues to be much better than in the economy as a whole,” Bitkom Chairman Achim Berg said in a press release.

A fashionable digital sector

Of course, the tense situation “does not leave our industry unscathed”, eco’s Süme said. “Nevertheless, we continue to see growth trends across all segments, which shows that digitalization is not a short-term trend, but that we must continue to invest in the sustainable digital transformation of the economy and society,” Süme said.

The Green Party politician Außendorf also pointed out that the internet economy is a powerful engine for the German economy, even in times of crisis.

However, according to Außendorf, in addition to the conversion of the energy supply, it was also necessary to “fundamentally test the previous IT security policy and implement various (immediate) measures to increase IT security as quickly as possible. possible”.

According to the report, the industry segment with the highest growth rate is “services and applications,” especially since cybersecurity services are expected to be in demand in the near future.

The increase in war-related attacks leads to “an increased willingness to spend more on cybersecurity products.” It is also a great opportunity for local solution providers.

Although a massive cyberwar against German companies is unlikely, the uncertainty and risk “remain high and should be avoided in the future through safer and more robust IT systems and infrastructure,” the report said.

[Edited by Oliver Noyan/Zoran Radosavljevic]

Can you buy Aldi shares? What there is to know https://wbts-forum.org/can-you-buy-aldi-shares-what-there-is-to-know/ Tue, 10 May 2022 20:00:11 +0000 https://wbts-forum.org/can-you-buy-aldi-shares-what-there-is-to-know/

jetcityimage/Getty Images

In the highly competitive grocery wars, Germany-based discount supermarket chain Aldi is poised to become the third-largest grocery store in the United States, with around 2,100 stores nationwide. With around 11,000 locations worldwide, the wildly successful supermarket chain is a global juggernaut and has ambitious plans to expand further into the US, but investors may not be able to take part in this growth. . Here’s why.

Can you buy Aldi shares?

Unfortunately, those waiting for an initial public offering from Aldi may have to wait a bit. Aldi’s parent company, Aldi Einkauf SE & Co. oHG, is firmly in the hands of the founding family, Albrecht, and as of 2022 there are no signs that investors will soon be able to participate in an initial public offering. For now, investors will have to look elsewhere for a grocery stock solution.

How is Aldi doing?

Because it is a private company, Aldi Einkauf SE & Co. oHG does not have to publicly share financial statements or performance estimates for its discount supermarket chain. The company actually went the extra mile to keep this information secret, only disclosing minimal details about its affairs.

A Deloitte Global Powers of Retailing reports Aldi’s retail revenue growth for 2019 was 5.6%, compared to Walmart’s 1.6% for the same period. This report also suggests that Aldi North and South – two branches that span different parts of the world – are likely to join forces as Aldi South’s growth has far outpaced its lagging counterpart.

How did Aldi start?

Aldi’s story began after World War II, when Germany faced enormous challenges to rebuild destroyed cities, shelter millions of homeless people and provide food for its citizens.

German brothers Theo and Karl Albrecht returned home after the war and took over their mother’s small grocery store in 1946. The Albrecht brothers understood their price-conscious customers and cut costs to stay competitive. With this action, a new type of grocery store was born. The brothers were ruthless cost-cutters and resorted to strategies such as running smaller storefronts and quickly removing products that weren’t selling to save money on operations.

Aldi North and Aldi South

In 1961, the brothers separated after disagreeing over the sale of tobacco products. They split the family business, with Karl Albrecht taking the southern German stores as well as the rights in the UK, Australia and the US, under the brand name of this branch of the Aldi Sud company. Theo Albrecht claimed the businesses in northern Germany and Europe, under the brand of his Aldi Nord division.

In the 1970s, Karl Albrecht ventured overseas and opened America’s first Aldi store in Iowa, while his brother bought California-based Trader Joe’s.

Aldi the Fierce and Good

Aldi is unapologetically no-frills: There’s no gentle misting of vegetables, no courteous grocery-wrapping clerks, or free sample Saturdays. Nevertheless, customers flock to Aldi stores for the low prices and high quality products.

Many competitors underestimated Aldi’s potential. Dubbed the “silent killer” by some industry insiders, Aldi is the discount supermarket that quietly appears in a community and quickly grabs business from local competitors. Not one to rest on its laurels, the company plans a five-year, $5 billion expansion in the United States

Good to know

In 2021, Aldi was named America’s Most Sustainable Grocery Store and continues its commitment to supporting our planet’s resources by becoming the first major US retailer to eliminate all plastic bags from its stores.

Does Aldi have a decentralized corporate structure?

Because Aldi Einkauf SE & Co oHG operates its discount supermarket chain in two separate branches or divisions, the company operates – and fosters – a highly decentralized organizational structure, which emphasizes flatter chains of command. This allows subsidiaries to reflect on regional markets and adapt to changing situations. Aldi Sud, for example, is organized as a group of companies grouped under international and regional “head offices”.

Take away

Given Aldi’s growing popularity and future growth plans, it’s no wonder investors are keen to participate in the success of this discount supermarket chain. But since Aldi’s parent company is private and has no plans to go public anytime soon, investors are going to have to look for gains elsewhere for now.

Those interested in an Aldi IPO may want to wait and see if Aldi North and South merge first. Industry experts believe that Aldi Nord is suffering financial losses. This could weigh on Aldi Sud’s more buoyant performance and impact the overall value of the business.

Information is accurate as of May 4, 2022.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

About the Author

Lindsey Boycott is a freelance writer specializing in business and technology trends. She holds a bachelor’s degree in psychology and more than five years of financial writing experience. When she’s not working, Lindsey enjoys playing vintage video games, reading books, and skiing.

Germany Solid Egg Substitutes Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2022-2027 | EMR Inc. https://wbts-forum.org/germany-solid-egg-substitutes-market-size-share-price-trends-growth-analysis-key-players-outlook-report-forecast-2022-2027-emr-inc/ Mon, 09 May 2022 19:34:32 +0000 https://wbts-forum.org/germany-solid-egg-substitutes-market-size-share-price-trends-growth-analysis-key-players-outlook-report-forecast-2022-2027-emr-inc/

“Germany Solid Egg Substitutes Market Report and Forecast 2022-2027”

Germany Solid Egg Substitutes Market to be Driven by Increased Demand for Starch-Based Solid Egg Substitutes in the Forecast Period 2022-2027

Expert Market Research’s new report titled ‘Germany Solid Egg Substitutes Market Report and Forecast 2022-2027’, gives an in-depth analysis of the German solid egg substitutes market, assessing the market based on of its segments such as type, end use, and distribution channels. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

Get Free Sample Report With TOC: https://www.expertmarketresearch.com/reports/germany-solid-egg-substitutes-market/requestsample

Key highlights of the report include:

Market Overview (2017-2027)

  • Forecast CAGR (2022-2027): 5.10%

In Germany, the solid egg substitutes market is expected to be driven by changing consumer dietary habits, which will increase the demand for egg substitutes in the food service industry. In this context, the allergenicity of eggs is likely to increase the demand for egg substitutes in baked goods, desserts and other processed dishes, especially among newborns and young children. Additionally, the increased threat of an outbreak of bird flu is pushing customers to switch to plant-based egg alternatives. The popularity of egg substitutes is increasing due to various benefits including ease of handling and storage, better functioning, better food safety, and environmental sustainability, among others. Additionally, the growing focus of major food companies on improving their egg substitute solutions to replace eggs in a variety of recipes is expected to complement industry growth in the forecast year.

Industry definition and major segments

Solid egg substitutes are items or materials that can be used in place of solid eggs. These substitutes have functional characteristics similar to eggs and can be used in place of eggs in cooking or for direct ingestion. They can be soy-based or produced from a starch such as potato or tapioca starch.

Read Full Report with TOC: https://www.expertmarketresearch.com/reports/germany-solid-egg-substitutes-market

Based on Type, the market is segmented into:

  • Starch
  • Seaweed Meal
  • Soy based
  • Others

Based on end-use, the market can be divided into:

Based on distribution channels, the industry can be divided into:

  • Supermarkets and Hypermarkets
  • convenience stores
  • In line
  • Others

Market trends

Based on the type, the starch section of the solid egg substitutes business in Germany is expected to hold a considerable market share. Consumers’ desire to use starch-based egg substitutes in baking, where the egg is a crucial source of binding, leavening and moisture, may contribute to this growth. In this context, solid starch-based egg substitutes offer a nutritious and enjoyable plant-based alternative that is both sustainable and animal-friendly. During the forecast period, these factors are expected to favor the expansion of the market.

Veganism, vegetarianism and flexitarianism are all on the rise in Germany, due to growing consumer interest in animal welfare. This is expected to increase demand for plant-based foods like vegan eggs made from soy or seaweed. Start-ups in the region are increasingly investing in the development of solid and liquid egg substitutes in this regard. For example, Perfeggt, a German start-up, announced the launch of its animal-free egg substitute in December 2021, with availability expected in 2022 in Switzerland, Germany, Austria and other parts of Europe. Europe. In the coming years, such innovations are expected to drive the growth of the market.

Main market players

The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports and advisory services to our clients. We serve a wide clientele ranging from Fortune 1000 companies to small and medium-sized businesses. Our reports cover over 100 industries in established and emerging markets researched by our trained analysts who track the latest economic, demographic, business and market data globally.

At Expert Market Research, we tailor our approach based on the needs and preferences of our clients, providing them with valuable, actionable and up-to-date market insights, helping them realize their optimal growth potential. We offer market intelligence across a range of verticals including Pharmaceuticals, Food & Beverage, Technology, Retail, Chemicals & Materials, Energy & Mining, Packaging and farming.

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Singapore Carbon Exchange Targets Futures Trade With German Exchange https://wbts-forum.org/singapore-carbon-exchange-targets-futures-trade-with-german-exchange/ Sun, 08 May 2022 23:09:52 +0000 https://wbts-forum.org/singapore-carbon-exchange-targets-futures-trade-with-german-exchange/

SINGAPORE (BLOOMBERG) – A Singapore carbon exchange is partnering with Germany’s leading exchange to launch carbon offset futures trading this year to meet growing demand from companies to hedge their emissions risk of greenhouse gases.

The futures contracts would be created by Deutsche Boerse using carbon credits from Singapore-based AirCarbon. The plan would be to trade the contracts on the European energy exchange, according to AirCarbon co-founder and chief executive Thomas McMahon. The German stock exchange did not immediately respond to a request for comment.

AirCarbon is seeking to join the CME Group in offering futures trading as demand for offsets soars even as questions arise over their benefits.

BloombergNEF, a clean energy research group, estimates that the offset market could either skyrocket past US$100 billion (S$138.7 billion) or crash if there is has few quality improvements.

Mr McMahon said the new contracts will be in line with the carbon offset scheme set up by the International Civil Aviation Organization to help airlines reduce their emissions.

Still, the demand extends beyond carriers, he said.

“Logically it should be the airlines, but we’re seeing the shipping industry, the ground transportation industry and the trucking industry embracing it and using it more proactively than aviation,” McMahon said in an interview from his office in Singapore.

Companies use offsets to balance their emissions as they strive to meet net zero or other carbon reduction goals. Futures contracts allow these companies and investors to mitigate future price risk for offsets.

“These projects have now moved from marketing budget and sustainability director — warm and fuzzy — to cash and compliance,” he said. “It’s an audit risk.”

The AirCarbon Exchange was established in 2019 and started operations last year. Targeting companies and accredited investors, the exchange has more than 120 active companies and more than 200 more in various stages of membership, McMahon said.

Since its launch, more than 10 million carbon credits have been traded, including around one million traded in the past two months, McMahon said. He expects trading volume to triple by the end of the year.

“Deutsche Bank wants to grow in all business segments in India” https://wbts-forum.org/deutsche-bank-wants-to-grow-in-all-business-segments-in-india/ Sun, 08 May 2022 18:56:58 +0000 https://wbts-forum.org/deutsche-bank-wants-to-grow-in-all-business-segments-in-india/

Bombay : At a time when foreign banks are slowing down in India, reassessing growth prospects in some segments, Germany’s Deutsche Bank wants to expand in all vertical markets where it operates. India is the only market outside Europe where the bank is present. In an interview with Mint, Alexander Von Zur Muehlen, its managing director for Asia-Pacific, explained why environmental, social and corporate governance (ESG) is an opportunity and not just a necessity, which must be managed differently. in this part of the world. Edited excerpts:

How do you see the growth opportunity in India?

India has exceeded our expectations over the past two years. The services we provide in India are north of what we currently have at group level. Deutsche Bank in Asia-Pacific is also performing very well and delivering a higher return on equity than we achieve at group level. Due to the growing number of multinational corporations from this part of the world, there is a need for cross-border banking, whether from the perspective of hedging or financing, transaction banking will come into play. This is the bridge to Europe or intra-Asia or the Americas. The Indian franchise has been very good for us and we have great aspirations for the coming years to be able to develop it. We have over 14,000 employees here and India is the only country in the world outside of Europe where we have a retail banking franchise. We also have many group-wide service capabilities in the technology and operations space that we manage from India.

Do you plan to expand your operations here?

Prudent risk management is extremely critical for any bank and I mention this because our risk provisioning has been very low over the years in India. Our businesses, including retail banking, have always been very strong. Through careful risk management, we navigated safely through challenging market environments. We are considering expansion across all units, including affluent retail and private banking businesses, as well as corporate and investment banking. We are eyeing growth and have infused approximately $1 billion of capital over the past three years into the India unit, and look forward to further growth opportunities.

Are you reducing your exposure to Russia?

We feel comfortable with the direct and indirect exposure we have to Russia, as we have significantly reduced our exposure there over the past two years. The bank has been focused on serving our multinational clients, including big German names, in their business in Russia. As a result, our local credit and currency exposure has been very limited.

What do you think of ESG, particularly in India?

We see ESG not only as a necessity, but also as an opportunity. Financial markets around the world are bracing for this and the reality is that ESG considerations are becoming increasingly central to the license to operate. In this part of the world, ESG requires a lot of transition work. There are demands for new products, advice and a different approach to financial markets. We want to anchor ourselves deeply in this transformational journey with our clients. It is not useful for a client, investor or bank to look at a black and white system to classify an entity as ESG compliant or not. We must recognize that in emerging markets, the work that needs to be done for the transition is greater and more complex. We look at it very dedicatedly and for the region we have dedicated ESG efforts. If you look at it superficially, in Europe ESG focuses on the “E”, but it’s more than that in this part of the world.

Do you think India can become a manufacturing hub in the years to come?

India is also going to be a big beneficiary of supply chain migration as well as diversification. We’ve seen the world talk about it a lot since the emergence of covid-19. We also recognize that so much has happened in certain industries and logistical hurdles have had to be overcome. But if we look at the effect that the Russian war in Ukraine has had on the supply chains of several industries, that speaks as much for migration as it does for having alternative locations. Of course, having these alternate capabilities will increase costs in many areas, but you need them. If you think about high production activities, there aren’t many locations that can produce with a certain quality and quantity in mind at a certain speed. When looking for real absorbable capacities, there are not many markets, and India is one of them.

How is Deutsche adapting to the ever-changing regulatory landscape in this part of the world?

I don’t think regulations are meant to make life easier for companies in the financial sector and understanding the changes is part of our job. Let me give you a completely different angle on local regulations, not just for India but for Asian economies as a whole. The bulk of banking products, given the regulations, must be done with careful scrutiny and complete reliability, not only from our side, but also from the customers. Anyone can and everyone uses banking products in the United States and Western Europe. Doing this in smaller, emerging markets where regulations change, sometimes daily, is almost an art. It requires you to be really on the ground. It’s the unique selling proposition (USP) for banks to get it right, to really know the way.

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Thomas Tuchel calls for the takeover of Chelsea by Todd Boehly to wrap us up as soon as possible https://wbts-forum.org/thomas-tuchel-calls-for-the-takeover-of-chelsea-by-todd-boehly-to-wrap-us-up-as-soon-as-possible/ Sat, 07 May 2022 14:13:39 +0000 https://wbts-forum.org/thomas-tuchel-calls-for-the-takeover-of-chelsea-by-todd-boehly-to-wrap-us-up-as-soon-as-possible/

Chelsea boss Thomas Tuchel calls for a takeover to wrap us up ASAP so they can get back to business…as the German admits he has yet to meet Todd Boehly despite the consortium signing American of an agreement to buy the club

Thomas Tuchel wants Todd Boehly’s consortium to take control of Chelsea as soon as possible after speaking out for the first time since it was announced that a £4.25billion deal had been agreed.

The Blues confirmed in the early hours of Saturday morning that the American consortium could buy the club, after approval from the British government.

Boehly is featured for Chelsea’s Premier League clash with Wolves at Stamford Bridge.

Thomas Tuchel hopes Todd Boehly’s takeover of Chelsea can be finalized quickly

Chelsea announced that the American consortium had signed an agreement for the acquisition

Chelsea announced that the American consortium had signed an agreement for the acquisition

Asked by sky sports While the update brought some relief to Chelsea, Tuchel said: ‘No relief, but it gives us an idea that the terms are agreed and I hope the process will be streamlined and moving forward as soon as possible so that we can act and no longer be punished – so good news.’

In response to being asked if he has ever met Boehly, he added: “No, not yet, I haven’t been involved in any discussions so far.” It could happen soon, but not before today.

This is great news for Chelsea fans after a period of uncertainty after sanctions were imposed on former club owner Roman Abramovich for his links to Russian President Vladimir Putin amid the war. underway in the country in Ukraine.

The club said the deal is expected to be completed by the end of May, “subject to all necessary approvals”.

Boehly is present at Stamford Bridge for Chelsea’s Premier League game with Wolves

The sanctions against Abramovich have had an impact on the club and its supporters.

Chelsea again have limited attendance for their game with Wolves as they were not allowed to sell tickets, only season ticket holders could attend.

Boehly’s consortium has been named the preferred bidder to take over Stamford Bridge by Raine Group, the US bank overseeing the sale. He has teamed up with fellow Dodgers owner Mark Walter, Swiss billionaire Hansjorg Wyss and investment firm Clearlake Capital.

The LA Dodgers owner was pictured at Stamford Bridge on Friday night, hours before Boehly’s band signed a purchase deal.

Darren Lavery, who took the photo, claimed in a tweet that US billionaire Boehly was “more than happy to stand up and chat with us”, adding that the businessman was a “top, top guy”.

The news is a boost for Chelsea fans following sanctions against Roman Abramovich

The news is a boost for Chelsea fans following sanctions against Roman Abramovich

Chelsea’s statement in the early hours of Saturday morning read: “Chelsea Football Club can confirm that terms have been agreed for a new ownership group, led by Todd Boehly, Clearlake Capital, Mark Walter and Hansjorg Wyss, to acquire the club.”

“Of the total investment made, £2.5 billion will be applied to buy the shares of the club and this proceeds will be deposited in a frozen UK bank account with the intention of donating 100% to charitable causes, such as confirmed by Roman Abramovich UK government approval will be required for proceeds to be transferred from the frozen UK bank account.

“In addition, the proposed new owners will commit £1.75bn of additional investment to benefit the club. This includes investments in Stamford Bridge, the Academy, Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.

“The sale is expected to be finalized at the end of May subject to all necessary regulatory approvals. More details will be provided at that time.


Germany scrambles to change its policy towards Russia https://wbts-forum.org/germany-scrambles-to-change-its-policy-towards-russia/ Sat, 07 May 2022 10:00:01 +0000 https://wbts-forum.org/germany-scrambles-to-change-its-policy-towards-russia/

This article is an on-site version of our Europe Express newsletter. Sign up here to receive the newsletter straight to your inbox every weekday and Saturday morning

Hello and welcome to the Financial Times’ Europe Express Weekend newsletter. I’m Tony Barber, the FT’s European Commentary Editor, and every Saturday I unpack one of the big themes of the week.

Let’s start with a question. What is the connection between the ruling Social Democrats in Germany and the liverwurst?

German speakers know that I am thinking of Andriy Melnyk, the Ukrainian ambassador in Berlin.

It all started when Olaf Scholz, German chancellor of the SPD, criticized the Ukrainian government for indicating last month that Frank-Walter Steinmeier, the German head of state (and another luminary of the SPD), was not welcome to Kyiv.

The diplomatic row was patched up this week after a phone call between Steinmeier and Volodymyr Zelensky, the Ukrainian president. But before that happened, Melnyk fired back at Scholz, saying, “It doesn’t seem very political to behave like a Beleidigte Leberwurst.”

Literally, it means “insulted liver sausage”. He describes a thin-skinned person who is easily offended.

Why was Melnyk making a pop at Scholz? On the one hand, he is dismayed that Germany was slower than its NATO and EU allies to provide large-scale military support to Ukraine after Russia’s unprovoked invasion on February 24.

As Guy Chazan, the FT’s Berlin bureau chief, reports, Scholz is actually getting Germany back on track after a hesitant start. But Guy’s analysis contains this telling observation from Christoph Heusgen, who served as foreign policy adviser to former Chancellor Angela Merkel:

We do the right thing but we always do it a little late.

Yes indeed. Some would say that sums up German policy during the Eurozone banking and sovereign debt emergencies.

However, have no doubt: Germany can act quickly and independently in a crisis whenever it wants. A year after German unification in 1990, communist Yugoslavia was disintegrating into war. To the shock of most of its EU partners, the German government unilaterally recognized the independence of Croatia and Slovenia. The war spread to Bosnia and Herzegovina a few months later.

Melnyk’s second point is that Germany is burdened by a policy of niceness to Russia that has lasted for decades. This turned out to be particularly wrong in the days of Vladimir Putin. He often seemed to trample on smaller Eastern European countries, including Ukraine.

Steinmeier symbolizes this policy. In a powerfully argued article for the German Council on Foreign Relations, Tyson Barker calls Steinmeier “part of the so-called Hannover mafia of proteges of former Chancellor Gerhard Schröder”.

Steinmeier was Schröder’s chief of staff, who, much to the embarrassment of the German establishment, makes no secret of his Russophile leanings. Then, before being elevated to the presidency, Steinmeier was Merkel’s foreign minister. In 2008, he visited the city of Yekaterinburg in the Urals, where he gave a speech titled “Time for a German-Russian modernization partnership”.

Now Steinmeier admits that Germany misinterpreted Putin. But many Ukrainians suspect that the instinct to try to “understand” Russia is still prevalent within the German government. Melnyk embodies those suspicions, though other Ukrainians praise Germany for its help.

Die Zeit, a major German newspaper, published this penetrating profile of Jens Plötner, Scholz’s foreign policy adviser. “He perceives Ukrainians as difficult friends. The fact that the country is locked in a struggle for existence does not seem to register with it,” Die Zeit wrote.

But German public opinion seems to be hardening. An ARD-Deutschlandtrend poll shows that more and more Germans think the government is not doing enough to support Ukraine.

It is a commonplace that Berlin’s desire for constructive relations with Moscow derives from the notion of Wandel durch Handel — beneficial development of Russia through trade with Germany.

I hope I am not turning this week’s newsletter into a lesson in German, but I would like to introduce readers to an equally important official concept of German foreign policy over the past 15 years – Annäherung durch Verflechtung. This can result in a rapprochement through interconnection.

Russia’s attack on Ukraine has discredited these ideas. But let’s be clear on something. About half a century ago, Willy Brandt’s SPD-led government pursued a policy of reconciliation with the West German neighbors known as the Ostpolitik.

It was brave and absolutely the right thing to do. But that has nothing to do with the mess of Germany’s Russian policy since the beginning of this century.

What do you think? Is Germany doing enough to support Ukraine? Should he do more? Should he do less? Let us know by voting in our poll here.

Speedometer poll that asks people's opinion on Germany's reaction to the war in Ukraine with two options for the government doing too much and the government not doing enough

and finally

Is the Turkish opposition wasting its chance to beat Recep Tayyip Erdoğan? Asks Laura Patel. The imprisonment of businessman and philanthropist Osman Kavala underscores the drift towards autocracy under the Turkish strongman, writes the FT editorial board.

Tony’s picks of the week


Britain after Brexit – Keep up to date with the latest developments as the UK economy adjusts to life outside the EU. register here

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Do you like Europe Express? register here to receive it directly in your inbox every working day at 7:00 a.m. CET and on Saturday at noon CET. Let us know what you think, we love to hear from you: europe.express@ft.com. Keep up to date with the latest European stories @FT Europe

Russia’s War in Ukraine: Germany Facing a Settlement of Scores | Germany | In-depth news and reporting from Berlin and beyond | DW https://wbts-forum.org/russias-war-in-ukraine-germany-facing-a-settlement-of-scores-germany-in-depth-news-and-reporting-from-berlin-and-beyond-dw/ Sat, 07 May 2022 08:31:50 +0000 https://wbts-forum.org/russias-war-in-ukraine-germany-facing-a-settlement-of-scores-germany-in-depth-news-and-reporting-from-berlin-and-beyond-dw/

Andrey Kurkov is a Kyiv-based bestselling author. He has always had a fine antenna when it comes to seeing Eastern Europe over Germany. There have been “a lot of anti-German emotions” that have come out of the conversations he has had over the past three months, the chairman of the writers’ association PEN in Ukraine told DW. He is one of the most prominent commentators on Ukrainian affairs, writing for publications such as The Economist and the new yorker.

“Angela Merkel is openly identified as the culprit,” he said. The former German chancellor of the center-right Christian Democrats (CDU) started doing “even more business with Vladimir Putin” even after the Russian president illegally annexed Ukraine’s Crimean peninsula in 2014. And “after the beginning of the war in the Donbass”. Merkel continued to push the construction of the Nordstream 2 gas pipeline across the Baltic Sea, says Kurkov, who meticulously recorded the events of the pro-European Maidan revolution in Ukraine in 2014 in his book “Ukraine Diaries”.

Author Andrey Kurkov is one of the leading analysts of Ukrainian affairs

“We have the right to demand more”

Shortly after the outbreak of war in February, the new German Chancellor unveiled a fundamental realignment of German foreign policy. A “Zeitenwende”, or paradigm shift, was what Olaf Scholz called in a speech to the parliament, the Bundestag. Germany would invest heavily in its military, he said. Germany would cancel its economic interdependence with the Russian aggressor. The Kremlin would be boycotted.

And yet, for weeks, criticism of Ukraine has been raining down on German policymakers, first and foremost because Berlin continues to import huge amounts of raw materials from Russia, which pours money in the Kremlin.

“We have the right to be emotional. We have the right to demand more — more weapons, more sanctions (…) You are only losing money while we are losing our lives! Ukrainian Deputy Prime Minister Irina Vereshchuk said in early May, following the evacuation of more than 100 civilians from besieged steel mills in the eastern city of Mariupol.

As it is becoming increasingly clear, Germany’s foreign policy about-face is a painful process, one that accompanies Ukraine’s agony and the unfolding of the war.

A departure from Germany’s basic assumptions

This pain has a lot to do with criticism of German policy since 2014, since Ukraine’s pro-European Maidan revolution and Russia’s assault on the country’s internationally guaranteed sovereignty.

“Something has changed since 2014 in German politics, namely the shift to a much more critical stance towards Russia compared to 2014, despite Nord Stream 2,” says Eastern Europe analyst Margarete Klein of the Berlin-based German Institute for International and Security Affairs (SWP), which advises the German government.

“However, no fundamental paradigm shift in Germany’s Russian policy has taken place. It remains based on a series of untenable basic assumptions, for example that one can separate economic cooperation and conflict from security policy,” Klein said, adding to this the belief “that a European security architecture can only be established by incorporating Russia.”

In Klein’s words, the heart of the Zeitenwende “means to revise these assumptions, that we really grasp that economic cooperation can also have ramifications for security”.

Ukraine has long remained almost unnoticed

Virtually every Eastern European state, including Ukraine, has repeatedly warned in the past that Germany faces extortion due to its reliance on Russian energy.

Karl Schlögel

German historian Karl Schlögel says Ukraine has always been seen as Russia’s backyard

Yet such warnings from Ukraine simply went unnoticed, says Karl Schlögel, a German historian of Eastern Europe. He also addresses his criticism to himself. “All of Europe – including mine and that of many of my generation – is Russian-centric. Who has been to Ukraine, ever? Or any other ‘province’ of the Soviet empire?” Schlögel told DW.

“This, of course, has to do with the fact that Ukraine has always been considered a part, a province, a backyard, so to speak, of the Soviet Union and, before that, of the Russian Empire. She was never perceived as a subject in her own right, as a nation, as a people”.

This would at least partly explain the vehemence of Ukraine’s criticism of Germany’s foreign policy. Who would accept the assumption that they are not even supposed to exist?

And the accusation hangs particularly heavily on Germany, which invaded its Eastern European neighbors during World War II and systematically exterminated six million European Jews. “Until very recently, the main scene of German crimes in the east, namely Belarus and Ukraine, was not even on the map,” Schlögel said. This is despite the fact, he argues, that the crimes of the German army, the Wehrmacht, have been exposed to the German public since 1995. That was when the traveling exhibition “Annihilation War: Crimes of the Wehrmacht 1941-1944”, also known as the “Wehrmacht Exhibition” by the Hamburg Institute for Social Research began to raise awareness of German atrocities in Ukraine.

“It’s actually outrageous that it took another war to bring Ukraine back as a battleground in our memory, our consciousness, on our horizon. It’s quite alarming,” Schlögel told DW.

He adds that one can now “only hope” that, unlike the successful Euromaidan revolution and the start of the Russian war in eastern Ukraine in 2014, Ukraine’s needs will not go away. not on the European agenda. Russia’s war “did not start in February”, says Schlögel. Since 2014, he points out, the war has caused thousands of victims and caused mass flight and expulsion.

Europe as an escape

For Kurkov, there is indeed an escape from this German-Ukrainian cycle of evil. The memory of Germany’s reign of terror in Ukraine is now fading, he says. “We talk a lot less about the Second World War” in his conversations in Ukraine, he says. When people “refer to fascists, they now mean Russia, not Nazi Germany,” Kurkov says.

Ukrainians are watching Germany and its foreign policy closely, mainly because it is considered the “first state of the European Union”, says Kurkov. Ukraine wants to become a member of the EU. Kyiv’s elites see clearly that joining NATO could take much longer, he says. “Europe is a great hope and a key issue for the country’s independence,” Kurkov adds. “Europe means security for Ukraine.”

This article was originally written in German.

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