WBTS Forum http://wbts-forum.org/ Sun, 10 Oct 2021 18:01:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://wbts-forum.org/wp-content/uploads/2021/04/default1.png WBTS Forum http://wbts-forum.org/ 32 32 Managing the Present, Creating the Future – Germany’s Contribution to Cambodia’s Economic Transformation https://wbts-forum.org/managing-the-present-creating-the-future-germanys-contribution-to-cambodias-economic-transformation/ https://wbts-forum.org/managing-the-present-creating-the-future-germanys-contribution-to-cambodias-economic-transformation/#respond Sun, 10 Oct 2021 18:01:43 +0000 https://wbts-forum.org/managing-the-present-creating-the-future-germanys-contribution-to-cambodias-economic-transformation/ Cambodia is looking to the future. Admittedly, few visitors made it to Cambodia’s most famous temple, Angkor Wat, on this Sunday morning in September. But Vannak, who has worked in Siem Reap as a tour guide for more than five years, is optimistic. “Last year was not good,” he says, “but Cambodia is very good […]]]>

Cambodia is looking to the future. Admittedly, few visitors made it to Cambodia’s most famous temple, Angkor Wat, on this Sunday morning in September. But Vannak, who has worked in Siem Reap as a tour guide for more than five years, is optimistic. “Last year was not good,” he says, “but Cambodia is very good at vaccinating its people. Soon international tourists will be able to come back to the country and there will be work for us and the hotels. “

Already, thousands of jobs have been lost due to the COVID pandemic. German development cooperation has not only provided Cambodia with extensive assistance during the COVID-19 crisis, but will continue to support the country in the post-pandemic period. This applies for example to the textile and clothing sector in Cambodia. Implemented by GIZ, a new textile project supports dialogue between the various players in the sector. WE House, a women’s center in Phnom Penh, offers women textile workers the opportunity to meet and exchange information. The app “Seth Yerng – Our rights” provides information on labor rights in the textile industry. In addition, new and innovative approaches to industrial waste and the circular economy are promoted. This will help bring the industry closer to global standards and contribute to its sustainable development.

An important aspect of the German-Cambodian cooperation is to promote the competitiveness of the Cambodian economy and its businesses. The ongoing restructuring of regional and global value chains creates new opportunities to attract technologically advanced industries. The German-funded programs “Regional Economic Development IV” and “Support for Micro, Small and Medium Enterprises” help companies from different sectors to improve business processes, quality management and operational productivity, digital technologies promote innovation. The promotion of foreign direct investment supports the import of technologies, the transfer of know-how as well as regional economic integration.

Several GIZ projects, as well as a German Business Scout for Development, the Association of German Companies and EUROCHAM are supporting the creation of an information center for exports to the EU. It will provide up-to-date and comprehensive data on demand patterns, phytosanitary standards and other import regulations. As a joint project co-financed by the European Union and Germany, “ARISE +” continues to facilitate the modernization of the administrative and regulatory framework for Cambodia’s exports.

Economic diversification and modernization not only requires skilled people, quality products and resilient businesses, it also requires a well-developed infrastructure. As part of the German-Cambodian cooperation, the KfW Development Bank has invested 80 million euros in the form of grants in the construction and rehabilitation of rural roads, bridges and regional markets. In 2020, KfW contributed € 7.1 million in grant financing and € 30 million in loan financing to the Rural Infrastructure Development Program for Cambodia (RIP4CAM). The project will implement rural, social and economic infrastructure projects such as 550 km rural roads serving about 200,000 villagers as well as several off-road measures for about 150 villages. This will improve the water supply of 20,000 households and the water management of 1,200 hectares of agricultural land. 60 post-harvest facilities, 25 community ponds and 10 community buildings will be constructed.


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Chinese billionaire Guo Guangchang’s Fosun adds German private bank to global network https://wbts-forum.org/chinese-billionaire-guo-guangchangs-fosun-adds-german-private-bank-to-global-network/ https://wbts-forum.org/chinese-billionaire-guo-guangchangs-fosun-adds-german-private-bank-to-global-network/#respond Sun, 10 Oct 2021 11:44:53 +0000 https://wbts-forum.org/chinese-billionaire-guo-guangchangs-fosun-adds-german-private-bank-to-global-network/ Shanghai billionaire Guo Guangchang is the president and co-founder of Fosun International. … [+] Photographer: Paul Yeung / Bloomberg © 2018 Bloomberg Finance LP A company controlled by one of China’s best-known billionaires bought a German private bank, adding to its international business footprint. Hauck & Aufhäuser, a subsidiary of Fosun International, headquartered in Shanghai, […]]]>

A company controlled by one of China’s best-known billionaires bought a German private bank, adding to its international business footprint.

Hauck & Aufhäuser, a subsidiary of Fosun International, headquartered in Shanghai, has acquired German private bank Bankhaus Lampe as part of an initiative that advances Fosun’s ambitions in the global financial services industry, Fosun said. in a press release on Friday.

“The acquisition has created a new engine of growth for Fosun’s global financial ecosystem, particularly in the private banking sector,” said Wilson Jin, senior vice president and co-chief investment officer of Fosun International. Fosun, led by Chinese billionaire Guo Guangchang, acquired Hauck & Aufhäuser, or H&A, in 2016.

“Considered the ‘pearl’ in the crown of wealth management, private banking not only connects businesses and individuals, but also brings together investment banking, asset management, wealth management and other key services at the same time, “the statement noted.

Fosun also owns or invests in Fidelidade in Portugal, PeakRe in Hong Kong and the AmeriTrust group in the United States, among other financial services companies at home or abroad. In 2017, H&A acquired Sal. Oppenheim jr. & Cie. Luxembourg SA and Oppenheim Asset Management Services S.à rl. H&A acquired a majority stake in Irish Crossroads Capital Management in 2019.

The new merger, which creates an institution with more than € 200 billion in assets and administration, has been approved by financial regulatory authorities, including the European Central Bank and the German Federal Financial Supervisory Authority, has announced H&A on October 1. will be called Hauck Aufhäuser Lampe and has 1,300 employees. Fosun did not say what H&A paid for Bankhaus Lampe.

In Germany, Fosun is a co-investor in composite parts maker Koller, flexible automatic production line solution provider FFT and fast fashion brand Tom Tailor. Fosun Pharmaceutical, the pharmaceutical arm of Fosun International, is teaming up with Germany’s BioNTech for its COVID-19 vaccine in China.

Fosun, founded in 1992, has been one of the most active international investors in China over the years in companies ranging from Club Med to Lanvin.

Guo is now worth $ 5.7 billion on Forbes’ Realtime Billionaire List. Fosun International ranked # 459 on the Forbes Global 2000 2021 list.

See related articles:

Acting globally: Fosun’s Guo Guangchang on lessons from the Covid-19 pandemic

Club Med owner Fosun Tourism says first half loss has widened

@rflannerychina


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Money isn’t enlargement, it’s background music – EURACTIV.com https://wbts-forum.org/money-isnt-enlargement-its-background-music-euractiv-com/ https://wbts-forum.org/money-isnt-enlargement-its-background-music-euractiv-com/#respond Sun, 10 Oct 2021 08:14:11 +0000 https://wbts-forum.org/money-isnt-enlargement-its-background-music-euractiv-com/ Welcome to EURACTIV’s Global Europe Brief, your weekly update on the EU from a global perspective. You can sign up to receive our newsletter here. In this week’s edition: Aftermath of the EU-Western Balkans summit, overview of the 2022 work program and EU defense issues. /// “We are one European family,” European Commission President Ursula […]]]>

Welcome to EURACTIV’s Global Europe Brief, your weekly update on the EU from a global perspective.

You can sign up to receive our newsletter here.

In this week’s edition: Aftermath of the EU-Western Balkans summit, overview of the 2022 work program and EU defense issues.

///

“We are one European family,” European Commission President Ursula von der Leyen said after the EU-Western Balkans summit earlier this week. Let’s just hope that the six family members who are currently excluded from the will do not go their separate ways.

Yes, European leaders have supported the idea of ​​enlargement, but everyone in the room has understood that this promise will not be kept anytime soon. What consequence?

European Council President Charles Michel was quick to highlight the EU’s financial support for the Western Balkans. “It is the key, it is essential, it is the link between the reforms… and the investments“, he declared.

Describing the investment plan presented by the Commission as “a lot of money, an unprecedented amount of money”, he said: “We hope that these investments will also play an important role in order to make the European presence, the presence of the EU more visible, more tangible for the inhabitants of these countries.

EU leadership was quick to recognize the importance of the region strategic importance and the link between calculated investment and geopolitics is a clear way to keep the Western Balkans close.

EU diplomats confirmed to EURACTIV that many predominantly Western European member states consider that EU aid cannot compare in quality or quantity to all other geopolitical actors in the region.

But many of them warn that this thinking is dangerous, not least because the EU’s competitors provide almost unconditional aid.

“Of course, we can work with the countries of the Western Balkans, but our competitors are working harder than us,” Dimitris Dimitriadis, head of the external relations section of the European Economic and Social Committee, told EURACTIV, ahead of the Mountain peak.

The businessman said: “Twenty years ago Turkey was absent from the region, it is now a key player. How? ‘Or’ What? Fund big projects with no strings attached, just spreading money by helicopter.

Of course, Turkey is not alone, it is followed by investors from the Gulf as well as by China and Russia, including diplomacy of the COVID-19 pandemic in the region caught the EU off guard during the early stages of the crisis.

On top of that, the simple truth is that enlargement is becoming increasingly difficult to sell by the leaders of many Western European countries to their citizens, understand the authors of this report, writing this text from the Western Balkans side. from the Schengen border.

There is no doubt that credible reforms by the hopes of the clubs are essential, especially as we are witnessing retrograde among new members.

But whatever the amount of investment, the farther away the prospect of membership seems to many in the Western Balkans, the harder it will be for their pro-European politicians to stay in power and sell painful reforms at home while keeping the nationalist forces at a distance. .

In European circles and national capitals, there is a tendency to forget that in the Western Balkans many do not see the EU as a mere provider of financial support.

For many, it’s a chance to leave the burden of heavy history – and bitter political wrangling of the present day – behind and ultimately belong to a club where this can be resolved with institutional means.

None of this will be solved only with infrastructure development and project funding. In recent years, however, this has become the mantra in Brussels: give more money, while enlargement stays alive.

The EU’s financial support to its close neighborhood is undoubtedly a good signal.

But at the end of the day, as one EU diplomat put it: positive signals are important for countries in the region and their citizens, but the longer they go on, separated from concrete political progress, the more they become ” background music ”of the enlargement process.

Read more here:


OVERVIEW | According to a leaked version of the European Commission’s draft work program dated September 27 and viewed by EURACTIV, plans for next year include a new EU strategy to engage with the Gulf region, more on energy diplomacy and a more detailed overview of the EU’s space ambitions. .

EU foreign ministers put green diplomacy at the top of their agenda earlier this year, saying the EU “will seek to ensure undistorted trade and investment for EU businesses in countries third party “as well as” a level playing field and equitable access to resources “. and green technologies ”in countries like China.

The creation of a new branch within the European Commission – the Defense Industry and Space DG (DEFIS), long fought against by Great Britain – was a step forward in giving a European stamp to the emerging field.

An initiative proposed jointly by DEFIS and the EU’s diplomatic service (EEAS) will be to develop an EU strategy for space traffic management (VMS), the objective of which will be to prepare European industry for the establishing rules on space traffic at international level and protecting the effectiveness of EU flagship programs (Galileo, Copernicus).

In addition, as part of the Open Strategic Autonomy Campaign, the Commission plans to build a secure global communications system based in the EU space, which would provide connectivity services and high-speed broadband to EU Member States and European regions and territories.

‘PHYSICAL BARRIERS’ | Twelve EU member states have called for updating the bloc’s Schengen Borders Code to allow “physical barriers” as border protection measures, according to a letter sent to the European Commission and seen by EURACTIV. Lithuania had previously suggested that the EU fund border barriers at its external border from its common budget, Poland and other Baltic states argued.

At the same time, the European Commission has called for an investigation into refoulements of illegal migrants after a report by German media Der Spiegel and ARD documented what they said were Greek, Croatian and Romanian officials carrying out such operations. .

WHAT STRATEGY? | Amid disunity over the way forward on European defense, EU leaders discussed whether the bloc should strengthen its ability to act independently and / or strengthen its partnership with the EU. NATO, but without a clear result.

TRAINING MISSION | The EU is considering a training mission for Ukrainian officers due to Russia’s “ongoing military activities” as relations between Kiev and Moscow remain strained. The impetus for the mission comes after several member states have repeatedly expressed concern over Russia’s military exercises near their and EU borders, including Zapad-2021 in September and a massive build-up of troops Russians near Ukraine in April.

SPY ALERT | NATO expelled eight members of the Russian mission to the alliance who were “undeclared Russian intelligence officers”, the latest deterioration in East-West relations which are already at post-Cold War lows.

LAST EURASIA

GAS SUPPLY | Amid soaring gas prices and calls for Russia to supply more gas to the EU, Russian President Vladimir Putin appeared to rule out Ukraine as a transit country for these additional supplies. . However, he said Russia will fully comply with its current contractual obligations for gas transit through Ukraine to Europe.

STATUS UPDATE | A new political season has begun, with some easing of travel and meeting restrictions linked to COVID-19. As journalists and politicians prepare to fly and reconnect, EURACTIV has taken snapshots of the ongoing cooperation between the EU and Kazakhstan.


WHAT ELSE TO READ

ON OUR RADAR FOR THE NEXT DAYS …

We will keep you up to date with all relevant EU foreign affairs news, as day-to-day affairs in Europe return after the summer recess.

  • EU and Britain start talks on Gibraltar
    | Monday, October 11, 2021 | Brussels, Belgium
  • EU-Ukraine summit
    | Tuesday, October 12, 2021 | Brussels, Belgium
  • G20 holds special virtual summit on Afghanistan
    | Tuesday, October 12, 2021 | Rome, Italy
  • European Foreign Minister Josep Borrell visits Washington
    | Wed-Fri, 13-15 October 2021 | Washington DC, United States
  • Security Council holds closed meeting on UN peace mission in Western Sahara
    | Wednesday October 13, 2021 | New York, United States
  • Arctic Circle Assembly
    | Thu-Sat, October 14-17, 2021 | Reykjavik, Iceland
  • The AFET committee of the European Parliament meets
    | Thursday, October 14, 2021 | Brussels, Belgium
  • International Court of Justice hears Armenia-Azerbaijan dispute
    | Thursday, October 14, 2021 | The Hague, Netherlands
  • Commonwealth of Independent States (CIS) leaders hold summit
    | Friday October 15th, 2021 | Minsk, Belarus

Thanks for reading!
If you want to contact us with any leaks, tips or comments, drop us a line.

Like what you see? Subscribe to the full newsletter here, free!


PAST EDITIONS


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“Long way” to go to form a German government https://wbts-forum.org/long-way-to-go-to-form-a-german-government/ https://wbts-forum.org/long-way-to-go-to-form-a-german-government/#respond Sat, 09 Oct 2021 16:38:00 +0000 https://wbts-forum.org/long-way-to-go-to-form-a-german-government/ BERLIN (AP) – A leader of the Greens has said that the multi-party talks on the formation of a new German government have “a long way to go” and will have to bridge important political differences. Center-left Social Democrats, Green environmentalists and pro-business Free Democrats held their first round of talks on a possible coalition […]]]>

BERLIN (AP) – A leader of the Greens has said that the multi-party talks on the formation of a new German government have “a long way to go” and will have to bridge important political differences.

Center-left Social Democrats, Green environmentalists and pro-business Free Democrats held their first round of talks on a possible coalition on Thursday. If they do eventually succeed, the alliance would send the center-right Union bloc of outgoing Chancellor Angela Merkel into opposition after her 16 years at the helm of Europe’s largest economy.

Further discussions are scheduled for Monday and Tuesday. But the process of forming a new government can take weeks or months in Germany, and Merkel and her government will remain in a guardian role in the interim.

“We have a long way to go, and it will become very difficult,” Robert Habeck, one of the two leaders of the Greens, told Deutschlandfunk radio in an interview broadcast on Saturday. “The public will see that there are conflicts between the possible coalition partners.

Habeck identified finance as a particularly difficult issue in the talks – including how to finance investments in the fight against climate change and approaches to dealing with the debt that European Union countries have accumulated during the pandemic of coronavirus.

In recent decades, the Free Democrats have mostly allied with the Union, while the Greens traditionally lean to the left. A three-way alliance with the Social Democrats has been tried successfully in Germany at Länder level, but not yet within a national government.

If the negotiations result in a coalition, Social Democrat Olaf Scholz – the vice-chancellor of Merkel’s outgoing government – would become Germany’s new leader.

The Union is in turmoil after Armin Laschet, the governor of the state of North Rhine-Westphalia, led the bipartisan bloc to its worst electoral result in the September 26 vote. Speculation about who will take leadership of Merkel’s Christian Democratic Union, the dominant party, is in full swing after Laschet indicated his willingness to step down.

Outgoing Defense Minister Annegret Kramp-Karrenbauer – Laschet’s predecessor at the head of the CDU – and outgoing Economy Minister Peter Altmaier said on Saturday they would not take the parliamentary seats they won during elections. This will allow two young CDU members from their Saar region, Nadine Schoen and Markus Uhl, to take their place.

___

Follow AP’s coverage of the German elections at https://apnews.com/hub/germany-election

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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German insurer takes 66% of Jubilee Insurance https://wbts-forum.org/german-insurer-takes-66-of-jubilee-insurance/ https://wbts-forum.org/german-insurer-takes-66-of-jubilee-insurance/#respond Sat, 09 Oct 2021 15:06:10 +0000 https://wbts-forum.org/german-insurer-takes-66-of-jubilee-insurance/ German insurer Allianz has acquired a majority stake in Ugandan insurance company Jubilee, making it the largest insurance group in the East African region. The acquisition follows an agreement with Jubilee Holdings Limited to sell 66% of the company’s short-term general activities (damages and liability) to the German insurer, in five East African countries including […]]]>

German insurer Allianz has acquired a majority stake in Ugandan insurance company Jubilee, making it the largest insurance group in the East African region.

The acquisition follows an agreement with Jubilee Holdings Limited to sell 66% of the company’s short-term general activities (damages and liability) to the German insurer, in five East African countries including Uganda , Kenya, Tanzania, Burundi and Mauritius.

According to Jubilee Insurance Regional Managing Director Julius Kipmg’tich, all approvals from the Insurance Regulatory Authority have been granted and the merged entity will now be awarded by Jubilee -Allianz General Insurance.

He said the new marriage, forged in September last year, will see increased risk-taking, due to a larger balance sheet, provided by majority shareholder, Allianz.

He added that service delivery, innovation and competition in the sector are expected to increase a notch given the arrival of a rich and experienced global player in the local market.

According to Kipmg’tich, Uganda boasts of a number of opportunities in minerals, oil and gas, agriculture and other natural resources, in addition to peace and stability, with a fast growing economy hence the need for partnerships to cover emerging risks.

“The potential of this economy is huge and the risks are therefore high, requiring coverage. This is why we have partnered with a bigger entity to be able to provide better service, ”he said at the launch of the partnership on Tuesday.

Allianz Africa Regional Managing Director Coenraad Vrolijk said the new team will focus on creating new products to improve insurance uptake in the country, beyond the 1% recorded.

He said that at present, there is a need to create low cost insurance products to trap the micro, small and medium enterprises (SMEs) that make up the bulk of Ugandan businesses.

German Ambassador Matthias Schauer praised the acquisition which he said will further increase the influence of German businesses and investments in the country.

He said the investment of around 100 million euros (sh413b) was by far the largest made by a German company in East Africa in the last century.

He said this investment is a testament to the good business environment in East Africa and Uganda’s vibrant economy with a growing middle class.

“As the economy grows more and more risks arise that require insurance to be purchased, and I’m happy to see a German company come into the country to do just that,” he said. .

Delphine Traoré, regional operations manager for Allianz Africa, said the global insurer was drawn to Uganda by the high standards of regulation in the sector.

“We have also been courted by the booming agricultural sector, the oil sector and many ongoing infrastructure projects in Uganda whose risks need to be covered,” she said.

She also referred to Uganda’s low penetration which she said is a big attraction for investors as it indicates good ground for investing.

She said the company will also focus on agricultural insurance, given that Uganda is one of the countries with a large part of arable land, where the need for microinsurance remains a key area of ​​growth.

The chief executive of the insurance regulator, Alhajj Ibrahim Kadunabbi Lubega, said the merger shows confidence in the Ugandan insurance sector and the bright future it holds.

He said the sector has continued to grow, despite economic disruptions linked to Covid-19, having recorded 19% growth in 2020.

“I am also happy that our high regulatory standards are paying off with the arrival of these great players. The growth of this market is unstoppable, ”he said.

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European equities – A week in review – 08/10/2021 https://wbts-forum.org/european-equities-a-week-in-review-08-10-2021/ https://wbts-forum.org/european-equities-a-week-in-review-08-10-2021/#respond Sat, 09 Oct 2021 07:13:47 +0000 https://wbts-forum.org/european-equities-a-week-in-review-08-10-2021/ Major It was a bullish week for the majors in the week ending 8the October. EuroStoxx600 rose 0.96%, with the DAX30 and CAC40 ending the week with gains of 0.33% and 0.65% respectively. However, disappointing economic data from Germany pegged the DAX30 during the week. Upward revisions to service sector PMIs for France, Germany and […]]]>

Major

It was a bullish week for the majors in the week ending 8the October. EuroStoxx600 rose 0.96%, with the DAX30 and CAC40 ending the week with gains of 0.33% and 0.65% respectively.

However, disappointing economic data from Germany pegged the DAX30 during the week.

Upward revisions to service sector PMIs for France, Germany and the euro area and positive data from the United States have provided support.

Progress on Capitol Hill towards a debt ceiling deal has also been positive for the markets.

Statistics

At the start of the week, the services sector PMIs for September were in the spotlight.

Member States

Italy’s services PMI rose from 58.0 to 55.5 against 56.5 expected, that of Spain from 60.1 to 56.9. Economists were forecasting a PMI of 58.0.

The final figures for France and Germany were also disappointing.

The French services PMI index slipped from 56.3 to 56.2, up from the preliminary 56.0.

The German services PMI index slipped from 60.8 to 56.2 in September, from 56.0 previously.

The euro zone

Due to better figures from France and Germany, the Eurozone services PMI index fell from 59.0 to 56.4, down from 56.3 previously.

In September, the composite PMI index rose from 59.0 to 56.2, up from the preliminary 56.1.

Through the 2sd half the week, the German economy was the center of attention, with statistics skewed negative.

Factory orders fell 7.7% in August, while industrial production fell 4.0%.

Germany’s trade surplus narrowed from 17.9 billion euros to 13.0 billion euros against an expected shrinkage to 15.8 billion euros.

While statistics were essential, the ECB’s monetary policy minutes were also the center of attention at the weekend.

There were no major surprises, however, as the markets and the ECB were more concerned about the impact of the latest inflation figures on monetary policy.

The United States

At the start of the week, factory orders and ISM non-manufacturing PMI numbers were the center of attention.

Factory orders rose 1.2%, with the ISM non-manufacturing PMI rising from 61.7 to 61.9.

Much attention has been paid to the PMI index, with particular attention to the sub-components of employment and inflation.

In September, the employment sub-index edged down from 53.7 to 53.0. Inflationary pressures intensified, however, with the sub-index rising from 75.4 to 77.5.

ADP’s non-farm figures on Wednesday had a relatively moderate impact on markets. In recent months, significant discrepancies with government figures have mitigated the impact on the markets.

Nonetheless, in September, the ADP reported a 568,000 increase in non-farm payrolls after an increase of 340,000 in August.

Unemployment claims on Thursday drew attention ahead of September’s NFP figures on Friday.

In the week ending 1st October, the first jobless claims fell from 364,000 to 326,000.

More importantly, however, the non-farm payroll only increased by 194,000 in September, well below the expected increase of 500,000. Although lower, the unemployment rate fell by 5.2%. at 4.8%, partly due to a lower participation rate.

Market movers

From DAX, it was another mixed week for the automotive sector. Continental and Daimler led the way, the two rallying 4.44%. Bmw also found support, up 0.99%, while Volkswagen fell 1.91%.

It has been a bullish week for the banking sector. German Bank increased by 3.30%, with Commercial bank end the week up 8.68%.

From CAC, it was a bullish week for the banks. Gen Soc and BNP Paribas ends the week up 4.78% and 3.84%. Agricultural credit however led the way with a rebound of 8.54%.

It was a relatively bullish week for the French automotive sector. Stellantis SA and Renault increased by 1.09% and 1.62% respectively.

Air France-KLM decreased by 5.97%, with Airbus end the week down 2.88%.

On the VIX index

It came back in the red for the VIX in the week ending 8e October.

Partially reversing a 19.15% jump from the previous week, the VIX slipped 11.25% to end the week at 18.77.

4 days in the red after 5 sessions, which included a 7.23% drop on Tuesday, delivered the setback for the week.

For the week, the NASDAQ rose 0.09%, with the Dow Jones and S & P500 ending the week up 1.22% and 0.79% respectively.

The coming week

It’s a relatively quiet week ahead on the economic calendar.

At the start of the week, the ZEW economic sentiment figures for Germany and the Eurozone will be the center of attention.

For the eurozone, industrial production and trade data will also attract attention on Wednesday and Friday.

With increased market sensitivity to inflation, the finalized September inflation figures for Member States will influence the week. Expect upward revisions to preliminary numbers to test the majors’ support.

In the United States, Wednesday’s inflation numbers will be key, along with Friday’s retail sales numbers.

After relatively disappointing NFP figures from last week, weekly jobless claims will also have an influence on Thursday.

Outside of China, trade data and inflation figures for September are due for review on Wednesday and Thursday.

Outside of the economic calendar, central bank chatter and geopolitics will also be the focus.

This article originally appeared on FX Empire

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Earthquake Information: Powerful Mag. Earthquake 5.3 – Provincia de Caylloma, 84 km northwest of Arequipa, Peru, on Friday, October 8, 2021 at 11:47 p.m. (GMT -5) https://wbts-forum.org/earthquake-information-powerful-mag-earthquake-5-3-provincia-de-caylloma-84-km-northwest-of-arequipa-peru-on-friday-october-8-2021-at-1147-p-m-gmt-5/ https://wbts-forum.org/earthquake-information-powerful-mag-earthquake-5-3-provincia-de-caylloma-84-km-northwest-of-arequipa-peru-on-friday-october-8-2021-at-1147-p-m-gmt-5/#respond Sat, 09 Oct 2021 05:02:00 +0000 https://wbts-forum.org/earthquake-information-powerful-mag-earthquake-5-3-provincia-de-caylloma-84-km-northwest-of-arequipa-peru-on-friday-october-8-2021-at-1147-p-m-gmt-5/ 9 October 04:54 UTC: First to report: GFZ after 6 minutes. A magnitude 5.3 earthquake occurred late on Friday night, October 8, 2021 at 11:47 p.m. local time, near Arequipa, in the province of Arequipa, Peru, as reported by the German Center for geoscience research (GFZ).According to preliminary data, the earthquake was located at a […]]]>

9 October 04:54 UTC: First to report: GFZ after 6 minutes.

A magnitude 5.3 earthquake occurred late on Friday night, October 8, 2021 at 11:47 p.m. local time, near Arequipa, in the province of Arequipa, Peru, as reported by the German Center for geoscience research (GFZ).
According to preliminary data, the earthquake was located at a shallow depth of 10 km. Shallow earthquakes are felt more strongly than deep ones because they are closer to the surface. The exact magnitude, epicenter and depth of the quake could be revised in the coming hours or minutes, as seismologists review the data and refine their calculations, or when other agencies release their report.
Our monitoring service identified a second report from the Euro-Mediterranean Seismological Center (EMSC) which listed the earthquake at a magnitude of 5.1.
Based on preliminary seismic data, the quake should have been widely felt by almost everyone in the epicenter area. It could have caused slight to moderate damage.
Moderate tremors probably occurred in Pinchollo (580 inhabitants) located 11 km from the epicenter.
In Chivay (4,500 inhabitants) located 29 km from the epicenter and in Lluta (6,000 inhabitants) 38 km, the earthquake should have been felt as a slight tremor.
Weak tremors could be felt in Cono Norte (47,300 inhabitants) located 74 km from the epicenter, El Pedregal (20,100 inhabitants) at 81 km, Selva Alegre (72,700 inhabitants) at 82 km, Arequipa (841,100 inhabitants) 84 km, Ciudad Satelite (76,400 inhabitants) 88 km and Jacobo Hunter (46,100 inhabitants) 88 km.
VolcanoDiscovery will automatically update the magnitude and depth if these change and follow up if other significant earthquake news becomes available. If you are in the region, please share your experience with us through our reporting mechanism, online or via our mobile application. This will help us provide more first-hand updates to anyone in the world who is interested in learning more about this earthquake.


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Weekly review of renewable mergers and acquisitions (Oct. 4-8) https://wbts-forum.org/weekly-review-of-renewable-mergers-and-acquisitions-oct-4-8/ https://wbts-forum.org/weekly-review-of-renewable-mergers-and-acquisitions-oct-4-8/#respond Fri, 08 Oct 2021 15:42:00 +0000 https://wbts-forum.org/weekly-review-of-renewable-mergers-and-acquisitions-oct-4-8/ October 8 (Renewables Now) – October 8 (Renewables Now) – Renewables Now has covered M&A stories on SunPower, KKR, RWE, Eni and others over the past week. Below is the full list: – Adani Green completes US $ 3.5 billion acquisition of SB Energy India Indian renewable energy developer Adani Green Energy Ltd (BOM: 541450) […]]]>

October 8 (Renewables Now) – October 8 (Renewables Now) – Renewables Now has covered M&A stories on SunPower, KKR, RWE, Eni and others over the past week. Below is the full list:

– Adani Green completes US $ 3.5 billion acquisition of SB Energy India

Indian renewable energy developer Adani Green Energy Ltd (BOM: 541450) said it has completed the $ 3.5 billion acquisition of SB Energy Holdings Ltd, which has a portfolio of approximately 5 GW of renewable energies in India.

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– Obton sells Dutch 35 MW solar park to German investor CEE Group

Denmark-based investor and asset manager Obton A / S has announced that it has sold a nearly 35 MW solar farm in the Netherlands to German investment firm CEE Group.

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– Green Hydrogen co Lhyfe raises 50 million euros to expand in France and abroad

French green hydrogen company Lhyfe has announced that it has raised 50 million euros as part of a Series A funding round led by SWEN Capital Partners and Banque des Territoires, with additional participation from its original investors .

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– Statkraft acquires 346 MW of wind farms in Germany and France

Statkraft AS has purchased 346 MW of wind farms in Germany and France from wind farm operator Breeze Three Energy for an undisclosed amount.

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– Scottish group ILI sells 50 MW battery storage project to Eelpower

Scotland-based clean energy developer Intelligent Land Investments Group (ILI Group) said it has finalized the sale of its 50 MW Fordtown battery storage project located in Kintore, Aberdeenshire.

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– ERG purchases 152.4 MW of renewable energy in France and Germany

The local subsidiaries of the Italian energy company ERG SpA (BIT: ERG) acquire an operational wind and solar portfolio of 152.4 MW in France and Germany.

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– Octopus Renewables buys 58.8 MW of wind farms in Poland

Octopus Renewables Infrastructure Trust plc (LON: ORIT) announced that it has purchased two wind projects in Poland with a combined capacity of 58.8 MW from German renewable energy developer PNE AG (ETR: PNE3).

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– Spaniard Ignis secures € 625m in support from Egyptian EFG Hermes

Spanish renewable energy developer and energy trader Ignis Energy Holdings has agreed to sell an unspecified stake to Egyptian financial services firm EFG Hermes Holding SAE in exchange for a total investment of more than € 625 million, which will allow the development of its platform of more than 20 GW to continue. .

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– Greenbacker takes over two solar projects at Colorado Airport

Greenbacker Renewable Energy Company LLC announced that it has acquired, through a wholly-owned subsidiary, two pre-operational solar projects at Denver International Airport in Colorado with a total capacity of 18.4 MW in direct current (DC).

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– SunPower buys residential solar energy company Blue Raven and considers sale of CIS division

SunPower Corp (NASDAQ: SPWR) announced that it has acquired U.S. residential solar power provider Blue Raven Solar, while exploring strategic options for its own commercial and industrial solutions (CIS) company.

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– KKR increases stake in Philippine IPP First Gen to 19.9%

An entity owned by global investor KKR & Co Inc (NYSE: KKR) will purchase additional shares in the First Gen Corporation of the Philippines (PSE: FGEN) which will increase its stake in the independent power producer to 19.9%.

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– EOS IM to sell 32 MW solar and wind portfolio in Italy to French investor

EOS Investment Management (EOS IM) has agreed to sell a 32 MW portfolio of solar photovoltaic (PV) and wind farms in Italy to Prejeance Industrial, a French investor in renewable energies backed by Asterion Industrial Partners.

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– Canadian company Westbridge purchases 221 MWp intermediate solar development in Texas

Canadian solar energy and energy storage developer Westbridge Energy Corporation (TSXV: WEB) has purchased a 221 MWp photovoltaic (PV) project in Texas, midway through development, from US sector player Aelius Solar Corp.

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– SUNfarming obtains financing to purchase and build a Polish 20 MWp solar portfolio

German solar engineering company SUNfarming GmbH has secured financing for the acquisition and construction of a 20 MWp solar portfolio in Poland.

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– European Energy purchases 85.8 MW wind and solar portfolio from Vattenfall

Danish wind and solar developer European Energy A / S has acquired an 85.8 MW portfolio of wind and solar assets from Swedish state-owned company Vattenfall AB.

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– Takkion acquires US supplier of wind power operation and maintenance services Airway Services

U.S. logistics company Takkion TP&L Holdings LLC announced the acquisition of Airway Services LLC, a national provider of project management, operations and maintenance (O&M) services for large-scale wind power projects, for an undisclosed amount.

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– Funds managed by Ares to buy a majority stake in Apex Clean Energy

The funds and other accounts managed by the Infrastructure and Power strategy of Ares Management Corporation (NYSE: ARES) have agreed to purchase a controlling stake in Apex Clean Energy.

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– Plug Power, SK E&S to build a Korean Gigafactory via a new Asian JV

US turnkey hydrogen solutions provider Plug Power Inc (NASDAQ: PLUG) and SK E&S have set up an Asian joint venture with plans to build a “Gigafactory” in a key South Korean metropolitan area here. 2024.

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– Babcock & Wilcox acquires 60% of solar EPC contractor Fosler

U.S. renewable, environmental and thermal energy technology provider Babcock & Wilcox Enterprises Inc (NYSE: BW) has completed the purchase of a 60% stake in solar contractor Fosler Construction Company Inc.

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– Japan’s Eneos wants to buy JRE for $ 1.8 billion – report

Japan’s oil major Eneos Holdings Inc (TYO: 5020) plans to buy renewable facility developer and operator Japan Renewable Energy (JRE) in deal worth over 200 billion yen, reports the Nikkei.

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– RWE and PPC Renewables Sign 2 GW Solar Joint Venture Agreement in Greece

German energy major RWE AG (ETR: RWE) and PPC Renewables, the green energy arm of Greek utility PPC SA (ATH: PPC), have signed an agreement to create a joint venture (JV) to develop up to 2 GW of solar energy projects in Greece.

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– Bridgelink Engineering acquires renewable energy construction group BCR

US Bridgelink Engineering LLC strengthens its Engineering, Procurement and Construction (EPC) portfolio with the acquisition of BCR Companies, a national provider of civil and mechanical engineering services for solar and wind projects.

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– Dhamma Energy completes the sale of its Spanish and French solar business to Eni

The co-founders of Dhamma Energy, an independent producer of solar energy (IPP) based in Madrid, have completed the transfer of its Spanish and French activities to the Italian oil and gas company Eni SpA (BIT: ENI).

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– Raizen from Brazil to form DG Renewable Energy Joint Venture

Brazilian sugar and ethanol producer Raizen SA (BVMF: RAIZ4) and its subsidiary Raizen Energia SA will establish a joint venture (JV) with local energy company Grupo Gera to develop and operate distributed generation power plants (DG) , in particular based on renewable energies.

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– Fortescue Future Industries invests in Dutch thin-film solar energy company and H2 HyET

Australian Fortescue Future Industries (FFI) has taken a 60% stake in Dutch company High Yield Energy Technologies (HyET) Group to support its ambition to deliver 15 million tonnes of green hydrogen to the world by 2030.

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Hutchins Roundup: racial disparities, the Phillips curve and more https://wbts-forum.org/hutchins-roundup-racial-disparities-the-phillips-curve-and-more/ https://wbts-forum.org/hutchins-roundup-racial-disparities-the-phillips-curve-and-more/#respond Thu, 07 Oct 2021 15:07:24 +0000 https://wbts-forum.org/hutchins-roundup-racial-disparities-the-phillips-curve-and-more/ What’s the latest thinking in fiscal and monetary policy? The Cackling Roundup keeps you up to date with the latest research, graphics and speeches. Would you like to receive the Hutchins Roundup by email? Sign up here to have it delivered to your inbox every Thursday. Returns to homeownership for black and Hispanic homeowners are […]]]>

What’s the latest thinking in fiscal and monetary policy? The Cackling Roundup keeps you up to date with the latest research, graphics and speeches. Would you like to receive the Hutchins Roundup by email? Sign up here to have it delivered to your inbox every Thursday.

Returns to homeownership for black and Hispanic homeowners are 3.7 and 2.0 percentage points lower, respectively, than for white homeowners, find Amir Kermani of UC Berkeley and Francis Wong of NBER. The disparity explains about 40% of the gap between blacks and whites in retired real estate wealth. The authors find little difference in the appreciation rates of properties owned by non-whites and whites; rather, lower returns for black and Hispanic homeowners are almost entirely attributable to a higher prevalence of “distressed” home sales, such as foreclosures, in which homes are sold at a premium price. Lower liquid wealth and income stability among black and Hispanic homeowners make them more likely to experience foreclosures and short sales – but even within those troubled sales, black and Hispanic homeowners are achieving lower returns of 3.8 and 2.7 percentage points respectively to those of white owners. The authors attribute this to shallower real estate markets in predominantly non-white communities, making it more difficult to sell homes quickly without discounts. Increasing the availability of mortgage modifications for distressed homeowners could dramatically reduce racial disparities in real estate wealth, according to the authors. Receiving a modification after three months of mortgage default can reduce the likelihood of foreclosure by 37 percentage points and increase a homeowner’s annual returns by as much as 9 percentage points.

The Phillips curve – the sensitivity of inflation to a slowing labor market – has become flatter in recent years, as changes in the unemployment rate have had less of an impact on price levels than in the past. Kristin Forbes of MIT, Christopher Collins of Morgan Stanley, and Joseph Gagnon of the Peterson Institute suggest that this is because the Phillips curve relationship is not linear during times of low inflation. Using cross-sectional data on advanced countries, the authors find that, when inflation is below 3% and economic output is below its potential, the negative relationship between inflation and the labor market slowdown becomes almost nonexistent. As such, inflation can persist even as spare capacity increases, possibly because businesses and workers tend to resist falling wages and prices. In contrast, the relationship of the Phillips curve is steep during times of high inflation or when the economy is running above capacity, the authors find. “In countries where inflation has exceeded 3%, it is possible that the slack cuts will start to have more impact on inflation than in the past, even before the output gaps close,” the authors conclude.

After the start of the COVID-19 crisis in the second quarter of 2020, Germany suffered a larger production contraction than the United States, but employment fell only 1.4% in Germany against over 13% in the US Shekhar Aiyar and Mai Chi Dao of the IMF investigate the stabilizing role of German Kurzabeit (KA), a job retention program that provides a government subsidy to employees working reduced hours; workers receive a regular wage for the hours worked and a reduced wage for the hours not worked. Using state-level variation in pandemic exposure and AK-uptake, the authors find that in the second quarter of 2020, unemployment would have been 2.9 percentage points higher without the program. Given that the unemployment rate was 6.2%, this implies that KA reduced unemployment by around a third on average. Additionally, they estimate that the retail contraction would have been 15% larger in the second quarter of 2020 without the program.

Line graph of the number of travelers passing through airport checkpoints, percentage change from same day in 2019 from January 2021 to present

Source: The Wall Street Journal

“[W]We need to take a new, holistic and pragmatic approach in our relationship with China that can truly advance our short and long term strategic and economic goals. As our economic relationship with China evolves, our tactics to defend our interests must also evolve. Over the years, the stakes keep growing and strengthening American competitiveness becomes all the more important. Our strategy must respond to these concerns while being flexible and agile to face the future challenges facing China that may arise ”, says Katherine Tai, US Trade Representative.

“Our goal is not to fuel trade tensions with China. Sustainable coexistence requires responsibility and respect for the enormous consequences of our actions. I am committed to meeting the many challenges ahead in this bilateral process in order to achieve meaningful results. But above all, we must defend our economic interests to the end. And that means taking whatever steps are necessary to protect ourselves from the waves of damage inflicted over the years by unfair competition. We must be ready to deploy all tools and explore the development of new ones, including collaborating with other economies and countries. ”


The Brookings Institution is funded through the support of a wide range of foundations, corporations, governments, individuals, as well as an endowment. A list of donors is available in our annual reports published online here. The findings, interpretations and conclusions of this report are those of its author (s) and are not influenced by any donation.


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EXCLUSIVE cash airlifts planned to bypass Taliban and help Afghans – sources https://wbts-forum.org/exclusive-cash-airlifts-planned-to-bypass-taliban-and-help-afghans-sources/ https://wbts-forum.org/exclusive-cash-airlifts-planned-to-bypass-taliban-and-help-afghans-sources/#respond Thu, 07 Oct 2021 13:44:00 +0000 https://wbts-forum.org/exclusive-cash-airlifts-planned-to-bypass-taliban-and-help-afghans-sources/ The money cuts would go to the poorest facing hunger A special fund could help pay salaries Some donors want money to pressure the Taliban BRUSSELS / FRANKFURT / WASHINGTON, Oct. 7 (Reuters) – As desperate Afghans resort to selling their belongings to buy food, international officials prepare to steal cash for the needy while […]]]>
  • The money cuts would go to the poorest facing hunger
  • A special fund could help pay salaries
  • Some donors want money to pressure the Taliban

BRUSSELS / FRANKFURT / WASHINGTON, Oct. 7 (Reuters) – As desperate Afghans resort to selling their belongings to buy food, international officials prepare to steal cash for the needy while avoiding government funding Taliban, according to people familiar with the confidential plans.

Planning for cash airlifts continues against the backdrop of a rapidly collapsing economy where money is running out, though diplomats still wonder if Western powers can demand that the Taliban make concessions in return, documents say internal policy consulted by Reuters.

Emergency funding, aimed at averting a humanitarian crisis in the face of drought and political upheaval, could see US dollar banknotes funneled into Kabul for distribution through banks in payments of less than $ 200 directly to the poor – with the blessing of the Taliban but without their involvement. .

In addition to stealing money to stem the immediate crisis, donor countries want to set up a “humanitarian plus” trust fund that would pay salaries and keep schools and hospitals open, two senior officials said.

Many Afghans have started selling their goods to pay for increasingly scarce food. The departure of forces led by the United States and many international donors deprived the country of subsidies that financed 75% of public spending, according to the World Bank.

The West’s unorthodox strategy reflects the dilemma it faces. Always keen to help Afghanistan after two decades of war and prevent massive migration, he is also loath to give money to the Taliban, who seized power in August and has yet to show significant change. compared to the harsh way they ruled the country between 1996. -2001.

SILVER DROPS

The United Nations has warned that 14 million Afghans face hunger. Mary-Ellen McGroarty, director of the United Nations World Food Program for Afghanistan, said the economy could collapse in the face of the cash flow crisis.

“A lot of parents give up food so that their children can eat,” she said.

In recent days, diplomats and Western officials have stepped up efforts to establish a cash lifeline.

The United Nations World Food Program has distributed around 10 million Afghans ($ 110,000) in cash through a local bank and intends to disburse more soon, a person with knowledge of the situation said.

The cash runs are a test for larger air deliveries of dollars from Pakistan, the person said.

A senior diplomat said two approaches were being explored to inject money into the Afghan economy. Both are in the planning phase.

Under the first plan, the World Food Program would steal cash and distribute it directly to people to buy food, expanding something the agency has already done on a smaller scale.

In the second approach, cash would be held by banks on behalf of the United Nations. This would be used to pay the salaries of staff of United Nations agencies and non-governmental organizations, the diplomat said.

A third person said UN officials have spoken to Afghan banks about opening money channels.

“If the country collapses, we will all pay the consequences,” said a senior European Union official. “No one wants to rush into a reconnaissance of the Taliban, but we have to deal with them. The question is not whether … but how.”

A spokesperson for the World Food Program said it helped nearly 4 million people in September, nearly triple the number in August, mostly with food, and that cash assistance was distributed in Kabul. The spokesperson said the lack of cash also affected the millers and truckers he worked with.

A LEVER OF NINE BILLION DOLLARS

Separately, the European Union, Britain and the United States have discussed creating an international trust fund to bypass the Afghan government and help fund local services, according to two officials with knowledge of the matter.

The Taliban did not immediately respond to requests for comment on the cash airlift plans.

A spokesperson for the US Treasury said it would allow humanitarian aid through independent international and non-governmental organizations while “denying goods” to the Taliban and sanctioning their leaders.

The government in Kabul has little to fall back on. The central bank, with $ 9 billion in assets frozen abroad, has depleted much of its reserves at home.

Shah Mehrabi, an official who helped oversee the bank before the Taliban took power and is still in office, recently called for the release of overseas reserves.

“If reserves remain frozen, Afghan importers will not be able to pay for their shipments, banks will start to collapse, food will become scarce,” he said.

But there is also a debate on whether conditions should be attached to the release of funds.

In an article written last month and seen by Reuters, French and German officials outline their goal of using money as “leverage” to put pressure on the Taliban.

“Countries could condition recognition of the political legitimacy … of the Taliban on the commitments they are prepared to make,” officials said in the two-page report.

“The economic and commercial levers are among the strongest we have,” said the note, referring to the prospect of releasing the Afghan reserves held abroad.

In a separate diplomatic note, French and German officials present five demands that could be addressed to the Taliban.

These include allowing Afghans who wish to leave the country to do so, “severing ties with … terrorist organizations”, allowing access to humanitarian aid, respecting human rights and ‘establish an “inclusive government”.

Additional reporting by Stephanie Nebehay, Michelle Nichols and Rupam Jain; Writing by John O’Donnell; Editing by Giles Elgood

Our standards: Thomson Reuters Trust Principles.


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