Pivdencom Bank http://pivdencombank.com/ Thu, 02 Dec 2021 20:22:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://pivdencombank.com/wp-content/uploads/2021/06/cropped-favicon-32x32.png Pivdencom Bank http://pivdencombank.com/ 32 32 Best Lawyers in Brazil 2022 recognizes three Gibson Dunn lawyers https://pivdencombank.com/best-lawyers-in-brazil-2022-recognizes-three-gibson-dunn-lawyers/ Thu, 02 Dec 2021 20:11:18 +0000 https://pivdencombank.com/best-lawyers-in-brazil-2022-recognizes-three-gibson-dunn-lawyers/

December 2, 2021

Best Lawyers in Brazil 2022 recognized three Gibson Dunn attorneys as leading attorneys in their respective areas of practice: New York Partner Tomer Pinkusiewicz – Project Finance & Development Practice; Lisa Alfaro, São Paulo Partner – Corporate and Mergers & Acquisitions Law; and São Paulo of counsel Fernando Almeida – Banking and Financial Law, Capital Markets Law and Corporate Law and Mergers and Acquisitions. The guide was published on December 2, 2021.

Gibson, Dunn & Crutcher’s São Paulo office serves clients in Brazil, Latin America and around the world. Lawyers in our São Paulo office provide international legal advice to clients on mergers and acquisitions, private equity investments and capital markets. Other areas of focus include project finance, bank finance, fundraising, international arbitration, and anti-corruption compliance.

Tomer Pinkusiewicz’s practice focuses on sourcing, developing, financing and acquiring / disposing of infrastructure-related assets and companies, with considerable experience in Latin America-related transactions, bonds project and infrastructure financing. He has extensive experience in representing infrastructure funds, asset managers, industrial players and private equity platforms with respect to infrastructure investments and divestments, with extensive experience and a focus on complex joint venture arrangements and debt financing arrangements relating to such assets.

Lisa Alfaro has advised US and multinational corporations on their most important and critical matters, including corporate transactions, corporate compliance and investigations. She represents developers, investment banks, private funds, Fortune 100 companies, public entities and investors in the United States and Brazil. Throughout her career, she has advised clients in large cross-border transactions, coordinating and supervising interdisciplinary multi-jurisdictional teams in complex transactions.

Fernando Almeida has extensive experience advising large international and Brazilian investment banks, companies and private investors in a wide range of cross-border transactions involving Brazil. He has represented various issuers and underwriters in connection with public and private cross-border equity and debt offerings, as well as in private placements and bank financing. He also has extensive experience advising foreign investors in the acquisition and creation of joint ventures with Brazilian public and private companies, and advises Brazilian companies in cross-border business combinations.

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Payday loan applications fell 52% in UK’s first foreclosure, Cashfloat report says https://pivdencombank.com/payday-loan-applications-fell-52-in-uks-first-foreclosure-cashfloat-report-says/ Thu, 02 Dec 2021 05:00:00 +0000 https://pivdencombank.com/payday-loan-applications-fell-52-in-uks-first-foreclosure-cashfloat-report-says/

LONDON–(COMMERCIAL THREAD) – Cashfloat.co.uk, a London-based payday loan provider, released a report titled ‘Who Borrowed Payday Loans During The Coronavirus Pandemic’, which analyzes payday loan applications received during the first part of the coronavirus pandemic.

He revealed that payday loan applications fell 52% during Britain’s first foreclosure. Payday loan applications remained low until May 10 – when those who couldn’t work from home returned to work and returned to normal after the lockdown ended. The data also shows the volume of payday loan applications for Britain’s second foreclosure. Interestingly, there was no significant change in payday loan applications during the second foreclosure like there was during the first foreclosure.

The full report is available for download from the Cashfloat website here.

Cashfloat spokesperson Sarah Connelly commented:

“It was very interesting to see that the volume of applications only went down during the first lockdown, not the second. Could this suggest that there was a difference in the level of financial assistance provided during the lockdowns? two locks? Or wasn’t the second lock as bad as the first? ”

Data for the report was collected by Cashfloat.fr and its affiliate websites. It analyzes data collected from just under a quarter of a million payday loan applications received over 12 months between March 1, 2020 and February 28, 2021. All data in the report is unique data. collected from Cashfloat’s extensive salary database. loan requests.

The report contains an analysis of:

  • How does the volume of requests for payday loans changed during the pandemic

  • The age of the candidates who applied

  • The sex of loan applicants

  • The relational status of candidates

  • Place of residence of applicants

  • What jobs and salaries they had

  • What amounts and types of loans they applied for

For exclusive statistics or personalized reports you can email the Cashfloat team at newsroom@cashfloat.co.uk.

___________________________________________________________

About Cashfloat

Cashfloat is an FCA approved direct lender that offers payday loans, personal loans, and installment loans through its popular website Cashfloat.co.uk. Since its launch in 2014, it has grown into one of the leading payday loan brands, recognized and trusted by thousands of UK consumers across the UK.

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]]> Razer shares move after privatization offer https://pivdencombank.com/razer-shares-move-after-privatization-offer/ Thu, 02 Dec 2021 03:35:00 +0000 https://pivdencombank.com/razer-shares-move-after-privatization-offer/

Tan Min Liang, Co-Founder, CEO and Executive Director of Razer, at a press conference on Razer’s proposed listing at the JW Marriott Hotel Hong Kong in Admiralty.

Dickson Lee | South China Morning Post | Getty Images

Razer shares fell more than 8% on Thursday after a consortium including co-founder Tan Min-Liang made an offer to privatize the Hong Kong-listed gaming hardware company.

The consortium, which also includes private equity firm CVC Capital Partners, has offered to pay up to HK $ 10.79 billion ($ 1.38 billion) to buy all the remaining shares, according to a filing. regulatory.

As part of the deal, the group would buy those shares at HK $ 2.82 apiece, up 5.6% based on Razer’s closing price on Wednesday.

The company has stated that the price of the offer is final and will not be increased.

Razer, which makes laptops, PC peripherals and other products for gamers, went public in 2017 with an initial public offering price of HK $ 3.88 per share.

For a brief period, the stock traded above HK $ 4 but failed to maintain that level.

The relatively low participation of institutional investors and the prolonged low liquidity of transactions negatively impacted the share price, Razer said in its regulatory filing.

Founded in 2005, Razer is headquartered in Irvine, California, but also has regional headquarters in Shanghai, Singapore, and Hamburg, Germany.

Credit Suisse is the financial advisor for the proposed transaction.

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2021 Leaders in Law Finalists: public company https://pivdencombank.com/2021-leaders-in-law-finalists-public-company/ Wed, 01 Dec 2021 19:43:01 +0000 https://pivdencombank.com/2021-leaders-in-law-finalists-public-company/

Elina avakian
Senior lawyer
Snap inc.

Elina Avakian is Senior Legal Counsel at Snap Inc., the company that owns Snapchat, Bitmoji, and Spectacles, and has been with the company for over five years. Prior to joining Snap in 2016, Avakian practiced in Dublin, Ireland in the commercial legal team of Mason Hayes & Curran, an Irish tier 1 law firm specializing in technology, media and telecommunications. She also completed an extended internal secondment to Facebook with their Irish Commercial Legal team.



At Snap, Avakian works within the Technology Platforms and Ecommerce sales team and supports internal clients in teams across Snapchat, Bitmoji and Spectacles. She also brings her expertise and innovative approach to the global payments and e-commerce space, which is a constantly evolving field with new regulations and requirements. His subject matter expertise and creative negotiation strategy allow him to close a large number of compelling and strategic deals for Snap Inc. in a stimulating and fast-paced environment.


Caroline galanty
Senior Vice-President – Associate General Counsel
Bank of America

Caroline Galanty started in Bank of America’s legal department 25 years ago as a bankruptcy lawyer in Los Angeles. Today, she supports the Global Commercial Banking, Business Banking / Wholesale Credit, Business Banking Special Assets and Middle Market Special Assets teams in the Western United States. She advises clients on credit structuring, risk assessment and compliance issues that arise throughout the credit life cycle, from origination to restructuring or execution.


Counseling at opposite ends of the credit life cycle creates a certain synergy. This gave Galanty unique visibility into the respective (and different) skills of the two companies, their risk appetite, their communication styles and their processes. The recent massive influx of troubled loans caused by the pandemic has tested these differences in unprecedented ways. His field of vision allowed him to see opportunities to leverage resources to more effectively manage the legal needs of this growing pool of credits.

Back to the Leaders in Law 2021 main event page

For reprint and license requests for this article, CLICK HERE.

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Fears at Ukrainian border escalate as officials hold Biden-Putin meeting https://pivdencombank.com/fears-at-ukrainian-border-escalate-as-officials-hold-biden-putin-meeting/ Wed, 01 Dec 2021 11:52:13 +0000 https://pivdencombank.com/fears-at-ukrainian-border-escalate-as-officials-hold-biden-putin-meeting/

Russian President Vladimir Putin greets during the 2021 US-Russia summit at Villa La Grange near Lake Geneva on June 16, 2021 in Geneva, Switzerland.

Mikhail Svetlov | Getty Images News | Getty Images

Uncertainty has surrounded the details of a much-vaunted meeting between US President Joe Biden and Russian President Vladimir Putin as fears grow that Russia could prepare to invade Ukraine.

White House press secretary Jen Psaki said on Tuesday she had no new details about a possible meeting between the two leaders, who last met in Switzerland this summer.

Psaki’s comments came after Russian Deputy Foreign Minister Sergei Ryabkov on Monday said preparations for a Putin-Biden summit were at an “advanced stage” but talks likely would not have held in person, the TASS news agency reported.

The Biden administration has more pressing concerns about Russia at the moment, with Psaki saying it remains “deeply concerned” by the heightened rhetoric around a reported Russian military build-up on the Ukrainian border.

There have been reports of a build-up of Russian troops on the Ukrainian border for weeks, raising widespread concerns that Russia is preparing to invade its neighbor, which was part of the Soviet Union before its dissolution in 1991.

Russia annexed Crimea to Ukraine in 2014 and has been accused of sending troops and weapons to support pro-Russian uprisings in two self-proclaimed republics in the Donbass region in eastern Ukraine , although she denies it.

Now, many observers close to Russia believe Putin is planning to launch some sort of military action against Ukraine, given the troop movement and rhetoric outside of Moscow, but Russia denies such notions. Putin himself called them “alarmists”.

Prepare for the worst

NATO is also worried, however, with the Secretary General of the military alliance, Jens Stoltenberg, warning on Tuesday that NATO members should prepare for the worst when it comes to Russia and Ukraine.

“You can argue whether the probability of an incursion is 20% or 80%, it doesn’t matter. We have to prepare for the worst,” Stoltenberg told reporters after a meeting of NATO foreign ministers in Riga, in Latvia.

“There is no certainty, no clarity on the exact intentions of Russia, and they may in fact evolve and change,” added the NATO chief, noting “that they have already done so” by reference to Crimea.

“We must get the message across to Russia that it must not conduct a military incursion into Ukraine. It has already done so. It continues to support the separatists in Donbass. And we must dissuade, send the message, that ‘they don’t have to do that And I hope they don’t. But like I said, we also have to be prepared for the other scenario, which is that Russia, once again, uses military force, ”he said.

NATO Secretary General Jens Stoltenberg at a meeting of NATO foreign ministers to discuss how to counter a Russian military build-up on the Ukrainian border amid fears the Kremlin is preparing to invade, taken in Riga, Latvia on November 30, 2021.

Gints Ivuskans | AFP | Getty Images

Stoltenberg reiterated a warning to Russia that “any future Russian aggression against Ukraine would come at a high price and have serious political and economic consequences for Russia.” sanctions for its annexation of Crimea.

Although it aspires to become a member, Ukraine is not a member of either the EU or NATO, and NATO has no obligation to defend the country. As such, how far the US and the EU could go to defend the country is uncertain. Stoltenberg raised the issue on Tuesday, noting that it was “important to distinguish between NATO allies and partner Ukraine”.

Ukraine has reportedly urged NATO to prepare economic sanctions against Russia and strengthen military cooperation with Kiev. talks with his NATO counterparts in Riga on Wednesday, Reuters reported.

Russia’s “red lines”

On the Russian side, Putin said that NATO countries which deploy weapons or troops in Ukraine will cross a “red line” for Moscow and could trigger a firm response.

Putin was asked about Russia’s “red lines” on Ukraine as he spoke at VTB Capital’s investment conference on Tuesday.

He responded by saying that the red lines would “probably be threats emanating from this territory. [Ukraine] … if they station and deploy attack systems on Ukrainian soil, the flight time to Moscow would be 5 to 7 minutes … and we will have to respond with something similar, against those who threaten and we can do it, we are able. “

He said Russia was concerned about the military exercises he said were being carried out near Russian borders, saying they posed a threat to Moscow.

“The Russian Federation is to some extent concerned about the large military exercises being carried out near its borders, including in the Black Sea most recently, as strategic bombers flew only 20 kilometers from our border, armed with weapons of precision and potentially nuclear weapons, we would certainly view that as a threat to us, ”Putin said. He then complained about the expansion of NATO and military infrastructure, missile defense systems, which are positioned in Poland and Romania.

Russia said on Wednesday it had started regular winter military exercises in its southern military district, parts of which border Ukraine, and 10,000 troops had moved to training grounds across the region, Reuters reported.

Speaking to CNBC on Wednesday, Andrey Kostin, chairman and chairman of VTB bank, responded to reports of the build-up of troops on the Ukrainian border.

“Whatever movements we make inside the country, it is on our territory, whereas, for example, we have NATO ships, including American ships, which ply the Black Sea which is only 20 or 30 kilometers from the Russian border … We are living in conditions where a NATO missile could reach our territory in seven minutes, so we are under a much greater threat, according to us, whether NATO countries or America, ”he told CNBC’s“ Squawk Box Europe ”.

Noting the poor state of relations between Russia and the West, Kostin said the lack of confidence was “a great threat to Russia”, while hoping that relations could improve.

“We really believe that sooner or later relations will improve, we are awaiting an announcement on a possible meeting between Mr. Putin and Mr. Biden, so we expect there to be positive changes.”

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New “Skills Maps” to boost Family Office talents in Singapore https://pivdencombank.com/new-skills-maps-to-boost-family-office-talents-in-singapore/ Wed, 01 Dec 2021 03:42:00 +0000 https://pivdencombank.com/new-skills-maps-to-boost-family-office-talents-in-singapore/

The two new skill cards complement the Family Office Advisor skill map, which was rolled out last year.

The Singapore Institute of Banking and Finance (IBF) and the Monetary Authority of Singapore (MAS) have launched the Family Executive Skills Map for Entry-Level Professionals and the Family Management Professionals Skills Map for management level professionals.

Launched as part of the competency framework for financial services, the skill cards aim to serve as a resource for training providers and financial institutions to design family office related training, and to provide advice to family offices on the skills and competencies of their staff, MAS and IBF said in a report. announcement.

They also aim to broaden the career paths of professionals working in the wealth management sector, opening up advancement and growth opportunities for private banking professionals to move laterally or vertically in the family office sector as as investment or management professionals, and for family office professionals to hold jobs in the private banking sector.

Strengthening competitiveness

Singapore’s family office industry has grown rapidly in recent years, with the number of family offices in the city-state doubling year-over-year to around 400 by the end of 2020.

In the ad, Gillian tan, Deputy Managing Director (Development and International), MAS said the skills cards “will ensure that professionals in the financial industry are well equipped to comprehensively meet the specialized needs of Singapore-based family offices, including business planning. succession and philanthropy, and will strengthen Singapore’s competitiveness as a wealth management hub. ”

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Instant Payments Critical to Payer Loyalty | PYMNTS.com https://pivdencombank.com/instant-payments-critical-to-payer-loyalty-pymnts-com/ Tue, 30 Nov 2021 18:39:52 +0000 https://pivdencombank.com/instant-payments-critical-to-payer-loyalty-pymnts-com/

Small and medium-sized businesses (SMEs) receive more than a third of their sales through ad hoc payments – one-off, infrequent transactions – PYMNTS research has found. In these transactions, more than 30% of payments are made late and often more than a month late.

SMEs have traditionally received payments via paper checks sent by post, due to agreements and a lack of payment choices. Today, however, SMEs, micro-businesses and consumers are less patient, having experienced faster turnaround times while doing more business online during the pandemic.

In fact, 60% of consumers and microenterprises see instant payments as essential to payor loyalty, according to the November / December 2021 disbursement tracker, a collaboration between PYMNTS and Ingo Money.

The tide is moving towards automated payment systems

Ingo Money CEO Drew Edwards told PYMNTS that the trend is slowly moving towards replacing paper checks with automated payment systems for ad hoc payments. For buyers, this can mean greater efficiency and, ultimately, savings. These savings come not only from a less complex checkout process, but also from the ability for providers to offer discounts in exchange for instant payments.

Large buyers can also benefit from scalability and payment processing to multiple small vendors through a single system, Edwards said. A “network of networks” approach can decouple buyers and suppliers, allowing everyone to pay and get paid in the way that suits them best.

Timeliness of payments is especially important in insurance and loans, an area where PYMNTS found that 63% of consumers and 71% of micro-businesses said they would be likely to do business if offered free instant disbursements. .

Anuj Nayar, head of financial health at LendingClub, told PYMNTS that the top three things borrowers want to know are if they will get the money, when they will receive the money, and how much the loan will cost them. Whether it’s applying for a car loan or a personal loan, getting the money quickly is important for customers at all levels.

Products such as balance transfer, in which money is paid electronically directly to a creditor, help speed up the process and facilitate approvals by mitigating the risk of sending money directly to a borrower, said Nayar.

The digital trend increases the speed of disbursements

The digital trend has had an impact on the loan management process, with disbursements and repayments being processed electronically through various channels including bank accounts, e-commerce accounts and mobile wallets. This decision not only increases the speed at which funds are disbursed and collected, but also provides more opportunities for applicants to receive and repay loans in the way that best suits their needs.

This is just one example of how technological improvements in the financial sector have revolutionized the industry, and recent events surrounding the pandemic have only accelerated progress. In response to the changing expectations of an increasingly digital-savvy customer base and the need to improve efficiency and experiences, the financial industry is increasingly turning to digital solutions. Thanks to these improvements, they will be able to better retain their customers, including SMEs, VSEs and consumers.

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

On: It’s almost time for the holiday shopping season, and nearly 90% of American consumers plan to do at least some of their purchases online, up 13% from 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed more than 3,600 consumers to find out more about what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

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Opinion: Your exposure to tech stocks is way more important than you think https://pivdencombank.com/opinion-your-exposure-to-tech-stocks-is-way-more-important-than-you-think/ Tue, 30 Nov 2021 12:23:00 +0000 https://pivdencombank.com/opinion-your-exposure-to-tech-stocks-is-way-more-important-than-you-think/ If you’re in an S&P 500 portfolio, you probably think your technology exposure is around 25%. This is the percentage you get when you force the constituent companies of the index to adopt a rigid industry classification taxonomy such as the widely used Global Industry Classification Standard (GICS).

But in reality, it’s not 25%. It’s somewhere north of 40%.

So if you think you are broadly diversified by “taking the market”, well, you are not. You are really into the whole tech hog.

To regain some semblance of diversification and avoid any tech bubble, you must adjust the holdings in the SPX indices linked to the S&P 500,
+1.32%.

One way is to own industry specific ETFs with a more muted stake in the technology. Or by moving away from an index with a market cap weighting towards an index that weighs each component equally.

The top five stocks represent over 20% of the S&P 500 market cap and are all tech related: Meta Platforms FB,
+1.47%
(parent of Facebook), Alphabet GOOG,
+ 2.32%
(owner of Google), Microsoft MSFT,
+ 2.11%,
Apple AAPL,
+ 2.19%
and Amazon AMZN,
+1.63%.
(You might think Amazon doesn’t belong, but more on that below.)

If all 500 stocks were weighted equally, those five would only represent 1% of the index.

The definitions of the CIGS sector are a blunt instrument for dealing with technological exposure. GICS classifies a company in one and only one of the 11 sectors, according to its main sector of activity. But large companies are rarely in one line of business.

Look at Amazon. GICS ranks it among consumer discretionary stocks. But anyone who follows Amazon knows it’s more than an online retail platform. It has cloud services, media distribution, and a physical grocery chain. The difference between the 25% and 40% weighting is that GICS is an incomplete metric.

Speaking of cloud services, check out Equinix EQIX,
+ 3.30%.
GICS treats it as a real estate company in the specialized REITS sub-sector. But its main activity is the operation of data centers. Shouldn’t that count as part of your tech exposure?

So, before thinking about a portfolio restructuring, we need to have a good grasp of the technology exposure, and in order to do that, we need to think about the dimensions of space and time:

Look at the space of the sector. Companies can have one main line of business, but if they are of a decent size, they are likely to have more than one line of business that is important to their profits. So we can’t just extract the biggest source of revenue and assign the entire business to that industry. The technology exposure will be higher than what is represented by the one company / one sector approach if the companies that are not primarily in technology have secondary lines of business that compete with the main lines of business of the companies that are not primarily in the technology sector. are.

There is no doubt that there are technology companies integrated with other companies in almost every industry. So, to get a feel for a portfolio’s tech exposure, explore a company’s product lines and get a feel for what each does, who it sells to, and what resources it uses.

Look at sectors over time. From time to time, industry definitions need to be rethought, as some industries change over time. For example, in 2018, GICS moved a bunch of companies to a newly baptized communications services industry. When this happened, your nominal technology exposure changed. Exposure to information technology in the S&P 500 fell, not for economic reasons, but because companies like Facebook, Netflix, NFLX,
-0.27%
and Alphabet has moved from technology to the communications services industry.

The same has happened in other sectors. Media companies like Disney DIS,
-0.20%
and Comcast CMCSA,
+ 0.84%
moved to the telecommunications sector.

These changes are inevitable, but companies always did what they did. Investors should therefore reach out to the new sector and count a portion of the companies there in your overall technology exposure.

Returning to Amazon as an example, this chart shows a breakdown of industry sectors, based on analysis from Syntax’s Affinity tool, which uses this exploration approach. Amazon is a consumer-focused company, but it has many companies, and each of its companies – maybe we should think of them as sub-companies, just like we have sub-sectors – has some exposure that counts for technology, indicated by blue in the exhibit.

Do this for all the companies in the S&P 500, add them up and you get over 40% exposure.

Even if we get the right sector exposures, sectors are only part of the picture. You also need a factor approach to risk. A tech company that is large and cash-rich with a supply chain anchored in China will react differently in many scenarios than a small-cap, leveraged, fully US-funded company. So go further to get an idea of ​​sector exposure and more broadly to assess exposure to countries (like China) and styles (like size and leverage).

Some good news: The tech industry has changed dramatically since 2000, when it last reached over 30% of the S&P 500 market cap. (When the tech bubble burst, the S&P fell 40% over the next three years; the even heavier tech Nasdaq Composite fell 70%.)

Today, the tech sector makes up an even larger proportion of the S&P 500, although this is mitigated as it now includes many more stable companies. (Unlike the dot-com era, this time around they have income!). And it’s also more diverse. In 2000, hardware made up two-thirds of the tech industry’s market capitalization, but now it’s only about one-third. The biggest thing now is software, at around 50%, and fintech has gone from next to nothing to 10% of the weight of technology.

So yes, more mature and more diverse. But still, more than 40%.

Rick Bookstaber is Co-Founder and Chief Risk Officer at Fabric. Previously, he held risk director positions at Morgan Stanley, Salomon Brothers, Bridgewater Associates and the University of California Regents and served in the US Treasury in the aftermath of the 2008 crisis.

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Kotak Bank, Asian Paints, Go Fashion, Dr Reddy’s https://pivdencombank.com/kotak-bank-asian-paints-go-fashion-dr-reddys/ Tue, 30 Nov 2021 01:58:58 +0000 https://pivdencombank.com/kotak-bank-asian-paints-go-fashion-dr-reddys/

Here is the list of the top 10 actions likely to be in the spotlight on Tuesday:

Kotak Mahindra: Private lender Kotak Mahindra Bank said today that Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in the bank to 9.99%. While announcing reformed rules on the structure of private sector banks, the RBI said on Friday that equity holdings of non-promoters would continue to be capped at 10% for individuals and non-financial institutions.

Go fashionable: Go Fashion IPO is going to be listed today on both NSE and BSE. According to stock market experts, the public issue worth ??1,013.61 crore can have a magnificent listing today. They said the Go Fashion share price could open to four digits around ??1100 levels per action.

Asian paintings: The company announced on Monday that it would invest ??960 crore to expand the manufacturing capacity of its factory located in Ankleshwar, Gujarat. The company signed a Memorandum of Understanding with the Government of Gujarat to begin the proposed expansion of paint manufacturing capacity from 1.3 lakh KL to 2.5 lakh KL and resins and emulsions from 32,000 MT to 85 000 MT, Asian Paints said in a regulatory filing. The expansion is to be completed within the next 2-3 years for a total investment of ??About 960 crore on plant and machinery at going prices, he added.

At Dr Reddy: Dr Reddy’s Indian laboratories are in talks with partners to export domestically-made doses of the Russian COVID-19 vaccine, Sputnik, after New Delhi recently approved the shipment of other vaccines, the country said on Monday. company. As the main Indian distributor of Sputnik, sold only in the private market, Dr Reddy’s has struggled to compete with the vaccines the government distributes for free.

Addiction: Indians can now use WhatsApp to shop billionaire Mukesh Ambani’s JioMart through a new ‘type and chat’ option, as Reliance Industries Ltd. defies the dominance of Amazon.com Inc. and Flipkart, owned by Walmart Inc. Shipping is free and there is no minimum order value, according to JioMart users who have received invitations to order WhatsApp purchases with a tutorial and a 90 second catalog. can fill their baskets in the app and pay via JioMart or in cash upon receipt of their order.

Bank of Industry: Senior executives at Bharat Financial Inclusion Ltd (BFIL), a wholly-owned subsidiary of IndusInd Bank, resigned from the company last week, the bank said on Monday. The bank said it has appointed an executive director and another person to oversee the day-to-day operations of the company. BFIL Managing Director and Managing Director Shalabh Saxena and Executive Director and CFO Ashish Damani are expected to join rival microfinance lender Spandana Sphoorty.

Future group: Amazon and a lobby of at least 15,000 small businesses have written to the markets regulator, demanding the revocation of the conditional approval it granted to the ??24,713 crore agreement for Future Group to sell its retail assets to Reliance Industries Ltd. The US e-commerce giant and the Confederation of Indian Micro, Small and Medium Enterprises have written two separate letters to the Securities and Exchange Board of India (Sebi) on the matter.

HAL: Hindustan Aeronautics Ltd (HAL) will manufacture four light utility helicopters (LUH) in limited series by 2022-2023, the central government announced in Rajya Sabha on Monday. Responding to a question, Defense Minister Ajay Bhatt also said the government-owned aerospace giant will build eight more LUHs by 2023-24.

GNP: The state-owned Punjab National Bank (PNB) has announced that it will invest in Open Network for Digital Commerce as a promotional entity by acquiring more than 9% stake in the company, which has not yet been incorporated. Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing.

Union Bank of India: The Reserve Bank of India imposed a monetary penalty worth ??1 crore on Union Bank of India for not classifying an account as fraud and late disclosure in the annual report. In a press release issued on Monday, the regulator said the bank had been sanctioned for failing to comply with certain provisions of the instructions issued by the RBI contained in “Reserve Bank of India (Fraud – Classification and Reporting by commercial banks and select FIs ) Directions 2016 “and” Guidelines on the sale of live assets by banks.

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Turkish lira crisis reveals dependence on imported energy https://pivdencombank.com/turkish-lira-crisis-reveals-dependence-on-imported-energy/ Mon, 29 Nov 2021 16:30:07 +0000 https://pivdencombank.com/turkish-lira-crisis-reveals-dependence-on-imported-energy/

Turkey is surrounded by some of the richest fossil fuel reserves in the world, in the Middle East and Central Asia, but itself produces little oil, gas or coal. The country imports 93% of the oil and 99% of the gas it consumes, a vulnerability when energy prices in dollars rise and the pound slips.

These two factors have hurt the economy of Turkey, a member of the Group of 20 and the North Atlantic Treaty Organization. Benchmark Brent oil prices have risen 45% in dollars this year. Factor in the fall of the Turkish lira, and the cost is up 150% even after the crude prices have fallen since the emergence of the Omicron variant of the coronavirus. The pound has lost more than a third of its value since Turkey’s central bank started cutting interest rates amid rising inflation in September.

Rising energy prices are putting even more strain on Turks, who are already grappling with rising prices for food, medicine and transportation. The government raised the price of gasoline by more than a lira a liter last week, causing long lines to form at gas stations before prices rose at midnight.

Turkey’s energy situation is precarious as supply contracts that cover 8 billion cubic meters of natural gas per year – nearly 15% of annual demand – are due to expire next month, just as Europe is suffering. its biggest gas price crisis in a generation.

The long-term agreements relate to gas sent by Russian company Gazprom PJSC to state-owned Botaş Petroleum Pipeline Corp. and a group of private companies. Talks to renew them are continuing.

“The situation is really worrying,” said Gulmira Rzayeva, senior visiting researcher at the Oxford Institute for Energy Studies. Turkey could experience power outages during the winter, she added.

Gazprom is a big winner from the global gas shortage, generating record profits. Sales to Turkey have helped: Gas started flowing through the TurkStream pipeline under the Black Sea in early 2020 and Gazprom says supplies to Turkey have more than doubled in the first 10 months of 2021. Ankara has tried to reduce its dependence on Russian energy, by sourcing gas from the United States and producing more electricity from renewables.

Turkish President Recep Tayyip Erdogan will want to avoid a gas shortage this winter. Russia could push Turkey away from oil-related prices and towards prices that reflect spot trading at international gas hubs like the Netherlands, which are currently higher.

Energy prices are a major factor behind Turkey’s inflation problem. Consumer prices rose nearly 20% in October from the previous year, according to the Turkish Statistical Institute. Transportation and one category of goods, including electricity, gas and other fuels, contributed 6.5 percentage points to the increase.

“Households won’t be able to spend that much on other things,” said Viktor Szabo, fund manager at Asset Manager abrdn, who has sold all of the lira-denominated assets in his emerging market debt portfolios.

The Turkish lira fell 2.5% against the dollar on Monday, trading near a record low of around 12.5 per dollar.

Gas supplies more than a quarter of the energy consumed in Turkey, and demand is expected to hit a record 60 billion cubic meters this year. Russia is the biggest supplier despite a sometimes rocky relationship between rival regional powers. Gazprom has cut off flows to private Turkish importers who owed the Russian company hundreds of millions of dollars earlier this year.

State-owned Botaş, for its part, is being severely tested by the fall in the pound. The state-owned company sells gas at government-imposed prices that are lower than the cost of the gas it imports from abroad. Adding to the urgency of renewing the contract with Gazprom, high international gas prices have dissuaded Botaş from supplementing its supplies with shipments of liquefied natural gas from the United States and elsewhere.

Ali Arif Aktürk, an energy consultant who worked at Botaş and sits on the board of two gas distribution companies, estimates that Botaş will lose between $ 4 billion and $ 5 billion this year.

A spokesperson for Botaş did not respond to requests for comment.

Mr Aktürk said the contracts will ultimately be part of discussions between Mr Erdogan and Russian President Vladimir Putin, also encompassing topics such as Syria and Ukraine.

Russia’s relations with Turkey are less frosty than its relations with the European Union, which should help Ankara access the gas it needs, said Christof Rühl, a researcher at the University’s Center on Global Energy Policy. Columbia and former chief economist at BP. The Kremlin has, however, protested in recent months against the use of Turkish drones by Ukrainian government forces fighting Russian-backed separatists.

In a way, Turkey is better placed to deal with soaring energy prices than during its last currency crisis in 2018. The country’s current account – a measure of transactions with the rest of the world – presents a rare surplus in part due to a tourism revival before the emergence of the Omicron variant.

Nonetheless, rising global energy markets are sucking dollars out of the economy which is home to companies heavily indebted in foreign currencies. Turkey spent $ 3.67 billion more on energy imports than it collected through exports in September, according to central bank data, its biggest net expenditure since December 2014.

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