Nordic Loans – Nordbi http://www.nordbi.org/ Tue, 20 Sep 2022 03:22:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 http://www.nordbi.org/wp-content/uploads/2021/04/nordbi-icon-150x150.png Nordic Loans – Nordbi http://www.nordbi.org/ 32 32 Electric vehicles are changing the transport experience in European cities http://www.nordbi.org/electric-vehicles-are-changing-the-transport-experience-in-european-cities/ Mon, 19 Sep 2022 22:00:42 +0000 http://www.nordbi.org/electric-vehicles-are-changing-the-transport-experience-in-european-cities/

Electric vehicles (EVs) are reshaping the urban environment for the better, helping city dwellers breathe cleaner air and lower their carbon emissions.

City councils across Europe have implemented measures to boost the uptake of electric vehicles as part of efforts to reduce the number of combustion engines on the roads and the continent has some of the most electrified cities in the world. .

In this article, PYMNTS looks at three European cities that have been at the forefront of the electric vehicle revolution and some of the initiatives that are helping the continent on the path to a more sustainable electric future.

amsterdam

As part of the city’s ambitious plan to achieve net zero carbon emissions by 2025, Amsterdam has introduced several incentive schemes for electric vehicles to add to the already pro-electric environment in the Netherlands. .

As well as being able to benefit from national incentives such as a reduction in vehicle tax and government-funded subsidies for electric taxis and delivery vans, drivers in Amsterdam are further encouraged to switch to electricity through a series of local programs.

The city has implemented measures that include parking privileges for emission-free taxis, clean zones to keep polluting vehicles away, and even the exclusion of parking permits for gas-powered vehicles.

Of course, in a city famous for its bikes, electric vehicle technology is also having an impact. Indeed, since 2018, electric bikes have exhausted city ​​bikes in the Netherlands and over half a million e-bikes were sold in the country last year.

London

With 2.6 million registered cars, London is one of the places with the most to gain from electrification efforts.

Additionally, as Transport for London (TfL) has declaredall Londoners live in areas that fall short of the World Health Organization (WHO) target for particulate matter and nitrogen dioxide, making the transition to electric vehicles an urgent public health concern.

With the lives of Londoners at stake, the city’s mayor, Sadiq Khan, has stepped up efforts to reduce the presence of polluting vehicles in the city. Currently, TfL is examining the possibility of extending the Ultra Low Emission Zone (ULEZ), where charges apply to anyone driving older, more polluting vehicles, to the whole city in 2023.

Read more: UK e-scooter regulations create opportunity and uncertainty in the micromobility sector

In addition to Khan’s clean air initiatives, private sector players like Uber have also stepped up efforts to put more electric vehicles on London’s streets.

The global ride-sharing company has declared that “London is the global leader in Uber’s electrification efforts with more electric vehicles on Uber in London than any other city on the app.” The company said it is on track to have 10,000 electric vehicles in the city by the end of this year and expects all Uber vehicles in London to be fully electric by 2025.

Learn more: Mobility Weekly: Madrid regulates, London electrifies

To help Uber drivers make the switch, the company has partnered with Nigerian vehicle finance startup Moove to offer a rent-to-own scheme to drivers who will see Uber contribute to their weekly reimbursements.

stockholm

Stockholm is one of the most advanced cities in the world when it comes to moving away from fossil fuels, with plans that all of its public transport runs on electricity or biodiesel by 2025.

In fact, Sweden in general has had some of the highest EV adoption rates in the world. In August, Mobility Sweden reported that 28% of all new car registrations were for fully electric vehicles, with hybrids accounting for a further 18%.

In a sign of the strength of the electric vehicle market in the Nordics, Carla, an electric vehicle market, raised $20 million earlier this year to help fund its expansion into the rest of Europe.

Continue reading: Carla’s $20m funding to grow European EV market

To better respond to the growing number of electric vehicle drivers, Stockholm continued to build the infrastructure needed to charge new electric cars.

By 2026, Parking in Stockholm aims to offer charging stations in all its garages and aims for more than 100,000 new electric car charging stations by 2030. This would be equivalent to one EV charging station for every 16 people living in Stockholm County.

For all PYMNTS EMEA coverage, subscribe daily EMEA Newsletter.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for partnership opportunities with innovators and disruptors.

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https://www.pymnts.com/news/retail/2022/transformation-of-victorias-secret-hindered-by-slow-consumer-spending/partial/

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Fed leads global 500 basis point attack on inflation: Eco Week http://www.nordbi.org/fed-leads-global-500-basis-point-attack-on-inflation-eco-week/ Sat, 17 Sep 2022 21:04:48 +0000 http://www.nordbi.org/fed-leads-global-500-basis-point-attack-on-inflation-eco-week/

(Bloomberg) – The U.S. Federal Reserve and a number of its global counterparts will launch a swift attack on inflation over the coming week as their commitment to containing consumer prices grows ever more resolute.

Three days of central bank decisions are expected to result in interest rate hikes totaling more than 500 basis points combined, with the potential for a bigger tally if officials opt for more aggressiveness.

Sweden’s Riksbank will launch the assault on Tuesday, with policymakers expecting according to economists to accelerate the tightening with a 75 basis point move.

That’s just a prelude to the main event, when U.S. officials are expected to hike borrowing costs by the same amount on Wednesday to keep pressure on a resurgence in inflation. After another Consumer Price Index report beat forecasts, some investors even bet on a gigantic 100 basis point hike.

Thursday will see the most widespread action. Central banks in the Philippines, Indonesia and Taiwan are all expected to raise rates. The focus then shifts to Europe, with hikes of half a point or more forecast by the Swiss National Bank, Norges Bank and Bank of England. Further south, the South Africa Reserve Bank will continue its efforts with a move of 75 basis points expected, and Egypt could also act.

However, three major central banks will likely be absent from the hike. On Wednesday, Brazilian policymakers could take a breather after a series of unprecedented increases over the past 18 months.

The next day, Bank of Japan officials will likely persist with an unchanged stance even as they worry about yen weakness. Then, their Turkish counterparts will likely continue their unorthodox approach of keeping rates low, despite inflation above 80%.

What Bloomberg Economics says…

“In a busy week for monetary policy, we expect the Fed to hike 75 basis points and the Bank of England 50 basis points. Next week’s calendar also includes decisions from central banks around the world. Japan, Sweden, Turkey, Brazil, Indonesia and the Philippines, as well as an update on PBOC prime lending rates.

–Tom Orlik, Chief Economist. For a full overview, click here

Elsewhere in the coming week, US housing data, a budget announcement from the new UK government and inflation data from Japan will also attract investors’ attention.

Click here to see what happened last week and below is our summary of what is happening in the global economy.

American economy

With all eyes on the Fed’s decision and Chairman Jerome Powell’s press conference, the timing of economic data will provide clues to the impact of central bank tightening so far this year.

Reports on August housing starts and sales of previously owned homes are due out on Tuesday and Wednesday, respectively. The median projection for purchases of existing properties predicts a seventh consecutive monthly decline.

The weekly jobless claims and S&P Global manufacturing and services surveys for September will complete a relatively quiet week of data.

  • For more, read the full week of Bloomberg Economics for the US

Asia

The BOJ board will make its policy decision on Thursday amid speculation that Japan is set to intervene in currency markets as the yen tests 145 to the dollar.

Governor Haruhiko Kuroda is expected to remain firm in keeping policy unchanged, although he is likely to end his Covid support loan program, which could pave the way for an adjustment in forward guidance.

Thursday will feature a central bank marathon in Asia, with Indonesia, the Philippines and Taiwan all setting policy, and the Hong Kong Monetary Authority reacting to the Fed’s overnight move.

Below, the Reserve Bank of Australia’s Jonathan Kearns will speak on house rates and prices on Monday, while RBA Deputy Governor Michele Bullock speaks to Bloomberg on Wednesday at an exclusive event .

On the data front, Japan’s national inflation data released on Tuesday is expected to continue to rise. South Korea’s early trade data released on Wednesday will continue to provide insight into the slowing pace of the global economy. And Singapore releases inflation data on Friday.

  • For more, read the full Asia Week Ahead from Bloomberg Economics

Europe, Middle East, Africa

As the UK takes national leave on Monday for the funeral of Queen Elizabeth II, monetary policy activities will resume as usual on Thursday in a decision delayed by a week to allow for mourning.

The BOE meeting will be the first opportunity for officials to react to the changed outlook created by new Prime Minister Liz Truss’s efforts to contain the cost of living crisis, and the pound’s plunge to its lowest since 1985. Economists predict at least a half-point rate hike as officials grapple with inflation that remains uncomfortably high.

The following day, the new Chancellor of the Exchequer, Kwasi Kwarteng, will host a ‘tax event’ at which he is expected to confirm his intention to reverse a recent increase in National Insurance – a payroll tax – and provide more details of the Truss support program.

The SNB could hike rates by 0.75 percentage points in its quarterly decision on Thursday, an aggressive move to match the eurozone’s increase, even though inflation in Switzerland is well below that of the rest of the world. Europe. Norway’s central bank will likely rise half an hour later as well, maintaining an accelerated pace after core consumer prices clearly beat its forecast.

Earlier in the week, alongside a rate hike expected by Sweden’s Riksbank, investors will focus on the extent to which policymakers plan to accelerate future tightening plans amid growing evidence that the Nordic’s largest economy heading for a recession in 2023.

In the euro region, speeches by European Central Bank Vice-President Luis de Guindos and Bundesbank chief Joachim Nagel could attract investors’ attention, as well as the first round of director surveys. purchase for September, scheduled for Friday.

Looking south, data from Ghana on Tuesday is likely to show economic growth slowed to 3% in the second quarter due to rising rates and a crash in the cedi that pushed prices further up. already on the rise.

Meanwhile, on Wednesday, a report in South Africa is expected to show that inflation eased in August after petrol prices fell, although the rate is still expected to remain above the 6% cap of the central bank.

Concerns about further rand weakness and a disanchoring of price expectations will be the focus of the SARB’s monetary policy committee on Thursday. Forward rate agreements starting in a month – used to speculate on borrowing costs – fully forecast a 75 basis point increase, with a probability of a larger move of 100 basis points at 82%.

Turkey is expected to leave rates unchanged on Thursday after a sharp cut in August, although a slowing economy and the looming elections next year mean more stimulus remains on the agenda .

Egypt will likely raise interest rates on the same day as inflationary pressures build and the pound continues its gradual decline.

  • For more, read Bloomberg Economics’ full week for EMEA

Latin America

The Brazilian central bank’s prized survey of economists kicks off the week, with a firm eye on 2023 and beyond. Later Monday, Colombia reports economic activity in July, likely showing some cooling between May and June.

Next, Argentina’s second-quarter production numbers could show surprising strength given the political and trade turmoil rocking South America’s second-largest economy.

The highlight in Chile will be the minutes of the September 6 central bank meeting, where policymakers accelerated the tightening with a bigger-than-expected hike of 100 basis points to push the policy rate to a record high. 10.75%.

Expect Mexico’s mid-month consumer price readings to edge up ever so slightly from 8.77%, suggesting Banxico’s third-quarter inflation spike may have arrived.

Brazil’s central bank is expected to keep its key rate unchanged at 13.75% after a record 12 consecutive 2% hikes in March 2021. Traders see less than a 50% chance of another hike in the coming months, and it is possible that Brazil – among the first to start tightening globally in March 2021 – will also become among the first to finish.

  • For more, read the full Latin America Week Ahead from Bloomberg Economics

©2022 Bloomberg LP

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EU General Court dismisses appeals in landmark state aid decisions – Trial, appeals and compensation http://www.nordbi.org/eu-general-court-dismisses-appeals-in-landmark-state-aid-decisions-trial-appeals-and-compensation/ Fri, 16 Sep 2022 09:36:03 +0000 http://www.nordbi.org/eu-general-court-dismisses-appeals-in-landmark-state-aid-decisions-trial-appeals-and-compensation/

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The EU General Court has completely rejected appeals by the City of Helsinki and Helsingin Bussiliikenne in landmark state aid decisions.

We represent the largest Nordic bus company Nobina in a state aid case concerning loans granted by the City of Helsinki to its wholly owned bus company Helsingin Bussiliikenne Oy (HelB). We supported Nobina by preparing a complaint to the European Commission in 2011, then we helped Nobina throughout the Commission’s multi-year investigation which culminated in a decision in 2019 that state aid is illegal and must be repaid. The Commission ordered HelB and the new company which had purchased HelB’s assets to repay illegal state aid of around EUR 54 million plus interest, as the aid had distorted the market for buses in the Helsinki region. After Helsinki and HelB appealed the Commission’s decision, Dittmar & Indrenius represented Nobina before the General Court (cases T-597/19 and T-603/19) supporting the Commission.

On September 14, 2022, the EU General Court dismissed Helsinki’s and HelB’s appeals completely and ordered Helsinki and HelB to pay the Commission’s and Nobina’s legal costs.

The consequence of these judgments is that municipalities should be increasingly aware of the limits of how they can support their own businesses. In addition, those buying a business or its assets should be aware that they may be jointly and severally liable to repay illegal state aid with the business that received it.

The cases are linked below:

T-597/19

T-603/19

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

POPULAR ARTICLES ON: EU Litigation, Mediation & Arbitration

Case Law Updates – August 2022

Barton Legal

This was a request to Madam Justice Jefford, for anticipated specific disclosure by the defendant; Broadway Malyan Limited (“BM”).

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Karolinska Development’s Portfolio Company Umecrine Cognition Secures Funding Ahead of Phase 2 Study of Golexanolone in Primary Biliary Cholangitis http://www.nordbi.org/karolinska-developments-portfolio-company-umecrine-cognition-secures-funding-ahead-of-phase-2-study-of-golexanolone-in-primary-biliary-cholangitis/ Wed, 14 Sep 2022 09:00:00 +0000 http://www.nordbi.org/karolinska-developments-portfolio-company-umecrine-cognition-secures-funding-ahead-of-phase-2-study-of-golexanolone-in-primary-biliary-cholangitis/

Karolinska Development AB (publ)

STOCKHOLM, SWEDEN – September 14, 2022. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that portfolio company Umecrine Cognition has secured funding of SEK 41 million to start a phase 2 study of the candidate- drug golexanolone in primary biliary cholangitis, a condition that occurs when the bile ducts in the liver are slowly destroyed. The financing is implemented in the form of a convertible loan with stock options. Karolinska Development is investing SEK 15 million as part of an investor consortium that includes, among others, AB Ility. The dilutive effect of the transaction will result in a negative profit effect of SEK 49 million (7.7%) for Karolinska Development in the third quarter of 2022.

Umecrine Cognition is developing a new class of drugs to relieve cognitive symptoms caused by liver disease. The company’s most advanced drug candidate, golexanolone, is currently being evaluated in patients with primary biliary cholangitis (PBC) and hepatic encephalopathy (HE; liver coma). These severe conditions result in inappropriate suppression of brain activity, causing extreme fatigue, difficulty concentrating, and impaired motor function. Results from previous clinical and preclinical studies strongly indicate that golexanolone is able to counteract such inappropriate suppression of brain activity.

“Umecrine Cognition’s golexanolone drug candidate addresses an important medical need in patients with liver disease who suffer from severe chronic cognitive symptoms. We are delighted with the strong interest shown by external investors to fund the launch of the next phase 2b study with Karolinska Development. The results of the study have the potential to significantly enhance the value of this unique drug project,” said Viktor Drvota, CEO of Karolinska Development.

Karolinska Development’s stake in Umecrine Cognition amounts to 73%. Upon full exercise of the stock options attached to the convertible loan, Karolinska Developments’ ownership will decrease to 65%.

For more information, please contact:

Viktor Drvota, CEO, Karolinska Development AB
Telephone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

Johan Dighed, General Counsel and Deputy Managing Director, Karolinska Development AB
Telephone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

TO EDITORS

About Karolinska Development AB

Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company is focused on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and management teams. The company invests in the creation and growth of companies that turn these assets into commercial products designed to make a difference in the lives of patients while delivering an attractive return on investment to shareholders.

Karolinska Development has access to world-class medical innovations at Karolinska Institutet and other leading universities and research institutes in the Nordic region. The company aims to build companies around leading scientists in their fields, supported by experienced management teams and advisors, and co-financed by specialist international investors, to offer the best chance of success.

Karolinska Development has a portfolio of ten companies targeting opportunities in the innovative treatment of life-threatening or severe debilitating diseases.

The firm is led by an entrepreneurial team of investment professionals with proven business builders and access to a strong global network.

For more information, please visit www.karolinskadevelopment.com.

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The energy crisis should prompt an overhaul of regulations http://www.nordbi.org/the-energy-crisis-should-prompt-an-overhaul-of-regulations/ Mon, 12 Sep 2022 04:00:48 +0000 http://www.nordbi.org/the-energy-crisis-should-prompt-an-overhaul-of-regulations/

It’s a measure of how jittery the world feels right now that we’ve been inundated with “Lehman moments” for the past few months. The implosion of China’s Evergrande late last year was described by many observers as a potential Lehman moment for China’s overleveraged property sector. The crypto meltdown in March was another.

Yet it is remarkable, even alarming, for a government minister to make the analogy. Finland’s Economy Minister Mika Lintilä compared the current energy crisis in Europe to the role of Lehman Brothers in the 2008 financial crisis last weekend, as he unveiled a package of loans and guarantees from 10 billion euros to protect the energy sector of his country.

Hyperbole or not, he was certainly right on one point. Without intervention, an existential crisis threatened many energy companies, putting pressure on the banks that lent to them or on the clearinghouses called central counterparty exchanges (CCPs) that intermediated these financing contracts. Such are the exorbitant prices and market dysfunction, triggered by Vladimir Putin’s invasion of Ukraine and his reduction of gas supplies to Europe.

If Finland and Sweden were the only ones to act a week ago, others have followed. European leaders met in Prague on Friday to discuss a coordinated rescue plan, including state guarantees and a range of other measures.

“The world should remember Lehman,” I wrote in March, “and prepare for a global financial and economic shock.”

Financial policymakers insist they have been absolutely prepared – not just for this shock, but for many more. They point to the robustness of the banking system in the face of Covid and now in the face of the energy debacle and galloping inflation.

This, they say, proves the success of post-2008 financial regulation, when capital and liquidity rules for banks were tightened. Elaborate mechanisms were then put in place to allow authorities to put failing banks into orderly liquidation, and most derivatives transactions were routed through supervised CCPs, rather than being executed under obscure over-the-counter transactions.

The banking system has indeed been robust, but largely thanks to government interventions before the economic strains hit the banks. Without Finland’s bailout, and a similar plan in Sweden the day before, the local Nasdaq clearing house, or the banks that are members of it, would have had to bear the stress. Likewise, in 2020 and 2021, extensive Covid relief packages granted to businesses around the world avoided the risk of massive defaults on bank loans.

It is tempting to dismiss such events as inevitable and exceptional, and deserving of exceptional government intervention. But more could still be done preemptively to mitigate their economic impact.

The 2008 financial crisis highlighted the critical nature of the banking system and triggered regulatory restructuring to better protect it in the future. But policy-making has been blinded.

Central counterparties were consciously turned into systemically important structures during this post-crisis crackdown, but regulators accepted the exchanges’ argument that tight collateral management made high capital levels unnecessary as buffers against the risk. The Nordic experience raises further doubts about this hypothesis.

In the central energy market itself, signals could and should have been drawn from post-crisis financial regulation. Around 2008, Libor and Euribor, borrowing benchmarks that had sometimes been casually calculated on the basis of imaginary transactions, proved dangerously manipulable and artificially expensive for banks, which had products linked to them.

Similarly now, the so-called TTF benchmark has turned out to be an erroneous gas price measure for electricity markets – in fact manipulated by Putin. Given the predominant role of Russian gas in this mechanism, its manipulation was predictable. Yet it is only now that EU policy makers are discussing a change

More generally, weak price regulation and energy hedging is eerily similar to the monitoring of flawed funding models of poorly supervised banks heading into 2008.

We are being punished now for not understanding the fragility of our energy systems. In addition to tackling this crisis, policymakers must be proactive in ensuring that all of our critical infrastructure – power, water, internet – is as rigorously regulated as banks were after 2008.

patrick.jenkins@ft.com

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Rwanda Energy Group on the task of meeting 2024 electricity targets – KT PRESS http://www.nordbi.org/rwanda-energy-group-on-the-task-of-meeting-2024-electricity-targets-kt-press/ Fri, 09 Sep 2022 14:53:20 +0000 http://www.nordbi.org/rwanda-energy-group-on-the-task-of-meeting-2024-electricity-targets-kt-press/
Ron Weiss, REG’s Managing Director, Celebrates Achievements in Electricity Deployment

Rwanda Energy Group (REG) Limited has reappeared before the Public Accounts Committee (PAC) to answer questions from the Auditor General in hopes of achieving the country’s electricity access targets despite implementation challenges .

The public company has not been able to appear before the committee for two fiscal years.

The group’s subsidiary – Energy Development Corporation Ltd (EDCL) appeared before the committee on Tuesday to respond to its performance for the compliance audit report year ending June 2021.

EDCL is a company mandated to increase investment in the development of new power generation projects in a timely and cost-effective manner to expand supply in line with Rwanda’s development and develop appropriate transmission infrastructure to evacuate new power plants .

The company is responsible for delivering energy to the relevant distribution nodes; plan and execute energy access projects to achieve national access targets – 100% access to electricity for all by 2024.

Visit to the Nyabarongo hydroelectric plant

Ron Weiss, the Managing Director of REG, said that so far they have managed to achieve 73% (on and off grid) and the remaining 27%, but this will require more budgets for this.

Weiss said that while there are some issues to be resolved at the two subsidiaries, the funding needed at the moment is $680 million which they are seeking from development partners to move closer to the access goals of 2024.

“This will allow us to achieve 80% access and in order to implement the remaining 20% ​​we need an additional $600 million to meet the targets because it’s not just access we also have need for generation, distribution and transmission,” Weiss said. .

REG in rural electrification

However, PAC showed that in April 2011, the Nordic Development Fund (NDF) signed a grant agreement with the Government of Rwanda to fund the Sustainable Energy Development Project for the Promotion of Solar Water Heaters.

The NDF has committed to provide a €4 million ($5.2 million) grant and $6 million in government matching for the duration of the four-year, 9-month grant agreement, but was then extended until June 30, 2021.

REG in rural electrification

The audit noted that working capital amounting to Rwf 1.9 billion repaid by beneficiaries out of loans made from donor funds was not used to replenish the grant as required by the funding agreement.

The funding agreement states that the grant amount could be sufficient to reach up to 10,000 clients over the project period and a review of the grantee database revealed after 10 years from the date of signature of the grant. the financing agreement on April 1, 2011 until June 2021 .

REG energy supply

Out of 10,000 solar water heaters of the project target, only 3,337 beneficiaries were served, i.e. 33.37% and yet the project funding agreement expired on June 30, 2021 – yet the donor commitment was to $321,722 (Rwf 300 million).

Of the Rwf300 million that was disbursed during the previous financial year ended June 30, 2020 to finance the acquisition and distribution of 400 solar water heaters to new customers, only Rwf102.2 million was disbursed. used to settle 10% of the bills of solar water heaters provided previously and an amount of Rwf 22.9 million was used to honor other project commitments.

Therefore, a balance of Rwf 174.8 million remained in a bank account as inactive.

Deployment of electricity, Magagere village

PAC President MP Valens Muhakwa and MP Christine Bakundufite questioned why this could be so, demanding an explanation as to why a large number of citizens were not connected while funds remained unused.

MP Jeanne d’Arc Uwimanimpaye said testimonies from citizens show that the project was good after years, that there was less community mobilization and engagement efforts to connect and that this fund would have been fully utilized in two years if properly implemented.

“Instead of explaining that the beneficiaries did not come, it is better to consider improving awareness, otherwise it will be a loss,” said Uwimanimpaye.

Weiss said that they recognize the weakness of creating awareness campaigns on the solar project, but they run many promotional campaigns on other projects, including eco-friendly cookers and solar energy. .

“We will work on it and in the future the projects focus more on an awareness campaign to publicize these projects”, he pledged.

PAC Chairman Muhakwa told REG to pay attention to the GA report and recommendations, but also to work on the areas of implementation of declining projects, management of tenders and resolution of citizens’ concerns regarding expropriation and debt repayment.

PAC has also raised issues regarding incomplete substations and transmission lines to improve electricity access, especially with neighboring countries – Uganda, DR Congo, Burundi and Tanzania.

For example, a report showed that the work progress was at 74% completion for the development of the Rusumo – Bugesera transmission line via Shango and at 92.53% for the development of Bugesera and Shango substations. . Progress billing was estimated at 67.58% and 70.88% respectively according to the same supervision report

Felix Gakuba, the managing director of EDCL, said there were disruptions caused by contractors who had problems with equipment and travel, but that issue is being resolved and most projects resumed.

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Gautam Adani | From a merchant to the third richest in the world http://www.nordbi.org/gautam-adani-from-a-merchant-to-the-third-richest-in-the-world/ Sat, 03 Sep 2022 19:32:00 +0000 http://www.nordbi.org/gautam-adani-from-a-merchant-to-the-third-richest-in-the-world/

The Gujarat-based industrialist, whose interests range from ports and airports to power, media and telecommunications, has a net worth of $140 billion

The Gujarat-based industrialist, whose interests range from ports and airports to power, media and telecommunications, has a net worth of $140 billion

Industrialist Gautam Adani, who founded the Adani Group of Green Energy Ports, ranked in the top three of the Bloomberg Billionaires Index last week, behind Tesla founder Elon Musk and CEO Amazon, Jeff Bezos. Mr Adani, whose net worth is pegged at just over $140 billion as of September 3 according to the index, overtook luxury brand LVMH owner Bernard Arnault to take third place, the top Asian to do it.

Mr Adani’s first brush with business came when he dropped out of university and left his native Gujarat – where his father ran a textile unit – to try his hand at the diamond business in Mumbai. In 1981, barely out of adolescence, he returned home to participate in his brother’s company, which manufactures plastic films. The whiff of an import opportunity hit in 1988 when he found that domestic demand for polyvinyl chloride (PVC) far exceeded local supply. As business volumes soared, a foray into exports was the obvious next step.

The inflection point in the career of Mr. Adani, now 60, came, ironically, not when he joined a global company, but when one of those partners left his joint venture. Cargill and the Adani Group had agreed to set up a salt farm in Mundra, Gujarat, and even got permission to build a jetty to ship the production. But Cargill pulled out of the business – with ostensible reasons for leaving the US agricultural and food products giant ranging from a disagreement between partners over shareholding to protests by activists against salt farms . This was around 1991-92, just after the start of India’s economic liberalization.

The aborted salt farm venture, however, left the Adani Group with around 3,000 acres of land that would be the springboard for its next stage of growth.

At a time when Mr Adani was reportedly looking to move beyond trading and consider entering an asset-based business, and in what would ultimately turn out to be a fortuitous turn of events, Gujarat announced a pioneering port policy in 1995. which opened the doors to private investment in the sector. As the group’s business activities were frequently affected by delays in the clearance of goods at other ports in the country, Mr. Adani decided that it was the right time to establish a port and thus was born the port company of Mundra. Today, Mundra Port is India’s largest private port, providing shippers with the ability to load and unload bulk or containerized cargo.

For someone who claims fate saved him, both from kidnapping for ransom in the early 1990s and from the November 2008 terrorist attack in Mumbai while he was at the Taj Hotel Mahal Palace, Mr. Adani has bet his company’s future not just on providence, but as observers point out, on sniffing out opportunities allied with existing businesses or those offering the benefits of vertical integration.

For example, the SEZ policy of 2000 allowed for the creation of such an area on land adjacent to the Port of Mundra. These two companies were later combined under the umbrella of Adani Ports and SEZ Ltd. Observers say this company is still the cash cow that allows the group to venture into new types of businesses.

energy production

Mr. Adani’s interest in power generation was sparked by the demand for uninterrupted power supply from companies that settled in APSEZ. An example of vertical integration was its entry into power transmission – which was an obvious next step – and coal mining, as dry fuel supply was key to the success of the coal generation business. electricity.

Aside from critics’ claims that Mr Adani’s meteoric rise is a reflection of his closeness to ruling politicians, his forays into entirely new areas have likely been more strategic than daring, observers say. Its decision to acquire ACC and Ambuja Cement from Swiss building materials company Holcim for $10.5 billion to become India’s second-largest cement maker is a case in point. The Adani Group builds highways and implements other infrastructure projects, for which cement is a key raw material. The power generation activity produces fly ash as a by-product, which is an input material in the manufacture of cement.

Adani’s entry into the airports business was equally strategic, says Malay Mahadevia, who heads the company’s airports arm and is said to be a longtime friend of the group’s chairman. Mr Mahadevia is quoted as saying that for a group present in the infrastructure chain – through roads, ports and warehouses – the airport business had been a missing link. Today, the Adani Group operates six airports in the country, in addition to Mumbai Airport.

The founder’s penchant for scale has helped the group achieve goals that initially seemed far-fetched. In 2021, Mr. Adani has pledged to invest $70 billion to become the world’s largest renewable energy company. A year earlier, Adani Green Energy, a relatively new entrant in the field of renewable energy, won the world’s largest solar award from Solar Energy Corporation of India, for setting up 8 GW of solar capacity over 60 months, which involves an investment of ₹45,000 crore (equivalent to about $6 billion at the time).

However, forays into various sectors have not been without controversy. Protests against the group’s acquisition of the Carmichael mines in Australia have sparked local outrage. After buying the mine in outback Queensland in 2010, the group had to wait until 2019 before all state permits were in place. While the protests had made it difficult for the group to lend on the scale originally planned, the patient wait nonetheless hinted at Mr Adani’s belief that coal was the way forward for power generation.

In its annual report for the year ended March 2009, Adani Enterprises Ltd. had this to say: “Notwithstanding various policy initiatives in India to diversify the fuel mix, with the limited oil and natural gas reserve potential, eco-conservation, restrictions on hydropower energy projects and the geopolitical perception nuclear power, we believe it is likely that coal will continue to be India’s main power generator. In July 2022, the thermal power generation capacity accounted for 58% of the country’s total capacity, and at the beginning of this calendar year, the country faced a power generation crisis due to a shortage of coal, requiring coal imports.

The protests witnessed around the Carmichael mines were not the first Mr Adani had to face. Even during the development of the port of Mundra and after the establishment of a thermal power station in the area, reports of ecological damage – ranging from the impact on fisheries to the warming of nearby sea waters to the pollution of plans local waterworks – have drawn the angry attention of environmentalists and local residents.

More recently, a Nordic pension fund dumped its investments in the group following Adani’s past business dealings with a company linked to the Burmese military. And S&P removed APSEZ Ltd. of its Dow Jones Sustainability Indexes after careful consideration.

Yet not everything Mr. Adani touched turned to gold. The IT services sector and the retail sector briefly caught his eye. But the plans had to be quickly scrapped when the required management time turned out to be much higher than that seen in the group’s other businesses.

New Forays

More recently, the telecommunications and media industry have caught Mr. Adani’s attention. Recently, it successfully bid for telecommunications spectrum to provide 5G services to enterprises, including for data centers, and is now engaged in a hostile takeover bid by the news production company founded by Prannoy Roy and Radhika Roy, New Delhi Television Ltd (NDTV).

Last month, a unit of the Fitch Group, CreditSights, observed that the group’s pursuit of an aggressive expansion plan had “put pressure on its credit metrics and cash flow”. He pointed out that the group was increasingly venturing into new and/or unrelated businesses, which were “capital-intensive and raise concerns of too much dispersion in execution oversight.” The agency said it had seen little evidence of equity injections from developers into group companies, which it said were “necessary to reduce leverage in their strained balance sheets”.

The ratings firm added that in the worst-case scenario, “overambitious debt-funded growth plans could end up degenerating into a massive debt trap and eventually lead to distress or default.” one or more group companies.

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Sociedad to sign Tottenham 2021 target after £63m move to Newcastle http://www.nordbi.org/sociedad-to-sign-tottenham-2021-target-after-63m-move-to-newcastle/ Sun, 28 Aug 2022 16:00:00 +0000 http://www.nordbi.org/sociedad-to-sign-tottenham-2021-target-after-63m-move-to-newcastle/
Photo by Serena Taylor/Newcastle United via Getty Images

Real Sociedad are set to sign former Tottenham target Alexander Sorloth on loan for a second season as a replacement for Alexander Isak, who joined Newcastle United this week for a club-record transfer fee.

According to Bildthe Norway international is already undergoing a medical with the La Liga outfit ahead of his return to the Basque Country, with Sorloth set to sign for Sociedad on loan for a second year with no option to buy despite Isak’s recent move . £63m departure for Newcastle.

A flagged target for Tottenham last year, Sorloth scored eight goals in all competitions for Sociedad after joining the club on loan from RB Leipzig, where the 26-year-old striker struggled to adjust to life in the Bundesliga despite being a reliable goalscorer elsewhere. .

Despite Sociedad having more than enough funds to sign Sorloth on a permanent deal, the La Liga outfit have decided to simply defer the striker on loan for another year, with a decision on the future. of the Scandinavian likely to be decided next year at the end of this period. new loan period.

Indeed, Daniel Levy’s decision not to sign Sorloth in 2021 has apparently paid off, with the striker failing to match the goals Harry Kane and Heung-min Son struck last season for Tottenham, the pair of strikers being a key reason behind Spurs. ‘ the top four finish the last campaign.

With Antonio Conte this summer bringing in Richarlison from Everton, Tottenham’s attacking depth is arguably the best it has been in a few years, and Sorloth’s latest loan spell at Sociedad is a testament to where they are now. striker in his career.

Sociedad Sorloth signing is a solid replacement for Isak

Photo by Harry Langer/DeFodi Images via Getty Images

While Sorloth never made it to Tottenham, replacing Isak at Sociedad is a smart move for the La Liga side given the similarities between the Norwegian and the Swede, with the former Crystal Palace star set to impress when his second year in Spain.

Eight goals last season is a solid return for the Nordic striker, and without Isak to share the starting striker role with, Sorloth has the potential to truly become his own at Sociedad this season, and the striker could have huge impact this campaign. if he can get back to form as soon as possible.

In other news, Alan Shearer sends 6-word tweet about ASM target for Newcastle

]]> Biden’s act of mercy sparks class war http://www.nordbi.org/bidens-act-of-mercy-sparks-class-war/ Fri, 26 Aug 2022 13:00:06 +0000 http://www.nordbi.org/bidens-act-of-mercy-sparks-class-war/

Photo: SHAWN THEW/EPA-EFE/Shutterstock

“That’s it,” tweeted Robby Soave, editor of Raison magazine. “I’m moving to Finland.” Any reasonable person would prefer Nordic social democracy to America’s faded social safety net, but Soave did not speak out of concern for the poor. He was outraged by the news that President Biden would forgive student loan debt. He wasn’t alone either.

“I can’t even tell you how many sacrifices I made when I was 23 to pay off my student loans as soon as possible. I wasn’t making a lot of money and I worked my ass off,” Caleb Hull, a Conservative communications strategist, wrote on Twitter. “It’s a giant FU for those who have actually taken responsibility for the debt they have incurred.” Newsweek editor Batya Ungar-Sargon worried for the least of us. “I just don’t know how these people who make $100,000 a year face people who change old people’s bedpans for a living or drive a truck or work on the railroad or stock shelves in grocery stores or deliver their Amazon packages and say, ‘You, yes you, give me $10,000. I just don’t get it,” she tweeted.

Think veterans, said Andrew Lewis, a Republican state representative in Pennsylvania. “For generations, the only avenue in America for a taxpayer-funded college degree was the #gibill. A distinct gesture of gratitude to those who put their lives on the line for our country,” he complained. Today, the Biden administration invalidated that distinction – a slap in the face to all vets.” As a veteran himself, Lewis might be interested to know that A quarter undergraduate vets take out loans, and many, like my husband, remain in debt years later. This is America, after all. There is no sure path to the middle class. There is no guarantee of prosperity.

Yet Biden’s announcement also inflamed centrist Democrats. “While there’s no doubt that a college education should be about opening up opportunity, debt forgiveness for those already on the path to financial security sends the wrong message to the millions of college-educated Ohioans. who are working just as hard to make ends meet,” Representative Tim Ryan, an Ohio Democrat Senate candidate, said in a statement. And this despite Biden’s efforts to convince these moderates. The plan is means-tested with the highest level of forgiveness, $20,000, reserved for Pell Grant recipients from low-income backgrounds. There is even an income cap that prohibits relief for someone earning $125,000 or more per year. Critics seem to oppose forgiveness itself, and perhaps that shouldn’t come as a surprise. Forgiveness, at least for the working class, has little precedent in American political life. It is distinct from impunity, more familiar in its tolerance for elite misconduct. Impunity says nothing matters; forgiveness implies the opposite.

For the sake of political clarity, it is important to recognize who should forgive whom. The student debt regime should not exist. In other countries, this is not the case. American policymakers made deliberate choices that trapped debtors in an inhumane and intolerable scheme. The very working class that commentators claim to defend have borne the brunt of this scheme on their backs. Higher education has become nearly ubiquitous for many types of work in this country, including work changing elderly bedpans. Meanwhile, tuition fees have increased at both public and private colleges. Working-class adolescents understand early on the constraints imposed on someone by their class. To grow up without money in this country is to hear repeatedly that the university opens the door to the middle class. For many, student loan debt slammed that door. There is no defined “path to financial security,” as Ryan put it. For anyone who loses a significant portion of their monthly income to student loan debt, there is only drudgery. This is what the status quo looks like for millions of people. Although he is lewd, he does not lack defenders.

Although critics claim to care about working people, the outrage over the cancellation of student debt has little to do with working-class realities or dreams. This is simply what it looks like when an elite class defends its territory. The campus belongs to them, or so they believe; school expenses work like a fence, keeping the unwashed. What they really fear about Biden’s plan is that it sets a precedent. If the working class escapes punishment for its fiscal irresponsibility, what could it demand next? The whole rotten system that gave birth to our $1.7 trillion student debt crisis could come crashing down. It might be easier for someone with no means to go to college, rise through the ranks afterwards, become a real threat to their position.

Those who have repaid their debt and now feel some outrage are not wrong to do so, but if they blame other debtors, they have misunderstood the problem. It is not that the debtors are fiscally irresponsible but that the same system has abused them both. College doesn’t have to be so inaccessible; student loan debt does not have to apply usurious terms. By canceling certain debts, Biden offers a glimpse of another world. The president may not be fully prepared for what he is unleashing. The working class can demand more, like permanent changes in how the United States funds and administers higher education. The United States could be more like Finland, where universities are free for citizens. Such changes would outrage today’s elites; indeed, the left’s proposals have already done so. The justifications are familiar — it’s too expensive; it will alienate the workers. These objections are revealing, proof that for some of us college is above all a means of reproducing the same elite class in perpetuity. The working class can only rise as long as better things are possible.

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Debt Consolidation Market to Record Healthy Annual Growth Rate to 2028 http://www.nordbi.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/ Thu, 25 Aug 2022 06:25:31 +0000 http://www.nordbi.org/debt-consolidation-market-to-record-healthy-annual-growth-rate-to-2028/




The most recent research report on the Debt Consolidation market provides stakeholders with a comparative advantage by displaying the overall economic growth evolution from 2022 to 2028 through an in-depth inspection of historical and current developments. Moreover, the predictions in the report are determined by research teams using tested methodologies. Besides, critical information obtained from several outlets, it also contains a variety of proposals to promote industrial expansion through the advancement of corporate strategies.

The report elaborates more on the major development trends that will shape the industry's profitability pattern over the estimated timeframe. It also mentions the industry's challenges and opportunities as well as ways to reduce their ramifications. Furthermore, it considers market sub-divisions to establish the overall scope and size of the landscape.

Market segmentation and coverage

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Product range:

  • Credit Card Debt
  • Student Loan Debt
  • Medical Bill
  • Apartment Leases and Others

  • Past data along with estimates regarding growth rate, revenue share, and compensation are presented in the report.

Application spectrum:

  • Company
  • Personal
  • By company
  • Goldman Sachs
  • OneMain Financial
  • Discover personal loans
  • loan club
  • Pay
  • Debt Relief Freedom
  • National debt relief
  • Rescue One Financial
  • ClearOne Advantage
  • New era debt solutions
  • Pacific Debt
  • Accredited Debt Relief
  • CuraDebt Systems
  • Guardian Debt Relief
  • Debt negotiation services
  • First Debt Help
  • Oak View Legal Group
  • By Region and North

  • Historical information and projections of product demand, CAGR, and market share of each application field are mentioned in the study.

Regional bifurcation:

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

  • Along with the growth rate forecasts, the report contains records of the overall revenue and sales obtained by each regional market.

Competitive Landscape Summary

  • Goldman Sachs OneMain Financial Discover Personal Loans Lending Club Payment Freedom National Debt Relief Debt Relief Rescue One Financial ClearOne Advantage New Era Debt Solutions Pacific Debt Accredited Debt Systems CuraDebt Systems Guardian Debt Relief Debt Negotiation Services Premier Debt Help Oak View Law Group By Region North America United States Canada Europe Germany France United Kingdom Italy Russia Nordic Rest of Europe Asia-Pacific China Japan South Korea Southeast Asia India Australia Rest of Asia Latin America Mexico Brazil Rest of Latin America Middle East and Africa Turkey Saudi Arabia United Arab Emirates Rest of MEA

are the distinguished entities that shape the competitive environment in the debt consolidation industry. Companies are profiled based on their profits, revenue, payment system, market portfolio, and tactical moves. Accordingly, the section highlights the procedures that vendors can use to outperform their competitors over the projected period through successive mergers and acquisitions, product launches, R&D and global coverage.

Industry Value Chain Analysis Overview

The industry value chain model, which focuses on manufacturers, customers, and sales channels, definitely aims to help companies reduce costs at each stage of the product/service life cycle while delivering quality and value to the heart of the people.

FAQs-

  • Which companies represent the competitive scope of the Debt Consolidation market?
  • Which regions are assessed in the Debt Consolidation report?
  • What are the key segments of the Debt Consolidation market?
  • How is the debt consolidation market expected to grow during the period 2022-2028?

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