Sweden Loans – Nordbi http://www.nordbi.org/ Wed, 21 Sep 2022 03:30:53 +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 Sweden Loans – Nordbi http://www.nordbi.org/ 32 32 Asian stocks fall ahead of Fed interest rate decision http://www.nordbi.org/asian-stocks-fall-ahead-of-fed-interest-rate-decision/ Tue, 20 Sep 2022 20:13:26 +0000 http://www.nordbi.org/asian-stocks-fall-ahead-of-fed-interest-rate-decision/

TOKYO — Asian stocks mostly fell on Wednesday as investors eagerly awaited a widely expected interest rate hike from the U.S. Federal Reserve as it strives to crush the highest inflation in decades. decades.

Japan’s benchmark Nikkei 225 fell 1.4% in morning trade to 27,308.66. Australia’s S&P/ASX 200 fell 1.4% to 6,712.40. The South Korean Kospi fell 0.9% to 2,346.62. Hong Kong’s Hang Seng fell 1.4% to 18,524.48, while the Shanghai Composite fell 0.2% to 3,115.08.

Global tensions add to uncertainties. The Russian-controlled regions of eastern and southern Ukraine have announced plans to begin voting this week to become integral parts of Russia.

Kremlin-backed efforts to gobble up four regions could pave the way for Moscow to escalate the war against Ukraine. Russian President Vladimir Putin recently lambasted what he described as US efforts to preserve global dominance and ordered officials to increase arms production.

“Asian stocks traded in defensive mode on Wednesday. There were geopolitical tensions over Russia and Ukraine, where separatists are due to hold a referendum in some regions, and traders were waiting for an update from Putin,” he said. said Anderson Alves of ActivTrades.

On Wall Street, the S&P 500 index fell 1.1% to 3,855.93 as more than 90% of stocks and all sectors in the benchmark lost ground. The Dow Jones Industrial Average fell 1% to 30,706.23. The Nasdaq composite also fell 1% to 11,425.05.

The selloff came as traders waited to see how much the Fed would hike interest rates at its meeting that ends Wednesday.

“The market is definitely bracing for the worst and you’re seeing some mild selling pressure,” said Paul Kim, CEO of Simplify ETFs.

Retailers, technology stocks, healthcare companies and banks were among the highest weightings in the market. Best Buy fell 4.1%, Microsoft fell 0.8%, Abbott Laboratories fell 1.7% and JPMorgan Chase closed down 2%. Exxon Mobil fell 0.8%.

Small company stocks fell more than the broader market. The Russell 2000 Index fell 1.4% to 1,787.50.

Bond yields mostly rose slightly. The 10-year Treasury yield, which influences mortgage rates, rose to 3.56% from 3.52% late Monday and is trading at its highest levels since 2011.

The 2-year Treasury yield, which tends to track Fed action expectations, held steady at 3.95%, hovering around its highest levels since 2007.

Stocks fell and Treasury yields rose as the Fed hiked borrowing costs in hopes of curbing the highest inflation in four decades.

Fed Chairman Jerome Powell bluntly warned in a speech last month that rate hikes “would cause pain.”

“He did everything he could to signal that this would be another aggressive move,” said Liz Young, head of investment strategy at SoFi.

The Fed is expected to raise its key short-term rate by three-quarters of a point for the third time at its meeting on Wednesday. That would take its benchmark rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level in 14 years, and zero at the start of the year.

Beyond that, investors will focus on what Powell has to say, both in the Fed’s latest interest rate policy statement and at an afternoon press conference, to whether the central bank remains primarily focused on reducing inflation, or if there is a hint the Fed is paying more attention to the impact of higher rates on the economy.

Wall Street fears the rate hikes will go too far in slowing economic growth and pushing the economy into a recession.

Ford fell 12.3% for the S&P 500’s biggest drop after cutting its third-quarter profit forecast as a parts shortage will leave it with up to 45,000 unfinished vehicles on its lots at the end of the quarter. September 30. Last week, FedEx and General Electric warned investors of the damage to their operations from inflation.

The United States is not alone in suffering from runaway inflation or dealing with the impact of efforts to curb high prices.

The Bank of Japan began a two-day monetary policy meeting on Wednesday, although analysts expect the central bank to stick to its accommodative monetary policy. Rate decisions from Norway, Switzerland and the Bank of England come next.

In energy trading, benchmark U.S. crude rose 15 cents to $84.09 a barrel in electronic trading on the New York Mercantile Exchange. It fell 1.5% on Tuesday, weighing on energy stocks. Brent crude, the international standard, added 22 cents to $90.84 a barrel.

In currency trading, the US dollar fell from 143.74 yen to 143.81 Japanese yen. The euro fell to 99.64 cents from 99.73 cents.

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AP Business Writers Damian J. Troise and Alex Veiga contributed to this report.

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Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

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US government plans to regulate ‘buy now, pay later’ loan companies http://www.nordbi.org/us-government-plans-to-regulate-buy-now-pay-later-loan-companies/ Fri, 16 Sep 2022 20:36:24 +0000 http://www.nordbi.org/us-government-plans-to-regulate-buy-now-pay-later-loan-companies/

According to reports, the US Consumer Financial Protection Bureau (CFPB) plans to regulate “buy now, pay later” companies. Reports claim that due to the rapid growth of financial products companies such as Klarna and Affirm Holdings, CFPB believes they can harm consumers. Thus, plans are underway to regulate these companies. The CFPB does not currently oversee buy now pay later companies or their products. However, the agency claims to have guidelines or regulations consistent with those of credit card companies. The CFPB also indicates that it will put in place appropriate control and inspection mechanisms.

This decision will be a blow for the entire industry. In fact, these companies have already been pressured by rising financing costs and declining consumer spending in the United States. The decline in consumer spending is obviously due to inflation. It also marks a major offensive by CFPB manager Rohit Chopra. He has previously pledged to watch tech-focused companies as they increasingly encroach on the traditional financial sector.

“Banking and commerce in the United States are often separated. But as payment services begin to adopt the big tech approach, this segregation could be broken down,” he said.

“Buy now, pay later” businesses are on fire

With the “buy now, pay later” service, consumers can pay in installments. The popularity of these services has grown as American consumers have made extensive use of e-commerce during the pandemic. Merchants pay fees to the provider each time a consumer completes a transaction through the “buy now, pay later” service.

A CFPB survey last year found that ‘buy now, pay later’ providers Affirm Holdings, Block’s Afterpay, Klarna, PayPal and Australia’s Zip provided 180 million consumer loans in 2021 for a total of $24.2 billion. But the CFPB says in the report that it is concerned these products pose risks to consumers. The bureau points to the lack of standardized information disclosure mechanisms among the five companies. It also highlights the potential for these companies to trick consumers into overspending.

buy now pay later

Because “buy now, pay later” providers do not provide data to credit reporting agencies, lenders may not have a complete picture of borrowers’ debts. This includes consumer loans from other “buy now, pay later” companies, the CFPB said. The way buy-it-now and pay-later agencies collect consumer data also poses risks, the CFPB said. They will gradually identify data surveillance practices that these companies should avoid.

In a statement, a spokesperson for Affirm said the company’s priority is “to provide consumers with a safe, honest and responsible way to pay in installments without late or hidden fees.” “Today represents a huge step forward for consumers and integrity finance, and we are encouraged by the findings of the CFPB’s assessment,” the spokesperson said, noting that the CFPB report acknowledges that compared to traditional “buy now, pay later” credit products. significantly reduces costs for consumers.

The companies concerned claim its safe

A Klarma spokesperson said the company “will be committed to maintaining financial stability and protecting consumers through industry innovation and appropriate regulation.” A Zaip spokesperson said… “We are delighted that the CFPB has recognized the value of ‘buy now, pay later’ for consumers. This includes providing them with easy-to-use, low-cost lines of credit, especially in this tough economic environment. »

buy now pay later

The Financial Technology Association is an industry group representing the interests of a number of “buy now, pay later” companies. Group chief executive Penny Lee said in a statement that the report identified “buy now, pay later” as a competitor to high-interest credit products.

“We look forward to continuing to work with regulators such as the CFPB to achieve beneficial results for consumers,” she said. The CFPB was created after the financial crisis of 2008. Its main mission is to crack down on predatory lenders such as mortgage companies and payday lenders. Although the agency has not previously overseen “buy now, pay later” companies, Chopra said in July that it has the authority to oversee these companies as they move closer to traditional financial services firms. .

However, “buy now, pay later” companies may disagree. Shares of “buy now, pay later” companies have come under selling pressure this year. Shares of Affirm have fallen more than 75% this year, and Zip has also reached 79%. Klarna’s valuation fell 85% in July.

Apple joins buy now, pay later service

American giant “buy now, pay later”, says Max Levchin, CEO of Affirm he’s not worried about Apple’s next buy now pay later service. This is because Affirm’s services are more extensive in the longer term.

Buy now

“I don’t think there’s anything to worry about, there is plenty of room for growth on all sides,” Levchin said, saying buy-now-pay-later transactions account for less than 5% of U.S. transactions.

Affirm offers loans to customers for periods ranging from 6 weeks to 60 months, and Apple allows customers to make four payments over a 6-week period. Levchin thinks Apple services can boost the buy-now-pay-later market.

On Monday local time, Apple officially launched the Apple Pay Later service at WWDC. Unlike other similar platforms, Apple Pay Later is directly integrated with the iPhone Wallet app, which is pre-installed on the new iPhone. Swedish “buy now, pay later” service provider Klarna, a competitor of Affirm, recently announced 10% layoffs due to difficult circumstances. Levchin, who said he was still hiring, thinks Apple’s new service will challenge rivals who focus on short-term loans. Apple’s current Buy Now, Pay Later service targets short-term loans. However, the company is also developing monthly Apple Pay installments, which will directly compete with Affirm.

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Kenyan president signals reversal after criticizing Chinese loans http://www.nordbi.org/kenyan-president-signals-reversal-after-criticizing-chinese-loans/ Thu, 15 Sep 2022 10:23:17 +0000 http://www.nordbi.org/kenyan-president-signals-reversal-after-criticizing-chinese-loans/

Kenya: Kenya’s newly elected President William Ruto has indicated that the East African country will continue to rely on China to grow and develop its infrastructure, reversing the hostile tone of his campaign.

China is Kenya’s largest bilateral lender and has financed various infrastructure projects, including highways and railways. However, during the presidential campaign, Chinese loans emerged as a significant political issue, with Ruto blaming Kenya’s debt crisis for the loans.

However, Ruto said Kenya and China would expand these ties “for the mutual benefit of our countries, including infrastructure, agriculture, education – among other wide range of issues”, during a meeting with Beijing’s special representative for African affairs, Liu Yuxi. during the meeting. Nairobi on Monday.
“We appreciate our strong friendship with China,” Ruto said of Kenya and China.

“I firmly believe that China-Kenya cooperation will bring greater benefits to both our countries and our peoples,” Liu said in response. The friendship and cooperation between China and Kenya will continue.

Liu led a Chinese delegation to Kenya to attend Ruto’s inauguration. Ruto defeated Raila Odinga in a close election on August 9, which was later upheld by Kenya’s Supreme Court.

On Tuesday in Nairobi, Ruto was sworn in as the country’s fifth president, replacing Uhuru Kenyatta, who held the post for a maximum of two five-year terms.

Several African heads of state and world leaders attended the event, as well as a US delegation led by Trade Representative Catherine Tai. After his election, Ruto promised to stabilize food prices in Kenya, support small business development and increase employment.

“Our immediate agenda is to create an enabling business and enterprise environment, crime-free livelihoods, and to help people in the informal sector organize themselves into stable, viable and creditworthy business entities,” he said. he declares. They said.

Chinese President Xi Jinping congratulated President Ruto and said he was “ready to work with President Ruto to push forward the development of China-Kenya comprehensive strategic cooperative partnership.”

Kenya’s economy has been battered by high unemployment, massive public debt and rapid inflation, all of which are driving up the prices of fuel and basic necessities. Ruto, 55, is currently taking over.

Ruto, who had served as vice president since 2013, took a tough stance on China during the campaign, blaming Beijing for Kenya’s debt problems and foreigners, including Chinese working illegally and running small retail businesses. in Kenya. Accused of threatening to expel civilians. Businesses that Kenyans could run.

Additionally, Ruto promised to disclose all agreements Kenya has signed with China for major projects.

According to Kathleen Kloss, author of Political Violence in Kenya and assistant professor of conflict resolution at Uppsala University in Sweden, if Ruto “follows these statements, Kenya could be heading for a more contentious relationship with China”.
This can prevent further growth while limiting future debt.

Beijing has provided significant funding for large-scale infrastructure projects in Kenya, such as the $4.7 billion railway linking the central city of Naivasha to Nairobi and the coastal city of Mombasa.

Ruto has pledged to contract for a number of projects, including a railway financed by the Export-Import Bank of China.

Wu Peng, director general of China’s Foreign Ministry’s African Affairs Department, however, insisted in Beijing last month that “the deal we signed contained a secret trade deal. It’s a very specific”.

Wu claimed that if Kenya made the deal public, it would be a violation. “The foundation of business conduct is the meaning of the contract. How to do business if the spirit of contract is absent?

Additionally, China provided funding and support for the construction of the 27.1 km (16.8 mi) Nairobi Expressway, which was to be constructed by the China Road and Bridge Corporation at a cost of 688 million US dollars.

Kenya’s debt to China has risen from US$2.1 billion in 2015 to around US$6.4 billion in December 2021, accounting for about two-thirds of all bilateral debt.

Ruto recently indicated that he would try to borrow as much domestically as he does from abroad.

Instead of borrowing from other countries, Ruto said last week, “I look forward to the day when we can borrow from the savings of the Kenyan people to drive our development.” “I am taking over a country with huge debt and our economy is not doing well. Stop digging if you end up in a hole.

Analysts at consultancy Oxford Economics have warned that enmity towards China at the moment, when debt is expected to rise, would be dangerous.

The International Monetary Fund, among other Western governments and organizations, would be pleased with Ruto’s promise to publish the Kenyan government’s contracts with China, but company economist Shani Smit recently wrote that keeping that promise and threatening to deport illegal Chinese workers would strain relations between the two nations.

If Western funding is to fill the potential funding gap should Kenya’s relationship with China deteriorate, “Kenya’s commitment to structural reforms will have to translate into clear progress,” Smit said.

In previous election campaigns, African leaders have taken a tough stance on China only to back down. In the early 2000s, Michael Sata, a former president of Zambia, reportedly raged against Chinese “profiteers”, saying that “Zambia has become a province of China”.

But after winning the presidency, Sata appreciated Beijing’s continued support for infrastructure development.

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Infographic: How much of Europe’s energy comes from gas? | Russo-Ukrainian War http://www.nordbi.org/infographic-how-much-of-europes-energy-comes-from-gas-russo-ukrainian-war/ Tue, 06 Sep 2022 11:54:38 +0000 http://www.nordbi.org/infographic-how-much-of-europes-energy-comes-from-gas-russo-ukrainian-war/

In 2021, a third of Europe’s energy – used for power generation, transport and heating – came from burning gas.

Energy prices hit new highs across Europe this week after Russia announced gas flows to Europe would not resume until sanctions were lifted.

Much of the continent is set to face a harsh winter with fears of shortages and possible blackouts in the months ahead.

Europe is heavily dependent on gas for electricity generation, transport and heating. In 2021, a third (34%) of Europe’s energy came from burning gas.

Belarus is the most gas-dependent country in Europe with 62% of its energy coming from gas, followed by Russia (54%), Italy (42%), the United Kingdom (40%) and Hungary (39%).

In 2021, two-thirds (76%) of Europe’s energy came from burning fossil fuels – gas (34%), oil (31%) and coal (11%).

Renewables, including hydro, solar, wind and biofuels, accounted for 14%, with nuclear accounting for the remaining 10%. The squeeze on Russia’s gas supply has forced countries to accelerate their search for alternatives. Germany has announced that it will temporarily halt the closure of two nuclear power plants in a bid to boost energy security.

(Al Jazeera)

Gas consumption in Europe

Europe is the largest importer of natural gas in the world. In 2021, Russia, Germany, the United Kingdom, Italy and France consumed three quarters of the continent’s 10,073 terawatt hours (TWh) of gas energy.

Several countries in the European Union have announced multi-billion dollar emergency measures to tackle soaring energy prices following Russia’s war in Ukraine.

On Sunday, German Chancellor Olaf Scholz announced a $65 billion plan to help individuals and businesses cope with soaring prices.

Britain’s new Prime Minister Liz Truss also plans to freeze household energy bills at current levels for this winter and next, paid for by government-backed loans to energy suppliers.

In Italy, the government recently approved a $17 billion relief package to help shield businesses and families from soaring energy costs and rising consumer prices.

French President Emmanuel Macron said the EU must step up its plans for renewable energy products and reform its electricity market.

Finland and Sweden have also announced plans to offer billions of dollars in liquidity guarantees to energy companies.

INTERACTIVE - Gas consumption in Europe
(Al Jazeera)

Western sanctions against Russia

Since February 22, more than 9,119 new sanctions have been imposed on Russia, making it the most sanctioned country in the world. At least 46 countries or territories, including all 27 EU countries, have imposed sanctions on Russia or pledged to adopt a combination of US and EU sanctions.

Moscow has blamed Western-imposed sanctions for hampering routine maintenance of its Nord Stream 1 gas pipeline, which is the largest gas pipeline between Russia and Western Europe. EU officials have accused Russia of using the energy as a weapon.

INTERACTIVE Which-Countries-Have-Sanctioned-Russia-Sep-6
(Al Jazeera)

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Tensions rise in the European electricity market as UK generators call for help http://www.nordbi.org/tensions-rise-in-the-european-electricity-market-as-uk-generators-call-for-help/ Sun, 04 Sep 2022 18:56:06 +0000 http://www.nordbi.org/tensions-rise-in-the-european-electricity-market-as-uk-generators-call-for-help/

More governments will need to step in to ease tensions in Europe’s electricity market, officials and industry figures have warned, after Sweden and Finland launched emergency support packages for their power producers. energy and British electricity producers have called on the British government for help.

The Nordic states both announced emergency financial liquidity measures over the weekend for their energy producers, which are facing a rapid increase in collateral calls due to the extreme volatility of energy prices. .

Russia’s announcement on Friday evening that it would no longer supply gas via the Nord Stream 1 pipeline is expected to trigger a sharp rise in energy prices when markets open on Monday morning, adding urgency to calls for government support.

Power producers in Britain are “really concerned about the situation this winter compared to [financial] liquidity,” warned Adam Berman, deputy director of Energy UK, a trade body that speaks on behalf of around 100 energy companies.

“Fundamentally, the energy market is not designed to cope with the scale of market volatility that we have seen in recent months,” Berman said as he urged the UK government to urgently investigate and “understand the magnitude of the challenge that generators” face. wholesale prices remain at historically high levels.

A UK government spokesman said it was working with regulators to “closely monitor” the functioning of energy markets.

Sweden, which sounded the alarm over the problem on Saturday, said on Sunday it would provide up to $23 billion in credit guarantees to Nordic utilities to help them avoid technical failures.

“This is a problem that concerns all of Europe. . . liquidity is probably an issue in many countries. Other countries may have to follow suit,” Max Elger, Sweden’s minister for financial markets, told the FT.

Explanation: the big problem of the European energy market

Pipelines at the German end of the Nord Stream 1 gas pipeline

Finland on Sunday warned that the energy sector faces a potential ‘Lehman Brothers’ moment if governments do not provide emergency funding to help suppliers meet growing collateral demands caused by the soaring wholesale prices.

But on the same day, Germany announced a windfall tax on many of the same electricity producers, saying those who did not depend on burning gas to create electricity were enjoying “excess profits”.

How can companies both make huge profits and need government-backed funding?

The answer lies in the scale of the energy crisis that engulfed Europe after Russia cut its gas supplies following its invasion of Ukraine.

The short-term problem concerns trading – and more specifically hedging.

Electricity producers often hedge their sales to households and businesses by taking short positions in future markets before selling the physical electricity. Normally, if electricity prices rise, the money they lose on their paper positions is offset by their gains in the physical market, and vice versa.

But the sheer scale of market moves in recent weeks means that many of their hedges – often for electricity sold months or years in advance – are deep underwater, forcing them to release more and more money on the exchanges, even if the positions eventually become profitable once. electricity is sold.

Companies are struggling to increase their short-term borrowing facilities fast enough to fund cash calls.

Jakob Magnussen, chief credit analyst at Danske Bank, said on Saturday that “margin calls are really blowing up right now.”

“This is especially a problem for smaller utilities,” Magnussen said. “Once the contracts expire and the utilities sell the electricity, they will get their money back, but there is a huge need for additional short-term funding in the meantime and many banks may be reluctant to increase their exposure to the sector so quickly.”

Many European energy companies are profiting hugely from rising wholesale gas and electricity prices, but there are wide disparities across the sector.

Even the strongest companies are beginning to struggle with short-term funding tied to huge wholesale price volatility, forcing them to tie up billions of euros of collateral with exchanges – the trade that is often essential to manage the flow of energy to households and businesses.

If these markets crash or a small utility implodes, there are fears a domino effect across the sector as banks withdraw funding, ultimately threatening the stability of energy supply.

“The amount of money you need to participate in these markets is reaching impossible levels,” a European trader said on Sunday.

Companies that produce gas or generate electricity using renewable or nuclear energy – where input costs have not increased – should eventually make large profits of the kind that Germany plans to make. tax.

But those who depend on burning gas for power generation are more likely to face difficulties, especially if they once relied on Russian supplies. Germany has already provided billions of euros in support to help companies like Uniper – once Germany’s biggest buyer of Russian gas – keep operating.

David Shepard

Finland offered a 10 billion euro loan and guarantee package on Sunday. Sanna Marin, the Prime Minister, said it was designed to protect businesses essential to the functioning of society.

“The nervousness of the market is strong,” Finnish Economy Minister Mika Lintilä told a news conference. “There were all the ingredients for Lehman Brothers’ version of the energy sector,” he added, referring to the US bank’s collapse in the 2008 global financial crisis.

Germany – which has already provided access to government-backed funding for energy companies – said on Sunday it would impose a one-off tax on power producers to help fund a €65 billion package of support for households and businesses struggling with rising energy bills.

Some energy traders expect gas and power market prices to break new records in the coming week.

“We expect a significant jump [in prices] Monday and the market is testing new highs next week,” said James Waddell, head of European gas at consultancy Energy Aspects.

Swedish Finance Minister Mikael Damberg said the authorities were forced to act because the expected rise in electricity prices would likely lead to a sharp increase in margin calls on Monday, and “we are concerned that the utilities in the Nordic region are technically lacking in their relationship with [clearing house] Nasdaq Clearing”.

Deepa Venkateswaran, European utilities analyst at Bernstein, said financial illiquidity was not “just a Swedish problem” and “in general [there were] increase in guarantee requirements at all levels” in Europe.

Traders said existing short-term credit facilities with banks were at risk of being exhausted, while lenders are reluctant to increase their exposure to the energy sector by tens of billions of euros without additional government guarantees or support. .

A power industry executive warned that it would be easy to envision scenarios in which it would take “not only small but also large generators a few days” to collapse due to power problems. liquidity.

EU energy ministers will consider taking bloc-wide action at an emergency meeting on Friday, according to two officials briefed on the talks.

The Czech Republic, which holds the rotating EU presidency, has prepared a wide range of options which will be presented for discussion, including support for the pan-European credit line, modification of margin rules or even temporary suspensions of European electricity derivatives markets.

The preparatory document, seen by the Financial Times, also suggests temporarily separating electricity generation from gas for pricing and coordinated reductions in electricity consumption, among other measures. So far, officials in Brussels have been more supportive of the need for price caps and bloc-wide demand cuts, but say there is less appetite for support at EU-wide for electricity markets.

A European official said some countries opposed the EU action because it could encourage energy companies to make speculative bets on future prices.

Supporting energy companies by reducing the amount of collateral they had to post with their banks was a “bad idea” as it would “shift credit risk from the energy sector to the financial sector”, the official added.

Marin called on the EU to act. “With this solution, we treat the symptoms, but you have to see that in this crisis, it’s the system that is the problem,” she said.

Alexander Novak, Russia’s top energy official, said the EU was responsible for the dramatic gas supply cuts and warned that prices could continue to rise unless the EU lifts sanctions. Russia says Western sanctions have made it harder to repair turbines that help pump gas.

“The whole problem is at their end,” Novak said. “This short-sighted policy is leading to the collapse we are seeing in European energy markets. It’s not even the end, because we are still in the warm part of the year. Winter is coming and many things are hard to predict.

Additional reporting by Max Seddon in Riga, Alice Hancock in Brussels and Laura Noonan in London

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TRANSFERS: the madness of deadlines! http://www.nordbi.org/transfers-the-madness-of-deadlines/ Fri, 02 Sep 2022 11:43:56 +0000 http://www.nordbi.org/transfers-the-madness-of-deadlines/

As always, the last day of the summer transfer window offered its share of twists and turns. Striker France U21 Amine Gouiri signed a five-year contract with Stade Rennais FCwhile reindeerGaetan Laborde took the opposite route by signing for OGC Nice on a four-year contract. In this de facto exchange between two confirmed Ligue 1 Uber Eats attackers, Gouiri will find Bruno Genesio, his coach at Olympique Lyonnais (2017-19), while OGC Nice re-forms the Andy Delort-Gaëtan Laborde duo so prolific at Montpelier. a few seasons ago.

Still in Nice, the 23-year-old Danish central defender from Brentford Mads Bech Sorensen arrived on loan until the end of the season. Left-handed central defender, Sörensen, under contract with the English club until June 2023, has played three Premier League matches this season, all as a substitute. He spent a total of 18 minutes on the pitch. After the arrival of the 28-year-old English left-back Joe Bryan from Fulham, Sörensen is the second defender to join OGC Nice on loan from the English top flight in two days.

In the Rennes ranks, in addition to Amine Gouiri, Lensois central defender Christopher Woo signed a four-year contract with the Breton club, which will have an even younger squad this season than last time. Wooh, who was trained by the academy and the senior team of Nancy, is 20 years old and made his debut in Ligue 1 Uber Eats last season with Lens, where he had already been recruited to compensate for the departure of Loïc Badé reindeer. Bruno Genesio’s men have recruited three new central defenders in recent weeks: Joe Rodon (24), Arthur Théate (22) and Christopher Wooh.

Carlos Soler, sixth PSG recruit

Spanish attacking midfielder Carlos Soler signed a five-year contract with Paris Saint Germain of Valencia. Soler (25) is the sixth summer signing for the French champions after midfielders Vitinha, Renato Sanches and Fabian Ruiz, young French striker Hugo Ekitike and French defender Nordi Mukiele. Soler is a versatile attacking midfielder, capable of playing as a playmaker or on the flank, and captained at Valencia, where he came through the academy and has spent his entire career so far. The Spanish international (ten caps) has scored 36 goals in 226 appearances for Valencia in all competitions, according to statistics from his new club.

Amine Harit is back at OM! The Moroccan attacking midfielder was loaned by Schalke 04 to Marseilles, where he played last season. OM said in a statement that the loan came with a purchase option. Harit, who is 25, is the 12th Marseille recruit of the summer. Last season he scored five goals and provided four assists in 34 games in all competitions. “Now that Amine is back home, the club, which came second in the 2021-22 season, will benefit from his great experience and knowledge of the environment to integrate quickly and offer an additional offensive solution within the club. workforce of Igor Tudor”, noted OM about their latest recruit.

In the north, attacking midfielder Adam Ounas signed a two-year contract with LOSC on the side of Serie A Napoli, with an option for an additional year. The 25-year-old player, who went through the Bordeaux academy before being loaned to Nice during the 2019-20 season, is back in the French league. Able to play on both wings or as a second striker (but more comfortable on the right), he bolsters a limited squad in attacking options, which should help coach Paulo Fonseca in his desire for more competition in the workforce. “Everyone in Europe knows that Lille is one of the biggest clubs in France, where they play a type of football that I like, where they play well with the ball. I was immediately attracted”, said the player on the official LOSC website. .

A few minutes from the end of the window, LOSC have formalized their second signing with the arrival of the Portuguese midfielder from Everton Andre Gomes on loan for a season. The 29-year-old, who had spells with Valencia and Barcelona, ​​won Euro 2016 with his country and made 38 appearances for European clubs. In the Lille midfield, he will be in competition with two quasi-homonyms: Benjamin André and Angel Gomes. And he will play under the direction of his compatriot Paulo Fonseca, a coach who is pushing the club’s management to strengthen this sector. “I hope to help the group, which already has a lot of quality, by bringing my experience. The president and Paulo Fonseca convinced me to join the project,” explained the latest LOSC recruit.

Ganago in Nantes, reinforcements in Toulouse

After a very successful start to the season, RC Lens took advantage of the last hours of the transfer window to register a new arrival. After the surprise extension of Seko Fofana, the RCL has again made a good deal for its midfielder with the arrival of John Onana. The box-to-box/defensive midfielder has signed a contract with the club until 2027. After his debut at LOSC, it was with the Girondins de Bordeaux that the Cameroonian international rose to prominence, with 23 appearances ( three goals and two assists) in Ligue 1 Uber Eats last season.

FC Nantes have landed the coup with the transfer of Ignatius Ganago. The 23-year-old striker, also a Cameroonian international, will join his third elite club after OGC Nice and RC Lens. The new Nantes number 14, who has played 108 Ligue 1 Uber Eats matches, scored 18 goals and provided 2 assists, has signed a four-year contract in the west of France. Meanwhile, in Hérault, Montpellier have completed the recruitment of the goalkeeper Bingourou Kamara (25 years old) from Strasbourg to compensate for the long injury of Dimitry Bertaud, lining of Jonas Omlin. The length of the Senegal international’s contract has not been announced.

Toulouse turned to Greece to find a new midfielder. According to Efthymios Koulouris, Theocharis Tsingaras will become the second Greek player to play for Toulouse FC. The 22-year-old former U21 international is on loan from PAOK Salonika and will strengthen Toulouse FC’s midfield. He’s not the promoted club’s only new signing, as Veljko Burmancevic joined from Malmö FF (Sweden) late in the evening. “‘Birma’ has been added to Philippe Montanier’s attacking squad following the arrivals of Zakaria Aboukhlal and Thijs Dallinga this summer,” TFC said of the player who scored 27 goals in 71 games for the club Swedish.

Three recruits to Lorient. International attacking midfielder U20 of AS Saint-Etienne Adil Aouchiche signed for Hakes on a three-year contract. The 20-year-old has played 77 games, including 36 as a starter, in all competitions (2 goals, 10 assists) for the Greens, including two Ligue 2 BKT games at the start of the season, having played three ( a goal) with PSG, his childhood club, in 2019-20. Meanwhile, FC Lorient have also announced the striker’s arrivals Sirine Doucoure (20, Châteauroux) and goalkeeper Vito Mannone (34 years old, AS Monaco).

Two recruits in Angers and ESTAC

Ibrahim Amadou amounts to SCO. The Franco-Cameroonian has signed a one-season contract with Gérald Baticle’s team after playing for FC Metz in the second half of last season. The 29-year-old midfielder, who also played for AS Nancy Lorraine and LOSC, made a good impression at Angers during his loan in 2020-21 (24 Ligue 1 Uber Eats games). The other SCO recruit at the deadline is a Frenchman Yan Valery (23). The right-back, who played for Southampton, has signed a four-year contract.

Wishing to strengthen their attack following the departure of El Bilal Touré, Reims Stadium have reached an agreement with Rosenborg BK for the loan with an option to buy Noah Holm. The 21-year-old striker has scored six goals and provided seven assists in 30 appearances for the Norwegian club. Just over 100 kilometers from Reims, Estac Troyes strengthened their team by taking out two loans: goalkeeper Mateusz Lis (25) from Southampton and midfielder Lucien Agoume (20) from Inter Milan. Agoumé, who came to FC Sochaux-Montbéliard, is on loan for the second consecutive time in the top flight, having played 27 Ligue 1 Uber Eats games for Stade Brestois 29 last season.

>> TRANSFERS: All summer moves

(Photo: Stade Rennais FC

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Liverpool vs Newcastle United live updates: start time, how to stream, preview and line-ups http://www.nordbi.org/liverpool-vs-newcastle-united-live-updates-start-time-how-to-stream-preview-and-line-ups/ Wed, 31 Aug 2022 17:42:00 +0000 http://www.nordbi.org/liverpool-vs-newcastle-united-live-updates-start-time-how-to-stream-preview-and-line-ups/

Jurgen Klopp admits there are times he would like to take more ‘risks’ in the transfer market – but accepts Liverpool’s financial constraints.

The club are still looking for a midfielder before Thursday’s deadline, but availability and price have so far proved problematic in their search.

Liverpool have pledged to complete deals potentially worth around £100m from revenue this summer, but up to £70m will be clawed back from sales.

When asked if he felt he had been sufficiently supported by the owners of Fenway Sports Group, Klopp replied: “What does ‘supported’ mean?

“What I don’t like is if I say now, I’m not sure, then you make a big deal out of it. It was always like that. Was it always easy? No Do we discuss this stuff in public? No, so why would we start now?

“Let me put it like this; from time to time, I would be willing to risk a little more, but it’s not me who decides, and then that’s good. I am like this; we try everything until someone tells us we can’t do it, and then I don’t think for a second.

“Let’s go from there, make something special out of this team, a great team. We had some problems but we will really try to get everything out of this season.

Click here to read the full story.

(Photo: Getty Images)

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Transfer news LIVE: Ronaldo to Chelsea ‘talks’, Liverpool ‘verbally accept’ Bellingham deal in January, Paqueta to West Ham http://www.nordbi.org/transfer-news-live-ronaldo-to-chelsea-talks-liverpool-verbally-accept-bellingham-deal-in-january-paqueta-to-west-ham/ Mon, 29 Aug 2022 10:12:21 +0000 http://www.nordbi.org/transfer-news-live-ronaldo-to-chelsea-talks-liverpool-verbally-accept-bellingham-deal-in-january-paqueta-to-west-ham/

Hello, football fans

Manchester United and Ajax have finally agreed a fee for Brazilian winger Antony.

The Red Devils are set to sign the 22-year-old in a deal worth £84million, according to The Athletic.

Antony’s agent himself confirmed the news by writing ‘Let’s go’ on Instagram in United colours.

Sky Sports claim he must now undergo a medical at United within the next 36 hours.

Elsewhere on the medical front, Wesley Fofana completed his with the Blues yesterday ahead of a £75million move from Leicester.

The 21-year-old Frenchman is set to sign a six-year contract at Stamford Bridge.

Sticking with Chelsea, it’s claimed the club are assessing a late bid for Crystal Palace talisman Wilfried Zaha.

But the Evening Standard say the moves of Pierre-Emerick Aubameyang and Anthony Gordon remain the priority, ahead of any potential blow to Zaha.

And finally, Wolves boss Bruno Lage has revealed that Willy Boly refused to turn up for yesterday’s game against Newcastle, despite Lage wanting him in his matchday squad.

The defender tries to force a move away from Molineux.

Lage admitted: “He has a proposal on his hands and he wants to go, that’s my feeling when I talk to him.

“I told him that I need a top player like you on the bench and then he makes his decision. He was in the squad list and he didn’t come. He wants to force something. thing, I think.”

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Athletic Bilbao sign Herrera from PSG on a one-year loan | Sports http://www.nordbi.org/athletic-bilbao-sign-herrera-from-psg-on-a-one-year-loan-sports/ Sat, 27 Aug 2022 21:01:07 +0000 http://www.nordbi.org/athletic-bilbao-sign-herrera-from-psg-on-a-one-year-loan-sports/

MADRID (AP) — Athletic Bilbao signed Ander Herrera from Paris Saint-Germain on loan on Saturday until the end of the season.

Athletic will have the option of buying the Spanish midfielder for the 2023-24 season.

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Mendus announces financing commitments totaling http://www.nordbi.org/mendus-announces-financing-commitments-totaling/ Fri, 26 Aug 2022 05:00:00 +0000 http://www.nordbi.org/mendus-announces-financing-commitments-totaling/

Mendus AB (“Mendus” publ; IMMU.ST), a biopharmaceutical company fighting tumor recurrence through cellular immunotherapies, today announces that it has entered into a binding agreement for a funding commitment of up to $200 million of SEK (“Transaction”) with Negma Group Ltd, a leading financial institution based in Paris (“Negma”). The Company has also entered into a binding letter of commitment to receive a shareholder loan of up to SEK 50 million with its existing shareholder Van Herk Investments.

The funding commitments will allow the Company to achieve its next clinical readouts from the ongoing ADVANCE II and ALISON trials, prepare for upcoming clinical trials, and establish the pivotal phase and commercial manufacturing of its lead DCP-001 program.

Based on the commitment letter signed with Van Herk Investments, the Company is entitled to receive from Van Herk Investments a shareholder loan up to a maximum amount of SEK 50 million at standard market conditions. The letter of commitment is valid until June 30, 2023.

Negma has committed to subscribe up to SEK 200 million in convertible bonds. The financing is available in tranches of up to SEK 10 million over a period of 30 months following the closing of the Transaction. The execution of individual tranches and the timing of such tranches are at the sole discretion of the Company, subject to certain terms and conditions. The convertible bonds carry a zero coupon and will be issued at a subscription price corresponding to their nominal value. The conversion price will be determined at 92% of the second lowest closing volume-weighted average price (VWAP) of the 10 consecutive trading days preceding the issuance of the conversion request by Negma. The Company will inform the market of the issue and conversion of bonds convertible into shares in accordance with applicable regulations. Negma’s engagement is conditional on the parties reaching a definitive agreement, which is expected to occur in the coming days.

Mendus plans to announce updated results and survival results from the ADVANCE II clinical trial evaluating its lead cancer program DCP-001 in the maintenance treatment of acute myeloid leukemia (AML) in the fourth quarter 2022. Positive interim results reported in May 2022 demonstrated a positive outcome on the study’s primary endpoint of measurable residual disease (MRD), including the first clear signals that MRM responses are translating into a relevant survival benefit. Mendus will also present early clinical results from the ALISON trial evaluating DCP-001 in ovarian cancer at the European Society for Gynecological Oncology (ESGO) conference, October 27-30, and is gearing up for an upcoming clinical trial in gastrointestinal stromal tumors with its intratumoral immune primer ilixadencel.

“We are delighted to have secured strong and flexible financing and to have been able to attract an experienced investor with Negma Group, as well as the additional commitment of our largest shareholder Van Herk Investments,” commented Erik Manting, PhD, CEO. of Mendus. “The funding will help Mendus achieve survival endpoints and readouts from the ADVANCE II trial and additional important inflection points of near-term clinical value, while allowing us to further build manufacturing capabilities supporting the long-term success of our company.”

“We are delighted to collaborate with Mendus. The Company already has a strong investor base and is pursuing clearly differentiated and innovative therapeutic strategies in areas with significant unmet medical needs in oncology. Negma is pleased to provide a flexible financing solution to help the company achieve its next steps,” commented jointly Anthony de Rauville, CIO and Sophie Villedieu, Associate ECM of Negma Group.

Van Lanschot Kempen NV (Kempen & Co) acted as financial advisor for the transaction with Negma and Delphi acted as legal advisor for the transaction with Negma and the commitment letter from Van Herk Investments.

This information is the information that the Company is required to make public pursuant to the EU Market Abuse Regulation (No. 596/2014). The information was submitted for publication through the contact persons listed below on August 26, 2022, 7:00 a.m. CEST.

FOR MORE INFORMATION PLEASE CONTACT:

Erik Manting

Chief executive officer

Email: ir@mendus.com

INVESTOR RELATIONS

Julie Seidel

Serious investor relations

Telephone: +1 212-362-1200

Email: julie.seidel@sternir.com

MEDIA RELATIONS

Mario Brkulj

Valencia Communications

Telephone: +49 160 9352 9951

Email: mbrkulj@valencycomms.eu

ON MENDUS AB (PUBL)
Mendus is dedicated to changing the course of cancer treatment by addressing tumor recurrence and improving survival outcomes for cancer patients, while preserving quality of life. We leverage our unparalleled expertise in allogeneic dendritic cell biology to develop an advanced clinical pipeline of novel, ready-to-use cellular immunotherapies that combine clinical efficacy with a mild safety profile. Based in Sweden and the Netherlands, Mendus is listed on Nasdaq Stockholm under the symbol IMMU.ST. http://www.mendus.com/

  • 220826_Mendus_Negma_VHI_EN

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