Sweden Loans – Nordbi http://www.nordbi.org/ Wed, 21 Jul 2021 10:20:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://www.nordbi.org/wp-content/uploads/2021/04/nordbi-icon-150x150.png Sweden Loans – Nordbi http://www.nordbi.org/ 32 32 Nordea benefits from economic boom despite rising costs http://www.nordbi.org/nordea-benefits-from-economic-boom-despite-rising-costs/ http://www.nordbi.org/nordea-benefits-from-economic-boom-despite-rising-costs/#respond Wed, 21 Jul 2021 09:25:00 +0000 http://www.nordbi.org/nordea-benefits-from-economic-boom-despite-rising-costs/ The Nordea Bank AB logo is seen at the SIBOS Banking and Financial Conference in Toronto, Ontario, Canada, October 19, 2017. REUTERS / Chris Helgren / File Photo

  • Net profit of 1.03 billion euros compared to analysts forecast of 868 million
  • Positive adjustment on loans
  • Costs up to $ 4.6 billion vs. previous forecast less than $ 4.6 billion
  • Pending payment of the dividend (0.72 euro), preparation of share buybacks
  • Equities up 3%

STOCKHOLM, July 21 (Reuters) – Nordea Bank (NDAFI.HE) beat second quarter earnings expectations on Wednesday as a booming mortgage market and higher assets under management offset rising costs of the major lender in the Nordic region.

Swedish banks have all seen increased demand for wealth management and strong business activity, particularly in real estate and card payments, as the vaccine rollout has blunted the coronavirus, paving the way for a return to normal operations .

“Restrictions are easing, vaccination programs are progressing well and a return to more normal activity is underway,” CEO Frank Vang-Jensen said in a statement.

Second-quarter net profit reached 1.03 billion euros ($ 1.21 billion) from 243 million a year ago, beating the average forecast of 868.5 million expected by analysts, according to data from Refinitiv Eikon.

The bank reported a positive adjustment of 51 million euros on loans against losses of 696 million a year earlier and analysts’ expectations for losses of 81 million.

The lender’s shares were up 3% at 10:08 a.m. GMT, just ahead of the European banking index which was up 2.4%.

Provisions for loan losses have become a closely watched figure in the economic slump caused by the pandemic.

Nordea has increased its cost forecast for 2021 to around 4.6 billion euros after previously declaring it will be below 4.6 billion due to the acquisition of Nordea Finance Equipment and the increase in the compensation of the staff due to a strong performance during the quarter.

Fees and commissions rose from 673 million to 878 million euros, exceeding the 823 million expected by analysts, as assets under management reached record levels and card payments increased.

Interest income, which includes income from mortgage loans, rose from 1.09 billion to 1.2 billion euros, in line with the 1.21 billion noted by analysts.

“Another really solid result,” said Robin Rane, analyst at Kepler Cheuvreux, noting interest income, fees and the unexpected positive adjustment on loans.

Rane said he expected investors to reward Nordea despite a recent lack of appetite to buy shares in banks that posted strong second quarter results.

Vang-Jensen said Nordea was ready to distribute unpaid dividends for 2019 and 2020 for a total of 0.72 euros per share once regulators allow payments to shareholders.

He also said the bank had asked to start a share buyback process.

Nordea shares are up 46% this year.

($ 1 = € 0.8495)

Reporting by Colm Fulton; edited by Niklas Pollard and Jason Neely

Our Standards: Thomson Reuters Trust Principles.

Source link

http://www.nordbi.org/nordea-benefits-from-economic-boom-despite-rising-costs/feed/ 0
Majority of EU citizens are in favor of the euro, Romanians being the most enthusiastic http://www.nordbi.org/majority-of-eu-citizens-are-in-favor-of-the-euro-romanians-being-the-most-enthusiastic/ http://www.nordbi.org/majority-of-eu-citizens-are-in-favor-of-the-euro-romanians-being-the-most-enthusiastic/#respond Tue, 20 Jul 2021 16:31:30 +0000 http://www.nordbi.org/majority-of-eu-citizens-are-in-favor-of-the-euro-romanians-being-the-most-enthusiastic/

Croatia is now near the end of the game for its entry into the euro zone. Last month, the European Central Bank (ECB) make a list of five Bulgarian banks and eight Croatian banks that it would supervise directly from 1 Octoberst, including the Croatian subsidiaries of Unicredit, Erste, Intesa, Raiffeisen, Sberbank and Addiko, writes Colin Stevens.

This announcement follows Croatia’s official admission to the euro area exchange rate mechanism (ERM II) in July, and meets the ECB’s regulatory requirements that all major Croatian banks must be placed under its supervision. To move forward and officially join the euro zone, Croatia will now have to participate in ERM II “for at least two years without serious tensions”, and above all without devaluing its current currency, the kuna, against the euro.

Of course, in 2020 serious budget pressures have become a reality for European governments.

Problems on several fronts

According to the World Bank, Croatia’s overall GDP is now should collapse 8.1% this year, certainly an improvement over the annual decline of 9.3% that the Bank had forecast in June. The Croatian economy, heavily dependent on tourism, has been shaken by the ongoing pandemic. Worse, the country’s attempt to make up for lost ground with a post-containment rush of summer vacationers saw him blamed for triggering the surge in Covid-19 cases in several other European countries.

The slowdown caused by Covid is also not the only economic problem facing Prime Minister Andrej Plenković, including the Croatian Democratic Union (HDZ). held in power in the July elections in the country, and the independent Minister of Finance Zdravko Marić, who had been in office since before Plenković took office.

Even as Croatia receives coveted support from other eurozone economies, the country continues to be rocked by corruption scandals – the most recent being the salacious revelations of a secret club in Zagreb frequented the country’s political and business elites, including several ministers. While the rest of the population endured strict containment measures, many of Croatia’s most powerful people flouted lockdown rules, exchanged bribes and even enjoyed the company of escorts brought in from Serbia.

There is also the ongoing question of how the Croatian government in 2015 forced the banks to retroactively convert loans from Swiss francs to euros and pay more 1.1 billion euros in customer repayments, she had also loaned money. The issue continues to disrupt Zagreb’s relations with its own banking sector and with the European financial industry more broadly, with the Hungarian bank OTP filing complaint against Croatia at the World Bank’s International Center for Settlement of Investment Disputes (ICSID) this month to recoup an estimated 224 million kuna (29.58 million euros) in losses.

The endemic problem of corruption in Croatia

Like its counterparts in other parts of the former Yugoslavia, corruption has become a endemic problem in Croatia, even the gains made after the country’s accession to the EU are now in danger of being lost.

Much of the blame for the country’s perceived setback lies at the feet of the HDZ, largely due to the lawsuit legal saga surrounding former prime minister and HDZ party leader Ivo Sanader. While Sanader’s arrest in 2010 was seen as a sign of the country’s commitment to rooting out corruption as it strived to join the EU, the country’s Constitutional Court overturned the sentence in 2015. Today ‘hui, only one of the cases against him – for war profiteers – has been officially concluded.

The inability to effectively prosecute past wrongdoing caused Croatia to drop in Transparency International’s rankings, with the country scoring just 47 out of 100 points in the group’s “Perceived Corruption” index. With civil society leaders such as Oriana Ivkovic Novokmet pointing the finger at corruption cases that languish in court or never be brought at all, the decline is hardly surprising.

Instead of turning a corner, the current members of the HDZ government are facing their own allegations. Zagreb’s sweatshop frequented by Croatian leaders included Minister of Transport Oleg Butković, Minister of Labor Josip Aladrović and Minister of Economy Tomislav Ćorić among his clientele. Andrej Plenkovic himself is currently locked in a war of words over the country’s anti-corruption efforts with his main political opponent, Croatian President Zoran Milanović. A former leader of the rival Social Democratic Party and Plenkovic’s predecessor as prime minister, Milanović was also a club boss.

Zdravko Marić between stone and banking crisis

Finance Minister (and Deputy Prime Minister) Zdravko Marić, although operating outside established political groups, has also been dogged by questions of potential misconduct. Earlier in his tenure, Marić faced the prospect of investigation in its links with the food group Agrokor, Croatia’s largest private company, for reasons of conflict of interest. Although he himself is a former employee of Argokor, Marić nevertheless entered into secret negotiations with his former company and its creditors (mainly the Russian state-owned bank Sberbank) who exploded in the local press in March 2017.

A few weeks later, Agrokor was put under state administration because of his crushing debt. In 2019, the company had been relax and its renamed operations. Marić himself finally survived the Agrokor scandal, with her colleague Minister Martina Dalić (who headed the Ministry of the Economy) forced to leave office rather.

Agrokor, however, was not the only economic crisis that plagued Plenkovic’s government. Prior to the 2015 Croatian elections, in which Zoran Milanović’s Social Democrats lost power to the HDZ, Milanović undertook a number of populist economic measures in order to consolidate its own electoral position. They included a debt cancellation program for poor Croats who owed money to the government or municipal utilities, but also radical legislation which converted billions of dollars in loans granted by banks to Croatian customers from Swiss francs into euros, with retroactive effect. Milanović’s government forced the banks themselves to bear the costs of this sudden change, causing years of legal action by the lenders concerned.

Of course, after losing the election, these populist movements eventually turned into a poisoned chalice for Milanović’s successors in government. The loan conversion problem plagued the HDZ since 2016, when the first lawsuit against Croatia was filed by Unicredit. At the time, Marić argued in favor of an agreement with the banks to avoid the substantial costs of arbitration, especially with the country under pressure of the European Commission to change course. Four years later, the issue remains more of an albatross around the government’s neck.

Challenges for the euro

Neither Croatia’s corruption problems nor its conflicts with the banking sector were enough to derail the country’s ambitions for the euro area, but to bring this process to completion, Zagreb will need to commit to a level of budgetary discipline and reform that it has not yet demonstrated. The reforms needed include reducing budget deficits, strengthening anti-money laundering measures and improving corporate governance in state-owned enterprises.

If Croatia is successful, the potential benefits including lower interest rates, greater investor confidence and closer links with the rest of the single market. As is so often the case with European integration, the biggest gains are the improvements to the house along the way.

Source link

http://www.nordbi.org/majority-of-eu-citizens-are-in-favor-of-the-euro-romanians-being-the-most-enthusiastic/feed/ 0
Pushing on social issues as EU grapples with Covid fallout, World News http://www.nordbi.org/pushing-on-social-issues-as-eu-grapples-with-covid-fallout-world-news/ http://www.nordbi.org/pushing-on-social-issues-as-eu-grapples-with-covid-fallout-world-news/#respond Fri, 07 May 2021 18:30:41 +0000 http://www.nordbi.org/pushing-on-social-issues-as-eu-grapples-with-covid-fallout-world-news/

EU leaders meet on Friday to study the economic wreckage of the Covid pandemic, with summit host Portugal having high hopes that they will swear austerity and tackle poverty.

Twenty-four of the 27 EU leaders will meet in person in the riverside city of Porto for a summit that will make social issues a priority after two historic economic crises hit Europe in the past decade.

Apologizing for the pandemic, German Chancellor Angela Merkel and Dutch Prime Minister Mark Rutte will only attend by video conference, as will the Maltese Prime Minister.

It will be a disappointment for Portuguese Prime Minister Antonio Costa, who wanted the so-called social summit to be the centerpiece of his country’s six-month EU presidency and for Germany and the Netherlands to be in top of his list to hear the anti-austerity message.

The 27 EU Member States are deeply divided on social issues. Countries in the south, like France, Italy, Spain and Portugal, are determined to push for the protection of economically vulnerable people.

The rich countries of the North, attached to their successful national models, and the countries of the East, which fear losing their competitiveness, refuse to go further in this direction.

Nicolas Schmit, the European Commissioner for Social Affairs, said the health crisis had exposed the limits of the free market to address all problems.

“The markets could not do much against a virus,” the Luxembourger told AFP in Brussels, before heading to Portugal.

“There is an ideology that advocates this, that trusts the markets to solve all problems.”

‘Best vaccine’

Much has changed in Europe since the eurozone debt crisis, when Germany and its allies imposed cost-cutting reforms on countries plunged into insolvency, in exchange for bailout loans.

Last year, EU member states agreed to a massive € 750 billion stimulus package which, instead of loans, relies mostly on direct payments and will be financed by joint borrowing between all Member States.

But Costa and like-minded leaders would like Europe to go further and create EU-wide social policies such as a minimum wage, employment programs and a cap on the level of poverty. in Europe.

This wishlist, gathered in what is called the ‘social pillar’, was originally drafted in 2017 at a similar summit in Sweden, a year after the populist-fueled Brexit referendum , frightened the EU.

Read also | Poland and Hungary push against ‘gender equality’ at EU social summit

Putting these policies into practice “is the best vaccine against inequality, fear and populism,” Costa said ahead of the summit.

“Strong message”

The official program will start on Friday with a conference bringing together representatives of civil society, social partners and EU leaders Charles Michel and Ursula von der Leyen.

This will be followed by the summit, where leaders will first meet to discuss the latest developments in the fight against the Covid-19 pandemic, as well as the negative turn taken in relations with Russia.

The social affairs discussion will take place on Saturday, before a video call with Indian Prime Minister Narendra Modi and with the participation of Merkel, Rutte and Maltese Prime Minister Robert Abela via video link.

Leaders are expected to go further and approve a non-binding “action plan” which was presented by Schmit, the commissioner, in March.

It sets three goals for 2030: raise the employment rate to 78%, provide vocational training to at least 60% of adults each year and reduce the number of people at risk of poverty by 15 million.

While the leaders will not take any concrete decisions, Schmit said he expected “a strong political message”.

Source link

http://www.nordbi.org/pushing-on-social-issues-as-eu-grapples-with-covid-fallout-world-news/feed/ 0
MGI announces record quarter with revenue growth of 96% with underlying organic growth of 38% http://www.nordbi.org/mgi-announces-record-quarter-with-revenue-growth-of-96-with-underlying-organic-growth-of-38/ http://www.nordbi.org/mgi-announces-record-quarter-with-revenue-growth-of-96-with-underlying-organic-growth-of-38/#respond Mon, 26 Apr 2021 06:34:01 +0000 http://www.nordbi.org/mgi-announces-record-quarter-with-revenue-growth-of-96-with-underlying-organic-growth-of-38/

MGI reports record quarter achieving 96% revenue growth with an underlying 38% organic growth 
Monday, April 26, 2021 - Disclosure of an inside information according to Article 17 of the Regulation (EU) No 596/2014 
Media and Games Invest plc ("MGI", or the "Company"); publishes its Interim Report Q1 2021 reporting strong organic 
revenue growth of 38% for the group with additional 58% M&A driven growth following the KingsIsle and LKQD acquisition 
- and far more than doubled profitability as adjusted EBITDA (+127%) and adjusted EBIT (+173%) surged. 
Highlights Q1 
  ? Net revenues amounted to 51.9 mEUR (Q1'20: 26.5 mEUR), which is an increase of 96% based on a strong organic growth 
    of 38% with additional 58% M&A-driven growth. 
  ? Adjusted EBITDA1 amounted to 13.5 mEUR (Q1'20: 5.9 mEUR), which is an increase of 127% based on the high revenue 
    increase following organic growth, supported by a strong EBITDA contribution from KingsIsle. 
  ? Adjusted EBIT2 amounted to 9.3 mEUR (Q1'20: 3.4 mEUR), which is an increase of 173%. 
  ? Earnings per share (EPS) undiluted/diluted amounted to EUR 0.02 cents (Q1'20: EUR 0.01 cents) and increased by 83%. 
    EPS undiluted/diluted adjusted for PPA-amortization amounted to EUR 0.04 cents (Q1'20: EUR 0.02 cents) and 
    increased by 94%. 
  ? Net interest-bearing debt3 as of March 31, 2021 amounted to 97.6 mEUR (December 31, 2020: 61.6 mEUR). 
  ? The leverage ratio4 amounted to 2.7 as per March 31, 2021 (2.1 as of December 31, 2020). This increase was caused 
    by the cash out for the KingsIsle acquisition while KingsIsle's EBITDA just contributed to one quarter yet. Despite 
    that, MGI ended up in the mid-range of its net leverage target ratio of 2 - 3x. 
  ? Cash and cash equivalents amounted to 51.7 mEUR as of March 31, 2021 compared to 46.3 mEUR as of December 31, 2020. 
In mEUR 
                        Q1 2021   Q1 2020   FY 2020 
Net Revenues            51.9      26.5      140.2 
YoY Growth in revenues  96%       99%       67% 
EBITDA5                 12.1      5.3       26.5 
EBITDA margins6         23%       20%       19% 
Adj. EBITDA             13.5      5.9       29.1 
Adj. EBITDA margins     26%       22%       21% 
Adj. EBIT               9.3       3.4       17.5 
Adj. EBIT margins7      18%       13%       12% 
Net Result              2.3       0.1       2.7 


MGI Games Segment 
In mEUR                Q1 2021 Q1 2020 FY 2020 
Net Revenues           27.4    13.9    75.2 
YoY Growth in revenues 97%     -       74% 
EBITDA                 9.5     4.5     21.4 
EBITDA margins         35%     32%     29% 
Adj. EBITDA            10.9    5.0     23.2 
Adj. EBITDA margins    40%     36%     31% 
MGI Media Segment 
In mEUR                Q1 2021 Q1 2020 FY 2020 
Net Revenues           24.5    12.6    65.0 
YoY Growth in revenues 94%     -       59% 
EBITDA                 2.6     0.8     5.1 
EBITDA margins         11%     6%      8% 
Adj. EBITDA            2.6     0.9     6.0 
Adj. EBITDA margins    11%     7%      9% 

A word from Remco Westermann, CEO

“We closed the start of the year with another record quarter underway. Revenue increased 96% to 51.9 million euros year-on-year. This was achieved through a combination of 38% organic growth and 58% growth driven by mergers and acquisitions. We have also increased the already high profitability. of 127% to 13.5 million euros of adjusted EBITDA. At the same time, we have laid many cornerstones for future growth, heralding the strongest organic pipeline in MGI history. This includes the launch of the upcoming game Heroes of Twilight and Skydome as well as the launch of Verve in Japan. The positive growth outlook is complemented by a strong recovery in the media market due to the foreseeable end of the pandemic. Combined with a strong balance sheet after the € 40 million Tap issue, we are poised for further organic and M&A driven growth, ”said Remco Westermann, CEO and Chairman of the Board of MGI Group.

Notes – All Notes are defined as in MGI’s Q1 2020 Interim Report

Note (1) Adjusted EBITDA: Published EBITDA excluding non-recurring costs. EBITDA adjustments amounted to EUR 1.4m (Q1’20: EUR 0.6m) driven by M&A costs related to the KingsIsle acquisition. Note (2) Adjusted EBIT: Profit before interest and taxes excluding non-recurring costs and PPA depreciation. Note (3) Net interest-bearing debt: Interest-bearing financial debt excluding loans to shareholders and related parties less cash and cash equivalents. Note (4) Leverage ratio: Net interest-bearing debt divided by adjusted EBITDA for the last 12 months, excluding loans to shareholders and related parties. Note (5) EBITDA: Profit before interest, taxes, depreciation and amortization. Note (6) EBITDA margins: EBITDA divided by net income. Note (7) Adjusted EBIT margins: Adjusted EBIT divided by net income. Invitation to investor presentation

MGI is also inviting investors to participate in the presentation of Q1 results by Remco Westermann (CEO) and Paul Echt (CFO) on Monday April 26, 2021 at 10:00 a.m. CEST. The presentation will be conducted in English and will also be available on demand on the Company’s website at www.mgi.group.

To participate by webcast, please visit:


To participate by phone, please call: Sweden: +46856642692 UK: +443333009265 USA: +18338230589 Germany: +4969222239166

The preliminary report Q1 2021 is available on the company’s website www.mgi.group.


The information in this notice has been made available for publication by the agency of the responsible person specified below as of the date disclosed by the news distributor of MGI EQS Newswire at the time of the publication of this press release. The responsible persons listed below can be contacted for more information.

Contact information:

Media and Games Invest plc

168 Saint-Christophe Street

VLT 1467 Valletta


Telephone: +356 21 22 7553 Fax: +356 21 22 7667 E-mail: info@mgi.group Internet: www.mgi.group

Remco Westermann Chairman of the Board of Directors and CEO +49 40411 885206

Sören Barz Head of Investor Relations +49 170 376 9571 soeren.barz@mgi.group

Jenny Rosberg, ROPA, IR contact Stockholm +46707472741 Jenny.rosberg@ropa.se

Axel Mühlhaus / Dr. Sönke Knop, edicto GmbH, IR contact Frankfurt +49 69 9055 05 51 mgi@edicto.de

About Media and Games Invest plc

Media and Games Invest plc (ISIN: MT0000580101) is a digital integrated media and games company with a primary operational presence in Europe and North America. The company combines organic growth with synergistic value-generating acquisitions, demonstrating continued strong and profitable growth with a CAGR of 45% over the past 6 years. In addition to strong organic growth, MGI Group has successfully acquired over 30 companies and assets over the past 6 years. Acquired assets and businesses are integrated and, among other things, cloud technology is actively used to gain efficiencies and competitive advantages. The company’s shares are listed on the Nasdaq First North Premier Growth Market in Stockholm and in the Scale segment of the Frankfurt Stock Exchange. The Company has a covered bond listed on Nasdaq Stockholm and on the Open Market of the Frankfurt Stock Exchange, as well as an unsecured bond listed on the Open Market of the Frankfurt Stock Exchange.

The company’s certified advisor on the Nasdaq First North Premier Growth Market is FNCA Sweden AB; info@fnca.se, + 46-8-528 00399.

Forward-looking statements

This press release contains forward-looking statements that reflect the intentions, beliefs or current expectations of the company regarding the future results of operations, financial condition, liquidity, performance, prospects, expected growth, strategies and opportunities and the markets and the objectives of the company and the group. in which the company and the group operate. Forward-looking statements are statements that are not historical fact and can be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “may”, “plan” , “estimate”, “will”, “should”, “could”, “aim” or “could”, or, in each case, their negative or similar expressions. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that they will materialize or prove to be correct. Since these statements are based on assumptions or estimates and are subject to risks and uncertainties, actual results or results could differ materially from those stated in forward-looking statements due to many factors. These risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this press release by these forward-looking statements. The Company does not guarantee that the assumptions underlying any forward-looking statements in this press release are free from error, and readers of this press release should not place undue reliance on any forward-looking statements in this press release. The forward-looking information, opinions and statements which are expressly or impliedly contained herein speak only as of the date and are subject to change without notice. Neither the Company nor anyone else undertakes to review, update, confirm or publicly publish revisions of any forward-looking statement to reflect events that occur or circumstances that arise in connection with the contents of this release, unless required by law. or the applicable stock exchange rules. ————————————————– ————————————————– ——————- File: MGI – Interim report Q1 2021

1188129 2021-04-26

Image link: 

(END) Dow Jones News Wire

April 26, 2021 02:32 ET (06:32 GMT)

Source link

http://www.nordbi.org/mgi-announces-record-quarter-with-revenue-growth-of-96-with-underlying-organic-growth-of-38/feed/ 0
Foreign aid hits record $ 161.2 billion during COVID http://www.nordbi.org/foreign-aid-hits-record-161-2-billion-during-covid/ http://www.nordbi.org/foreign-aid-hits-record-161-2-billion-during-covid/#respond Fri, 23 Apr 2021 09:22:30 +0000 http://www.nordbi.org/foreign-aid-hits-record-161-2-billion-during-covid/

  • 2020 was a banner year for foreign aid, which reached $ 161.2 billion.
  • This was a 3.5% increase in real terms from 2019, due to additional spending to help developing countries fight the coronavirus pandemic.
  • But OECD Secretary-General Angel Gurría said more needed to be done to support vaccine deployment and tackle economic and social fallout.

2020 was a banner year for foreign aid, which reached a record high of $ 161.2 billion, according to the Organization for Economic Co-operation and Development (OECD).

That figure marked a 3.5% increase in real terms from the previous year, due to additional spending to help developing countries tackle the COVID-19 crisis, preliminary data showed.

Short-term support during the pandemic has focused on health systems, humanitarian aid and food security, the OECD said.

In the medium term, aid providers have indicated they will focus on making diagnostics and vaccines available to countries in need and offer support to address the economic and social repercussions of COVID-19.

But OECD Secretary-General Angel Gurría has warned that more needs to be done to help developing countries and that the global COVAX vaccine distribution facility is underfunded.

a graph showing foreign aid contributions in 2020

COVID-19 spending helped push foreign aid to an all-time high in 2020.

Image: OECD

$ 12 billion spent on COVID-19 activities

Early estimates show that members of the OECD’s Development Assistance Committee (DAC) spent $ 12 billion on COVID-19-related activities.

Some of this official development assistance (ODA) spending was new, while others were redirected to existing development programs, according to a survey carried out in April and May of last year.

The majority of providers have stated that they will not discontinue programs already in place.

Trade volume in developing countries down 8.5%

The increase in foreign aid came in a year when all other major income streams for developing countries – such as trade, foreign direct investment and remittances – fell due to the pandemic. Domestic resources have also come under increasing pressure.

The OECD estimates that total external private financing to developing countries fell by 13% in 2020, while the volume of trade fell by 8.5%.

The increase in ODA in 2020 was also partly due to an increase in loans from some donors. Some 22% took the form of loans and equity investments, compared to around 17% in previous years, with the remainder in the form of grants.

Some countries increased their aid budgets during COVID-19

Sixteen DAC countries increased their aid budgets, with the largest increases recorded in Canada, Finland, France, Germany, Hungary, Iceland, Norway, the Slovak Republic, Sweden and Switzerland.

Meanwhile, 13 countries have reduced their aid contributions – including Australia, Greece, Italy, South Korea, Luxembourg, Portugal and the United Kingdom.

G7 donors accounted for 76% of total ODA and DAC-EU countries 45%. Aid from EU institutions increased by 25.4% in real terms as they raised funds for COVID-19-related activities and increased sovereign lending by 136% in 2019.

More needed to help developing countries, OECD warns

“Governments around the world have provided $ 16 trillion in COVID stimulus, but we have only mobilized 1% of that amount to help developing countries cope with an unprecedented crisis in our lives,” Gurría said.

Donor governments must help developing countries with vaccine distribution, hospital services, as well as the incomes and livelihoods of the most vulnerable, in order to build “a true global recovery,” he said.

Source link

http://www.nordbi.org/foreign-aid-hits-record-161-2-billion-during-covid/feed/ 0
Net asset value (s) http://www.nordbi.org/net-asset-value-s/ http://www.nordbi.org/net-asset-value-s/#respond Fri, 23 Apr 2021 08:09:00 +0000 http://www.nordbi.org/net-asset-value-s/


Biden eyes tax rate as high as 43.4% in next economic package

(Bloomberg) – President Joe Biden to propose nearly doubling the capital gains tax rate for high net worth individuals to 39.6% to help pay for a series of social spending that tackles long-standing inequality , according to people close to the proposal. $ 1 million or more, the new top rate, combined with an existing surtax on investment income, means federal tax rates for high net worth investors could reach 43.4%. The new marginal rate of 39.6% would be an increase from the current base rate of 20%, people said on condition of anonymity because the plan is not yet public. , pushing the tax rate on returns on financial assets higher than the rates on certain income and wages, they said. Index 500 down 0.9% at close. Ten-year T-bill yields fell to 1.54% from an intraday high of 1.59% ahead of Bloomberg’s report.The proposal could reverse a long-standing tax code provision that mandates return on investment lower than on the job. Biden campaigned for the equalization of capital gains and income tax rates for wealthy people, saying it was unfair that many of them pay lower rates than working class workers average. , said: “We are still in the process of finalizing what the payments look like.” Biden is expected to release the proposal next week as part of tax increases to fund social spending in America’s upcoming “plan for families.” Other measures the administration has discussed in recent weeks include improving the inheritance tax for the wealthy. Biden warned that those earning more than $ 400,000 can expect to pay more taxes. The White House has already rolled out corporate tax hike plans, which are used to fund the infrastructure-focused $ 2.25 trillion “US Jobs Plan”. Republicans insisted on maintaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the capital gains framework encourages savings and promotes future economic growth. “This will reduce investment and cause unemployment,” Chuck Grassley of Iowa, a senior Republican on the Senate Finance Committee and former chairman of that committee, said of the Biden capital-gains plan. He praised the outcome of the 2017 tax cuts and said, “If it ain’t broke, don’t fix it.” GOP lawmakers called on Thursday to reallocate previously appropriate and unused pandemic relief funds to help pay for their infrastructure counter-offer plan. The group underscored opposition to tax hikes, except for a possible overhaul of levies intended to finance highways in a way that would cover electric vehicles. Earlier: GOP Counters Biden with $ 568 billion in PlanBiden’s infrastructure will detail the plan for American families in a joint address to Congress on April 28. It is expected to include a wave of new spending for children and education, including a temporary extension of an expanded child tax credit that would give parents up to $ 300 a month for young children or $ 250 for children six years of age and over. Biden’s proposal to equalize the tax rates on wage income and capital gains for high earners would drastically reduce the favorable tax treatment of so-called carried interest, i.e. reduction in profits on investments made by private equity and hedge fund managers. End deferred interest benefits for fund managers who earn more than $ 1 million because they would not be able to pay lower capital gains rates on their income. Those earning less than $ 1 million could still claim the tax break, unless Biden repeals the tax provision entirely. The capital gains increase would bring in $ 370 billion over a decade, according to a Center estimate. Urban-Brookings Tax Policy Based on Biden’s Campaign Platform: For $ 1 million in high-tax states, capital gains rates could be above 50%. For New Yorkers, the combined state and federal capital gains rate could reach 52.22%. For Californians, it could be 56.7%. Democrats said current rates of capital gains largely help high earners who derive their income from investments rather than wages, which translates into higher incomes. lower tax rates for the rich than those they employ. are paid when an asset is sold and are applied to the amount of appreciation of the asset between the time it was purchased and the time it is sold. “There should be equal treatment for wages and wealth,” Senate Finance Committee chairman Ron Wyden, an Oregon Democrat who is the chamber’s senior tax writer, told reporters at the meeting. ‘a conference call Thursday. “At the Finance Committee, we will be ready to raise whatever money the Senate Democratic Caucus deems necessary.” (Updates with market close in fourth paragraph, interest in 12th paragraph.) For more articles like this, please visit us at bloomberg Subscribe now to stay ahead with the most popular source of business news More reliable. © 2021 Bloomberg LP

Source link

http://www.nordbi.org/net-asset-value-s/feed/ 0
Sweden’s Tele2 gives further dividend as first quarter revenue beats expectations, Telecom Information, ET Telecom http://www.nordbi.org/swedens-tele2-gives-further-dividend-as-first-quarter-revenue-beats-expectations-telecom-information-et-telecom/ http://www.nordbi.org/swedens-tele2-gives-further-dividend-as-first-quarter-revenue-beats-expectations-telecom-information-et-telecom/#respond Thu, 22 Apr 2021 06:09:11 +0000 http://www.nordbi.org/swedens-tele2-offers-extra-dividend-as-first-quarter-profit-beats-expectations-telecom-news-et-telecom/

STOCKHOLM: Swedish telecoms operator Tele2 on Thursday introduced core quarterly earnings above market expectations and provided a unprecedented dividend of three kroner per share.

Tele2, which has caught to its monetary forecast, stated that whereas the pandemic continues, the longer term is now extra predictable, permitting it to distribute extra to shareholders.

“Over the subsequent few quarters, we’ll refocus our consideration on progress and execute the mandatory initiatives that can guarantee success in a post-pandemic world,” CEO Kjell Johnsen stated in a press release.

The corporate, rival of Telia in Sweden and Telenor in Norway, stated it nonetheless expects at the very least Kroner 1 billion in financial savings by the top of 2022.

Adjusted first quarter revenue earlier than curiosity, taxes, depreciation and amortization (EBITDA) was 2.63 billion crowns ($ 312.9 million) in comparison with 2.50 billion crowns within the earlier yr quarter and a forecast common of two.51 billion, in accordance with knowledge from Refinitiv.

Tele2 expects kind of steady end-user companies income this yr and adjusted working revenue (EBITDAaL) progress of two% to 4% from 2020, assuming worldwide roaming at an identical stage.

He additionally maintained his medium-term monetary outlook, including that he projected capital spending, excluding spectrum and leases, of SEK 2.8 billion to SEK 3.3 billion this yr, together with the rollout of 5G throughout all. its markets.

Supply hyperlink

http://www.nordbi.org/swedens-tele2-gives-further-dividend-as-first-quarter-revenue-beats-expectations-telecom-information-et-telecom/feed/ 0
Resilience is important to begin the final levels of the power transition http://www.nordbi.org/resilience-is-important-to-begin-the-final-levels-of-the-power-transition/ http://www.nordbi.org/resilience-is-important-to-begin-the-final-levels-of-the-power-transition/#respond Thu, 22 Apr 2021 01:00:42 +0000 http://www.nordbi.org/resilience-is-necessary-to-start-the-last-stages-of-the-energy-transition/

As international locations proceed to make progress within the clear power transition, rooting the transition in financial, political and social practices is crucial to make sure that progress is irreversible, in accordance with the newest version of the World Financial Discussion board. Selling an environment friendly power transition 2021 report launched at this time.

In its 10e version, the report, revealed in collaboration with Accenture, is predicated on data from the Vitality Transition Index (ETI) 2021. The index compares 115 international locations on the present efficiency of their power programs within the three dimensions of the power triangle : financial growth and progress, environmental sustainability, and power safety and entry indicators – and their willingness to transition to safe, sustainable, inexpensive and inclusive power programs. This 12 months’s report makes use of a revised ETI methodology, which takes into consideration current adjustments within the international power panorama and the rising urgency for motion on local weather change.

“As we enter the last decade of motion and implementation on local weather change, the main target should even be on the pace and resilience of the transition. With the power transition going past the fruit at hand, sustained gradual progress might be tougher because of the altering threat panorama for the power transition ”, stated Roberto Bocca, Head of Vitality and supplies on the World Financial Discussion board.

Outcomes for 2021 present that 92 of the 115 ETI-tracked international locations have elevated their total rating over the previous 10 years, confirming the constructive course and regular momentum of the worldwide power transition.

Vital enhancements have been made to the scale of environmental sustainability and power entry and safety. Eight of the ten largest economies have pledged to achieve internet zero targets by mid-century. Annual international funding in power transition exceeded $ 500 billion for the primary time in 2020, regardless of the pandemic. The variety of individuals with out entry to electrical energy has fallen to lower than 800 million, from 1.2 billion individuals a decade in the past (2010). The rise in renewable power capability has specifically helped power importing international locations obtain simultaneous beneficial properties in environmental sustainability and power safety.

Nevertheless, the outcomes additionally present that solely 10% of nations have been capable of obtain common and constant beneficial properties of their total ETI rating over the previous decade. This highlights the inherent complexity of the power transition problem, as evidenced by the shortage of measurable progress within the dimension of financial growth and progress – primarily by tax implications, labor market upheavals and challenges of financial growth. accessibility ensuing from the power transition. As well as, the carbon depth of the power combine is ​​rising in lots of rising economies in Asia and sub-Saharan Africa.

“A resilient and simply power transition that delivers sustainable and well timed outcomes would require system-wide transformation, together with reimagining the best way we stay and work, gas our economies, and produce and devour supplies,” stated Muqsit Ashraf, Senior Managing Director who leads Accenture’s power observe. “This in flip would require shut collaboration between coverage makers, enterprise leaders, power shoppers and innovators. The trail to such a balanced transition has been sluggish and daunting, however it’s gathering momentum and providing international locations and companies many alternatives for long-term progress and prosperity. “

The social, financial and geopolitical interdependencies of the power transition have uncovered vulnerability to systemic dangers and disruptions, which may threaten the progress of the power transition. This report makes 3 suggestions to strengthen the resilience of the power transition course of: (1) pursue a simply transition by specializing in measures to assist the financial system, employees and society; (2) amplify electrification whereas exploring different choices for the decarbonization of industries; (3) entice diversified and resilient sources of capital from the private and non-private sectors to finance multi-year and multi-year investments.

Stephanie Jamison, senior managing director who leads the utility observe at Accenture, stated resilience is an important idea for the clear power journey. “The function of electrical energy within the power system will improve dramatically by 2050, which is a giant transformation,” she stated. “Whereas it’s nice to see stronger renewable power sources emerge from COVID, there’s nonetheless a whole lot of work to be executed to additional advance the shift to zero carbon power and safe buy-in from COVID. a variety of stakeholders. ”

2021 ETI Nation Highlights

This 12 months’s report tracks progress revamped the previous decade. The ETI’s record of prime performers has remained broadly constant over this era, sharing widespread attributes resembling low ranges of fossil gas subsidies, enhanced power safety, and a powerful regulatory setting to drive the power transition. . The highest 10 international locations of the ETI 2021 are the international locations of Western and Northern Europe. Sweden

(1) leads the ETI for the fourth consecutive 12 months, adopted by Norway (2) and Denmark (3). All the highest 10 economies have considerably improved environmental sustainability, specifically by decreasing the carbon depth of their power combine, supported by sturdy political dedication and investments within the power transition.

the United Kingdom (7), France (9) and Germany (18) are the one G20 international locations among the many prime 20. Their progress is supported by sturdy efficiency in environmental sustainability, though their scores in financial progress and growth have declined over the previous decade as a result of accessibility considerations.

the United States (24) and Italy (27) improved the three dimensions of the power triangle, whereas strengthening their enabling setting. Japan (37) noticed reasonable enhancements in its total ETI rating, primarily as a result of sharp declines in per capita power use as a result of enhancements in power effectivity, though it continues to face power safety challenges as a result of elevated power imports.

China (68) and India (87), which collectively account for a 3rd of worldwide power demand, have each achieved sturdy enhancements over the previous decade, though coal continues to play an essential function of their power combine. China’s enhancements are primarily the results of decreasing the power depth of the financial system, beneficial properties in decarbonizing the power combine by the enlargement of renewable energies, and strengthening the enabling setting by funding and infrastructure. India has focused enhancements by subsidy reforms and fast enlargement of power entry, with sturdy political dedication and a regulatory setting for power transition.

Among the many international locations that export uncooked supplies, Canada (22), Australia (35), Russia (73) and Saudi Arabia (81) world chief within the dimensions of entry to power and safety, as a result of ample nationwide reserves. Nevertheless, they’ve displayed divergent trajectories over the previous decade. Australia improved its scores due to sustained will increase in its funding and capability in renewable power, and the phase-out of coal. Russia has improved its scores due to the strengthening of the enabling setting for power transition, though using renewables stays low and fossil gas exports stay excessive. The scores for Canada and Saudi Arabia declined barely.

Supply hyperlink

http://www.nordbi.org/resilience-is-important-to-begin-the-final-levels-of-the-power-transition/feed/ 0
Marketplace for monetary sponsors or syndicated loans 2021 | Covid19 affect evaluation http://www.nordbi.org/marketplace-for-monetary-sponsors-or-syndicated-loans-2021-covid19-affect-evaluation/ http://www.nordbi.org/marketplace-for-monetary-sponsors-or-syndicated-loans-2021-covid19-affect-evaluation/#respond Wed, 21 Apr 2021 10:34:56 +0000 http://www.nordbi.org/market-for-financial-sponsors-or-syndicated-loans-2021-covid19-impact-assessment/

World Monetary promoter or syndicated loans Market 2021 The report includes an in-depth evaluation of the worldwide trade which goals to supply a complete examine of market intelligence related to most important parts of the market. The report contains an outline of those markets on totally different fronts reminiscent of market measurement, market share, market penetration of the product and providers, downstream market areas, main suppliers working within the territory, market value evaluation, and so on.. This might assist readers of the worldwide enterprise trade perceive quite a bit about key regional and nationwide markets for monetary sponsors or syndicated loans. The studies embody an outline and assessment of the main corporations working within the trade that are thought-about to be income turbines for the market.

Main Key Gamers in Monetary Sponsors or Syndicated Loans Market Coated within the Report:

Goldman Sachs
JP Morgan
Financial institution Of America Merrill Lynch
Swiss credit score

Key segmentation of the monetary sponsors or syndicated loans market:

Primarily based on sorts, the marketplace for monetary sponsors or syndicated loans from 2015 to 2025 is principally break up into:

Subscribed supply
Membership supply
Greatest-Efforts Syndication Provide

on the premise of functions, the Monetary Sponsors or Syndicated Loans market from 2015 to 2025 covers:

Non-bank monetary establishments

Monetary Sponsor or Syndicated Loans report contains the examine of those corporations on parameters like market share, firm profile, income numbers, gross sales knowledge, market presence, portfolio of services or products, previous efficiency, anticipated efficiency, and so on. It will probably assist those that are keen to enhance their know-how on the aggressive situation of the monetary sponsor or syndicated mortgage market.

Purchase the newest copy of the report! @ https://www.qurateresearch.com/report/purchase/BnF/2020-2025-global-financial-sponsor-or-syndicated-loans-market/QBI-MR-BnF-995754/

Highlights of the Monetary Sponsors or Syndicated Loans Market Analysis:

Estimated Income and Gross sales –
The historic income and transaction quantity is displayed and the assist info is triangulated with one of the best methods to handle the completed market metric and estimate the guess numbers for the important thing areas wrapped within the report of economic sponsors or Syndicated loans alongside organized and extremely regarded sorts and finish use trade. Moreover, macroeconomic components and administrative procedures are uncovered within the trade developments of economic sponsors or syndicated loans and in insightful examination.

Meeting evaluation –
The report of economic sponsors or syndicated loans is presently damaged down in line with differing types and functions. The Monetary Sponsors or Syndicated Loans Market affords a bit presenting the assessment of the authorized meeting process by the use of important knowledge collected by trade specialists and key authorities of the profiled organizations.

Competitors evaluation –
Monetary Sponsors or Syndicated Loans Main gamers have been thought-about primarily based on their group profile, merchandise portfolio, restrict, merchandise worth / advantages, choices and prices / advantages.

Demand and provide and effectivity –

The report of economic sponsors or syndicated loans additional offers assist, manufacturing, consumption and (export and import).

The Monetary Sponsors or Syndicated Loans market area primarily focuses on:
– Marketplace for European funders or syndicated loans (Austria, France, Finland, Switzerland, Italy, Germany, Netherlands, Poland, Russia, Spain, Sweden, Turkey, United Kingdom),
– Marketplace for monetary sponsors or syndicated loans in Asia-Pacific and Australia (China, South Korea, Thailand, India, Vietnam, Malaysia, Indonesia and Japan),
– The marketplace for monetary sponsors or syndicated loans within the Center East and Africa (Saudi Arabia, South Africa, Egypt, Morocco and Nigeria),
– Marketplace for monetary sponsors or syndicated loans from Latin America / South America (Brazil and Argentina), – Marketplace for monetary sponsors or syndicated loans from North America (Canada, Mexico and the US)

The Monetary Sponsors or Syndicated Loans Market report ends with sharing the important thing findings of the report with the readers. Right here, primarily based on the examine of historic knowledge, examination of present situations flown over in numerous markets together with regional and nation degree and registered tendencies, it delivers market forecast. This contains segmental forecast, regional market forecast, market measurement forecast, consumption forecast.

A query? Inquire right here for a reduction or customization of the report

Contact us:

Web site: www.qurateresearch.com
E-mail:[email protected]
Cellphone: US – +13393375221

* Thanks for studying this text; you can too get a report model by chapter or by area, reminiscent of North America, Europe or Asia.

NASA’s Ingenuity helicopter completes its first flight to Mars

NASA chooses SpaceX to construct crewed lunar lander

NASA postpones first Mars Ingenuity helicopter flight

The Starliner’s subsequent check flight will happen on the finish of summer time this yr

Amazon completes 9 Atlas 5 operations for Kuiper broadband satellites


Supply hyperlink

http://www.nordbi.org/marketplace-for-monetary-sponsors-or-syndicated-loans-2021-covid19-affect-evaluation/feed/ 0
Personal fairness corporations discover a style for big buyouts http://www.nordbi.org/personal-fairness-corporations-discover-a-style-for-big-buyouts/ http://www.nordbi.org/personal-fairness-corporations-discover-a-style-for-big-buyouts/#respond Wed, 21 Apr 2021 09:33:00 +0000 http://www.nordbi.org/private-equity-firms-find-a-taste-for-giant-buyouts/

The mega LBO is again. Maybe.

Double-digit billion leveraged buyout offers, a relative rarity because the monetary disaster, have proven indicators of a comeback in latest instances.

Earlier this month, personal fairness agency CVC Capital Companions CVC -2.33%

submitted a proposal price greater than $ 20 billion for Toshiba of Japan Corp.

TOSYY 3.40%

, triggering a possible public sale. In the meantime, Stonepeak Infrastructure Companions and the Swedish EQT EQT -0.21%

AB has partnered for a proposal on Royal KPN KKPNY 6.62%

NV which might worth the Dutch telecommunications firm at over $ 15 billion, the Wall Avenue Journal reported.

And medical provide large Medline Industries Inc. has employed Goldman Sachs Group Inc.

to assist him discover a sale, more likely to a number of personal fairness corporations, the Journal reported. Such a deal might worth the household enterprise as much as $ 30 billion.

It’s removed from assured that any of those offers will likely be accomplished – and, certainly, on Tuesday Toshiba rejected CVC’s proposal, however the truth that they’re even into consideration is outstanding. Between 2005 and 2007, personal fairness corporations signed 18 offers price $ 10 billion or extra, based on Dealogic. Since then, they’ve solely hit 10, understanding that most of the pre-crisis offers didn’t work as anticipated.

Now the urge to go large appears to be again, with personal fairness corporations having a document $ 1.6 trillion in unspent money, Preqin says, and on the lookout for methods to roll it out in a market. costly. Corporations with bigger funds additionally see bigger buyouts as a approach to separate themselves from the competitors, based on transaction advisers.

One other issue is at play: buyout firms are more and more interesting to buyers by giving them the chance to take a position instantly in goal firms and keep away from fund charges. The potential of those co-investments implies that dry powder personal fairness corporations are even bigger than appreciated, mentioned Jonathan Karen, a fund group accomplice at legislation agency Simpson Thacher & Bartlett LLP.

“There may be this ghost capital,” he mentioned. “If in case you have a $ 10 billion fund, you would have $ 5 billion – and even a further $ 10 billion – ready behind the scenes.”

Many offers concluded earlier than the monetary disaster produced poor returns, and firms equivalent to TXU Corp., later renamed Vitality Future Holdings Corp., filed for chapter safety when their debt turned out to be too heavy after the monetary disaster. recession. And nobody is saying that large LBOs are much less dangerous now.

The quantity of leverage utilized in buybacks in the USA is at a excessive stage, with the two-year common debt a number of reaching seven instances earnings earlier than curiosity, taxes, depreciation and amortization in 2020, knowledge reveals consultancy agency McKinsey & Co. This compares to six.4 instances in 2007. Regulators have discouraged banks from making buyout loans in financing offers by which the debt is larger than six instances the Ebitda.

In the meantime, the two-year common buy value a number of reached a document 12.8 instances EBITDA in 2020, up from 9.4 instances in 2007.

But bankers and different transaction advisers say there are important variations between every now and then, together with decrease rates of interest, which make borrowing less expensive for redemption functions. The elevated use of covenant-lite loans, which include little safety for lenders, means debtors even have extra room to breathe throughout an financial downturn.

Earlier than the monetary disaster, firms additionally relied closely on monetary engineering, or the reshaping of an organization’s steadiness sheet fairly than its operations, to optimize returns. Now, they’re extra more likely to have an concept of ​​ enhance a enterprise’s operations.

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com and Ben Dummett at ben.dummett@wsj.com

Copyright © 2020 Dow Jones & Firm, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Supply hyperlink

http://www.nordbi.org/personal-fairness-corporations-discover-a-style-for-big-buyouts/feed/ 0