Nordbi http://www.nordbi.org/ Wed, 21 Jul 2021 11:27:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://www.nordbi.org/wp-content/uploads/2021/04/nordbi-icon-150x150.png Nordbi http://www.nordbi.org/ 32 32 Last Day Below 90 in St. Cloud for the Rest of July http://www.nordbi.org/last-day-below-90-in-st-cloud-for-the-rest-of-july/ http://www.nordbi.org/last-day-below-90-in-st-cloud-for-the-rest-of-july/#respond Wed, 21 Jul 2021 11:00:38 +0000 http://www.nordbi.org/last-day-below-90-in-st-cloud-for-the-rest-of-july/

UNDATED — Cloudy skies today will hold highs below 90, likely for the last time in July for much of Minnesota.

The high temperature in St. Cloud during the past two days was officially 89 degrees.  The expected high today is 85.

Wildfire smoke will lead to poor air quality once today.

The Minnesota Pollution Control Agency (MPCA) has issued an air quality alert for northern, central, and southeast Minnesota, through Thursday, July 22, at 6 a.m.

The affected area includes Hibbing, International Falls, Bemidji, Roseau, East Grand Forks, Moorhead, Brainerd, St. Cloud, the Twin Cities, Rochester, Mankato, and the tribal areas of Leech Lake, Red Lake, Fond du Lac, Mille Lacs, Upper Sioux, and Prairie Island.

Our best shot at seeing rain looks to come Friday night, but otherwise, our dry weather pattern looks to continue, with drought conditions likely to worsen.

We’re now more than three inches below normal for precipitation so far this year.

LOOK: Here are the 10 US golf destinations with the most courses per capita

Discover where you can find the best access in the country for your pick of courses, the unique terrain that lends itself to world-class golf, and what makes select clubs noteworthy.

Meet the 10 MN Paralympic Athletes Competing in Tokyo This Summer

]]>
http://www.nordbi.org/last-day-below-90-in-st-cloud-for-the-rest-of-july/feed/ 0
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
Nordic banks join forces to compete with fintechs http://www.nordbi.org/nordic-banks-join-forces-to-compete-with-fintechs/ http://www.nordbi.org/nordic-banks-join-forces-to-compete-with-fintechs/#respond Tue, 20 Jul 2021 13:13:42 +0000 http://www.nordbi.org/nordic-banks-join-forces-to-compete-with-fintechs/

Nordic banks are becoming less constrained and more alliance-focused in their approach to countering the growth of financial technology (fintech) firms in their traditional markets.

Visa Europe’s €1.8bn acquisition in June of Swedish open banking fintech Tink was a further reminder to Nordic banks of the magnitude of the challenge posed by increasingly well-resourced fintechs operating in their backyard.  

A growing fintech presence, which is intensifying the battle for market share and customers, has produced a number of significant cross-border collaborations between the leading Nordic banks. The most striking alliance is led by the P27 Nordic Payments (P27) initiative, which obtained European Commission (EC) merger approval on 9 July to establish a pan-Nordic real-time payments infrastructure and platform.

The EC’s authorisation for P27 marks an important juncture in the creation of a single common payments infrastructure across the Nordic countries. Backed by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank, the P27 platform is set to become the world’s first digital platform that enables consumers and businesses to make domestic and cross-border payments in real-time, both in batches and in multiple currencies.

“The EC’s approval is a huge milestone for P27. We are building a platform that will transform the payments infrastructure in the Nordics,” said Lars Sjögren, CEO of P27.

Increasing cooperation among Nordic banks is driven by a need to swiftly respond to the rising presence and economic impact of fintechs and niche banks in their home markets. This concern is based on the real fear that inaction could lead to diminished power and status for traditional banks and the future possibility that they could become little more than subcontractors to fintech giants such as Google, Apple, Facebook and Amazon.

The EC’s merger approval means the P27 platform can move towards the next stage of its development – the on-boarding of clients in Denmark, Finland and Sweden. The growth plan includes the complete acquisition by P27 of Bankgirot’s proprietary clearing system in Sweden.

Through collaboration, Nordic banks will core business against disruptor fintechs such as Google, Apple, Facebook and Amazon, said Ulrik Nødgaard, administrative director of Finans Danmark, the Danish central organisation for banks and financial services providers.

“Fintechs, and especially the global tech giants, have the capacity and financial muscle to become game changers in how banking services are marketed and delivered. The banking industry must respond as tech giants target lucrative core areas of banking. Tech companies are developing new payment services, credit solutions, deposit accounts and may even expand to offer investment products,” Nødgaard added.

Deeper collaborations, combined with scaled-up investment in next generation technologies, provide the best line of defence for Nordic banks to avoid a mass exodus of customers to fintech disruptors, said Lena Gredenhag, Handelsbanken’s deputy head of Nordic payments.  

“There is increasing recognition that payments are the glue that connects banks to their customers. This new thinking has emerged as payments feature higher on the strategic agenda in the wake of technological advances, changes in customer behaviour, the introduction of new regulations and the shift to open banking interfaces,” Gredenhag said.

P27 is devised to equip participating Nordic banks with the means to build a robust and resilient payments infrastructure that delivers a wider a range of new payment possibilities.

The transition to open banking infrastructure, bolstered by the European Union’s Payment Services Directive (PSD2), presents a ready gateway for fintechs to access and “hook” the customers of traditional high street banks, said Gredenhag.

“P27 not only presents a significant opportunity to help us to further improve our offering to customers in the Nordics, it will also enable us to streamline our processes and reduce complexity internally. P27 allows us to leverage new kinds of data while raising connectivity and integration between the economies of the Nordic countries,” she said.

The EU’s PSD2 directive mandates that banks provide access to registered third-party providers on behalf of and with the consent of their customers. The directive has raised the competition stakes for all banks across Europe, while creating a potential opportunity in the financial services sphere for those fintechs with the resources to compete with high street banks.

It is already serving as a prime motivator for Nordic fintechs to expand their cross-border operations in the banking sphere. The Copenhagen-based digital lender Lunar has revealed plans to establish a full-scale commercial bank operation in Norway in 2021-2022.

“The established banks need more competition. The winners here are consumers. Lunar will have its own focus, but at this moment in time we are particularly interested in offering financial solutions that are customised for the needs of younger people in Norway and across the Nordic countries,” said Eilin Schjetne, Lunar’s country manager in Norway.

Nordic banks are exhibiting a sharper appetite for both collaborations with fintechs, and strategic bolt-on acquisitions that gain them a stronger foothold in the digital banking domain. DNB Bank, Norway’s largest bank, is in the process of closing a NOK11.6bn (€950m) takeover of the Oslo-headquartered digital lender Sbanken, one of the country largest disruptor niche banks.  

Visa Europe’s takeover of Tink has added a further dynamic for leading Nordic banks to lead a new wave of consolidation within the rapidly expanding ranks of fintechs and digital banks across the region. Tink, which was tracked as a potential acquisition target by Nordea and SEB Group, fits the profile of a special category fintech by Nordic standards.

Integrated with more than 3,400 banks and financial institutions across Europe, the fintech’s single application programming interface (API) enables customers to access aggregated financial data, build personal finance management tools and use smart financial  services like risk insights and account verification.

“Tink became a leading open banking platform in Europe over the past decade. As part of Visa, we will be able to move faster and reach further than ever before,” said Daniel Kjellén, CEO of Tink.

Increasing competition from regional and global fintechs hasn’t been an entirely negative experience for Nordic banks. Saxo Bank’s success in becoming the world’s first licensed bank to secure Cloud Security Alliance STAR Level 2 Attestation and Trusted Cloud Provider accreditation underscores the value of competition from fintechs in driving Nordic banks to become more innovative and forceful players in the financial services domain regionally and internationally.      

“The strength, power and security of our banking business model is built on digital first. We are well advanced along an ambitious path to deliver all our digital services from the cloud. Our model is based on a microservices infrastructure that provides us with the ability to launch new features much faster and more securely. The benefit is a shorter time to market, more robust infrastructure and much more agile, scalable and flexible platform,” said Søren Kyhl, Saxo’s COO.

]]>
http://www.nordbi.org/nordic-banks-join-forces-to-compete-with-fintechs/feed/ 0
Aus, real estate prices will increase by 16%: Fitch http://www.nordbi.org/aus-real-estate-prices-will-increase-by-16-fitch/ http://www.nordbi.org/aus-real-estate-prices-will-increase-by-16-fitch/#respond Tue, 20 Jul 2021 10:25:17 +0000 http://www.nordbi.org/aus-real-estate-prices-will-increase-by-16-fitch/

The rating agency Fitch has raised its forecast for housing prices in Australia, predicting that prices will rise by up to 16% in 2021.

The rating agency has raised its home price expectations for seven countries in 2021, with the biggest revisions coming to Canada and Australia. Both countries were marked by double-digit price growth forecasts.

Low mortgage rates, prolonged support for the pandemic and faster economic rebounds are expected to lead to an increase of 14-16% in Australia for 2021.

Lockdowns, border closures and working from home have also resulted in increased savings, allowing shoppers to save for door-to-door deposits sooner than expected.

Additionally, with the cash rate at an all-time low of 0.1 percent and the RBA’s term financing facility means that “low-cost mortgage credit is readily available to most buyers,” noted Fitch.

“Low interest rates in Australia have also started to encourage real estate investors into the market, potentially replacing first-time homebuyers’ demand as they begin to be valued,” the report says.

However, government support for buying a first home has further encouraged buying. Fitch noted that data from the Australian Bureau of Statistics showed first-time homebuyers taking up about a quarter of total loans in March, up from around 10% four years ago.

The trend towards remote and hybrid working has led to a move away from capital cities, according to the report. House prices had risen in almost all parts of Australia and in three other countries monitored: Canada, the United States and Ireland.

Canada is expected to experience a 10-15% increase in 2021, while the United States is expected to experience growth of 8-10%, Ireland is expected to experience a 4-6% increase and an increase of 6-10% . was called for Denmark.

Fitch said the surge in house prices could slow in the medium term if new supply increases to meet demand.

But supply constraints are expected to persist next year, due to limited construction in Australia, where it has been limited since before the pandemic.

Fitch noted that the cost of building materials also increased in 2021, pushing up construction costs, which will be passed on to buyers via higher asking prices for future new construction.

[Related: Active property listings log biggest YOY fall on record]

Aus, real estate prices will increase by 16%: Fitch

mortgage company

Last updated: July 20, 2021

Posted: July 21, 2021

Are you a broker new to the process of growing your business? Then there’s good news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights on cutting-edge tools, strategies and processes to accelerate success. Don’t miss your chance to attend. To secure your FREE spot, visit newbroker.com.au now!

Sarah simpkins

Sarah simpkins

Sarah Simpkins is the managing editor of Mortgage Business and The Adviser.

Previously she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This e-mail address is protected from spam. You need JavaScript enabled to view it..

Source link

]]>
http://www.nordbi.org/aus-real-estate-prices-will-increase-by-16-fitch/feed/ 0
Light Microfinance Secures US $ 10 Million Series A Funding From European Investors http://www.nordbi.org/light-microfinance-secures-us-10-million-series-a-funding-from-european-investors/ http://www.nordbi.org/light-microfinance-secures-us-10-million-series-a-funding-from-european-investors/#respond Mon, 19 Jul 2021 18:30:00 +0000 http://www.nordbi.org/light-microfinance-secures-us-10-million-series-a-funding-from-european-investors/

Ahmedabad-based microfinance firm Light Microfinance (Light) has secured US $ 10 million (INR 75 Cr) in its Series A funding from leading European impact investors Incofin (Belgian), Nordic Microfinance Initiative (Norwegian) and Triple Jump (Dutch). This is the first investment of this type of Triple Jump in India. The three funds follow an investment strategy aimed at creating social or environmental impacts in addition to financial gains. The purpose of impact investing is to use investment money and capital for positive social results.

Light CEO Rakesh Kumar says, “This is a very important milestone. We are very pleased that three leading investors are joining us. The investment will strengthen our expansion plans in the states of Haryana, Rajasthan and Madhya Pradesh. We are also investing in several technology interventions such as an AI-based analytics platform and mobile applications to improve procurement, credit underwriting and collection capabilities through individualized mobile training modules and performance trackers.

In FY21, the company announced 30% growth in its portfolio to 623 Cr with an NPA of 0.9%, which is one-sixth below the industry average in India. “This investment strengthens our balance sheet and will allow a further expansion of our loan portfolio to over Rs 1000 Cr”, adds Aviral Saini, CFO of Light.

Light Microfinance started its activities in 2009 and in March 2021, the company was dealing with 2.17 lakh borrowers. It employs more than 1,400 people in 68 districts, helping rural women access affordable loans to generate income and leverage the company’s technology platform.

Light Microfinance offers micro and meso finance products and services aimed at low-income households in rural and peri-urban areas. The company has introduced many innovations in its operations and technology over the years. It will use the proceeds for further investments in technology and the expansion of its operations into new geographies.


For in-depth, objective and above all balanced journalism, Click here Subscribe to Outlook Magazine


Source link

]]>
http://www.nordbi.org/light-microfinance-secures-us-10-million-series-a-funding-from-european-investors/feed/ 0
Umecrine Cognition, the holding company of Karolinska Development, raises capital through successful share issue http://www.nordbi.org/umecrine-cognition-the-holding-company-of-karolinska-development-raises-capital-through-successful-share-issue/ http://www.nordbi.org/umecrine-cognition-the-holding-company-of-karolinska-development-raises-capital-through-successful-share-issue/#respond Wed, 14 Jul 2021 08:48:23 +0000 http://www.nordbi.org/umecrine-cognition-the-holding-company-of-karolinska-development-raises-capital-through-successful-share-issue/


News and research before you hear about it on CNBC et al. Claim your 1-week free trial for StreetInsider Premium here.


STOCKHOLM, SWEDEN – July 14, 2021. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that holding company Umecrine Cognition has completed a new SEK 35.1 million managed share issue to expand ownership base prior to a planned IPO and to fund the continued clinical development of the Company’s golexanolone drug candidate. At the same time, Karolinska Development chose to convert loans totaling SEK 66.9 million into Umecrine Cognition shares at the same subscription price as when issuing new shares.

Umecrine Cognition develops golexanolone, a drug candidate with a whole new type of mechanism of action targeting GABAA receptor in the brain. The drug candidate works by attenuating the incorrect activation of the receptor which can occur in a number of cognitive and psychiatric diseases, thereby restoring normal nerve signaling. Positive results of a phase 2 study of golexanolone in patients with hepatic encephalopathy, published in the reputable scientific journal Journal of Hepatology, justify the launch of late clinical phase studies and the extension of the development program to other pathological areas.

Through the issuance of shares, Umecrine Cognition will receive SEK 35.1 million to be used for further clinical development of golexanolone and preparatory activities for a planned IPO application on the Nasdaq First Growth Market during of the fourth quarter of 2021.

“Over the past year, Umecrine Cognition has made great strides in the development of golexanolone. The publication of the positive results of phase 2 in the Journal of Hepatology constitutes a clear guarantee of quality and provides a solid basis for the design of the continuing clinical development program. The great interest in participating in the new issue of shares of the company and in the conversion of loans into shares of Karolinska Development gives the company an excellent financial situation to vigorously pursue its value creation before the planned IPO ” , comments Viktor Drvota, CEO of Karolinska Development.

Hepatic encephalopathy (HE) is a neuropsychiatric and neurocognitive disease that occurs in acute and chronic liver injury with underlying liver failure. The disease is serious and affects up to 1% of the population in the United States and the European Union, and about a quarter of patients who develop EO die within five years. In addition to individual suffering, HE is associated with significant costs to society. Each year, 180,000 to 290,000 patients are treated in hospitals in the United States for complications from HE.

Following the new issue of shares and the conversion of loans into shares, Karolinska Development’s stake in Umecrine Cognition amounts to 72.59%.

Vator Securities acted as financial advisor to Umecrine Cognition in connection with the issue of shares.

For more information, please contact:

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

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

TO EDITORS

About Karolinska Development AB

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

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

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

The Company is led by an entrepreneurial team of investment professionals who have a proven track record as entrepreneurs and have access to a strong global network.

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


Source link

]]>
http://www.nordbi.org/umecrine-cognition-the-holding-company-of-karolinska-development-raises-capital-through-successful-share-issue/feed/ 0
A European and Rawlsian view on inequality, inclusive growth and monetary policy http://www.nordbi.org/a-european-and-rawlsian-view-on-inequality-inclusive-growth-and-monetary-policy/ http://www.nordbi.org/a-european-and-rawlsian-view-on-inequality-inclusive-growth-and-monetary-policy/#respond Fri, 09 Jul 2021 11:09:51 +0000 http://www.nordbi.org/a-european-and-rawlsian-view-on-inequality-inclusive-growth-and-monetary-policy/

Governor Olli Rehn
CEBRA Annual Meeting (virtual),
High-Level Panel Discussion on ‘Central banking after the pandemic: the challenges of inequality and inclusive growth’
8 July 2021

A European and Rawlsian view on inequality, inclusive growth and monetary policy

Ladies and Gentlemen, Dear Colleagues,

It is a great pleasure and honour to participate in this panel and to have a chance to address the CEBRA Annual Meeting today.

For more than a year, COVID-19 has imposed enormous stress on our societies and the global economy. While the longer-term scarring is now projected to be less severe than initially expected, we will continue to feel the effects of the pandemic in the years to come. That’s a further reason why the theme of our session, the challenges of inequality and inclusive growth for monetary policy, is highly relevant.

In my capacity as an ECB Governing Council member, I will focus on the euro area viewpoint in my initial remarks. This is not to ignore the huge challenges we are facing in the global community in addressing the divergent recoveries from the pandemic and the related concerns about worsening inequality trends across developed and less developed countries. I am sure we will discuss these challenges on the panel.

  1. I will start with the economic outlook, which is always critical for inclusive growth. Euro area GDP is rebounding strongly this year, thanks to the re-opening of the economy, strong policy support and the ongoing global recovery. According to the ECB’s latest forecast, real GDP is projected to grow by ca 4½% in both 2021 and 2022, and by 2% in 2023. Headline inflation is rising this year due to temporary factors.

However, the core i.e. underlying inflation (excluding energy and food) is expected to increase only slightly from 1.1% in 2021 to 1.4% in 2023, as euro area domestic cost pressures are projected to recover gradually but remain muted overall. Importantly, the medium-term inflation outlook is still below the ECB’s 2% symmetric inflation target.

The economic policy response to the COVID-19 crisis has been swift and aggressive across a broad front in Europe, including the ECB’s monetary policy measures aimed at preserving favourable financing conditions. We stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our aim in a sustained manner, in line with our commitment to symmetry.

  1. How does monetary policy, then, relate to the issue of inequality? As is well known, income inequality has been rising for several decades in most advanced economies – more in some, less in others. There are some common drivers, including globalisation and skill-biased technological progress, as well as country-specific factors, of which changes in taxation is the most important. Recently, the pandemic has hit the less well-off hardest and further amplified inequality.

Generally speaking, inequality is mainly explained by structural factors, and therefore policies other than monetary policy play a key role in addressing it. We know that monetary policy impacts inequality through two main channels, the income and wealth channels.

Concerning the income channel, it is critical to note that the wages and employment prospects of low-income households are typically more sensitive to business cycles. Therefore, monetary policy easing, by stimulating economic activity, and thus assisting in saving and creating jobs and increasing wages, does reduce income inequality. This has been the main effect after the previous crisis and in the present crisis.

On the other hand, households’ business and financial income are more responsive to monetary policy than labour income, and this impact of the income channel in monetary policy easing tends to benefit wealthier households more than low-income households.

As to the wealth channel, monetary policy easing generally makes the life of borrowers easier, but can impact negatively on better-off households’ savings. However, the overall net effect depends on the composition of household balance sheets. A fall in the interest rate affects different assets and liabilities differently, depending on their type and maturity.

  1. After the Global Financial Crisis, central banks had to embark on a prolonged period of monetary accommodation using unconventional measures that impact on the prices of longer-term assets. This gave rise to concerns about increasing inequality. Several empirical studies have concluded that the overall effect of unconventional monetary policy measures on income and wealth inequality is small.[1]

Overall, the easing of monetary policy would seem to have somewhat diminished inequality in recent years in the euro area, especially via increased employment for lower-income households. After the financial and debt crisis, 12 million jobs were created in Europe, and monetary policy significantly contributed to that progress. Furthermore, it is clear that the cooperation between monetary and fiscal policy in the crisis response has helped reduce long-term job losses and bankruptcies, and therefore contributed to the overall wellbeing of the public.

Monetary policy has not played a significant role in the evolution of income or wealth inequality in my home country, Finland, either. Forthcoming research by the Bank of Finland staff suggests that the transmission of monetary policy to households with different types of wealth and income profiles is rather similar to that observed in other countries. Monetary easing seems to reduce unemployment most among low-income households, while also boosting the general wage level, which benefits proportionately more high-income households. However, it seems that, relative to the positive impact that monetary policy has on the macro-economy, both on growth and employment, the impact on inequality is nevertheless very small.

In our neighbouring Nordic country, Sweden, the assessments have been similar. In the terms of reference for reviewing the Riksbank’s monetary policy framework, the Riksdag’s Parliamentary Committee on Finance concluded that the distributional consequences of monetary policy since the global financial crisis have been small, and if anything, have ameliorated income differences through lower unemployment. The Committee also concluded that the distributional effects were small.[2]

In our review of the ECB’s monetary policy strategy, we have discussed the issue of inequality and the role employment should play in policymaking. Of course, we adjust monetary policy depending to how the economy is doing, and labour market slack has always been an important part of that consideration. Moreover, given differences in marginal propensities to consume across households, the distribution of income and wealth clearly affects the transmission of monetary policy.

In the euro area, national policies determine labour market outcomes. However, monetary policy can support full employment without prejudice to price stability. In the presence of a flattened Phillips curve, policies aiming at full employment are likely to have a moderate inflationary impact in the short term. Under such circumstances, monetary policy can also help us get closer to full employment.

In fact, considerations about labour-income and wealth inequality strengthen the case for a ‘lower for longer’ strategy, when monetary policy is constrained by the effective lower bound. This is to my understanding in line with considerations that featured prominently in the Federal Reserve’s recent framework review and have contributed also to the new ECB monetary policy strategy, of which President Christine Lagarde informed the public earlier today.

  1. So, let me ask, on the basis of these reflections: what should one as a central banker think about inequality and inclusive growth in the making of monetary policy? In my view, the philosophy of John Rawls is a most helpful guide here. One of his key insights, or one of his three principles of a just society, is that inequalities are acceptable only in case that they benefit the less well-off members of the society.[3]

That is by no means a carte blanche for e.g. advocating tax cuts that benefit the richest or believing in some trickle-down theory of economic growth. But it implies that as the main impact of monetary policy in the proximity of effective lower bound has been to raise output and employment, and thus reduce income inequality by helping create millions of jobs and enhance the income of the previously unemployed and other less well-off members of the society, even if it had limited negative side-effects on wealth inequality, then the policy has been in line with the pursuit of a just society.

  1. Before concluding, I want to touch briefly on the issue of climate change and inequality. Climate change mitigation and the needed green transition will play a major role in our economic policymaking going forward. As with all structural changes, there will be winners and losers. For a successful transition, we will need to pay close attention to distributional issues. While central banks are by no means the leading actors in climate change policy, we do have an important supporting role. In addition to ensuring that the financial system is resilient to climate-related financial risks, we must support an orderly economy-wide green transition. Among other things, central banks have a role in helping societies understand the economic impacts of climate change.
  2. To conclude, central banks must better understand how income and wealth inequality impact the transmission of monetary policy and take that into account in their policymaking. The greatest contribution central banks can make is to deliver on their price stability mandate, as this will also contribute to broad-based and inclusive employment growth. I am confident that the outcome of the ECB’s monetary policy strategy review will enhance the effectiveness of our monetary policy and thus also support the attainment of sustainable growth and full employment.[4]

Let me finish here. Thank you for your attention and I look forward to our panel discussion and your questions.

[1] See e.g. Lenza, M. and J. Slacalek (2020). How does monetary policy affect income and wealth inequality? Evidence from quantitative easing in the euro area. European Central Bank Working Paper Series No. 2190, and Mäki-Fränti, P., A. Silvo, A. Gulan and J. Kilponen (forthcoming), Monetary policy and inequality: the Finnish case, Bank of Finland Research Discussion Papers.

[2] See also Riksbank (2020). Distributional effects of the Riksbank’s measures, Monetary Policy report, November 2020. https://www.riksbank.se/globalassets/media/rapporter/ppr/fordjupningar/engelska/2020/distributional-effects-of-the-riksbanks-measures-article-in-monetary-policy-report-november-2020.pdf

[3] John Rawls, A Theory of Justice. 1971.

[4] See https://www.ecb.europa.eu/home/html/index.en.html


Source link

]]>
http://www.nordbi.org/a-european-and-rawlsian-view-on-inequality-inclusive-growth-and-monetary-policy/feed/ 0
Strategic investment in an American start-up and reconstruction by an AI expert http://www.nordbi.org/strategic-investment-in-an-american-start-up-and-reconstruction-by-an-ai-expert/ http://www.nordbi.org/strategic-investment-in-an-american-start-up-and-reconstruction-by-an-ai-expert/#respond Thu, 08 Jul 2021 12:02:13 +0000 http://www.nordbi.org/strategic-investment-in-an-american-start-up-and-reconstruction-by-an-ai-expert/

DGAP-News: Nemetschek SE / Keyword (s): Investment
08.07.2021 / 14:02
The issuer is solely responsible for the content of this advertisement.

Company News

Nemetschek Group: strategic investment in an American start-up and reconstruction of an AI expert

– State-of-the-art technology for remote quality control and progress tracking

– Infusion of capital to accelerate global expansion

– Perfectly suited to Nemetschek’s strategy of investing in the drivers of innovation

Munich, July 8, 2021 – The Nemetschek Group, one of the world’s leading providers of software for the AEC / O industry, participated in the Series B funding round of Reconstruct, the US leader in remote quality control and powered progress tracking software by Computer Vision and artificial intelligence (AI). Jon Elliott, Division Manager, Build & Construct Division and Member of the Board of Directors of the Nemetschek Group will join the Board of Directors of Reconstruct.

Led by the Nemetschek Group and with other AEC companies and leading tech titans, Reconstruct has secured a total of approximately $ 17 million to develop remote quality control for construction and real estate, which in turn will make projects on time and on budget a reality. . This capital injection will accelerate Reconstruct’s product roadmap and global expansion.

Reconstruct CEO Zak MacRunnels explains, “It is exciting to see leading AEC technology companies like the Nemetschek Group appreciate the uniqueness and transformational nature of our software as a service. Their investment allows us to deliver our multi-patented automated detection offering that adds significant efficiencies to the workflow provided by general contractors to owners. “

“By tackling the industry’s biggest challenges, Reconstruct is leading the way in applying computer vision and AI to help managers understand the quantity and quality of work being done and provide a project brief for construction and infrastructure projects, ”said Jon Elliott, Division Manager, Build & Construct Division and member of the Nemetschek Group Board of Directors. “We are delighted to fuel the growth of Reconstruct through this investment and by connecting them to our open partner ecosystems of Bluebeam and other Nemetschek brands in the areas of architecture, engineering, construction and construction. operations, thereby increasing the value of digitization for the AEC / O industry. “

Reconstruct has continued its growth rate of 300% over the past 2 years. The company supplies its software to clients ranging in complexity from 7-Eleven and McDonalds to billion dollar construction companies and industrial and infrastructure owner-operators. Pfizer, for example, uses Reconstruct at its production sites around the world.

The investment fits perfectly with the Nemetschek group’s strategy of helping young companies shape the future AEC / O market and spur innovation. See also a recent announcement regarding the participation in the Series A funding of the fast growing Contech start-up Sablono, the market leader in digital lean technology for construction companies.

About the reconstruction

Reconstruct (R) was founded in 2016 to make the built world a better place to live, work and play. With offices in Silicon Valley and the Midwest and team members located around the world, Reconstruct’s Visual Command Center for Construction (TM) brings together reality capture, design and schedule to provide control quality and remote monitoring of real estate and construction assets.

About the Nemetschek group

The Nemetschek group is a pioneer of digital transformation in the AEC / O industry. With its intelligent software solutions, it covers the entire lifecycle of construction and infrastructure projects and guides its customers into the future of digitalization. As one of the world’s leading business groups in this sector, the Nemetschek Group increases the quality of the construction process and improves the digital workflow for everyone involved. Customers can design, construct and manage buildings more efficiently, sustainably and profitably. . Emphasis is placed on the use of open standards (OPEN BIM). The portfolio also includes digital solutions for visualization, 3D modeling and animation. The innovative products of the four customer-oriented segments are used by approximately six million users worldwide. Founded by Professor Georg Nemetschek in 1963, the Nemetschek group today employs more than 3,000 experts.

Listed on the stock exchange since 1999 and listed on the MDAX and TecDAX, the company achieved a turnover of 596.9 million euros and an EBITDA of 172.3 million euros in 2020.

Contact:
Stefanie Zimmermann
VP Investor Relations & Corporate Communication
NEMETSCHEK SE
Konrad-Zuse-Platz 1
81829 Munich
Phone. : +49 89 540459-250
M: +49 175 7211197

08.07.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

DGAP’s distribution services include regulatory announcements, financial / corporate news, and press releases.
Archives on www.dgap.de


Source link

]]>
http://www.nordbi.org/strategic-investment-in-an-american-start-up-and-reconstruction-by-an-ai-expert/feed/ 0
What Is Available For Financial Support? http://www.nordbi.org/the-best-ways-to-get-financial-support/ http://www.nordbi.org/the-best-ways-to-get-financial-support/#respond Tue, 06 Jul 2021 01:53:00 +0000 http://www.nordbi.org/payday-loan-bad-credit-find-a-payday-advance-bad-credit-thats-right-for-you/ Whether your loved one is in need of medical treatment or in the process of moving, a financial support system can be a lifesaver. Once you and your loved one have decided to work together towards a common goal, you can make arrangements for financial help.

The best ways to get financial support

The first step is to make a family budget. In order to make the proper choices, you may need help from your friends or relatives. Making a budget that includes the income of each member will help you work toward finding the proper resources to meet the needs of your loved one.

Financial support for health issues can include medical insurance. Many insurance companies will cover some or all of the cost of medical treatments in cases where they are provided as part of a health care plan. If you are not eligible for any type of coverage, you may be able to qualify for free care through charity organizations. Once again, having a professional you trust to make these decisions for you is the best way to ensure that you do not get hurt and that your loved one receives the care that she or he needs.

Other types of financial support include bad credit loans from lenders. They’ll even guarantee it.

Can I get a loan?

A lot of banks offer small personal loans at very low-interest rates. In addition, some banks offer no money down personal loans that require a minimum amount of money to secure the loan.

A student loan is one of the best ways to get financial support for college. When filling out the application for this type of loan, you will need to decide if you want to borrow from the government or from private institutions. You will also need to decide whether or not to borrow for tuition.

You should also consider whether or not you will borrow the money for your college or university. Many students find it easier to go to school for one year, rather than three or four. For students who need to go back to school for a full four years, it may be best to borrow from both sources.

If you are interested in applying for a student loan, it is best to begin thinking about what type of college education will be best for your loved one. This decision will help you determine the amount of money you will need to borrow.

Financial support for the home renovation is another thing that your loved one can receive. Most banks and lenders will agree to lend money to those who need it most. When you’re trying to find financial support for this type of renovation, you should work with a professional that specializes in providing financial aid to people in need.

You can also receive financial support for home renovations or even social security. You’ll need to talk to a social security specialist to determine how you can meet the total cost of the renovation or social security.

Another type of financial support?

Another type of financial support that your loved one can receive is an extended unemployment benefit. Unemployment benefits can help to make ends meet until your own salary is paid. You can qualify for unemployment benefits just by getting laid off if you were employed for less than 30 days.

These are just a few examples of financial support that is available to those who need it. There are many other options available to you and your loved one when seeking the right financial solution.

Whether your loved one is in need of medical treatment or in the process of moving, a financial support system can be a lifesaver. Once you and your loved one have decided to work together towards a common goal, you can make arrangements for financial help.

The best ways to get financial support

The first step is to make a family budget. In order to make the proper choices, you may need help from your friends or relatives. Making a budget that includes the income of each member will help you work toward finding the proper resources to meet the needs of your loved one.

Financial support for health issues can include medical insurance. Many insurance companies will cover some or all of the cost of medical treatments in cases where they are provided as part of a health care plan. If you are not eligible for any type of coverage, you may be able to qualify for free care through charity organizations. Once again, having a professional you trust to make these decisions for you is the best way to ensure that you do not get hurt and that your loved one receives the care that she or he needs.

Other types of financial support include bad credit loans from lenders. They’ll even guarantee it.

Can I get a loan?

A lot of banks offer small personal loans at very low-interest rates. In addition, some banks offer no money down personal loans that require a minimum amount of money to secure the loan.

A student loan is one of the best ways to get financial support for college. When filling out the application for this type of loan, you will need to decide if you want to borrow from the government or from private institutions. You will also need to decide whether or not to borrow for tuition.

You should also consider whether or not you will borrow the money for your college or university. Many students find it easier to go to school for one year, rather than three or four. For students who need to go back to school for a full four years, it may be best to borrow from both sources.

If you are interested in applying for a student loan, it is best to begin thinking about what type of college education will be best for your loved one. This decision will help you determine the amount of money you will need to borrow.

Financial support for the home renovation is another thing that your loved one can receive. Most banks and lenders will agree to lend money to those who need it most. When you’re trying to find financial support for this type of renovation, you should work with a professional that specializes in providing financial aid to people in need.

You can also receive financial support for home renovations or even social security. You’ll need to talk to a social security specialist to determine how you can meet the total cost of the renovation or social security.

Another type of financial support?

Another type of financial support that your loved one can receive is an extended unemployment benefit. Unemployment benefits can help to make ends meet until your own salary is paid. You can qualify for unemployment benefits just by getting laid off if you were employed for less than 30 days.

These are just a few examples of financial support that is available to those who need it. There are many other options available to you and your loved one when seeking the right financial solution.

]]>
http://www.nordbi.org/the-best-ways-to-get-financial-support/feed/ 0