Bosnia Banking – FK Leotar Wed, 09 Jun 2021 16:36:07 +0000 en-US hourly 1 Bosnia Banking – FK Leotar 32 32 Bosnia records largest drop in non-performing loan ratio in CESEE in 2020 Tue, 08 Jun 2021 11:41:00 +0000

SOFIA (Bulgaria), June 8 (SeeNews) – Last year, Bosnia and Herzegovina recorded the largest annual decline in the ratio of non-performing loans (NPL) among 17 countries in Central, Eastern and South-Eastern Europe (CESEE ), reducing the ratio from 4.3 percentage points (pp) to 3.1%, according to a new report from the European Bank’s “Vienna” Coordination Initiative.

The average NPL ratio in the CESEE region fell by 0.2 percentage point over the year to reach 3.5% at the end of 2020, according to the NPL Monitor for CESEE published by the NPL Initiative, a subset of the Initiative. from Vienna, Monday.

Albania continued to lead among the 17 countries, with its NPL ratio standing at 8.1% at the end of December, down 0.3 percentage point over the year.

In South Eastern Europe (SEE), except Albania and Bosnia and Herzegovina, the countries that decreased their NPL ratios in 2020 are Bulgaria, North Macedonia, Serbia and Slovenia . Croatia, Kosovo and Montenegro increased their NPL ratios, while Romania’s NPL ratio remained unchanged in 2020.

The volume of non-performing loans in the CESEE region fell 3.9% over the year to reach 32 billion euros ($ 39 billion) at the end of 2020.

North Macedonia saw the largest annual decline in the volume of non-performing loans – of 26.4% – among countries in South-Eastern Europe last year.

Public measures that were implemented to mitigate the effects of the pandemic prevented an increase in NPLs in the CESEE region last year, but the ultimate impact of the crisis on the quality of banks’ assets remains uncertain, according to the report.

“However, NPLs are expected to increase further, as government measures start to weaken. Although the magnitude of the impact remains to be seen, the recent increase in Phase 2 loans, particularly among loans that have benefited from payment delays, can be seen as indicative of an intensification of credit risks to the Bank. future ”, we read in the report.

In addition, countries that depend on vulnerable sectors such as accommodation and food, arts and entertainment, commercial real estate or transport, are likely to be particularly affected.

Details on the profile of NPLs from ten South Eastern European countries are as follows:

NPL Ratio, Dec. 2020 NPL ratio (variation y / y, pp) NPL volume, December 2020 (in billions of euros) Volume of NPL (variation y / y,%)
Albania 8.1 -0.3 0.4 1.1
Bosnia herzegovina 3.1 -4.3 0.7 -16.6
Bulgaria 5.8 -0.8 2.9 -6.4
Croatia 7.2 0.2 2.7 7.9
Kosovo 2.5 0.6 0.1 39.8
North Macedonia 3.3 -1.4 0.2 -26.4
Montenegro 5.9 0.8 0.2 19.6
Romania 4.1 0.0 2.8 3.4
Serbia 3.7 -0.4 0.9 0.6
Slovenia 3 -0.4 1.2 4.8

The Vienna Initiative is a framework for safeguarding the financial stability of emerging Europe. It was launched at the height of the first wave of the global financial crisis in January 2009. It brings together all relevant actors from the public and private sectors of EU-based cross-border banks active in emerging Europe, which have a large part of the banking sectors. in this region.

($ = 0.8210 euro)

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France probes the fortune of the head of the Lebanese central bank | Voice of America Sun, 06 Jun 2021 07:18:41 +0000

PARIS – France has opened an investigation into the personal fortune of Riad Salameh, director of the central bank of Lebanon in crisis, sources told AFP on Sunday.

The Paris financial prosecutor’s office has opened a preliminary investigation for criminal conspiracy and money laundering by Salameh, said a source close to the investigation and a judicial source, following a similar action by Switzerland.

His findings could shed light on the origins of the wealth of 70-year-old former banker Merill Lynch.

In office since 1993 and once hailed by political and economic leaders, Salameh has been repeatedly accused by the government of interim Prime Minister Hassan Diab of being responsible for the collapse of the Lebanese pound.

The Lebanese public suspect him and other senior officials of transferring money overseas during a 2019 uprising, when ordinary people were barred from doing so.

Lebanon has since been hit by an economic crisis which, according to the World Bank, is one of the worst since the 19th century.

Close to the powerful Hariri family, Salameh has been under investigation for months in Switzerland on suspicion of serious money laundering and embezzlement of Banque du Liban funds.

He also owns several properties in France and may have transferred money through the country.

One of the criminal complaints that prompted French prosecutors to get involved came from the Swiss foundation Accountability Now, daily The world reported.

Another was filed by the anti-financial crime group Sherpa and by the Collective of Victims of Fraudulent and Criminal Practices in Lebanon, set up by savers devastated by the post-2019 crisis.

The French decision marks the start of a “universal mega-investigation across Europe”, declared William Bourdon and Amélie Lefebvre, lawyers for Sherpa and the collective of savings.

“Huge money laundering operations will be examined, which should open every corner of the mafia which brought Lebanon to its knees,” they hope.

Their criminal complaint, seen by AFP, accuses Salameh and his relatives – his brother Raja, his son Nadi, a nephew and a central bank employee – of fraudulently building up a vast fortune in Europe.

The groups urge the justice system to investigate the massive flight of capital from Lebanon since the start of the crisis, as well as real estate purchases out of all proportion to the incomes of buyers and the roles played by financial intermediaries, tax havens and financial institutions. straw men.

Based in particular on reports from the Lebanese website and the Organized Crime and Corruption Reporting Project, the plaintiffs estimate that Salameh’s total global wealth is over $ 2 billion.

He disputes this figure, claiming that his assets have come from inheritances, his banking career and legitimate investments since taking office in 1993.

The investigation by French prosecutors is the latest in a series of investigations into the “ill-gotten gains” of foreign leaders – particularly from Africa or the Middle East.

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Saudi banks lending to private sector up SR 13 billion in April Tue, 01 Jun 2021 07:05:03 +0000

DUBAI: Vision Fund, the high-tech investment group, is about to get its first big backing for a Saudi company, Arab News can reveal.

The fund, which has raised around $ 130 billion in investments in two separate fundraisers, will support a Saudi courier company, CEO Rajeev Misra told Arab News.

“We are about to make our first investment in a local business. It’s a local courier company, and we’re very excited about it. It will be announced shortly within the next week or 10 days, ”Misra said in a“ Frankly speaking ”video interview, declining to give further details until the company involved makes their announcement.

The investment will be made from Vision Fund 2, the $ 30 billion fund created last year with backing from SoftBank, the giant Japanese financial institution founded by Masayoshi Son.

Saudi Arabia’s Public Investment Fund invested $ 45 billion in the first Vision Fund, but declined to participate in the second.

Misra added: “We wouldn’t have a Vision Fund today without the PIF or Crown Prince Mohammed bin Salman, so there wouldn’t be a SoftBank Vision Fund without their support.”

He said there would be more multi-billion dollar Vision funds in the years to come and hoped Saudi investors and other Middle Eastern investors would be involved.

“They’ll get involved when they want to get involved. Whenever they decide to join the next one, we will be delighted, ”added Misra.

The big profits from the Vision Fund’s investments were the driving force behind the $ 46 billion in profits recently reported by SoftBank – the biggest profits in Japanese corporate history.

“We have local offices in both Saudi Arabia in Riyadh and Abu Dhabi. Speaking of the Saudi operation, we have introduced over 30 SoftBank VF companies to the region over the past four years – many of them are now fully operational and serving communities. I think we have created thousands of jobs in our holding companies in the region, ”Misra said.

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Berlin shocked by Denmark-US spy deal – Tue, 01 Jun 2021 06:32:33 +0000

The Capitals brings you the latest news from across Europe, with on-the-ground coverage by EURACTIV’s media network. You can subscribe to the newsletter here.

Before you start reading today’s edition of the Capitals, be sure to check out the article “The Commission admits that the share of fossil fuels is’ probably ‘higher in transport without multipliers’.

Also read the article “Lavrov reads autopsy of EU-Russia relations”, by Georgi Gotev.

The European news you deserve to read. welcome to The capitals by EURACTIV.

A message from the EBAA: European Business Aviation takes note of a study on aviation emissions and highlights missed opportunities: environmental action and economic growth are not mutually exclusive; Business aviation has made sustainability a top priority, while simultaneously responding to a clear demand to connect citizens, businesses and communities. Read more here.

In today’s news from capitals:


German politicians have reacted with shock to revelations that Denmark’s foreign intelligence unit has teamed up with the US National Security Agency (NSA) to spy on senior officials from neighboring countries, including German Chancellor Angela Merkel . “Among EU member states, such surveillance operations should be absolutely banned,” Green MEP Hannah Neumann and member of the Security and Defense Subcommittee told EURACTIV Germany. Read more.



Commission: the future EU debate should focus on “genuine people” and not on the “Brussels bubble”. Margaritis Schinas, Vice-President of the European Commission for the Promotion of the European Way of Life, stressed that the conference on the future of Europe should focus on “genuine people” and not on the “Brussels bubble” . Read the full story.



Most French people uninformed about the arms trade want a public debate. A majority (80%) of French people feel poorly informed about the arms trade while more than 70% believe that the arms trade should be the subject of a public debate in the country, according to a new opinion poll published Monday by Amnesty International. the publication of the government’s annual report on arms exports. Read more.



Commission denies Austrian statement on COVID-19 certificate delays. The European Commission has denied the claims of the Austrian government announced last minute changes to the technical requirements of the upcoming COVID-19 ‘green pass’ digital certificate, which delayed the rollout of the program in Austria. Read more.



UK economy set to grow faster than expected. The UK economy is expected to grow faster than expected, according to the latest forecasts from the Organization for Economic Co-operation and Development (OECD).

The UK is likely to grow 7.2% in 2021, down from 5.1% of the OECD’s March projection, an increase which Boris Johnson’s government says is largely the result of the program. UK COVID-19 Mass Vaccination Program. The recovery is expected to be the strongest among major European economies. However, unemployment is expected to peak at over 6% before the end of the year. (Benjamin Fox |



11 Member States warn Borrell about juveniles detained in Belarus. Ministers from 11 European Union member states sent a letter late Monday to EU senior diplomat Josep Borrell warning him of minors detained in Belarus for participating in anti-government protests. They called for immediate action on top of the EU sanctions already imposed. Read the letter obtained by EURACTIV here.



Sanoma wants the EU to review the streaming platform of Finnish national broadcaster YLE. Finland’s largest commercial media company, Sanoma, has asked EU competition authorities to check whether the Finnish broadcasting company YLE has the right to publish educational and written content on its YLE Areena streaming platform. Read more.



The Bank of Italy calls for the recovery fund to be permanent after the pandemic. Europe was “forged in crises” and must therefore emerge stronger from the pandemic, for example by creating permanent mechanisms such as the EU Recovery Fund or the Safe Fund, the Bank Governor said on Monday. from Italy, Ignazio Visco. Read more.

In other news, Italy is determined to collaborate with the unified executive authority of Libya and to “support it in the next decisive phases of the institutional transition”, Italian Prime Minister Mario Draghi told his Libyan counterpart Abdul Hamid Dbeibah who was visiting Rome. Italy wishes to continue to help Libya with its international partners and supports “the need to increase and structure the contribution of the EU” to the North African country, added the Italian Prime Minister.

Regarding immigration, Draghi explained that the Italian government “intends to continue to finance assisted voluntary repatriations and humanitarian evacuations from Libya”, adding that “it is a moral duty and a Libyan interest to guarantee full respect for the rights of refugees and migrants ”. “Italy will continue to do its part in terms of training resources and skills, but resolute and swift action from the EU is needed. At the European Council in June, on an Italian proposal, migration will return to the center of political attention in all its dimensions – internal and external ”, added Draghi. (Daniele Lettig |



Spain urges the EU to quickly approve all national stimulus plans. Spanish Prime Minister Pedro Sánchez urged Brussels to swiftly approve all stimulus packages of European Union member states and release funds to accelerate the economic recovery of countries particularly affected by the pandemic, including Spain, reports EFE, partner of EURACTIV.



The former holding company of Czech Prime Minister Babiš, Agrofert, is suing the European Parliament. Agrochemical giant Agrofert Holding – formerly owned and still controlled by Czech Prime Minister Andrej Babiš – has filed a lawsuit against the European Parliament, claiming that EU lawmakers denied access to documents that had leads the institution to criticize the conflict of interest of the Prime Minister. Read more.



Poland and Spain sign agreement to develop Polish high-speed rail system. Poland and Spain signed a cooperation agreement in Madrid on Monday that would mainly help Poland’s high-speed rail system under the Solidarity Transport Hub (STH) project. Read more.



Hungary for being able to produce Chinese jab, gives a state prize. The national vaccine plant, currently under construction, will also be able to produce the Chinese vaccine Sinopharm, Hungarian Foreign Minister Péter Szijjártó announced during his visit to China on Monday where he presented the Budapest State Prize to his Chinese counterpart Wang Yi. Read more.



Slovak Ministry of Finance: vaccination is the best way to help the economy. The best way to help the economy recover from the estimated 5.6 billion euros loss from the pandemic is to promote the vaccine which costs 40 euros per adult, according to estimates by the Value-for-Money Department of the Slovak Ministry of Finance. Read more.



Hungary’s OTP acquires Slovenia’s second largest bank. The Hungarian group OTP Bank has signed an agreement to acquire an outright stake in NKBM, the second largest Slovenian bank, to become the leading banking player in the Slovenian market. After.



Under fire, Borissov’s GERB attacks the interim government. Bulgarian MEPs from former Prime Minister Boyko Borissov’s GERB party sent a letter to all groups in the European Parliament, criticizing the actions of the interim government, claiming he was “appointed by pro-Kremlin President Rumen Radev “. Read more.



Romania presents its recovery and resilience plan. Romania submitted its stimulus plan to the European Commission on Monday, becoming the 22nd EU country to do so. Romania intends to attract the maximum allocation of € 14.3 billion in grants and € 15 billion in loans from the Recovery and Resilience Fund (FRR). Read more.



Travel restrictions are relaxed for Croats entering Austria. Travelers arriving in Austria from Croatia are no longer required to quarantine from Tuesday, provided they have been tested, vaccinated or recovered from COVID-19, Croatian Tourism Minister Nikolina Brnjac said on Monday after talks in Vienna with her Austrian counterpart Elisabeth Köstinger, Hina reported. Read more.



Serbian regulator launches procedure to clear Pfizer jab for children. The Serbian Medicines and Medical Devices Agency has initiated a process to approve the use of Pfizer-BioNTech vaccine for children over 12 years old, Serbian epidemiologist Branislav Tiodorović told the Vecernje Novosti newspaper in an interview Monday. ( |

In other news, Serbian citizens who have already received at least one dose of the coronavirus vaccine can apply for a vaccination incentive worth 3,000 RSD, or about 25.5 €, announced the Ministry of Finance. According to a decree prescribing vaccination incentives, Serbian nationals over the age of 16 can apply if they received at least one dose on the territory of Serbia on Monday. ( |



BiH imposes entry restrictions on foreign nationals. Bosnia and Herzegovina will not ease entry restrictions for foreign nationals at this time as they will continue to test negative for PCR unless they are nationals of neighboring countries, the government ruled on Monday. Read more.


  • EU institutions: NATO Foreign and Defense Ministers discuss Russia
  • EU institutions: The European Public Prosecutor’s Office begins to be operational
  • France: The National Assembly will begin its examination of the new bill on the prevention of terrorist acts and on intelligence.
  • Italy: The National Statistical Institute will publish employment data for April 2021 and quarterly income statements for the first quarter of this year.
  • Spain: The government must take legal steps to analyze all judicial and political aspects of a future decision to grant pardon to imprisoned Catalan separatists.
  • Greece: From today, Greece’s COVID-19 certificate goes into effect.
  • Romania will celebrate a public holiday Tuesday.
  • Croatia: Parliament continues its session by discussing a vote for a motion of censure against Minister of Health Vili Beroš, while Minister of Labor Josip Aladrović and Secretary of State Margareta Mađerić will launch a national media campaign for prevention violence against women and domestic violence.
  • Serbia: An online presentation of a study on the evaluation of digital accessibility policies in Serbia, implemented with the assistance of the International Communication Union, will take place on Tuesday.


[Edited by Sarantis Michalopoulos, Daniel Eck, Josie Le Blond]

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CBCG reaction to Predrag Drecun statement Fri, 28 May 2021 12:26:23 +0000

CBCG reaction to Predrag Drecun statement


In cases where individuals, knowingly or due to a lack of knowledge and skills, place inaccurate information that may directly or indirectly affect developments in the banking market, as its primary competence, the Central Bank (CBCG) should respond to preserve the soundness of the banking sector and stability and to deny such allegations.

Guest on the Montenegro Radio Television (RTCG) morning show yesterday, Mr Predrag Drecun presented a series of flat and baseless assessments of the work of CBCG and the functioning of banks. Because of this, we are obliged to provide the public with data that realistically reflects the situation of the banking sector and reminds us of the evaluations of our work of the target of the European Commission, the European Central Bank, the World Bank and the International Monetary Fund.

We will first consider the crudest and least substantiated comment that “the CBCG has not preserved the stability of the sector”. Assessments of all relevant international institutions, which anyone involved in financial market analysis should take into consideration, confirms that the CBCG has acted adequately and quickly during the corona crisis, successfully preserving the soundness and stability of the banking system.

Let us recall first of all that, for the first time since the creation of the CBCG, the IMF prepared in February an external analysis of the institution’s control mechanisms. He determined that the The CBCG had strong operational control mechanisms for its key functions. During the April meeting, IMF Department Director for Europe Alfred Kammer praised the governor for “ taking the right steps to build a strong and credible institution“.

In the spring edition of Regular Economic Report on the Western Balkans, the World Bank pointed out that ‘the financial sector has been resilient so far. A recent letter from the World Bank Country Director for Montenegro and Bosnia and Herzegovina to the Governor noted that “the CBCG has implemented a relatively broad set of measures in response to the impact of the pandemic on the economy and the financial sector. ‘

Positive evaluations of the work of the CBCG have come from the highest European addresses. The ECB said that “the key indicators of the financial stability of the banking system are still strong due to their stable situation before the pandemic and recent crisis support measures ”. They further stress that “thanks to the efforts of the CBCG, the banking sector had strong indicators of financial stability before the crisis at the aggregate level”. In addition, the CBCG is one of the few institutions to have received an excellent assessment of progress in the European Commission progress report for 2020. We expect a similar result, based on the already respected recommendations of the European Commission for 2021, this year too. The latest report from the European Commission on the quality of Montenegro’s economic reform program 2021 indicates that the CBCG has taken strong supportive measures to mitigate the impact of the crisis, including deferrals and debt relief, through a moratorium and loan restructuring. He further states that ‘monitoring activities were of high quality, including monitoring the impact of measures‘ and that ‘he didgood progress in strengthening supervision“.

In addition to the ratings mentioned at the most relevant addresses, the data of banking operations confirm that the banking system is healthy and secure. At the end of the first quarter of this year, the solvency ratio stood at 19.3%, almost double the prescribed minimum. CBCG’s previously defined measures to restrict the distribution of realized profits and the emphasis on capital building have greatly contributed to this. All the key elements of the balance sheet have been growing since the start of the year. In the first four months of the current year, banks approved € 318 million in new loans, 32% more than the same period last year.

Deposits continued to grow in 2021 (by 223 million euros from January 1 to May 25, 2021) sign of confidence in the banking system and the supervisor.

Remember also that the CBCG has set up nine packages of measures to mitigate the consequences of the pandemic the previous year. Among others, they were intended to delay and facilitate debt repayment through a moratorium and loan restructuring. We have taken special care to provide direct support to the categories of the population and the economy most seriously affected by the pandemic. Legal entities on the list of threatened activities and those whose total income in 2020 was at least 50% lower than in 2019 can use the moratorium. Individuals – beneficiaries of loans who have terminated their employment and those who did not receive a net salary for three months before the moratorium, as well as those whose salaries were reduced by at least 10% due to the pandemic , can use the moratorium.

As a former banker and current financial analyst, Drecun should know that the required reserve has been reduced due to a CBCG measure. The CBCG knowingly initiated and implemented the measure last May to “inject” an additional 70 million euros in liquidity. With this measure, banks could even more strongly support citizens and businesses whose financial situation has been negatively affected by the corona crisis. This measure, supported by international financial institutions, was implemented by almost all national banks during the corona crisis. In order to provide additional funds to support systemic liquidity, CBCG actively communicated with international partners. It has contracted two repo lines for a maximum amount of 350 million euros with the Bank for International Settlements and the ECB.

In view of the above, it is clear that Mr. Drecun’s claims are unfounded and that his assessments of “CBCG inactivity” and “system vulnerability” are absolutely nonexistent.


Central Bank of Montenegro published this content on May 28, 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unchanged, on 28 May 2021 12:22:09 PM UTC.

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Lithuanian President Says Belarus Nuclear Power Plant Could Be Instrument of Blackmail Fri, 28 May 2021 11:55:27 +0000


Russian SolarWinds hackers are back with new wave of cyberattacks, Microsoft warns

The same Russian hackers behind the massive SolarWinds breach have launched a new wave of cyber attacks targeting government agencies, think tanks, consultants and NGOs, Microsoft revealed late Thursday evening. The United States imposed sanctions and expelled Russian diplomats in response to the SolarWinds hack, described by Microsoft as “the most sophisticated attack the world has ever seen.” Stay on top of the latest market trends and economic information with Axios Markets. The new breach was discovered just weeks before President Biden held his first in-person summit with Russian President Vladimir Putin in Geneva, and follows other Russian-backed cyberespionage campaigns. , which is linked to the main Russian intelligence agency, was behind the attack: a Kremlin-linked hacking group took control of a US Agency for International Development account and sent Seemingly legitimate emails containing malicious files to international human rights groups and humanitarian organizations, according to Microsoft. Microsoft, which monitors malicious activity on the Internet, said the attack “differs significantly.” of the SolarWinds vulnerability, hackers appearing to be using newer tools and tradecraft. account, allowing the group to send malicious emails that appeared to come from genuine government addresses to its 3,000 emails in more than 150 organizations. The emails contained a “backdoor” through which hacks could steal data and infect other computers on a network. Some of the emails were flagged by automated email threat detection systems, but some may have been delivered successfully.Many targeted organizations criticized Putin and exposed and condemned the Russian action against the dissidents, including the poisoning and imprisonment of opposition leader Alexei Navalny, according to the New York Times. An example of a phishing email that purports to look like a legitimate USAID email. Screenshot: Microsoft What they are saying: A spokesperson for the Cybersecurity and Infrastructure Security Agency told The Times on Thursday that the agency is “aware of the potential compromise and is working with USAID and the FBI To better understand the extent of the problem. “First of all, when paired with the SolarWinds attack, it’s clear that part of Nobelium’s playbook is accessing trusted technology providers and infecting their customers,” wrote Tom Burt, vice president of Microsoft, in a “By relying on software updates and now mass messaging providers, Nobelium increases the risk of collateral damage in espionage operations and undermines the confidence in the tech ecosystem, ”Burt added. “At least a quarter of the organizations targeted were involved in international development, humanitarian action and human rights.” Overview: The attack suggests that Russia is not slowing down its hacking campaigns against the United States. and US-based companies, despite the new sanctions. Like this article? Get more Axios and subscribe to Axios Markets for free.

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Glovo acquires the Balkan units of Delivery Hero for 170 million euros Wed, 26 May 2021 09:08:27 +0000

By Joan Faus

BARCELONA (Reuters) – Spanish fast-delivery start-up Glovo has agreed to pay 170 million euros ($ 208 million) to buy the Balkan units of the German Delivery Hero, he said on Wednesday, stepping up its expansion after recently raising new liquidity.

The transaction includes the acquisition of Foodpanda in Romania and Bulgaria, Donesi in Serbia, Montenegro, Bosnia and Herzegovina and Pauza in Croatia. The agreements are subject to regulatory approvals, the Barcelona-based company said.

Earlier this month, Glovo announced the acquisition of Ehrana in Slovenia for an undisclosed amount.

Delivery Hero raised its stake in Glovo to 37% after providing 229 million euros of the 450 million euros raised by the Spanish company in April in what has been described as the biggest guaranteed funding round by a Spanish start-up.

At the end of 2020, Glovo sold its Latin American business to Delivery Hero for up to 230 million euros.

“It has always been at the heart of our long-term strategy to focus on markets where we see clear opportunities to lead and where we can build a sustainable business,” said Glovo co-founder and CEO Oscar Pierre, in a press release referring to the Balkans agreement.

Glovo supplies everything from food to household items to some 10 million users in 20 countries.

The company has seen demand soar during the COVID-19 pandemic, as stranded customers have turned to its rapid delivery service.

The deal comes at a time when Glovo faces increasing regulation in its home market that could affect its business model.

In early May, the Spanish government gave food delivery companies three months to convert their couriers into employees under a new law, one of the first in Europe to regulate workers’ rights in the saving odd jobs. [L8N2MY3DU]

(1 USD = 0.8158 euros)

(Reporting by Joan Faus; Editing by Inti Landauro and Keith Weir)

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De La Rue’s annual profit soars thanks to cash printing and lower costs Wed, 26 May 2021 08:13:22 +0000

(Reuters) – De La Rue posted a 61% increase in annual profit on Wednesday after printing more banknotes and cutting costs as part of a turnaround plan, with the new fiscal year off to a good start, performance that met society’s expectations.

The over 200-year-old company, which struggled with high debt levels, halved its net debt to 52.3million pounds ($ 74.05million) at the end of March , helped by its fundraising of 100 million pounds in July.

Putting Kenyan shillings into Sri Lankan rupees, De La Rue’s currency division profited from the pandemic, with central banks around the world having to print billions of dollars in banknotes to restart their crisis-stricken economies.

“We see a strong business portfolio for the 2021/22 fiscal year and we continue to expect to deliver all the financial and operational benefits of the turnaround plan during the year,” said CEO Clive Vacher.

The company has been trying to turn around its fortunes since losing a contract to manufacture new UK passports in 2018, with Vacher leading efforts to refocus on polymer banknotes to replace paper.

The company, which prints billions of tickets a year, said adjusted operating profit rose to £ 38.1million for the year ended March, from £ 23.7million a year earlier.

(1 USD = 0.7063 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Devika Syamnath)

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Bosnian central bank predicts 3.4% GDP growth in 2021/22 Mon, 24 May 2021 12:09:08 +0000


Goldman Sachs: these 3 stocks are about to climb more than 100%

Markets are in the throes of volatility, with unpredictable swings making recent sessions a roller coaster of sorts. Major indexes fell sharply at the end of last week, but Friday’s release of economic data showing strong manufacturing activity gave a boost that reduced the market’s losses somewhat. The recent earnings season has also sparked optimism – S&P listed companies, collectively, posted 46% year-over-year gains in the first quarter, up from 20% expected. Goldman Sachs strategist David Kostin believes that generally positive macro data is supporting stocks in an uncertain market environment. “The combination of a global reopening, high consumer savings and strong corporate operating leverage will lead to strong recoveries in economic growth and earnings … US equities will continue to appreciate, although at a slower pace than that which has characterized the past 12 months … will remain attractive relative to cash and bonds, ”Kostin noted. In light of that, our attention turned to three stocks that Goldman Sachs says have outsized growth prospects, with company analysts predicting greater than 100% upside potential for each. Using the TipRanks database, we discovered that the rest of the street is on board as well, as each has a ‘Strong Buy’ consensus rating. Rain Therapeutics (RAIN) We will start with a new public biopharmaceutical company Rain Therapeutics. The company is developing a non-tumor treatment strategy that selects patients based on underlying genetics rather than disease histology. Rain has two drug candidates in the pipeline, RAIN-32, which is in multiple clinical trials, and RAD52, which is still in preclinical testing. Taking a closer look at the pipeline, we find that RAIN-32, an MDM2 inhibitor called milademetan, has a Phase 3 trial for WD / DD liposarcoma scheduled to begin in the second half of this year. At the same time, a phase 2 trial, an MDM2 basket study, is also scheduled for 2S21. Beyond the WD / DD Phase 3 study and the Phase 2 Basket study, the company also plans to launch another phase 2 study in intimal sarcoma by early 2022. RAD52, the company’s second candidate , is a new approach to the treatment of breast, prostate, pancreatic and ovarian cancers. The drug is still in the early stages of research, but the selection of lead candidates for clinical studies is expected to begin next year. As mentioned above, Rain is a newly opened company; it held its IPO in April of this year. The company has put 7,352,941 shares on the US public markets, at $ 17 each. The IPO raised gross proceeds of approximately $ 125 million. Opening this stock’s coverage for Goldman Sachs, analyst Graig Suvannavejh writes: “While we are bullish on the outlook for RAIN-32 in LPS, the income opportunity appears modest, as we project a peak in risk. -unadj./adj. sales of $ 612 million / $ 428 million (assuming 70% POS), for only about $ 3,000 annual incidence in the United States. That said, our enthusiasm for RAIN is also based on the potential of RAIN-32 beyond LPS, including intimal sarcoma (an ultra-orphan cancer), as well as solid tumors amplified by MDM2, which we consider a substantial market opportunity. Out of those three, we are projecting $ 2.2 billion / $ 859 million unadj./adj peak risk. sales in the US / EU5, with further future indications for RAIN-32 (trials will begin in 2022) and also a preclinical RAD52 program (a synthetic lethality game) showing upside potential compared to our expectations. In line with his bullish stance, Suvannavejh is pricing RAIN a Buy, and his price target of $ 56 portends an impressive upside potential of 252% over the next 12 months. (To see Suvannavejh’s track record, click here) Turning now to the rest of the street, other analysts echo Suvannavejh’s sentiment. As only Buy recommendations have been released in the past three months, RAIN is getting consensus from Strong Buy analysts. With an average price target of $ 33.75, stocks could climb 112% from current levels. (See RAIN stock market analysis on TipRanks) Relmada Therapeutics (RLMD) The next headline on Goldman Sachs’ radar, Relmada Therapeutics, is a clinical-stage pharmaceutical company that focuses on issues with the central nervous system. REL-1017, the Company’s lead candidate, is a novel NMDA receptor channel blocker in development for the treatment of major depressive disorder. Mental health is a major segment of the pharmaceutical industry, and antidepressants’ share of the mental health pie is expected to exceed $ 18.5 billion by 2027. Relmada has launched RELIANCE I, the first pivotal trial of REL- 1017, in December of last year, tests the drug as an adjunct treatment for major depression. Last April, two additional studies, RELIANCE II and RELIANCE-OPS were underway. All three are currently underway and a fourth Phase 1 study of REL-1017 monotherapy is expected to begin in the first half of this year. The main data from the two pivotal studies are expected to be published in 1H22. Goldman Sachs analyst Andrea Tan covers this stock and gives it a buy rating as well as a price target of $ 78 which implies a 103% rise over the next 12 months. (To see Tan’s track record, click here) “We are noting a series of key events in 2021+ that could result in a value shift: (1) Human Abuse Potential (HAP) study against oxycodone from 2Q21 positive control and 2H21 ketamine, where we see the market as priced too high for a negative outcome (see scenario analysis below); (2) headline data for REL-1017 monotherapy at 4T21; and (3) high-level pivotal data in the booster private label (peak GSe sales of $ 2.5 billion in 2033) in 1H22 with an NDA submission to follow thereafter, which we are all on constructive given the differentiated profile demonstrating rapid onset of action, increased efficacy and good tolerance to date, ”said Tan. What does the rest of the street say? 3 purchases and no withholding or selling add up to a strong consensual purchase rating. Given the average price target of $ 67.67, stocks could climb 76% in the coming year. (See RLMD Stock Analysis on TipRanks) Agiliti (AGTI) We will complete our review of high potential Goldman selections with Agiliti. The company is a supplier of medical equipment, providing hospitals and healthcare systems with a range of bariatric products, beds, therapeutic mattresses, fall prevention devices, ventilators, breast pumps, patient monitors. , medical grade adjustable chairs and surgical equipment – as well as technical equipment. support, clinical engineering and on-site management to properly operate, maintain and adjust the myriad of devices. By the numbers, Agiliti has more than 90 service centers in the 48 lower states, supporting more than 800,000 medical devices in more than 7,000 acute care hospitals and alternative medical sites. On April 23 of this year, Agility debuted on the New York Stock Exchange in an initial public offering of $ 14. The company has put more than 26.3 million shares on the market and raised gross proceeds of around $ 431.5 million on the first day of the IPO. Last week Agiliti published its first quarterly financial report as a public company. Revenue revenue, at $ 235 million, was 31% higher than in the first quarter of last year. Net income was $ 9.6 million, up $ 22.2 million from the first quarter net loss last year, and EPS was 9 cents per share. Looking at the way forward for the company, Goldman Sachs analyst Amit Hazan said, “While this was not reflected in the Q1 closing balance sheet, management gave visibility to the effect. of approximately 3.3x post-IPO leverage on a pro-forma basis. While somewhat constrained from a managerial standpoint given Northfield’s demands, management expects the financial and managerial flexibility to pursue opportunistic mergers and acquisitions later this year. Hazan summed up: “We see AGTI’s end-to-end service model as differentiated and perfectly suited to the hospital’s current operating environment; we see the current valuation as an attractive entry point … ”To this end, Hazan gives AGTI shares a buy rating. , and its price target of $ 43 implies a 151% hike for the coming year. (To view Hazan’s track record, click here) In its first few weeks on public markets, AGTI shares received 9 notices, of which 8 bought and only 1 Hold. The stock is selling for $ 17.12 and the average price target of $ 21.39 suggests there is room for upside potential of around 25% year on year. (See AGTI Stock Analysis on TipRanks) “Best Stocks to Buy, a newly launched tool that brings together all information about TipRank stocks. Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only.It is very important to do your own analysis before making any investment.

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Greece, leader of the Balkans Tue, 18 May 2021 18:21:22 +0000

After a lost decade, due to the economic crisis and then to the pandemic, Greece is back to playing its natural role as the first power in the Balkans. It is a role that is welcomed by most countries in south-eastern Europe.

We may not have the kind of economic penetration that flourished in the 2000s, when Greece’s banking presence was also particularly strong in many Balkan countries, but Greece’s membership in NATO and the decades-old European Union, in combination with the size and set of characteristics of its economy – which it is hoped will soon regain growth and improve rapidly in the years to come – are a foundation sufficient for such a role.

The 2018 Prespes name agreement, meanwhile, created new potential for active involvement and momentum in specific flagship projects. The atmosphere during the successive meetings last week in Athens, between the Greek Prime Minister and many of his counterparts in the Balkans – from Slovenia (which currently holds the rotating presidency of the EU), Serbia, North Macedonia, from Montenegro and Bosnia and Herzegovina – was revealing.

As the economically, diplomatically and militarily the most powerful and institutionally most robust country in the region, Greece is developing its commercial and geostrategic influence, which does not target anyone, but certainly presents an attractive alternative for countries under pressure from others. who often use religion. as the main tool of influence and in some cases coercion.

The high-level meetings that took place a few days ago in Athens explored specific plans for cooperation in a range of areas, from safe travel corridors and tourists from the Balkans traveling to Greece during the summer, to connections between states, with the port in northern Greece. of Alexandroupoli playing a leading role.

Greece’s leadership role in the region deserves the active support of the European Union and the United States, as safeguarding the Euro-Atlantic trajectory of the Balkans is a common goal shared by Athens, Brussels and Washington, and who may, by virtue of geography, be better served by Greece.

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