Czech Banks – Kinoobzor Fri, 07 May 2021 12:17:32 +0000 en-US hourly 1 Czech Banks – Kinoobzor 32 32 PPF and MONETA reach $ 1.2 billion deal to challenge major Czech banks Thu, 06 May 2021 19:10:00 +0000

PRAGUE (Reuters) – Czech financial group PPF and MONETA Money Bank have agreed to terms to combine their Czech lending assets, creating a challenger for the country’s three largest banks valued at Kroner 64.2 billion (3 , $ 01 billion), MONETA said Thursday.

As part of the signed deal, MONETA will buy rival small bank Air Bank and other assets of PPF, a group built by the richest Czech, Petr Kellner, who died in a helicopter crash in March.

PPF, already MONETA’s largest shareholder with just under 30%, will increase its stake to 55.4% if other stakeholders support the acquisition at a June general meeting.

MONETA will also buy the Czech and Slovak units of PPF from global consumer lender Home Credit and peer-to-peer lender Benxy, paying Kronor 25.90 billion ($ 1.21 billion) for all assets.

MONETA’s customer base will grow by over 70% in the combined group to 2.4 million, nearly a quarter of the Czech population and more than the country’s current third-largest banking group, Komercni Banka.

Most of the purchase price from PPF was to come from 23.31 billion crowns from the issuance of 291.4 million new shares at 80 crowns per share and taken over by PPF.

The transaction would bring MONETA’s share base to 802.4 million shares, leading to a 36.3% dilution for existing shareholders.

MONETA had a market cap of 38.4 billion crowns at Tuesday’s closing price of 75.10 crowns.

PPF is making a second attempt to take control of MONETA, the first having failed after MONETA shareholders demanded a lower valuation of PPF’s assets in 2019.

The current deal has also met with opposition from some shareholders, including the investment group Petrus Advisers, which raised its stake to over 5% and called the attempt “disturbing”.

MONETA Managing Director Tomas Spurny supported the merger.

PPF would be forced to issue a mandatory bid at Kroner 80 per share, MONETA said, although PPF has declared its intention to maintain the MONETA list.

MONETA, which has a strong focus on the retail and small business segments, is the sixth largest bank in the Czech market, dominated by foreign owners such as KBC in Belgium, Erste Group Bank in Austria and Societe Generale in France.

($ 1 = 21.3330 Czech crowns)

Reporting by Jan Lopatka and Jason Hovet in Prague Editing by Matthew Lewis

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Currencies drop on hints of rising US rates; India’s Debt Movements Boost Equities Wed, 05 May 2021 12:24:00 +0000

* Polish tariff decision: should remain pending

* The Brazilian bank prepares a rate hike of 75 basis points

* Emerging equities down for the 4th day after the fall of Wall St

May 5 (Reuters) – Most emerging market currencies eased against a stronger dollar on Wednesday as hints of a potential rise in U.S. interest rates weighed on high-yield assets, while investors envisioned a continued rise in coronavirus infections in a number of major markets.

In India, where cases and the number of deaths from COVID-19 have skyrocketed over the past month, banks have pulled the Mumbai stock market up after the central bank rolled out measures to support the economy, including more debt moratoriums.

The Chinese yuan fell 0.1% after reports that G7 members aimed to take a tougher line against China’s forced use of labor in its northwestern province of Xinjiang .

Unlike India and other developing countries still grappling with the pandemic, the U.S. economy quickly took over to operate at full capacity, and Treasury Secretary Janet Yellen said on Tuesday that rate hikes could be necessary to avoid overheating and to assuage future inflationary pressures.

“(There are) concerns on the part of many market participants … that inflation may not only rise temporarily but permanently,” said Esther Reichelt, analyst at Commerzbank.

“This could force the Fed to normalize its monetary policy faster than it currently expects.”

The MSCI emerging market currency and equity indices fell for the fourth consecutive session, also weighed down by a rise in coronavirus infections in Thailand and Taiwan, one of the index’s biggest weights along with China and Korea from South.

The South African rand remained stable after private sector activity grew at its strongest rate in nine years in April, but the outlook for a higher U.S. interest rate regime has tarnished the attractiveness of high-yielding assets like the rand.

Investors are now awaiting key policy rate announcements from the Polish and Brazilian central banks due to be announced later today, with Poland set to leave interest rates unchanged as Brazil prepares a 75 basis point rate hike .

The Brazilian real could make substantial gains in the coming year as the country’s large commodity exports surged in value and the lure of rising interest rates during a likely period of calm .

Most Central European currencies fell against the euro, with the Polish zloty falling 0.5%, the most among its peers, while the Hungarian forint and Czech koruna lost between 0.1% and 0 , 2%.

For GRAPHIC on the performance of emerging market currencies in 2021, see For GRAPHIC on the performance of the emerging MSCI index in 2021, see

For TOP NEWS in emerging markets

For the CENTRAL EUROPE Market Report, see

For the report on the Turkish market, see

For the report on the Russian market, see

Reporting by Shashank Nayar in Bangalore; Edited by Subhranshu Sahu

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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Hot Docs, the new face of Europe offers a glimpse of the continent in flux Mon, 03 May 2021 09:50:00 +0000

The Changing Face of Europe program, presented by European Film Promotion (EFP) in collaboration with Hot Docs Canadian Intl. The documentary festival reflects a changing continent, as displacement, immigration, cultural change and the coronavirus pandemic have all played a distinct role in prompting millions of people to rethink and reinvent what it means to live in Europe today.

The fourth edition of the program, which runs online from April 29 to May 9, features 10 documentaries, including two world premieres, one international and four North American. The films were nominated by EFP’s 38 member organizations, which include film promotion institutions from across the continent, before Hot Docs’ programming team made the final selection. The initiative is supported by the Creative Europe – MEDIA program of the European Union and participating member organizations of VET.

“For the public, but also for distributors, [the program] gives you an excellent picture of what is happening in Europe right now, ”says Sonja Heinen, Director General of EFP. In addition to screenings, The Changing Face of Europe connects directors and producers with major festival distributors, buyers and programmers via virtual one-on-one encounters during Hot Docs. “It really is a great place to meet the international documentary industry,” adds Heinen.

A few years in recent memory have offered a better glimpse of a Europe in transition, as the coronavirus pandemic – which plagued northern Italy last winter before sweeping the continent – turned everyday life upside down millions of people already grappling with the effects of immigration, climate change, Brexit, a rightward shift in national politics and the transformations brought about by globalization and the digital age.

While countless filmmakers over the past year have strived to capture the strangeness and uncertainty of life during the pandemic, Italian director Andrea Segre was among the first to bring this experience to the screen. in “Molecules,” last year’s pre-opening film. Venice Film Festival.

Segre had arrived in Venice last February to research two separate projects on a city transformed by mass tourism and climate change, when the pandemic began to sweep Italy. While Saint Mark’s Square was emptying of tourists and the waters of the Grand Canal came to a standstill, he “realized with my camera that I was filming something incredible,” says the director. Variety. “I didn’t know why I was filming, what I was following…[but] I realized that I was filming something that I couldn’t control.

Amid the stillness and silence of a closed city, Segre’s mind returned to the memories of his father, a calm and reserved molecular biologist who grew up in Venice. “Molecules” has become a study not only of the relationship between the director and his late father, but of “the relationship between life and disease, life and death” and human frailty in what he describes as ” the most fragile city in the world. “

The result was transformative for the director. “If you go into that kind of process, into that kind of experience, something’s out of control happens to you,” Segre says. “The doors open in directions that you cannot imagine, that you cannot control or prevent.”

Something less unexpected happened when Zdenka, a single woman in the Czech Republic, met Tabish, a computer scientist in Pakistan, while playing the online video game FarmVille. The romance blossomed, and their evolving relationship – along with the myriad obstacles it had to overcome – became the subject of “A Marriage,” by Czech filmmaker Katerina Hager and Pakistani co-director Asad Faruqi, who has its world premiere at Hot Docs.

“When we started making this film in 2017, I could really feel the xenophobia and anti-immigration sentiment rising in the Czech Republic,” Hager says. This gave urgency to the documentary portrait of the directors of a unique and intimate relationship. “The images presented by the mass media of immigrants flooding or invading Europe are often very dehumanizing and the stories and struggles of individuals are lost.”

As their online romance blossomed, Zdenka and Tabish arranged to meet and get married in Sri Lanka. But for the next five years, the Czech government repeatedly rejected Tabish’s visa applications – decisions that echoed the wider backlash against immigrants across much of Europe in recent years. The couple nevertheless kept their love alive via Skype, persevering in the hope that they would one day be reunited.

“In the digital age, we are now more connected than ever and this is redefining the way we exist as a species,” says Faruqi. “I believe it is unique stories, like that of Zdenka and Tabish, that will reshape the world of our future.” The production itself, which took place on three continents, sometimes in the midst of a global pandemic, was nonetheless a testament to the way we live today. “Either way, we’re proof that technology allows us today to connect with people halfway around the world and build authentic relationships,” says Hager.

Interconnection is also at the heart of “The New Plastic Road”, by the Greek director duo Myrto Papadopoulos and Angelos Tsaousis, which traces the transformation brought about by the reopening in 2004 of the legendary Silk Road in Central Asia. Shot in the rugged border areas between China and Tajikistan, the film explores how this remote region became a crossroads of modern capitalism, globalization and geopolitics, through the story of a local businessman, Davlat, who is banking on a better future for his family.

“We were looking for international topics [about places] who were sort of facing a change, because we felt we were facing a change in our country at the time, ”says Papadopoulos, who conceived the story with Tsaousis ten years ago, while Greece was grappling with the upheavals caused by the global financial situation. crisis.

“This very local story of Davlat is a universal story,” says Tsaousis. “In the years to come, we will see what happened in Tajikistan, in the Pamir mountains, will start to happen elsewhere.” This change is happening “even in Greece”, he adds, where the main port is mostly owned by the Chinese company Cosco Shipping. “Similar stories are happening around the world.”

In the case of “Welcome to Spain” by Spanish filmmaker Juan Antonio Moreno Amador, stories from all over the world are found in Seville’s last brothel, which the local government has converted into a refugee reception center. Amador spent two years getting to know the residents of the center as they adjusted to their new life in Spain, battling the language and culture barrier while pursuing their dreams of a better life.

“We find it hard to see beyond, to see humans, their conflicts, their contradictions, their emotions and their feelings, which are, after all, universal,” says Amador. Variety. If “Welcome to Spain” – as with many films selected for The Changing Face of Europe – is sometimes a portrayal of conflicts and cultural differences, the director says it also underlines our common humanity.

“Anyone can be a refugee. At the end of the day, we are all running from something, we have fears and hope and we want the best for our children, ”says Amador. “We are all the same species, we are just human beings and we can relate to each other.”

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March retail sales expected to show mixed development in Central and Eastern Europe Mon, 03 May 2021 07:18:43 +0000

This week, Serbia will release its flash estimate of GDP for 1Q21, which we see at a promising level of -0.5% y / y (+ 1.4% q / q). The country’s service sector has probably performed better than in most Central and Eastern European countries thanks to lighter restrictions, higher mobility and a good vaccination rate. Retail sales figures for March will be released in Romania, Slovakia, Czechia and Hungary. While base and calendar effects likely pushed Czech retail growth up close to double digits, last year’s weak base should have helped soften the sharp decline in early 2021 in Slovakia. In Romania, March is likely to show only a slight increase, reflecting slower wage growth and further regional restrictions. Hungarian retail sales may have fallen as much as 7% year-on-year, affected by the reintroduced foreclosure measures and the relatively higher base last year. In addition, industrial production growth in March probably reached 12% y / y in Czechia and 15% y / y in Hungary, driven by strong external demand and strong base effects. The central banks of Poland and the Czech Republic are expected to keep their monetary policy unchanged, with key rates remaining at 0.1% and 0.25% respectively. The Czech central bank remains in the wait and the spotlight will be on its new macroeconomic projections. Economic development in our view indicates the need for two hikes in 2021, but the exact timing remains uncertain. Our baseline forecast sees August as the most likely option for the blue chip upside.

In the week ending April 24, the EEC recovery index visibly rebounded and returned to its pre-Easter level. As COVID-19 restrictions continue to be lifted across the region, mobility across all subcategories has improved. Mobility to retail has increased sharply, while mobility to the workplace has maintained its upward trajectory and reached its highest level since mid-October 2020. Among the most volatile components of the index, air pollution jumped sharply, while electricity remained stable. We expect to see further improvement in the Recovery Index in the coming weeks as mobility will benefit from more relaxed restrictions.

Evolution of the foreign exchange market

The US dollar depreciated slightly over the week, while CEEC currencies were mixed. The Hungarian forint took advantage of the weakness of the USD and fell below 360 against the euro. A conciliatory comment from central bank board member Benda weighed on the Czech Koruna, which depreciated in the first half of the week. In addition, better than expected GDP growth in 1Q21 had only a limited impact on EURCZK, which closed the week below 25.9. Separately, the ECJ ruling on CHF lending in Poland stated that local courts should decide whether foreign exchange mortgage contracts containing an unfair term should be canceled or not. Before the decision, the zloty weakened, but reduced most of the losses after the release. The upcoming decision of the Polish Supreme Court (expected on May 7 and 11) could bring more clarity on the issue. On the other hand, a surprisingly high inflation impression for April did not weigh on the PLN.

Evolution of the bond market

Hopes for a stronger economic outlook, supported by better-than-expected economic data released last week, pushed up yields in both the eurozone and the CEECs. Czech bonds were outliers, as yield increases had already been strongly anticipated and experienced some correction last week. This is also evident from a comparison of the yield spreads between 10-year CZBGS and POLGB, which narrowed to 5bp, compared to nearly 50bp in mid-March. Polish yields rose around 15bp w / w despite last week’s PLN 5 billion QE auction. The higher flash estimate in the CPI, which landed at 4.3% y / y in April, could set headwinds on the central bank’s efforts to keep yields low. The NBP will continue its QE activity in May via two auctions and additional transactions cannot be ruled out. In addition, Poland will organize a regular bond auction with a supply of PLN 4-7 billion and a substitute auction. The Hungarian central bank is also expected to continue buying HGBs in the second quarter, with the next technical review scheduled after hitting HUF 3 trillion.

Download full information on the EEC market

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Pfizer in talks with India on fast-track COVID-19 vaccine approval Mon, 03 May 2021 06:32:04 +0000


Warren Buffett sees ‘hot’ economy with rampant inflation

(Bloomberg) – Warren Buffett delivered a clear verdict on Saturday on the state of the US economy as it emerges from the pandemic: “It’s almost a buying spree,” the CEO of Berkshire Hathaway Inc. said during of the conglomerate’s annual conference. meeting, which took place virtually from Los Angeles. “People have money in their pocket and they pay higher prices,” he said. Buffett attributed the faster-than-expected recovery to swift and decisive bailouts from the Federal Reserve and the U.S. government, which helped revive 85% of the economy. in “super high speed,” he says. But as growth returns and interest rates remain low, many – including Berkshire – are increasing prices and there is more inflation “than people would have anticipated six months ago,” said he declared. partner Charlie Munger for this year’s reunion. Munger did not attend last year’s meeting in Omaha, Nebraska – Buffett’s hometown – due to closures across the country. Some shareholders were relieved to see the duo answer questions together again. “I really feel that Charlie and Warren have shown their usual and incredible level of sharpness and intellectual energy,” said James Armstrong, who manages assets including Berkshire shares as chairman of Henry H. Armstrong Associates. Buffett and Munger have spent hours answering questions, economics, climate and diversity, the PSPC boom, taxes and inheritance. Here are the facts: Climate pressure: Berkshire has faced pressure from two shareholder proposals, one to improve transparency related to its efforts on climate change. The topic had to be a feature of the meeting – and it was. When asked about the proposals, Buffett stuck to his previous position. The moves to produce big diversity and climate reports for its industries ranging from energy to railways were, he said, “absurd.” The proposals were subsequently rejected and Buffett was also asked about Berkshire’s stake in oil and gas producer Chevron Corp., which he revealed earlier this year. Buffett said he had “no qualms” about his ownership in the business, which he said had benefited the company in many ways. While acknowledging that the world is moving away from hydrocarbons, the people at the ends of the two arguments are “a little crazy,” he said. Greg Abel, chairman of Berkshire Hathaway Energy, called climate change a “material risk”. He added that they were setting targets and spending $ 18 billion over 10 years on transmission infrastructure Killer SPAC: Buffett warned investors Berkshire may not have much of a chance to strike deals in the middle the boom in special purpose acquisition companies that have taken hold of the market over the past year. “He’s a killer,” Buffett said of the influence of the PSPC companies on Berkshire’s ability to find companies to buy. “It won’t last forever, but that’s where the money is now, and Wall Street is going where the money is.” Buffett, 90, also spent part of the Berkshire annual meeting on Saturday discussing the recent boom in retail and day trading. A lot of people have entered the stock market’s “casino” over the past year, he said. He added that antitrust laws and tax policy could make a difference for the company, but the new tax laws would not change its no-dividend policy. Estate: Buffett and Munger, 97, answered the majority questions at Saturday’s meeting, but their two main assistants Abel and Ajit Jain, who runs the insurers, also shared the stage. Investors were able to take a closer look at the couple who are seen as the best candidates for the job, with Munger dropping a small mention of the post-Buffett years that sparked speculation on social media about the most likely candidate to succeed to Buffett. The CEO stressed that decentralization does not work everywhere because it requires a certain type of culture that companies must have. “Yes, but we do,” insisted Munger. “And Greg will keep the culture.” Abel has long been considered the best candidate to replace Buffett, especially when he was promoted to vice president overseeing all non-insurance operations, giving him a wide range of responsibilities, including oversight of the BNSF railroad and energy sector. Errors: Buffett offered some mea culpas at Saturday’s meeting. He noted that the sale of certain shares of Apple Inc. last year was a mistake and even said that Haven, the healthcare company with JPMorgan Chase & Co. and Inc., thought it could. tackling the “tape worm” of American health care. “It was probably a mistake,” Buffett said of those sales of Apple shares last year. Berkshire still held an estimated $ 110 billion stake in the iPhone maker at the end of March. “Actually, Charlie, in his usual low-key way, let me know that you also thought it was a mistake,” he told Munger, who shared the scene with him. released its first quarter results, giving investors a plunge into the 19.5% operating profit gain during the period. Berkshire ended the quarter with a near-record $ 145.4 billion in cash, as he continued to generate funds faster than Buffett could deploy. But Buffett also stopped withdrawing some levers of capital deployment during the period. It repurchased just $ 6.6 billion of Berkshire’s own shares, below the record $ 9 billion set in previous quarters, and ended up with the second-highest level of net share sales in the first trimester in nearly five years. Please visit us at Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP

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US employment data eclipses everything else – ShareCafe Sun, 02 May 2021 13:33:03 +0000

The US employment figures for April dominate global economic and business data this week, but there are also a few important central bank meetings (Australia and UK in particular) and figures from the Chinese trade for April at the end of the week, as well as global industry and services surveys. sector activity.

Strong hiring is forecast in Friday’s US jobs report, with consensus for an increase of more than 900,000 jobs for the second consecutive month after rising 913,000 in March.

Some economists say that figure could exceed one million jobs because of how the vaccination campaign and confidence continue to rise across the United States.

Economists are considering possible revisions to the March figure after similar upgrades for January and February a month ago.

The unemployment rate is also expected to decline slightly, from 6.0% to 5.8%.

But economists remind us that while 14 million jobs had been clawed back in the past year, the total payroll count in March was still 8.4 million below its pre-COVID peak, pointing out that the Labor market recovery still has a long way to go despite the recovery in the economy as a whole, as we saw with last week’s GDP estimate.

AMP’s Dr Shane Oliver says the United States is probably stronger than the report shows.

He said that while the March quarter’s GDP grew at an annual rate of 6.4%, trade and inventories hurt growth by -2.5 percentage points.

Adding that to the data, gross national spending rose 9.9%.

“US GDP is now only 0.9% below its pre-coronavirus high level and growth is expected to remain strong this quarter as stimulus controls are partially exhausted and vaccine rollout makes reopening easier.”

“In line with this consumer confidence rose sharply in April, home prices are rising sharply, pending home sales increased in April and orders for basic capital goods are at historically high levels,” he wrote. Dr. Oliver this weekend.

The central bank’s action includes political meetings in the UK, Australia, Thailand, Norway, Brazil, Malaysia, Turkey and the Czech Republic, as well as the minutes of the March meeting of the BOJ.

All meetings are being watched closely after the Bank of Canada decided last week to start cutting stimulus spending amid signs of recovery and rising prices in the economy.

It’s happening elsewhere but none of the central banks (the Fed last week in particular) seem as worried as Canadians, who have a reputation for leaping into the shadows when it comes to tightening monetary policy.

Global manufacturing and services surveys begin today when April’s reports of the firsts are released in Japan, Australia and elsewhere.

Other waves of COVID-19 remain worrying and continue to threaten the outlook, particularly in parts of Asia and Europe (Brazil and India in particular).

China’s official survey for April was still expansionary, but the pace slowed sharply from March, confirming other data suggesting a slight cooling.

Elsewhere, recent surveys have highlighted how much economic activity shows greater resistance to the US-led virus (the US job market will confirm this again on Friday).

This growing optimism about the outlook is fueling spending and investment, as well as faster job growth, even in the EU and the euro area where unemployment continues to fall slowly, even as the area has entered its territory. second recession in a year in the three months leading up to March. .

Elsewhere in the Fed, the March U.S. quarter earnings season is starting to wane (in terms of the quality of corporate reporting) after last week’s fireworks from Apple, Alphabet, and Amazon (see separate article).

Stronger US economic data was released on Friday, continuing a trend that has pushed inventories up all month. March spending jumped 4.2%, better than expected, while personal income jumped 21.1% thanks to the latest fiscal stimulus.

Base prices (so-called PCE inflation) rose 0.36% in March to rise 1.8% on the year, from 1.4% in February. In April and May, the key rate is expected to rebound well above 2%.

After last week’s meeting, many Fed members are speaking in the United States, led by President Jay Powell. After his comments at his press conference last week, he is not expected to provide new perspectives when he takes part in a National Community Reinvestment Coalition conference on Monday afternoon.

Dallas Fed Chairman Robert Kaplan speaks on Tuesday (he wants the Fed to start talking about cutting spending) and Thursday, and New York Fed Chairman John Williams and President of the Cleveland Fed Loretta Mester will also speak next week.

This week, the latest jobless claims in the United States are released on Thursday with another expected improvement. New vehicle sales in April are expected to reflect continued strength, although there is a shortage of vehicles due to the computer chip supply issue. Other data will include construction spending, factory orders and wholesale trade.

In Europe, the UK and Eurozone manufacturing and services surveys will be released from tonight. The meeting of the Bank of England’s monetary policy committee takes place on Thursday.

The Bank revised its growth forecast last month, but no policy changes are expected.

It’s a similar story for the Reserve Bank of Australia which will stand firm and not change its policy. The second statement on monetary policy is released on Friday (see separate article).

Interim reports from Westpac, NAB and ANZ report this week, while his Macquarie group will be final on Friday.

China is on vacation most of the week. April trade data will be released on Friday.

First quarter GDP figures will also be released for Hong Kong and Indonesia.

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Mike Small: Project Fear returns but now Europe is for Scotland Sun, 02 May 2021 10:02:23 +0000

With less than a week to vote in Holyrood, the media was inundated with nostalgia as all platforms and media broadcast Project Fear 2.

Nicola Sturgeon was hunted down from studio to studio and a sort of binge eating emerged as newspapers and programs tried to outbid each other in the war on a referendum: “Nicola Sturgeon struggles to answer key questions about independence from Scotland, ”the Telegraph attempted; “Independence would result in a hard border,” said The Scotsman; “Nicola Sturgeon struck a hammer as RBS warns he will move to London under independence,” shouted the Daily Express … and so on.

The Herald focused on the fact that the FM did not claim that it would withdraw Trident immediately and that banks and businesses lined up to say they would leave if people voted to govern themselves.

It was like summer 2014 again.

READ MORE: Nicola Sturgeon: Why a new Fear project is good for Scottish independence

The phenomenon was revealing – not because the media shouldn’t question politicians, they absolutely should, but because nothing focused on the actual content of the SNP manifesto, policies or agenda for the government, everything was about a future event which most of the media simultaneously claims will never happen.

The salvos had two main areas of focus, economics and “borders.”

It was a little strange because, as intelligent readers will recall what was said in 2014, it was: ‘You cannot be independent because you will not be in the EU’ – now in 2021, the message became: “You cannot be independent because you will be in the EU”.

The obsession with borders is strong for people who just cannot conceive that Britain is not a unitary state, it triggers a kind of shock in the minds of some people for reasons that are not everything. absolutely clear. I never really understood what it was. People travel, people cross borders every day in the world. It’s not a big deal. I suspect this is something that will be used to denigrate the indy movement and then quickly forgotten afterwards.

Of course, the question would be market access, and here again the question of Scotland’s relationship to Europe arises. Unlike the frenzy of Project Fear 2, this week saw old-fashioned “love bombings” from allies across Europe. More than 200 leading European writers, artists and cultural figures are calling on Europeans around the world to join them and tell the people of Scotland that they would be welcome back to the EU, if they so choose. More than 200 leading writers, artists and thinkers from all EU member states have signed a letter to EU leaders calling for Scotland to be unilaterally offered generous conditions to re-enter the EU .

READ MORE: Europe for Scotland: Sign up and show your support for an independent Scotland in the EU

The Europe Letter to Scotland is online for citizens of each country to co-sign in 19 European languages, including Scottish and Gaelic on the website.

Among the signatories are world-renowned thinkers such as economic historian Adam Tooze, Dutch sociologist and globalization expert Saskia Sassen, English Holberg Prize winner Black Atlantic and Black Studies theorist Paul Gilroy, winner of the German Peace Prize and cultural historian Jan Assmann, Slovenian philosopher Slavoj Žižek, Belgian political economist Philippe Van Parijs, famous investigative journalist and writer Roberto Saviano, British historian David Edgerton, French political philosopher Etienne Balibar and the famous Norwegian anthropologist Thomas Hylland Eriksen.

Signatories come from every EU member state and every country in the UK. Among them are some of the world’s greatest philosophers and political thinkers and renowned European novelists, actors and musicians.

They are joined by actors, filmmakers, artists and cultural figures from all European nations. They include Golden Globe winner Brian Cox, Oscar winner Cristopher Hampton and Grammy Award winner Brian Eno. Among them, the authors nominated by Booker, Elena Ferrante (Italy), Colm Tóibín (Ireland), Daniel Kehlmann (Germany), Philip Pullman, Ian McEwan, James Robertson, the winners of the European Book Prize Sofi Oksanen (Finland / Estonia) and Englishman Jonathan Coe, award-winning novelist Carsten Jensen (Denmark), William Boyd, fantasy writer Neal Gaiman, detective writer Val McDermid. poet Nese Yasın (Cyprus), rising star playwright Borna Vujcic (Croatia), award-winning composer Nigel Osborne, composers Alexander Vella Gregory (Malta) and Oscar-nominated Patrick Doyle.

READ MORE: Neighbors coming to Scotland’s rescue in the EU

A large number of prominent democracy scholars support the call, including political philosophers such as Srecko Horvat (Croatia) Daniel Innerarity (Spain) GM Tamás (Hungary) Philip Pettit (Ireland) Axel Honneth (Germany), political scientists such as Mary Kaldor Nadia Urbinati (Italy) Brigid Laffan (Ireland) Kalypso Nicolaïdis (Greece) Ulrike Guerot (Germany) Albena Azmanova (Bulgaria) Olivier Costa (France) Leif Lewin (Sweden) Sławomir Sierakowski (Poland) Miklós Haraszti (Hungary) Claus Offe (Germany) Rainer Baubock (Austria) Yves Many (France) Willem Schinkel (Netherlands) Tom Nairn, Vladimir Tismaneanu (Romania) Jan Sowa (Poland) and Brendan O’Leary (Ireland), European law scholars Sionaidh Douglas -Scott, Alberto Alemanno (Italy) and Anne Weyembergh (Belgium), criminologist Federico Varese (Italy), human rights lawyers Katrin Oddsdottir (Iceland) and Debora Kayembe. Finally, leading political figures and activists such as the former Portuguese presidential candidate Ana Gomes (Portugal) and the architect of the Good Friday agreement journalist and former head of the European Commission in Northern Ireland, Jane Morrice.

In Scotland, the letter was signed by Scottish Makar Jackie Kay, actor Sam Heughan, writers such as Val McDermid, William Boyd, Neal Ascherson and James Robertson, broadcaster Lesley Riddoch, Scottish writer Billy Kay, the investigative journalist Duncan Campbell, singer, young musician Janis Šipkevics (Latvia), famous documentary filmmaker Apolena Rychlíková (Czech) and Jure Ivanušic (Slovenia).

In solidarity with Scotland and in frustration with Westminster, many well-known cultural and academic figures in England and Wales have joined Europe for Scotland, including: Misha Glenny, George Monbiot, Richard Eyre, Carman Calill , Vron Ware, Gary Younge, Stuart White, Hilary Wainwright, Laura McAllister, John Osmond, David and Judith Marquand.

It was an impressive list of individuals and a gesture of democracy and solidarity.

As you might expect, he has been mocked by people who don’t want Scotland to be part of the EU – from left to right.

But the question was not in my mind about the EU, it was (and is) about democracy.

Someone wrote “just because you broke up with someone doesn’t mean you want to get back with them”.

But that doesn’t describe what happened.

Scotland was taken out of the EU against our will, we did not choose to leave.

Scotland’s decision to join the EU or other institutions will be decided once we regain independence, but the ‘Europe for Scotland’ project is an impressive display of international solidarity. Scotland has accumulated karma.

But if the hand of friendship contrasted sharply with the hostility of the British media, it also begs the question: Does Project Fear have more of the same reach?

I have a feeling that most fear and bullying tactics have been overused and are now having diminishing returns.

FINALLY, the economic case is not the slam-dunk trade unionists like to think of. How do we know this? Because two of their top advisers told us. Remember the hastily pulled paper from Richard Mackenzie-Gray Scott and Geoffrey Chapman?

Analysis by Mackenzie-Gray Scott, researcher at the Bingham Center for the Rule of Law, and Geoffrey Chapman, economic adviser to the Department for International Trade, used the break-up of Czechoslovakia as a model for the United Kingdom at the event of ‘independence. The document had been posted on the website of the London School of Economics and Political Science. A UK government official issued a statement saying: “This is not the opinion of the Department for International Trade or the UK government, and the matter is under investigation.”

I bet that’s it.

Mackenzie-Gray Scott and Geoffrey Chapman concluded: “Given that Scotland has all the necessary mechanisms to become an independent state, we see no obvious reason why Scotland would not be economically successful if it did.”

They write: “While becoming self-employed would have immediate economic costs, the long-term view suggests that there are benefits. By pitting Scotland and England against the ‘velvet divorce’ of the Slovak Republic and the Czech Republic, our research suggests that an independent Scotland will continue to grow its real GDP per capita despite higher trade costs. ”

READ MORE: Censorship of blog post ‘proves conservatives terrified of independence’

Basically, they advocate cessation through the rule of law as the key to international support, but also: “In light of economic growth and long-term stability, it might be worthwhile for Scotland to try to establish foreign relations with other states and international organizations. if there was no cooperation from the UK to advance another referendum result in favor of independence. A key factor is that if the UK did not respect any future outcome of the independence referendum, the unilateral Scottish secession would become more legitimate, meaning that international recognition of Scotland as an independent state would be probably more likely.

This is interesting because it suggests that the Europe for Scotland project is not only an indicator of international recognition and support, it is not just ‘soft power’, but a way out. Scotland again being ‘in the world’ not only in a political or metaphorical sense, but in the sense of having strategic partnerships, alliances, trade routes and pan-European standards as it leaves Britain for real.

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BankID – a solution to the Czech misery of KYC | Allen & Overy LLP Fri, 30 Apr 2021 18:02:53 +0000

The introduction of BankID, however, is expected to level the playing field and provide these foreign online gambling operators with a new and fairly straightforward way to comply with their KYC obligations under anti-money laundering legislation.

BankID identification tool

On January 1, 2021, Law No. 49/2020 Coll., Which implements the BankID identification tool, entered into force. Although this law constitutes an amendment to the Banking Law, the AML Law and other laws, its more apt name is the Bank Identity Law, informally abbreviated as BankID.

The Bank Identity Act expands the current scope of activities that banks are allowed to conduct, especially by providing electronic identification and authentication to their customers. This will allow the more than five million Internet banking users in the Czech Republic to use the existing bank identity authentication tools used to log into Internet Banking in order to gain verified access to the electronic systems of public administration. The same authentication tool will also be used to easily prove their identity in private contractual relationships carried out online, such as the creation of a player account with an online gambling operator. In general, Czech banks have activated the BankID identification tool for all existing Internet banking users in the Czech Republic with the option to unsubscribe from this service.

BankID services can only be provided by a bank or BankID provider (i.e. a company established by one or more banks for the purpose of providing BankID services). In February 2021, the ten largest Czech banks agreed to cooperate in the development of the required BankID technical solutions and, in this regard, established Bankovní identita as, a company which is currently the sole provider of BankID in the Czech Republic. It will provide private companies (e-commerce, gambling operators, etc.) with BankID services, such as the realization of KYC.

Bankovní identita as will render BankID services to private companies under a contract between the Czech banks, Bankovní identita as and the relevant private company for a fee set by the price list of services, which is published on Bankovní identita as websites.

Bankovní identita as is about to fully launch its operation and render its services to the private sector in the summer of 2021.

One minute read

New Czech legislation introduces BankID – a tool to facilitate the KYC checks required by anti-money laundering laws, when opening a player’s account with an online operator. Non-Czech online gambling providers will therefore no longer need to rely on the CzechPOINT KYC procedure and instruct their customers to obtain documents from public authorities.

BankID uses the existing online banking authentication which is already used by five million users in the Czech Republic. BankID services will be provided to private companies by Bankovní identita as, an association of the ten largest Czech banks for a fee fixed by a price list.

BankID will be a stand-alone KYC tool adapted to meet both the requirements of the Czech AML Law and the Gambling Law for the identification of players.

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EU Banking and Financial Regulation Newsletter – Spring 2021 Edition | Dentons Fri, 30 Apr 2021 17:27:34 +0000

Spring has arrived and the EU-UK Trade and Cooperation Agreement has been concluded. Even with this agreement ratified and implemented in full from May 1, 2021, divisions continue to rumble on both sides of the rift between the now fairly familiar topics. Divergent views on fishing quota vaccine shipments, prospects for overall building of new bridges on financial regulatory cooperation or, at least, on the mutual coexistence of markets are still fragile. The efforts on the planned regulatory memorandum of understanding are still not equivalent. Divergent standards on everything from the future direction of crypto-asset oversight, artificial intelligence (see our coverage on these new rules) to ESG methodology, as well as UK adjustments to MiFID research rules or the EU ‘quick fixes’ legislation that was previously on-shored in the UK is leading to fragmentation.

Economic growth across Europe currently diverges as the different stages of foreclosure take different directions, making it potentially difficult for the ECB to communicate and signal so clearly in terms of its toolbox. Most importantly, the German Constitutional Court has given the green light to approve national legislation ratifying the EU Recovery Fund after dismissing court challenges against the debt-financed joint investment plan which is supported by the EU’s budget. the EU.

Meanwhile, the European Commission and the European Insurance and Occupational Pensions Authority (EIOPA) as well as the industry on April 29 began discussing options to improve protection for businesses affected by the COVID-19 pandemic, including as the withdrawal of state-led support measures will likely reveal the extent of the damage caused by the health and economic crisis that the EU and its Member States have gone through. Insurers and reinsurers are like banks, supposed to be part of the solution. The European Systemic Risk Council warned on April 28 that “the threat of a wave of insolvency is imminent, unless member states manage to smoothly shift from liquidity support to more targeted solvency support and successful restructuring of viable corporate debt.

This is not the first time that the ESRB (with almost monthly statements from the ECB) has called for increased fiscal action and coordination and is particularly timely as most Member States have sent in their National Recovery and Resilience Plans to the European Commission (today 30 April) as well as to their national parliaments. France and Germany have presented a joint plan and, taken together, these national plans, which are essential to the achievement of the 750 trillion euro from the EU Recovery Fund, include ambitious structural reforms. These range from taxation to improving the national labor market, as well as promoting improved infrastructure, increased digitization and greening of the economy, thus providing new components of the economy. Green Deal. As soon as each member state’s plans are approved, countries are entitled to receive up to 13% of the allocated funds as an advance payment – possibly in early summer. All of this goes hand in hand with the unveiling by the EU of its new industrial strategy, which in turn should further complete the single market as well as the road to recovery.

The beginning of spring and the publication of the ECB-MSU Report on its focused review of internal models (GARNISH), the multi-year review that started in 2016, which was carried out with 65 major credit institutions during more than 200 on-site investigations, can lead to numerous spring cleanings across the banking sector and not just in those who were concerned. The SSM concluded that “TRIM has confirmed that the internal models of [systemic institutions] may continue to be used for the calculation of capital requirements, subject to supervisory measures aimed at ensuring at all times an appropriate level of capital requirements ”. However, the “relevant supervisory measures” that banks must now implement are based on prudential “findings” – elements requiring immediate attention from supervisors – the ECB-SSM identifying over 5,800 findings for all types of risks, of which about 30% were considered to be of high or very high severity.
The ECB-MSU report also provides, perhaps more revealingly, a detailed overview of findings on general topics; credit risk; market risk; and counterparty credit risk. To respond to these findings, the ECB-MSU is able to issue binding supervisory decisions containing obligations or corrective actions necessary to comply with a legal requirement.

Since 75% of all obligations have an implementation period of more than 12 months, certain limitations (which restrict or modify the permitted use of a template) may be necessary in cases where non-compliance leads an underestimation of capital requirements. A total of 253 supervisory decisions have been or are in the process of being made. Of these, 74% contain at least one limitation and 30% contain an approval of a significant model change.

In summary, the ECB-SSM said that the TRIM project had “fully achieved” its main objectives of reducing the variability of un-risk-weighted assets (RWAs) and supporting future oversight of internal models through the MSU. Overall, monitoring decisions are expected to “… lead to a 12% increase in aggregate RWAs covered by the models assessed in the respective TRIM surveys. This corresponds to an overall absolute increase in RWAs of around 275 billion euros following TRIM and a median impact of -51 basis points and an average impact of -71 basis points on the CET1 ratios of institutions in the field of investigation. TRIM was the first major ECB-SSM project which now has the potential to have a big impact. It is quite conceivable, and in particular in view of the priorities of the ECB and the SSM for 2021 and 2022, that the “success” of TRIM will push similar types of projects in the future.

We hope you enjoy this month’s edition. A more in-depth analysis of some of the above developments is available in this month’s Thought Leadership section and available on our Eurozone hub. If you find yourself reading someone else’s copy and would like to be added to the mailing list, please email and we will do our best to get you the next edition and all future editions. It goes without saying that if you have any comments for us on this monthly newsletter – positive or negative – we would love to hear from you.

Regulatory developments in the EU

We present to you a selection of the main regulatory developments in the EU.

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Farmer’s market season begins by the lake Fri, 30 Apr 2021 03:03:03 +0000

Lovers of fresh produce, rejoice! The farmer’s market season kicks off this weekend around the lake, with a majority of local markets starting during the first weekends of May. No matter which side of the lake you live on, there is an option for you. Here’s a look at where you can buy and what to expect:

Camdenton Farmer’s Market

The Camdenton Farmers’ Market will begin on May 1 and will be held at its standard time from 7:00 a.m. to 12:00 p.m.

Market coordinator Sandy Nelson said the market has a full range of vendors ready to go this year and continue to get new produce as summer vegetables come into season. For meat lovers, there will be vendors of grass-fed beef, pork, lamb, goat and more. Nelson says she is delighted with the amount of produce available, as this is what she sees as the main importance of a local farmers market.

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