Czech Finance – Kinoobzor Fri, 04 Jun 2021 22:29:16 +0000 en-US hourly 1 Czech Finance – Kinoobzor 32 32 Teachers approach summer with a “feeling of failure” Fri, 04 Jun 2021 21:06:43 +0000

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Technology drives Wall Street up

Tech stocks pushed Wall Street higher on Friday as investors hailed a lukewarm jobs report that cooled inflation fears. The data indicated that the labor market was improving, but the report was not strong enough to point to rising inflation that could prompt the Fed to raise interest rates. Rational Dynamic Brands Funds portfolio manager Eric Clark said the payroll increase of 559,000 in May was perfect for investors. “It’s more about the potential Goldilocks scenario where interest rates don’t have to go up and the Fed doesn’t have to move too quickly and you know tech stocks have sort of been, you know, unloved lately, with underperforming growth stocks. So I think that’s a bit of a sigh of relief. “The Dow Jones added half a percent. The S&P 500 was up nearly nine-tenths of a percent, ending within a hair’s breadth of a new closing record, as the Nasdaq jumped 1.5 percent. All three indexes made gains on the week. Top-flight AMC stocks Entertainment ended a mad week of trading with more gyrations, falling almost 7%. Yet they managed to nearly double in the last five days alone. Shares of billionaire Williams Ackman Pershing Square Tontine Holdings fell of 12%. He is in talks to buy 10% of the bigger and world label, Universal Music Group, which is home to artists like Taylor Swift and Lady Gaga.

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Bamboo Airways is recruiting representatives for its US office Fri, 04 Jun 2021 12:00:00 +0000

Bamboo Airways is seeking to fill positions such as Head of Representative Office in the United States, Commercial Director, Chief Financial Officer, Office Manager and Station Manager at San Francisco International Airport and Los Angeles International Airport, etc.

The head of the Bamboo Airways representative office in the United States would be responsible for the management and operation of all activities, integrating business development, customer service, diplomacy, marketing and media activities.

Several requirements for the Representative Office Manager application are 10 years of aviation experience, excellent business mindset, exceptional organizational skills, negotiation, financial management, statistical analysis and problem solving, a bachelor’s degree in business administration or related fields, a proficiency in English, etc.

Personnel working in the Bamboo Airways representative office in the United States must understand and comply with the law and aviation business in the host country.

Bamboo Airways plans to operate modern widebody Boeing 787-9 Dreamliners on non-stop charter flights to the United States. Photo by Bamboo Airways.

The opening of the Bamboo Airways representative office in the United States is seen as preparation for the operation of non-stop charter flights between Vietnam and the United States. The airline will take action to operate scheduled non-stop flights as soon as the government allows the reopening of international trade routes.

After the start of operations, Bamboo Airways’ representative office in the United States would make a substantial contribution to the expansion of its international network, as well as authorized representative and general agent offices in international markets that the airline operates such as Japan, South Korea, Taiwan, Czech Republic, Germany, Thailand, Singapore, etc.

Dual purpose

Bamboo Airways was officially designated to operate charter flights to the United States in May 2021. The airline has acquired slots to operate scheduled non-stop flights between Ho Chi Minh City and San Francisco and Los Angeles from the 1st September, becoming the first Vietnamese carrier to secure non-stop flight slots in the United States.

At San Francisco International Airport, daily flights between Ho Chi Minh City and the United States are scheduled to land at 10 a.m. (local time) and depart at 1 p.m. (local time). Whereas the landing and take-off times for daily flights at Los Angeles International Airport are 9:30 am (local time) and 12:30 pm (local time) respectively.


Bamboo Airways cabin crew are strictly selected and trained based on many standard professional criteria. Photo by Bamboo Airways.

To date, Bamboo Airways has met the technical requirements for non-stop charter flights to the United States with the Boeing 787-9 Dreamliner widebody fleet, approved by the Vietnam Civil Aviation Authority.

Regarding legal procedures, Bamboo Airways has obtained a license from the United States Department of Transportation to operate non-stop charter flights to the United States. It is also

work with the US Transportation Security Administration (TSA), the US Department of Customs and Border Protection, and relevant authorities to complete procedures.

The Department of Transportation said the operation of charter flights by Bamboo Airways to the United States is a contribution to the repatriation of Vietnamese citizens and the travel of foreign diplomats, investors, experts and high-tech workers to Vietnam; bring the airline closer to its dual objective of preventing the pandemic and developing the economy.

“This serves as a springboard for Bamboo Airways to conduct scheduled flights to the United States in the future and promote economic and trade cooperation between Vietnam and the United States,” said the head of the Department of Transportation. (giữ quotes thì cần tên và chức vụ)

Bamboo Airways currently operates more than 60 domestic routes, carrying 7.5 million passengers, reaching 20% ​​market share, doubling in just one year. The airline expects to occupy a 30% market share in Vietnam this year. It also maintained the highest one-time flight rate in the Vietnamese aviation market in three years until 2021, with an absolute safety rate of 100%.

Bamboo Airways pre-tax profit reached VND 400 billion in 2020. The airline sets a target of VND 500 billion pre-tax profit for 2021, an increase of 25% from the same period last year .

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Czech authorities draft compensation claim from Russia for Vrbetice explosions – world Wed, 02 Jun 2021 20:20:11 +0000

PRAGUE, June 1. / TASS /. The Czech authorities are committed to the idea of ​​demanding compensation from Russia for the damage allegedly caused by the explosions at the munitions warehouses in Vrbetice in 2014, Czech Foreign Minister Jakub Kulhanek told reporters.

Prague has already drafted a request for Moscow. “We are working on this [receiving compensation from Russia for the damage] jointly with lawyers from the Ministry of Finance. We already have a certain project [of a request for compensation]. We are still waiting [for information] agencies responsible for criminal investigation. I think we will soon be able to claim compensation from Russia for the damage, ”Kulhanek said.

The Foreign Minister predicts that Prague will take the necessary measures in June. However, a rather complicated international procedure will be used, he noted.

Relations between Russia and the Czech Republic deteriorated after April 17, when the Czech authorities claimed that Russia was behind the explosions in munitions depots in the village of Vrbetice in the east of the Czech Republic in 2014 and expelled 18 Russian diplomats who she said were Russian intelligence officers. The Russian Foreign Ministry has expressed strong protests over the Prague move made “under unfounded and far-fetched pretexts” and declared 20 employees of the Czech Embassy in Moscow personae non gratae.

Later, the parties agreed to align embassy staff on a parity basis. From June 1, each of them will be authorized to have seven diplomats, 25 technical staff and 19 locally recruited employees.

Earlier, Czech Finance Minister and Deputy Prime Minister Alena Schillerova said that the Czech Republic intends to claim at least 1 billion kroner (around 39 million euros) from Russia in compensation for property damage caused by explosions in the depots in the village of Vrbetice.

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The V4 ‘declaration of family’ seen as a vector for a social-conservative campaign in the EU Wed, 02 Jun 2021 05:56:02 +0000

social chauvinism

Support for families has been a feature of illiberal governments in Hungary and Poland for years. Family-friendly policies are not only popular with voters, but they also align with conservative social and religious agendas, with leaders explicitly saying they want to tackle the demographic crisis by increasing national birth rates rather than ‘by encouraging immigration.

Since 2010, the Viktor Orban government in Hungary has introduced multiple financial and tax incentives to encourage couples to have children. Married couples can receive up to 10 million forints (30,000 euros) in benefits if they produce three children in ten years. Working mothers with four children are exempt from personal income tax, and families can even get taxpayer-funded help with the purchase of a new car. A recent measure distributed 3 million forints (8,500 euros) to each family with at least one child to finance housing repairs and another 3 million forints in cheap loans.

The Hungarian government generously devotes 4% of GDP to helping families, although it mainly targets working families rather than those from marginalized communities like the Roma. Nevertheless, he can now boast of having raised the birth rate from 1.23 per woman in 2010 to 1.55 today.

Like Warsaw, Budapest bases these policies on a very restrictive – and therefore discriminatory – definition of the family. In May 2020, in the midst of the first wave of the COVID-19 pandemic, Hungary’s parliament passed a bill banning transgender people from sex reassignment in official documents. Then in December, using the coronavirus state of emergency, he passed another bill that made adoption nearly impossible for same-sex couples. Same-sex marriage is illegal in Hungary, but couples could adopt if one of them applied for it as a single partner. Singles will now need special permission from the Minister of Families to do so.

Experts like Katalin Kevehazi, President of the Budapest-based JOL-LET (Wellbeing) Foundation and a leading specialist on women in the labor market, argue that supporting traditional families has a political dimension beyond fertility rates. . “In general, all V4 governments have a very conservative approach towards women, considering their central role as mothers and mothers of children,” Kevehazi told BIRN in a previous interview.

“But in Hungary, the government and the Prime Minister himself go further and talk about ‘saving the nation and the family’ and ‘preserving the Hungarian nation for the future’. It is not just a family support program, but part of a “nation building” program, ”she said.

The Hungarian Ministry of Family Affairs did not respond to questions from BIRN regarding the Pro Familia Declaration, although Family Minister Katalin Novak, a Star of the international anti-gender equality movement, proudly announced its approval of the document on social media.

“The Visegrad group sets an example for Europe in terms of demography and demonstrates that working solutions can be based on internal resources. A lot of inspiration and good ideas can be found in the group, for example Poland inspired us to introduce an income tax exemption for young adults ”, she said tweeted.

In Poland, the PiS came to power in 2015 with an irresistible offer to voters: a monthly allowance of 500 zloty (over 100 euros) per child to families with children. Just days after the signing of the Pro Familia Declaration, the government launched on May 15 a new package called the “Polish Deal”, which included additional financial assistance for families with children, who are expected to receive more than 2,600 euros for the custody of their second child. child between the first and third year of life. The PiS also pledged guarantees for mortgages and the release of house building from bureaucratic burdens.

Academic Elzbieta Korolczuk calls it “social chauvinism” and argues that, combined with what one might call a “cautious and ultra-conservative agenda”, it is becoming a popular model not only in Central Europe, but elsewhere in countries. countries like Italy and Sweden.

Korolczuk says this is exactly the effect Poland seeks as it seeks allies in Western Europe in its attempt to “integrate the conservative agenda into a package with social chauvinism across the EU” .

The growing popularity of this model is already visible in Slovakia, the fourth signatory of the Pro Familia Declaration. At the beginning of May, the former Prime Minister and current Minister of Finance, Igor Matovic, announced at a press conference that Slovakia aspires to become the “European leader of policies in favor of the family” by increasing allowances and tax breaks for families with children. Since then, politicians in the ruling coalition have competed to outdo each other in formulating family-friendly policies.

In a response sent to BIRN on the implications of the Pro Familia Declaration, the Slovak Ministry of Labor, Social Affairs and Family stated that “the government considers family support as a priority tool to solve the problem of unfavorable economic development “. As such, the government will soon announce a national strategy for families, including housing support, direct transfers to families and “building a new model of family policy that requires measured investments in the family”, he said. he declared.

The Minister of Labor, Social Affairs and Family, Milan Krajniak, whose signature is on the Pro Familia Declaration, is a notorious populist conservative Christian, representing the Sme Rodina (We are the family) party. As Minister, he was responsible for erasing the term “gender equality” from legislation and policy documents. Feminist groups received no funding from her ministry, although many received top marks from experts.

In April, Krajniak was keynote speaker at an online conference on the Geneva Consensus Statement, a global anti-abortion initiative by Mike Pompeo, the former US secretary of state. Organized by the ultra-conservative Polish legal group Ordo Iuris, which is behind many of the Polish government’s proposals to curtail the rights of women and LGBT people, the conference brought together politicians and activists from around the world to discuss how to fight against what he calls “gender ideology”.

In his speech, Krajniak mentionned that Central Europe was grateful to the West for having liberated it from communism, but that it was now the responsibility of Central Europe “to save the West from liberalism”.

The minister added that it should be the region’s “moral commitment” to “remind Western Europe that limitless liberalism, individualism and the destruction of social cohesion and bonds, such as the family, will lead to disaster “.

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Four months before the elections, the stork’s nest returns to haunt the Czech Prime Minister Tue, 01 Jun 2021 14:04:36 +0000

Magnifying glass

Many Czech prime ministers have lost their jobs for less than the possibility of fraud charges, but Babis is part of a new wave of populist politicians. Over the past few years, they’ve been testing the boundaries to see if there isn’t a scandal that can’t be exposed – and they’ve often found strengths.

However, there are signs that, following the government’s catastrophic handling of the COVID-19 pandemic, the Czech electorate is now taking a much closer look at its various scandals. The return of Stork’s Nest only adds to a growing list of headaches as the October 8-9 vote approaches.

The case has been around for six years now and lurked in the background even as Babis’s ANO party won the last election in 2017. However, that victory came before his four years in power, and amid high hopes. that he really could be the white knight arriving, as he claimed, to free the country from the cynical grip of the established parties that had ruled it, often corruptly, for the previous 27 years.

And most importantly, that was before he turned the Czech Republic into a coronavirus black hole, with 30,000 dead. This tragedy caused ANO’s support to drop to the point that in some polls it now sits third behind the liberal Pirates / Stan and center-right Spolu coalitions.

These support rails are often independent. The declining popularity of the ANO should increasingly draw the attention of its occasional centrist voters to the other scandals that rock its leader.

the EU audits who found Babis in conflict of interest over millions of euros in subsidies that the taxpayer seems to have to cover; the profound influence on the weak coalition government enjoyed by President Milos Zeman, linked to Russia and China, and the extremist parties of the left and the right; the ongoing attack on the independence of public broadcaster Ceska – all are now pandemic issues, as one analyst recently noted.

Some of these issues have already sparked protests, led by Milion chvelik pro demokracii (A Million Moments for Democracy). The civic organization, which in 2019 put more than a quarter of a million on the streets of Prague to ask Babis and Zeman to step down, says it has many more questions on its watch list and is considering upping the helm before the October elections.

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Reports first quarter 2021 financial results Mon, 31 May 2021 15:31:00 +0000


This time it’s different: apart from OPEC +, oil growth is stagnating

(Bloomberg) – “This time it’s different” are perhaps the most dangerous words in business: billions of dollars have been lost betting history won’t repeat itself. And yet, now in the oil world, it looks like it really will: for the first time in decades, oil companies are not rushing to increase production to chase rising oil prices as Brent approaching $ 70. Even in the Permian, the prolific shale basin at the center of America’s energy boom, drillers are weathering their traditional boom-and-bust spending cycle. The oil industry is on the ropes, constrained by demanding Wall Street investors that businesses spend less. on drilling and instead return more money to shareholders, and climate change activists pushing against fossil fuels. Exxon Mobil Corp. is paradigmatic of the trend, after its humiliating defeat at the hands of a tiny activist throwing himself on the set.The dramatic industry events of the past week only add to what emerges as an opportunity for OPEC + producers, give the Saudi-Russian-led coalition more leeway to bring back their own production. As non-OPEC production is not rebounding as fast as many expected – or feared based on past experience – the cartel is likely to continue to add more supply when it meets on June 1. focus on getting the money back to investors. “They threw money down the borehole like crazy,” Christopher Ailman, CalSTRS chief investment officer. “We’ve really seen this company go down the hole, not survive into the future, unless it changes and adapts. And now they have to do it. Exxon is unlikely to be alone. Royal Dutch Shell Plc lost a historic legal battle last week when a Dutch court told it to significantly reduce emissions by 2030, which would require less oil production. Many industry players fear a wave of lawsuits elsewhere, with Western oil majors being more immediate targets than state-owned oil companies that make up a large chunk of OPEC’s output. said Bob McNally, chairman of consultant Rapidan Energy Group and former White House official.While it’s true that non-OPEC + production is retreating from the 2020 crash – and ultra-depressed levels of April and May from last year – that’s far from a full recovery. Overall, non-OPEC + production will increase this year by 620,000 barrels per day, less than half of the 1.3 million barrels per day it fell in 2020. Supply growth forecast for the rest of the year “falls short” of the expected increase According to the International Energy Agency, beyond 2021, oil production is expected to increase in a handful of countries, including the United States, Brazil, Canada and the new oil producer Guyana. But production will decline elsewhere, from the UK to Colombia, Malaysia and Argentina. As non-OPEC + production will grow less than global demand for oil, the cartel will control the market, executives and traders said. It’s a major break with the past, when oil companies reacted to rising prices by rushing to invest again, boosting non-OPEC production and leaving Saudi-led ministers Abdulaziz bin Salman a much more difficult balancing exercise. the lack of growth in non-OPEC + oil production is not showing much in the market. After all, the coronavirus pandemic continues to restrict global demand for oil. It could be more noticeable later this year and into 2022. By then, the Covid-19 vaccination campaigns are likely to bear fruit and the world will need more oil. Iran’s expected return to the market will provide some of that, but there will likely be a need for more. When that happens, it will largely be up to OPEC to close the gap. The number of drilling in the United States shows how different the recovery will be this time around: it is gradually increasing, but the recovery is slower than it was after the last big collapse in oil prices in 2008- 09. Shale companies are keeping their pledge to return more money to shareholders in the form of dividends. Whereas before the shale pandemic, shale companies reused 70-90% of their cash flow for other drilling, they now maintain this metric at around 50%. The result is that crude production in the United States is United has stagnated at around 11 million barrels per day. since July 2020. Outside the United States and Canada, the outlook is even bleaker: at the end of April, the number of former oil rigs in North America stood at 523, or less than a year ago, and nearly 40% below the same a month earlier, according to data from Baker Hughes Co., when Saudi Energy Minister Prince Abdulaziz predicted earlier this year that ‘the drill, baby, the drill’ is gone forever, ‘it sounded like a bold call. As ministers meet this week, they might dare to hope he is right.More stories like this are available at bloomberg.comSubscribe now to stay ahead with the most popular source of business information. More reliable. © 2021 Bloomberg LP

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DUIHK expects rapid economic recovery from COVID Sat, 29 May 2021 23:06:34 +0000

Members of the German-Hungarian Chamber of Commerce and Industry (DUIHK) and other foreign investors expect economic activity to pick up this year, both for the economy as a whole and beyond for their own business, according to the latest chamber economic survey. .

András Sávos, president of DUIHK, said during the presentation of the inquiry that the global coronavirus epidemic in 2020 had caused an unprecedented setback for the international and Hungarian economies.

“We are starting from a weak base, but there is hope that we can make up for a significant part of last year’s weakening this year,” Sávos said.

As a result, many more companies plan to increase their workforce and investment than plan to reduce, according to the survey, he added.

He also noted that it was encouraging to see that despite the economic crisis caused by the pandemic, the trend of improving the business climate continued in a number of areas, with the country’s performance being superior. to the regional average in several respects and even placing it among the few.

Evaluating the results of the study, Finance Minister Mihály Varga praised the positive expectations of chamber member companies, as they support the Hungarian government’s growth forecast of 4.3% for the Hungarian economy this year. According to the minister, the more than 2,800 German companies operating in Hungary, employing more than 200,000 people, play an important role there.

Virus rebound

This year’s DUIHK study specifically addressed the economic impact of the coronavirus. More than a third of companies said they had already returned to pre-coronavirus revenue levels, which are expected to rise to more than 50% by the end of the year. In comparison, around 40% of respondents expect to return only in 2022 or later.

One of the long-term consequences of the crisis could be the transformation of global production and supply chains. According to the survey, one in two businesses in Hungary and the region plan to expand their supplier base and replace some suppliers.

In doing so, a significant proportion of respondents would look for new suppliers, mainly in the EU countries of Central and Eastern Europe; however, a large number of companies say they are also looking for new suppliers in Western Europe.

The vast majority of companies surveyed, around 88%, would reinvest in Hungary, the highest proportion ever measured in the chamber survey. This commitment is underlined by the fact that Hungary was considered as the most attractive investment location out of 20 potential destinations in the national study.

After the economic downturn of 2020, most businesses expect economic activity to pick up again this year, for the economy as a whole and even more so for their own business. Almost one in two respondents expect their business situation to improve over the next 12 months, and only 15% expect their business to deteriorate.

According to the survey, the positive economic outlook encourages companies to develop employment and investment. For both indicators, around 40% of respondents expect a higher level than last year, while only one in ten plans to cut jobs and one in six to cut investments.

Labor concerns

Compared to previous years, the availability of skilled labor has improved somewhat, but one in two managers is still not satisfied with the current situation. With the expected economic recovery, labor shortages could increase further this year, with nearly one in two respondents identifying this as a serious risk.

On average, companies reported a 6% increase in labor costs this year. DUIHK says this is more likely to represent the lower bound of actual wage dynamics. The satisfaction of business leaders with the quality of vocational training and higher education systems has increased. Despite this positive development, the performance of the vocational training system remains below expectations, in particular that of manufacturing companies.

In 2021, the trend of a gradual improvement in the perception of the Hungarian economic policy framework continued. In public administration and tax administration, Hungarian business ratings have caught up with the main Baltic states and satisfaction is above the regional average on several other issues, notes the chamber.

In other areas, however, the situation remains unsatisfactory, despite the trend for improvement. There are still more criticisms than praise for public procurement transparency and corruption, and the rating is also below the regional average.

The quality of infrastructure was rated positive by half of the companies responding this year, the highest proportion to date. In this regard, Hungary also ranks high in a regional comparison.

Across the 16 countries surveyed in the region by the German Chambers of Commerce (AHK), Estonia is again the most attractive investment target this year, ahead of the Czech Republic and Poland. Hungary was again in the middle of the pack in 10th place out of 20 destinations, although there were only minimal differences in scores in the top half.

DUIHK conducted its first survey of Hungarian enterprises in 1994. This year the survey was carried out between March 12 and April 16, with the participation of 206 entrepreneurs. Since 2006, the survey has been carried out simultaneously in several countries of the region by AHK. In 2021, a total of 1454 participants took part. The international survey is coordinated and analyzed by DUIHK in Budapest.

This article first appeared in the print issue of the Budapest Business Journal on May 21, 2021.

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Aftermath of Minsk incident puts Belarusian airline on the brink Fri, 28 May 2021 14:36:36 +0000

By Gleb Stolyarov and Tom Balmforth

MOSCOW, May 28 (Reuters) – The international response to the grounding of a Ryanair plane in Belarus and the arrest of a dissident on the flight has dealt a blow to state-owned airline Belavia and its plans expansion.

Just last month, Belavia took delivery of a new Boeing 737 MAX as part of its strategy to offer more transit flights through the Belarusian capital Minsk.

Since the forced landing of Sunday’s flight in Minsk, most of Belarus’s neighbors and many other European countries have banned its flights. The EU has offered to close its airspace in Belavia and prevent it from landing at EU airports.

A Belavia plane to Barcelona on Thursday was unable to leave Belarus because France had banned Belarusian flights over its territory.

Belavia is the only airline in the former Soviet economy of 9.5 million people. He was emerging bruised but ambitious from a COVID-19 pandemic that reduced passenger traffic last year to 1.7 million people, down more than 58% from 2019.

This month, he reported a net loss of 92 million rubles ($ 36 million) in 2020, compared with a profit of 68.3 million rubles in 2019, but said he was guaranteeing further demand from the share of people traveling to and from Europe via Minsk. He listed the routes from Vilnius to Amsterdam, Frankfurt, Paris and London.

All of these roads are now closed.

Belavia says it has been banned from flying to Lithuania, Latvia, Poland, Czech Republic, France, Sweden, Finland, Austria, Italy, Spain, Germany, Belgium, the Netherlands and the United Kingdom. The list could go on.

Ukraine announced on Friday that it would ban Belarusian aviation from its airspace.

The Belarusian capital has become a popular transit stop for Ukrainians and Russians traveling between their countries since direct flights were banned after their relations plunged into acrimony in 2014.


Belavia has accumulated significant debts when building its fleet of 30 aircraft, half of which are leased.

At the end of last year, Belavia reported total debt of around $ 400 million, including leasing obligations of over $ 220 million. Part of these obligations lie with Air Lease Corporation (ALC), which signed a contract in July 2018 for five Boeing 737 MAXs.

ALC was not immediately available for comment.

“The company is going through a very difficult time,” Oleg Panteleev, director of the Russian aeronautical analysis agency Aviaport, said of Belavia.

Belavia, which was founded in 1996 two years after authoritarian President Alexander Lukashenko came to power, employed 2,100 people at the end of 2020.

The carrier will almost certainly have to cut costs on a large scale, including its staff and fleet, Panteleev said.

“On the other hand, Belarus will not give up its national airline,” he said, suggesting that the government could intervene with its support.

Belavia said on Wednesday that there were no plans for massive layoffs, but he acknowledged that cost cuts and “optimization” of the workforce are unpleasant but necessary steps.

The head of Belavia has exchanged emails about the Minsk incident with the international aviation body IATA, of which Belavia is a member.

“No one has suggested that they (Belavia) were involved in any way,” IATA chief executive Willie Walsh told Reuters.

“I made it clear that we condemn what the Belarusian government has done. For the hardworking airline workers, I think you must have sympathy because they did nothing, but they are suffering as a result.”

(Reporting by Gleb Stolyarov Additional reporting by Tim Hepher Written by Tom Balmforth Editing by David Goodman)

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Delhi court rejects West Bengal cop Ashok Mishra’s bail request in coal scam, Energy News, ET EnergyWorld Fri, 28 May 2021 11:52:00 +0000

New Delhi: Delhi court denied bail to West Bengal policeman Ashok Kumar Mishra, arrested in money laundering case linked to coal scam, saying his job was to prevent illegal activity , but “it seems he himself has become part of the illegal coal mafia.”

Mishra, the inspector in charge of the Bankura Police Station, was arrested on April 3, in the agency’s case alleging that the nephew of West Bengal Chief Minister Mamata Banerjee and the family of TMC MP Abhishek Banerjee have benefited from illicit funds obtained from certain illegal coal. mining in the state under a “deep system” of political patronage driven by “well-oiled” machinery.

The bail application was dismissed by Special Judge Virender Bhat, who heard the arguments by video conference.

The judge in the order issued on May 22 observed that the elements collected during the investigation of the case so far, at first sight showed the implication of the accused in the offense of money laundering. to the tune of over 100 crore rupees.

“At the time of the commission of the offense, he was in post as chief inspector of the Bankura police station. His job was to prevent illegal activities, but it seems he himself became part of the illegal coal mafia. The allegations against him are very serious in nature.

“Even if he does not present a risk of absconding, there is a reasonable possibility that he was a senior police official, could tamper with witnesses and interfere in a further investigation into this matter if he is being released on bail at this point, “the judge said and refused to accept the arguments of lead counsel Siddharth Luthra, who represented Mishra.

The accused is said to have ties to Anoop Majee, aka Lala, who is seen as the backbone of the scam.

ED’s special prosecutors Amit Mahajan and Nitesh Rana opposed the plea saying the accused received Rs 168 crore from Majee which he allegedly transferred to Delhi and overseas.

“The applicant himself admitted in his statement to ED officials that he was involved in the transfer / facilitation of the transfer of funds through non-bank channels from India to London,” the lawyer said. .

In its order, the court also stated that economic offenses such as offenses covered by the PMLA are considered very serious offenses against society as a whole and therefore require different treatment when it comes to bail.

“These types of offenses are committed with a cold mind and a calculated and deliberate design for the purpose of personal gain, regardless of the consequences for the public / state,” he said.

The agency had previously arrested Bikash Mishra, the brother of Trinamool congressional youth leader Binay Mishra, in connection with the case.

On November 28 last year, the investigative agency carried out a massive search operation in a number of locations in four states – West Bengal, Bihar, Jharkhand and Uttar Pradesh – after filing a case against Majee .

The CBI had acted on the basis of information from “reliable sources” indicating illegal excavations and thefts of coal in the lease area of ​​Eastern Coalfields Limited in “collusion” with officials of the ECL, the CISF and railways.

The CBI team visited Abhishek Banerjee’s residence on February 23 and examined his wife Rujira in connection with the case. The agency also examined those close to Rujira on the same subject.

The ED is investigating the money laundering aspect of the alleged scam, officials said.

If found guilty, the accused can receive a maximum sentence of seven years in prison and a fine. United Kingdom RKS RKS

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TA Associates plans London IPO of $ 2 billion Czech payment firm Eurowag – Sources Thu, 27 May 2021 18:24:43 +0000

By Abhinav Ramnarayan and Jan Lopatka

LONDON / PRAGUE (Reuters) – Private equity firm TA Associates is considering listing in London the payment solutions of Czech firm WAG, also known as Eurowag, two sources said, reaffirming the ability of the exchange of London to attract European businesses after Brexit.

Citi, Jefferies and Morgan Stanley have been appointed global coordinators to manage the transaction, which could be launched as early as September, the sources said.

One added that the deal could value the Czech company at over $ 2 billion and that it would target premium listing and inclusion in London’s FTSE indices.

Eurowag was not immediately available for comment. Citi and Morgan Stanley declined to comment while Jefferies and TA Associates were not immediately available for comment.

Such an agreement would strengthen London’s status as an international listing location for European companies after Brexit.

Other Eastern European companies looking for an international listing, such as InPost in Poland, have chosen Amsterdam instead this year.

Eurowag was founded by majority shareholder and CEO Martin Vohanka in 1995 and has grown into an international technology company supporting trucking activities with customers in 30 countries, primarily across Europe.

The company achieved a profit before interest, taxes and depreciation (EBITDA) of 57 million euros in 2020, up 22%, on a turnover of 125.5 million euros and an EBITDA margin by 46%.

It employed over 1,000 people last year and claims it provides services for over 100,000 trucks, including fuel and toll payment, routing, fleet management, fuel sales and support. to electric mobility. He has acquired peers across Europe.

Vohanka, who is also a philanthropist and supporter of independent media and green transitions, owns a 59.1% stake in the company, while TA Associates owns 32.67%, according to the 2020 annual report.

(Reporting by Abhinav Ramnarayan and Jan Lopatka; Editing by Kirsten Donovan)

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