The Ministers of Economy and Finance (Ecofin) gave the green light to the prudential regulatory framework for credit institutions operating in the European Union, to improve the bank dissolution process and help ensure that these entities remain resilient and capable of resisting disturbances.

“With the new rules we have adopted today we will ensure that we have stable and resilient banks without imposing a significant increase in capital requirements,” Czech Finance Minister Zbynek Stanjura said.

The revision of the bank resolution framework aims to better ensure that loss absorption and recapitalization of banks is carried out through private means when these entities become financially unviable and are dissolved.

The support for this regulation in the Council is the last step in the process of adopting this regulation in the EU, after the Council set its negotiating position in December last year and the European Parliament did the same in February this year the trilogies between the co-legislators.

The rule, dubbed Daisy Chain, reforms the banking regulatory framework to incorporate a specific treatment for the indirect subscription of eligible instruments for the purposes of the minimum requirement of eligible passive own funds.

In addition, it incorporates greater harmonization of the treatment of groups of institutions of global systemic importance with a resolution strategy based on multiple activation with the detailed treatment in the international term sheet regarding the total loss absorption capacity and clarifies the admissibility of the introduced instruments.

K. Tovar

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Source: Pressdigital

La entrada European Union will improve bank dissolution apareció primero en Bitfinance.

A Court of Appeal in Paris sentenced the Swiss banking group UBS for carrying out illegal practices on money laundering and imposed a fine of 1.8 billion euros. However, this amount is lower than that established by another court in 2019.

As it will be remembered, the bank appealed the judicial decision that in principle had condemned it to cancel 3,700 million euros. But the judges again decided to fine him, confiscating the 1,000 million euros that the financial institution had deposited as bail and also the UBS will have to pay the French State 800 million in damages and a fine of 3.75 million euros.

Jurists believe that it is proven that the French subsidiary of the Swiss group instituted a tax evasion mechanism that stripped the public coffers of billions of euros of taxes between 2004 and 2012.

Upon learning of the decision, the financial entity issued a statement stating that it will study this new decision in detail and analyze “all options, including appealing to the Court of Cassation.”

Convicted executives of UBS

The Court of Appeal also ruled against several directors of the Swiss bank UBS and sentenced them to jail terms exempt from compliance, that is, they will only go to prison for repeating the crime, in addition to canceling several million euros.

M. Rodríguez

Source: ambito.com

La entrada Swiss Bank UBS sanctioned for tax evasion apareció primero en Bitfinance.

The European Central Bank (ECB) reported that it plans to invite the population to participate in the redesign of the euro banknotes in a process that is projected to culminate in 2024 with the acceptance of a final proposal.

In the words of Christine Lagarde, President of the ECB, “after 20 years, it is time to update the appearance of our banknotes so that Europeans of all ages and backgrounds can identify with them.”

She also expressed that the euro banknotes will remain on the market for a long time.” She stressed that the banknotes “are here to stay” considering it a tangible symbol and that it represents the union in Europe, especially in times of crisis.

European Central Bank appoints advisory group

European citizens will participate in the redesign process of the new banknotes, which is why the European Central Bank appointed an advisory group made up of a specialist from each country in the area, who will be responsible for consulting people on possible issues for the bills.

Citizens will express their opinion through the discussion groups that will be created as one of the first steps in the redesign process. The group will address the different proposals or topics for future bills.

Then, the advisory group will present the list to the Governing Council of the ECB, which once the topics have been selected will call a design competition for the new banknotes and the public will be summoned again. The Governing Council will be the one to adopt the final decision and issue the order to produce and print the euro banknotes and to establish the date of their issue.

M. Rodríguez

Source: eleconomista.es

La entrada European Central Bank to redesign euro banknotes apareció primero en Bitfinance.

Spain registers a historical record of exports. Spanish companies once again make history by finding abroad the necessary source to overcome their crisis, as they did in 2008, breaking a record with exports in the order of 229,963 million euros between the months of January and September of this year.

The country exceeded by 6.7 % in volume the billings made for the same date in 2019, before starting the stoppage as a result of the Covid-19 pandemic, according to what was disseminated in the Foreign Trade Report issued by the Ministry of Industry, Commerce and Tourism.

On the other hand, imports increased by 21.9 % year-on-year, reaching 243,229.9 million euros, also a record figure in the first 10 months of the year.

The report says: “Exports rose 14.7 % year-on-year, since their prices increased 6.4 %, while imports grew 13.4 % year-on-year, due to their prices rising 7.5 %.”

The trade balance is another historical record, which stood with a deficit of 13,267.4 million euros, equivalent to 19.5 % higher than that recorded for the same period last year. The coverage rate was 94.5 %, that is, 0.1 percentage points more than that registered between January and September 2020

Energy deficit, another historical record

The energy deficit presented in the country was on the order of 96.8 % in the month of September, which represents about 1,798.2 million euros, while in September 2020 it registered about 913.7 million, showing the increase in prices of energy.

Among the sectors with the greatest weight over total exports, the following stand out: “chemical products (their exports represented 18.5 % of the total and increased by 54.9 % year-on-year), capital goods (18.1 % of the total and grew by 7.2 % year-on-year); food, beverages and tobacco (15.9 % of the total and increased by 17.7 % year-on-year) and the automobile sector (13.5 % of the total and decreased by 6.2 % year-on-year) ”.

M.Rodríguez

Source: elmundo.es

La entrada Spain registers historical record of exports apareció primero en Bitfinance.

The Taliban government announced a total ban on the use of foreign currency in Afghanistan based on the economic situation it is going through and the “interests” of the country.

“The economic situation and the national interests of the country require that all Afghans use the Afghan currency in all trade transactions”, the Taliban said in a statement released on social media by their official spokesman, Zabihulá Mujahid.

Thus, they deepened that the use of international currencies “has negative effects on the economy” and that the country’s poor financial situation “reaches all compatriots.”

Those who violate this new rule will face “legal action”, the Afghan Taliban government warned.

The Taliban government is pushing for billions of dollars in central bank reserves to be released as the nation affected by drought and decades of conflict faces a cash shortage, massive famines and a new migration crisis.

K. Tovar

Source: La Vanguardia

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The Central Bank of Venezuela (BCV) established between 3% and 4% the commission for withdrawing funds from foreign currency in cash, which will be paid in national currency at the exchange rate of the operation, while the sale of foreign currencies in cash, by the public, will be 5 % of the amount of the operation.

Likewise, the prices for issuing an international debit card were increased, to pay 1,532,074 bolivars. Users will also have to pay 1,870,001 bolivars for the replacement of the card due to theft, loss or misplacement, which is equivalent to an adjustment of the order of 2,197 %. The C2P mobile payment service, used by businesses to make returns, will have a 2 % commission per approved transaction.

The information was released through an official notice issued by the issuing entity and published in Official Gazette No. 6,635 of July 22, 2021.

The Central Bank also announced that rates are maintained at 1 % for foreign currency purchase and sale through electronic means or with the use of foreign accounts of the national financial system.

For the purchase and sale of foreign currency, via electronic order, the commission remains at 4 %. For transfers to American countries, users must pay 21 euros or its equivalent in another currency and for transfers to to Europe and the rest of the world they should pay 30 euros, or its equivalent.

The services of purchase and sale of foreign currency, by the public, in exchange houses maintain the same commissions as the bank, both by order and by electronic transfers.

In the country, foreign currency accounts were used as safekeeping accounts, later foreign currency deposits were authorized at bank offices. Currently, financial institutions have the option of buying and selling on their electronic platforms, in addition to allowing the use of currencies with debit cards.

M. Rodríguez

Source: cronica.uno

La entrada CBV increases commissions for different banking operations apareció primero en Bitfinance.

Three American companies lead the Airlines 50 2021 ranking, despite the fact that they have lost between 38 and 40 % their brand value. Delta, with a value of 4.9 billion euros, American Airlines with 4.5 billion and United Airlines with 4.3 billion, occupy the first places in the study carried out by the consultancy Brand Finance.

The study analyzes brand equity, understood as the net economic benefit that the owner of a firm would achieve by granting the license in the open market, and the strength of the brand as the effectiveness of its performance in intangible measures in relation to its competitors. .

The investigation determined that the airline sector for this year is losing about 36,000 million euros, 37 % less than the previous year, in brand value in the world and the industry sees the short-term recovery in leisure travel

The United States, with seven brands in the ranking, is the nation that contributes the highest brand share to the sector. However, the figure is reduced by 41 % compared to 2020, when it stood at 19,500 million euros. Then there is China, also with seven brands and 40 % less value added, that is 9,000 million.

Then there are the United Arab Emirates, with only two brands Emirates and Etihad Airways, adds up to 4,500 million, 34 % less. While Spain is in the seventeenth position with a level of value contribution in the order of 875 million between Iberia and Vueling, compressing its contribution to 27 % compared to last year.

The Spanish company Iberia maintains the same place as last year, position 34. While Vueling climbed 2 steps to rank 48, according to the global sector brand value report.

The director of Brand Finance in Spain, Teresa de Lemus, pointed out: “This crisis in the tourism sector is a catalyst for the strongest brands, since those are the ones that will recover the best and will be able to take the opportunity to expand through mergers.”

M. Rodríguez

Source: cincodias.elpais.com

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The president of Stadler Valencia (Spain), Íñigo Parra, announced that the company selected its headquarters in the city Valencia to turn it into a world-renowned railway technology center. It should becoeme its new technology center for regional and commuter trains for North America and Southern Europe.”

The news was supplied during his participation in the Cadena SER forum in Valencia “Business and Mobility“, which was also attended by the Minister of Transport, José Luis Ábalos, and the president of the Valencian Community, Ximo Puig.

This initiative implies an investment of 40 million euros, and estimates to establish some “500 jobs in the facility that is already centenary, which will mean increasing the workforce by more than 40%.”

The purpose established by the Swiss headquarters is “to multiply the workload of the plant, which will incorporate the technology for manufacturing aluminum boxes for passenger trains.”

There are several key factors that have allowed the multinational to make this decision, among which are the efficiency of the factory and the competitiveness of the workforce, as well as social peace.

Stadler has its production center in the town of Albuixech and is one of the main industrial and technological centers of the Valencian Community. The company currently employs 1,200 workers, of which 400 are engineers, dedicating themselves to the design and development of efficient, sustainable, flexible solutions adapted to the new needs of rail transport and the mobility that today’s travelers need.

M.Rodríguez

Source: cincodias.elpais.com

La entrada Stadler will invest 40 million euros in Valencia apareció primero en Bitfinance.

The European Commission published the new strategy on sustainable finance, which includes a series of initiatives to face climate change and some environmental challenges, increasing investment and inclusion of small and medium-sized companies in the transition to a sustainable economy.

According to what was expressed by the Vice-President of the Commission, Valdis Dombrovskis, the financial strategy is “key to generating private financing in order to achieve our climate objectives and face other environmental challenges.” The European Union requires about 350,000 million euros per year between 2021 and 2030 in additional investments in order to achieve the 2030 climate goal.

Sustainable finance

The EU wants sustainability to be the main factor in the post-Covid-19 economic recovery and the financial sector can contribute to achieving the goals of the Green Deal.

Among the strategys they are proposing to expand the current funding toolbox to facilitate access to transition funding. Second, increase the insertion of SMEs and consumers.

Other measures include building the resilience of the economic and financial system to sustainability risks, extending the financial sector’s contribution to sustainability and ensuring the integrity of the EU financial system and monitoring its transition to sustainability.

Finally, they highlight the decision to promote international initiatives and standards in the field of sustainable finance, in addition to supporting EU partner countries. The Commission will also report on the implementation of the Strategy by the end of 2023 and will actively support Member States in their sustainable finance efforts.

M. Rodríguez

source: socialinvestor.es

La entrada The EU has a new sustainable finance strategy apareció primero en Bitfinance.

The headquarters of the financial entity of BBVA of Switzerland launches today its first service for the purchase, sale and custody of crypto assets, starting with Bitcoin. The purpose is to open to other cryptocurrencies, for all its private banking clients interested in investing in digital assets.

According to the information provided by the bank’s SEO, Alfonso Gómez, the Swiss entity selected a group of clients, with whom it carried out the tests of the new service for six months to reinforce security and, above all, detect that there is a great desire investors for crypto assets or digital assets as a way to diversify their portfolios, despite their volatility and high risk.

One of the benefits of the service offered by the credit institution is that the management system is fully integrated into its app, from where you can see the evolution together with that of the rest of the assets, funds or investments of the clients. Becoming a new service since it allows clients to invest and combine traditional and digital financial assets in the same investment portfolio.

With the personalized digital wallet, bitcoins can be automatically converted to euros or another current currency and vice versa, without delays and avoiding the moments of illiquidity that affect other digital wallets or independent brokers. This integration provides a great advantage in terms of simplicity when it comes to operating, checking account statements, tax returns.

M. Rodríguez

Fuente: portafolio.com

La entrada BBVA in Switzerland will offer bitcoin transactions apareció primero en Bitfinance.