Business

Movistar begins its spectrum tender to comply with the Supreme Court ruling

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This Friday the operator will put on sale its 10 MHz concession of the 1.9 GHz band.

Eleven months after the Supreme Court definitively forced the companies Movistar, Claro and Entel to return part of its spectrum for exceeding the 60 MHz limit, the Spanish capital firm decided to initiate compliance with the ruling and put its concession up for sale through a private tender that will start this Friday, September 25.

On October 28, 2019, the Supreme Court gave a series of options to the telecos to adjust to the regulations of the -now- old spectrum limits. And, among them, the possibility of putting some of its blocks up for sale. Movistar was the only one who took this path, in a process that was not easy for the operator, since on two occasions the Undersecretariat of Telecommunications (Subtel) rejected the bidding conditions for not complying with the General Law of the sector.

The company, for its part, was reluctant to start such a complex process, when the Covid-19 crisis was unleashed in Chile and the world and the possibility was being considered that no bidder would arrive for its 10 MHz block in the 1.9 GHz band, the frequency chosen for the release.

However, on the third attempt, Subtel gave the go-ahead and started the process, where they explain that this approval was also part of the Supreme Court and the Tribunal for the Defense of Free Competition (TDLC).

This Friday, September 25 at 5:00 p.m. the bidding process begins with the availability of the bases, where for an amount of $ 1,000,000 the companies They will be able to know its content and make inquiries until October 9.

A month later, on November 9, Movistar will give answers to the queries by the bidding conditions, while the receipt of Offers will be made between 12:00 hrs and 15:00 hrs on December 7, 2020.



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They launch a Diploma in Financial Education certified by CONDUSEF

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MEXICO CITY.- As part of Flink’s mission with the conscious financial opening for the new Mexican generations, the financial startup signed an alliance with the National Youth Council (CONAJO) to convene the Diploma in Financial Education, which is certified by the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF).

Flink’s participation in this course will be through the development of extracurricular information capsules, where team members will give advice on business, investment and financial technology issues.

Sergio Jiménez, CEO of Flink, believes the following regarding this project: “With these types of alliances we reaffirm our mission to give millions of people access to the stock market without leaving financial education and culture behind. In a country like Mexico where access to financial services has not reached the entire population, we believe that it is necessary to open and disseminate knowledge to young people, helping them to have solid foundations supported by technology to develop their plans, organize them and, therefore, consequently, make them resistant to times of uncertainty ”.

This diploma reaches its 37th generation and, since then, has evolved over time in order to provide knowledge and skills for students to take better advantage of available financial services and products, in addition to strengthening their money management skills.

Christian Perea, National Secretary of Education at CONAJO, says: “We are very satisfied to have been able to achieve collaboration with FLINK to spread financial education through this diploma. In these times of instability, it is necessary to know the methods to have more solid and stable personal finances ”.

From the beginning, all the Secretariats of the National Council of Youth Pro-Mexico understood the importance of a content that can enhance the learning of Mexicans; acquiring knowledge that goes from the care of the portfolio (with key concepts such as savings and budgeting), to teachings of cyber fraud prevention and investments in the stock market ”.

The course is completely free, online and will be open to the public from the baccalaureate level. It will consist of three modules that will begin on September 29 and end on December 7, where the following thematic axes will be addressed.

  • Budget, savings, credit, investment, insurance and retirement.
  • Evaluation of personal finances.
  • Types of financial fraud.
  • Cyber ​​fraud and its prevention.
  • Digitization of the financial system.
  • What is a fintech?
  • What is the stock market?

For its part, Flink has a blog on its website and a podcast entitled Finance in Orbit, where the latest news from the financial ecosystem is published and discussed. With this, the leading startup in digital banking continues to carry out actions and proposals that add value to the objectives of democratizing financial services in Mexico and educating young people on these issues, helping them to build their future today.

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The president of PSA announces that there will be further reductions in employment in the sector in Europe

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Carlos Tavares, president of PSA.

The president of the French automotive group PSA, Carlos Tavares, warns of future reductions in employment in the sector in Europe due to environmental requirements

“There will be workforce reductions between now and 2030”, warns the Portuguese executive in an interview published this Sunday in the newspaper Le Journal du Dimanche, in which he evaluates the situation of the sector in times of pandemic and transition to electric propulsion.

Tavares clearly states his opinion that the European Union’s demands for emission reductions “create a profound and brutal mutation” in a sector that employs 14 million people in the bloc, and that has already suffered several waves of restructuring.

For this reason, it asks for more time for technological transformations, because the automobile is a sector “in the long term. It is necessary to sequence the technologies well in time: the electrical in the short term and then the hydrogen”.

“With the electric car, a technology has been imposed on us that has a price that is beyond the reach of most of the middle class”, for which Tavares considers that public subsidies for these vehicles are necessary.

And it is that between the transition to electric cars or with some type of hybridization and the pandemic “we are in a hyper-volatile market,” he says.

But it also warns that the sector faces “a hyper-powerful anti-car ‘lobby’, while the automobile offers freedom of mobility.

In this complicated panorama, Tavares proudly proclaims that PSA (which includes the Peugeot, Citroen, Opel, DS and Vauxhall brands) has been “the most profitable company in the global automotive industry in the first half of 2020” thanks to a prior to constant cost reduction.

That cut allowed to transform the company, and recalls that “in 2013 we were on the verge of bankruptcy.”

An issue that has been discussed a lot in France and in the rest of Europe in recent months is the relocation of industries that were transferred to countries with lower costs, especially labor.

The executive warns that “it is a consumer’s choice: Are you willing to pay 15,000 euros for a vehicle manufactured in Europe that costs 12,000 if it is produced abroad?”

In this sense, it recalls PSA’s agreement with the French energy company Total to produce batteries for electric vehicles in France and Germany (the vast majority are currently manufactured in Asia), a project with an investment of more than 5,000 million euros that will start the production in 2023.

This company, called ACC, “allows to relocate 40% of the value of an electric vehicle,” he says.

Tavares, who has been at the helm of PSA since 2014, already assumed in 2017 the purchase and integration of the German Opel (formerly part of General Motors) and will be the head of Stellantis, the company of the merger with FCA (Fiat Chrysler), which will be launched next year and will be the fourth world producer

In this sense, he points out that with the technological challenges and the uncertainty created by the pandemic, the evidence in favor of the merger “is reinforced with each passing day.”

PSA has factories in Spain in Vigo, Figueruelas (Zaragoza) and Villaverde (Madrid), as well as two others in Latin America (Argentina and Brazil).

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Banks have laundered more than $ 2 trillion

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JP Morgan remains the number one bank in the world.

New leaks relayed by the International Consortum of Investigative Journalists reveal at least $ 2 trillion in suspicious transactions between 2000 and 2017, of which $ 514 billion relate to JPMorgan bank, and $ 1.3 trillion to Deutsche Bank.

These Suspicious Activity Reports (SAR) raise doubts about the origin of funds, but do not necessarily constitute evidence of fraud. FinCEN Files only represent barely 0.02% of the more than 12 million suspicious activity reports that financial institutions wrote between 2011 and 2017. In other words, a drop of water in the ocean.

The analysis of these secret documents makes it possible more generally to target five global banks: JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon. Among them, in 2012, HSBC, Europe’s largest bank, based in London, admitted to laundering at least $ 881 million on behalf of drug cartels in Latin America. Under a deal with prosecutors, HSBC paid $ 1.9 billion. For its part, Standard Chartered had been singled out for its close relationship with the Arab Bank, a Palestinian-owned bank. In 2012, New York regulators concluded that Standard Chartered had “conspired with the Iranian government”, carrying out $ 250 billion in secret transactions, earning “hundreds of millions of dollars in fees” and leaving “the system American financier vulnerable to terrorists, arms dealers, drug lords and corrupt regimes ”.

Standard Chartered had to pay a fine of $ 227 million paid to US authorities in December 2012 as part of a deferral agreement.

the social tariff for electricity and gas up sharply on October 1

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We recently revealed to you that the number of customers protected in terms of energy (electricity and gas) continued to increase. And even to explode in Wallonia. They are nearly 185,000 for electricity and well over 90,000 for gas. These protected customers benefit from what is called the social tariff, which reduces the bill by up to 42% for electricity and 46% for gas.

►A bad surprise for these customers: prices will increase sharply on October 1st.


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These rates are now reviewed every three months, instead of six months before.

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A car finishes its race in the window of a …

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NYON
Sunday, shortly before noon, a car smashed the window of Sushi Haiku, on the Grand-Rue. His driver forgot to apply the hand brake. The boss of the business takes the incident with philosophy.

Funny day for Atef Michael, owner of Sushi Haiku located in Grand-Rue de Nyon. While at mass, like every Sunday, the latter suddenly noticed that several missed calls were displayed on the screen of his smartphone. “It was the police. They informed me that a car had driven into my shop window. And that I had to go there.”

But mass is sacred. Therefore, the restaurant boss waited …

«Fincen» files – reports: Big banks continue to launder billions in money – News

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  • According to research by an international network of journalists, there are still considerable deficits in the fight against international money laundering.
  • Accordingly, numerous big banks around the world have disregarded anti-money laundering guidelines in recent years.
  • Big Swiss banks are also mentioned in the research documents. For example Credit Suisse, UBS or Zürcher Kantonalbank.

The information released on Sunday evening from a data leak by the US Treasury Department reveals that banks from all over the world have been doing business with high-risk customers for years and, despite strict regulations, have accepted suspected criminals as customers and have made transfers worth billions for these. According to the information, they sometimes reported these processes only very hesitantly and sometimes with years of delay.

The International Consortium of Investigative Journalists (ICIJ), in which several hundred journalists from around 90 countries work worldwide, names several major global banks that, despite fines for money laundering, continue to post billions of unclear sources: Deutsche Bank, JPMorgan, HSBC, Standard Chartered and Bank of New York Mellon.

Total of two trillion dollars

The ICIJ bases its information on a data breach about suspicious transaction reports on money laundering to the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department, to which the New York online portal BuzzFeed had access. These data have been processed by the ICIJ research network over the past year and a half.

According to the media involved, the “FinCEN files” contain more than 2,100 suspicious transaction reports from 2000 to 2017. The total amount of transactions is around two trillion US dollars.

Swiss money houses also mentioned

Information on Swiss credit institutions can also be found in the network’s databases. Switzerland should affect 2051 transactions. It is about $ 3.7 billion in connection with Swiss banks, and around $ 4.2 billion has been booked as outflows.

Numerous Swiss banks such as Credit Suisse, UBS, Bank Vontobel, Raiffeisen, Pictet, Julius Baer, ​​Bank Sarasin and Zürcher Kantonalbank are listed in the details of suspicious monetary transactions. In addition, numerous foreign banks based in Switzerland are mentioned in the files.

The US Treasury Department did not want to comment on the content of the leaked data, writes the ARD on its website.

the airline crisis will be worse. Eurocontrol forecast

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We are going through the worst year in the history of civil aviation – said Sebastian Mikosz, vice president of IATA, former president of LOT and Kenya Airways, during the 3rd Congress of the Aviation Market in Warsaw. He stressed that while various crises are hitting global air transport, the blow that the COVID-19 pandemic has dealt is unprecedented.

  • The decline in global air traffic after the outbreak of the COVID-19 pandemic reached 93%. within three months
  • Such a collapse was not recorded either after the terrorist attacks of September 11, 2001 or the world financial crisis of 2008.
  • The International Air Transport Association IATA estimates that it may take at least five years for air traffic to return to 2019 levels

The International Air Transport Association (IATA) has calculated the decrease in air traffic (measured in the so-called passenger kilometers) after the terrorist attacks of September 11, 2001, the global financial crisis of 2008 and the outbreak of the COVID-19 pandemic. These data show that the decline in global air traffic after attacks on the WTC towers over the past 12 months was 20%. In the same period after the outbreak of the global financial crisis in 2008, it amounted to 5%.

– After the outbreak of the COVID-19 pandemic, the decrease in air traffic amounted to 93%. after three months – added Sebastian Mikosz during the opening speech of the congress.

Photo: IATA

Decline in air traffic after the terrorist attacks of September 11, 2001, the financial crisis of 2008, the outbreak of the COVID-19 pandemic

IATA data indicates that both the effects of the attacks of September 11 and the financial crisis in civil aviation were felt primarily in Europe and the Americas. Meanwhile, the COVID-19 crisis has global firepower and the negative impact is more pronounced.

Reconstruction of air traffic only in 2024

In its latest forecast, IATA predicts that the recovery of world air traffic to the level of 2019 will take place in 2024. He warns, however, that if a pessimistic scenario, related to e.g. with the second wave of the COVID-19 pandemic, it may be even later.

IATA calculates that the EBIT margin of airlines on a global scale will be around 20-25 percent. in 2020. In 2021, it is expected to be -4 percent. The global net loss of the industry in 2020 is expected to reach $ 80 billion.

Krone, Kronen | Huge fall for the krone exchange rate:

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After a gradual strengthening during the summer, the krone exchange rate is at its weakest in almost three months.

The krone exchange rate weakened sharply on Monday morning, both against the euro, the dollar and the Swedish krona.

Against a euro, a krone now costs NOK 10.89, against NOK 10.35 in early September. The krone is now at its weakest point in June.

The decline comes in parallel with a sharp fall on the stock exchanges, where the Oslo Stock Exchange is down as much as three percent.

Pessimism

– It is difficult to say exactly what this is that makes the krone weaken so much, but we had a slightly weak week last week and it continues that week here, says Magne Østnor, currency analyst at DNB, to Nettavisen.

Also read: Nordea predicts crown shock – US holidays can be much cheaper after the corona

He points out that increased pessimism about the corona situation is contributing to the decline. The pressure of infection in Europe has increased in recent weeks and many fear a new shutdown similar to the one we had in March. In such cases, the krone tends to weaken because investors then flock to safe currencies such as the dollar and the euro.

– The mood has changed. The economy is no longer in gradual cautious improvement anymore, and that affects the krone exchange rate, says Østnor.

Also read: DNB: This affects the krone the most

Duete central bank

Østnor also believes that the interest rate meeting at Norges Bank in three days’ time may have had a negative effect on the krone exchange rate. It is not expected that Norges Bank will show signs of raising interest rates immediately, which in that case would be positive for the krone strength.

Also read: Chief economist predicts permanently expensive holiday abroad after the corona crisis

– Many had expected Norges Bank to come out on the hawkish side and be more concerned with financial stability, but it is about to turn around, we do not think so anymore and may lean the other way instead, says the DNB economist .

Also read: There is a risk with stocks and mutual funds that almost no one thinks about – and it can be extremely expensive for you (+)

Protest motorcyclists: ‘A small club will ruin it for the rest’

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Fines

“In 2018 and 2019, approximately 230 fines were issued annually for unnecessary noise production, such as non-compliance with the maximum noise level by motorcycles,” Minister Van Nieuwenhuizen wrote to the Lower House at the beginning of this month. “About 200 fines have been issued for these offenses so far this year.”

In addition, the muffler can be confiscated in case of noise violations. The same applies to the entire motorcycle, in the event of gross speeding or traffic-hazardous behavior.

The ministry does not have any figures on the number of complaints about noise pollution. “The police do not keep separate records of such complaints either.”