MAJ ANALYSIS on the Xbox All Access: a real revolutionary offer, or a simple marketing argument?

The past few days have been eventful for Microsoft ! The firm of Redmond at first formalized the existence of the Xbox Series S, his second console next-gen, but she also and above all confirmed the price and release date of the Xbox Series X. At the same time, the American company has confirmed that his offer Xbox All Access would finally be launched in France.

Microsoft’s good idea is therefore to make something existing into a marketing tool, both for its consoles, but also and above all for its services.

This news unleashes passions: some see it as a stroke of genius to Microsoft, others a simple communication stunt that claims to reinvent the wheel. We have decided to offer you a summary article which therefore goes back to what the Xbox All Access, what it offers, its real cost, etc.

What does the Xbox All Access ?

  • The Xbox All Access is an “all-in” offer that includes a console and a subscription to Xbox Game Pass Ultimate. The gamer pays a monthly fee ($ 24.99 / month for Xbox Series S, $ 32.99 / month for Xbox Series X) for two years, and at the end of that period, the console is theirs.

Xbox All Access : subscription or credit?

  • The Xbox All Access includes a subscription to Xbox Game Pass Ultimate. In fact, many people consider this offer to be a subscription. However, it is indeed a credit. This implies that the interested player will have to apply for credit from one of the brands offering the offer (in France, Fnac and Micromania). His professional situation and his income will be taken into account, as well as his expenses and other credits in progress.

How much does it cost ?

  • Depending on the console next-gen chosen, the prices are as follows: € 24.99 / month for the Xbox Series S, € 32.99 / month for the Xbox Series X. Here is a table to compare the offer to separate purchases:
Console price 24 months of Xbox Game Pass Ultimate Total separate purchases Prix total Xbox All Access
Xbox Series S 299,99 € 311,76 € 611,75 € 599,76 €
Xbox Series X 499,99 € 811,75 € 791,76 €
  • Pour la Xbox Series S, the offer Xbox All Access is needed and even saves ten euros compared to separate purchases. Regarding the Xbox Series X, the economy climbs to 20 euros.

Is the offer really revolutionary?

  • Yes and no. No, because the fact of offering a loan for the purchase of a good is far from being a new idea. Many brands also offer to pay for purchases in several monthly installments, with higher or lower interest rates.
  • The fact of including an additional service in the credit offer is not completely innovative either; this possibility already exists in other fields, in particular the automobile, where certain dealers propose to integrate the maintenance costs of a vehicle in the credit.
  • Finally, the slogan “dive into the new generation from € 24.99 per month” is reminiscent of the catchphrases for car manufacturer advertisements, which highlight the possibility of driving a new vehicle from a certain monthly amount.
  • What can be considered revolutionary in this offer of Microsoft, it is simply the fact of offering such a possibility in the world of video games and giving it visibility with a name and an advertising campaign. Of course, it is already possible to get a console and pay for it in several installments at different resellers. But each brand has its offer, interest rates, conditions, etc. Here, Microsoft highlights a unique offer that can be found at each participating store. The only difference could be made at the level of the organization granting the credits (Cofidis for Micromania, CA Consumer Finance for Fnac): one company could have stricter or more flexible requirements than another as to the conditions for granting the loan.

Who is this offer for?

  • The Xbox All Access is intended for players who want one of the consoles and have a real interest in the Xbox Game Pass Ultimate. If this service of Microsoft does not interest them, if they do not play online or if they are not tempted by the xCloud, the program immediately becomes less interesting since it imposes the XGPU. For example, if a player is satisfied with the Xbox Game Pass classic, the offer Xbox All Access will cost him € 60 more than separate purchases for the Xbox Series S (€ 599.76 in All Access against € 539.75 in separate purchases). For the Series X, the difference is around 50 euros (€ 791.76 in All Access against 739.75 € in separate purchases).

Xbox Series X S family hardware comparaison (1)


As said above, Microsoft is not the first to offer the possibility of payment in monthly installments in the field of video games, several brands already have similar offers. But where the latter generally had little visibility, Microsoft decided to create an “all-in” offer, to give it a name and to promote it on a large scale. The good idea of Microsoft is therefore to turn something existing into a marketing tool, both for its consoles, but also and above all for its services.

As we calculated, the offer is interesting for both the Xbox Series S (10 euros savings) and the Series X (20 euros savings). The condition for the offer to be really interesting is of course to have an interest in the Xbox Game Pass Ultimate. The player who is content with Xbox Game Pass classic, or Xbox Live Gold alone, will have less interest in turning to this service.

The program is sold as an “ all-in ”, so it makes sense that Microsoft put everything in it. Some will regret not having flexibility, being able to “customize” the offer with a different subscription. For these, as explained above, it is always possible to inquire with different resellers to see the possibilities of monthly payments, and to take the subscription that suits them on the side.

As a reminder, Xbox Series S and Xbox Series X will be available from November 10. You can already register sure Amazon to be notified of the opening of pre-orders on September 22.

Update : Microsoft formalized the price of € 32.99 for the Xbox All Access with the Xbox Series X, we’ve adjusted the article and our calculations accordingly.


Belarusians took $ 1 billion from banks in August :: Finance :: RBC

Since August 9, protests of those who disagree with the results of the presidential elections have continued in Belarus. But against the background of the political crisis, the population was actively withdrawing funds from banks, and also buying foreign currency in cash. According to the National Bank, in August, net purchases of foreign currency by the population amounted to $ 622 million against $ 874 million in the previous seven months.

How the behavior of Belarusian depositors affects banks

Read on RBC Pro

In August, many Belarusian credit institutions imposed restrictions on withdrawing funds from accounts and buying foreign currency – local media reported about queues at ATMs and currency exchange offices. Banks also suspended the issuance of certain types of loans to the population and imposed restrictions on cash withdrawals and transfers from credit cards. By the first week of September, rates on short irrevocable deposits, from which funds cannot be withdrawn early, overcame the bar of 15%, and in some banks exceeded 20% per annum.

“Subsidiaries” of Russian banks in Belarus have sharply raised rates on deposits

According to Fitch’s estimates, at the end of the first half of 2020, up to 60% of the liabilities of Belarusian banks were in customer deposits. Moreover, 63% of the total volume of client funds are foreign currency deposits and accounts (approximately $ 11.6 billion). The National Bank as a whole can satisfy the demand of credit institutions for ruble liquidity, but the ability to supply banks with foreign exchange is limited by “modest reserves,” analysts stressed in their August 28 survey.

Moody’s pointed to risks for banks in Belarus due to withdrawal of deposits

Photo: Valery Sharifulin / TASS

On September 11, the S&P agency downgraded the outlook on the sovereign ratings of Belarus to negative. The reason for the revision was the increasing risks to the financial stability of the banking system. As analysts noted, the acceleration of the outflow of funds from banks with the subsequent conversion of these savings into foreign currency could lead to a rapid depletion of the National Bank’s foreign exchange reserves. In August alone, the foreign exchange reserves of the Belarusian regulator fell by 15%, or $ 1.4 billion. If the trend continues, the Belarusian government will face a choice: to satisfy the demand for foreign currency within the country or to isolate the reserves of the National Bank in order to use it for its own purposes. The second option could undermine the stability of the banking system, S&P experts warn.

Will the Belarusian regulator be able to stabilize the situation?

There is no need to overly dramatize the scale of the outflow of savings from Belarusian banks, says Ivan Uklein, director of the credit institutions ratings department at Expert RA: “Two-thirds of the total amount of funds withdrawn went from current accounts, and not from time deposits. This is a largely predictable and normal situation. That is, there are no unpredictable risks for the National Bank of Belarus. “

September 14 National Bank of Belarus extended measures that were taken at the end of August to reduce pressure on the foreign exchange market. Until October 13, inclusive, the regulator will not conduct permanently available operations to support and withdraw liquidity for banks – instead, liquidity will be provided to the sector through auctions. Auction transactions allow banks to further conduct bilateral transactions.

“Bidding at auctions has certain limits, in contrast to direct refinancing at the request of banks. In addition, the volume offered by the National Bank is distributed on a competitive basis, depending on the rates offered, ”explains Uklein. According to him, this approach allows to solve two problems: to avoid speculation on the part of banks, which could channel the obtained liquidity to Forex transactions and influence the exchange rate, as well as to solve liquidity problems of specific players. At the same time, the analyst does not exclude that the National Bank’s policy may be aimed at ensuring that market participants with parent structures abroad increase fundraising through this channel.

Reuters learned about Mishustin’s request to support the banks of Belarus

Anton Siluanov and Mikhail Mishustin

The regulator’s policy may lead to stabilization of the situation, believes Svetlana Pavlova, junior vice president of Moody’s. According to her estimates, in September the outflow of depositors’ funds from banks may be less than the indicators of August. “At the end of last week, rates on the interbank market went down (from a peak level of 25%), which signals a decrease in the liquidity deficit. Also in September the rate of the Belarusian ruble is still stable – and even slightly strengthened, ”the analyst emphasizes. At the same time, Moody’s does not exclude that with the aggravation of the political situation in Belarus, the banking sector may face a new raid of depositors.


The rumor of merger between Credit Suisse and UBS well received by investors

Following the announcement of a probable merger between UBS and Credit Suisse, the value of the shares of the two financial groups jumped on the Zurich Stock Exchange where they are listed. The operation is perceived as probable, but also difficult to finalize.

The unconfirmed information about an upcoming merger between UBS and Credit Suisse has been positively received by investors in the Swiss financial market.

The value of the shares of these groups, which are the most important in terms of turnover in Switzerland, rose on the local financial market. Credit Suisse jumped 4.23%, while UBS jumped 2.3%.

Analysts believe that the context is sufficiently favorable for this type of rapprochement. A few weeks ago, the Spanish banking groups CaixaBank and Bankia announced that they were in discussions for a merger. In Switzerland too, such a scenario would be justified.

The European banking sector is now facing serious competition, in a context of falling interest rates in several developed markets, and covid-19 which has imposed an exceptional increase in provisions for bad debts.

However, the finalization of such an operation is not certain. Initial reflections suggest that this would put 15,000 jobs at risk. But above all, we would see the creation of a banking giant in Switzerland, especially in the wealth management segment. Swiss competition regulations are likely to be a real challenge.

This news shows that shareholders of European banks are in a hurry to see consolidations, especially between the giants of this sector.

Other players in the financing of economies such as the American fund managers BlackRock and Vanguard have considerably strengthened their intervention capacities, and are currently capable of putting banks in difficulty in the credit and investment markets.

Idriss Linen


Five tips to improve your credit report

(Photo: 123RF)

GUEST EXPERT. In Canada, the credit report is administered by two companies: Equifax and TransUnion. This record reflects your payment history, your borrowing capacity and your ability to pay off the various loans.

It’s like a resume you present to a lender when applying for new credit.

If you find yourself with a poor credit history, whether it’s coming out of a consumer proposal or bankruptcy, or simply as a result of financial hardship, it could prevent you from borrowing again.

Here are five ways to improve your credit report:

1. Check what needs to be improved

The first step is to get your credit report from Equifax and TransUnion. You can apply online; this will allow you to know your credit score (or rating), on which financial institutions rely to grant or not a loan and, if necessary, determine the conditions.

It is not uncommon for mistakes to creep into a person’s credit report. It is therefore advisable to check it regularly.

Obtaining the credit report from these two institutions is free. The services you have to pay for are file monitoring or alert programs.

Even if everything on the credit report is correct, there is still a possibility that the credit rating is bad. Here are the main credit scoring factors and their impact on credit score (or score):

• Payment history: A history of overdue payments presents a greater risk to creditors. Thus, this factor has the greatest negative impact on the credit score. This is about 35% of the credit score.

• Debt amount: the debt contributes 30% to the score calculation. The closer you get to the authorized credit limit, the more your credit score is affected.

• Age of accounts: Creditors like to see a history of use and repayment of credit. For someone who is applying for credit for the first time, for example, there isn’t a lot of data to rely on. This factor represents 15% of the score.

• Combination of accounts: this counts for 10% of the score; lenders want to ensure that the borrower can handle both revolving credit and installment credit.

• History of credit applications: Many credit applications can make the individual appear desperate. This will lower the score. Credit requests represent 10% of the score.

2. Make an agreement with all creditors with whom payments are overdue

Often, creditors will take the negative rating off the report if payments are cleared; it may be necessary to make a number of payments on time before the note is deleted. Once this is done, it takes several months for the odds to rise significantly.

3. Avoid making multiple credit applications in a short period of time

While it is normal and expected to apply for credit from time to time, when lenders request the credit report, it is noted as a request, even if the loan is not granted or accepted by the consumer. .

If there are too many requests on your credit report, lenders may think you are living beyond your means.

4. Avoid making only the minimum payment and approaching the credit limit

Making only the minimum payment can be interpreted as an inability to meet its obligations.

When the rate of use of credit approaches the limit, the credit rating can suffer. So if the total credit available on a charge card is $ 10,000 and you are currently using $ 8,000, paying off that balance could increase your score.

It is recommended to keep the credit utilization rate at around 30%. This represents a debt of $ 3,000 out of an available limit of $ 10,000, for example.

5. Open a secured credit account

Getting a credit card secured by a deposit can help boost your credit score. This type of card involves depositing money into an account to secure the loan. This allows the creditor to have the guarantee that the balance will be paid and, at the same time, it allows the consumer to build up a good credit history again and thus increase their score.

Like the CV, the credit report can be improved by adding new experiences, being diligent in payments and meeting deadlines.

Amine Chbani, MBA, Pl. Fin.


Infonavit lends money for self-construction

As of this August 31, the Institute of the National Housing Fund for Workers (Infonavit) launched the new financing program for self-construction, for those who prefer to build their home themselves or improve the one they already have.

The program I build started in Baja California, Oaxaca, Metropolitan Area of ​​the Valley of Mexico, Nayarit, Jalisco, Chiapas and Yucatan, where an economic income of 100 million pesos is estimated for the purchase of materials and payment of labor.

* Minor repairs: where a financing of up to 85% of the Balance of the Subaccount Housing, and up to 28 AN monthly, equivalent to 73 thousand 952 pesos.

The borrower may choose the repayment term of the financing: 24, 30, 36 or 42 months.

* Technical and Construction Assistance: Where 85%, 150%, or 200% of the Balance of the Subaccount Housing, up to 200 AN monthly, equivalent to 528 thousand 230 pesos.

And you can also choose the repayment term of the financing, between 24 and 120 months.

In both cases, The financing resources will be delivered according to the progress of the construction or improvement and previous validation by the Institute.

For a worker to apply for this financing line, must have a current employment relationship, at least eight months of continuous contribution with the same employer, have 116 points of prequalification established by the Institute, a document that certifies the safe possession of the property, being registered in an Afore, signing the query to the Credit Information Societies and not having a current credit with Infonavit.

ConstruYO is a loan without mortgage guarantee granted by a financial institution, through the Infonavit and you can build a new home, finish a construction, repair it, expand it or remodel it.

As well as carrying out interventions in exterior areas of the house such as the placement of lights, sidewalks and gardens.

The credit can be used in any type of property: private, ejidal, communal or derived from a government housing program.

It is not necessary that the property be in the name of the applicant, it is sufficient that a secure possession is proven.

Likewise, the worker’s age, plus the repayment term of the selected loan, may not be greater than 70 years.



The media learned about the changed attitude of Russians to credit cards :: Finance :: RBC

In July, the share of Russians who used credit cards immediately after receiving them reached an all-time high. According to experts, the pandemic has changed the attitude of citizens to credit cards, they stopped receiving them “just in case”

Photo: Maxim Blinov / RIA Novosti

In July of this year, Russians stopped putting away credit cards “in reserve”. Last month, the share of those who started using a credit card immediately after receiving it reached an all-time high. About it writes Kommersant with reference to the Bureau of Credit Histories (BCI) Equifax.

The bureau analyzed how actively citizens use credit card limits, and found that by the end of July, the level of utilization of the limit (making a purchase or receiving funds from an ATM) within the first month after receiving a credit card increased by 14 percentage points, to 68 %. “This is a record value for the entire period of calculation of the indicator since August 2015,” the BCI noted.

Equifax reported that the increase in the utilization of the limit in July was noted across the entire range of amounts: from 10 thousand to more than 100 thousand rubles. This means that both borrowers with low income, for whom, as a rule, banks set minimum limits on transactions, and more wealthy customers, have become more active in using credit cards.

Banks raised credit card limits for pensioners during the crisis

Photo: Donat Sorokin / TASS

The general director of the bureau, Oleg Lagutkin, said that the increase in the level of utilization is a consequence of any marketing activity of lenders or a seasonal factor, when the level of card transactions grows. “We can assume that in July 2020, both factors were realized,” he said.


Non-bank credit companies are licking their wounds after the pandemic. They let go and look for weaker numbers

The result was a slump in the business of non-bank lenders associated with layoffs, across industry players, including big names. Another milestone in business development may come at the end of October this year, when people who have taken advantage of the installment moratorium should start repaying.

“In March, we suspended lending. We have resumed funding since May, with a greater degree of caution. In the first phase, only secured loans were provided, “says Zuzana Konečná from Acema Credit Czech.

According to the company, the company did not proceed with the dismissal of employees, but other companies in the field did not avoid the dismissal. “We are in an exceptional time and, as with many other companies, Provident’s business has been affected by a pandemic. At the moment, the size of our business has shrunk, so we have to adjust everything related to it, “says Viktor Boczán, head of Provident.

Provident laid off almost fifty employees in the Czech Republic, which represents less than ten percent of people working in his business. Fair Credit was also laid off at a similar percentage. “The whole situation did not allow us to keep all our jobs,” said Fair Credit CEO Tomáš Konvička.

This corresponds to the extent to which non-bank clients have taken the opportunity to stop repaying their loans. “On average, about ten percent of our company’s clients have applied for a moratorium,” says Aleš Janků, head of the Association of Consumer Credit Providers.

According to people operating in the non-bank loan market at the height of the pandemic, people from the most affected sectors, such as the hospitality industry and the car industry, practically stopped taking new loans overnight for fear of losing their jobs. At the same time, non-bank credit companies have significantly tightened the criteria for lending money to clients who became significantly riskier during the pandemic almost overnight.

“According to us, the demand for our loans will increase after the end of the moratorium period, when we assume that the willingness of banks to provide funds to clients who have used this moratorium will decrease,” concludes Konečná from Acema Credit Czech. According to non-banknotes, their business has the worst behind them.

“We felt the effects of the pandemic and quarantine measures until about the end of May. Subsequently, the demand for products returned to the planned level and in recent months, on the contrary, it has exceeded it, which we attribute to the deferred financial needs of our clients, “emphasizes the head of EC Financial Services Miroslav Kučírek.

However, the drop in profits will probably not be avoided this year. According to business people, the earnings of non-banking companies will fall by about a fifth this year. “It simply came to our notice then. It depends on what happens to the economy after the holidays. We have several models that we are constantly recalculating. Personally, I lean towards the border somewhere around 15 percent, “says Konvička from Fair Credit.

Specifically, companies are speculating on the share of clients they will not repay even after the end of the repayment moratorium at the end of October this year. The impact of state measures during a potential second wave of the pandemic will also be crucial. “If in the autumn there should be another freezing of the economy or restrictions with an impact on our business, such as another installment moratorium, then the fulfillment of current plans would of course be unrealistic,” adds Kučírek.

According to the representatives of the association of non-banking companies, clients will be completely disoriented after the end of the deferral period. “Our clients often do not even know what and how much they owe. That is why we cooperate with non-profit organizations and the Ministry of Finance and we want to set up communication that reminds of the need to repay consumer loans, “says Janků, adding that the association will not be able to offer an assessment of the business situation until the end of this year.


BTN Still Distributes KPR for Honorary Workers Who Are Not Affected by Covid-19

JAKARTA, – PT Bank Tabungan Negara (Persero) Tbk or BTN make sure it keeps distributing Credit Ownership Home ( KPR) for contract employees and honorariums who were not affected by the Covid-19 Pandemic.

This was done by the Company to encourage economic growth by increasing distribution credit National Economic Recovery ( PEN).

Executive Vice President Nonsubsidized Mortgage & Personal Lending Division Bank BTN Suryanti Agustinar said that the credit extension also aims to fulfill the need for its importance home for them.

“But, for those who are not affected by Covid-19 (workers), we still provide (credit), including for contract and honorary employees,” Suryanti said in a webinar, Thursday (13/8/2020).

In fact, added Suryanti, BTN also provided cash installments face (down payment) or DP of 0 percent to ASN, PNS, and TNI / Polri.

Usually, the down payment given by BTN to this group of workers is 1 percent.

Also read: BTN-Repower Offers KPR Without Installments and Interest

The low down payment was made by BTN in order to increase the interest of workers to buy a house.

In addition, BTN also synergizes with developer to free process costs, administration, and provision.

SHUTTERSTOCK/CHIRAPHAN Illustration of buying a house.

“Anyway that can make it easier and lighten consumer to buy a house, “explained Suryanti.

The fee waiver is made in the form gimmick so that consumers do not think about doing the process lags have to prepare a large fee in advance.

In fact, BTN also has a program KPR Zero which provides relief facilities to consumers up to 2 years principal-free installments.

The condition of the Covid-19 Pandemic, admitted Suryanti, Banking and developers must work together to provide various kinds innovation necessary so that consumers do not delay in buying a home.


Mishustin signed a resolution to increase the size of preferential mortgages :: Society :: RBC

He added that in May, according to the Bank of Russia, the average rate on such loans fell to 7.4% and there is potential for a further reduction.

You can apply for a mortgage at a rate of 6.5% until November 1. The preferential mortgage provided for a minimum contribution of 20%. The difference between preferential and market mortgage rates for banks should be compensated by the state.

In April, Russian President Vladimir Putin ordered the launch of a preferential mortgage program with a rate of 6.5%. In June, Putin decided to extend the preferential mortgage to more expensive housing, earlier the mortgage extended to new housing worth up to 3 million rubles.

By mid-June, banks received 170 thousand applications for preferential mortgages, most of them were approved, said Deputy Prime Minister Marat Khusnullin. Also issued 40 thousand loans worth about 100 billion rubles.


Preferential car loans expanded to electric cars – Business – Kommersant

The government has officially increased the budget of the preferential car loan program to 22.5 billion rubles. and approved new rules for access to such state support. For example, families with at least one child, health workers and those who give the car for a trade-in on the down payment now have the right to a discount of 10–25% of the price of the car. You can take a soft loan only for a car no more than 1.5 million rubles, localized in the Russian Federation. Although formally the program now extends to electric cars, it is actually impossible to purchase them because of the localization requirement, since such cars are not manufactured in Russia.

Prime Minister Mikhail Mishustin approved the amendments to the “First Car” and “Family Car” preferential car loan programs, as follows from Decree No. 907 of June 23. The government’s website notes that the program budget this year will be 22.5 billion rubles.

As part of preferential car loans, the buyer is entitled to a 10% discount on the cost of the car, but for the Far East its size is 25%. Now the maximum discount can also be obtained when buying an electric car. At the same time, there remains a requirement for the localization of cars purchased on credit in Russia – they must gain 1.4 thousand points under the 719th decree.

Since electric cars in Russia are not produced at all, in practice it is impossible to buy them with a soft loan.

New rules reinforce the opportunity to buy a car with it worth up to 1.5 million rubles. Price limit of 1 million rubles. acted in 2015, after which the cost steadily increased until 2019, when it was again reduced from 1.45 million to 1 million rubles. In fact, this fact, coupled with additional requirements for the level of localization of cars, significantly limited the list of cars covered by the preferential car loan program – the main financing was focused on Lada. From foreign cars, only Renault, two Hyundai models (Creta, Solaris), as well as one model Volkswagen (Polo), Skoda (Rapid) and Kia (Rio), fall into the program.

At the same time, with an increase in value, the range of brands acquired through preferential car loans did not increase.

Under the new rules, access to preferential car loans was given to families raising at least one child (previously two children), employees of medical institutions, as well as those who handed over the old car for a trade-in in payment of the initial payment.

Only a car older than six years old, which was owned by the borrower for at least a year, can be handed over to the trade-in, the resolution says.

In May, in the first month of easing restrictions amid the coronavirus, according to the United Credit Bureau (OKB; it also has data from Sberbank), citizens took 28.2 thousand car loans worth 22.4 billion rubles. The number and volume of loans issued compared with April more than doubled.

In practice, both the Ministry of Industry and Trade and the concerns participating in the programs informed about the launch of new access rules even before their approval – from the beginning of June. In addition, the document itself says that the new maximum cost of a car in preferential car loans (1.5 million rubles) applies to cars purchased from March 1, 2020.

Olga Nikitina

In Russia, there is a short-term surge in demand for cars after an almost two-month downtime of the dealer network. Against this background, AvtoVAZ postponed the transition to a shorter work week until the end of summer. The manufacturers and dealers interviewed by Kommersant agree that sales have grown compared with the failed April-May indicators, but this is due to temporary factors in deferred demand and increased government support. The real picture will be clear only in September. So far, the industry believes that by the end of the year the market will fall by 30%, with some players assessing this scenario as optimistic.

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