Diario actualizado de economía y finanzas - International Journal of Economics & Finance    3 de julio de 2022

EMF in English

NATO formally invites Sweden, Finland in, bringing challenges to regional security

· The 2022 Summit of the North Atlantic Treaty Organization (NATO) opened Wednesday in Madrid amid mounting criticisms of the military alliance's aggressive security policy

Sweden and Finland were invited to join the alliance.


5 Costs Associated With Car Accidents

· While your health is the most important thing to focus on after a car accident, there might come a time when your financial situation enters into the equation

Car accident-related costs can be expensive, and it might have crossed your mind that you’ll need to find a way to pay for them. Fortunately, car accident lawyers can fight for compensation from the responsible party to cover them. Often, they factor the following expenses into your demand letter.


RSF calls on WHO to open its events to Taiwanese journalists

· Reporters Without Borders (RSF) urges the United Nations to stop its discriminatory practices against Taiwanese journalists, notably at the World Health Assembly

Taiwan’s media outlets, including the press agency Central News Agency (CNA), were again barred from the events of the 75th World Health Assembly held in Geneva between 22nd and 28th May 2022. On several occasions, the United Nations (UN) and its offshoot World Health Organisation (WHO), bowing to Chinese pressure, turned down requests for press accreditation from Taiwanese nationals and media on the pretext that Taiwan and its passport are not officially recognised.

Bank Pekao: the banking sector is prepared to co-finance green investments in Poland

· In the next few years, the expenses related to green transformation, which make it possible for Poland to meet the climate targets of the European economy, may reach even PLN 100 billion annually

(Source: PAP MediaRoom).- Such a huge challenge is impossible to undertake without the involvement and determination of the entire banking sector, as Jerzy Kwieciński, Vice President of Bank Pekao S.A., argued during the World Economic Forum in Davos. “The role of financial institutions in the energy transition” was the topic of the expert panel organised at Polish House. During the World Economic Forum, the red and white building became a venue for meetings and discussions on key issues from the perspective of Poland as well as Central and Eastern Europe. According to all panelists, the urgency of immediate dependence on resources from Russia and switching the whole economy to the “green track” is now the most significant challenge, but also an opportunity for our region.

Chickey Chik NFT launch referral program powered by Gamepay Marketplace

· Registered Gamepay customers can start earning from Chickey Chik by referring their friends and family. The program rewards referrers with a lucrative 20% commission in USDT on purchases

In the lead-up to the much-anticipated pre-sale of Chickey Chik NFTs, registered Gamepay users can access their referral code from the Gamepay site and start sharing their unique referral link straight away. The Gamepay marketplace is the first of its kind for blockchain-enabled NFT play-to-earn games. It is the ideal destination for creators, developers, gamers, and the wider community to get a stake in the emerging metaverse. Gamepay marketplace offers all the capabilities of other exchanges with added benefits.

Davos 2022: Poland's energy sector requires investments of at least PLN 1.3 trillion by 2030

· The Polish energy sector calls for PLN 1.3 - 1.7 trillion of investment by 2030. Such an effort is comparable to the reconstruction of Poland after World War II - argues Paweł Strączyński, Vice-President of Finance at Pekao S.A.

President Strączyński participated in the panel discussion “European Energy Diversification: How alternative sources, routes, and clean technologies can bolster energy security”, which was held at the Polish House during the World Economic Forum in Davos, Switzerland. In his opinion, low- and zero-emission projects are the future of the Polish energy sector. He believes that the Polish energy sector requires investments of PLN 1.3 to 1.7 trillion by 2030. This effort can be compared to the reconstruction of Poland after World War II.


RGNT Motorcycles chooses Telenor IoT to scale their connectivity solutions

· RGNT Motorcycles is an ambitious Swedish electric motorcycle manufacturer that aims to combine the latest innovations with timeless design

Launched in 2019, RGNT’s handmade motorcycles were borne out of founder Jonathan Åstrom’s desire to silence the streets in the west and reduce toxic emissions. With Telenor IoT’s connectivity service, RGNT can deliver GPS and OTP (one time password) functionality, automatic software and design upgrades, and security to their customers while maintaining style and speed. With the goal to connect 10 000 vehicles, starting with 500 in 2022, RGNT was looking for a scalable solution for their geographical coverage needs, as well as security and low supervision to maintain fleet control.


Cryptocurrency scam using the image of celebrities

· The blood reached the river on February 5 in the program "Todo Es Mentira" (TEM) directed and presented by Risto Mejide, and during which he put between a rock and a hard place the company that defrauds its customers using of the image of celebrities such as Leo Messi, Florentino Pérez, Pablo Motos or Risto Mejide himself

The scam, denounced by the presenter himself throughout the program, has already been brought to the attention of the Justice through various complaints from those affected and scammed, where criminal complaints are being processed against the company Royal Forex Ltd. for the alleged commission of the crimes of aggravated fraud and misleading advertising. There are approximately a hundred affected by a fraud that can reach several million euros. Risto Mejide stated in the live program that it is not only "a scam that involves him personally" because he uses his image and that of other celebrities to commit the scam, but also that various followers contact him yours to collect information about "how to become a millionaire". According to the popular presenter, the facts would have already been warned by the National Cybersecurity Institute and classified as "fraud" by the Internet Security Office.

Credit Libanais partners with Codebase Technologies and VISA to empower the unbanked population with a first-of-its-kind in Lebanon, instant full eKYC onboarding mobile application to apply for a virtual prepaid card

· Credit Libanais has partnered with VISA, the world leader in digital payments, and Codebase Technologies to develop a frictionless, omni-channel onboarding experience for customers looking to acquire virtual prepaid cards

This initiative comes at a time when over 6 million Lebanese are struggling from utilizing their debit and credit cards for purchases made abroad and online. Credit Libanais, worked closely with the Lebanese Central Bank to get the approval on the first digital prepaid eKYC by a Lebanese bank, paving the way to offer the unbanked population a fully digital channel via a mobile application to instantly apply for a virtual prepaid card allowing people across Lebanon a quick and digital solution for international and online payments.


Russian invasion causes flight bookings to stall, especially to Eastern Europe

· The latest data from ForwardKeys reveals that Russia’s invasion of Ukraine caused an immediate stall in flight bookings to Europe and within Russia domestically

In its second public analysis since the outbreak of war, ForwardKeys compared flight bookings in the week following the invasion, 24thFeb – 2nd Mar, to the previous seven days. Excluding Ukraine and Moldova, which closed their air space, and Russia and Belarus, which were subjected to flight bans and safety warnings, the destinations worst affected were generally those closest to the conflict. Bulgaria, Croatia, Estonia, Georgia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia all saw a 30% - 50% collapse in bookings. All the other European countries, except for Belgium, Iceland, and Serbia, which saw single digit drops, experienced a decline in bookings between 10% and 30%. Domestic flight bookings in Russia fell 49%.


Gold: too low for too long

· Heavy inflation. War in Europe. Interest rates close to rock bottom. And yet the price of gold is around 5 per cent below its all-time high of August 2020. Has gold lost its lustre? Is it no longer considered a ‘safe haven’? Such a conclusion would certainly be premature

First, central banks seem to have convinced the general public that the recent surge in consumer goods price inflation will be temporary. While it may last a little longer than originally thought, central bank councils keep saying it will return to normal sooner or later. As people buy this story, they do not reduce their cash holdings by, for instance, exchanging their cash for gold and silver, so actual inflation leaves the prices of these precious metals relatively unaffected.

Rocker launches Rocker Touch, first biometric payment card in Sweden

· The Swedish banking challenger Rocker is teaming up with IDEMIA to launch biometric payment cards. With fingerprint sensor from IDEX Biometrics, Rocker becomes first in Sweden and one of the first in the world to deploy biometric cards to consumers

As a bank challenger, we are constantly testing new technology to develop smarter financial services that are easier to use and that help our customers improve their everyday financial lives. Launching Rocker Touch is part of our strategy to offer smart and secure payment solutions across platforms, whether you wish to pay with your mobile, a card or with a transfer”, said Andreas Norberg, VP Save & Spend at Rocker.

Visitors view the exhibition area of China's Huawei during the Mobile World Congress (MWC) in Barcelona, Spain, Feb. 28, 2022.  (Xinhua/Zheng Huansong)
Visitors view the exhibition area of China's Huawei during the Mobile World Congress (MWC) in Barcelona, Spain, Feb. 28, 2022. (Xinhua/Zheng Huansong)

· The industry is looking at 2022 as the year in which the sector will be relaunched, following the cancellation of the 2020 MWC due to the COVID-19 pandemic, and 2021's scaled-down event

BARCELONA (Xinhua) -- The 2022 edition of the Mobile World Congress opened its doors on Monday, for a four-day event that is expected to host between 40,000 and 60,000 people. The Congress will shine a spotlight on the future of the global telecommunications industry, presenting new technology and hardware.


Małopolska Startup Rocket at Valencia Digital Summit 2021

· Małopolska Start-up Rocket (MSR) is one of the Economic Accelerator’s projects. It is a programme of the Foundation Institute for Eastern Studies from Warsaw - the organizer of the Economic Forum, which for nearly 30 years has been creating the largest business and political conference in Central and Eastern Europe

The mission of Economic Accelerator is to build a place of dialogue for representatives of big business, experts, government administration and startups by organizing events and projects which aim to facilitate the contact between innovative companies and corporations, VC funds and the public sector. The MSR project aims to support 24 innovative SMEs from Małopolska, the region located in the south of Poland. Innovative SMEs plays a crucial role in the overall economic development of the region. Małopolska has a rich intellectual capital supported by some of the best universities in the country and an entrepreneurial spirit of local people. Furthermore, Cracow, the biggest city of the region, was indicated as the Europe’s second and the world’s eighth most investment attractive city (Tholons Services Globalization City Index). In 2016, Małopolska was granted with the European Entrepreneurial Region Award (EER) by the European Committee of the Regions. The MSR project aims to support SMEs in the scope of internationalisation of their business activities by means of attending national and foreign tech fairs.

Cracow, the biggest city of the region, was indicated as the Europe’s second and the world’s eighth most investment attractive city (Tholons Services Globalization City Index).
Cracow, the biggest city of the region, was indicated as the Europe’s second and the world’s eighth most investment attractive city (Tholons Services Globalization City Index).

· Polish start-ups from the Małopolska Startup Rocket Project attended one of the biggest events for the connectivity industry, which is MWC Barcelona. Fairs were enriched with the 4YFN platform that aims to connect startups, investors and large corporations

Małopolska Start-up Rocket (MSR) is one of the Economic Accelerator’s projects dedicated to the Małopolska Region. It is located in the south of Poland and innovative SMEs play a crucial role in the overall economic development of the region. Małopolska has a rich intellectual capital supported by some of the best universities in the country and an entrepreneurial spirit of local people. Furthermore, Cracow, the biggest city of the region, was indicated as the Europe’s second and the world’s eighth most investment attractive city (Tholons Services Globalization City Index). In 2016, Małopolska was granted with the European Entrepreneurial Region Award (EER) by the European Committee of the Regions.


Candela C-8 performs successful first flight - ushering in a new era of electric foiling powerboats

· The world’s most anticipated electric boat has completed its maiden flight

The foiling Candela C-8 promises to disrupt the gas-guzzling powerboat industry, thanks to a unique combination of long all-electric range, high speed, and industry-first features.


President of the Russian Federation, Anton Kobyakov.
President of the Russian Federation, Anton Kobyakov.

· Adviser to the President of the Russian Federation Anton Kobyakov met with Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to the Russian Federation Abdulrahman Sulaiman Alahmed in Moscow to discuss extending cooperation between the two countries

Meeting participants addressed the participation of Saudi Arabia in large international projects in Russia, including the jubilee 25th St. Petersburg International Economic Forum. “Relations between our countries have been actively developing in a whole number of strategic areas. In 2019, the High-level Russian-Saudi Strategic Cooperation Programme was signed during President Putin’s visit to Saudi Arabia, while the roadmap for this Programme was signed last year, with over 60 areas of cooperation approved and 51 joint projects submitted. We closely cooperate under OPEC Plus. Our joint efforts have ensured a stable supply–demand balance, while safeguarding the interests of oil producers and consumers,” noted Adviser to the President of the Russian Federation Anton Kobyakov.

Dragon Capital's Diamond ETF leads the way in Vietnam for 2021

· The DCVFM Diamond ETF delivered a return of 67.9% in 2021, higher than any other Vietnam focused ETF

Dragon Capital Vietfund Management (DCVFM), founded in 1994 and the largest independent asset management company in Vietnam, recorded 67.9% and 45.4% (both in USD terms) growth in its DCVFM Diamond ETF (Bloomberg: FUEVFVND VN Equity) and DCVFM VN30 ETF (Bloomberg: E1VFVN30 VN Equity), respectively, for 2021. Both outperformed the Vietnam Index which increased 39.0% for the year.


Guo Feixiong was formally accused of ‘inciting subversion of state power’ on 12th January 2022 after over one month in detention in the city of Guangzhou.
Guo Feixiong was formally accused of ‘inciting subversion of state power’ on 12th January 2022 after over one month in detention in the city of Guangzhou.

· Reporters Without Borders (RSF) calls for the release of Guo Feixiong, a long-time defender of press freedom in China, who last week was formally accused of ‘inciting subversion of state power’ after over one month in detention

Chinese political commentator and human rights lawyer Yang Maodong, better known under the pen name Guo Feixiong, was formally accused of ‘inciting subversion of state power’ on 12th January 2022 after over one month in detention in the city of Guangzhou (southern China). Guo had not been heard from since 5th December 2021, after he sent out a message to his close friends stating that he would be taken into custody.


Royal Forex investigated for alleged scam to more than a hundred affected

· Various Courts of Instruction in Madrid are carrying out criminal proceedings against the company Royal Forex Ltd. for the alleged commission of crimes of aggravated fraud, among others

The injured already amount to a hundred people and the fraud would exceed one million euros. The complaints have been filed against the companies Royal Forex Ltd., a company registered in Cyprus that operates or has operated in Spain under the trademarks and domains gmotrading.com and roinvesting.com. The company Panda Trading Systems Ltd., also registered in Cyprus, is also being investigated. Likewise, the complaint is also directed against the directors and administrators of said companies, among which Pavel Shabanov, Executive Director of Royal Forex, of Cypriot nationality and domiciled in that country, and Andreas Samatas, Administrator of Royal Forex, also stand out. Cypriot domiciled in Cyprus.

Majority of Germans in Favor of Deferred Tuition Fees

· Deferred tuition fees are supported by 62.4 percent of Germans, with only 26.3 percent opposed. For regular tuition fees, 45.1 percent oppose them while 44.0 percent are in favor

Munich.- A majority of Germans are in favor of deferring tuition fees and basing them on income, finds a new study by the ifo Institute. “More than 60 percent are in favor of charging tuition fees only after graduation and only if the graduate’s income is above a certain threshold,” says ifo researcher Ludger Wößmann. “In contrast, a slim majority opposes regular tuition fees.”


Citi Announces Agreement to Sell Consumer Bank in Indonesia, Malaysia, Thailand and Vietnam to UOB Group

· Citi Continues to Execute on Global Consumer Bank Strategic Actions

SINGAPORE – Citi today announced it has reached agreement with UOB Group (UOB) on the acquisition of Citi’s consumer banking franchises in Indonesia, Malaysia, Thailand and Vietnam. The transaction includes retail banking and credit card businesses but excludes the bank’s institutional businesses in all four countries. Citi remains committed and focused on serving institutional clients in these countries locally, regionally and globally.

CryptoPunks' dominance

CryptoPunks Generated Nearly Half of Top 10 NFT Sales in the Last Month

· The Larva labs' NFTs sold for $9,758,672.45. That's 48% of the about $20 million generated from their sales. SuperRare and Bored Ape Yacht Club are the other two projects to make the cut. Their revenues came to 30 and 20 percent of the figure respectively

CryptoPunks (CP) accounted for roughly 50% of the top 10 non-fungible token(NFT) sales in the last 30 days. That's according to data presented byfinancepr.com.

ifo Institute: 14 Percent of German Companies Feel Their Survival Is Threatened

· Almost one in seven companies (14.0 percent) feel that the consequences of the pandemic threaten their survival

Munich.- This is the finding of an ifo Institute survey conducted in December. Compared to the previous survey in June 2021, this proportion has remained unchanged. “A feeling of being at risk is particularly prevalent among travel agencies and tour operators, at 73.2 percent, as well as companies in the event industry, at 67.4 percent,” says Klaus Wohlrabe, Head of Surveys at ifo.

· As previously communicated, a decision on the withdrawal of authorization as a credit institution from the ECB was expected at the end of 2021

This decision was received during the fourth quarter of 2021 and means that Catella is no longer under supervision as a credit institution.


Economic Watch: Europeans to encounter 'expensive' Christmas as inflation cuts personal budgets

· Europeans are feeling the pinch of making ends meet as the increasing cost of living and rising energy prices bite

VALLETTA (Xinhua).- Most families in Europe are tightening their budgets while focusing on covering essentials, and it is uncertain whether they will be willing to splurge more during the forthcoming "expensive" Christmas season. Retailers are concerned that inflation would further bite into consumer spending. The European economy is expected to encounter setbacks in its recovery as some countries have introduced fresh measures to curb the fast spread of the COVID-19 Omicron variant.


Digital Age University: the future of Education is online

· Online learning is the future of education and the rise of new technologies is bringing many advantages for students of different ages, providing a new flexibility, the maximamization of the learning experience and the opportunity of global connection and interaction

During the pandemic technology supports people to continue their studies and access to education, enriching their learning experience and showing different ways to improve or get new knowledge and skills. The flexible schedule of the online programs offers unique and personalized opportunities to students and professionals who want to build, improve or change their career . Although you have a full time or a part time job, you can pursue studies in some area of your interest with the freedom to learn from whichever place you like and at whatever time you want.


Inflation is not temporary but here to stay

· In the US, it was 6.2% in October 2021; in Germany, it is most likely to reach 6.2% in November, and in the eurozone, it went up to 4.9% last month

Of course, that’s not all. For instance, German producer price inflation reached 18.4% y-o-y in October, the highest rate since 1951; in Italy, it rose by as much as 20.4% y-o-y. In the US, housing prices were up 19.5% y-o-y in September (down from 19.8% y-o-y in October), and in the same month, German house prices rose 13.3% y-o-y. These numbers may suffice to understand that goods price inflation – the sustained rise in goods prices across the board – is rearing its ugly head. Or isn’t it? Perhaps it is just a temporary spike in goods prices, a surge that will be short-lived, to be followed by moderate rates of rising goods prices? Well, that’s what central bankers, politicians, and many mainstream economists are telling people – in an effort to keep inflation expectations from rising.