Tag Archives: Company / Market Regulations

China TV said it would continue service with Germany’s Vodafone cable | Instant News


BERLIN, March 6 (Reuters) – China’s state-owned CGTN television said it had resumed services via Germany’s Vodafone cable network after receiving approval from French media regulators.

Germany’s Vodafone, a unit of British telecommunications group Vodafone, had to stop distributing CGTN television on its cable service last month as a result of a media dispute between Britain and China.

CGTN has been distributed in Germany under a British license but French media regulator Conseil supérieur de l’audiovisuel (CSA) says here on Wednesday that he took over as the relevant authority following Britain’s exit from the European Union.

“After receiving a confirmation letter from the French media regulator stating that CGTN’s rights to broadcast in Europe are under its jurisdiction, Vodafone Germany resumed distribution of CGTN and its Documentary channel at around 7 a.m. on March 5 via its cable service,” CGTN said in a statement. here.

The UK last month revoked a permit allowing CGTN to be distributed in the UK. This drew protests from China, which banned the BBC from its television network and limited its reach in Hong Kong.

Under the terms of the 1989 treaty on “transboundary television”, drawn up under the auspices of the Council of Europe, of which Britain remains a member, a distribution license in one European country applies over most continents.

France’s CSA says CGTN abides by standards such as information pluralism and refrains from incitement to hatred or violence.

“CSA will take great care that CGTN respects these legal requirements,” he said in the statement. (Reporting by Ludwig Burger, Emily Chow in Shanghai, John Irish in Paris, Editing by Ros Russell)

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The German city asked Berlin to cover the losses of Greensill Bank | Instant News


FRANKFURT (Reuters) – The German city of Osnabrueck is concerned about losing the 14 million euros ($ 17 million) it invested with Greensill Bank after the country’s financial regulator warned this week of “imminent risks” for lenders.

FILE PHOTO: Greensill Bank logo photographed in downtown Bremen, Germany, July 3, 2019. REUTERS / Fabian Bimmer / File Photo

Osnabrueck is Germany’s third municipal authority to disclose this week that it faces possible losses from a Bremen-based bank and a local finance official has asked the German government to step in.

“I ask the federal government to bear the damages incurred by the city government,” said the official, Thomas Fillep, in a statement.

A Greensill Capital spokesman declined to comment on Osnabrueck and investors similar to Greensill Bank, or the amount of unsecured funds held by lenders.

German regulator BaFin warned on Wednesday about the risk that Greensill Bank would become over-indebted and imposed a moratorium on any divestments or payments.

BaFin’s move was another blow to bank owner Greensill Capital, who said on Tuesday it was in talks to sell most of its business after losing support from two Swiss asset managers.

Founded by Lex Greensill, a former Citigroup and Morgan Stanley banker, Greensill Capital is the largest provider of non-bank supply chain finance. He said his technology-based approach provided $ 143 billion in financing in 2019 across 10 million customers and suppliers.

German deposit protection schemes protect individuals but do not protect institutional investors. Greensill Bank has about 500 million euros in unsecured funds, such as those from Osnabrueck and other cities, said someone with knowledge of the matter.

Like the cities of Monheim am Rhein and Bad Duerrheim in Germany which have announced similar concerns about Greensill Bank, Osnabrueck is attracted to lenders because it helps them avoid paying negative interest rates on deposits elsewhere.

Osnabrueck, which has a population of 170,000, chose Greensill Bank because its excellent credit rating means the city can consider it a very safe investment, said local Fillep officials.

He criticized BaFin for not notifying cities when concerns about the bank surfaced last year, saying Osnabrueck would reduce his involvement if he became aware.

BaFin said in a statement that it was acting firmly in 2020 at Greensill Bank, taking various enforcement actions including the installation of special monitors. However, BaFin said informing the public would violate confidentiality laws.

The German finance ministry declined to comment. Germany’s credit rating agency Scope did not immediately respond to a request for comment.

The parliamentary finance committee has put the Greensill Bank case on the agenda for a meeting later this month.

Osnabrueck began investing in time deposits with Greensill Bank last year and currently has nearly 14 million euros with maturities between April 2021 and March 2022. His most recent investment was 11.5 million euros in November.

Osnabrueck tried to withdraw funds after the credit downgrade but was unable to do so, the city government said.

($ 1 = 0.8382 euros)

Reporting by Tom Sims and Christian Kraemer; Edited by Hans Seidenstuecker and David Clarke

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The German city asked Berlin to cover the losses of Greensill Bank | Instant News


FRANKFURT (Reuters) – The German city of Osnabrueck is concerned about losing the 14 million euros ($ 17 million) it invested with Greensill Bank after the country’s financial regulator warned this week of “imminent risks” for lenders.

FILE PHOTO: Greensill Bank logo photographed in downtown Bremen, Germany, July 3, 2019. REUTERS / Fabian Bimmer / File Photo

Osnabrueck is Germany’s third municipal authority to disclose this week that it faces possible losses from a Bremen-based bank and a local finance official has asked the German government to step in.

“I ask the federal government to bear the damages incurred by the city government,” said the official, Thomas Fillep, in a statement.

A Greensill Capital spokesman declined to comment on Osnabrueck and investors similar to Greensill Bank, or the amount of unsecured funds held by lenders.

German regulator BaFin warned on Wednesday about the risk that Greensill Bank would become over-indebted and imposed a moratorium on any divestments or payments.

BaFin’s move was another blow to bank owner Greensill Capital, who said on Tuesday it was in talks to sell most of its business after losing support from two Swiss asset managers.

Founded by Lex Greensill, a former Citigroup and Morgan Stanley banker, Greensill Capital is the largest provider of non-bank supply chain finance. He said his technology-based approach provided $ 143 billion in financing in 2019 across 10 million customers and suppliers.

German deposit protection schemes protect individuals but do not protect institutional investors. Greensill Bank has about 500 million euros in unsecured funds, such as those from Osnabrueck and other cities, said someone with knowledge of the matter.

Like the cities of Monheim am Rhein and Bad Duerrheim in Germany which have announced similar concerns about Greensill Bank, Osnabrueck is attracted to lenders because it helps them avoid paying negative interest rates on deposits elsewhere.

Osnabrueck, which has a population of 170,000, chose Greensill Bank because its excellent credit rating means the city can consider it a very safe investment, said local Fillep officials.

He criticized BaFin for not notifying cities when concerns about the bank surfaced last year, saying Osnabrueck would reduce his involvement if he became aware.

BaFin said in a statement that it was acting firmly in 2020 at Greensill Bank, taking various enforcement actions including the installation of special monitors. However, BaFin said informing the public would violate confidentiality laws.

The German finance ministry declined to comment. Germany’s credit rating agency Scope did not immediately respond to a request for comment.

The parliamentary finance committee has put the Greensill Bank case on the agenda for a meeting later this month.

Osnabrueck began investing in time deposits with Greensill Bank last year and currently has nearly 14 million euros with maturities between April 2021 and March 2022. His most recent investment was 11.5 million euros in November.

Osnabrueck tried to withdraw funds after the credit downgrade but was unable to do so, the city government said.

($ 1 = 0.8382 euros)

Reporting by Tom Sims and Christian Kraemer; Edited by Hans Seidenstuecker and David Clarke

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US, EU agree on a four month pause on rates: Bloomberg | Instant News


FILE PHOTOS: Golf – 2012 Ryder Cup – Medinah Country Club, Medina, Illinois, United States – 27/9/12 An overview of the flags of the United States and Europe during the opening ceremony. Mandatory Credit: Action Images / Paul Childs

WASHINGTON (Reuters) – The United States and the European Union have agreed a four-month pause on tariffs, Bloomberg News reported Friday, one day after Washington and Britain also announced a fourth month period to negotiate a trade settlement.

The White House and the offices of the United States Trade Representative did not immediately respond to requests for comment on the report.

Reporting by Trevor Hnnicutt, written by Susan Heavey

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Germany opens a third auction for payments to close coal-fired power plants | Instant News


FRANKFURT, March 3 (Reuters) – Germany’s energy regulator has opened a third round of bidding for coal-fired power plant operators to compete for compensation to cover their capacity, part of the country’s shift towards carbon-free power.

Germany has decided to abandon coal in 2038 and achieve a carbon-free energy system by 2050.

A spokesman for the Bonn Bundesnetzagentur-based regulator said a bid had to be submitted by April 30 to cover the 2,481 megawatt (MW) capacity that would go offline by the end of 2022.

The regulator’s website shows the maximum price per megawatt of closed capacity will be € 155,000 ($ 186,883).

In the auction, operators announce the price they will be prepared to close their factories in exchange for funds to cover some of their financial losses.

The winner is determined not only by price but also by the relationship between the costs expected to result in a CO2 reduction.

The second round, which opens on January 4 to deactivate capacity of 1,500 MW and which also sets a maximum price of 155,000 euros / MW, has concluded with results due in the coming weeks, the spokesman said.

Following the first round of bidding, which opened in September, regulators closed 4,788 MW of coal-fired power generation capacity on January 1.

The average pay to operators in the round was set at 66,259 euros / MW after bidding ranged from 6,047 euros / MW and 150,000 euros / MW.

The auction will continue in the coming years, but after 2027, coal-fired power plants can be ordered to close without compensation.

$ 1 = 0.8294 euros Reported by Vera Eckert; Edited by Edmund Blair

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