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“Perpetuating” credit defaults is “negative,” defends Centeno.

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"Perpetuating" credit defaults is "negative," defends Centeno.

“NWe do not view loan defaults as permanent measures because they are negative. […] We cannot stay with this idea of ​​perpetuating the credit moratorium process, ”defended Mario Centeno at a press conference on the Financial Stability Report for June this year, published today by Banco de Portugal (BdP).

According to the governor of the Portuguese central bank, 50,000 companies and 282,000 families had defaulted loans in April, and in the case of companies not belonging to the sectors most affected by the pandemic, they only have a moratorium on capital, that is, they are already paying interest.

“We have to look at the end of September and identify the sectors where economic activity has not yet recovered from the end of 2019, and for these sectors, provide temporary measures to support the resumption of debt service payments, because this is exactly what needs to be done now, ”said Mario Centeno, stressing the need“ together ”to find an answer to the post-moratorium.

Mario Centeno pointed out that the accommodation and catering sectors may need additional support for transitional measures if economic activity has not yet recovered in September.

“We have to be very focused on the European issue of looking at the Portuguese financial system in a European context, because that is where it fits where it develops. We cannot risk isolating institutions or isolating the system from what it is. “The main European trends and therefore banking institutions in Portugal will of course adapt to this evolution, and politics will of course adapt so that there are no systemic problems in the euro area on this issue,” added Mario Centeno.

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On Friday, parliament approved an extension and extension of the banking moratorium, which ended at the end of September until December 31, regarding capital refunds for individuals and companies in sectors particularly affected by the covid-19 pandemic.

The final text submitted by the PCP by the Committee on Budget and Finance was approved in a final global vote, with PS abstaining and voting in favor of PSD, Left Block, PCP, CDS-PP, PAN, PEV, Enough, Liberal Initiative. and the unregistered MPs Joacine Qatar Moreira and Cristina Rodriguez.

However, the expansion of this regime applies only to “individuals and companies that develop their activities in sectors particularly affected by the COVID-19 pandemic, as provided for in the annex to Decree-Law No. 10-J / 2020 of 26 March. in its current version, as in particular with respect to the sectors of accommodation, food, culture and transport. “

Read also: Centeno emphasizes that the confidence indicator has recovered “in just 14 months.”

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Economy

Socrates, Granadeiro and Bava demand compensation for bad faith litigation from Espírito Santo International

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José Socrates, Enrique Granadeiro and Zeynal Bava are demanding compensation for what is left of the assets of Espírito Santo International (ESI). The Central Civil Court of Lisbon, in which three defendants and five defendants, including Ricardo Salgado, are suspected of causing more than 72 million euros in damage to the GES universe.

Challenging this charge, in addition to a plea of ​​not guilty, the three are asking the court to sentence the insolvent property complex “to pay compensation for the recovery of all costs and restitution for all losses caused by this form of litigation,” the defense stressed. former Prime Minister of the Socialists.

The bankruptcy filing states that since at least 2007, the defendants have been paid “large sums” that turned out to be “illegal and unreasonable counterparties” in defense of the interests of GES, “namely, in the strategy laid out by Ricardo Salgado in defense of the interests of the group in PT ”, but also in the mission to “put an end to the participation of the PT group in the share capital of the operator VIVO” – Luxembourg masters Alain Rukavina and Paul Laplum, managers of insolvent property and authors The process said that this money was transferred “to the detriment of the assets” of ESI and the Group’s offshore companies HPS.

As for the administrators of insolvent property, Granadeiro and Bava were to be paid “for their work contrary to their professional duties and interests of the PT in their positions of authority”, and Socrates, as prime minister, would receive money from the government. Espírito Santo Group “to act in accordance with the strategies identified by Ricardo Salgado for PT to the detriment of the public interest.”

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Economy

Apple is preparing a strategy to transfer production from China

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Ilustração Apple na china

Apple is one of the largest companies using factories in China to manufacture its products. However, the American giant is looking to diversify its supply chain even more, given the global situation in China, both in terms of public health and government policy.

The production of the top models of the iPhone 14 Pro and Pro Max has been hit hard by problems at the factories in connection with the measures of the Chinese authorities to combat Covid-19.

Protests are raging in China the likes of which have not been seen in more than 30 years. The zero tolerance policy in the context of the pandemic has caused serious discontent and upheaval in society.

These demonstrations, protests and clashes with the authorities spilled over into factories and the market in general. Beijing, after tightening measures, has already shown that it may have to change its policy regarding the fight against the pandemic.

Apple begins to look to the future outside of China

In recent weeks, Apple has accelerated plans to move some of its production out of China, the dominant country in the supply chain that has created the most valuable company in the world, according to information from people involved in these processes.

The Cupertino-based company has begun asking its suppliers to more actively plan to assemble Apple products in other Asian countries, especially India and Vietnam.

according to InformationApple wants to reduce dependence on Taiwanese factories led by the Foxconn Technology group.

Riots in a place called iPhone City spurred Apple's move. In the giant city of Zhengzhou, China, about 300,000 workers work at Foxconn's iPhone and other Apple products factory.

At one point, the device accounted for 85% of the iPhone Pro lineup, according to analytics firm Counterpoint Research.

The Zhengzhou plant was the scene of violent protests last November. As we can see in the video above, the workers complained about harassment by the authorities to implement a zero tolerance measure to combat the pandemic.

After a year of events that have undermined China's status as a stable manufacturing hub, the unrest means Apple is no longer comfortable with so much of its business tied up in one place, analysts say.

iPhone 14 Pro sales may suffer due to low production

Apple released the iPhone 14 and its sales continued to have a big impact, even breaking records during a volatile time in the smartphone market.

According to Ming-Chi KuoApple's market analyst said fourth-quarter iPhone shipments were about 10 million units below market forecasts made before the Zhengzhou protests.

The high-end iPhone 14 Pro and Pro Max models were particularly hard hit, according to the analyst.

There were protests in Beijing last week against the strict measures against Covid.

Apple and China have enjoyed a relationship for decades that has so far been mostly mutually beneficial. Change won't happen overnight. Apple continues to release new iPhone models every year and also constantly upgrades its iPads, laptops, and other products.

Basically, Tim Cook will have to keep flying the plane by changing the engine.

So if current events warrant thought, Kuo says the Cupertino-based company's goal would be to move 40% to 45% of its iPhone production from China to India. In addition, Vietnam will be able to increase production of other Apple products such as AirPods, Apple Watch and Macbook.

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Economy

BMW suspension recharges battery in bad ground

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Suspensão da BMW recarrega bateria quando há mau piso

BMW creates something new! It is true that the electric vehicle segment has been innovative, but there is certainly much more to be discovered and improved. In the field of vehicle autonomy, research is still focused on batteries, but there may be mechanisms to recharge the battery while vehicles are in motion.

BMW is developing a suspension that can generate energy in the face of uneven road conditions and thereby recharge the battery.

The BMW suspension is actuated and generates energy that is used to recharge the battery.

Electricity is critical to driving electric vehicles. In addition to the energy stored in batteries, which provide a certain amount of autonomy, it would be interesting if the vehicles themselves generate energy while driving. It is in this sense that BMW is working on a solution in which the suspension is used as energy generating equipment.

In practice, when the suspension works to smooth out uneven floors, energy is generated and stored in the battery.

BMW suspension recharges battery in bad ground

This BMW suspension, as far as we know, will be used exclusively in electric vehicles. There is no word yet on when it will become part of the German brand's electric model.

It should be noted that traditionally, the energy of the vehicle's wheels moving over irregularities is absorbed by the spring suspension elements, and then this energy is dissipated in the form of heat by shock absorbers. The job of shock absorbers, as the name suggests, is to dampen the shock, resulting in a smoother ride.

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