Connect with us

Economy

Fitch Improves Outlook for BCP and Caixa Geral de Depósitos – Banca & Finanças Ratings

Published

on

Fitch Improves Outlook for BCP and Caixa Geral de Depósitos - Banca & Finanças Ratings

Fitch upgraded its outlook on BCP and Caixa Geral de Depósitos (CGD), affirming the ratings of both financial institutions. The decisions were communicated on Monday, October 11, by the financial rating agency.

In the case of the bank headed by Miguel Maia, the “outlook” changed from negative to stable, while maintaining the “rating” at the BB level, which corresponds to the second level of the category of speculative investments (the so-called “junk”). ). The ‘Outlook’ review reflects primarily the sustainability of BCP’s asset quality and profitability since [o início] a pandemic crisis fueled by an efficient and highly diversified business model, ”reads a note released Monday by Fitch.

Fitch predicts that the bank “will be able to generate a profit before impairment sufficient to cover additional impairments” due to the deterioration in asset quality in Portugal and the potential impact of the increase in provisions on legal risks in Poland.

The amendment also takes into account the fact that “short-term risks to Portugal’s economic outlook have diminished.”

In the case of the state-owned bank, the outlook was also revised upward from negative to positive, with Fitch affirming the rating at BB + (the first level of “junk”, that is, simply a “step” to enter the rating). quality investment category). The change “reflects CGD’s resilience and improved asset quality and relatively stable profitability since [o início] pandemic crisis ”, can be read in another note of the state bank.

Analysts also expect Caixa to be able to offset future impacts from a possible deterioration in asset quality. The survey “also reflects an improvement in capitalization levels, which we expect to continue to significantly outperform” the performance of other national and medium-sized banks in southern Europe.

See also  Housing prices are rising and rising by 6.6% - Real Estate

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Bitcoin Down 87% On Binance US Platform – Executive Digest

Published

on

Bitcoin Down 87% On Binance US Platform - Executive Digest

An algorithm flaw on the Binance platform caused users in the US to see a false 87% drop in Bitcoin this Thursday morning to $ 8,200.

The transaction volume for that minute was 592.8 bitcoins, which is only $ 40 million at current price.

The Exchange immediately fixed the bug.

“One of our institutional partners explained to us that there is a bug in the algorithm. We are investigating what happened. The situation has been resolved, “says an email sent by Binance USA.

This is not the first time a crypto-asset platform has encountered this kind of error.

Earlier this month, DeFi’s platform, Synthetify, was forced to shut down for a while shortly after its debut due to a “bug” in the Pyth Network, a pricing channel maintained by some of the world’s most famous trading companies.

Pyth already made the same mistake in September, showing a 90% drop in bitcoin share.

Also a month ago, decentralized financial platform DeversiFi saw $ 24 million “slipped out of his hands” after that amount was paid in the form of a $ 100,000 transaction fee in Ethereum.

Later, the exchange managed to recover 7,626 Ethereum units using a miner.

See also  Salesforce CEO calls coming job cuts 'part of managing company in a thriving way'
Continue Reading

Economy

Powell’s scandalous operation prompts Fed to ban high-level officials from buying and selling shares – markets

Published

on

Powell's scandalous operation prompts Fed to ban high-level officials from buying and selling shares - markets

“A robbed house, locks on the door.” THE The US Federal Reserve System (FRS) has decided to tighten rules for trading in capital markets by senior officials after it became known that the president of the institution, Jerome Powell reportedly sold the $ 5 million shares he held on a personal level last October, ahead of a Wall Street sell-off.

The new rules, announced this Thursday, will ban the purchase of certain securities, restrict active trading and require more frequent reporting and public disclosures, the Fed said.senior officials can only purchase diversified investment vehicles such as mutual funds, barring them from investing in stocks, individual and agency bonds, or derivatives.

“These tough new rules raise the bar to convince the public that our employees are focused only on the public mission of the Federal Reserve,” Jerome Powell said in a statement on the agency’s website.

Starting in the next few months, the Fed’s top management will have to give advance notice 45 days to buy and sell bonds, obtain prior approval and hold the investment for at least one year. In addition, movement during periods of heightened stress in the financial market is not permitted.

Jerome Powell reportedly sold between $ 1 million and $ 5 million in Vanguard Total Stock Market Index Fund on October 1, 2020. pandemic. In addition to this deal, there were other sales with no specific deadlines.

The Wall Street Journal reported that a Fed source indicated that the financial transaction was compliant with central bank regulations and was approved by the Office of Public Ethics.

See also  Altri distributes assets to shareholders July 20 - Companies

Continue Reading

Economy

Diploma for limiting the fuel surcharge valid tomorrow

Published

on

Diploma for limiting the fuel surcharge valid tomorrow

NO documentstay decisive “The ability to set maximum marketing margins for simple fuels”, an initiative of the government, currently adopted by the Assembly of the Republic.

Thus, the diploma states: “regardless of the declaration of the energy crisis provided for in the previous numbers, for reasons of public interest and to ensure the normal functioning of the market and consumer protection, a margin may be established, in exceptional cases, in any commercial components that make up the retail the price of regular fuel or bottled LPG ”.

According to the law, which amends several decrees establishing general principles regarding the organization and operation of the National Petroleum System, the “maximum margin” can be “determined for any activity in the value chain of ordinary fuel or bottled LPG. set by the order of the members of the government responsible for the economy and energy, at the suggestion of the energy services regulator and after consultation with the anti-monopoly body. “

The diploma also specifies that “the maximum fields indicated in the previous numbers should be limited in time.”

In July, the government approved in the Council of Ministers (CM) a proposed law that would limit fuel sales margins by decree if it deems it too high “without justification,” according to the Minister of the Environment.

At a press conference, João Pedro Matos Fernández said that this diploma, which also applies to gas cylinders, will later be sent to the Assembly of the Republic, stressing that this measure will be “limited in time.”

The purpose of the law is to “give the government a tool to allow, when it is proven that the margin on the sale of fuel and gas cylinders is unusually high and unreasonable, this right, by decree, to limit the same margin,” the government official said. …

See also  Housing prices are rising and rising by 6.6% - Real Estate

“After approval [a proposta de lei]and the government, always listening to ERSE [Entidade Reguladora dos Serviços Energéticos] and the Competition Authority, by its decree, always for a limited period of time, which, I believe, is a month, two months, administratively sets the maximum margin for the sale of fuel, ”said João Matos Fernández.

The government official recalled that this markup “is also the sum of the markups associated with transportation, storage, wholesale and retail,” and these reference values ​​”continue to be calculated by ENSE on a daily basis.”

“As soon as this bill is approved, we will have this tool at our disposal,” he said, assuring that today “the state has no opportunity” to interfere in limiting prices for fuel and gas cylinders.

The initiative has been criticized by industry associations, which accuse the government of wanting to deflect attention from the weight of taxes on fuel prices.

Read also: Fuel and energy. Concerned parties are asking the government to take additional action.

Always be the first to know.
Consumers’ Choice of the Internet Press for the fifth consecutive year.
Download our free app.


Google Play Download

Continue Reading

Trending