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Endesa returns and commits to maintain negotiated prices – Economics

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Endesa returns and commits to maintain negotiated prices - Economics

This Monday, Endesa pledged to maintain negotiated prices until December and honor commitments set under the Iberian Mechanism, after the company’s president said electricity would rise by 40% this month.

“Endesa is committed to maintaining negotiated prices with its residential customers in Portugal until the end of the year,” reads a clarification released by the company this Monday.

According to the same note, the company will also fulfill the obligations set out in the Portuguese regulatory framework, as well as in the Iberian mechanism.

Endesa President Nuno Ribeiro da Silva said in an interview with Jornal de Negócios and Antena 1 that electricity bills will rise by around 40% in July.

“In particular, from the end of August, but already in the electricity bills for July, people will be in for an unpleasant surprise. […] We are talking about something on the order of 40% or more in relation to what people have paid,” said Nuno Ribeiro da Silva.

According to the electric company, this is a payment for a “gas brake”.

This brake, created for Portugal and Spain, led to a decrease in the price of natural gas used to generate electricity.

Following the statements, the Ministry of Environment and Climate Action released a statement rejecting Nuno Ribeiro da Silva’s statements, calling them “alarmist”.

Secretary of State for Energy João Galamba Luce said it was not possible to see a 40 percent increase in the electricity bill through the Iberian mechanism, citing commercial proposals from the companies themselves.

“Contrary to what President Endesa said, there is no 40% increase. If you are talking about commercial offers from the company itself, only you can say that,” Joao Galamba said Sunday in a statement to Lusa.

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For the government, these claims about the Iberian mechanism “do not correspond to reality” because “prices with the mechanism will always be lower than without it.”

Thus, as Joao Galamba noted, linking the price increase to the mechanism “does not make any sense, it is impossible.”

In turn, the Energy Services Regulatory Authority (ERSE) in a statement guaranteed that it would be “especially vigilant” in the behavior of suppliers in relation to the impact on consumers of the Iberian mechanism.

The regulator clarified that the setup costs associated with this mechanism are only paid by consumers who benefit from it, i.e. those with contracts “indexed to the daily market”.

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Economy

Vinted has been targeted by online scammers | Internet

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Vinted has been targeted by online scammers |  Internet

Platform online Wynted was attacked by tell jokes. According to Portal da Queixa, a Lithuanian company that buys, sells and exchanges goods has received several complaints from Portuguese users who have been deceived by fraudulent schemes.

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How Asia’s richest woman lost half her fortune in a year

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How Asia's richest woman lost half her fortune in a year

60 minutes / YouTube

For years, Yang Huiyan’s fortune has been at the center of headlines, comments, and calculations outside of China.

Yang Huiyan, who is only 41 years old, is not only the richest woman in her country, but also the most the richest in all of Asia.

FROM inherited a real estate empire from his father over ten years ago, his fortune continues to grow. But in 2022, everything changed: last year it suffered a real decline.

According to Bloomberg Billionaires Index calculations, Yang saw his net worth drop more than 52% last year.

In 2021, Bloomberg estimated the fortune of a business woman at about $33.9 billion (about 33 billion euros), which fell to around $16.1 billion (about €15.7 billion) in July last year.

Economic analysts saw this not only as a grim sign of the state of the Chinese housing market, but also as a serious warning that The future of the world’s second largest economy.

This comes as the country’s real estate sector has been hit hard by falling home prices, declining buyer demand and a bad debt crisis that has affected some major property developers since 2020.

The situation has reached the point where some banks ran out of moneywhich caused protests in some cities of the Asian country.

And although Yang remains the richest woman in Asia, her position has begun to falter.

Yang is followed by chemical fiber entrepreneur Fan Hongwei, who also has an estimated net worth of around $16 billion, according to Bloomberg.

But who is Yang Huiyan and how did he make one of the biggest fortunes in the world?

heiress

Born in 1981 in Shuntak, a district of Foshan City, Guangzhou Province, in southern China, Yang is the daughter of one of the richest people in the Asian country: Yang Guoqiang.

Raised in one of China’s most influential families, she received an excellent education and was sent to the United States at the time of youth. In 2003, he graduated from the Faculty of Arts and Sciences at The Ohio State University.

Returning to China, he inherited from his father in 2007. most actions Country Garden Holdings, China’s largest real estate company.

Founded in 1992 in Guangzhou, Country Garden Holdings has been successful since its Hong Kong IPO and has raised about $1.6 billion, about the same as Google’s since its 2004 US IPO.

Although Yang is known for staying out of the public eye and living a low key lifestyle, center of countless headlines inside and outside of China.

One of the most high-profile cases occurred in 2018, when legal documents known as the “Cyprus Papers” were leaked and revealed that he had obtained Cypriot citizenship in 2018, despite China not recognizing dual citizenship.

Problems

Chinese market researchers describe Yang as a creative woman with business acumen.

In June last year, the International Hospitality Institute recognized it in its ranking the most influential people in the global hotel industry.

However, his business was already showing signs of weakness.

The situation in the real estate market in the country since 2020 has become more complicated not only because of the coronavirus pandemic, but also because the Chinese authorities tried to curb over-indebtedness in real estate.

This resulted in large builders facing payment struggles and forcing them to renegotiate a contract with your creditors.

The crisis worsened when Evergrande, the most indebted Chinese real estate company, defaulted on its dollar-denominated bonds in late 2021 after months of liquidity problems.

Since then and this year, several other major groups, including Kaisa and Shimao Group, have also applied for creditor protection.

The crisis has escalated in recent weeks after news of a “buyers’ strike” after thousands of people stopped paying their mortgages due to the delay in starting construction work on the houses. Due to the delay in the delivery of houses, companies did not start receiving mortgage payments on time.

All this led to the fact that Zagorodny Sad, which felt good in the first months of the pandemic, also faced liquidity problemto such an extent that last July he had to sell shares at a discount of almost 13% to raise funds.

And the long-term picture doesn’t look good for Young, his fortune, or the company he represents.

In a July report last year, ratings agency S&P estimated that real estate sales in China may fall by a third this year because of the mortgage strikes, a collective movement in which buyers decided to put mortgage payments on properties that were behind schedule.

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Meanwhile, Capital Economics, an independent London-based economics research firm, predicted that “without sales, many other companies will fail, which is financial and economic threat“for China.

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Biedronka from Jerónimo Martins fined by Polish consumer protection regulator – Comércio

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Biedronka from Jerónimo Martins fined by Polish consumer protection regulator - Comércio

Polish consumer protection regulator Biedronka (UOKiK) – The supermarket chain Jerónimo Martins in Poland fined the seller because of false advertising. Now the company faces a sanction that could reach 10% of annual income. According to the 2021 results published by Jeronimo Martins, Biedronka earned 14.5 billion euros last year.

In a note on the regulator’s website, UOKiK explains that Poland’s largest supermarket chain has launched a campaign called the Biedronki Anti-Inflation Shield, in which it promised to keep the prices of 150 of the most purchased products in its stores until the end of June. . And this is despite the fact that inflation in the country is growing at an accelerated pace and there is a state program to reduce taxes on basic products and fuel. If the consumer finds the same product at a lower price in another supermarket, Biedronka will refund the money.

The Polish consumer protection regulator added that no mention of the campaign could be found in stores and that product comparisons could only be made with competing supermarket chains. In addition, the reimbursement rules were “much stricter and even onerous, which could lead to a campaign being unprofitable” for the consumer.

Some of the rules were for products that had to be purchased in the same week, with the consumer having to take a photo of the compared product and keep the receipt intact. In this case, the consumer would have to submit an “online” notification seven days after purchase, and after acceptance, he would be obliged to send the goods, as well as proof of purchase and photos, also within seven days – all to the post office and “payment of shipping costs.” UOKiK President Tomasz Chrostny considered the advertising “slogans” to be “misleading”.

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Exacerbated this whole situation, reveals the regulator, the issue of payment. “Based on campaign messages, consumers might have expected the amount to be refunded in cash for any use. But the regulation explains that it was possible to receive only an electronic code with the value of the difference, which could also be used only for seven days” and in the stores of the Polish chain Jerónimo Martins.

In the same note, UCPC President Tomasz Hrostny explains the decision: “We have come to the conclusion that promotional messages may mislead consumers about the conditions of the promotion, due to its complex nature and, therefore, the inconvenience of its use by network customers. That is why I have filed three complaints against Jeronimo Martins Polska.”

Hrostny adds that “there is no doubt that information about the rules for using promotions should be easily accessible, and advertising slogans, content and presentation should not mislead consumers.” “Businesses need to be reminded that consumers have a right to true, clear and complete information,” he concludes.

(Updated at 15:19)

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