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BCP boosts earnings by 63% to €97.2m – Banking & Finance



BCP boosts earnings by 63% to €97.2m - Banking & Finance

BCP recorded a profit of 97.2 million euros in the first nine months of the year. The result is 63% higher than the 59.5 million euros received in the same period last year.

In Portugal, net income was $295.7 million “as a result of a 9.3% increase in core income, a 3.4% reduction in operating expenses and an 11 basis point improvement in cost of risk,” the bank explains.

Net interest income increased from 1.91% to 2.38% and reached EUR 1,546 million. In Portugal, the margin remained at 1.45% at 671 million euros. Commissions amounted to 574 million euros (up 7.3%).

Total client funds reached 91.1 billion euros, up 3.5% year-on-year. Of these, demand deposits account for slightly more than half: 48.1 billion. The portfolio of time deposits increased from 20.7 billion euros to 25.7 billion euros.

Loans to customers (gross) increased by 1.1% to 58.6 billion euros.

The share of overdue loans (NPL) for more than 90 days decreased to 1.5% at the end of September (from 2.4% a year earlier).

The total capital ratio was 15.1% and the CET1 capital ratio was 11.4%.

Compulsory contributions to the Portuguese banking sector amounted to 62.2 million euros.

The figures were badly worsened by the operation in Poland, Miguel Maia, the director general of the institution, began by explaining at a press conference to present the results.

Millennium was exposed to extraordinary impacts associated with Millennium Bank, including fees of $393 million related to the Swiss franc mortgage portfolio and loan default provisions of $304.6 million.

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The Bank paid a total of 59.1 million contributions to the Institutional Protection Fund in this country and recorded an impairment of Bank Millennium’s goodwill of 102.3 million.

The institution, led by Miguel Maia, has suffered in recent quarters due to the activities of the Polish bank Millennium, which controls 50.1%.

We are talking about loans in Swiss francs issued in 2008. The appreciation of the Swiss currency in the foreign exchange market caused difficulties for the holders of these loans, and in 2019 the European Court of Justice ruled that customers have the right to demand the conversion of foreign currency loans, which led to that Bank Millennium created reserves, which worsened the consolidated results of the Portuguese group.

Last week, Bank Millennium posted a loss of 214 million euros in the third quarter.

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Apple is preparing a strategy to transfer production from China



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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BMW suspension recharges battery in bad ground



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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Fuel prices won’t drop next week! I know why…



Fuel prices won't drop next week!  I know why...

Every week, the Portuguese live in anticipation of whether fuel prices will rise or fall.

Last Friday there was the first information that the cost of fuel will continue to fall … and will! However, there is a variable that will rise and possibly offset lower gasoline and diesel prices. Find out what has changed since then.

Fuel: ISP discount will be reduced...

The price of fuel will not fall at the beginning of the week because the government has decided to cut the discount that applies to the tax on petroleum products (ISP), according to Porto Canal.

Tax on petroleum products (NPT) is one of the excise taxes provided by law. It applies to gasoline and diesel as well as other products, oil and energy, hydrocarbons and electricity.

The tax will be reduced by 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline. The decision should cancel forecasts for falling fuel prices next week, which indicated minus 3 cents for diesel and minus 1 cent for gasoline.

The price of diesel fuel may remain unchanged, but gasoline should rise in price by 1.5 cents from Monday. Diesel falls seven weeks in a row, and gasoline a month.

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