Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ Fri, 24 Sep 2021 11:09:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://piazzacarlogiuliani.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ 32 32 Sensex ends above 60,000 for the first time, over 17,850 led by it, Realty Shares https://piazzacarlogiuliani.org/sensex-ends-above-60000-for-the-first-time-over-17850-led-by-it-realty-shares/ https://piazzacarlogiuliani.org/sensex-ends-above-60000-for-the-first-time-over-17850-led-by-it-realty-shares/#respond Fri, 24 Sep 2021 10:56:26 +0000 https://piazzacarlogiuliani.org/sensex-ends-above-60000-for-the-first-time-over-17850-led-by-it-realty-shares/

Market at closing | Here are the highlights from today’s trading session

-Sensex & Nifty Post Records closed, but out of intraday highs

-Sensex closes above 60,000 for the first time

-Market sees profit booking at record highs reached during opening hour

-Sensex hit an intraday high of 60,333 and Nifty 17,948

-Nifty increases by 30 points to 17,853 and Sensex 163 points to 60,048

-Nifty Bank gains 59 points to 37,830 while the mid-cap index slips 237 points to 30,144

-The underperformance of mid caps keeps Mkt wide in favor of declines

-Metals under pressure on the concerns of Evergrande, Tata Steel, JSW Top Losers

-Highest winning paint stocks in Friday session, Asian paints up 4%, Berger up over 2%

-In financial services, HDFC Bank and ICICI Bank win while SBI and Axis Bank slide

-Reliance fails to maintain record of 2,505, ends in minor cut

-Bharti Airtel exceeds emission rights registration date, storing nearly 2%

-Indus Towers Top Midcap Gainer following brokerage upgrades

-Voda Idea, Tata Chem, L&T Info, AB Fashion, Berger Paints TOP Midcap Gainers

-DLF continues its momentum, stores 2% today and 23% this week

-Hospital stocks slide at the entrance of the Biz diagnostic, Apollo slide 7%, Dr Lal 4%

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Global Transportation Management Systems Markets $ 261.89 Billion Until 2028 https://piazzacarlogiuliani.org/global-transportation-management-systems-markets-261-89-billion-until-2028/ https://piazzacarlogiuliani.org/global-transportation-management-systems-markets-261-89-billion-until-2028/#respond Fri, 24 Sep 2021 08:33:00 +0000 https://piazzacarlogiuliani.org/global-transportation-management-systems-markets-261-89-billion-until-2028/

Dublin, September 24, 2021 (GLOBE NEWSWIRE) – The report “Global Transportation Management Systems Market Report 2021” has been added to ResearchAndMarkets.com offer.

Global Transportation Management Systems Market Size Expected to Reach USD 261.89 Billion by 2028, Registering a CAGR of 11.7%

The uninterrupted growth of the e-commerce and retail sectors and the focus on automating supply chain and logistics processes using the latest technology is expected to drive the demand for transportation management system. (TMS) during the forecast period.

The logistics industry has evolved in line with technological advances. The latest technologies, such as artificial intelligence (AI), blockchain, Internet of Things (IoT) and big data, are rapidly transforming the way transportation systems are designed and implemented.

Logistics and transport activities involve a significant exchange of information between all stakeholders, including customers and service providers. At this point, an effective TMS facilitates the rapid exchange of information. They also improve the visibility and control of shipments and, consequently, efficiency and customer satisfaction.

The demand for Software as a Service (SaaS) -based TMS is increasing due to the cost efficiency and flexibility associated with the SaaS delivery model. Cloud-based services represent a significant share of the global market. With the growing demand for custom solutions, vendors are competing aggressively to deliver advanced software on demand.

Transportation management systems help accelerate cycle times from order to delivery, lower inventory management costs, ensure compliance, reduce transportation costs, and reduce the time spent on stock retention. customs documents. The higher return on investment offered by TMS is particularly the main driver of market growth.

Highlights of the Transportation Management Systems Market Report

  • The cloud segment is expected to register a significant growth rate during the forecast period owing to the continuous digitization and growth of the e-commerce industry in emerging economies.
  • Airway segment is expected to register considerable growth rate during the forecast period
  • The growing demand for rapid product delivery from incumbents in the retail, e-commerce, healthcare and logistics industries is expected to encourage the deployment of TMS for air transport.
  • Government organizations segment is expected to register moderate growth rate during the forecast period due to increasing demand for traffic management solutions including automatic license plate recognition, signage, traffic management parking information and management.
  • North America accounted for the largest share of revenue in 2020. Increasing import and export activity in the United States and Canada is driving demand for TMS for real-time product tracking in the region

Variables, trends and scope

Mapping of penetration and growth prospects

Value chain analysis

Technology overview

Analysis of market variables

Market driver analysis

  • Emergence of advanced technologies
  • Growth of the e-commerce industry
  • High return on investment (ROI)
  • Increase in bilateral trade relations between various nations

Analysis of market constraints

Transportation Management Systems Market Analysis Tools

  • Transportation Management Systems Market – PEST Analysis
  • Transportation Management Systems Market – Porter’s Analysis

Transportation Management Systems Market – Case Study

Companies mentioned

  • 3GTMS
  • BluJay Solutions Ltd.
  • Cerasis, Inc.
  • CH Robinson Worldwide, Inc.
  • The Descartes Systems Group inc.
  • Infor, Inc.
  • IBM Company
  • inet-logistics GmbH
  • JDA Software Group, Inc.
  • Kuebix
  • Manhattan Associates
  • Mercury Gate International Inc.
  • Oracle Corporation
  • SAP SE
  • Trimble Transportation Enterprise Solutions, Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/lnep6a

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900

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Greek PPC plans € 750m share issue to support renewable energy growth https://piazzacarlogiuliani.org/greek-ppc-plans-e-750m-share-issue-to-support-renewable-energy-growth/ https://piazzacarlogiuliani.org/greek-ppc-plans-e-750m-share-issue-to-support-renewable-energy-growth/#respond Fri, 24 Sep 2021 07:36:00 +0000 https://piazzacarlogiuliani.org/greek-ppc-plans-e-750m-share-issue-to-support-renewable-energy-growth/

Sept. 24 (Renewables Now) – Greek power company PPC SA (ATH: PPC) plans to launch a 750 million euro ($ 878.6 million) share issue to support its spending plan to investment for 2022-2026 through which it aims to increase its installed renewable energy fleet to 9.1 GW.

“The capital increase will enable PPC to carry out its ambitious transformation plan which began in 2019 and is already producing tangible results, as well as accelerate its transformation into a modern, financially and environmentally sustainable digital public service”, Chairman and CEO Georgios Stassis said Thursday. .

The Greek electricity company is currently implementing a plan to phase out its coal-fired power generation capacity and green its electricity mix. By 2026, its goal is to have 9.1 GW of renewable power plants in operation, including hydropower plants.

PPC intends to sell the 750 million euros of shares as part of a public offering in Greece and a private placement to institutional investors outside its home country. It will determine the sale price through a bookbuilding process, he said, adding that the offer will most likely be conducted on a non-preemptive basis, but that a priority allocation mechanism for shareholders. existing could be applied.

In addition to renewable energies, the funds raised will support PPC’s plan until 2026 to expand its activities into southern European markets and improve its capital structure.

PPC shareholders will vote on the proposed share issuance at a special meeting on October 19.

(1 EUR = 1.171 USD)

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Teaching posts increase at the start of the year, limiting stimulus plans https://piazzacarlogiuliani.org/teaching-posts-increase-at-the-start-of-the-year-limiting-stimulus-plans/ https://piazzacarlogiuliani.org/teaching-posts-increase-at-the-start-of-the-year-limiting-stimulus-plans/#respond Thu, 23 Sep 2021 16:13:27 +0000 https://piazzacarlogiuliani.org/teaching-posts-increase-at-the-start-of-the-year-limiting-stimulus-plans/

Unprecedented shortage of bus drivers and substitutes. A variant of the coronavirus that has quarantined entire swathes of students and staff. Pressure to help students readjust and catch up.

As schools face this battery of challenges, they lack another key resource: teachers.

In 18 of the 20 major U.S. school districts that provided data to Chalkbeat, the number of vacant teacher positions has risen this year, often up. In Los Angeles, the district started the year short of 500 teachers, a figure that has hovered around 100 in the past two years. In Memphis-area schools, more than 200 teaching positions were vacant at the start of the year, a record in five years.

The share of vacant teaching posts is often only 2 or 3%. But the numbers mean thousands of students have started the school year without full-time teachers or the extra help schools had hoped to provide – a worrying sign for schools trying to help students recover from the pandemic .

The shortages “limit the means by which districts seek to invest in recovery and redesign,” said Jonathan Travers, who works with school officials through consultancy firm Education Resource Strategies. “It’s just taking a few things off the table.”

Principal Sabine Phillips saw the problem looming when she started looking for teachers this summer and found an unusually small pool of applicants.

His school, Margate Middle School in Broward County, Fla., Started this school year with three teachers out of a faculty of about 60. “What that means is you start with a disadvantage,” he said. she declared. “Students don’t necessarily start the program because you put someone in there who isn’t certified.

Research confirms his concern. A 2017 study by researchers at Brown University found that students whose teachers are hired after the start of the school year learn less than their peers, including students whose new teachers were hired on time. .

Phillips has now filled all three positions. But she knows it could be a difficult time to adjust. “There’s such a learning curve,” she said, “when you walk into a school after you start school”.

Schools in her district have experienced similar challenges. Broward started the year missing 365 teachers (or about 2.5%), more than triple the number from the previous year and double the number before COVID.

Montgomery County in Maryland started the year with 283 teaching positions (about 2%), down from just 41 last year and 85 the year before. Schools saw a slight increase in the number of teachers announcing their intention to leave at the end of the summer, complicating recruitment efforts.

“When it comes in late in the year, the quality and the number of applicants just isn’t there,” said Travis Wiebe, who works in the Montgomery County human resources office.

Public schools in Tulsa, Oklahoma saw their open teaching positions jump to 193 this year (or 4.4%), from 38 last year and 101 the year before. “We’re seeing shortages throughout our system,” said Devin Fletcher, director of actions and talents at Tulsa.

Hiring has been particularly difficult, according to school officials, in areas like special education, math and science that were difficult before the pandemic.

There are a few exceptions to the model. Baltimore City and Chicago saw job vacancies increase slightly from last year, but their numbers were similar to 2019. Two districts – Gwinnett County, Georgia and Pinellas County, Florida – saw the number of vacancies drop slightly. Overall, however, data obtained by Chalkbeat – from most of the country’s 30 largest districts and a handful of smaller ones – shows that vacancies are up from 2020 and 2019.

These vacancies may leave classes to be filled by substitutes or rotating teachers with no subject matter expertise. To fill open classrooms, schools can ultimately hire candidates they may have already dropped out of.

“At one point, we focus less on quality and more on just putting something in place,” Travers said.

Phillips experienced this, hiring staff who weren’t quite up to the challenges of college. “It’s going to be difficult for them,” she said. “They don’t know the middle school kid, so they had problems.”

Meanwhile, many schools face shortages in other roles, primarily bus drivers, but also paraprofessionals, counselors, nurses and security guards. At the same time, they assess the aggressiveness with which to apply vaccination mandates to reluctant employees. More staff are also absent on any given day due to quarantines, meaning every adult counts.

In Tulsa, daily teacher absences are double what they usually are, Fletcher said. “The people who work so hard in schools are not able to focus on their core work because they are trying to make sure that we are able to stay afloat,” he said.

Schools are not alone. Nationally, there are widespread labor shortages across all industries for reasons that experts continue to debate.

The increase in teaching vacancies is likely due to a combination of fewer people applying to become teachers, more teachers leaving the profession, and additional roles created with the COVID relief money.

Miami-Dade County, for example, started the school year with 350 unfilled teacher positions, up from 242 last year. But “a large portion” of the vacancies were for additional posts created to support students, a spokesperson noted.

Others say they see increased revenue driving the problem.

“In a number of places,” said Joe Hettler of the consultancy firm TNTP, which works with school districts, “teacher pay in combination with COVID has simply kept teachers from coming back.”

Data on teacher turnover is still limited, which means that it is not yet clear where the balance is. Either way, the shortages could ultimately derail ambitious plans by schools to address gaps in student learning and growing mental health issues.

“There is a ripple effect that occurs when there are shortages, vacancies and sickness-related absences,” Fletcher told Tulsa. These issues, he said, “distract from what we planned to do for student recovery.”

Mila Koumpilova, Cathryn Stout, Patrick Wall and Samantha West contributed reporting.

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Centric partners with Tourvest Travel Services of South Africa | New https://piazzacarlogiuliani.org/centric-partners-with-tourvest-travel-services-of-south-africa-new/ https://piazzacarlogiuliani.org/centric-partners-with-tourvest-travel-services-of-south-africa-new/#respond Thu, 23 Sep 2021 15:36:41 +0000 https://piazzacarlogiuliani.org/centric-partners-with-tourvest-travel-services-of-south-africa-new/

LONDON, September 23, 2021 / PRNewswire-PRWeb / – Chief Operating Officer of Centric Tommy Boucher announced that Centric has partnered with Tourvest Travel Services (TTS), a business travel company based in South Africa. Centric will assist TTS in integrating transactions into Centric, Centric Swap (CNS) and Centric Rise (CNR) cryptocurrencies.

Butcher said: “We are honored that Tourvest Travel Services has chosen Centric as their cryptocurrency partner. We look forward to assisting the team with a Centric integration strategy, possibly including our next CenPay merchant services solution.

Sholtz Fourie, CFO of TTS, said: “As a travel innovator, Tourvest Travel Services was looking to use cryptocurrency to add to our range of payment options used to transact with our client companies and partners. After exploring the options, we came across Centric. We are impressed with Centric’s plan to create a global digital currency and provide the stability crypto needs so badly. “

Tourvest, the parent company of TTS, started in 1997 with the incorporation of a number of long-established tourism businesses. They own and operate South Africa largest vacation site, Travel.co.za.

Learn more about Centric – https://www.centric.com

Learn more about Tourvest Travel Services – https://www.tourvesttravelservices.co.za

About Centric

Centric was designed with the vision of one day replacing traditional fiat currencies. Blockchain technology will enable a more transparent world and we believe our innovative approach to achieving long-term widespread adoption sets Centric apart from other cryptocurrencies today.

We believe the biggest barrier to mass adoption of cryptocurrencies is price volatility. Cryptocurrencies, unlike fiat currencies, do not have a central bank to implement a monetary policy focused on stabilizing purchasing power. Thus, variations in demand induce massive price fluctuations. The decentralized model of price discovery has made most of the existing cryptocurrencies nothing more than stocks or commodities, psychologically valued, traded on unregulated stock markets and susceptible to manipulation. The lack of price stability has prevented the formation of credit and debt markets because volatility carries a premium.

While the rest of the industry is focused on transaction throughput and smart contracts, our focus is on solving price stability to realize the economic capabilities that blockchain enables.

About Tourvest Travel Services

Thanks to respected brands and a global infrastructure, Tourvest Travel Services (TTS) is able to provide tailor-made and flexible solutions to meet the needs of business travel management, whether through traditional operations. or more profitable online procurement systems. Sophisticated online travel management tools help monitor travel policy compliance and provide big data to ensure customers are always getting the best value for their spending. Constant measurement and monitoring of service levels ensures that the service provided is of the highest standard.

Media contact

Tommy Boucher, Centric, 1 800 369 3701, pr@centric.com

SOURCE-centric

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STAGWELL (NASDAQ: STGW) ANNOUNCES CONVERSION OF SERIES 6 AND SERIES 8 PREFERRED SHARES (Form 8-K) https://piazzacarlogiuliani.org/stagwell-nasdaq-stgw-announces-conversion-of-series-6-and-series-8-preferred-shares-form-8-k/ https://piazzacarlogiuliani.org/stagwell-nasdaq-stgw-announces-conversion-of-series-6-and-series-8-preferred-shares-form-8-k/#respond Thu, 23 Sep 2021 13:32:30 +0000 https://piazzacarlogiuliani.org/stagwell-nasdaq-stgw-announces-conversion-of-series-6-and-series-8-preferred-shares-form-8-k/

STAGWELL (NASDAQ: STGW) ANNOUNCES THE CONVERSION OF ITS PREFERRED STOCK SERIES 6 AND SERIES 8

NEW YORK, NY September 23, 2021 – Stagwell Inc. (Nasdaq: STGW) today announced that the company has elected to convert all of the outstanding shares of its Series 6 convertible preferred shares, with a par value of $ 0.001 per share (the “Preferred Shares of Series 6 ”) and its convertible preferred shares Series 8, with a par value of $ 0.001 per share (the“ Preferred Shares Series 8 ”). A conversion notice has been provided to each registered holder of the Company’s Series 6 and Series 8 Preferred Shares on September 23, 2021. The conversion will take place and take effect on October 7, 2021 (the “Conversion Date”).

Pursuant to the Series 6 Notice, the 50,000 outstanding shares of Series 6 Preferred Shares will be converted into 12,086,700 Class A common shares of the Company, with a par value of $ 0.001 per share (the “ Class A common shares ”), on the conversion date. Pursuant to the Series 8 Notice, all of the outstanding 73,849 shares of the Series 8 preferred shares will be converted into 20,948,746 shares of the Class A common shares of the Company.

“We believe that the conversion of the preferred shares is in the best interests of all common shareholders of Stagwell, as it eliminates any potential accumulation,” said Mark Penn, President and CEO of Stagwell Inc. “This action contributes to complete the process we have undertaken to streamline and simplify Stagwell’s capital structure, making it a more investable company in the long term. ”

Class A common shares are issued in accordance with the exemption provided in section 3 (a) (9) of the Securities Act of 1933, as amended, for securities traded by the Company and holders of existing securities when no commission or other compensation is paid or given directly or indirectly by the Company to solicit such an exchange.

About Stagwell Inc.

Stagwell (NASDAQ: STGW) is the challenger holding company designed to transform marketing. We deliver creative performance at scale for the world’s most ambitious brands, connecting cultural creativity with cutting-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 10,000+ specialists in more than 30 countries are united around one goal: to increase efficiency and improve business results for their clients. Join us on www.StagwellGlobal.com.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which include statements regarding the Company’s current intentions or expectations regarding, among other things, the achievement, timing and the potential benefits of converting the Series 6 Preferred Shares and the Series 8 Preferred Shares. Forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those expected or suggested by the statements prospective.

Disclaimer

Stagwell Inc. published this content on September 23, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 23, 2021 01:31:05 PM UTC.

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Discovery: UBS Adjusts Discovery Price Target to $ 27 Against $ 38, Maintains Neutral Rating https://piazzacarlogiuliani.org/discovery-ubs-adjusts-discovery-price-target-to-27-against-38-maintains-neutral-rating/ https://piazzacarlogiuliani.org/discovery-ubs-adjusts-discovery-price-target-to-27-against-38-maintains-neutral-rating/#respond Wed, 22 Sep 2021 17:16:05 +0000 https://piazzacarlogiuliani.org/discovery-ubs-adjusts-discovery-price-target-to-27-against-38-maintains-neutral-rating/

Newswires MT 2021

All news on DISCOVERY, INC.

Analyst Recommendations on DISCOVERY, INC.

Sales 2021 12,183 million

Net income 2021 1,244 million

Net debt 2021 11 344 million

PER 2021 ratio 13.7x
Yield 2021
Capitalization 16,429 million
16,429 million
VE / Sales 2021 2.28x
VE / Sales 2022 2.09x
Number of employees 9,800
Free float 64.2%

Duration :

Period:

Discovery, Inc. Technical Analysis Chart |  MarketScreener

Trends in Technical Analysis DISCOVERY, INC.

Short term Mid Road Long term
Tendencies Bearish Bearish Neutral

Evolution of the income statement

To sell

To buy

Average consensus SOCKET
Number of analysts 24
Last closing price

$ 25.15

Average price target

$ 38.55

Spread / Average target 53.3%

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Presentation of the highly anticipated book on Corporate Debt Restructuring in Emerging Markets by Richard Marney and Timothy Stubbs https://piazzacarlogiuliani.org/presentation-of-the-highly-anticipated-book-on-corporate-debt-restructuring-in-emerging-markets-by-richard-marney-and-timothy-stubbs/ https://piazzacarlogiuliani.org/presentation-of-the-highly-anticipated-book-on-corporate-debt-restructuring-in-emerging-markets-by-richard-marney-and-timothy-stubbs/#respond Wed, 22 Sep 2021 17:13:57 +0000 https://piazzacarlogiuliani.org/presentation-of-the-highly-anticipated-book-on-corporate-debt-restructuring-in-emerging-markets-by-richard-marney-and-timothy-stubbs/

Richard Marney and Timothy Stubbs are proud to present to you Corporate Debt Restructuring in Emerging Markets; an innovative book intended to equip financial and legal experts as they embark on a professional journey of restructuring corporate debt in the world of banking and corporate lending. The book examines the five main phases and principles of restructuring and shows how the elements are applied in practice with banks and corporate borrowers. The book also offers specific insight into the impact of the COVID-19 pandemic on corporate debt restructuring as the economy emerges from the pandemic and businesses seek to pick up the pieces.

The release of this book is timely, as emerging markets strive to regain a sustainable growth path and businesses reorient themselves in the post-COVID era. The aim of the book is to give finance and legal professionals new to the field of corporate debt restructuring an understanding of the transaction process, the elements of a transaction, and lessons in stakeholder relationship management. . The book draws on stories and case studies to bring the reader into the negotiating room to share key lessons learned from decades of restructuring experience.

Ilir Fani, Director of Corporate Turnaround, EBRD, explains in the foreword that: “In the area of ​​non-performing loan restructuring, if you had to ask a question of everyone involved – bankers, lawyers, business owners? ‘business / entrepreneurs, consultants – to name a few – about how they successfully restructured, they will have a story to tell; a story that is most of the time long, windy and “how the other side never understood” but which perhaps also has a happy ending (although not guaranteed…). “ A prime example of such a “happy ending” is the story of Trustco Group Holdings, a case study featured in the book. Trustco embarked on a debt restructuring process in 2018 which was ultimately successful. Trustco had financial commitments established as early as 2008, which were not only restrictive but also in some cases obsolete. The restructuring replaced aging covenants with updated and modernized covenants that were aligned with the group’s current capital structure and with updated IFRS standards.

Numerous special mentions from the international community have led industry leaders to eagerly await the book launch on the 20e September 2021. “What Richard and Tim have woven together is an informative and compelling read – using case studies to uniquely demonstrate the complex and empowering melting pot of personalities, situations and actors, then pairing that with structured navigation phases and principles of restructuring. – Stefan U Smyth, Partner / Director, EYP Turnaround & Restructuring Strategy, Ernst & Young Advisory Services (Pty) Ltd.

To order a copy of Corporate debt restructuring in emerging markets, in hardcover or eBook visit https://tinyurl.com/4ndy5cuh Marney and Stubbs recently had a virtual meeting with Trustco’s PR and Corporate Communications Manager Neville Basson to discuss this important moment. Find the full interview here: https://tinyurl.com/yyrspa83

For more information, contact:

Neville Basson

Responsible: Public relations and corporate communication

Trustco Group Holdings Limited

www.tgh.na

+264 61 275 4831

NevilleB@tgh.na

About Trustco Group Holdings Limited

Trustco Group Holdings Limited is based in Windhoek, Namibia.

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Why the British currency may move much higher against the euro and the dollar https://piazzacarlogiuliani.org/why-the-british-currency-may-move-much-higher-against-the-euro-and-the-dollar/ https://piazzacarlogiuliani.org/why-the-british-currency-may-move-much-higher-against-the-euro-and-the-dollar/#respond Wed, 22 Sep 2021 05:35:46 +0000 https://piazzacarlogiuliani.org/why-the-british-currency-may-move-much-higher-against-the-euro-and-the-dollar/

– GBP / USD around 1.90?
– GBP / EUR around 1.40?
– Forget GDP, CPI data
– Job postings tell the real story

Image © Pound Sterling Live

  • Market rate at publication:
    GBP / EUR: 1.1647 | GBP / USD: 1.3660
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The pound has great potential for appreciation according to research by Toscafund Asset Management LLP, the multi-asset investment management firm, which says Adzuna’s job postings tell an important story.

The pound should benefit as the Bank of England is raising interest rates at a faster rate than the market currently thinks, thanks to a strong economy, as evidenced by the increase in job vacancies.

“Readers could be forgiven for being extremely concerned about the UK’s economic outlook, fearing that its growth will fail and inflation will spike,” said Dr Savvas Savouri, chief economist at Toscafund Asset Management.

But, Savouri, a renowned scholar and economist who has worked at several institutions in the city, says:

“Drawing on all aspects of my education and experience convinces me that the UK’s economic future is as fair as I have ever seen it. “

In a new discussion paper regarding the UK economy, Savouri says perhaps the most important metric to watch is the Adzuna job vacancies dataset released by the ONS, a relatively new component of the mixture of official economic data of the country.

As of September 10, the Adzuna dataset showed that the total volume of online job vacancies was at 128% of its average level in February 2020.

Savouri says the timeliness and breadth of Adzuna data is proving to be a very useful tool in understanding the capacity dynamics of the modern UK economy.

For Savouri, indicators such as GDP and CPI inflation are of the “old school” type that have been useful to planners during the more industrialized trajectory of the economy.

But the modern UK economy is dominated by services and a highly mobile workplace with fluid working boundaries, making measuring output incredibly difficult.

The problem facing economists like the Bank of England is that the Covid crisis and Brexit – which struck simultaneously – have once again changed the shape of the economy, creating a risk that the tools of economic measurement currently privileged become even more obsolete.

The Adzuna job vacancy series was one of the new real-time data measurement tools co-opted by the ONS to assess the health of the labor market during the crisis and during the recovery that followed.

Toscafund

Above: Adzuna vacancy over salary and CPI growth, with forecast, image courtesy of Toscafund.

What the real-time jobs are telling the Toscafund research team is that the combination of the coronavirus crisis and Brexit has structurally altered the UK economy and labor market as wages will increase more aggressively in response to labor shortages than in the past.

Savouri expects the UK economy to see a strong rebound in jobs and wages in the coming months, based on the data he sees.

The Bank of England is expected to respond to the improving economy by raising interest rates at a faster pace than the markets are currently expecting.

“As the MPC sees the UK economy quickly pulling back sharply, it will exceed expectations by removing the base rate from the emergency level,” said Savouri.

Index of services and Adzuna

Index of Services vs Adzuna vacancy, with forecasts. Image courtesy of Toscafund.

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Savouri says members of the Bank’s monetary policy committee will find it with the UK outside the EU’s Single Labor Market (SLM) and by operating a “truly international work visa system, its Phillips curve will work again, as will the unemployment rate as a forward-looking guide to inflationary pressures. “

The Phillips curve explains how wages rise as unemployment declines, which is why central banks have tended to view falling unemployment as a precursor to higher inflation levels in the future.

But Savouri says the forward-looking monetary policy stance of former Bank of England governor Mark Carney was ultimately undermined by the inability to determine where the inflection point between falling unemployment actually resided. and rising wages.

Indeed, at Carney’s start at Threadneedle Street, policy guidance suggested that interest rates could start rising when unemployment started to drop below 7.0%, as that would shift the dial on wages.

However, even when wages hit 5.0%, wages and inflation proved stubbornly unresponsive.

Savouri says Carney and his team failed to recognize that the UK’s presence in the European Single Job Market meant that the supply of labor would inevitably increase in response to any pay rise:

“Carney should have realized that in 2013 the UK job market was a very different place than it was in Phillips’ day and, in fact, when I started my career in economics in the middle from the 80s. “

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“What was once a largely univariate relationship linking the unemployment rate in the UK to wage inflation in the UK has become much more multivariate,” he adds.

Fast forward to 2021 and the UK is out of the single market and operating under a new points-based immigration system that Savouri says will be fairer for foreign workers from outside the EU.

He also expects a large number of EU nationals eligible to work in the UK to return.

Most importantly, “those who arrive will be adapted to bring in the talent for which the UK economy has the highest excess demand.”

“I have no doubt that with a level playing field that is now perfectly level, the number of people arriving in the UK for work will not decrease, but will increase. A higher level compared to those coming from within and from outside the EU, ”he says.

UK Arrivals

Above: Annual UK work arrivals, with forecasts. Image courtesy of Toscafund.

Savouri says the UK economy’s ability to generate jobs will generate more sustained inflation than has been seen in recent years.

“We can NOW take the UK unemployment rate as a reliable indicator of the base rate,” said Savouri.

“Adzuna’s data really promises to be a scout for monetary policy makers and those keen to prepare their actions,” he adds.

Toscafund anticipates that a preemptive rate hike based on Adzuna’s forward guidance, and confirmed by other reliable vacancy signals, would actually lower the peak at which the UK base rate is expected to reach in the next bull cycle.

They project minimum Bank of England base rates of 1.1% and 1.6% by the end of 2023 and 2025, respectively.

In addition, they project a CPI of around 2.1% for 2023 and around 1.75% for 2025.

“I have no hesitation in asserting that the UK base rate will begin its journey out of emergency territory much sooner than the consensus claims,” ​​he said.

And what does this mean for the pound?

The rule of thumb in currency markets is that a central bank that raises interest rates earlier and more aggressively than its peers will see the currency it issues appreciate.

Therefore, if Savouri is right, the exchange rates for the British pound are higher.

Indeed, Toscafund expects the pound to appreciate significantly over the coming months and years.

“As the UK base rate changes significantly, albeit moderately, sooner than expected, we should expect the pound to finally start to regain the ground it lost with the ‘shock’ referendum result of June 2016, ”said Savouri.

“The pound sterling cannot fail to rise,” he adds.

Below: Pound-to-dollar forecast:

Pound in Dollar Forecast Toscafund

Below: Pound-euro forecasts:

Pound to Euro Toscafund Forecasts

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Early Warning Report filed in accordance with National Instrument 62-103 on the Acquisition of Shares and Warrants of Kaizen Discovery Inc. https://piazzacarlogiuliani.org/early-warning-report-filed-in-accordance-with-national-instrument-62-103-on-the-acquisition-of-shares-and-warrants-of-kaizen-discovery-inc/ https://piazzacarlogiuliani.org/early-warning-report-filed-in-accordance-with-national-instrument-62-103-on-the-acquisition-of-shares-and-warrants-of-kaizen-discovery-inc/#respond Tue, 21 Sep 2021 21:25:00 +0000 https://piazzacarlogiuliani.org/early-warning-report-filed-in-accordance-with-national-instrument-62-103-on-the-acquisition-of-shares-and-warrants-of-kaizen-discovery-inc/

Vancouver, British Columbia – (Newsfile Corp. – September 21, 2021) – This press release is issued by I-Pulse Inc. (“I-Pulse“) in accordance with the early warning requirements of National Instrument 62-103 relating to the common shares of Kaizen Discovery Inc. (“Kaizen“).

On August 9, 2021, Kaizen and I-Pulse’s subsidiary, Ivanhoe Electric (BVI) Inc. (“IVNE “) has entered into a stand-by engagement agreement (the “Reserve agreement“), whereby IVNE has agreed to exercise its basic subscription privilege (the”Basic subscription privilege“) in the Kaizen rights offering transaction (“Offer of rights “) maintain its pro rata interest in Kaizen and exercise the rights to purchase an additional 121,970,246 Kaizen Shares (as defined below) (the “Basic Subscription Privilege Shares“). In addition, if it is less than the maximum number of Kaizen ordinary shares (“Kaizen actions“) which may be issued under the Rights Offering are subscribed by other Kaizen shareholders, IVNE has agreed to purchase such number of Kaizen Shares (the”Reserve actions“), up to a maximum of 44,696,420 Kaizen Shares, such that the maximum number of Kaizen Shares that may be issued under the Rights Offering will have been issued.

In consideration for the conclusion of the Standby Agreement, Kaizen issued 11,174,105 IVNE warrants (the “Mandates“), each Warrant authorizing IVNE to acquire an additional Kaizen Action (each, a”Warrant share“) at an exercise price of CA $ 0.065 per Kaizen share for a period of five years. As a result of the rights offering, the warrants were adjusted downward from the 28,100,000 warrants previously disclosed.

On September 17, 2021, IVNE exercised the basic subscription privilege and acquired 121,970,246 shares of the basic subscription privilege. In accordance with the Standby Agreement, IVNE was required to acquire 22,835,885 Standby Shares, namely the Kaizen Shares not subscribed by other Kaizen shareholders under the Rights Offer. All calculations of IVNE’s percentage ownership in the Kaizen Shares are based on a partially diluted basis.

As of today, IVNE is the registered owner of 396,226,929 Kaizen shares, representing 77.66% of the issued and outstanding Kaizen shares, and warrants to acquire a total of 38,195,378 shares under warrants. subscription. If IVNE were to exercise all of its warrants and acquire these shares under warrants, then IVNE would be the registered owner of 434,422,307 Kaizen shares, or approximately 79.21% of the Kaizen shares then issued and outstanding.

Separately, on August 9, 2021, Kaizen entered into a debt settlement agreement with IVNE whereby Kaizen will issue Kaizen shares to IVNE at a price of C $ 0.05 per Kaizen share in full satisfaction of approximately $ 5,242,000. US principal and interest that Kaizen owes to IVNE (the “Debt conversionUpon completion of the debt conversion (and assuming that IVNE has not exercised any of its warrants), IVNE’s ownership will increase by approximately 145,995,184 Kaizen shares to approximately 542,222 113 Kaizen shares representing 82.63% of the Kaizen shares then in circulation.

Following the debt conversion and the exercise by IVNE of all its warrants, IVNE would then be the registered owner of approximately 580,417,491 Kaizen shares, or approximately 83.58% of the Kaizen shares then issued. and in circulation.

All securities described in this press release are owned, or must be subscribed to by IVNE, and are and will be beneficially owned and controlled by I-Pulse. I-Pulse, through IVNE, acquires these shares for investment purposes. Depending on economic or market conditions or matters relating to Kaizen, I-Pulse or IVNE may choose to acquire or dispose of additional Kaizen Shares.

For further information and to obtain a copy of the alert report filed under applicable Canadian provincial securities legislation in connection with transactions hereunder, please see Kaizen’s profile on the SEDAR website. (www.sedar.com), or contact Sam Kenny at (604) 689-8765. I-Pulse has an office c / o 606-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97227

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