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Economy & Finances

ING to sell stake in ING-BOB Life to BNP Paribas Cardif


The transaction is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia is on-going and any further announcements will be made if and when appropriate. Today’s announcement does not affect ING Bank’s 13.7% stake in Bank of Beijing, nor does it affect ING’s Commercial Banking activities in China. ING’s Chinese life insurance joint venture was established in 2002 and today operates eight branches in seve... Read More »

EU annual accounts for 2012 adopted


Although the audit of these accounts is not yet completed, it is worth highlighting that the previous five annual accounts received a "clean bill of health" from the European Court of Auditors. The information in the 2012 consolidated accounts of the EU should provide a solid basis for the decision making process of readers of the accounts (e.g. MEPs and representatives of Member States) and for the accountability of financial actors involved in the financial management of the EU budget. Financial reporting, such as these annual accounts, wi... Read More »

GC “Titan” company is in the list of the biggest taxpayers


At first half of 2013 year the company supplied the consolidated budget and non-budgetary funds with more than 635 mln. rubles. At first half of 2013 year Omsk GC “Titan” companies transferred more than 1,2 billion rubles to all budget levels. We note that in the year 2012, the total amount of liabilities made up around 1,6 billion rubles. Information During the first 6 months of the year 2013, 10 biggest taxpayers transferred 16,3 billion rubles to federal budget (or 79% out of Omsk region gross share in federal budget receipts). Rece... Read More »

UniCredit Economics & FI/FX Research: Despite country differences CEE is making progress on its way to recovery


The region is adjusting to slower growth across its trading partners, growth patterns up to 2008 will not be repeated Further gradual improvement of industry to be supported by the availability of spare capacities and improved competitiveness but demand remains the primary challenge External deleveraging shows signs of petering out, in many countries deposit growth creates some upside for new credit extension Industry growth has improved recently, while credit is bottoming out. External bank deleveraging has eased significantly in the ne... Read More »

Rio Tinto approves US$1.03 billion investment in Escondida Water Supply Project


Rio Tinto holds a 30 per cent interest in Escondida. The project will provide a sustainable supply of water for the new OGP1 copper concentrator approved in February 2012, while minimising Escondida's reliance on the region's aquifers. Construction will commence in July 2013 with commissioning scheduled in 2017. The project will include two pipelines, four high pressure pump stations, a reservoir at the mine site and high voltage infrastructure to support the system. Rio Tinto's investment will be funded through the company's share of Escond... Read More »

Strategic Investments Fund: the first two investments in the service of the French economy


The entrance to the capital of these companies embodies the will of the FSP to support their development as a long-term investor and participate in their governance. FSP management was entrusted to the Edmond de Rothschild Group. Established in 2012, the FSP intends to be a major shareholder in the French companies (SBF 250) and thus contribute actively to support the financing of the economy. By joining forces with four major insurers in France, the FSP, responsible and committed shareholder, supports the strategy defined and implemented... Read More »

VINCI acquires 4.7% of the capital of Aéroports de Paris


Once the transaction is closed, VINCI will hold 8% of ADP's capital. As per the terms of the sale, VINCI will have a seat on the ADP board of directors no later than beginning at the ADP shareholders' general meeting that will vote on the 2013 financial accounts. VINCI will propose to ADP, within the context of existing agreements, to enter into discussions to share their respective expertises, particularly in the area of international development. ... Read More »

Groupe Auchan announces its plan to combat opaque subcontracting


In accordance with the undertakings entered into on 23 May, and to combat the phenomenon of undeclared subcontracting within the textile industry, Auchan, in line with its responsible discounting policy, is today announcing the launch of an action plan to strengthen the current checks applicable to its own brand products. This plan extends and strengthens the supervision arrangements put in place by Auchan a number of years ago, within the framework of its responsible purchasing policy. The intention is not to prevent the company’s suppliers... Read More »

EIB supports research and development in Poland with almost EUR 1 bn


The first EIB loan of EUR 490 million will finance R&D project grants, which will be awarded by the National Science Centre and the National Centre for Research and Development through open calls to Ph.D. students, post-doctoral fellows and senior scientists. These projects will concern either basic or applied research and will be implemented at public research institutes, universities and business enterprises across Poland. The EIB is lending a further EUR 480 million for the statutory research tasks performed by all categories of scien... Read More »

City of Detroit: limited impact on Dexia’s 2nd quarter 2013 consolidated accounts


USD 75 million are covered by a performing reinsurer. The remaining amount is insured by an insurer involved in a restructuring procedure. The group’s exposure has been provisioned over time by Dexia such that it will take an additional adjustment of EUR 59 million in its accounts as at 30 June 2013. Given the expected recovery rate, the amount of the provision equals 48% of the total unpaid principal balance of the Detroit exposure as at 30 June 2013. Dexia also has USD 148 million of additional exposure to municipal entities, related to th... Read More »

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