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Economy & Finances

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

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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

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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

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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

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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

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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

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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 »

Sberbank and BNP Paribas Personal Finance have agreed to expand the activity of their joint venture after its good performances in the Russian car financing market

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Cetelem Bank is a joint point-of-sale finance bank of Sberbank and BNP Paribas Personal Finance, the consumer lending division of the BNP Paribas Group. The bank is operating in the Russian consumer and car loan market and specializes in point-of-sale lending – retail stores and auto dealers. The transfer is a part of a large-scale internal reorganization within Sberbank Group. Sberbank will continue issuing car personal loans at its branches and the car loan partnership programs with car manufacturers and car dealers will be transferred fro... Read More »

J.P. Morgan to use Central Securities Depository service owned by London Stock Exchange Group

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This development is in response to the European Market Infrastructure Regulation (EMIR), which requires margin and default contributions posted to a central counterparty (CCP) to be held with a securities settlement system, where possible. CCPs will become subject to this requirement when they obtain authorization under EMIR. LSEG’s new CSD, subject to regulatory approval, is expected to be operational in the first half of 2014, in order to provide services to CCPs when they become authorized. Kelly Mathieson, global head of Collateral Manag... Read More »

Abu Dhabi Commercial Bank Wins Trade Finance Award

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he Awards for Excellence by Trade Finance Magazine is an annual landmark poll of the best performing trade finance institutions as voted for by the industry. ADCB is the first UAE local bank to be amongst the top five ranking banks in the MENA region for its Trade Finance services. Mr. Krishnakumar Duraiswamy – Head of Trade Finance, at ADCB said, “The Awards for Excellence by Trade Finance is one of the most prestigious awards in the industry. Over the last twelve months we have worked tirelessly to enhance our offering and to raise the qua... Read More »

Aegon and Banco Santander complete exclusive 25-year partnership in Spain

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Consolidates Aegon's strong position in Spain Supports Aegon's broader strategy to become a leader in its chosen markets Aegon has completed an exclusive 25-year strategic partnership with Banco Santander, Spain's largest financial group, first announced last December. Under the terms of the agreement, Aegon has acquired a 51% stake in both a life insurance company as well as in a non-life insurance company for a consideration of EUR 220 million. The joint ventures will distribute life and general insurance products through Banco Santan... Read More »

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