Banks fear risks from the ECB’s digital euro plan

In five years, the President of the European Central Bank (ECB), Christine Lagarde, can imagine the introduction of a digital euro. Until then, there is still some time to educate executives in banks, fund companies and other financial institutions about the project and its effects. In a survey published on Tuesday by the research institute at Frankfurt’s Goethe University, the Center for Financial Studies (CFS), the majority of the specialists and executives questioned are still undecided about how they should classify the project.

In this uncertainty, worries then also outweigh. With almost three quarters, a clear majority expresses concerns about their own business model, should the ECB allow companies and households to introduce digital central bank money to hold deposits up to a certain limit. It can make it more difficult for banks to refinance if the central bank withdraws some of their deposits. However, the ECB must be credited with wanting to avoid destabilizing commercial banks through the digital euro in any case.

Peer pressure in international banking

This summer, the central bank’s committees want to make a decision on whether to continue the digital euro project. Due to the extensive preparations such as a public consultation and the work of other central banks on digital money, it can be assumed that the ECB will continue to drive the development forward. The Chinese central bank is furthest, and is already testing the digital yuan in certain cities.

Meanwhile, German financial institutions are still guessing: “The survey shows that many market participants do not yet have a clear opinion on whether a digital euro is needed and how it should be designed,” said Volker Brühl from CFS. He calls for the financial industry to be actively involved in the project.

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Foreign exchange: Euro rises towards 1.21 US dollars | 05/07/21

FRANKFURT (dpa-AFX) – The euro rose significantly on Friday, according to statements from the European Central Bank (ECB). In the morning, the common currency rose to a daily high of 1.2091 US dollars. In the morning it had been quoted almost half a cent lower. The European Central Bank (ECB) set the reference rate on Thursday at $ 1.2060.

The ECB could soon slow down the pace of its Corona security purchases, according to the Latvian central bank chief Martins Kazaks. Such a decision is possible at the next meeting of the Monetary Policy Council in June, he told Bloomberg TV that morning. The prerequisite, however, is that the general financing conditions remain generous.

The PEPP crisis program has a total volume of 1.85 trillion euros. In order to counter the trend of rising capital market interest rates, the ECB accelerated the buying speed at the beginning of the second quarter. At the same time, the Latvian underlined that the euro area still needed monetary policy support in view of the pandemic. Even if the statements do not suggest a decrease in the overall volume of PEPP, the markets could interpret this as a signal for a less expansionary policy. This has supported the euro.

In important countries from the Eurozone industrial production data were published. In Germany, France and Spain, for example, production increased in March compared to the previous month. In France and Spain, however, it fell slightly short of expectations.

In the afternoon, the focus is on the American job market. The US government publishes its monthly job report. A further significant increase in jobs and a further decline in unemployment are expected. This would mean that the labor market would continue its recovery from the severe slump in the Corona crisis./jsl/bgf/fba

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Fund manager Kaldemorgen: State crackdown on cryptocurrencies!

Klaus Kaldemorgen, star fund manager of the Deutsche Bank subsidiary DWS, calls for stricter regulation of crypto currencies such as Bitcoin. “It cannot be that a gap opens up in our otherwise regulated economy, where money laundering can be carried out with impunity and undetected, and other prohibited transactions can be carried out,” he says in an interview in WELT AM SONNTAG.

In addition, nobody knows who all these digital coins belong to. “Are they all in a few hands, so that their course is free for any kind of manipulation? Or the crypto exchanges: How susceptible are they to manipulation? ”Continues Kaldemorgen.

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The states and central banks have this in mind and are increasingly looking at it critically, Kaldemorgen notes. He believes that they will step in soon. “The regulatory authorities will therefore soon be tightening the screws, also because of the taxes that the state is missing,” says Kaldemorgen.

The prices of cryptocurrencies like Bitcoin have risen rapidly in recent years. Worldwide, it currently contains investor funds of around $ 1.7 trillion.

More regulation could have a negative impact on the price. Kaldemorgen has been a fund manager at DWS for almost 40 years and is considered one of the most successful investment specialists in Germany.

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The pandemic swaying large office towers

LONDON (awp / afp) – Do large office towers still have a future? The explosion of remote work with the pandemic is giving ideas to companies who see it as a source of savings, even if it means changing the world of work in depth.

Since the start of containment, the business districts have emptied, leaving an impression of the end of the world as in Canary Wharf in east London, or in La Défense in the western Paris suburbs.

But, even at the time of the very gradual resumption of work which turns to the puzzle, it is now their future which could be at stake, and those of their skyscrapers and other towers, symbols of modern capitalism and of the power of multinationals.

Jes Staley, the boss of the British bank Barclays, whose imposing and luxurious premises are rightly located in Canary Wharf, estimates that “putting 7,000 people in a building could be a thing of the past. We will find ways to operate with more distances for long time”.

It summarizes the mindset of many multinational leaders who see the success of remote working during the pandemic.

The French automobile giant PSA is considering making it the “benchmark” for its non-production activities, ie tens of thousands of people, and the American social network Twitter even plans to allow certain employees to work from home permanently.

“This pandemic has proven that technology allows remote working. I think the real revolution will come from a change in the mindset of leaders on how to think about flexibility,” Cydney Roach told AFP. , an official of the American consulting firm Edelman.

“It is difficult to know what this will lead to, but employees will have to be involved in the search for solutions,” she said.

Admittedly not all sectors can apply it, but this practice has been massively imposed.

The British advertising giant WPP has placed nearly 95% of 107,000 employees in telework, continuing to maintain services to its customers.

The British real estate developer Land Securities, very present in the City of London, recently estimated that only 10% of its office space was used.

Long-term negative effects

“There will never be a return to normal,” predicts Alex Ham, co-managing director of London broker Numis Securities. Going to the office Monday through Friday “just won’t come back,” he told British daily The Telegraph.

According to a survey by real estate consultancy giant Cushman & Wakefield, carried out in April among 300 companies around the world, 89% of them believe that the use of remote work will continue beyond the pandemic.

Clare Lyonette and Beate Baldauf, professors at the University of Warwick (central England), point out the advantages of telework for companies as savings – especially given the exorbitant rents of the City – better productivity or even a decrease absenteeism.

“Real estate is one of the areas that cost businesses the most” but skyscrapers “are not going to disappear”, warns Ms. Roach, if only because of the need to keep offices in “dense places like Manhattan “.

Large groups could be tempted, however, to limit their property holdings as much as reducing costs will be the priority for many of them in the coming years, to absorb the economic shock of the pandemic.

But “employers must be aware of the potential negative effects in the long term”, including the negative impact on team cohesion, warn Clare Lyonette and Beate Baldauf.

“A decrease in well-being and loyalty to the company could partially erase the savings,” they said.

And it is not even sure that the employees are really winners.

According to the VPN provider, NordVPN, employees tend during this crisis to work an average of three hours a day from home in the United States and two hours in France.

jbo / ved / etr / am

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Ex-Advisor to the President of Lokomotiv, analyzed the reasons for the possible resignation of Yuri Semin – Sport Express

  1. Ex-adviser to the president of Lokomotiv analyzed the reasons for the possible resignation of Yuri Semin Sport-Express
  2. Too many sayings for Semin. For some reason, the arguments against him ignore the Championship.
  3. Ex-Advisor to the President of Lokomotiv: “The General Director and Board of Directors have teamed up against Semin” news.Sportbox.ru
  4. Ex-Advisor to the President of Loko: “The General Director and the Board of Directors are united against Semin” Sports.ru
  5. The expert spoke about the possible resignation of Semin from Lokomotiv RT in Russian
  6. View in the Google News app

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The attacker took a break. Metallurg and Mozyakin still can’t agree on a new contract – Verstov.Info

  1. The attacker took a break. Metallurg and Mozyakin still can not agree on a new contract Verstov.Info
  2. The vice-president of “Magnitogorsk” about Mozyakin: “They almost reached a consensus, but a revolution struck with a stupid idea to increase Sports.ru
  3. Laskov: a pause was taken by Mozyakin’s agent, Pivtsakin leaves Metallurg Championship
  4. Restructuring continues. “Metallurg” parted with the Czech striker and signed the defender of the “Vanguard” Verstov.Info
  5. Sergey Laskov: “Pivtsakin leaves Metallurg, agent Mozyakin took a break” news.Sportbox.ru
  6. View in the Google News app

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Vasya is going to Montreal. Former goalkeeper of Metallurg will play in the NHL – Verstov.Info

  1. Vasya is going to Montreal. The former goalkeeper of Metallurg will play in the NHL Verstov.Info
  2. Igor Kravchuk: “Demchenko goes to Montreal, where not every newcomer can withstand the pressure and responsibility” news.Sportbox.ru
  3. Former goalkeeper of Tractor and Magnitogorsk Vasily Demchenko signed a contract with Montreal https://sport24.ru/
  4. CEO Goalkeeper Vasily Demchenko signed a one-year contract with Montreal, goalkeeper Alexei Krasikov signed a three-year contract with Siberia, a review and the latest KHL Sport Express news
  5. Russian hockey player signed a contract with NHL club after matches with Barys – Hockey SportsKZ – Kazakhstan Sports Portal
  6. View in the Google News app

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Anna Koshmal made a statement after the news about the quarrel between Artemyeva and Kravchenko »DonDay

Anna Koshmal made a statement after the news of the quarrel between Artemyeva and Kravchenko
After information about the scandal of actresses Lyudmila Artemyeva and Tatyana Kravchenko, their colleague Anna Kosmal made a statement. The famous Ukrainian actress answered the question of subscribers in her instagram.

Previously, there was information that the heroes of the cult series “Matchmakers” Tatyana Kravchenko and Lyudmila Artemyeva nearly got into a fight. Straightforward from childhood, Tatyana Kravchenko did not like the arrogant behavior of Lyudmila Artemyeva, and she decided not to keep her mouth shut. The actress tried to put a stellar colleague in place in the early days of filming, but was immediately rebuffed. The conflict almost got to a fight.

Many media wrote about this incident between the actresses. There is information that the tension between the actresses still lives. Allegedly, Artemyev is annoyed that Kravchenko is as loud and direct as Valyukha, whom the viewers loved.

A colleague of actresses on the set, Anna Koshmal, against the background of these rumors made a statement in her Instagram account. She confirmed that there was still a quarrel between the actresses. Moreover, the Ukrainian actress noted that they themselves did not hide their hostility to each other.

Recall, the release of the picture was scheduled for 2021. However, due to coronavirus infection, the release dates of the series may again reschedule.

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Actress Anna Koshmal made a statement about the fate of Lyudmila Artemyeva in the TV series “Matchmakers” »DonDay

Actress Anna Koshmal made a statement about the fate of Lyudmila Artemyeva in the series “Matchmakers”
The famous Ukrainian actress Anna Koshmal made a statement on the participation of Lyudmila Artemyeva in the TV series “Matchmakers”. The actress spoke about the fate of a colleague in one of her live broadcasts.

As previously reported, there was information that Lyudmila Artemyeva left the project and would not be in Svatami-7. However, her colleague, playing the role of Zhenya’s granddaughter, made an official statement.

– Artemyev will be friends! Don’t worry, Olga Nikolaevna hasn’t gone anywhere, she will definitely be in “Matchmakers-7”, – said Nightmare.

In addition, the actress also said that Nikolai Dobrynin did not leave the series. Mityai will also take part in the seventh season of the comedy series. According to Anna Koshmal, Nikolay Dobrynin will show new stories from Larisa and Mityaya.

With the spread of coronavirus in the country and in the world, filming of the seventh season was in jeopardy. Many artists are on self-isolation at home. Actors share their hobbies and entertainment in social networks. For many, this is the time to see their family, restore power after numerous filming and do self-development.

In particular, Anna Koshmal said that she is in touch with colleagues from Russia via the Internet. Of the entire acting group of the series “Matchmakers”, she is the only one who lives in Ukraine.

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