Connect with us
db1000x600 db1000x600

News

Deutsche Bank is considering taking over Wirecard Bank

At the beginning of the week it still looked as if Wirecard’s Bank would also go into bankruptcy because too much customer money had meanwhile flowed out – now it is becoming clear that Deutsche Bank could take over in whole or in part. The Bank is examining possible financial aid in coordination with BaFin, the insolvency administrator of Wirecard AG and the management board of Wirecard Bank, a spokesman said.

According to German media reports, at least one financial investor has also expressed an interest in Wirecard Bank.

The financial supervisory authority Bafin had appointed the Bundesbank as a special representative at Wirecard Bank, who should ensure that no funds flow to Wirecard AG and that business continues.

Wirecard Bank has a full banking license and can offer all financial services. Since the beginning of the year, it has been promoting 0.75 percent interest on checking deposits on the “Boon Planet” banking app, while other institutes hardly pay any interest or even charge fees for fixed deposits.

If the bank had gone bankrupt, the deposit guarantee fund of the private banks would have compensated customers who did not withdraw their money on time.

On the balance sheet, Wirecard Bank is not a heavyweight. According to internal sources, at the end of March it had total assets of 1.6 billion euros, which roughly corresponds to a medium-sized savings bank. The equity at the end of the quarter was 205 million euros and he bottom line was a surplus of 4.7 million euros at the end of the quarter, after 40.8 million in the same quarter of the previous year.

What motives drive Deutsche Bank is still unclear. “We are one of the largest banks in the payment traffic worldwide and that is one of our strengths, a real core business area,” Deutsche Bank board member Fabrizio Campelli told Handelsblatt in an interview published on Friday and “if there are opportunities to strengthen ourselves, we will look at them.”

Deutsche Bank may be targeting Wirecard Bank’s corporate customers in payment transactions, although the first have already turned away. Since the beginning of July, for example, the discounter Aldi Süd has no longer processed credit card payments through the insolvent payment service provider, but through the provider Payone, as the company explained on Thursday. 

The cooperation with Wirecard Bank has since been limited to business with the Aldi gift card. But this has no consequences for customers.

The connections between Wirecard and Deutsche Bank are complex anyway. Last year, on the initiative of the Wirecard Group, there were even informal merger talks with Deutsche Bank, which, however, broke off quickly as Bloomberg news agency reported first. In addition, the bank temporarily granted company founder Markus Braun a private loan of EUR 150 million secured with Wirecard shares.

In addition, one of the auditors, who was responsible for checking the Wirecard balance sheet at EY in 2017, switched to Deutsche Bank in 2018 as chief accountant.

How useful was this post?

Click on a star to rate it!

Average rating 4.2 / 5. Vote count: 17

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

US Designates 6 More China-based Propaganda Outlets as Foreign Missions

The United States has designated six additional China-based propaganda outlets as foreign missions, the newest push to counter communist propaganda.

The State Department issued a new determination on Wednesday that designates the U.S. operations of Yicai lobal, Jiefang Daily, Xinmin Evening News, Social Sciences in China Press, Beijing Review, and Economic Daily as foreign missions.

“They are all substantially owned or effectively controlled by a foreign government. We’re not placing any restrictions on what these outlets can publish in the United States," U.S. Secretary of State Mike Pompeo told reporters during a news conference. "We simply want to ensure that American people, consumers of information, can differentiate between news written by a free press and propaganda distributed by the Chinese Communist Party itself.”

The latest determination follows the State Department’s actions on Feb. 18 and June 22, for a total of 15 Chinese outlets designated as foreign missions this year.

Wednesday's announcement is the latest U.S. step to curb Chinese activity in the United States in the run-up to the Nov. 3 presidential election, in which President Donald Trump has made a tough approach to China a key foreign policy theme.

The State Department has previously required Chinese media outlets to register as foreign missions and announced in March it was cutting the number of journalists allowed to work at U.S. offices of major Chinese media outlets to 100 from 160.

In response, China expelled about a dozen American correspondents with The New York Times, News Corp’s Wall Street Journal and The Washington Post. Beijing also demanded that the Voice of America and Time magazine provide the Chinese government with detailed information about their operations.

Some information from Reuters.

Original Article from Isaan.Live

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

Continue Reading

News

Thai Prime Minister Lifts Week-Old State of Emergency

Thai Prime Minister Prayuth Chan-o-cha has lifted a state of emergency he imposed one week ago but which failed to bring an end to months of protests seeking his ouster and reforms of the country’s constitutional monarchy.
The government announced the end of the emergency decree in a written statement Thursday, saying the situation had eased to the point where “government officials and state agencies can enforce the regular laws.”
Prayuth issued the state of emergency last week after tens of thousands of protesters marched on his office at Government House in Bangkok and vowed not to leave until he agreed to step down.
Despite the ban on public gatherings of more than four people issued in the decree, mass demonstrations continued in the Thai capital, prompting Prayuth to announce on national television Wednesday that he was planning to lift the state of emergency.
However, the protesters have promised to resume the demonstrations if he did not resign by Saturday.
Prayuth is a former army general who seized power in a 2014 coup that ousted the elected civilian government. He won election to the post last year, but protesters say the vote was rigged in his favor due to laws drafted by the military.
In addition to changes to the constitution, demonstrators are also seeking to reduce the influence of the Thai monarchy. The institution maintains a divine-like status among Thailand’s elite, and is protected by strict “lese majeste” laws that allow for imprisonment of anyone convicted of insulting the monarchy.
Earlier Wednesday, Thai courts reversed a decision to shut down Voice TV — a media outlet partly owned by the family of exiled former Prime Minister Thaksin Shinawatra. Voice TV is one of four media outlets under investigation by the government for their coverage of the protest movement.

Original Article from Isaan.Live

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

Continue Reading

News

New Huawei Phone Comes at Crucial Time for Chinese Company

Huawei's new smartphone has an upgraded camera, its latest advanced chipset and a better battery. What it may not have outside the Chinese tech giant's home market is very many buyers.
Huawei, which recently became the world's No. 1 smartphone maker, on Thursday unveiled its Mate 40 line of premium phones, a product release that comes at a crucial moment for the company as it runs out of room to maneuver around U.S. sanctions squeezing its ability to source components and software.
The Mate 40 could be the last one powered by the company's homegrown Kirin chipsets because of U.S. restrictions in May barring non-American companies from using U.S. technology in manufacturing without a license.
Analysts say the company had been stockpiling chips before the ban but its supply won't last forever.
"This is a major challenge to Huawei and it's really losing its market outside of China," said Mo Jia, an analyst at independent research firm Canalys. The latest U.S. restrictions mean it "100% has closed doors for Huawei to secure its future components."
Executives said this summer that production of Kirin chips would end in mid-September because they're made by contractors that need U.S. manufacturing technology. In a press preview this week ahead of the Mate 40's launch, staff declined to answer questions on Huawei's ability to source chips. The head of Huawei's consumer business, Richard Yu, referred only briefly to the issue at the end of a virtual launch event Thursday.
"For Huawei, nowadays we are in a very difficult time. We are suffering from the U.S.
government's third round ban. It's an unfair ban. It makes (the situation) extremely difficult," Yu said.
Huawei, which is also a major supplier of wireless network gear, is facing pressure in a wider global battle waged between the U.S. and China over trade and technological supremacy. The U.S. government's efforts to lobby allies in Europe to not give it a role in new high-speed 5G wireless networks over cybersecurity concerns has been paying off, with countries including Sweden and Britain blocking its gear.
Huawei phones are not widely available in the U.S., but they're sold in Europe, the Middle East and Asia. The company climbed to the top of the global smartphone rankings this summer, knocking Samsung off top spot by shipping 55.8 million devices in the second quarter to gain a 20% share of the market, according to research firms Canalys and International Data Corp. But the performance was driven by strong growth in China while smartphone sales in the rest of the world tumbled due to the coronavirus pandemic.
Analysts say it will be hard for Huawei to remain No. 1.
"Huawei's in a tight spot," said Ben Wood, chief of research at CCS Insight. Along with the U.S. sanctions, it's also hurt by slumping confidence in the brand that makes retailers less keen to stock its phones. "And sadly, I don't think you're going to see the Mate 40 performing particularly well outside of China."
Huawei has a small but enthusiastic fan base in Europe, its biggest market outside China. But some users are turned off by the idea of sticking with the brand because of a related problem: recent models like the Mate 40, priced at 899 euros ($1,070) and up, can't run Google's full Android operating system because of an earlier round of U.S. sanctions.
Instead, they come with a stripped down open source version of Android, which doesn't have Google's Play Store and can't run popular apps like Chrome, YouTube and Search.
Mark Osten, a 29-year-old architect in Preston, England, bought a Huawei P30 last year when the contract on his previous Samsung phone ended.
He says the camera is great but hesitates to recommend the brand to others because of the uncertainty.
"I just can't imagine life without YouTube or Google," said Osten.
To make up for losing Google services, Huawei has built its own app store and has been paying developers to create apps for it. Users can request apps that aren't yet available, but it's not something that appeals to Chloe Hetelle, a 35-year-old events organizer in Toulouse, France, who bought a Huawei P20 model two years ago after switching from an iPhone.
"I don't want to request apps, I just want to have YouTube," said Hetelle. "I'm not really keen on struggling to get something that I would have easily with another phone."

Original Article from Isaan.Live

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

Continue Reading

Search

Latest News

Coronavirus3 days ago

Who’s In Line for COVID-19 Vaccines?

The COVID-19 vaccines are coming. The question is, who gets them first? And who is next in line? Two companies...

Coronavirus3 days ago

COVID-19 ‘Right Under Control’ in Australia, Experts Say

As Australia’s most populous state eases more COVID-19 restrictions, experts say the nation has brought the epidemic “right under control.”...

Coronavirus3 days ago

France, Spain Become Latest Nations to Have More Than 1 Million COVID-19 Cases

The number of nations with more than 1 million confirmed COVID-19 cases has risen to seven. Spain and France are...

Coronavirus3 days ago

Brazilian President Cancels Health Minister’s Plan to Buy Chinese Vaccine Against Coronavirus

Brazilian President Jair Bolsonaro said he has canceled a deal to buy a Chinese-developed vaccine against the coronavirus, a day...

Coronavirus3 days ago

India’s Festive Season Poses Fresh Risk as Pandemic Crosses Peak

India heads into its monthlong Hindu festival season with some good news — a government-appointed committee of experts says that...

Coronavirus3 days ago

German Health Institute Sounds Alarm on COVID-19

The head of Germany’s disease control institute sounded an alarm Thursday, warning of a possible uncontrollable spread of COVID-19 as...

Coronavirus3 days ago

Millions of New Rapid COVID Antigen Test Kits Headed to Africa

New rapid coronavirus testing, soon to be available throughout Africa, could be a “game changer” for the continent, the World...

Coronavirus3 days ago

Three New Areas in Britain Tighten COVID-19 Restrictions

The British health minister announced Thursday that three additional areas of the country will see tightened COVID-19 restrictions after a...

Coronavirus3 days ago

Czechs to Get Ventilators from EU as Coronavirus Cases Soar

The Czech Republic will get 30 ventilators from the European Union and is seeking more help and equipment abroad to...

Coronavirus4 days ago

White House, Democrats ‘Serious About Finding Compromise,’ Pelosi Says  

The White House and the Democratic-majority U.S. House of Representatives “are serious about finding a compromise” on a second massive...

Coronavirus4 days ago

Pope Reverts to Mask-Less Old Ways Amid Growing Criticism

A day after donning a face mask for the first time during a liturgical service, Pope Francis was back to...

Coronavirus4 days ago

CDC Says Impact of Pandemic on US Mortality Underestimated

A new study released Tuesday by the U.S. Centers for Disease Control and Prevention says nearly 300,000 more people in...

Coronavirus4 days ago

British PM, Opposition Debate Pandemic Response

British Prime Boris Johnson pushed back again Wednesday on opposition efforts to implement a two-week "circuit-breaker" nationwide lockdown to stem...

Coronavirus4 days ago

Common Cold Could Protect Against COVID-19, Research Shows

Having a cold might protect sufferers from a severe case of COVID-19, new research shows. COVID-19 patients who had recently...

Coronavirus5 days ago

Argentina Now Has 1 Million Confirmed COVID-19 Cases 

Argentina is now the world’s fifth country with more than one million confirmed COVID-19 cases. Data collected by Johns Hopkins...

Coronavirus5 days ago

Imperial College London Recruiting Healthy Volunteers to Infect with COVID-19

The British government is supporting human trials for a potential COVID-19 vaccine in which healthy human subjects will be infected...

Coronavirus5 days ago

Emergency Food Needs Surge as COVID-19 Continues to Spread

The World Food Program reports food insecurity is increasing worldwide because of the devastating socio-economic impact of COVID-19, with tens...

Coronavirus5 days ago

British Finance Chief Defends Government’s COVID-19 Strategy

Britain’s finance minister Tuesday defended the government's localized three-tiered approach to fighting the spread of COVID-19 in the country, saying...

Advertisement