Moscow authorities may distribute QR codes to beauty salons and restaurants

The system of registration of visitors using QR codes in Moscow can spread to beauty salons, restaurants and shops if it is effective in nightclubs and bars, said the head of the Moscow Department of Trade and Services Alexei Nemeryuk in an interview with restaurateur Dmitry Levitsky.

“If the system (registration by QR codes. – Vedomosti) works, it is quite possible that other industries will join it, the same beauty salons, non-food stores, for example, or restaurateurs,” Nemeryuk said. According to him, such a system is an alternative to the complete closure of enterprises.

In Moscow, from October 19, at the entrance to bars and nightclubs, which are open from midnight to six in the morning, visitors and employees of establishments will have to register using QR codes. Upon entering the establishment, visitors must scan a QR code or send SMS to a special short number 7377. The mayor’s office explained that such a system is needed to notify everyone present in a bar or club if a coronavirus is detected in any of the visitors or employees.

Since September 28, elderly Muscovites and people with chronic diseases have been advised to self-isolate. Since October 5, the mayor of the city, Sergei Sobyanin, has ordered Moscow employers to transfer at least 30% of employees, all employees over 65 years of age and employees with chronic diseases, to remote work by October 28. Holidays were announced at the city schools from 5 to 18 October. From October 19, students from grades 1 to 5 will study in person, students from 6 to 11 grades will study remotely until November 1.

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Outlook: L&T Technology Services provides information on the latest quarterly results | 10/18/20

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Zoom to offer a preview of its end-to-end encryption next week

After the avalanche of security problems that Zoom had to face, the company is recovering, after having clearly taken the measure of the problem. Several updates have already solved many concerns, but it remained to offer end-to-end encryption, as promised.

It will arrive next week, in preview first, for a period of about a month. You will then have to go to the account options to activate it. The encryption used is the same as usual (AES 256 bit GCM), except that users will now have a private key, which Zoom servers will not know.

As a result, and as you might expect, end-to-end encryption effectively blocks many Zoom functions, as the service is no longer able to analyze the video stream.

In encrypted mode, there will therefore be no more live captions, streaming, breakout rooms, polls, face-to-face discussions, recording of the session in the cloud or even reactions. . It will only be a videoconference with joint discussion, no frills.

Once the test phase is complete, all users will be able to activate E2E encryption, free as well as paid.

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For investors: how funds that bet on technology are handled

For its part, the BlackRock Technology Opportunities Fund is another of the most profitable funds, with an annual return of more than 30%. Although its portfolio is made up of 120 stocks, its biggest bets are: Apple (4.2%), Microsoft (3.5%), Amazon (2.8%), Tencent (2.1%), Alibaba (2 %), Alphabet (1.7%), Paypal (1.7%), Twilio (1.6%), Tesla (1.6%), Square (1.4%) and AMD (1.4%) . It is managed by Tony Kim and Reid Menge and is also committed to other values ​​such as ZoonInfo. According to BlackRock, the largest exposures of industry groups were in software and the internet; These industries have the best secular organic growth prospects, driven by innovation, as well as the least sensitivity to late-cycle macroeconomics. Of course, the fund also highlights that it had a substantial allocation to the issue of digital transformation, as global companies continued to modernize their operations. Looking at the long term, the fund believes that the investment thesis is not hampered by the medium-term effects of COVID-19, as many of these companies are in fact seeing increased demand as global companies rush to Invest in digitizing your operations.

Lastly, the Global Technology and Innovation Fund, owned by the manager Janus Henderson, has obtained a return of close to 25% so far this year. Its main positions are: Apple, with a portfolio weight close to 9%, Microsoft (7.84%), Amazon (4.55%), Adobe (4.24%), Facebook (4.22%), Taiwan Semiconductor Manufacturing (4.03%), Mastercard (+ 3.69%), Salesforce.com (3.06%), ASML (3%) and Texas Instrument (2.91%), which account for 46.51% of the total. In addition, it invests in other stocks such as Alavara and MercadoLibre. It is managed by Denny Fish and aims to achieve at least an annual return that is 2% above the MSCI ACWI Technology Index. Invests 96% in equities, 80% in US stocks and 16% in foreign stocks. For the fund, technology stocks generally outperformed broader equity markets and all subsectors delivered positive returns, led by remarkably strong performance from internet services and application software companies.

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Credit Suisse will master the wealthy Russians – Kommersant newspaper No. 186 (6907) dated 10/12/2020

Swiss bank Credit Suisse is expanding its Wealth Management services team for Russian clients with BNP Paribas employees. The Russian market is ranked 10-15th in the world in terms of the number of wealthy clients, but in recent years, local players have strengthened their positions in this segment.

Information about the strengthening of the Russian team of the Wealth Management division at Credit Suisse appeared on finews.com, sources of Kommersant confirmed it. In particular, according to one of them, eight former employees of BNP Paribas under the leadership of Nonna Ushenina are transferred to the bank.

The new appointments are in line with Credit Suisse’s focus on UHNWI (Ultra High Net Worth Individuals, wealthy clients with capital exceeding $ 30 million).

The team will work from Geneva. Credit Suisse declined to comment. BNP Paribas did not answer Kommersant. At the end of September, they announced the layoff of about 120 employees in the Geneva office, which was focused on Wealth Management services.

The interest of foreign financial institutions in working with Russian large private capital has noticeably increased in recent years. According to the director of the Swiss FP Wealth Solutions Yuri Yemelin, the main growth and the greatest marginality of the business of private banks is in emerging markets, including the Russian Federation. According to Andrey Babiyan, director of Alfa Capital Wealth, there are about 215 thousand wealthy clients in Russia (including High Net Worth Individuals, HNWI, with a capital of more than $ 1 million), according to this indicator, the country is in the top 15. According to Knight Frank, at the beginning of 2020 the number of UHNWIs was approaching 9 thousand clients (9th in the world).

In 2015–2016, Russia tightened currency and tax legislation, which dampened the interest of global banks in Russian clients. Then, according to Andrei Babiyan, there was an outflow from Western banks. However, Avi Burstin, Chief Executive Officer of Amber Lion (Zuerich), clarifies that since 2017, the rules have gradually become more transparent, and the requirements have become clear.

Bankers associate the desire to work with Russian clients from Switzerland not with the pandemic, but with legal issues.

As Yury Emelin explains, banks avoid a permanent physical presence in Russia “in order not to expose themselves and their employees to the risks of violating Russian laws and licensing requirements.” And in the face of a pandemic in the wealth management industry, many tasks began to be implemented remotely. According to Avi Burstin, this allows banks “to concentrate depository and trading activities in a reliable jurisdiction”, expanding the geography of potential clients.

At the same time, foreign banks will have to withstand intense competition with Russian ones. According to Andrei Babiyan, Russian management companies and investment banks sometimes have a higher expertise than foreign houses. Avi Burstin adds that ecosystem development “allows local players to compete.” At the same time, according to Mikhail Bespalov, an analyst with KSP Capital Asset Management, in terms of the breadth of expertise, “Western managers can surpass Russian competitors due to their global network and access to narrow specialists in local markets in different geographic locations.” As Mr. Emelin admits, in general, “the capabilities of the conditional average Russian bank are significantly inferior to the same conditional average Swiss bank.”

Dmitry Ladygin, Vitaly Gaidaev, Kirill Sarkhanyants

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Cleaning services delete a Banksy work in Paris

ABC

Updated:

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One of Banksy’s few works in Paris has been eliminated by cleaning services municipalities of the French capital.

Located in the Latin Quarter, the mural represented one of Banksy’s hallmarks, rats. On this occasion, the rodent was adorned with a bow red with white dots, the typical one with which the Disney character Minnie Mouse is usually characterized. Above her head, the. Number 8, In reference to 50th anniversary of May 1968.

According to the newspaper “Le Parisien”, the work of the famous street artist was protected in the past by a plexiglass sheet, like many of other pieces that he has distributed through the streets of the entire planet. Despite her withdrawal,. it had never been vandalized.

«In this district is the house of Gabriel Matzneff», A bookseller tells the aforementioned medium. The writer is at the center of the controversy because he is a pedophile who boasted of being one in his own work (“The consent”, Vanessa Springora’s book where he related the events, has just been published in Spain).

Apparently this fact had triggered the graffiti in the area against abuse and sexual violence, so the cleaning services of the City Council were notified, which covered it because it was found “degraded and covered with graffiti”.

Last July, Banksy left his mark inside a carriage in the London Underground. The work, in which multiple rats appeared ironically reflecting the spread of the coronavirus, was also removed by an operatorfrom the trucking company who thought it was a ordinary graffiti. It is estimated that this piece by the street artist could exceed eighty million euros.

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The weakness of the services sector warns of the risk of a relapse of the economy

The private sector economy in Spain contracted in September for the second consecutive month and more rapidly than the previous month. If the border between expansion and contraction is found at the 50-point level, the composite PMI index, which includes both manufacturing and service sector activity, stood at 44.3 points in September, its lowest level in four months and below the 48.4 points in August.

Paul Smith, economic director of IHS Markit, the firm that produces the data, warns about the risk of relapse of the Spanish economy: thus, although there is a “considerable technical rebound in GDP in the third quarter, given the magnitude of the fall »In the second,« the PMI index data shows that recovery is unlikely to hold at strong enough rates as if to help close the considerable activity gap that opened in the first half of the year «. Smith adds that, given increasing job losses, profit margins under pressure, and the possibility of increasing restrictions to prevent further spread of covid-19, the risk of a so-called ‘double dip’ is increasing.

The decline in activity indices was mainly due to the evolution of the services sector, given that industry activity expanded in September, as published by the same source last week, thanks to the boost from foreign demand and which led to the first increases in manufacturing employment in almost a year and a half.

But what happened with the service sector has been very different, due to its greater exposure and vulnerability to coronavirus outbreaks and the new virus containment measures that have been adopted. “As a result of the increase in the numbers of infections, the demand from both national and international customers is falling again, and it is affecting the service sectors that are so crucial for the Spanish economy”, says Paul Smith.

The fall in the services sector in September was even more virulent than in May, when the state of alarm was still in force. The commercial activity index, which is based on a single question in which companies are asked to comment on the evolution of their activity with respect to the previous month, fell below the level of 47.7 registered in August, until The 42.4 points in September, “indicating an accelerated rate of contraction, which was the strongest since last May,” according to the report.

And it is that the participants in the study reported the lack of new orders received: in fact, these fell for the third consecutive month and at their highest rate since May. Contrary to what happened in the industry, demand from foreign customers fell, both due to the reduction in new export orders and because the quarantine restrictions applied to foreign travelers also had a strong negative impact on business.

In these circumstances, employment came under pressure: staff levels fell for the seventh month in a row and at the strongest rate since last June.

In addition, employment was not only affected by a reduction in activity, but also by concerns about costs: the operating expenses of companies continued to rise, affected, in part, due to the increase in the prices of related items. covid-19, such as disinfectants and sectoral protection equipment. And, given the market situation, Spanish companies could not pass on this increase in operating costs to their customers. In fact, rates fell for the seventh consecutive month.

As a positive note, lConfidence about the future improved since August to its highest level in the last three months, although at levels well below its historical average. According to the IHS Markit report, companies that indicated positive expectations linked it to hopes of a strong reactivation of activity and sales, once the pandemic is kept under control. Although Some companies also showed great concern about the long-term impact that the crisis could have on employment and consumption.

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What will happen to the pesos and the rush for the dollar? the report that points to fiscal red

About this year they indicated that “the pandemic disrupted the economic policy objectives” that had planned “to control liquidity” and therefore “the demand for foreign currency, calming exchange and inflationary tensions.” The result: the fiscal deficit soared, as a result of the collapse of income due to the collapse of activity and the expansion of spending to mitigate the damages of the pandemic / quarantine.

Ecolatina remarks that “BCRA assistance to the Treasury reached record levels”, which can be accounted for at 1.6 trillion pesos, which represents 6.3% of GDP. The consulting firm also remarks that there was “a strong sterilization via LELIQs and passes”, which imply 0.9 trillion less pesos destined for this area and a reduction of 3.4% in GDP. However, the monetary base would close the year around 10% of GDP, in line with the 2012-2015 highs.

“In this context of strong aversion to saving in pesos, its excess supply shifted to the parallel dollar first, increasing devaluation expectations and accelerating pressures on the official dollar later” they conclude.

Ecolatina also analyzes that the debt restructuring sought to “calm tensions”, but the result was not as expected: “Although the agreement with private creditors did indeed bring relief at the medium-term macroeconomic level, it did not manage to appease the dollar appetite” .

The consulting firm highlights the continuous loss of Reserves, since the net ones drilled the u $ s7,500 million and the liquid ones are close to u $ s1,000 million, which derived according to the report, in which the Central Bank decided to reinforce the stocks, “further complicating the normal operation of the activity.”

“Going forward, it makes sense to ask what will happen to the fiscal red and what its source of financing will be: between both variables, they will determine what will happen to the pesos and, consequently, what level the exchange rate pressures will reach” they argue.

Regarding the 2021 Budget, the report warns that it is observed that the Ministry of Economy forecasts a primary deficit of 4.5% of GDP for next year, in an economy that would recover part of the lost ground with 5.5% growth projected and a slowdown in the inflation which would go from 32% this year to 29% in 2021.

Ecolatina analyzed that the budget is “important in terms of activity, too ambitious in terms of inflation” but that to “determine the assistance of the monetary authority to the National Treasury, it is necessary to work with different assumptions of rollover of the services debt (capital and interest) of the public sector “.

The consultancy firm maintains that “thanks to the successful restructuring of sovereign hard currency bonds, maturities with private companies are practically nil next year” and that if the repayment of the IMF and the Paris Club loan were to be extended, “there would be no net disbursements with international financial organizations.” This implies that “a refinancing of all services in foreign currency would be achieved, so that the assistance of the Central Bank to the Treasury in foreign currency would not be necessary.”

Regarding public debt services in pesos, Ecolatina developed three scenarios: “The first is conservative, since it assumes that in 2021 a rollover of only 100% (similar to this year, affected by the antecedent of the April reprofiling). The second assumes a 110% refinancing and the third, 120%. The intermediate scenario seems the most likely, but the extremes cannot be ruled out. “

In the event that the scenario of a rollover of 120% of debt services in pesos in 2021, the Treasury’s net placements would reach about 1.4% of GDP (508,000 million pesos, according to Ecolatina estimates), this would subtract the assistance of the Central Bank, since that a fiscal gap (primary deficit minus net loans) of 3% of GDP would have to be covered. “In this case, the BCRA would have to turn to the Treasury next year (via temporary advances and profits) almost 1,080,000 million pesos, which represents around 40% of the monetary base that we estimate for the end of 2020” they analyze .

In this regard, in the Ecolatina report they project what would happen: “If we assume that in an electoral year the Central Bank does not” want “the monetary base to rise more than inflation, it would have –Other things being equal– to sterilize via LELIQs and pses “only” ARS 210,000 million (almost 20% of the assistance), leaving the stock of sterilization instruments at stable levels (below 10% of GDP) “.

The consultant also analyzed what would happen if the rollover out of 110% of the Treasury services in pesos: “Net placements would reach 254,000 million pesos (0.7% of GDP), so the BCRA would have to turn next year ARS 1,333,000 million (3.8 % of GDP) to the Treasury, equivalent to 45% of the monetary base at the end of 2020 “.

In this regard, they maintain that “if the Central Bank does not allow the monetary base to go beyond inflation, it should sterilize about 460,000 million pesos, that is, 1.2% of GDP or 35% of assistance.” In response, the stock of LELIQs and repo transactions would exceed 10% of GDP, practically doubling at the end of 2019 (5.5%). “In this framework, although this stock of sterilization instruments would reach the peak of 2018, the level of tension would be significantly lower: unlike the LEBACs, the LELIQs are in the hands of commercial banks that have almost no alternatives other than to stay in these letters “they analyze.

Finally, Ecolatina, projected what would happen if she only managed to do rollover of services in pesos that mature (100%): “As there are no net loans (pessimistic assumption, but not impossible), the Central Bank would have to cover the entire primary deficit (almost 1,600,000 million pesos, 4.5% of the GDP). Without an active sterilization policy, this would mean a 53% expansion of the monetary base in 2021 “.

If the premise that the monetary authority does not allow the monetary base to exceed inflation, it would have –Other things being equal– to sterilize about 460,000 million pesos (1.9% of GDP or 45% of assistance). “In response, the stock of LELIQs and passes would exceed 11% of GDP, a level that a priori it seems unstable “analyzes Ecolatina.

Finally, they conclude: “It is important to highlight that, if inflation ends up being higher in 2021 than budgeted, the less will be the sterilization effort of the BCRA necessary for the monetary base to grow in line with the rise in prices, since the greater will be the collection of inflation tax ”.

The consultant allows us to think of three different inflation hypotheses: “30%, aligned with the 2021 budget; 40% aligned with our inflation prospects for next year; and 50%, a little above the price increase projected by the REM by 2021 (47%). As can be seen in the table, the sterilization (measured as the stock of LELIQs and passes in relation to GDP) necessary for the monetary base to grow in line with the rise in prices, is less the higher be the projected inflation rate. “

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Montaña Central Leonesa refuses to “mortgage the mountains” to build wind farms

The Platform for the Future of the Central Mountain of Leonesa holds a meeting with entities opposed to the projects of wind farms for the Mountain of León. In the image, the president of the platform, Esther Domínguez. / Campillo / ICAL

Miriam Badiola / ICAL
| 09/27/2020 – 1:05 p.m.

The Platform for the Future of the Central Mountain of Leonesa showed once again this Sunday its rejection of the wind farm projects for that area, considering that “they do not want to mortgage the mountains or replace their economic use by a monopoly of multinationals who want exploit a single resource and make the area exclusively dependent on a single company or a single resource “, according to one of its representatives, Sergio Díez.

This was pointed out by the representative of the Platform for the Future of the Central Mountain of Leonesa during the celebration in Pedrún de Torío of a meeting of 25 groups and entities of the province, from different areas, both social, educational, sports and ecological that have decided to join together to “be able to work together against the installation of wind projects in the Leonese mountain” and that in today’s meeting they decided to “set a roadmap to work together”.

“We are not against wind energy, it seems very necessary to us, but in addition to being renewable we remember that it also has to be sustainable, for which it has to be an energy that cannot be located anywhere, but has to cause a minimum impact on the environment “, explained Sergio Diez, while pointing out that” the mountain areas in which the macro-wind farms are projected are not the ideal ones “, which is why” they have generated a rejection in the population very important”.

Campillo / ICAL

For this reason, he considered it “essential” that the administrations “take into account that if these projects do not arise from the inhabitants themselves, the territory must be very aware that they are multinationals that come to plunder the resources in some way”, which is why that “they do not have the approval of the inhabitants.”

An approval that is not available because, according to the representative of the Platform, “what is not wanted is to mortgage the mountains, one of the main values ​​that we have, during the 30 years that the concessions of the parks “, since in addition” the areas are used as economic use at the level of pastures, livestock and other types of activities such as tourism, which today generates a fabric that is true that it is small and should be promoted “, but” very diverse “which” is not to be replaced by a monopoly of multinationals that want to exploit a single resource and make the area exclusively dependent on a single company or a single resource “.

Diez recalled that “there are many cases at the national level and in the province of León itself of what this type of monopolies mean in the end the day that companies decide to close and disappear because they are no longer profitable”, so that “the inhabitants become they are once again in an empty territory and without resources “and” they would throw away the last 15 years in which they are working to diversify the economic offer “.

For all these reasons, Sergio Diez set his sights on the actions taken by the Platform at the moment in which the administrative process of the wind farm projects begins in order to present allegations. For this reason, from the Platform for the Future of the Central Mountain of Leonesa, informative talks are being held in different parts of the province, while keeping an eye on these deadlines to start legal processes.

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Montaña Central Leonesa refuses to “mortgage the mountains” to build wind farms

The Platform for the Future of the Central Mountain of Leonesa holds a meeting with entities opposed to the wind farm projects for the Mountain of León. In the image, the president of the platform, Esther Domínguez. / Campillo / ICAL

Miriam Badiola / ICAL
| 09/27/2020 – 1:05 p.m.

The Platform for the Future of the Central Mountain of Leonesa showed once again this Sunday its rejection of the wind farm projects for that area, considering that “they do not want to mortgage the mountains or replace their economic use by a monopoly of multinationals who want exploit a single resource and make the area exclusively dependent on a single company or a single resource “, according to one of its representatives, Sergio Díez.

This was pointed out by the representative of the Platform for the Future of the Central Mountain of Leonesa during the celebration in Pedrún de Torío of a meeting of 25 groups and entities of the province, from different fields, both social, educational, sports and ecological that have decided to unite to “be able to work together against the installation of wind projects in the Leonese mountain” and that in today’s meeting they decided to “set a roadmap to work together”.

“We are not against wind energy, it seems very necessary to us, but in addition to being renewable we remember that it also has to be sustainable, for which it has to be an energy that cannot be located anywhere, but rather has to cause a minimum impact on the environment “, explained Sergio Diez, while pointing out that” the mountain areas in which the macro-wind farms are projected are not the ideal ones “, which is why” they have generated a rejection in the population very important”.

Campillo / ICAL

For this reason, he considered it “essential” that the administrations “take into account that if these projects do not arise from the inhabitants themselves, the territory must be very aware that they are multinationals that come to plunder the resources in some way”, which is why that “they do not have the approval of the inhabitants.”

An approval that is not available because, according to the representative of the Platform, “what is not wanted is to mortgage the mountains, one of the main values ​​that we have, during the 30 years that the concessions of the parks “, since in addition” the areas are used as economic use at the level of pastures, livestock and other types of activities such as tourism, which today generates a fabric that is true that it is small and should be promoted “, but” very diverse “which” is not to be replaced by a monopoly of multinationals that want to exploit a single resource and make the area exclusively dependent on a single company or a single resource “.

Diez recalled that “there are many cases at the national level and in the province of León itself of what in the end this type of monopolies suppose the day that companies decide to close and disappear because they are no longer profitable”, so that “the inhabitants They are once again in an empty territory and without resources “and” they would throw away the last 15 years in which they are working to diversify the economic offer “.

For all this, Sergio Diez set his sights on the actions taken by the Platform at the time the administrative process of the wind farm projects begins in order to present allegations. For this reason, from the Platform for the Future of the Central Mountain of Leonesa, informative talks are being held in different parts of the province, while keeping an eye on these deadlines to start the legal processes.

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