MGM and Amazon Is the takeover in danger of failing?

Status: 22.06.2021 10:18 p.m.

Actually, the mega-deal between the traditional MGM studio and the online giant Amazon was already dry. Now the takeover is to be checked again by the US Trade Commission FTC.

From Marcus Schuler, ARD studio Los Angeles

The Wall Street Journal reports that the new head of the FTC Trade Commission, Lina Khan, wants to take another closer look at the planned takeover of the renowned Hollywood studio by Amazon. The reason for this is an already existing competition procedure against Amazon, which the FTC has initiated.

The group actually wanted to take over the 97-year-old film studio from Jeff Bezos for the equivalent of 6.91 billion euros. This was intended to increase the Amazon Prime film library – Amazon’s streaming service – in order to be able to remain competitive with the video platforms of Netflix, Disney Plus and HBO Max. More than 4,000 productions are slumbering in the MGM archive – including all James Bond films. In addition, Amazon is increasingly producing its own content for its Prime video platform. In addition, the company has attracted attention with its aggressive purchasing policy in US sports rights. Among other things, it holds broadcasting rights to the US National Football League (NFL). Compared to other providers, however, their own library of entertainment goods such as series and feature films is relatively small.

In the worst case, no approval

The takeover has now suffered a setback. In the worst case scenario, it could not be approved. Only a few weeks ago, after consulting the Justice Department, the FTC reserved the right to examine the takeover more closely. Neither the US agency nor the online company wanted to comment on the process.

In the US, a great deal of competition has arisen for dominance in the streaming market. This market has so far been dominated by Netflix. The new head of the FTC, the 32-year-old Khan, caused a sensation five years ago with a legal article in the Yale Law Journal. In this she had described what she believed was anti-competitive behavior on the part of Amazon. She came to the conclusion that the current US competition laws are too weak to be able to put a constantly expanding company like Amazon in their place.

Less freedom for tech companies

In the past, Khan had advocated curbing large dominant companies time and again. This is one of the few overlaps shared by the two parties represented in Congress. Both Democrats and Republicans want to tighten the power of tech companies like Google, Facebook, Apple and Amazon.

Khan was appointed to office by US President Joe Biden a few days ago. She is expected to regulate the big tech companies in Silicon Valley and on the US West Coast more tightly

The 2020 annual report shows that Tongyu’s main business is communication antennas and radio frequency devices, optical communications, and new energy electrical cabinets, accounting for 79.37%, 15.53%, and 5.1% of revenue respectively.

The chairman of Tongyu Communication is Wu Zhonglin, male, 54 years old, Chinese nationality, no permanent overseas residency, master degree, engineer, assistant engineer, professor, former assistant engineer of Guangdong Sanshui Southwest Communication Equipment Factory, Zhongshan Post and Telecommunications Bureau, Guangdong Province Mobile branch engineer, visiting professor of Zhongshan Vocational and Technical College, etc.

Daoda (1997) “Individual Stock Trend” reminder:

1. In the past 30 days, Tongyu Communication’s holdings of northbound funds have decreased by 530,200 shares, and the proportion of shares in circulation decreased by 0.32%;

2. No organization has conducted research on Tongyu Communication in the past 30 days.For more key information, please search for “Dao Dahao”.

   Every Jing Toutiao (nbdtoutiao)——You lose 200,000 yuan if you get out of the column! How long will the low price of the pig cycle go sideways in the second half?The industry predicts that the turning point will come at this time

   (Reporter Zeng Jianhui)

   Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. According to this operation, at your own risk.

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General Secretary Nguyen Phu Trong – Secretary of the Central Military Commission delivered a speech at the Conference. On June 17, the Central Military Commission, term 2020-2025, held the first meeting, announced the Decision of the Politburo appointing comrades to join the Central Military Commission and the Central Military Commission Standing Committee. ; approved the report on the results of leadership and direction for the implementation of military and defense tasks in the first 6 months of the year, determined guidelines and tasks for the last 6 months of 2021. General Secretary Nguyen Phu Trong – Secretary of the Central Military Commission chaired the Conference. At the meeting, the Standing Committee of the Secretariat Vo Van Thuong announced the decision of the Politburo on the appointment of the Central Military Commission for the 2020-2025 term, including 25 comrades; The Standing Committee of the Central Military Commission consists of 6 comrades, including 3 key leaders of the Party and State: General Secretary Nguyen Phu Trong; State President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh. Speaking at the conference, Party General Secretary Nguyen Phu Trong congratulated the Central Military Commission for the 2015-2020 term excellently completing the tasks assigned by the Party, State and people. , upholding the principles, having many innovations, leading and directing the entire army to successfully implement the Resolution of the 10th Army Party Congress and major military and defense goals and policies that The 12th Congress of the Party has proposed. General Secretary Nguyen Phu Trong emphasized: “The police force and the army force are two wings of a bird, a “sword and shield” that need to work closely to protect the Fatherland, must be clean and strong. strong, resolutely fight against negativity and rely on the people, under the leadership of the Party, to make this term better than the previous one. The Central Military Commission needs to direct the study and mastery of the whole army, promote learning and follow Ho Chi Minh’s ideology, morality and style, continue and promote the tradition of Uncle Ho’s army and his army. People, by the people, for the people. The first meeting of the Central Military Commission for the term 2020-2025 approved: The action plan of the Central Military Commission to implement the Resolution of the XIII Congress of the Party and the Resolution of the 11th Congress of the Military Party Committee; Regulations and working program of the Central Military Commission for the term 2020-2025; Resolution on leadership of inspection and supervision, working regulations of the Central Military Commission Inspection Committee and election of the Central Military Commission Inspection Committee for the 2020-2025 term.

Delegations of the province and Ha Long City offered incense at the Monument to Heroes and Martyrs of Ha Long City. After 5 months of implementation, with the close, drastic and synchronous direction of the Party committees and authorities, the active participation of the whole political system and especially the consensus and trust of the voters. In the whole province, the election of 15th National Assembly deputies and People’s Council deputies at all levels for the term 2021-2026 taking place on May 23, 2021 was successful in all aspects, ensuring safety, democracy and compliance with the law. , really is the festival of the whole people, the great festival of the river. Comrade Nguyen Xuan Ky, member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Council, led the delegation to offer incense to commemorate heroes and martyrs. Along with voters nationwide, voters in Quang Ninh province have shown very high voting rights and obligations, with a voter turnout rate of 99.95%. Voters correctly elected, elected 8 National Assembly deputies, 66 Provincial People’s Council deputies, 420 District People’s Council members, and 3,740 Commune People’s Council deputies, who are typical people, trusted by the people, and empowered to represent themselves. represent the will and aspirations of the people. The delegation spent a minute of silence in front of the heroes and martyrs. At the first session, the 14th Provincial People’s Council, term 2021-2026, will perform the tasks prescribed by law. In particular, the Provincial People’s Council will conduct the election of key leadership positions of the government apparatus of Quang Ninh province, in order to contribute to the realization of the goal of building a strong and real local government of the people, by the people. and for the people. Comrade Nguyen Xuan Ky, Member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People’s Council, respectfully offered flowers at the Monument of Comrade Vu Van Hieu, Secretary of the First Special Committee of Quang Ninh Mine Zone. Before the heroic spirit, the heroes and martyrs have heroically sacrificed for the independence and freedom of the Fatherland, for the happiness of the people and the heroic spirit, Comrade Vu Van Hieu, the first Secretary of the Special Committee of the Quang Ninh Mining Zone. The delegation of the Provincial People’s Council, term XIV, term 2021-2026 promised and expressed its determination to always uphold the spirit of solidarity, unification in thought, and promote the tradition of “Discipline and Consensus” focusing on leadership. , organize the successful implementation of the Resolution of the Party Congress at all levels and work topics in 2021; inherit and promote the results and lessons learned of the People’s Council of Quang Ninh province in the previous courses; regularly set an example in cultivating and training, preserving qualities and ethics, making the best efforts to fulfill the tasks and keeping the faith before voters and people, well fulfilling the tasks of the Party, State and entrusted by the people. Thereby contributing to building Quang Ninh into a dynamic, dynamic and creative region in the Northern Key Economic Zone and the whole country. The delegation offered incense at the Monument of Comrade Vu Van Hieu. Minh Ha

From the Financial Association (Shenzhen, reporter Zou Chenhui), Dongxing Securities has ushered in the latest progress in its fixed increase in fundraising, and this is also the 15th listed securities firm to launch a fixed increase since last year. In addition, there are already 11 brokerages that have refinanced through allotment.

The latest announcement of Dongxing Securities stated that the fixed increase application has been reviewed and approved by the China Securities Regulatory Commission, and the company will make another announcement after receiving the official documents reviewed by the China Securities Regulatory Commission.

In February of this year, Dongxing Securities issued a fixed increase plan, which plans to issue no more than 474 million additional shares, and the total amount of funds raised is expected to not exceed 7 billion yuan. In May of this year, Dongxing Securities’ fixed increase application was accepted by the China Securities Regulatory Commission.

Behind the fixed growth of Dongxing Securities is closely related to the current capital market development entering a period of strategic opportunities. Regulatory authorities clearly support securities companies in multiple channels and forms to enhance their capital strength, encourage market-oriented mergers and acquisitions and reorganization, and support the securities industry to become better and stronger. At present, the 8.5 billion fixed increase of Guohai Securities and the 8 billion fixed increase of Huachuang Yangan are on the way. The parent company of Zhongshan Securities also launched the latest fixed increase plan earlier this month.

Dongxing Securities will increase by RMB 7 billion, and invest RMB 6 billion in investment and trading business and expand the business of financing and financing

Dongxing Securities’ previously announced fixed-increasing plan announcement shows that the number of non-public issuance of A shares does not exceed 474 million shares, and the capital raised does not exceed 7 billion yuan. After deducting issuance costs, all will be used to increase the company’s capital and supplement the company’s operations. Capital, expand the company’s business scale, and enhance the company’s market competitiveness.

Specifically, no more than 3 billion yuan is used to expand the scale of investment transaction business; no more than 3 billion yuan is used to expand the scale of margin financing and securities lending business; no more than 500 million yuan is used to increase investment in subsidiaries; no more than 500 million yuan For other working capital arrangements.

Dongxing Securities said that through this fixed increase, the company’s equity capital will be enriched, total assets and net assets will increase correspondingly, and the asset-liability ratio will correspondingly decrease, the company’s capital structure will be further optimized, and the financial structure will become more stable. In addition. The company will increase the scale of net capital, accelerate the development of related businesses, and enhance the company’s overall profitability and risk resistance.

Net profit attributable to the parent in the first quarter fell nearly 20% year-on-year

As the first domestic AMC brokerage listed on A-shares, Dongxing Securities’ controlling shareholder, Orient Asset Management Co., Ltd. (holding 52.74% of the shares), is strong, and the actual controller is the Ministry of Finance.

From the perspective of recent performance, Dongxing Securities in the first quarter of this year showed that during the reporting period, the company achieved revenue of 886 million yuan, a year-on-year increase of 0.71%; realized net profit of 250 million yuan, a year-on-year decrease of 19.01%.

Last year’s annual report showed that the company achieved revenue of 5.687 billion yuan, a year-on-year increase of 27.10%; realized net profit of 1.54 billion yuan, a year-on-year increase of 26.13%. Among them, securities brokerage business accounted for 34.77%; securities investment business accounted for 24.07%; investment banking business accounted for 19.35%; other businesses accounted for 12.53%; asset management business accounted for 9.28%.

According to the ranking data of various securities firms in 2020 released by the China Securities Association, Dongxing Securities ranked 22nd in the industry last year in total assets, 25th in net assets, 23rd in operating income, 22nd in net profit, and 22nd in brokerage business income. Ranked 28th, investment banking income ranked 13th, asset management business income ranked 19th, overseas subsidiary securities business income ranked 22nd, and self-operated business income ranked 57th.

As of June 15, Dongxing Securities’ stock price closed at 10.67 yuan, with a total market value of 29.4 billion yuan.

Many small and medium-sized securities companies are trying to increase their capital strength through fixed increase

According to a reporter from the Cailian News Agency, in recent years, regulators have implemented risk control index management for securities companies with net capital and liquidity as the core. The China Securities Regulatory Commission has successively revised the Measures for the Management of Risk Control Indexes for Securities Companies and the Risk Control Indexes for Securities Companies. The Regulations on Calculation Standards have further improved the risk control index system of securities companies with net capital and liquidity as the core, and has put forward higher standards for the risk management of securities companies.

In the face of liquidity pressure and changes in the operating environment, many securities firms are increasing their capital strength through further fixed increases, reducing liquidity risks, and improving the company’s overall risk management capabilities and risk resistance capabilities.

On June 4, Zhongshan Securities’ parent company Jinlong shares issued a fixed increase plan. This time the proposed additional issuance of no more than 264 million shares (including the number), the issue price is 12.59 yuan, and it is planned to raise no more than 3.324 billion yuan.

In March of this year, Huachuang Yang’an disclosed the fixed increase plan stated that the planned number of non-public issuance of A shares will not exceed 522 million shares, and the raised funds will not exceed RMB 8 billion (including the number). After deducting the issuance costs, it will be used for all Increase capital to Huachuang Securities to increase the capital of Huachuang Securities, supplement its working capital, optimize business structure, expand business scale, and enhance market competitiveness and risk resistance.

In January this year, Guohai Securities announced that the company’s 8.5 billion fixed increase has been approved by the board of directors. The issuance still needs to be approved by the state-owned asset management unit, the company’s shareholders meeting, and the China Securities Regulatory Commission. The 8.5 billion fixed increase, China Sea Securities plans to invest 4 billion yuan in investment and trading business.

It is worth noting that whether securities firms can successfully raise funds in full is also attracting market attention. A reporter from the Financial Associated Press previously reported that many brokerages have seen a decline in their planned additional funds raised.

On May 21, Zheshang Securities announced that after the completion of this non-public offering, the company has added approximately 264 million new shares, and the total amount of funds raised is approximately 2.805 billion yuan. Last year, Zheshang Securities announced that it planned to raise 10 billion yuan.

On April 29, Tianfeng Securities issued a fixed increase announcement stating that the company’s final fundraising amount was 8.18 billion yuan (including issuance costs). Prior to this, the company announced that it planned to raise a total of no more than 12.8 billion yuan.

On December 29 last year, China Securities Construction announced that the company had issued 110 million A shares, raising a total of 3.883 billion yuan. Prior to this, China Securities Construction Investment announced that it planned to raise 13 billion yuan in additional funds.

According to a reporter from the Financial Associated Press, some of the securities firms’ fixed increase and decrease are related to the company’s own stock price changes and capital replenishment. China Securities Investment Corporation previously stated that there are two reasons for the company’s fixed growth and shrinkage: one is that the company’s A-share share price in 2020 has risen sharply compared with January 2019, and the forecast basis has changed; the second is that the company has achieved a certain amount of profit through rollover in the past two years. Capital replenishment.

Large brokerages have also raised funds through refinancing

In addition, large securities companies have also raised funds through fixed increase, allotment and other methods. On the evening of February 26 this year, CITIC Securities announced a 28 billion yuan allotment plan, which is to be used for the development of capital intermediary business, subsidiaries, and information system construction.

In August last year, Haitong Securities planned to raise 20 billion yuan in additional funds. Specifically, Haitong Securities’ fixed increase of 20 billion this time, of which no more than 6 billion will be used to develop capital intermediary business and further enhance financial service capabilities; not more than 10 billion will be used to expand the scale of FICC investment and optimize the asset-liability structure.

Also in August last year, Guosen Securities raised an additional 15 billion yuan. The net proceeds raised this time will be used to supplement the company’s capital, working capital and repay debts to expand the business scale and enhance the company’s ability to resist risks and market competitiveness.

At the meeting, the Standing Committee of the Secretariat Vo Van Thuong announced the decision of the Politburo on the appointment of the Central Military Commission for the 2020-2025 term, including 25 comrades; The Standing Committee of the Central Military Commission consists of 6 comrades, including 3 key leaders of the Party and State: General Secretary Nguyen Phu Trong; President Nguyen Xuan Phuc and Prime Minister Pham Minh Chinh. General Secretary Nguyen Phu Trong, Secretary of the Central Military Commission delivered a speech to direct the Conference. Photo: VNA. Building a strong all-people national defense The meeting approved the report on leadership and direction of the implementation of military and defense tasks in the past 6 months, the whole army deployed to carry out the task in the context of new developments in the world and regional situation. complex. The Central Military Commission has performed well its function of advising the Party and State on military and national defense, effectively handling situations, not being passive, and firmly defending the country’s territorial sovereignty. . The forces actively coordinated, closely controlled the border, prevented illegal entry and exit, organized isolation, and promptly provided support for forces and means to support localities in blocking epidemic points, preventing the spread of the virus. spread on a large scale, contributing to disease control nationwide, recognized and appreciated by the Party, State and people. The whole army has implemented synchronously solutions to build a strong military Party Committee in terms of politics, ideology, morality and organization; lead and direct the synchronous implementation of solutions to improve the overall quality, the whole army is highly prepared to fight, strictly manage the airspace, sea, border and inland areas, strengthen forces and means patrolling to firmly protect sovereignty over seas and islands and marine economic activities… The logistics, technical, and defense industry are well implemented by the leadership, fully and timely ensuring the tasks, especially ready to fight, train. Bilateral and multilateral defense diplomacy and UN peacekeeping activities continue to be promoted, contributing to enhancing the image, position and prestige of the country and the Vietnam People’s Army in the world. international School. Building an exemplary Military Party Committee Speaking at the conference, Party General Secretary Nguyen Phu Trong congratulated the Central Military Commission for the 2015-2020 term excellently completing the tasks assigned by the Party, State and people. , upholding the principles, having many innovations, leading and directing the entire army to successfully implement the Resolution of the 10th Army Party Congress and major military and defense goals and policies that The 12th Congress of the Party has proposed. General Secretary Nguyen Phu Trong suggested that the Central Military Commission for the new term needs to be deeply aware of its responsibilities, continue to be firm, steadfast, have high unity and unity, uphold principles and have a leadership style. scientific, democratic, close to reality, sensitive to new things, exemplary, coupled with action, building an Army that is absolutely loyal to the Fatherland, the Party, the State and the people. In particular, building a clean, strong, and exemplary Army Party Committee and leading the entire army to successfully perform all assigned tasks to continue to beautify the image of Uncle Ho’s army. General Secretary Nguyen Phu Trong praised the achievements that the Central Military Commission, the Ministry of National Defense and officers and soldiers of the whole army have achieved in the first 6 months of 2021. General Secretary Nguyen Phu Trong emphasized: In the following years, with complicated developments, the Army’s tasks are still very heavy, difficult and arduous. The Central Military Commission must focus on building the Army force and the Military Party Committee, each level of the Party committee and organization is truly pure, strong, typical in politics, ideology, morality, organization and staff. must be able to lead the whole army to overcome all difficulties and challenges and successfully complete all assigned tasks. “This is a decisive factor. This is a long-term strategic issue, a key issue of the key. The Party Committee of the Army must set an example and model in all aspects. In the whole army, there are no cadres and party members who have degraded in ideology, politics, morality, lifestyle, violated the Party’s discipline and discipline, and resolutely fought against individualism,” General Secretary Nguyen Xuan Phuc said. Phu Trong stated. General Secretary Nguyen Phu Trong requested, the Central Military Commission must always maintain the spirit of solidarity, set an example, be really a strong collective, united in will and action; regularly focus on innovating methods, styles and working styles, further promoting the roles and responsibilities of each individual. Each comrade of the Central Military Commission must be truly exemplary in political thought, morality, and lifestyle; need, thrift, integrity, righteousness, justice and impartiality; dare to think, dare to do, dare to take responsibility, dare to innovate, be creative, dare to face difficulties and challenges; resolute in direction and action. Comrades of the Central Military Commission need to further promote their sense of responsibility, capacity and wisdom to contribute to the joint decisions of the Central Military Commission and the Central Military Commission’s Standing Committee. In the current revolutionary period, under the conditions of peace, national construction and defense, there are many new problems posed, requiring the Army to continue to uphold the will and fighting spirit, to be exemplary. To take the lead in all activities, fully and better perform the functions, tasks and responsibilities of the Army: loyalty to the Party, filial piety to the people, completion of any task, overcoming any difficulty, enemy every one wins. General Secretary Nguyen Phu Trong emphasized that the Army is the leading force in the fight against negativity in society, against corruption, and against individualism; Strictly fighting against negativity and internal degradation, is also setting an example for the whole society to learn. The Central Military Commission should continue to lead by example in leading and directing the work of Party building and rectification; to build the Military Party Committee and Party organizations within the Military Party Committee to be truly pure and strong, to be a model Party Committee, typical of politics, quality, capacity, and absolute loyalty to the Party and the Organization. country. The army needs to fiercely fight to protect the ideological foundation of the Party, fight without tolerance with wrong and hostile views; resolutely and persistently fight against corruption and negativity, and clean up the internal affairs; against individualism, wipe out individualism; do not cover up, respect, do not hide, are not afraid of shortcomings, frankly struggle with criticism and self-criticism, promptly point out the shortcomings of their comrades and comrades while they are still in their infancy. just help each other to progress together, do not shy away from dodging… General Secretary Nguyen Phu Trong emphasized: “The police force and the army force are two wings of a bird, a “sword and shield” that need to work closely to protect the Fatherland, must be clean and strong. strong, resolutely fight against negativity and rely on the people, under the leadership of the Party, to make this term better than the previous one. The Central Military Commission needs to direct the study and mastery of the whole army, promote learning and follow Ho Chi Minh’s ideology, morality and style, continue and promote the tradition of Uncle Ho’s army and soldiers of the Communist Party of Vietnam. People, by the people, for the people. The first meeting of the Central Military Commission for the term 2020-2025 approved: The action plan of the Central Military Commission to implement the Resolution of the XIII Congress of the Party and the Resolution of the 11th Congress of the Military Party Committee; Regulations and working program of the Central Military Commission for the term 2020-2025; Resolution on leadership of inspection and supervision work, working regulations of the Central Military Commission Inspection Committee and election of the Central Military Commission Inspection Committee for the 2020-2025 term.

Because of the Karlsruhe ECB judgment EU initiates proceedings against Germany

As of: June 9th, 2021 2:58 p.m.

The EU Commission considers the judgment of the Federal Constitutional Court on bond purchases by the ECB to be a “dangerous precedent”. That is why she is now initiating infringement proceedings against Germany. From Klaus Hempel, ARD legal editors The Brussels Commission believes that the Federal Constitutional Court violated the primacy of EU law with its controversial ruling on the ECB’s bond purchases last year. In doing so, Germany violated the basic principles of EU law. With the initiation of the infringement proceedings, the federal government now has two months to respond to the allegations in writing.

A judgment with explosive political power

In May 2020 the The Federal Constitutional Court ruled that the multi-billion dollar bond purchase program “PSPP” of the ECB was partially unconstitutional . The European Court of Justice (ECJ) had previously ruled that at the request of the Constitutional Court the program is legally in order and there is no violation of EU law . The Karlsruhe judges did not accept this, however, and thus opposed the ECJ – for the first time ever. They called his judgment “objectively arbitrary” and “methodologically no longer justifiable”. Your main criticism of the bond purchase program: The ECB had not justified why the program was proportionate and the significant economic impact on all citizens should be justified. The ECB and, through the ruling, also the ECJ had exceeded competences. The Bundestag and the Federal Government would have to work towards ensuring that the ECB subsequently provides this reason. In June 2020 the Governing Council looked again at the PSPP program and its proportionality. A little later, the Bundestag decided in a resolution that the proportionality test carried out by the Governing Council met the requirements resulting from the judgment. In a decision from the end of April 2021, the Federal Constitutional Court finally found that the Bundestag and the Federal Government had implemented the ruling. For the Federal Constitutional Court, the case was closed. But not for the EU Commission.

EU Commission sees dangerous precedent

The Commission sees a need for further clarification. In their view, the judgment represents “a serious precedent both for the future practice of the court itself and for the constitutional courts of other Member States”. The Brussels authority fears that the German example could set a precedent. The fear: EU states such as Poland or Hungary, which the Commission accuses of violating the rule of law, could no longer follow judgments of the European Court of Justice and refer to Germany. A year ago, shortly after the verdict was announced, had Commission President Ursula von der Leyen made it clear that infringement proceedings could be initiated against Germany . Judgments by the European Court of Justice are binding on all national courts, she explains. “The last word on EU law is always spoken in Luxembourg. Nowhere else.” It is about holding the EU together as a community of values ​​and rights. The reaction of the Polish Prime Minister Mateusz Morawiecki shortly after the ruling from Karlsruhe showed that the fears in Brussels are not entirely unjustified. He spoke of one of the most important judgments in the history of the European Union. The judgment makes it clear that the individual member states determine where the competency limits lie for the EU institutions. In Poland, the national-conservative PiS government has been restructuring the judiciary for years. The ECJ has already intervened several times and found that parts of the reforms violated EU law.

Federal government now on the train

With the initiation of infringement proceedings, the federal government now has two months to take a position. If the Brussels Commission is satisfied with the answer, the procedure would be ended relatively quickly. In the most extreme case, however, the EU Commission could ultimately sue Germany before the European Court of Justice. In this case, the conflict between the ECJ and the Federal Constitutional Court would most likely escalate for good. Shortly after the Karlsruhe ruling, Luxembourg had already expressed its displeasure and officially declared that its rulings would be binding on a national court like the Federal Constitutional Court if it had appealed to the ECJ. Regardless of how the Federal Government will express itself: It cannot impose any requirements on the completely independently acting Federal Constitutional Court, let alone prescribe not to oppose judgments of the ECJ in the future. In previous rulings on Europe, Karlsruhe had always reserved a kind of “emergency brake”, the right to the “last word” in certain cases, as it were. At the moment it cannot be assumed that the Federal Constitutional Court will move away from this line of jurisdiction. The EU Commission is obviously interested in exactly that. She wants to ensure that the court grants the ECJ the final decision-making right with regard to European law issues – with the big, actual goal in mind that other constitutional courts of problem countries such as Poland will then also permanently bow to the ECJ rulings. But how it should succeed in persuading the very self-confident Federal Constitutional Court to give up its previous dogmatics, no one currently has a conclusive answer. As expected, the Constitutional Court did not comment on today’s decision by the EU Commission in Brussels.

Dispute over ECB bond purchases Get together!

As of: June 9th, 2021 6:05 p.m.

It is understandable that the EU Commission is reacting to the Karlsruhe ECB ruling with proceedings against Germany. But that won’t resolve the dispute. Only the courts themselves can do that. A comment from Frank Bräutigam, ARD legal editors If anyone at Karlsruhe’s Schlossplatz had hoped that the high waves after the Karlsruhe ECB judgment of May 2020 would fizzle out silently, they were disappointed today. The EU Commission is initiating infringement proceedings against Germany because of a ruling by the Federal Constitutional Court. ´ That has never happened before. The relationship between Karlsruhe and Luxembourg has always been somewhat tense. But this is now a unique escalation.

Do not lose sight of questions of democracy

The starting point of the Federal Constitutional Court on EU issues is absolutely correct and important. To see that the legal limits remain an important currency at the EU level. Because one must not lose sight of the individual voter, i.e. questions of democracy. Because the individual states have not given up all their competences to the EU. With its “yes, but” approach, the court has achieved a lot in several rulings since the financial crisis in 2012 at the latest. In this specific case of the ECB bond purchase, pulling the emergency brake, accusing the ECB and ECJ of arbitrary action, went too far.

The EU Commission had to react

That was not proportionate: in terms of content, but also with a view to the possible role model effect for other states such as Poland or Hungary. What happens there in terms of content within the judiciary is of course not comparable to Germany. Nevertheless, there is this bare result: The German court does not adhere to what the ECJ says. Then why should we do this? The fact that, from its point of view, the EU Commission must therefore react and initiate a procedure – which is understandable.

Dilemma for several actors at the same time

But you also have to be aware that if you think through the process started today, it will lead several actors into a real dilemma. First of all, the federal government, which now has to take a position as a first step. What is she supposed to do? Somehow signal an independent court to correct its judgment or take other action? And in the last step, the ECJ would decide on a breach of contract. Who? Yes exactly. One of the arguing actors. He would be a kind of judge in his own case. Would that lead to a good solution?

Take “cooperation relationship” at its word

Arguing over who “has the last word” is almost always devastating. In private life, in politics and also within a network of national and European courts. It is the last thing the citizens of the EU need in these times. If the “cooperation relationship” between the courts can be heard in many speeches, this must be taken literally. Mind you: the courts cooperate with each other. Not the courts with the state and the EU. They are supposed to strictly control these two. The fact that there is often still room for improvement at the ECJ on this point has expressly contributed to this conflict.

It is the courts’ turn

An example from the two companies at issue here shows that cooperation is fundamentally possible. Because the First Senate of the Federal Constitutional Court (the Second Senate acts in the ECB conflict) has shown with important rulings from 2019 that Karlsruhe and Luxembourg can achieve control of national and European fundamental rights in the interests of the citizens together. That means: the current situation can only be defused by the courts themselves. Not from the Federal Government or the EU Commission. The actors from the judiciary know each other. Well, actually. You have to pull yourself together. It is unclear what the one solution to the specific dispute should look like, but there has been no lack of creative ideas in Karlsruhe or Luxembourg for many decades.

Editorial note Comments generally reflect the opinion of the respective author and not that of the editors.

EU funds for holiday flyers Aid for Condor declared null and void

As of: 06/09/2021 1:00 p.m.

The EU court annulled a decision of the EU Commission that allowed German aid for the Condor airline. Ryanair had sued against the release. Ryanair has achieved a success against state corona aid for the German airline Condor before the EU court (EGG). The judges overturned the EU Commission’s decision to approve the aid. The decision of the Brussels authority was not sufficiently justified, said the court in Luxembourg. In practice, however, this initially has no consequences: the effect of the declaration of invalidity was suspended until the EU Commission has passed a new decision. This means that Condor does not have to repay the money immediately.

Loan of 550 million euros

Germany had registered the aid in favor of Condor in Brussels in April 2020. This involved two government-secured loans with reduced interest rates in the amount of 550 million euros. The background was damage caused by the cancellation or postponement of flights due to travel restrictions in the corona pandemic. The low-cost airline Ryanair complained, among other things, of violations of the free movement of services and filed a lawsuit against the release.

Connection with bankruptcy proceedings?

At Condor, the situation had worsened due to the bankruptcy of the parent company Thomas Cook in autumn 2019, which preceded the corona crisis. The airline was only able to continue working with rescue aid of 380 million euros, which was also approved by the EU. The insolvency proceedings initiated at the time had to be extended after the outbreak of the Corona crisis because the new owner, the Polish aviation company PGL, had jumped off. The 550 million euros in government aid also included costs that resulted from the extension of the insolvency proceedings at Condor. Ryanair had argued that the commission had not explained why it had even included the extended insolvency period when calculating the damage to Condor from the corona crisis. The Condor case is one of many in which Ryanair is taking action against state corona aid for competitors. So far, the plaintiff has succeeded in some cases but not in others. (Case T 665/20)

At the center of this long-running lawsuit is Fortnite, a popular video game produced by Epic that was removed from Apple’s App Store last summer for violating Apple’s rules on technical billing. due to have arbitrarily established a payment system of their own. Apple takes 30% of the value of in-app purchases on iOS devices and does not allow the use of alternative payment systems. Fortnite’s removal from the App Store prompted Epic to file a lawsuit against Apple. Squeeze the developer Epic accuses Apple of having monopolistic control over the “ecosystem” of the iOS operating system, with app makers forced to abide by its strict restrictions if they want access to hundreds of thousands of users. million iPhone and iPad users, Apple also countered that there are several other places where users can buy apps and their commissions help the company make its devices better and more secure. The CEO has his first court appearance since taking power at Apple. Photo: Getty. Several executives from both sides also testified, including Craig Federighi, Apple’s senior vice president of software engineering, and Phil Schiller, Apple’s former chief marketing officer, now serving as Apple’s senior vice president of software engineering. new role as Apple Fellow. Both were subpoenaed by the court earlier this week. Epic Games CEO Tim Sweeney is the first witness in the nearly three-week trial and is expected to end on Monday. Tim Cook and Apple are facing many dangers, not only this cult lawsuit. Cook’s testimony on Friday is likely to spark a battle against the growing antitrust pressure it is facing. Other “Frenemy” (meaning both friends and enemies) like Spotify and Match Group, the owner of Tinder, have all accused Apple of anti-competitive behavior. Even legal authorities in some countries including the US and UK have launched investigations into Apple’s regulations. Despite numerous defenses before Congress and numerous public appearances and interviews, Mr Cook appears to be preparing for his day in court. According to a report from Wall Street Journal , he spent many hours mock interrogation with former prosecutors to simulate what he might face during the trial. “The scary thing for Epic is that Tim Cook is such a compelling witness,” said Herbert Hovenkap, professor of legal studies and business ethics at the Wharton School of Business at the University of Pennsylvania. He’s doing what he’s been paid to do, which is bringing Apple’s lawsuit to the public.” According to the list of witnesses presented to the court, Mr. Cook will speak about “Corporate Values; Apple’s business operations and the development and launch of the App Store; the competition that Apple faces.” An Apple representative said Mr. Cook is likely to share more from his personal perspective on security and privacy issues – issues he has often criticized companies in the past – and the importance of them to Apple’s product philosophy. Roses come with quality Mr. Cook is expected to synthesize and strengthen the arguments that other Apple lawyers, experts and executives have made during the trial – that the iPhone’s App Store is not a proprietary trademark. The company argues that the 30% commission it receives through in-app purchases is not an illegal gain, but rather to make Apple devices better, more secure like their strict management of applications on Apple devices. In his testimony, Schiller highlighted the amount of money Apple has spent on research and development — an estimated $100 billion over the past 15 years — to make product improvements that developers are benefiting from. it. He also sought to counter Epic’s efforts to accuse Apple of being a monopolist. The lawsuit between Apple and Epic will determine the future of the relationship between app developers and Apple. Photo: Cnet. Epic Games company says Apple is forcing developers to play by its draconian rules such as only using the App Store and means of paying for in-app purchases if it wants to gain access to a market of more than a billion dollars. iPhone and iPad users. (Michael Schmid, Apple’s head of game business development for the App Store, revealed during the trial that Apple made more than $100 million in commissions from Fortnite.) Schiller also listed a range of Apple competitors: Google, Samsung, Motorola, Huawei and even game consoles like Sony’s PlayStation, Microsoft’s Xbox and Nintendo’s Switch. Apple claims that many of these companies also take 30% commissions and have similar restrictions on outside apps. “There are still a lot of other competitors in the distribution of applications, not just Apple,” he added. Federighi, the company’s chief software officer, further emphasized the importance of Apple’s security measures for the iOS operating system on its mobile devices. He even heavily criticized the company’s MacOS computer operating system during the trial. Unlike iPhones, Macbook laptops allow the use and download of applications from outside, a process known as “side-loading”. Epic has repeatedly pointed out and called on Apple to emulate this approach with its mobile devices. However, Apple’s lawyers and executives argue that the iPhone needs to be more secure because the risk of the device being exposed to security holes and exploitation is great, especially when smartphones are used. often contain more sensitive personal data of users than other devices such as computers, laptops… “If you take Mac security techniques and apply them to the iOS ecosystem, with so many devices and value for it, things are going to be a lot worse than they already are. on Mac,” said Mr. Federighi. “We now have a bunch of malware on Mac, which is much worse than iOS. It’s not acceptable!”. Florian Ederer, an economics professor at the Yale School of Management, thinks Cook will stick to his earlier arguments. “It is very difficult to get any new information or arguments from this CEO’s testimony that have not yet been brought to the attention of the judge,” he said. “Basically, having Cook in court is Apple’s best move to show the judge that they are taking this matter completely seriously. If there is any other purpose, perhaps it is the respect of Cook in particular and Apple in general for this lengthy litigation process,” Ederer added.

Thoi Tan A hamlet route – Truong Thuan hamlet has just been expanded, covered with concrete. For the 2015-2020 term, under the leadership and administration of the Party Committee, the government and the efforts of the people of Truong Thang commune, most of the socio-economic targets, the Party’s construction work has met and exceeded. with the goal of the Resolution of the Commune Party Congress. The people’s spiritual and material life has been improved and enhanced day by day. The situation of political security, social order and safety was maintained. The activities of the party committee, the government, the Vietnam Fatherland Front and the unions have been effective. In economic development, by 2020, the per capita income of the commune will reach 48 million VND / person / year, an increase of 21 million VND compared to 2015. The commune has reached the standard of culture – a new countryside. Along with that is the average poverty rate decreased 1% per year, down to 1.37%. In the work of Party building, over the past term, 99% of the officials and party members participated in studying the Party’s directives and resolutions, and the State’s legal policies. The commune party has admitted 58 party members, reaching 105.4% of the set target. Comrade Tran Van Tinh, Permanent Deputy Secretary of the Party Committee, Chairman of the People’s Council of Truong Thang commune, said: In the term of 2020-2025, the communal Party sets out the goal of promoting economic development towards modernization of agriculture. rural areas, safe production, towards green and clean production. At the same time, mobilize all resources to build complete infrastructure; build a strong political system. Strive to achieve per capita income by 2025 from 70-85 million VND; upgrade and renew 9.5km of roads, build communes to meet the criteria of a new improved rural area … In order to bring the resolutions of the communal Party Congress as well as the congress of the Party Committee at all levels for the term 2020-2025 into life, the communal Party Committee has directed the implementation of many solutions and brought initial positive results. In economic development, the Commune Party Committee builds up a thematic resolution on the development of garden economy; propaganda, mobilization and support of plant varieties and techniques, so the people have improved ineffective gardens and planted more 5ha of longan and durian; mobilized 29 households to participate and set up Na Thai Cooperative, with an area of ​​30 hectares; mobilize the people of Truong Hoa hamlet to build a large field model, produce quality rice for export with a total area of ​​more than 100 hectares … For the construction of infrastructure, the commune has mobilized many resources, in which people contribute nearly 1 billion VND and more than 10,000m2 of land upgraded and expanded 4 roads longer than 13,000m (with 7,000m of road surface. 4m wide). At the end of April 2021, we went to the commune to meet when many people were participating in breaking steel, mixing concrete to pour Xeo Xao bridge girder connecting Truong Hoa hamlet and Truong Thuan hamlet. This is an achievement to celebrate the 46th anniversary of the liberation of the South and reunification (April 30, 1975 – April 30, 2021). Mr. Nguyen Van Thuan in Truong Hoa hamlet participated in the work, sharing: “The commune mobilizes donors to support 200 million VND to bridge the bridge, everyone is excited and unanimously contributed their efforts to do it. After the bridge is built, the travel will be more convenient and safer than the old bridge ”. Along with economic development and construction of infrastructure, the commune has implemented many solutions to ensure social security. According to Mr. Lieng Minh Luan, Vice Chairman of the Vietnam Fatherland Front Committee of the commune, since the communal Party Congress up to now, the Vietnam Fatherland Front Committee of the commune has coordinated with the departments, branches and mass organizations of the commune to mobilize agencies, units and philanthropists. Contributed more than 300 million VND to support building 3 Solidarity houses, 12 compassionate houses for poor households and households in need of housing. Mrs. Nguyen Thi Ba from Truong Binh hamlet said emotionally: “I am old and weak, and I depend on my children and grandchildren. Recently, the local has paid attention and supported 40 million VND to build Solidarity house. Having a home, I am very happy ”. In building the Party, the Party Committee directs the comprehensive implementation of all aspects of Party building, especially raising the awareness of training, cultivating quality, morality, lifestyle, strictly managing staff, Party members should have no violations. There are 4 Party members due to difficult economic conditions, working far away, leaving the Party’s activities. The Party Committee of the commune has asked the District Standing Committee to remove their names from the list of party members; 8 elite masses were admitted to the Party, reaching 20% ​​of the target for the whole term. With the spirit of proactive, solidarity and determination, we hope that the targets set out by the Resolution of the General Meeting of the Commune Party Committee will soon be completed, making Truong Thang commune more developed. In the immediate future, it will be recognized for the completion of the newly enhanced rural criteria by the end of 2021.

eZubao, Zhongjin Assets, Group Loan, Wanglibao, Youyi.com, Love Investment, Love Money Jin······

They have invited celebrities to endorse, involving Huang Xiaoming, Lang Lang, Zhao Yazhi, Tang Yan, Wang Baoqiang, Tang Guoqiang, Zhang Tielin, Wang Han, Du Haitao, Yang Di and many other celebrities. Under the aura of celebrity endorsements, ordinary people believe in these platforms, blindly “go into the pit”, put their savings and even pension money into it, and finally have accidents one by one, and they have lost their money.

Earlier, the Financial Dispute Resolution Center of Chaoyang District, Beijing issued an announcement in which the celebrities who had endorsed P2P should do their responsibilities for their endorsements.

On April 22, in response to the problems of some financial products endorsed by celebrities, the China Banking and Insurance Regulatory Commission issued a reminder on being alert to the risks of celebrities endorsing financial products. The endorsements of celebrities and other public figures shall abide by laws and regulations such as the Advertising Law of the People’s Republic of China. For recommendation and certification of unused commodities or unreceived services, before accepting endorsements, it should be checked whether the endorsement agency has legal qualifications, and whether the endorsed products and services are true in content and meet regulatory requirements.

In other words, celebrities can only endorse the goods they have used or services they have received. Once celebrities do not reflect the truth to the public, they are suspected of false advertising, and they must bear joint and several liability with advertisers.

At the same time, on May 1 this year, the “Regulations on the Prevention and Treatment of Illegal Fund Raising” will be officially implemented, with special reference to the relevant responsible entities such as illegal fund-raising persons, illegal fund-raising facilitators, Internet information service providers, advertising operators and publishers. Administrative and criminal penalties. This is tantamount to intensifying the punishment of celebrity endorsement responsibilities.

Of course, no matter how you will be held accountable afterwards, for the common people, precautions are the most important, especially investment-related, we need to be cautious and then cautious.

On April 15, the Consumer Protection Bureau of the China Banking and Insurance Regulatory Commission issued the “Notice on Consumer Complaints in the Fourth Quarter of 2020” (hereinafter referred to as the “Notice”), which notified the banking industry that the China Banking and Insurance Regulatory Commission and its dispatched agencies received and transferred. Consumer complaints.

The “Notice” pointed out that in the fourth quarter of 2020, the China Banking and Insurance Regulatory Commission and its dispatched offices received and forwarded 76,224 consumer complaints from the banking industry, a decrease of 10.4% from the previous quarter.

Among them, there were 25,873 cases involving large state-owned commercial banks, a decrease of 5.2% from the previous month, accounting for 33.9% of the total number of complaints; 31,849 cases of joint-stock commercial banks, a decrease of 15.0% from the previous month, accounting for 41.8% of the total number of complaints.

The “Notice” stated that the median number of complaints from large state-owned commercial banks was 4376. The number of complaints from China Construction Bank and Industrial and Commercial Bank of China ranks among the top two large state-owned commercial banks.

The median number of complaints from joint-stock commercial banks was 2,959. China Merchants Bank, Ping An Bank, and China CITIC Bank ranked the top three joint-stock commercial banks in terms of complaints.

In terms of the number of complaints, the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per 1,000 business outlets, and the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per tens of millions of individual customers. Ping An Bank ranks first in the number of joint-stock commercial banks in terms of complaints per 1,000 business outlets, and Hua Xia Bank, Industrial Bank, and Ping An Bank ranks among the top three joint-stock commercial banks in terms of complaints per tens of millions of individual customers.

In addition, in the fourth quarter of 2020, there were 44,621 complaints involving credit card business, a decrease of 7.8% from the previous quarter, accounting for 58.5% of the total number of complaints.

Among the complaints involving large state-owned commercial banks, there were 15,043 complaints about credit card business, a month-on-month increase of 2.8%, accounting for 58.1% of the total complaints of large state-owned commercial banks; among the complaints involving joint-stock commercial banks, there were 26,800 credit card business complaints, a decrease from the previous month. 13.2%, accounting for 84.1% of the total number of complaints from joint-stock commercial banks.

The number of credit card business complaints from China Construction Bank and Bank of Communications ranks among the top two large state-owned commercial banks. China Merchants Bank, China CITIC Bank, and Ping An Bank ranked the top three joint-stock commercial banks in terms of credit card business complaints.

There were 18,102 complaints involving personal loan business, a decrease of 10.5% from the previous month, accounting for 23.7% of the total number of complaints. The personal loan business complaints of Industrial and Commercial Bank of China and Agricultural Bank of China rank among the top two large state-owned commercial banks. Ping An Bank ranked first in the number of joint-stock commercial banks in terms of complaints regarding personal loan business.

In the fourth quarter of 2020, there were 3338 complaints involving wealth management businesses, a decrease of 23.0% from the previous quarter, accounting for 4.4% of the total number of complaints. Postal Savings Bank of China ranked first in the number of large state-owned commercial banks in terms of complaints concerning wealth management services. Ping An Bank, China Merchants Bank, and Shanghai Pudong Development Bank ranked the top three joint-stock commercial banks in terms of complaints about wealth management services.

Financial information is one of the indispensable factors in investment and business decisions. In particular, on the stock market, information is a sensitive factor that directly affects investment decisions.

Accordingly, the cooperation between SSC and VACPA is practical to improve the quality of financial information on the stock market, and the effectiveness of securities market management and supervision by regulators, to promote the profession. Accounting and auditing industry in Vietnam develops.

SSC and VACPA will cooperate in 4 contents including information exchange, quality control, training activities, seminars and suggestions to develop legal documents / professional documents compiled by the two sides.

In particular, with quality control activities, the Committee provides information on quality control results and errors in audit records with VACPA for the two sides to jointly organize dialogues / exchanges. /training.

When requested by the Committee, VACPA assigns staff to inspect and evaluate audited financial statements as well as audit records of auditors in the regular oversight activities of the Committee.

Mr. Tran Van Dung, Chairman of the State Securities Commission, said that, besides stocks, will cooperate with VACPA in both derivative market, new products and corporate bonds in the near future. . The cooperation will help ensure the quality of commodity control work in the financial markets.

Sharing the same point of view, Mr. Pham Sy Danh, Chairman of VACPA shared, with the sustainable development of the stock market, the role of information transparency, as well as the activities of auditors and independent auditors. is very important.

“Three important factors that investors need when entering the market are the public company’s transparency, the Securities Commission’s control and the transparency of the independent auditor,” said Danh.

Beijing implements dynamic total control on the scale of Internet rental bicycles. In 2021, the total number of vehicles in the central urban area will be controlled within 800,000, of which 400,000 Meituan, 210,000 and Qingju 190,000. At the same time, operating companies are encouraged to operate in areas outside the central city, and the relevant district governments will determine the operating area and the number of vehicles.

Data Map Beijing Daily Client Reporter Bai Jikai/Photo

The cumulative number of shared bicycle rides last year was 690 million

In 2020, various Internet rental bicycle operating companies will report a total of 844,000 vehicles to the Beijing Internet rental bicycle industry supervision and service platform.

As the city government vigorously promotes the improvement of the quality of the road slow-moving system and the implementation of various policies to encourage green travel, the number of Internet rental bicycles continues to rise, with a total of 690 million rides throughout the year and an average of 1.889 million rides per day. This is an increase of 13.4% compared to 2019. On September 25, 2020, the number of rides reached 4.35 million, the highest in history.

The three companies, Meituan and Harbin Co., Ltd., have connected their operating vehicle information to the Beijing Internet rental bicycle industry supervision and service platform in accordance with regulations, and accept the supervision and management of the municipal, district, and sub-district (township) management departments.

In order to support and encourage enterprises to use modern information technology to regulate the parking order of tenants’ vehicles, the Municipal Transportation Commission organized and guided various districts to carry out pilot applications of “electronic fences”. By the end of 2020, the city had completed the construction of 31 “electronic fences” parking areas, covering There are 772 parking spots in the central city (ie the sixth district of the city), Changping District, Daxing District, Tongzhou District and Economic and Technological Development Zone. The Municipal Bicycle and Electric Vehicle Industry Association, in conjunction with various operating companies, formulated the Beijing Internet rental bicycle “entry settlement” reward and punishment rules, and standardized measures to jointly guide tenants to park vehicles in an orderly manner.

Cleared 14,215 illegally operated shared motorcycles

In 2020, based on clues from city-level inspections and the handover of districts and streets, the Municipal Transportation Comprehensive Law Enforcement Corps has targeted incomplete Internet rental bicycle operation data access, failure to deliver vehicles as required, and failure to deploy necessary management and maintenance personnel. Interview relevant operating companies in a timely manner, and impose fines on companies that fail to make rectification within the time limit after the interview. Among them, Qingju was punished 11 times, Harbin was punished 8 times, and Meituan was punished 5 times.

According to Article 3 of the Beijing Municipal Non-motorized Vehicle Management Regulations and other relevant regulations, this city does not develop electric bicycle rental. The Municipal Transportation Commission, the Municipal Internet Information Office, the Municipal Market Supervision and Administration Bureau, the Municipal Public Security Traffic Management Bureau, and the Municipal Fire and Rescue Brigade, etc. The department and some district governments have jointly interviewed many companies that illegally operate Internet rental electric bicycles in this city, such as Koala Travel. They are suspected of failing to release vehicles as required, failing to accurately disclose service information, and failing to cooperate with relevant departments to supervise and inspect. And other issues, put forward a deadline for rectification requirements, and imposed 5 administrative penalties on 4 companies that refused to rectify after being interviewed, including Beijing Mibu Technology Co., Ltd. A total of 14,215 Internet rental electric bicycles operated in violation of regulations have been cleaned up in all districts.

Implement dynamic total control on the scale of shared bicycles

In order to create an open, fair, and orderly competitive industry development environment, Beijing implements dynamic total control on the scale of Internet rental bicycles. According to the changes in travel demand, the credit assessment results of enterprise operation service quality and administrative penalties, and the principle of favoring enterprises with good service quality credit, the dynamic adjustment of the scale of vehicle delivery will be implemented.

According to the city’s travel demand calculations, the total number of Internet rental bicycles in the central city area in 2021 will be controlled within 800,000. Combining the annual total scale and the results of the 2020 Internet rental bicycle operation service quality credit assessment results, each operating company promised to the Municipal Transportation Committee in writing that the upper limit of the scale of vehicles to be released to the central city in 2021, respectively: Meituan 400,000 vehicles, Kazakhstan 21 10,000 vehicles and 190,000 green oranges. At the same time, the above-mentioned operating companies are encouraged to operate in areas outside the central urban area, and the relevant district governments shall determine the operating area and the number of vehicles.

The municipal transportation administrative department will further strengthen industry supervision, optimize administrative penalty standards, improve industry evaluation indicators, guide districts to increase the supply of parking facilities, provide support for the orderly development of Internet rental bicycles, and provide better services and green travel for the general public. Guaranteed. At the same time, we call on citizens to take good care of vehicles, ride in accordance with traffic rules, and park vehicles consciously and orderly when using the Internet to rent bicycles, so as to jointly create a green, low-carbon, civilized and orderly travel atmosphere.

Source: Sun Hongyang, client reporter of Beijing Daily

Producer: Su Yue

Edit: Easy

Process Editor Wu Yue

Bernard Madoff – the man behind the largest and most devastating pyramid scheme in history, taking over $ 65 billion of tens of thousands of victims worldwide, has gone from the pinnacle of fame. hope – from a powerful Wall Street tycoon to an extremely hated criminal who spends the rest of his life in a prison in North Carolina. The US federal prison agency confirmed that Bernard Madoff died at the age of 82 on April 14 while serving a prison term.

Super trick Bernard Madoff. Photo: Reuters

“We think he is God”

For decades, Bernard Madoff, former chairman of the Nasdaq stock exchange, has been regarded as a model of a self-made financial expert who always enjoys luck despite the volatility of the market.

He has attracted a large number of dedicated investment clients, from Florida retirees to the rich and famous, including director Steven Spielberg, actor Kevin Bacon, Fred Wilpon – team boss baseball New York Mets and Elie Wiesel – Nobel Peace Prize winners

Madoff, was born in 1938 in a middle-class Jewish neighborhood in Queens, New York. His father, Ralph, was a stockbroker – the son of Eastern European immigrants in the United States.

Madoff and his brother Peter arrived on Wall Street in 1960 with the meager money saved from working as lifeguards and installing sprinkler systems. Madoff studied political science and law before founding Bernard L Madoff Investment Securities (BMIS). BMIS has built a reputation for large deals on the Nasdaq. In 1980, the company owned three floors of a high-rise building in downtown Manhattan.

Madoff helped make Nasdaq the largest stock exchange in North America through efforts to build its competitive advantage and increase its influence between 1970 and 1980. He was later appointed. President Nasdaq, has become a reliable figure in the eyes of investors as well as regulators.

“We think he is God. We entrust everything into his hands “, Elie Wiesel – Nobel Peace Prize winner shared.

Silently “cheat black child”

But what the US Securities and Exchange Commission (SEC) did not discover is that behind the scenes, in a separate and closed office, Madoff secretly runs the virtual wealth network using the money of the houses. New investments to pay back the old ones. If other ponzi scams work by paying high returns to investors and then collapsing quickly, Madoff pays a modest but steady return to perpetuate the scam over the long term.

Over the years, at least $ 13 billion has been invested in Madoff’s missions, the US authorities said. The collected documents show that Madoff’s profits are always stable at 2 digits even during market downturns. Before Madoff was arrested, many reports said that the amount of invested assets had reached 65 billion USD.

Kim in the bag for a long time also emerged

It all collapsed in 2008 after Madoff’s business was uncovered as a classic Ponzi scheme that brought the businessman billions. This mission has evaporated all money and wiped out the fortunes of investors – rich and poor, shattering many charities and funds around the world. Madoff – the biggest fraud boss in Wall Street history is so hated that he must wear a bulletproof vest to court after admitting his crime.

Madoff’s crimes not only ruined the lives of 37,000 victims, but also destroyed his own family, including Madoff’s two sons. Mark – one of his children committed suicide in 2010 – two years after his father was arrested. Another left son, Andrew, died of cancer at the age of 48. His wife, Ruth, is still alive and is currently hiding somewhere in Greenwich, Connecticut.

Madoff has created “a legend around him that makes everything special, unique and all,” said Elie Wiesel, a victim of the Ponzi mission that was seized for $ 15.2 million. are kept secret ”. Like many of his clients, Madoff and his wife enjoy a lavish lifestyle. They own a $ 7 million apartment in Manhattan, a $ 11 million real estate in Palm Beach, Florida, and a $ 4 million home on Long Island. In addition, his family has a house in the south of France, private aircraft and yachts.

In a report released in 2009, lawyer Irving Picard, representing the victims of the scam said: “The investigation of Madoff’s assets has led to a maze of funds, nests organizations and many international agencies are related and intertwined in unprecedented complexity with a width that seems to have no stops “.

The report said Madoff’s scam spread widely: Britain, Ireland, France, Luxembourg, Switzerland, Spain, Gibraltar, Bermuda, the British Virgin Islands, Cayman Islands, Bahamas. More than 15,400 lawsuits have been filed against Madoff.

Madoff pleaded guilty in March 2009, saying he wanted to apologize to all victims and was deeply ashamed of his behavior. After being confined to an attic apartment in Manhattan for a while, he was sentenced to 150 years in prison in June 2009 and began serving in July 2009. The Madoff’s property was auctioned off. The US government also set up a trust to recoup the money that Madoff’s company has put into investments and pay thousands of victims.