Wirecard scandal What’s left of the U committee

As of: 06/22/2021 9:16 a.m.

A year ago, the financial services provider Wirecard went bankrupt. A U-Committee of the Bundestag tried to find out why controllers and supervision failed. The committee has now completed its work.

From Tobias Betz, ARD capital studio

Head of authorities fired, insider trading uncovered: A reform should turn Germany’s financial supervision inside out. The committee of inquiry into the Wirecard scandal has initiated a lot. More than 100 witnesses were questioned and thousands of documents turned over.

Florian Toncar did this for the FDP: The investigative committee had come to a clear conclusion. “We made it very clear that the Wirecard case was not a natural disaster that no one could have foreseen or averted,” he says. There were hints and people who warned early on. The disturbing thing about the Wirecard case is that all of this could have happened with the eyes of sight and under the inspectors’ radar.

BaFin seal of approval?

The central accusation of the opposition: The Federal Financial Services Agency (BaFin) did not investigate early indications of possible irregularities at Wirecard. Instead, according to experts, the authority made fatal misjudgments.

BaFin was convinced that Wirecard was being blackmailed. That is why the authorities imposed a ban on the short sale of Wirecard shares in February 2019. BaFin had never before issued such a speculation ban with a single share. Many market participants understood this signal as a kind of seal of approval: You can trust Wirecard, the company is clean!

Many small investors then got on board. When the rumors that had been circulating for years about inflated balance sheets at Wirecard turned out to be true in June 2020, the share price plummeted. Wirecard was broke. Many small investors lost everything.

The minister and the chancellor had to testify

Since then, the public prosecutor has been investigating, among other things, gang fraud. Former board members were arrested and one of them, Jan Marsalek, is still on the run to this day. Because the control authorities are subordinate to ministries, the opposition’s criticism was directed at the government, says Lisa Paus, who sits on the committee of inquiry for the Greens. “Wirecard was also an auditor scandal. The supervision was under the economics minister Peter Altmaier,” says Paus. Above all, Wirecard is a broad supervisory scandal overall. “The financial supervision was under the SPD finance minister Olaf Scholz.”

Ministers Scholz and Altmaier had to testify in the committee of inquiry. Chancellor Angela Merkel was also questioned for hours. None of them admitted mistakes. On the other hand, the work of the investigative committee certainly increased the pressure on the Federal Finance Minister to completely reform the financial supervisory authority BaFin, which is subordinate to him, including a change at the top of BaFin.

Bankers lost their reputations

Financial expert Fabio De Masi from the Left Party is certain that the results of the committee of inquiry are not only politically interesting: “The auditors’ mistakes will play a role in class actions by small investors,” he says. Never before have so many heads rolled at the head of authorities in such a short time.

Authority managers, bankers, analysts, fund managers and BaFin employees – they lost their jobs, their bonuses, their reputation. These are the first concrete effects of the committee of inquiry into the Wirecard scandal. The witness chair on the investigative committee was therefore soon more feared by some than the dock in a criminal court

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Investment opportunities What to do with the savings in inflation?

Status: 22.06.2021 12:28 p.m.

Even in times of rising prices and zero interest rates, many Germans have their money in savings books or call money accounts. But if you want to protect your savings from inflation, you need alternatives.

From Lothar Gries, tagesschau.de

Consumer prices in Germany rose by 2.5 percent in May – more than they have been for almost ten years. At the same time, there is practically no more interest on overnight and fixed-term deposits, the most popular form of investment among Germans. Cash is also in great demand. The value of the notes issued by the Bundesbank rose by 9.5 percent last year. A similarly high growth rate was last seen in 2014. At the end of May 2021, banknotes issued by the Bundesbank to the value of 839 billion euros were in circulation, 52 billion or 6.6 percent more than a year earlier. But if you want your money to grow, you have to consider other investments than hoarding cash or putting it on savings accounts. There is no shortage of alternative investment opportunities. The long lucrative federal bonds are no longer one of them. The yields on these securities have fallen below zero since August 2019. Investors who lend money to the German state have to pay for it – a turning point, as they still got a return of five percent at the beginning of the millennium. “Today federal bonds have no place in assets that are designed to maintain or increase in value,” explains Ulrich Kater, chief economist at Deka-Bank, which is part of the savings bank group.

No prospect of rising interest rates

Investors should also not give in to the hope that consumer prices, which have recently risen again, will lead to higher interest rates. Inflation is likely to accelerate further until the end of the year, but the European Central Bank (ECB) has repeatedly emphasized that it will adhere to the zero interest rate policy. The priority is to stimulate the economy again after the corona crisis, said ECB boss Christine Lagarde. In addition, the current rise in inflation is only temporary.

Investments that are considered to be risk-free, such as savings books and fixed-term deposit accounts, no longer offer any prospect of positive returns for the time being. In order for the saved to experience growth, stocks in particular offer themselves as a way out. Fund savings plans, for example, are a good way to get started. Investors pay regular amounts, in many cases from 25 euros upwards, into an investment fund in which various securities are bundled and which is managed by professionals. Alternatively, of course, investors also have the option of taking their money into their own hands and buying shares in individual companies on their own. In the past few years, you couldn’t go wrong when buying technology stocks.

Alternative ETF?

If you don’t dare to do this, but still want to invest in stocks, you can invest your money in a so-called Exchange Traded Fund (ETF). These funds replicate a stock market index (often with so-called derivatives). This can be the German share index (DAX) or other indices such as the US leading index Dow Jones. The performance of an ETF is closely linked to the respective index. As a result, the fees are usually lower than with other funds. Investing in the stock market is of course not without risk: If the index behind an ETF falls because the stocks in it fall, the fund also loses value.

Nevertheless, ETFs are enjoying growing popularity. According to industry experts, there are almost 7,000 of these funds. This is also due to the low interest rate phase. It ensures that more people invest their money in funds than before. Many have done well with this strategy and have achieved better returns than they would have achieved on a call money account. For example, an ETF on the DAX alone has generated a return of 55 percent in the last five years – provided that you kept your nerve at the beginning of the pandemic and did not sell when the markets collapsed by a third in spring 2020.

Gold and open real estate funds

A popular investment, especially in times of crisis, is gold. The corona pandemic has confirmed this again. By early August 2020, the price of a troy ounce (31.1 grams) had risen to an all-time high of $ 2,063, around a third more than at the beginning of the year. But then things went downhill again, to $ 1,684 in March. It is currently $ 1,775. In fact, gold is extremely volatile because the price is mainly driven by demand, because it has no “intrinsic value” like companies do. The precious metal is therefore not considered a reliable investment. There is also the often unsafe storage of bars or coins.

Those who shy away from the capital market and don’t believe in precious metals can also invest their money in real estate funds. They collect capital from investors and invest it in offices, shopping centers, residential buildings or logistics centers. The so-called open real estate funds are particularly popular with private investors. The income from such a fund, i.e. the rental income after deducting costs, is distributed to the owners as profit. With well-managed funds, an annual return of four to five percent can be achieved, a little more than the inflation rate.

Sometimes there is a risk of total loss

But the system has a catch. A minimum holding period of 24 months applies to open-ended real estate funds. An investor must also announce the return of his money to the fund company. Then he will get his system back after twelve months at the earliest. So if you have to get your money at short notice at any time, you should refrain from such investments.

The examples show that there is no shortage of alternatives to the savings book or a federal bond. But if you want to increase your money, you also have to be prepared to take risks. In some cases, for example when purchasing shares, there is even a risk of total loss, as the example of Wirecard recently showed. A look abroad – especially the USA, where far more people own shares than in Germany – shows that long-term wealth can only be built up with investments in the capital market

HUAWEI CLOUD AI continues to innovate, accelerating industry intelligence upgrades

Fang Fan, a senior planner of Huawei Cloud EI, believes that artificial intelligence has entered thousands of industries and has begun to enter the practical stage. AI has entered the core production system of enterprises and began to create greater value. The overall development strategy of Huawei Cloud AI is to create a full-stack, full-scenario solution for cloud, edge, and end devices, providing ample and economical computing resources, easy-to-use, high-efficiency, and full-process AI platform. At the same time, the latest AI technology and practice accumulation are added to existing products and services, allowing customers to effectively implement AI; and facing the world, continue to cooperate extensively with academia, industry and industry partners to invest in open ecology and talent training.
Fang Fan, Senior Planner of Huawei Cloud EI
In order to be more committed to lowering the threshold of AI development, Huawei Cloud’s one-stop high-efficiency AI development platform ModelArts continues to upgrade and further upgrades its development capabilities: ModelArts CodeLab, which makes AI exploration and learning more efficient, through a large number of course cases in the AI ​​Gallery, which can be connected in seconds. Entry and practice; ModelArts IDE SDKs, cloud on and off, seamless collaboration, close to the usage habits of developers; ModelArts Studio, flexibly develop AI application workflow, accelerate model experiments and deployment iterations, and improve the overall efficiency of the AI ​​application process. In addition, in order to more conveniently implement AI applications, Huawei Cloud provides a unified framework for Runtime Framework on the cloud side, which can be developed once online, multiple reasoning, and real-time model updates and iterations.

In addition, in order to further reduce the difficulty of development for developers, HUAWEI CLOUD has built the AI ​​Gallery community, providing AI assets such as data sets, algorithms, pre-training models, workflows, models, papers, articles, courses, etc. related to many industries and fields. As with scenario cases, there are currently 2000+ AI assets, the most 6+ asset types in the industry. The newly released HUAWEI Cloud Pangu large model with hundreds of billions of parameters is also among them. It extracts and learns common knowledge for massive data, solves the problem of low-cost large-scale replication, and realizes “industrialized” development.

Classics will be passed on forever, and media AI will bring old movies to life

Zhou Suyue revealed that the black-and-white movie “Leifeng” adopts GPU parallel computing and AI iterative optimization and coloring. The self-learning iterative coloring process solves the two major problems of high computational complexity and difficult model building for black-and-white video coloring; further implementation of neural network automatic learning 1. The color timing consistency between frames, 2. The color space coordination within the frame, 3. The color semantic consistency of the object objects to achieve high-efficiency and high-quality AI coloring results. Zhou Suyue, Chief Expert of Malanshan Video Cultural and Creative Industrial Park Based on the HUAWEI cloud platform and media AI capabilities, Malanshan Video Cultural and Creative Park provides computing, storage, network, video media, AI, big data and other capabilities to meet the needs of cloud services in all aspects of video production, production, and distribution, greatly improving Improved the speed of video processing. The Malanshan Huawei Cloud Audio and Video Industry Innovation Center will combine 2021 industrial operations, joint innovation, industrial planning and ecological construction, from building an industrial park to building an industrial intelligent body, through the construction of the entire process of variety show production, the entire process of film production, and lightweight Four production lines for live broadcast and 3D music production lines, two platforms for video cultural and creative talent training and digital asset trading, as well as virtual production innovation, and the entire chain on the cloud, help Malanshan build a highly competitive China “V” valley.

Every second counts for the new crown epidemic, AI increases the efficiency of drug screening by ten times

The speech by Dr. Mingyue Zheng, a researcher at the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, focused on the AI ​​large-scale virtual drug screening cloud service released by HUAWEI CLOUD EIHealth and the drug federation learning service based on HUAWEI CLOUD ModelArts. Dr. Mingyue Zheng, Researcher, Shanghai Institute of Materia Medica, Chinese Academy of Sciences Based on the HUAWEI CLOUD medical agent EIHealth, Researcher Zheng Mingyue and HUAWEI CLOUD team have carried out a number of AI drug research and development cooperation projects, such as the iPhord algorithm for predicting protein structure from the primary sequence for early research on drug targets, and the AI ​​prediction algorithm for drug relocation , Use the multi-omics automatic modeling tool AutoOmics to quickly discover biomarkers, use the personalized federated learning integration algorithm FedAMP to achieve efficient and safe integration of pharmaceutical enterprise data, and use Huawei Cloud’s automatic AI modeling tool for omics data to accurately predict drug attributes Wait. HUAWEI CLOUD EI Medical Intelligence (EIHealth) platform, based on the powerful AI capabilities of HUAWEI CLOUD AI Ascension Cluster Service and HUAWEI CLOUD ModelArts one-stop AI development and management platform, integrates many algorithms, tools, AI models and automated pipelines in the medical field . Through the medical agent platform, protein homology modeling, molecular dynamics simulation calculations, and large-scale virtual drug screening can be completed quickly, and tens of millions of simulation calculations can be completed in a short time, greatly shortening the screening time and improving drug screening More than 10 times the efficiency.

Intelligent algorithm empowers indoor air quality

Wu Ke, deputy dean of Daikin China Institute of Technology Development, explained how intelligent algorithms empower IAQ to monitor, predict, and control indoor air. Wu Ke, Vice President of Daikin China Institute of Technology Development After the new crown epidemic in 2020, people pay more attention to the indoor environment. Users gradually accept CO2 as an important indoor air (IAQ) indicator. The air retention of CO2 can cause discomfort to the human body and increase the possibility of spreading influenza. In addition, the country’s carbon is at its peak, the carbon neutrality policy is clearly directed, and the company’s energy saving requirements have become a must. IAQ is a highly professional field, and standards and testing methods need to be interpreted by professionals. In general commercial scenarios, there is a lack of professional personnel and effective data detection and control. In order to solve user pain points, Wu Ke led the team and Huawei Cloud EI team to dig deep into IAQ’s reserve technology, through big data and AI algorithms, to achieve air quality prediction, so as to accurately define the time point of the fresh air switch. In the air quality prediction project, the advantages of efficient integration and joint optimization of the HUAWEI CLOUD Pangu large model are used to improve the prediction accuracy and efficiency, and play an extremely important role in the prediction of intelligent control and air cleanliness indicators.

AI enables intelligent transformation of the financial industry

Zhang Song, Director of Huawei Cloud EI Product Solutions, mentioned that the key to the entire financial value chain is how to collect and transform physical world information, how to extract digital credit, and then evaluate financial assets based on digital credit. Four aspects are involved in this process:

1. Efficiency improvement: The difficulty lies in the huge amount of information collection, the difficulty in extracting unstructured data, and the many process breakpoints.

2. Risk control: Fraudulent transactions are grouped, the equity structure is nested, and the credit relationship is complicated.

3. Investing in research and improving efficiency: It involves many data sources, strong dependence on data service providers, and strong data interference signals.

4. Risk pricing: requires strong real-time calculations and high demand for combined pricing.

Zhang Song, Director of Huawei Cloud EI Product Solutions Based on customer demands, HUAWEI CLOUD proposed innovative solutions for the financial value chain: automated smart operation, smart risk control, and smart investment and research. First of all, the automated smart operation solution uses the capabilities of AI+RPA to create digital employees, perform repetitive tasks, and increase service efficiency by 20 times in financial marketing scenarios. Second, the smart risk control solution uses the Huawei Cloud GES graph computing engine and the RTD real-time decision engine to build relationships based on information such as capital flow, transfer records, accounts, corporate information, and industry information, and effectively improve risk control and marketing levels by mining relationships. Finally, the intelligent investment research solution based on the HUAWEI Cloud Pangu model integrates millions of financial news and Chinese and foreign stock data across the entire network, monitors hundreds of commodity prices, e-commerce commodity prices and sales, monitors various risk events, and uses nature. Language processing technology establishes a graph of the relationship between events and securities, and realizes event-driven risk prevention and control and investment opportunity mining.

How Huawei Cloud Pangu NLP Large Model Helps Companies Realize Revenue Growth

Dr. Yang Zhilin, co-founder of Recycle Intelligence, described the HUAWEI CLOUD Pangu NLP large model created in collaboration with HUAWEI CLOUD, which overcomes the problems of traditional large models in commercial implementation, and brings “improvement of employee execution ability in enterprise marketing and communication scenarios”. Solutions for three business scenarios, such as “target customer preference” and “compliance enhancement”, help companies to improve employee professional capabilities faster, find target customers faster, reduce compliance risks, and reshape customer experience And the steady growth of revenue. Dr. Yang Zhilin, Co-founder of Recycle Intelligence Among them, the “employee execution improvement” scenario solution uses the HUAWEI CLOUD Pangu NLP large model to digitally model the real sales communication process, open the black box of the communication process, and help managers to supervise the daily execution of sales staff, and make targeted guide. At the same time, it provides real-time assistance systems for front-line sales personnel to help them improve execution and productivity. The “target customer optimization” solution uses the HUAWEI CLOUD Pangu NLP large model to build an intention prediction model based on the communication dialogue data and the result of the order. Through the algorithm model, the high intention customers in the stock clues can be screened, or the customers who are more interested in a certain product can be screened Target customers, reduce the waste of energy on low-intention leads, and improve the efficiency of sales staff. The “Compliance Enhancement” solution leverages the paragraph-level semantic analysis capabilities of the HUAWEI CLOUD Pangu NLP model to help companies discover potential compliance risks in the communication between employees and customers, and greatly enhance business compliance.

Collaborative deployment of end-side cloud, accelerating the landing of industry AI applications

Finally, Xie Zhouyi, service director of HUAWEI CLOUD EI HiLens, explained how the AI ​​platform of HUAWEI CLOUD can solve this problem through the collaborative end-to-cloud solution. Xie Zhouyi, Director of Huawei Cloud EI Services In the process of AI applications being implemented in various industries, developers need to develop multiple sets of incompatible AI applications based on different platform development standards and interfaces, resulting in a long AI application development cycle and high costs. In addition, how to agile development and rapid deployment of AI applications has become an important problem to be solved in the AI ​​industry. Huawei Cloud’s HiLens platform is the industry’s first end-cloud collaborative AI application development and deployment platform. Based on the three capabilities of the management and operation platform HiLens Console, the development framework HiLens Framework, and the cloud development environment HiLens Studio, Huawei Cloud HiLens supports developers You can quickly develop your own skills without setting up the environment, and can simulate the effect of the algorithm online, and you can also use the rich AI skills preset on the platform. Through the unified development framework of HiLens end-side cloud, AI skills can be deployed to HiLens-supported end-side or edge devices for real-time reasoning. At the same time, it can also be combined with the capabilities of Huawei Cloud Cloud to easily integrate into third-party platform systems to form overall AI Business logic, build smart solutions in urban, financial, park, water, and industrial scenarios, and promote the rapid implementation of AI applications in various industries. Follow @Huaweiyun for more information

Author丨Li Wenxian

Produced丨Sohu Finance

It has been a year since the sale of Baicao Wei, and I missed you for announcing the focus on the main business of red dates, but you have repeatedly fallen into doubts from investors.

On June 14, I really want you to receive an annual report inquiry letter from the Shenzhen Stock Exchange, and you were asked to respond to 11 questions about the sale of Holmes, performance, and the decline in the gross profit margin of jujube products.

Since the delivery was completed in June last year, I miss your net profit for two consecutive quarters. In 2020, the gross profit rate of jujube and related products is 29.34%, a year-on-year decrease of 3.46%.

One year after the release of the share repurchase plan, I really want you to significantly reduce the repurchase ratio. During the period, the second largest shareholder Hangzhou Haohong Industrial Co., Ltd. (hereinafter referred to as “Hangzhou Haohong”) reduced its shareholding nine times and cashed out about 180 million yuan in total. .

Since the announcement of the reduction of the repurchase ratio, I miss your share price plummeting for 5 consecutive trading days. As of today’s close, I miss your share price at 10.30 yuan, down 1.62%.

After selling Baicaowei, I miss your net profit for two consecutive quarters.

After selling Baicaowei, I really miss your revenue in 2020.

The annual report shows that in 2020, I miss you to achieve operating income of 3.001 billion yuan, a year-on-year decrease of 49.65%.

On February 23, 2020, I miss you an announcement that it will sell 100% of Baicaowei’s equity. The buyer is Pepsi Beverage, a subsidiary of PepsiCo. The negotiated transaction price of the two parties is US$705 million, which is approximately RMB 5 billion.

On May 14th last year, I missed the transfer of the equity you held in Holmes (that is, Baicaowei) to Pepsi Beverage. On June 2nd of the same year, I missed the announcement that you had received US$698 million from Pepsi.

According to the disclosure, from the first quarter to the fourth quarter of 2020, I miss you operating income of 1.773 billion yuan, 713 million yuan, 250 million yuan and 264 million yuan, respectively. The third and fourth quarter revenues are less than the sixth quarter of the first quarter. One part.

At the same time, in the third and fourth quarters, I miss you a loss of 18 million yuan and 83 million yuan in net profit respectively in the two quarters. After deducting non-net profits, you will lose three consecutive quarters. The second, third, and fourth quarters will lose about 114 million yuan, 17 million yuan and 19 million yuan.

The Shenzhen Stock Exchange asks you to combine the situation of comparable companies in the same industry, as well as the seasonal characteristics of the company’s business (if any), market demand changes, product price trends, cost and expense confirmation basis, and changes in amounts, and explain the quarters of the reporting period. The reasons and reasonableness of the large fluctuations in financial data, and whether there is an inter-period recognition of income or expenses.

Jujube business revenue declines year after year, gross profit margin declines 3.46%

Before selling Baicaowei, I miss your jujube business has been declining year after year.

From 2017 to 2019, the revenue of I miss you jujube products were 961 million yuan, 868 million yuan, and 735 million yuan, respectively, accounting for 23.61%, 17.54%, and 12.33% of the revenue. Revenue has fallen for two consecutive years.

In 2020, I miss your jujube revenue of approximately 666 million yuan, a year-on-year decline of 18.87%, and a gross profit margin of 3.46%.

Compared with jujube products, nuts have contributed 1.187 billion yuan in revenue, which is nearly twice that of jujube business, but they are also facing a decline in gross profit margin.

The financial report shows that in 2020, the gross profit margin of I miss you nuts products is 20.90%, a year-on-year decrease of 4.36%.

The inquiry letter requires you to combine marketing model, product positioning, market share, cost structure and other factors to explain the reasons for the decline in the gross profit rate of red dates and nuts during the reporting period, and analyze whether related factors will continue to affect the company’s production and operation.

I miss you announcing the return to the main business of jujube, and decided to terminate the contract of 4770 acres of land leased by the subsidiary Xinjiang Jujube Agriculture and Forestry Co., Ltd., and concentrate resources on the company’s own high-quality raw material base.

After the termination of the land lease agreement, you no longer own the ownership of the jujube trees, employee dormitories, warehouses and other ground attachments on the corresponding land, and the remaining land lease fees paid will no longer be returned. The total asset loss is 45.66 million yuan.

The inquiry letter requires you to estimate whether the cost of using the leased land to obtain raw materials such as red dates is significantly different from the cost of the company obtaining raw materials such as red dates through other channels. Combined with the reasons for your company’s early termination of the land lease, further explain the company’s termination of the land lease Whether it is conducive to safeguarding the interests of listed companies.

At the same time, according to the disclosure that I wanted to focus on the main business of red dates when you sold the shares of Holmes, it explained whether the company took other methods to consolidate the supply of upstream raw materials while terminating the 4770 mu land lease of the subsidiary Xinjiang Dazaoshu Agriculture and Forestry Co., Ltd. .

The repurchase plan has shrunk sharply, the second shareholder reduced their holdings and cashed out 180 million yuan

I really miss you to change the stock repurchase plan, which also caused investor complaints.

On June 3, 2021, I really want you to disclose the “Announcement on Adjusting the Share Repurchase Program” stating that the number of shares to be repurchased will be adjusted to no less than 41.2 million shares and no more than 67.2 million shares.

Compared to the most embarrassing repurchase plan in history that was thrown out in June last year, the number of shares you bought back has shrunk dramatically.

I really want you to disclose that the number of shares repurchased is no less than 113 million shares and no more than 226 million shares, accounting for no less than 21.91% and no more than 43.83% of the company’s total share capital. The repurchase price does not exceed 13 yuan per share.

As of May 10, 2021, I really want you to repurchase approximately 28.79 million shares through centralized auction trading, accounting for 5.58% of the company’s current total share capital. The highest transaction price is 13 yuan per share, and the lowest transaction price is 10.93. Yuan/share, the total turnover is about 339 million yuan.

During the period, Hangzhou Haohong, the second largest shareholder, reduced its shareholding 9 times, with a cumulative reduction of 13.84 million shares. The number of changes accounted for more than 3% of the outstanding shares. The average transaction price was 11.95 yuan to 13.79 yuan, and the cumulative cash out was about 180 million yuan.

After the announcement of the adjustment plan, I miss your stock price plummeting for 5 consecutive trading days.

The inquiry letter asks, I really want you to further explain the reason and rationality of the company’s adjustment to the repurchase plan in the past 12 months before the shareholders’ meeting reviewed and approved the share repurchase plan, and whether there is a situation of using repurchase matters to cooperate with relevant entities to reduce holdings Wait.

Close to the limit of insolvency According to the director of Sao Viet car company, production and business revenue is almost zero, but every day still has to bear countless expenses such as bank interest; rent for factories, warehouses, salaries to support officials, employees, drivers; road maintenance fees … A series of passenger transport enterprises are in the “swallowing” scene. “Before the epidemic, on average, each month we spent about 3 billion dong on salaries and bonuses for drivers and employees. However, today, even though there is no revenue, we still have to “burden” nearly 1 billion dong/month “- Mr. Bang stated. Not only road transport, the air transport market has suffered the most severe decline ever, prompting the Ministry of Planning and Investment to issue a warning that the solvency of enterprises is declining close to the limit of insolvency. maths. For example, the national airline of Vietnam (Vietnam Airlines), it is expected that the loss of the first quarter of 2021 will be at VND 4,800 billion and in the first six months of the year may reach VND 10,000 billion. Currently, the amount of overdue debt has reached VND 6,240 billion and is in a very difficult situation. Vietnam Airlines has more than 9,000 employees who are on unpaid leave and temporary suspension of labor contracts. Most transport businesses are facing great difficulties due to the Covid-19 epidemic Vietnam Railways Corporation (VNR) also lost 50% of passenger transport revenue in the past 5 months due to people restricting travel, the railway industry had to cut many passenger trains. Mr. Nguyen Cong Hung, Chairman of the Hanoi Taxi Association, said that the number of passengers decreased by 80%-90%, revenue fell seriously, and workers’ lives were difficult. A series of taxi companies are facing the risk of bankruptcy, and bad debts are at high risk of increasing in the banking system. Therefore, recently, the Taxi Associations of Hanoi, Da Nang and Ho Chi Minh City have jointly signed a document to send to the Prime Minister, proposing to support taxi transport enterprises to overcome difficulties before the Covid-19 pandemic. Proposing many solutions Facing the above situation, the Prime Minister has just assigned the Ministry of Transport to consider and propose policies and solutions to support passenger transport enterprises facing difficulties due to the Covid-19 epidemic. to border gates and between regions in the domestic market. According to Mr. Tran Bao Ngoc, Director of the Transport Department (Ministry of Transport), since the outbreak of the epidemic, the Ministry of Transport has proposed policies and solutions to support transport enterprises in difficulty. Regarding the solution to remove the vehicle inspection cycle, Mr. Ngoc said that the Ministry of Transport is amending Circular No. 70/2015 in the direction of adjusting the inspection cycle of passenger cars of all kinds up to 9 seats with transportation business. , adjusted from 18 months to 24 months for the first cycle and from 6 to 12 months for the recurring cycle. In addition, the Ministry of Transport also proposed that the Government delay the time of sanctioning transport enterprises that do not install surveillance cameras due to the impact of the Covid-19 epidemic. Regarding the proposal to exempt road maintenance fees until the end of this year, Mr. Ngoc said that in order to remove difficulties for those affected by the Covid-19 epidemic, Circular 112/2020 of the Ministry of Finance allows to reduce collect road user fees from January 1 to June 30, 2021. “The Ministry of Transport has proposed to the Government to reduce value-added tax to 0%, reduce 50% of corporate income tax for industries seriously damaged by the epidemic. Besides, delay payment of tax amount for 6 months for 6 months. arrears until December 31, 2021 and there is no fee for parking, parking and picking up passengers at the airport, train station, port and 50% discount on service prices through the bus station for passenger cars. sign for new registered vehicles for transport business until December 31,” said Mr. Ngoc. It is still difficult to access support policies As a large passenger transport enterprise in Quang Ninh province, Mr. Doan The Xuyen, director of Phuc Xuyen Co., Ltd., said that the company has over 300 vehicles that have stopped working but still have not been exempted from road maintenance fees because of cumbersome procedures. . For example, to be exempted under the regulations of the Ministry of Finance, the vehicle must stop working for 30 days or more, then return the badge and be certified by the Department of Transport. “You can stop for less than 30 days to be able to run again, then you have to apply for a new badge. Many businesses still have to pay even though the car is not running because they are afraid of procedures,” said Xuyen.

The registry examines the incoming vehicle for registration. (Photo: Hoang Hung/VNA) In the written response to the Vietnam Automobile Transport Association and the three-region taxi association, the Ministry of Transport agreed to allow car inspection cycle will increase from 18 months to 24 months to remove difficulties for transport businesses affected by the COVID-19 epidemic. Currently, the Ministry of Transport is directing agencies and units to advise on finalizing the draft Circular amending Circular No. 70/2015 regulating the inspection of technical safety and environmental protection of vehicles. road motorized traffic. “The inspection cycle of passenger cars of all kinds up to 9 seats with transportation business will be adjusted from 18 months to 24 months for the first cycle and from 6 to 12 months for the periodic cycle,” said the leader. The Ministry of Transport said. For the proposal to have appropriate policies and mechanisms for BOT investors to reduce road use fees according to Circular No. 112/2020 of the Ministry of Finance, the Ministry of Transport said Circular No. 112/2020. of the Ministry of Finance stipulating the rate of road use fee (toll collected per vehicle) for automobiles doing transport business of transport enterprises, transport business cooperatives, and transport business households. “The collection of road service fees is not specified in Circular No. 112/2020, so investors do not have to follow the guidance of this Circular,” the leader of the Ministry of Transport affirmed. . On the other hand, a number of investment projects in the form of public-private partnerships managed by the Ministry of Transport have reduced road user service fees; BOT projects have not been considered to increase road use prices, although it is time to increase prices in the last 3 years in order to share and harmonize the interests of the State-people-enterprises. Moreover, BOT investors are also businesses and are also affected by COVID-19 epidemic due to the reduction of vehicle traffic through the station, revenue will be reduced, affecting the financial balance of the enterprise; increase in interest expense and operating expenses of the business. Regarding the proposal for exemption from submission road maintenance fees By the end of this year, according to leaders of the Ministry of Transport, this agency is coordinating with the Ministry of Finance to comment on amendments to Circular 112/2020 and related circulars to assist in removing difficulties for production and business in response to the COVID-19 epidemic chaired by the Ministry of Finance. Previously, in 2020, the Ministry of Finance coordinated with relevant ministries and agencies to develop and issue Circular No. 112/2020/TT-BTC dated December 29, 2020 providing for the extension of the reduction period. fees and charges (mainly reducing fees in the field of transportation (road use fees; fees, aviation fees…) until the end of June 30, 2021 to support and remove remove difficulties for production and business, ensure social security in response to the COVID-19 epidemic.

Accordingly, TPBank is one of two joint stock commercial banks selected to take on this responsibility. The account number 84123456789 means “Vietnam – Moving forward” of the Vaccine Fund for Disease Prevention and Control at TPBank, showing the determination of the Government and people to win the pandemic. Collectives and individuals at home and abroad can transfer donations to the account of the State Treasury opened at TPBank with the following information: 1. Account name: Vaccine Fund for COVID-19 Prevention and Control 2. Account number: – VND account: 84123456789 (Vietnam – Tien Len) – USD account: 84223456789 – EUR account: 84333456789 At the same time, when donating to the vaccine fund, TPBank customers do not need to spend time finding and entering the receiving account number like regular money transfers. The “Donate” feature with a prominent heart icon on the chest right on the main screen of the TPBank app has been automatically installed to the recipient account as the COVID-19 vaccine fund. Customers only need to select “Donate” as soon as they successfully log in to TPBank app, enter the amount, then enter the verification code to successfully transfer their contribution to the Vaccine Fund. With a deep awareness of the importance of vaccines and high responsibility to society, TPBank took advantage of a leading digital bank to quickly launch this feature to help customers support the vaccine fund most conveniently. Right after the launch of the “Donate” feature, the spirit of “Donation is to work together” to repel the pandemic was practically responded by leaders and employees of TPBank. Up to now, over 27 billion VND with about 4,000 donations to the Vaccine Fund have been transferred through TPBank system. Most recently, on May 26, TPBank also contributed 10 billion VND to the Vaccine Fund, supporting the Government in this fight against COVID. Representative of TPBank, General Director Nguyen Hung shared: “ The efforts of TPBank, the whole people together with the Government to make the plan of universalizing Vaccines to every home quickly come true so that normal life will soon return to everyone. “.

VinFast is building electric car charging stations The Ministry of Finance has just sent a document to the Ministry of Industry and Trade, the Ministry of Justice, the Ministry of Natural Resources and Environment and the Ministry of Transport, to respond to tax incentives for battery electric cars. Proposals for tax incentives only mention battery electric vehicles (BEVs). Currently, according to statistics, battery electric vehicles account for about 1% of electrified vehicles in Vietnam. Electric vehicles include many types of vehicles. In addition to gasoline-powered vehicles combined with electric energy (including HEV, PHEV) and Hydrogen-fueled cars (FCEV), there are currently BEV (pure electric) battery electric cars. Completely electrically charged from an external source. The two types of hybrid vehicles move mainly with internal combustion engines, in parallel taking advantage of the benefits of an electric powertrain consisting of an electric motor with a battery. FCEVs have an advantage over BEVs when the charging time is short, but the production of water makes hydrogen fuel-powered electric vehicles only suitable for island nations, arid areas, and unsuitable for urban areas. big. Meanwhile, BEV battery electric vehicles have a minimalist structure, run short distances, can consume electricity everywhere, have great advantages in urban areas. With three types of vehicles HEV, PHEV and FCEV all use gasoline and gas, so they have more impact on the environment than BEV models. Electric cars are becoming an advantageous choice to replace vehicles using internal combustion engines, especially battery electric cars (BEVs). Many countries around the world have had preferential policies and tax support to prioritize the development and production of battery electric vehicles. According to the Ministry of Finance, Vietnam has a number of preferential policies for electric vehicles. Accordingly, electric cars carrying passengers with less than 9 seats are entitled to the special consumption tax rate of 15% (ie 10% reduction compared to cars of the same type using fossil fuels; 10-16 seats are allowed to be used for cars of the same type using fossil fuels. tax rate of 10% (5% reduction compared to cars of the same type running on gasoline) and the tax rate of 16 to less than 24 seats is applied at the tax rate of 5% (5% reduction compared to cars of the same type running on petrol). At the same time, the Law on Special Consumption Tax No. 27/2008/QH12 also stipulates the special consumption tax rate for environmentally friendly vehicles. Specifically, vehicles running on gasoline combined with electric energy and bioenergy, in which the proportion of gasoline used does not exceed 70% of the energy used by the vehicle, is entitled to a tax rate of 70% for vehicles of the same capacity. species. For cars running on bio-energy, the special consumption tax rate is only 50% compared to cars of the same type. Meanwhile, about the current registration fee, there are only preferential rates for buses using clean energy while there is no policy applicable to other environmentally friendly vehicles. To encourage production and stimulate consumers to use BEVs, contributing to reducing the emissions released into the environment by vehicles, contributing to the protection of the ecological environment and based on the outstanding advantages of vehicles. BEV, the Ministry of Finance is planning to propose new incentives for this model. An electric vehicle charging station in Ho Chi Minh City Specifically, incentives related to excise tax fall under the jurisdiction of the National Assembly. Therefore, the National Assembly must amend the excise tax law. The Government has also assigned the Ministry of Finance to preside over the overall assessment of the implementation of the excise tax policy on automobiles in the past time to study and amend the excise tax law accordingly. Regarding the registration fee under the authority of the Government, when there is a need to change, it will amend and supplement Decree No. 14/20216/ND-CP on registration fee. The Ministry of Finance said that in the past time, it has also received recommendations from a number of associations on adjusting registration fee rates to remove difficulties for businesses. Therefore, the Ministry of Finance is also evaluating the overall policy on registration fees and is expected to submit it to the Government in October. The Ministry of Finance also asked agencies to propose specific content on special consumption tax incentives and registration fees related to battery electric vehicles to summarize and report to the Government. Battery-powered electric vehicles currently account for a very small percentage in Vietnam. According to data from the Vietnam Automobile Manufacturers Association (VAMA), the number of electrified vehicles registered in Vietnam is still very modest, accumulating just over 1,000 units by the end of 2020. of which BEVs only account for about 1%, the rest are HEV and PHEV models. According to the Ministry of Finance, currently only VinFast invests in producing electric vehicles, according to reports, VinFast has now launched the first battery-powered electric car model. The factory has a capacity of 250,000 vehicles per year and the brand is focusing on battery electric vehicles with 9 seats or less and electric buses with 24 seats or more. Also according to the Ministry of Finance’s assessment, the biggest obstacle facing Vietnam today is the lack of charging station infrastructure, the main source of power for power supply is using fuel sources with high CO2 emissions, accounting for nearly half of the total mobilized electricity output, while the electricity generated from renewable energy accounts for a small proportion, about 4.3% and this is considered an unstable power source.

When a public unit transforms, it must make a report on the financial situation based on the business model at 2 times. Photo: KH

Circular No. 26/2021 / TT-BTC applies to organizations and individuals defined in Article 2 of the Government’s Decree No. 150/2020 / ND-CP on successful transfer of public non-business units (SNCL) Joint Stock Company (JSC).

According to the instructions, the transformed SNCL unit follows the financial mechanism applicable to SNCL units and accounts under the regulations of the administrative and non-business accounting regime issued together with Circular No. 107/2017 / TT -BTC until the time to officially convert to JSC.

JSC is converted from a SNCL unit operating under the provisions of the Enterprise Law, specialized laws and the current law provisions and accounting under the provisions of the corporate accounting regime issued together. According to Circular No. 200/2014 / TT-BTC for activities arising from the official time of transforming into JSC.

When a converted SNCL unit has to make a financial statement based on the business model at two times: Time of determining the value of the SNCL unit after having fully accounted for arising transactions related to arbitration. financial management to determine the unit value according to regulations; At the time of officially converting into a JSC after accounting for the financial settlement results at the time of officially converting into a JSC as a basis for handover to a JSC.

Steps to make a financial statement include:

Take steps to close accounting books according to the regulations of the administrative and non-business accounting regime.

Make a report on the financial situation in the form B01 / BCTC specified in the administrative and non-business accounting regime.

Analyzing detailed data based on accounting books, asset reassessment documents to convert, records of SNCL unit valuation results of other relevant documents.

Make a data conversion table according to the provisions of this Circular.

Based on the data of the data conversion table and instructions on setting up detailed indicators on the financial statement according to the model that the enterprise synthesizes the indicators according to instructions in Appendix 02.

Circular No. 26/2021 / TT-BTC takes effect from June 1, 2021. /.

Mr. Nguyen Hoang Duong – Deputy Director of Finance Department of Banks and Financial Institutions (Ministry of Finance) gave opening speech at the conference. Photo Do Doan

April 16 in the city. Ho Chi Minh, the Ministry of Finance cooperates with the Asian Development Bank to hold a Conference on Development of credit rating activities in Vietnam. The event is part of a series of conferences of the Ministry of Finance to disseminate, train and provide information to businesses (DN), investors (investors), and participants in the financial market about rating activities. credibility in Vietnam.

Credit rating plays an important role in the development of the financial market in general and the bond market in particular. Through the determination of the credit rating, investors have more information to evaluate the financial ability, solvency of the creditors, of the financial products rated by credit, as well as the risks involved.

Speaking at the opening of the conference, Mr. Nguyen Hoang Duong – Deputy Director of Finance Department of Banks and Financial Institutions (Ministry of Finance) said, to develop credit rating activities in Vietnam, Ministry of Finance submitted to the Government for promulgation Decree No. 88/2014 / ND-CP on credit rating services, which fully regulates the contents of organization, operation, service provision, and information disclosure of the organization. credit rating organization.

Enterprises discuss with international financial experts about credit rating services. Photo: Do ​​Doan

The Securities Law 2019 and guiding documents have specific provisions on cases where enterprises issue bonds to the public must be rated with credit ratings and implementation roadmap, and at the same time encourage businesses to issue bonds. Private corporate bonds (corporate bonds) use this service to enhance the publicity and transparency of the corporate bond market.

“The Ministry of Finance is also studying to associate the regulations on credit rating results with regulations on classification and investment criteria for some particular financial institutions or using credit rating results. when calculating the indicators of capital safety and assets of organizations in the financial market “- Mr. Nguyen Hoang Duong said.

At the conference, experts from the Australian Securities and Investments Commission, international rating organizations S&P, Moody’s and the credit rating agency Fiin of Vietnam presented about the role of the rating agency. credit rating in the financial market, credit rating methods and processes, factors affecting the credit rating of enterprises, the contents to be noted to improve ratings and the impact of results. credit rating results for decisions of investors.

In general, the contents of the conference are intended to provide full information on the development of credit rating activities in Vietnam and to raise market awareness about this activity.

It is known that, according to Decision No. 570 / QD-TTg dated April 17, 2015 of the Prime Minister approving the Plan for development of credit rating services to 2020 and a vision to 2030, the Ministry of Finance will see review and grant certificates of eligibility for business in credit rating services for up to 5 enterprises.

Up to now, 2 Vietnamese enterprises have been granted business eligibility certificates and are providing credit rating services in the market. The Ministry of Finance has also received a request for attention from a number of reputable international credit rating organizations and will consider and appraise it in accordance with the law./.