Edit | Zheng Qing

Recently, Mob Research Institute released the 2021 Internet Medical Industry Insight Report. According to the report, as the policy of the Internet medical industry has changed from prudence to openness, the policy guarantee system has been continuously improved, which has stabilized the cornerstone of market expansion. The sudden new crown epidemic in 2020 has become an industry accelerator, and the market size is expected to exceed one trillion in 2025.

my country’s Internet medical treatment has a history of 20 years, and it is developing upward amidst twists and turns. Internet medical care leverages the epidemic to increase exposure, cultivate user habits, and press the accelerator key for industry development.

The report pointed out that my country’s high-quality medical resources are insufficient. The number of tertiary hospitals accounts for less than 10%, but they carry over 50% of the medical needs. The utilization rate of beds in tertiary hospitals exceeds 90%, while the utilization rate of beds in primary medical institutions is low. As the health literacy level of Chinese residents increases year by year, more and more people are concerned about their health needs. Faced with the problem of insufficient supply of high-quality medical resources, technologies such as the Internet and artificial intelligence connecting resources are expected to break the medical dilemma.

With the resonance of the black swan of the epidemic and favorable policies, the Internet medical industry has ushered in a golden growth period. In 2020, there will be frequent large-scale financing events in the Internet medical industry, and capital is generally optimistic. The report predicts that the scale of the Internet medical industry is expected to exceed one trillion yuan in 2025.

From the user survey, the report found that the proportion of Internet medical users in second-tier and above cities has decreased, and the proportion of third-tier cities and below has increased. The proportion of users in Guangdong far exceeds that of other provinces. Among medical e-commerce users, male participation is significantly higher than that of females; among registered consultation users, males and females account for the same proportion, but females have a higher preference. Young and middle-aged people are the main force in medical e-commerce and registered consultations. Young people aged 25-34 prefer online consultations, while middle-aged and elderly people over 45 are more willing to buy medicines online. From the perspective of industry development trends, the report believes that in the short term, the daily life of users during the 2020 Spring Festival will increase significantly, and user satisfaction will be high, which is conducive to the formation of user habits, and the traffic dividend is expected to continue. In the medium term, many pain points in the medical industry are waiting for artificial intelligence to provide new solutions, and AI may become the next prescription. In the long term, smart community medical care will help to form a hierarchical diagnosis and treatment of “first diagnosis at the grassroots level, two-way referral, linkage between upper and lower levels, and separate treatment for emergency and slowness”, and relieve medical pressure

Spectacular comeback The new boom in the solar industry

As of: 06/24/2021 8:03 a.m.

After years of decline and bankruptcies, the solar industry in Germany is experiencing a comeback. Even solar cells are being produced again in this country. Help is also coming from the coalition.

From Lothar Gries, tagesschau.de

While the expansion of wind turbines is stalling, photovoltaic systems are enjoying ever greater popularity. In a tender in March, the Federal Network Agency was literally overrun with applications. There were more than twice as many interested parties as expected. Much to the delight of the Union and the SPD, who are agreed on an immediate program for energy and climate protection shortly before the summer break . After the federal cabinet yesterday given the green light has, the package should to be passed by the Bundestag today . According to this, the tender volumes for photovoltaic systems will be increased by 4.1 gigawatts to six gigawatts from next year. In the future, the municipalities will also be able to participate financially in photovoltaic areas. Until now, this was only possible with wind turbines. The Union and the SPD could not agree on a solar obligation for new buildings. Consumer advocates and the Haus und Grund association had heavily criticized the plans.

Mega boom in the solar industry

Solar systems were already very popular last year. According to the Bundesverband Solarwirtschaft (BSW), a quarter more solar systems were installed on German roofs than in the previous year, exactly 184,000, with an output of around 4.9 gigawatts. No other form of energy grew faster in power generation. However, pull-forward effects probably also contributed to this. In the spring there was still uncertainty about the continued existence of state subsidies, plus the temporarily reduced value added tax.

Almost every tenth kilowatt hour consumed this year comes from solar energy in this country. The Federal Association of Energy and Water Management (BDEW) is already demanding that new solar systems with an output of at least ten gigawatts (GW) be installed every year by 2030. “We need a solar boom,” said BDEW chairwoman Kerstin Andreae recently to “Handelsblatt”.

Again solar cells from Bitterfeld

The domestic production of solar modules is celebrating an unexpected comeback these days. Solar cells are being produced again in Germany, in what was once the “Solar Valley” near Bitterfeld in Saxony-Anhalt. The Swiss company Meyer Burger recently opened a new plant here, which will be ramped up these days.

“At the historic Solar Valley solar location, we are setting a milestone on Europe’s path to more strategic independence in the key technology of photovoltaics,” said CEO Gunter Erfurt at the opening on May 18th. In the highly automated operation, up to 200,000 solar cells are expected to roll off the production line every day. In a first step, an annual capacity of 400 megawatts is planned. It should be five gigawatts by 2026.

Next door, the solar company Q-Cells, which belongs to the South Korean Hanwha Group, is expanding its location in Bitterfeld and intends to invest a good 140 million euros in the research and development of new, low-resource solar modules by 2023. Q-Cells was once one of the largest photovoltaic manufacturers in Europe, but was ousted by Chinese competition and had to file for bankruptcy in 2012 before the Koreans bought it.

The lucrative business with solar parks

In fact, the manufacture of solar panels plays a rather subordinate role in the rebirth of the industry. The most important players in the new boom are now operators and developers of solar parks, above all the Hamburg company Encavis, which has now been included in the MDAX share index. The electricity provider, formerly known as “Capital Stage AG”, acquires and operates solar power plants and (onshore) wind parks in Germany and other European countries – with success, as the latest outlook shows. The result this year is expected to increase more than twice as fast as in 2020. Sales are expected to grow to over 320 million euros, thanks to two newly connected solar parks in Spain with a maximum production capacity of 200 and 300 megawatts each. The regular income that such a business model generates has not escaped other entrepreneurs.

Is a new IPO imminent with BEE?

Five years ago, a dozen Encavis managers decided to start their own company. With financial help from the entrepreneurial family Wacker (Wacker Chemie) and the former publishing family Jahr, the wind and solar park operator Blue Elephant Energy (BEE) was created. The company controls systems with a combined output of 1.1 gigawatts. Projects of a similar size are being planned. BEE achieved an operating result (Ebitda) of more than 60 million euros last year with a turnover of over 80 million euros. Because of the unusually high margin and the industry’s growth prospects, there is even speculation that the Hamburg-based company will go public. The company could earn 150 million euros, insiders reported to the Reuters news agency. After that, the issue could be implemented this summer, if possible in July. The company does not comment on the speculation. But company boss Felix Goedhart is quoted by the “Frankfurter Allgemeine Sonntagszeitung” as saying: “Our operating profit margin of 74 percent with low risk should be interesting for investors.”

Solar power from Mecklenburg for VW

Climate protection and the goal of the EU Commission to make Europe the first climate-neutral continent by 2050 are generating more and more alliances between a wide variety of companies. The Hamburg asset manager Luxcara has acquired a solar park in Mecklenburg and commissioned the energy giant RWE to market it. RWE will supply the car manufacturer Volkswagen with electricity from next year. The system has a total capacity of 170 million kilowatt hours of electricity per year, which makes it one of the largest solar projects in Germany

Edit | Liu Shijiao

Click to enter 2021 Yabuli China Entrepreneurs Forum | Sohu Finance

On June 9, the 21st Annual Meeting of the 2021 Yabuli China Entrepreneurs Forum was held in Yabuli, Heilongjiang. Wang Chuanfu, Chairman and President of BYD Co., Ltd. attended the meeting and delivered a speech.

Wang Chuanfu said that persistence is a very important characteristic of entrepreneurs, but persistence has many difficulties behind it. BYD has a green dream since its establishment, which is the responsibility and mission of the company. In 2008, BYD put forward three dreams: solar energy, energy storage, and electric vehicles.

“We made a vision film in 2008. After the film was shot, many people couldn’t understand it. Because in 2008, when we talked about electric vehicles and energy storage power stations, everyone was shaking their heads. When BYD entered electric vehicles, our stock price dropped. 40%, but we did not give up, we are still sticking to it. This is BYD’s vision and we have been sticking to it.”

Wang Chuanfu pointed out that 72% of China’s oil depends on imports, and 70% of the imported oil comes to us ashore through the South China Sea. Of all the oil in China, 70% is used for transportation a year, and our cars consume 70% of our oil in China. It can be seen from the three 70% that electric vehicles must be developed vigorously. China has more urgency to develop electric vehicles than any other country. Therefore, as an entrepreneur, we have no rights. We know that this is a responsibility, and we can only solve it with technical methods

Bundestag Climate protection in Fast track

Status: 06/24/2021 4:41 a.m.

The Bundestag wants to pass the stricter climate protection law today. The opposition speaks of a quick shot – and doubts the effect.

From Martin Polansky, ARD capital studio

The federal government hastily got the new climate protection law in motion. At the end of April, the Federal Constitutional Court ruled: The previous Climate Protection Act of 2019 must be improved because the measures to reduce emissions from 2031 are inadequate. After the decision in Karlsruhe, there would actually have been time until the end of next year to remedy the deficiencies. But the Union and the SPD wanted to prove their ability to act again in terms of climate protection.

Environment Minister Svenja Schulze from the SPD speaks of a “very important week for climate protection in Germany”. “This means that climate neutrality will become law in Germany in 2045. And with this, we will fulfill the mandate of the Federal Constitutional Court in the shortest possible time and ensure a fair balance between the generations.” The Karlsruhe judges had emphasized that future generations could be burdened too much in their freedoms by climate protection measures, if not changed in time.

2045 greenhouse gas neutral

The amendment now stipulates that Germany is to become greenhouse gas neutral as early as 2045 – i.e. from then on it will not emit more carbon dioxide than is absorbed primarily through forests. To achieve this, the annual savings targets for power plants, industry, traffic, agriculture and buildings are tightened.

And after a long turmoil, the federal government has agreed on some immediate measures: for example, additional wind turbines and solar systems in the coming year and simplified repowering, in which old wind turbines are replaced by new and higher ones. Communities should also benefit financially when they provide open space for solar systems.

And: The federal government has launched an eight billion euro investment program to accelerate the energy transition. “We want to involve the citizens with us. We want to get people excited about climate protection. That is why we rely on the promotion of environmental technologies,” says the chairwoman of the Union in the Bundestag Environment Committee, Anja Weisgerber from the CSU. “And we want to prevent jobs from being relocated due to excessively strict climate protection requirements. We achieved that in the agreement.” Some in the Union and the SPD are concerned that voters’ enthusiasm for climate protection could wane as soon as it becomes concrete and costly. Therefore, the SPD has blocked plans of the Union to increase the CO2 price for fuel, heating oil and natural gas, which has been in effect since the beginning of the year, more quickly.

Costs for the tenants?

At the same time, the CO2 costs for heating remain entirely with the tenants. The Union did not want to burden the landlords additionally. And: CDU / CSU have blocked the SPD’s plans for a significantly faster expansion of renewable energies. Because new wind turbines and power lines are unpopular in many places.

Criticism comes from the environmental expert of the Greens Oliver Krischer: “We have agreements in the smallest details that hardly make a difference in the matter,” he says. “And there is no progress at all with the major measures such as phasing out coal, refurbishing buildings, or switching off combustion engines.”

“A quick shot”

The Left and the FDP speak of an election maneuver. The federal government does not have a clear plan for climate protection, says the FDP environmental expert Lukas Köhler: “What the federal government is doing now is a quick shot that is neither coordinated at European level nor in any way really stipulates that it works efficiently and purposefully. ” With the government majority of the Union and SPD, the tightened climate protection is likely to pass the Bundestag today. The current federal government no longer has to achieve the new climate targets. To this end, future governments will be bound to the goal of greenhouse gas neutrality in 2045

Edit | Zheng Qing

click to enter 2021 Yabuli China Entrepreneurs Forum | Sohu Finance

On June 8-10, the 21st Annual Meeting of the 2021 Yabuli China Entrepreneurs Forum was held in Yabuli, Heilongjiang. Chairman Leng Youbin of China Feihe attended the meeting and delivered a speech.

“Everyone knows that in Hokkaido, the output per acre of land in Hokkaido is 1.9 times that of Heilongjiang. We are all on the same latitude zone, and we are all on the latitude zone of 45 degrees, 47 degrees, and 49 degrees north. Why can Hokkaido in Japan be able to It is 1.9 times that of China. Why can’t our black land in China produce the same value as Japan?”

Leng Youbin said that our black soil is one of the three largest black soils in the world and has unique advantages, but what we lack is true deep processing, what is lacking is the brand, and what is lacking is the products in the minds of consumers.

“Heilongjiang has good rice, Wuchang rice, Thai rice, and Beidahuang rice. In fact, there are many better things in Heilongjiang, such as soybeans, corn, and corn. The total output of corn is also the first in China. And our vegetables, Potatoes, carrots, peppers, etc., etc.” Leng Youbin said that to truly turn these advantages into brands and products, can we truly bring out the value of Heilongjiang.

“We must use the business card of the black land, relying on the advantages of our company in the brand, in the channels, and in the membership to establish the connection between us and consumers. With the brand, the brand is actually equal to the integrity in the eyes of consumers. Brand is equal to quality, and brand is equal to value.” Leng Youbin said

Financial crime Malta graylisted for Financial crimes

Status: 06/24/2021 9:40 a.m.

Corruption, money laundering and “golden passports”: the Mediterranean island of Malta has fallen into twilight. An international institution to combat money laundering now wants to monitor the country more closely. The attempts by the Maltese government to avert the decision of the Financial Action Task Force (FATF) were unsuccessful: The international institution for combating money laundering, terrorist financing and the financing of weapons of mass destruction has put Malta on the gray list for financial crimes, according to the Times newspaper of Malta “reported. Inclusion on this list means that the country is under increased surveillance, that it is being monitored more and more. At the same time, the state undertakes to remedy the deficiencies identified in the context of financial crime. Who is the FATF?

The Financial Action Task Force, based in Paris, is an independent international institution that develops and promotes measures to combat money laundering, the financing of terrorism and the financing of weapons of mass destruction. It was founded in 1989 by the G7 countries and currently has 37 members. More than 200 states and jurisdictions have committed to complying with the FATF standards. The FATF is supported by a secretariat affiliated with the Organization for Economic Cooperation and Development (OECD).

Malta pledges cooperation

Prime Minister Robert Abela confirmed the decision and described it as “unjust”. Most of the concerns expressed by the reviewers have already been addressed. Malta wants to continue with its reform program, said Abela. “We will intensify our exchanges to better explain Malta’s achievements and to ensure that they are respected and understood by the international community.” Malta will never show itself to be uncooperative in the fight against financial crime or resist it, he assured the international partners.

Cayman Islands and Syria are also on the gray list

It is not the first time that Malta has fallen into twilight: the country has already been screened for financial crime more intensely because of its “golden passport” program. Like Cyprus, Malta had granted citizenships in return for financial commitments. The EU Commission then initiated infringement proceedings.

With the jump on the gray list of the FATF there is now a further loss of reputation for the country. As of February 2021, the FATF gray list includes countries such as Burkina Faso, the Cayman Islands, Ghana, Mauritius, Panama, Syria, Uganda, Yemen and Zimbabwe.

Germany holds the FATF presidency

Germany took over the presidency of the FATF in July 2020. The term of office of Marcus Pleyer from the Federal Ministry of Finance ends on June 30, 2022.

Marcus Pleyer is currently the President of the FATF. Image: Felix Zahn / photothek.net

Incidentally, the Federal Republic of Germany is currently also being routinely audited by the FATF. In its last evaluation in 2010, the organization came to the conclusion that Germany was susceptible to money laundering and terrorist financing

Edit | Zheng Qing

click to enter: 2021 Yabuli China Entrepreneurs Forum | Sohu Finance

“My daughter Liu Chang often tells new employees that the most right and difficult thing I have done in the past ten years is to step down from the throne of the “king” and become thousands of strugglers.” On June 8 At the opening ceremony of the 21st annual meeting of the 2021 Yabuli China Entrepreneurs Forum, New Hope Group Chairman Liu Yonghao said.

Liu Yonghao said that in the past, he was called the “Quail King” and the “Feed King”, but there was only one King. In people’s minds, he was the King to achieve the best. But the king has the limitation of the times, and this limitation emphasizes the authority of the individual. The problem for most companies now is to activate the organization and to drive the team. We must mobilize the enthusiasm of more managers and create an organization where everyone is vying to be an entrepreneur.

He pointed out that The great changes brought about by the Internet have made people realize that large companies have to struggle and small companies have opportunities. The key is who meets their needs and who solves the pain points. “So we turned the new hope into a’platform’ to empower, and we changed the rules of the game to’see who contributes the most and who lives for a long time’ instead of’seeing who is the king’. We hope that in the new Under the system and framework of hope, more subdivisions of chickens, cows, and unicorns will emerge.” Liu Yonghao said.

Liu Yonghao explained that for these three species, Jifeng is more like small and beautiful small and micro enterprises and family workshops. Although they are not large in scale, they are diligent and diligent and strive for perfection; Niutou represents those who silently contribute and graze and milk. Struggling entrepreneurs, through their struggle to achieve a certain scale of business, they have become an important force to promote the progress of the industry; and unicorns are familiar to everyone, referring to those technology-based potential stocks with a valuation of more than 1 billion US dollars.

“Jifeng represents the pioneer of small and micro enterprises, Niutou represents the power of transformation and upgrading, and unicorns represent the future technology trend. The tens of thousands of Chinese companies led by them constitute a wonderful landscape.”

What kind of company is this new hope now? Liu Yonghao replied that New Hope is shifting from one company to one platform, hoping to provide different types of companies and entrepreneurs with different support and empowerment, and help them play on their own tracks

interview

Working conditions at universities “Human and anti-science ”

Status: 06/24/2021 5:03 a.m.

Chain contracts, extra work and a lack of prospects: under the hashtag #IchBinHanna, scientists mobilize against difficult working conditions. At their pressure, the Bundestag is also dealing with the subject today. tagesschau.de: With #IchBinHanna, working conditions in science make it into parliament. How did the hashtag come about? Sebastian Kubon: Until recently, the Federal Ministry of Education and Research had a video on its website in which an animated figure named Hanna explains the legal basis of employment, the Science Contract Act. This is a special right of fixed-term employment that regulates that scientists in Germany can be employed for a maximum of six years before and six years after completing their doctorate. Thereafter, the time limit must be extended. But that doesn’t happen due to a lack of jobs, so most of them are thrown out of the system by then at the latest – with all their qualifications and knowledge that are then lost to science. And in addition to this immense loss for Germany as a research location, there is always a personal fate. If there is such an explanatory video to explain this absurd situation, then in my opinion it is anti-human and anti-science. Therefore, Dr. Amrei Bahr, Dr. Kristin Eichhorn and I give the scientists a face – with the hashtag #IchbBinHanna.

To person Dr. Sebastian Kubon is a research associate at the History Department at the University of Hamburg, currently on parental leave. He is mainly concerned with public history and food history. At the moment, criticism of the German science system is at the center of his commitment. To do this, he and Dr. Amrei Bahr and Dr. Kristin Eichhorn created the hashtag #IchBinHanna.

tagesschau.de: What are your main points of criticism and what are your specific suggestions? Kubon: I hardly know where to start. The short-term contracts are particularly bad. Instead of doing research in peace, you have to keep writing new applications and proposals. We need realistic contract terms, i.e. as long as you actually need for a doctorate, for example. And those who then have a doctorate should be employed on a permanent basis – or at least receive a clear and transparent perspective. In addition, there is a lot of unpaid overtime at universities. Many colleagues only have half jobs – and still work as much as if they had full jobs to keep the business running. We need reliable and sufficient basic funding. This does not always mean more third-party funding, i.e. project-related funds that have to be applied for and raised at great expense.

“Then you shouldn’t get any professors out of time”

tagesschau.de: The Ministry of Education justified the temporary positions by stating that research always needed new impulses. Kubon: This argument that only constant fluctuation creates innovation has been around for decades without ever being scientifically verified. According to this logic, professors should not be deferred. I think that is more of an exaggerated argument. Because it is – at least in the short term – easier and cheaper for young scientists to work unpaid overtime. But this literally burns them up, which is expensive in the long term and not sustainable at all. Don’t get me wrong, it’s not about pity. But this system means that important research projects are put to rest, teaching suffers in terms of content and students keep losing contact. Many highly talented people, when asked if they could see themselves in science, wave their thanks. tagesschau.de: Another argument from the Ministry of Education is that if all posts were to be expelled, a single generation would “clog” the system … Kubon: But nobody is asking that all positions be permanent – as far as I know, not even the union. It is about transparent criteria and a concrete perspective: in other words, expiry under the and the circumstances. Surely it cannot be that every new generation has to struggle again and again with precarious working conditions and cannot conduct research properly.

“No wonder that many seek their happiness elsewhere”

tagesschau.de: Is that actually a purely German problem, is it better to deal with young scientists abroad? Kubon: “Offspring” is a terrible term. Some people in their mid-40s are not newcomers, but highly qualified experts who have long had highly paid management positions elsewhere. No wonder that many seek their happiness elsewhere. Foreign universities have already tried to poach German scientists as part of #IchBinHanna. But to come back to the question: Overall, science is a precarious system worldwide. But I cannot judge that in detail. But it would perhaps also be more the job of the ministry to set up a commission to deal with working conditions elsewhere in order to see what one can learn from there. But that would presuppose that deficits are recognized at all in their own country.

Mobilize via Twitter – in response to pressure from academics, the Bundestag is currently dealing with working conditions in research and teaching (archive). Image: picture alliance / Geisler-Fotop

tagesschau.de: Now there is a current hour in the Bundestag today. What do you expect from it? Kubon: I hope that this will bring science back on the political agenda. If it is to provide urgently needed orientation, then we can no longer work under such conditions. But I have the impression that many politicians simply do not know anything about it. Therefore we say: stop – it cannot go on like this. And maybe a few parties will see it as an opportunity to position themselves on questions of science policy.

Workers’ rights, as for everyone else

tagesschau.de: It is the last week of the session, then there will be general elections in September, so there will be no quick solutions. How do you intend to carry the topic forward? Kubon: The Science Contract Act is currently being evaluated. However, the corresponding forms are designed in such a way that I cannot imagine that valid data will come out of them. Nevertheless: The law is on the agenda for the next legislative period. Therefore, the deficits must now be described as precisely as possible in order to propose possible solutions. This is done in the traditional way, i.e. via local programs, party work or unions. But thanks to social media, initiatives can also arise quickly and spontaneously – the success of #IchBinHanna has shown us that. You made the Ministry of Research have to deal with our criticism. And on this point we will not let up: Scientists must have the same employee rights as everyone else. The interview was conducted by Stefan Keilmann, tagesschau.de

Guest of this issue: Liu Qiao, Dean of Guanghua School of Management, Peking University

Produced | Sohu School of Business

Edit | Xu Xiaoqi

Chief Editor | Wang Demin

On June 21, China’s 9 first batch of publicly offered REITs were officially listed. This batch of publicly offered REITs ushered in popularity as early as the subscription stage, with subscription funds exceeding 30 billion, and all of them ended early.

REITs (real estate investment trust funds) are an important means to realize real estate securitization. It is a trust fund that pools the funds of most investors, transfers them to a special investment institution for real estate investment management, and distributes the investment income to investors in proportion.

In 1960, the world’s first REITs were born in the United States. From 2000 to 2016, the average annual yield of US REITs reached approximately 12%. At present, REITs products have been issued in more than 40 countries and regions, and the global market value exceeds 2 trillion US dollars. China’s first batch of public offering REITs is of great significance to China.

What impact does the securitization of REITs have on my country’s capital market? How is REITS different from stocks? How big is the overall market size of China’s REITS in the future? What is the relationship between REITs and real estate? Sohu Finance and Economics “Acknowledge 100 People” talked about this with Liu Qiao, Dean of Guanghua School of Management, Peking University.

Liu Qiao has studied and actively promoted the development of REITs in China for many years. In his view, REITs are a milestone in the development of China’s capital market, equivalent to the full implementation of the registration system, and a great attempt without losers.

Liu Qiao Means, REITs products are between “stocks” and “debts”, It is the fourth major financial asset except stocks, bonds, and cash. It has not only improved the types of Chinese assets, but also brought new choices for Chinese residents in the future investment allocation, which is an important step in advancing the capital market.

Talking about the characteristics of REITs, Liu Qiao said that the cash flow of REITs is relatively stable. Compared with stocks, it is relatively less speculative and more suitable for long-term holding and investment. Especially in a bear market, it is more resilient and its performance is more stable. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management and obtaining property income. In the United States, REITs have better investment returns than bonds and stocks, and they have lower risks than stocks.

“Assessing whether a financial product is a good asset, we cannot look at the increase in the bull market, but the resilience of the bear market,” Liu Qiao said frankly. He also introduced that the vast majority of REITs’ income must be distributed, and there is a mandatory distribution ratio requirement. Investing in public REITs funds with growth potential is equivalent to sharing the dividends of China’s future economic growth. Liu Qiao also clarified the common misunderstanding of the relationship between REITs and real estate in my country during the interview. He emphasized that real estate is not equal to real estate. In fact, REITs and real estate are two concepts. In the United States, the underlying assets of REITs are only 13.2% related to real estate, and a larger proportion are other assets such as retail stores, hospitals, and industrial plants. How big is the market for China’s REITs? Liu Qiao predicts that if only infrastructure is considered in the short term, R The future market size of EITs will be between 5 trillion and 10 trillion . This scale is not small. After more than 30 years of development, the A-share market has a volume of only nearly 80 trillion. According to his analysis, the market size of mature REITs such as the United States and Japan accounts for about 5% to 15% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the future. From another perspective, China’s overall infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, it can reach a volume of 6.5 trillion yuan. “In addition, China’s current REITs’ underlying assets are only infrastructure, and this scope will expand to other areas in the future, so I think the real market size of China’s REITs in the future will be much larger than this number.” Liu Qiao said. Liu Qiao, Dean of Guanghua School of Management, Peking University The following is a compilation of interviews: Sohu Finance: On June 21, 9 public offering REITs went public. How do you expect REITS prices to perform? Liu Qiao: Because the subscription is very active, the price of REITs will definitely increase on June 21st, but the increase cannot be determined because there is a 30% upper limit on the increase. Sohu Finance: What impact will the securitization of REITs have on my country’s capital market? Liu Qiao: Nine infrastructure public offering REITs went public, after 20 years of hard work. The launch of public REITs has three meanings. The first is to build a multi-level capital market. Public REITs have grown from scratch and are the fourth largest financial asset in addition to stocks, bonds, and cash. It has perfected China’s major asset categories and is an important step in advancing the capital market. At the same time, REITs products are between “shares” and “debts”, bringing new choices for Chinese residents’ future investment allocation. Second, public REITs are traded in the secondary market and have the function of price discovery. REITs price is the anchor for market-based pricing of underlying assets , Which is conducive to more effective allocation of resources. Third, public REITs can increase the proportion of direct financing, which is an important measure for the supply-side reform of China’s financial sector. It not only provides another source of funding for future infrastructure investment, but also has great value in improving the efficiency and return of China’s infrastructure investment in the future. REITs are a milestone in the development of China’s capital market. They are equivalent to the full implementation of the registration system. . REITs and the registration system are the most important and only two measures of China’s financial supply-side reform. From this perspective, I am very looking forward to June 21st, and hope that these 9 pilot public offering REITs will be listed with great success. Sohu Finance: You just said that REITs are financial products between stocks and bonds. What is the specific difference between them and stocks? Liu Qiao: The publicly offered REITs in this trial are equity products. From this perspective, they are not debts, and are equity securities like stocks. However, as financial products, REITs have their own specific attributes. For example, the underlying assets are real estate and the cash flow is relatively stable. Its growth depends more on stable cash flow growth. Compared with stocks, it is less speculative and has stronger long-term investment attributes. In addition, The vast majority of REITs’ income must be distributed, and there is a mandatory dividend ratio requirement . According to the research of the US, Singapore, Australia and other markets, the pricing law of REITs is also different from that of stocks and bonds. If various types of financial assets have strong linkages and a high degree of price linkage, the effect of risk diversification will be relatively poor. In the U.S. market, REITs prices have a low correlation with bond prices and stock prices . Therefore, from the perspective of resource allocation, it is a very good configuration field, with greater configuration value. Sohu Finance: The current REITs are only pilot projects, and the fund subscription scale is small. How big do you estimate the overall market size of China’s REITS? Liu Qiao: The mature REITs market in the United States and other countries accounts for about 4% to 12% of GDP. According to this law, China’s GDP is 101.6 trillion, and the volume of China’s REITs will probably reach 4 to 12 trillion in the next few years. This scale is not small. After more than 30 years of development, the A-share market now has a volume of only nearly 80 trillion. In addition, Chinese REITs are not the same as the US and Australian markets. The first batch of our pilots are infrastructure public offering REITs, and the underlying assets are infrastructure. China’s entire infrastructure stock is now 130 trillion yuan. If 5% of the infrastructure stock is securitized, and the final public offering is listed, it can also reach a volume of 6.5 trillion yuan. Moreover, as a large category of financial assets, REITs have relatively stable yields and little price fluctuations. In the United States, REITs have better investment return data than bonds and stocks, and the risk is relatively low. In the future, the scope of underlying assets of China’s REITs will also expand to other areas. Such as rental housing, low-carbon related assets and so on. Including these underlying assets, the scale of China’s REITs will be larger than 6.5 trillion yuan. If only infrastructure REITs are considered in the short term, the market size will be between 5 trillion and 10 trillion. But I think the real market size of China’s REITS will be much larger than this number in the future. Sohu Finance: How to correctly understand the relationship between REITs and real estate? Liu Qiao: People’s There has always been a misunderstanding in the perception of REITs. The English literal translation of REITs is “real estate investment trust fund”. The underlying assets are real estate, not just real estate. The wrong perception of real estate has led people to think that REITs are investment funds with real estate as the underlying assets. The launch of REITs is just another channel for real estate companies and related issuers to provide financing. Therefore, as the Chinese real estate market is facing a structural transformation and controlling housing prices, everyone has a lot of concerns about the launch of REITs. This is one of the reasons why public REITs have not been called out for so many years. It took many years for academics and policy makers to correct their perceptions of REITs. In the U.S., REITs are really only 13.2% of the underlying assets related to real estate A larger proportion is retail stores accounted for 18.28%, hospitals accounted for 10.72%, infrastructure accounted for 13.92%, industry accounted for 7.7%, and other assets such as hotels and data centers. Sohu Finance: What impact does the listing of REITs have on residents’ financial management? Liu Qiao: The value of publicly offered REITs is that they have both financial and real estate attributes, and they are the most typical example of the integration of industry and finance. The performance of REITs in the market depends on the operational capabilities of the management team. Investing in public REITs funds with relatively high quality underlying assets, strong management team operational capabilities, and growth potential is also equivalent to sharing the dividends brought about by China’s future economic growth and the continuous improvement of infrastructure investment efficiency. Sohu Finance: Under global inflation expectations, what are the effects of REITs on residents’ wealth management? Liu Qiao: To assess whether a financial product is a good asset, one cannot look at how much it rises in a bull market, but depends on its resilience in a bear market. REITs have weak volatility and strong anti-cyclical ability. When the economy performs poorly and the financial market is in a counter-cyclical period, the performance is more stable. When allocating assets, REITs are an ideal alternative investment product. Under global inflation expectations, REITs have a certain stabilizing effect on residents’ wealth management. Sohu Finance: How has the US REITs’ yield performance over the years? Liu Qiao: From 2000 to 2016, the average annual return rate of US REITs reached about 12%, which is much higher than the average of the S&P 500. After the 2008 financial crisis, REITs continued to grow in decline, but still surpassed the stock and bond markets. Sohu Finance: The listing of REITs refers to the advancement of the Science and Technology Innovation Board. What impact will it have on the Sci-tech Innovation Board and ChiNext after it goes public? Liu Qiao: As a growing financial market, everyone has high expectations for the follow-up development of REITs. And after sorting out the pilot experience, the scope of the overall underlying assets of REITs will continue to expand. The US REITs market has the largest scale and the longest development time in the world so far, and the scope of the underlying market is very wide.but China’s current REITs’ underlying assets are only infrastructure. In the future, this scope will continue to expand during the development process. I believe that rental housing and carbon-neutral assets will be gradually included. In this case, REITs will eventually become a very important part of the entire capital market. Its size, coverage, support for the real economy, and influence on the capital market will expand year by year. However, when discussing the impact on the traditional capital market, the current REITs are only pilot projects with limited scale.For example, the total volume of the 9 REITs listed this time is only more than 30 billion, and the market value of the A-share market is close to 80 trillion, so So far, the impact of REITs on the stock market is very small . If we only look at the direct price impact or the liquidity impact, the impact of REITs on the Sci-tech Innovation Board and ChiNext will be minimal in the short term. However, the launch of publicly offered REITs is an important measure for the supply-side reform of the financial sector. Its significance is equivalent to the launch of the science and technology innovation board and the implementation of the registration system. The positive impact will gradually become apparent. Sohu Finance: REITs funds have a certain degree of “share nature.” What do you think of the risks that it may bring when trading in the secondary market? Liu Qiao: From the perspective of recruitment and subscription, REITs are highly recognized by market investors. But REITs are not growth stocks in the classic sense, but more like sound investment products. It is less speculative and more suitable for long-term holding and investment. I am worried that everyone thinks it is speculative and thus speculates on the price. If the price rises too sharply, it will bring noise to the steady and sustainable development of public REITs in the future. Investors should have a clear understanding of the pricing rules of REITs and establish a correct investment philosophy, so that the development of REITs can proceed steadily. Sohu Finance: In addition to new infrastructure, what other areas or groups will benefit from REITs? Liu Qiao: From the issuer’s perspective, asset owners included in the scope of the REITS pilot program are definitely beneficiaries, such as highways, environmental water services, industrial parks, logistics, and data centers. However, from the perspective of investors, the long-term significance of the benefits is that REITS public offerings provide public investors with the fourth category of financial assets, enabling the public to invest in real estate and benefit from it. In addition, REITs have stable cash flow, stable yield, and risk between stocks and bonds, which is good for long-term institutional investors. Finally, local governments and platform companies are also major investors in national infrastructure construction. After REITS pilots, the scale will continue to expand, and as the market becomes more and more mature, the future will bring about a radical change in investment philosophy. So local governments are also beneficiaries. In addition, finances can also collect the taxes that occur during the issuance and transaction process of REITS, so public offering of REITS is a great attempt without losers. More interviews are as follows: Liu Qiao: There is a general misunderstanding about REITS in our country, it is not equal to the securitization of real estate investment Liu Qiao: REITs funds are more resilient than stocks in a bear market, and are suitable for long-term stable holding and investment Liu Qiao, Dean of Peking University Guanghua: my country’s provident fund stock is more than 800 billion, and the implementation of rental REITs can build more public rental housing

background

Increasing demand worldwide Oil price close to $ 100?

Status: 23.06.2021 3:10 p.m.

Oil is more expensive than it has been in two years. Experts warn of a supply crisis: The prices for crude oil and thus also gasoline, kerosene and heating oil could soon rise much higher.

From Angela Göpfert, tagesschau.de

Oil prices hit new multi-year highs this week. For the first time in two years, a barrel (159 liters) of the North Sea Brent cost more than $ 75 again. For a barrel of the US West Texas Intermediate (WTI) variety, more than 73 dollars were paid on the market – the highest amount since October 2018. Rising oil prices – something that businesses and consumers may need to get used to. According to some experts, the new multi-year highs in oil prices, which many consumers are already feeling painfully at gas stations or when buying heating oil, are just the beginning of a longer upward trend in the oil market.

Analysts predict rising oil prices

The experts at the US investment bank Goldman Sachs expect the Brent price to rise to $ 80 this summer. But that is not the end of the story. An oil price of $ 100 is a “real possibility”. Alex Sanna, top oil trader at Glencore, the world’s largest commodity trading group, also said, according to the Financial Times, that an oil price of $ 100 is becoming increasingly likely.

The experts at JPMorgan even see a new oil super cycle looming and recently renewed their forecast of an oil price of $ 190 in 2025.

Demand congestion as a price driver

Francisco Blanch, raw materials expert at Bank of America, may not look quite that far into the future. For this he has the most precise 100-dollar forecast ready: the oil price could crack the round mark as early as 2022. The market hardly changes on the supply side – and this in turn is offset by an immense backlog of demand. It is easy to explain where this backlog of demand comes from: Just as many private households restricted their consumption during the pandemic, so too many companies put the necessary investments aside. Now that the global vaccination campaign is gaining momentum, at least in the major industrialized countries, consumers, companies and economies have a lot to catch up on.

Delta variant is a risk factor

The more relaxed Corona situation and the awakening global economy are leading to higher demand for crude oil, gasoline, diesel – and kerosene. Oil expert Blanch sees the rising travel industry as a major price driver.

The delta variant of the virus from India, which could lead to a further tightening of the corona measures, is currently also posing a risk to the economy.

Signal of a shortage of supply

In search of signs of whether demand is actually exceeding supply at the moment, it is worth taking a look at the market for so-called oil futures. Current oil futures contracts are quoted there higher than contracts with delivery at a later point in time. Such a constellation, referred to by experts as “backwardation”, is rather unusual and a clear indication of fear of scarcity – “and thus for further rising prices”, as market expert Robert Rethfeld from Wellenreiter-Invest emphasizes.

A price corrective called fracking

The rising prices should actually make re-entry into the oil market attractive for the US shale industry. In the past, the US frackers acted as flexible price correctors on the oil market: If prices rose, more shale oil was drilled in the short term, supply increased, prices fell again.

As a reminder, the last time oil traded above $ 100 was in 2014, when a rapidly growing supply from the US fracking industry brought an abrupt end to the last oil super cycle.

Sustainability trend slows US oil industry

But this mechanism doesn’t seem to work that well anymore. This is due on the one hand to the new US President Joe Biden, who imposed a stop on oil and gas drilling on state-owned land in January, and on the other hand to the global trend towards sustainable investment.

“The number of active US oil wells is increasing only slowly,” emphasizes wave rider expert Rethfeld. “The investors do not want to see an expansion of the production capacities at the moment, but instead demand investments in renewable energies.”

Iran as a risk factor

The production countries of the OPEC + oil cartel, especially Saudi Arabia and Russia, could benefit from the West’s climate policy. It remains to be seen how willing they are to expand production to fill the void left by the US oil industry.

Especially since there are supply risks on the part of OPEC: “After the election of an ultra-conservative cleric as the new president, Iran will have a hard time overturning US sanctions and increasing oil exports,” said Eugen Weinberg, raw materials expert at Commerzbank .

Inflation Risks Before Revaluation?

Should the oil price actually rise further towards 100 dollars, this would inevitably lead to a reassessment of the inflation risks in the financial markets, since the oil price is one of the main drivers of consumer prices.

Just yesterday, Jerome Powell, head of the US Federal Reserve (Fed), told the House of Representatives budget committee again that the Fed was considering the current high inflation rates a temporary phenomenon considered. However, market expert Rethfeld emphasizes: “Any oil price above $ 100 would suggest to the public that Powell is wrong.”

Guests of this issue: Li Dongsheng, founder and chairman of TCL

Produced | Sohu Think Tank

Edit | Liu Shijiao

Chief Editor | Wang Demin

Since the third quarter of 2020, the panel industry has ushered in the strongest price increase cycle in history. From the end of May 2020 to April 2021, the growth rates of 32/43/55/65-inch TV panels were 141%/91%/100%/56% respectively. At the same time, the problem of upstream chip shortages continues, and to a certain extent, the increase in panel growth has also intensified.

According to a recent study by Goldman Sachs, there are as many as 169 industries in the world that are affected to some extent by the shortage of chips, ranging from automobiles, steel products, concrete production to air-conditioning manufacturing, and even soap production.

How do you view the trend of the panel industry this year? How to solve the problem of chip shortage? How should companies travel through the cyclical fluctuations of the industry? Sohu think tank “To Know 100 People” talked with TCL founder and chairman Li Dongsheng.

Li Dongsheng said that this round of panel price increases was mainly caused by the strong growth in demand for display products since the epidemic and the cyclical fluctuations in the industry. The current shortage of supply and demand is mainly concentrated on large-size products, and the supply of small and medium-sized products is relatively sufficient. It is expected that a basic balance of supply and demand can be achieved within this year. Li Dongsheng pointed out that in the past ten years, the entire display industry has experienced two cyclical fluctuations, and now it is the third time. For enterprises, it is necessary to have the ability to operate and manage through industry cycle fluctuations. In the management through this cycle, one aspect of the company must have strategic control capabilities, and the other must rely on improving its own core capabilities, especially product technical capabilities. “The development of the semiconductor display industry is not just driven by market demand, but also driven by innovation. So for TCL, we are constantly expanding our production capacity, but every increase in production capacity is not simple. The expansion of scale must make progress in the iterative upgrade of products.” Li Dongsheng said. Talking about the shortage of chips, Li Dongsheng believes that there are two main reasons. One is the rapid growth of the demand side, especially the rapid development of the electric vehicle market, and the other is the insufficient new investment on the supply side. Although the investment has increased rapidly in the past two years , But it still takes time to form an effective production capacity. Li Dongsheng predicts that the current chip shortage will continue for 9 to 12 months. In Li Dongsheng’s view, the development of the chip industry is not just about having funds, but also related to technical capabilities. The lack of domestic high-end chip manufacturing capabilities and the lack of core equipment are currently the bottleneck restricting the development of the chip industry. Facing the technological blockade, China is increasing its investment in equipment, technology, and materials to accelerate the development of China’s chip integrated circuit manufacturing industry. “But everyone should not have too optimistic expectations about this process. I believe it will take at least 3 to 5 years.” Finally, Li Dongsheng pointed out, In the long run, the science and technology industry must have a global division of labor. It is not the most competitive method for a country to fully complete its industrial chain behind closed doors. In the future, we must be more open and win-win cooperation to better promote the healthy development of the industry. TCL founder and chairman Li Dongsheng The following is a compilation of interviews: Sohu Finance: You once said that globalization is a sustainable way for companies to cope with changes in the global economic landscape and the new challenges of trade protectionism. What is the current progress of TCL’s global layout? Can you share a few successful experiences of TCL in expanding the international market? Li Dongsheng: TCL has initially formed a complete global industrial layout. We have established eight industrial bases in major overseas countries and regions. In the near future, our ninth industrial base in India will also be built. We have established industrial supply chains around the world so that our industrial supply chains can penetrate into major countries and regional markets. One is that tariffs and trade protectionism can be avoided, and this new business model can also be recognized and recognized by the host country. stand by. We do not simply sell products to relevant countries and regions, but set up our industrial parks locally and establish corresponding supply chains. In this way, while developing our own global business, we can also contribute to the local social and economic development. So this kind of business model has been developing smoothly in all countries and regions so far. Sohu Finance: Starting from the third quarter of 2020, the panel industry has ushered in the strongest price increase cycle in history. How do you see the trend of the panel industry this year? Li Dongsheng: China is now the world’s leading producer of semiconductor display products. Taking the LCD industry as an example, we have accounted for more than half of the global production capacity. In other emerging display technology areas, we are also catching up quickly. This round of panel price increases is affected by the cyclical effects of the industry on the one hand, and during the epidemic, the demand for display products has grown very strongly. The current cycle of relatively tight supply may continue for a while, but in the end it will tend to balance supply and demand. The current supply and demand shortage of semiconductor display products is mainly concentrated in large-size products, and the supply of small and medium-sized products is still sufficient. China’s semiconductor display production capacity has been relatively large in investment in the past few years, so to alleviate this gap in supply and demand, it should be possible to achieve a basic balance between supply and demand within this year. Sohu Finance: How do you think companies should travel through the cyclical fluctuations of the industry? Li Dongsheng: For enterprises, we need to have a long-term business plan, and have the ability to operate and manage through industry cycle fluctuations. In the past ten years, the entire display industry has experienced two cyclical fluctuations, and now it is the third time. In the management through this cycle, one aspect of the company must have strategic control capabilities, and the other must rely on improving its own core capabilities, especially product technical capabilities. The development of the semiconductor display industry is not just driven by a force of market demand, another very important driving force comes from Driven by innovation . The development of some new display technologies and display products will create a new market demand. So for TCL, we are constantly expanding our production capacity, but Every increase in production capacity is not a simple scale expansion, it must be progress in the iterative upgrade of products. The two projects we started building in Guangzhou recently are a new attempt. We want to make a breakthrough in new display technology and open up a new market demand. Sohu Finance: How do you view the problem of chip shortage and how much impact will it have on TCL? Li Dongsheng: Chip supply has indeed been in short supply since last year, I think It is mainly caused by the rapid growth on the demand side and the insufficient growth on the supply side. On the demand side, especially with the development of electric vehicles, the demand for related chips is growing very fast. On the supply side, due to insufficient investment in the entire chip industry in the past few years, although domestic investment has increased relatively rapidly in the past two years, it will take some time to form effective production capacity. I think, The current chip shortage may continue for 9 to 12 months, but in the end it will be faster to balance. . The chip industry is actually divided into two parts, one is chip design, and the other is chip manufacturing. TCL will focus on chip design. At this stage, we will not consider investing in large-scale wafer manufacturing plants for the time being. As a terminal product manufacturer, we have an advantage in chip design. In fact, in the development of many smart technologies, it will integrate this technology into the chip, so if we have the capability of this chip, we will be even more powerful in the development of related smart product technologies. Sohu Finance: What do you think is the biggest dilemma in the development of the chip industry? Li Dongsheng: The bottleneck in the development of the chip industry, I think one is the accumulation of capabilities, and the other is the lack of core equipment. At present, the manufacturing process capability, technology and team capability of domestic chips are still far behind compared with Taiwan, South Korea, the United States, and Japan. Therefore, the construction of this project is not only about funds, but also related to technical capabilities. The second is limited by equipment. At present, some core equipment for chips cannot be produced in China. Everyone may have paid attention to many reports on the Internet. For example, SMIC’s current production process is 28 nanometers. If you go forward, the equipment will not be sold to us abroad, and the domestic development of this equipment, I believe It takes a relatively long time, so the manufacturing capacity of this higher-end chip is also a constraint. However, this round of technological blockade of China will promote China’s equipment, technology, or materials, we will increase investment in this area, and will accelerate the development of China’s chip integrated circuit manufacturing industry. But this process should not be too optimistic. I believe it will be a process of at least 3 to 5 years. Therefore, in the long run, the science and technology industry must have a global division of labor. It is not the most competitive method for a country to completely complete its industrial chain behind closed doors. Some of the current practices are also forced by the situation. Therefore, in the future development, we still need to have a more open mind and a win-win mentality to better promote the healthy development of the industry

US Secretary of State in Berlin Solution to pipeline dispute by August?

Status: 23.06.2021 13:57

During his inaugural visit to Berlin, US Secretary of State Blinken demonstrated unity with his counterpart Maas. In the dispute over the Nord Stream 2 pipeline, an agreement is expected soon. The German government wants to find a solution to the transatlantic dispute over the Nord Stream 2 gas pipeline by August. This was announced by Foreign Minister Heiko Maas in Berlin after a meeting with US Secretary of State Antony Blinken. The Chancellor’s trip to Washington in mid-July would certainly also be a suitable date, said Maas. But in August the US Congress will again deal with possible sanctions. “It is extremely important to us to achieve results that can also be supported in Washington,” emphasized the SPD politician.

USA: Nord Stream 2 is “Russia’s geopolitical project”

Blinken warned that Russia could use energy to leverage Ukraine. “Our goal is to ensure that Russia does not use energy as a means of coercion, as a weapon against Ukraine or anyone else in Europe,” said the US Secretary of State, who told his counterpart Maas in the run-up to the second Libya conference met in Berlin. The US continues to believe that the pipeline is a geopolitical project by Russia that threatens Europe’s energy security. In view of the difference of opinion between Washington and Berlin on this point, Blinken emphasized: “It happens from time to time among friends.”

USA waived sanctions

For years, the US has been against the construction of the Baltic Sea pipeline, which is supposed to pump gas from Russia to Germany bypassing Ukraine. Nevertheless, in May the new administration of US President Joe Biden partially gave up its longstanding resistance to the project and waived sanctions against the operating company – also out of consideration for relations with Germany.

Since then, talks have been going on between Germany and the USA about how to proceed. In essence, it is about how Ukraine, as a previous transit country, can secure long-term income, since it is dependent on Russian billions for gas transfers. The corresponding contract between Russia and Ukraine is limited to 2024

Volume of eight billion euros Immediate climate program decided

Status: 23.06.2021 12:01 p.m.

The federal cabinet has launched an emergency program for climate protection. The program has a volume of eight billion euros – the promotion of energy-efficient buildings is the largest item. The federal government has decided on a so-called immediate program for climate protection worth a good eight billion euros. The program is part of the federal budget for 2022, presented by Federal Finance Minister Olaf Scholz. The climate finance plan is intended to help promote the switch to climate-friendly technologies and to achieve the federal government’s new climate targets.

Largest amount for energy-efficient buildings

The package of measures includes around three dozen funding programs for investments, for example in the building, energy and transport sectors, most of which will be allocated to the years 2022 and 2023. With 4.5 billion euros in the next two years, the largest sum is to go into promoting energy-efficient buildings. A total of one billion euros will also be earmarked for climate-friendly social housing in the coming years; 150 million euros should be available for this in 2022. The plan also includes the plan to raise the minimum energy standards for new buildings.

Hundreds of millions for climate protection contracts

The federal government intends to provide another larger amount – 650.2 million euros – for climate protection agreements with industry. These contracts are state funding programs that are intended to offset the additional costs for climate-friendly production, for example for the use of green hydrogen. The steel industry is to receive 100 million euros for converting its blast furnaces to hydrogen-based production processes. The total funding for industry amounts to 860 million euros. There are also more than a billion more for traffic. For example, more than 300 million euros have been budgeted for the expansion of the cycling infrastructure.

Scholz speaks of “money well invested”

After the cabinet decision, the Federal Finance Minister spoke of a “clear signal”: Germany should “become a pioneer in climate protection”. He praised the plan as “money well spent”. Man-made climate change is “the greatest challenge of our time”, continued Scholz.

In the past two years, the federal government had already invested more than 80 billion euros in climate protection projects. The financial plan that has now been adopted is a template for the coming legislative period. Only then can the Bundestag deal with it again within the framework of budget deliberations and adopt the program

Draft budget of the federal government Cabinet approves of high New debt

Status: 23.06.2021 12:18 p.m.

The federal government will also take on massive debts in the coming year. The cabinet approved the draft budget, which provides for new borrowing of almost 100 billion euros for 2022. The debt brake will be suspended again for this. The federal cabinet has approved the government draft for the federal budget for 2022. Once again, the approved budget is shaped by the consequences of the Corona crisis. According to the draft, the federal government wants to incur more new debts in the coming year than previously planned. A net borrowing of 99.7 billion euros is planned, as can be seen from a cabinet proposal. The high level of new borrowing is justified with additional spending as a result of the corona pandemic, for example for corporate aid and to stabilize social contributions.

Debts grow to 470 billion euros

In the benchmarks presented in March, the Ministry of Finance had expected a net borrowing of 81.5 billion euros for 2022. Tax revenues remain below pre-crisis levels. This would mean that the mountain of debt accumulated by the corona pandemic between 2020 and 2022 would grow to around 470 billion euros. However, there are now plans to increase spending on climate protection and health, for example. The federal government had already taken on billions in new debts in 2020 and 2021. The budget plans are, so to speak, subject to change, because the new Bundestag elected in autumn has to pass the budget. There could therefore still be significant changes.

Debt brake suspended again

According to the draft, the debt brake anchored in the Basic Law will also be suspended in the coming year against the background of the Corona crisis. It stipulates that the federal government may only take out new loans to a very small extent – a maximum of 0.35 percent of economic output. According to the draft, the federal government no longer wants to make use of the exemption from 2023. In the afternoon, Federal Finance Minister Olaf Scholz wants to present his budget plan

In terms of economic strength alone, Germany can indeed rank among the top five in the world, and to be precise, it should be fourth. No way, because the data is there. In recent years, Germany’s GDP has basically been ranked first in Europe, fourth in the world, and a large percentage of the fifth place.

For example, in 2019, Germany’s GDP reached 3.85 trillion U.S. dollars, ranking first in Europe and the fourth largest economy in the world. In the same year, India, which ranked behind Germany, had a total GDP of 2.85 trillion U.S. dollars, and the difference between the two sides was exactly one trillion U.S. dollars.

In 2020, due to well-known reasons, the German economy has experienced a certain degree of decline. The total GDP that year was approximately US$3.8 trillion. However, this figure can still rank fourth in the world, and it is also the largest economy in Europe, accounting for 4.5% of the total global GDP.

It is worth mentioning that the world’s fifth largest economy in 2020 is no longer India, but the United Kingdom. However, the total GDP of the UK this year was only US$2.71 trillion, which was almost US$1.1 trillion less than Germany. This is already close to Russia.

As we all know, GDP, as the main indicator of the current state of the country’s economy, can effectively reflect a country’s economic strength and market size, which is very convincing.

Of course, even from other angles, the German economy is still impeccable. We must know that Germany is a serious developed country or a major member of the Group of Seven. It has a deep and complete economic system. Various industries in Germany are well developed and show diversified development. Take Germany’s most developed industry as an example. From industry type to material foundation, to talent technology, they are in a leading position in the world. Especially in the key area of ​​manufacturing, Germany can almost be regarded as an industry authority, and German-made products are almost synonymous with high-quality goods. On this point, just look at those well-known German companies. In the automotive field, there are world-class car companies such as Volkswagen, BMW, and Daimler. DMG MORI is the global leader in the field of CNC machine tools. In addition, Germany has ThyssenKrupp and Schaeffler , Carl Zeiss and a large number of world-renowned industrial giants. More importantly, Germany can take advantage of its own industrial hierarchy, and Germany can occupy a certain leading position in the industry, which can also support the stable development of the economy to a certain extent. This is fundamentally different from the single economic model of Saudi Arabia and Qatar that relies on the sale of resources under their feet to achieve wealth freedom. They just belong to the gods, and they don’t have core technology or sustainable industrial structure to support them. After all, no matter how much oil is, there will always be a day when there is no use. It is not enough to sit in the sky. In addition, with the development of science and technology, more alternative energy sources appear, and people have more and more choices. The pressure on resource-exporting countries like them will become greater and greater. If they are not careful, they will be abandoned by the times, and then these so-called “local tyrants” will have to return to their old ways. But countries like Germany have no such worries. Because of their talents and technological advantages, they are always at the top of the industrial chain, able to control the most profitable industries, or use technological advantages to divide most of the profits. It belongs to the type that doesn’t do much work and makes more money than anyone else. This is a height that most developing countries, even developed countries, cannot reach. For example, South Korea, as a newly promoted developed country, still lacks foundation in many fields and cannot stand at the top of the industrial chain. This means that South Korea will lose a large amount of profits because of these shortcomings, and even risk being restrained by others. After all, they are using other people’s things, such as patented equipment and technical raw materials, which all cost money. And if people say they don’t sell you, you really can’t help it. Just like the Korean semiconductors in the previous two years, when several high-end raw materials imported from Japan were cut off, a quarter of South Korea’s semiconductor industry was on the verge of collapse. I have to say that it is really not easy for Germany to develop to the point it is today. You know, if you look at the size of the country alone, Germany does not have much advantage. Its land area is only 357,000 square kilometers, and its population is only over 80 million. What’s more worth mentioning is that he was also a defeated country in World War II. The war that year caused Germany to pay an extremely heavy price, so let’s not talk about the reparation of land and indemnities. The key is the collapse of the entire national system. At that time, Germany was almost broken. Looking around, it was full of ruined walls and hungry everywhere. It is really rare for Germany to get up from the ruins and walk to this position. Although there are some reasons for external funding, Germany’s own efforts cannot be ignored. The rigorous and serious attitude of this nation is worth learning from the whole world. Of course, all of the above is more biased towards the economic side. Although Germany’s economic strength is strong, it does not mean that its comprehensive national strength can reach this height. After all, for a country, economic strength is only part of its national strength, and other aspects cannot be delayed. However, Germany is just such an “unsound” country, and it has shortcomings in some respects. For example, in terms of military affairs, Germany’s strength is quite a drag. In the impression of most of us, Germany’s military strength should be very strong. It’s no problem to beat England, kick France, or even single Europe. But in fact, that is only history, and times have changed. As the saying goes, 30 years in Hedong and 30 years in Hexi, Germany now can’t even compare to Italy. According to the latest data provided by the Global Firepower Index, Germany’s military power in 2021 can only be ranked 15th in the world, while Italy is ranked 12th. In terms of the specific data in all aspects, Germany is a bit unbearable to look directly at it. For example, in terms of military strength, as of March 2021, Germany’s standing strength is only 185,000, ranking 28th in the world. Even with the reserve of 30,000 people, the total force is only 215,000. Italy is much more powerful. Although the standing army of 175,000 is less than that of Germany, it has a reserve force of 20,000 and a paramilitary force of 176,000. The total strength of the armed forces can reach 371,000. In terms of equipment, Germany is even more terrible. In terms of aviation capabilities, Germany has only 700 military aircraft, including 137, 75 attack aircraft, 72 transport aircraft, and 56 armed helicopters. In contrast, Italy is equipped with nearly 900 military aircraft of various types, mainly including 94 fighters, 92 attack aircraft, 39 transport aircraft, and 59 armed helicopters. In terms of land, there are currently only more than 200 main battle tanks equipped by Germany, and only a hundred artillery. The only one with more than armored vehicles is more than 5,000. Italy is equipped with more than 200 tanks, more than 8,500 armored vehicles, and more than 150 artillery. As for the equipment at sea, Germany is almost unworthy. At present, the German Navy is equipped with more than 80 types of warships, of which the main combat capabilities are 10 frigates and 6 conventional submarines. There are no destroyers and no aircraft carriers. The Italian Navy is equipped with 249 ships of various types, mainly including 2 aircraft carriers, 4 large destroyers, 12 frigates, and 8 submarines. The size of this navy is much larger than that of Germany. Obviously, Germany’s military strength on paper is not even comparable to that of Italy, both in terms of number and level of equipment. Of course, the current German army is far worse than the data shows. There are problems with both the level of equipment and the quality of the soldiers. In terms of equipment, the German army has failed to keep up with maintenance due to the year-round depletion of military equipment, so 60% of the equipment is unavailable. In terms of personnel, since Germany is taking the path of contract soldiers, soldiers are just like ordinary office workers. They work from 9 to 5 and have weekends and weekends. Work is easy, and the salary is still high. All of them have been eaten into a federal fat house. It doesn’t look like an army that can fight. Therefore, the current Germany is no longer as courageous as it used to be in the military. Of course, this is not to blame Germany, and others can’t help it. Because of the defeat in World War II, Germany was unable to develop its military power normally afterwards. Therefore, Germany can only abandon its efforts in this area and concentrate on economic development. If the German military restrictions are released, I believe it will not be long before it will be a powerful Germany. It is estimated that this is the so-called fish and bear’s paw, not both! Regardless of the reason, Germany is indeed dragging its feet in the military, which directly lowers Germany’s comprehensive national strength. Therefore, in general, although Germany is currently rich and the leader of the European economy, it does not have much military strength and its overall national strength is not strong. Not to mention the top five in the world, it would be nice to be in the top ten in the world

Luxury department store in Paris La Samaritaine shines in new splendor

Status: 23.06.2021 2:09 p.m.

It is one of the most famous shopping addresses in the world: La Samaritaine in Paris. The legendary department store was lavishly renovated for 16 years. Today it opened its doors again.

From Stefanie Markert, ARD studio Paris

“O lala!” – Emmanuel Macron is visibly impressed by the sight: Gustave Eiffel’s gray-blue iron staircase spanning five floors with 16,000 gold leaves has been originally restored. Many of the 1700 employees of the department store stand on the landing and applaud the president. He accepted Bernard Arnault’s invitation. The billionaire and boss of the luxury goods company LVMH owns the Samaritaine. He renovated the building complex for 750 million euros and is now attracting customers: “Perhaps you can also shop on the Internet. But there you can’t touch the products, you can’t see them, and you can’t have lunch in such a wonderful atmosphere.”

A water pump as namesake

In the Samaritaine, this is most spectacularly done in the “Voyage” restaurant under the historic glass dome, surrounded by a 115-meter-long peacock frieze in Art Nouveau style. But actually shopping is hip here, emphasizes Head of Marketing Nathalie Montaldier: “You are on the fourth floor – all women’s shoes, from sneakers to luxury. The special thing: when you try them on you have a fantastic view of the Gothic cathedral Saint-Germain-L’Auxerrois . A unique experience.” In 1870 Ernest Cognacq founded the Samaritaine. Before that he had sold fabrics on the bridge next door – the famous Pont Neuf -, then rented a corner café and expanded his business little by little. At that time the first Parisian water pump stood on the Pont Neuf, and it was called “la Samaritaine” – the Samaritan woman. The pump gave the store its name. Today, historical commercials flicker there on old TVs:

Monsieur wants something?

Yes, nails.

We dont have.

An alligator clip.

Neither clamp nor crocodile.

Haven’t you read the name of our store?

No.

This is not the Samaritaine.

Ah, I see – you can find everything in the Samaritaine.

In the Parisian luxury department store you will find one thing above all: French “savoir vivre”. Image: Stefanie Markert / ARD-Studio Paris

A hymn to Paris

The house no longer lives up to this claim, says manager Eleonore de Boysson, but: “You can find all of Paris in the Samaritaine. Its brands and artists. It’s like a promenade with surprises. A visit should trigger a new Parisian feeling.” And convey the French way of life. The house bakes its own croissants, personalizes champagne bottles and sells cosmetics from collapsible crates that resemble those of the bouquinists in front of the door. Mosaics are reminiscent of the Parisian passages and yellow lanterns of the street lighting in the past. Parisian flair en passant.

The luxury department store is a hymn to the city. It offers the largest beauty department in the European Union – 600 brands and products from three-euro hand gel to perfume in a giant crystal bottle for 150,000 euros. Up to five million customers are expected each year. Parisians, French and of course tourists. On the lower floor, the head of marketing points to a long rolling carpet like at the airport: “There was direct access from the parking lot to the department store. We have redesigned this tunnel. This is where the bus tourists will arrive.”

The complex includes a luxury hotel with a 1000 square meter suite. Even the smallest room there costs 1500 euros per night. But there is also a day nursery and almost 100 social housing. Samaritaine General Director Jean Jacques Guiony explains: “That is the law. When building, around 25 percent of the area has to be reserved for social housing. We were free to move it inside in the Rue de Rivoli building.” The tenants look out over a green, roofed courtyard with the department store’s wellness oasis. The Samaritaine is open 364 days a year. It is only closed on May 1st

Simply put, it is Caesar and all believers together.

Judging from public reports and comments, it is more of a capital-level combination of words and skills such as the equity structure, the combined market value, and the change of actual controllers. In fact, this is the merger of the two top 20 Chinese tourism groups, which will have a broad and profound impact on the direction of the travel service market and the future of innovation and development of the tourism industry.

In this regard, we can’t just see the game of capital, let alone be a melon-eater, but also think about the impact of this event on the rights and interests of tourists, employee rights and benefits, the outbound market competition, and even the construction of a modern tourism system Deep influence.

The internal mail of the merged party defined the relationship between the two companies before the merger as “competition”, emphasizing that “Alltrust is good at wholesale, and Caesar is good at retail.” Accordingly, the two companies should be located in the wholesale and retail links of the travel service industry chain. In most cases, the relationship between upstream and downstream companies should be cooperation greater than competition.

Major auto sales companies and 4S stores, clothing wholesale markets, and terminal sales points may have inter-industry games in terms of wholesale and sales terminal pricing power, distribution agency power, channel management power, etc., which belong to the influence and discourse under the pattern of interdependence. The struggle for power will not be the same as between wholesalers and retailers.

In fact, the two companies have both wholesale competition and retail competition in the European tourist market for Chinese citizens.In recent years, there has been direct competition between the two parties in terms of resource management and control, product and service innovation in the shopping, small transportation and local life markets. Now that we have merged, I am afraid it will not be as simple as “in the future, we will go together, learn from each other and learn from each other”, but also accept changes in the actual controller and the board of directors, the board of supervisors, the senior management team, as well as professional managers, technical teams and cultural genes. The challenge of restructuring and reengineering must accept the scrutiny of the tourism administration department and the scrutiny of the tourism industry counterparts.

In this sense, whether “A merges with A” or “groups to withdraw money”, they are all just describing the appearance of the capital game in news language, rather than systematically interpreting typical events from the perspective of market rationality and business ecology. We hope to see the merged “Caesars-Zhongxin” system better protect the rights and interests of tourists and bring service quality to a new level.Competition is the norm in the market. The more intense the competition, the greater the pressure on the enterprise. From the perspective of tourists, the fiercer market competition is, the more consumer rights and interests can be protected. This is also the internal reason why every market economy country encourages competition and mobilizes legal, administrative, media and social resources for anti-monopoly. For Chinese citizens traveling to Europe, it may be because the company has turned resources to defend against competition to product development and quality control to enjoy updated products and higher-quality services, or it may be due to the lack of competitors of the same magnitude in the short term. Do not pay a higher price for the same product. We hope to see the former rather than the latter, and we also hope that the merged company will make the company’s strategy more transparent through dialogue and communication at an appropriate time. We hope to see more product development, service upgrades and business model innovations.Travel agencies are a typical form of the tourism industry. They have played a key and active role in the inbound tourism market in the 1980s, the domestic tourism market in the 1990s, and the outbound tourism market in the first two decades of this century. With the maturity of consumption and the advent of the digital age, traditional travel agencies are facing the reality of repositioning. One is to continue to follow the classic business model of “charter flights, charter ships, and hotels, inter-industry wholesale + direct sales, and get the intermediate price difference”. Second, while grasping the source of customers, strengthen cooperation with suppliers of self-financed items such as shopping stores and entertainment performances, and copy the model of “unreasonably low prices, zero negative group fees, rebates, and rebates” in disguise to overseas, and through investment Payment platforms, immigration agencies, and study abroad agencies obtain high non-main business profits. The third is to take the road of “cultural and tourism integration + cross-industry cooperation”, and provide tourists with more quality products and services endorsed by goodwill with an open and transparent business model. In the past few years, Caesars has chosen a third model that is more in line with the development needs of contemporary tourism, and has withstood the test of the new crown pneumonia epidemic, which is what modern enterprises should be.We have reason to believe that the merged “Caesars-Zhongxin” system will inherit Caesar’s business model and carry out business under the sun to the end. The sea is turbulent. For our tourism industry, no matter where the two companies will go in the future after this merger, they will always be the “true heroes” of the year

German competition guardians Face to face with Google, Apple & Co.

Status: 23.06.2021 3:56 p.m.

The big tech companies from the USA are becoming more and more powerful all over the world. There are also new players from China. The Bundeskartellamt does not just want to accept market power.

From Sebastian Tittelbach, WDR

For a few months now, one hears an abbreviation more frequently in the office corridors of the Federal Cartel Office: GAFA. They are the first letters of the really big ones: Google, Apple, Facebook and Amazon. And Bundeskartellamt President Andreas Mundt has all of these in his sights. “We are talking about the most powerful companies in the world. We’re getting very strong companies in China – so this is by no means an American event, it’s a global trend.”

New rules have been in effect since the beginning of the year

German competition law changed at the beginning of the year. Since then, the cartel watchdogs have been able to take action against Internet companies more easily. And the 400-person authority from Bonn does not shy away from tech giants from overseas worth billions. “It’s not about throwing sand in the machine”says head of the authorities Mundt. “Our aim is simply to end anti-competitive behavior at these companies.”

Amazon already had to reorganize its marketplace under pressure from the Federal Cartel Office. Amazon has given the smaller retailers who offer their goods there more rights. The Federal Cartel Office is currently taking a look at Apple. “We know what kind of universe Apple maintains, and I personally see it that way that restrictions of competition are possible”, so Mundt. “And now let’s see how this process develops.”

The pandemic is leaving its mark

The corona pandemic did not leave the Federal Cartel Office completely without a trace. In 2020, the investigators only went out for a single search – for reasons of hygiene, the head of the authorities said: “We were out last summer, and we’re honestly looking forward to going back out now, if the numbers allow.”

Even without searches, the Bonn authorities found enough evidence to punish companies. She imposed 349 million euros in fines last year. Half a billion less than in 2019, but still well above the long-term average. Above all, steel and aluminum forges, manufacturers of street sewer castings, such as covers made of cast iron or concrete, and wholesalers of pesticides have to pay. Elsewhere, the cartel watchdogs were more flexible because of Corona: in the automotive industry, for example, they approved collaborations between companies so that the supply chains did not collapse completely in the pandemic. “Then other cooperations are possible between companies where you might have concerns outside of the pandemic, then say in the pandemic: The economic situation is such that you can and must cooperate”, explains the head of the Cartel Office, Mundt.

High hopes, more work

He has great expectations of the new competition register, which was launched in the spring. “The competition register is simply about registering companies that owe something. Violation of minimum wage et cetera.” Such companies can be banned from public tenders for three to five years.

The Bundeskartellamt expects more work on merger control in the current year. Because of the pandemic, there could be more company mergers. The cartel office will examine such mergers without any corona bonus, announces the head of the authorities Mundt. Because when companies merge, it is usually forever – but hopefully not the corona pandemic

The Central Bank of my country announced the launch of its own legal digital currency DC/EP on May 8, 2020, and it is conducting trials in many cities across the country. The European Central Bank (ECB) is expected to accelerate research on the digital euro in the next few months and launch the digital euro as soon as possible.

The EU takes the first step in the “digital euro”

The European Union has always been more cautious about digital currencies. This is due to the protection of the stability of the euro and European financial considerations. However, as some countries have successively launched the process of launching sovereign digital currencies, including some well-known companies have also launched digital currencies, the EU cannot turn a blind eye.

While cautious, the EU is also preparing for the advent of the digital currency era. In 2018, the European Union promulgated the “Fifth Edition of the Anti-Money Laundering Order”. In this decree, the EU classifies cryptocurrency business and banking, payment processing, gaming and other services into the same legal category, which in fact provides protection for cryptocurrency business.

According to the previous agreement reached by the EU finance ministers, when the risk of digital currency has not been completely eradicated, or the relevant legal and supervisory framework has not been established, the EU will eliminate the use of private digital currencies, and member states shall not include the introduction of encrypted currencies. Its laws and regulations. Although Europe is not as active as the United States and China in the era of digital economy, as a highly developed capital-intensive region, Europeans’ consumption, savings, and investment behaviors are becoming more and more digital, and the euro’s trust in the member states is also based on this. Starting point, the European Central Bank has drawn a rough blueprint for the future “digital euro”.

In October 2020, the European Central Bank officially issued a document introducing the European Union’s plan to develop digital currencies. The European Central Bank believes that no matter which technology the “digital euro” uses, it must be strictly distinguished from encrypted currencies. The EU’s vision for the “digital euro” is to be safe, efficient, convenient, and legally compliant, while at the same time building a high degree of trust among EU citizens.

The digital euro may suck up 8% of deposits in eurozone banks

According to previous news, the European Central Bank (ECB) will speed up the study of the digital euro in the next few months. Although there are still a few years before the final launch, it has not neglected the impact of the launch of the digital euro.

Whether the introduction of a digital sovereign currency will eat into the funds in the current commercial bank accounts is something that more than 90% of the world’s central banks that are studying digital currencies need to consider. For the European Union, the member states cannot be ignored.

Morgan Stanley analysts estimate that all euro zone citizens over 15 years old will transfer 3,000 euros ($3,637) to a “digital wallet” controlled by the European Central Bank. This estimate is based on a “bear market” scenario.

The digital euro may suck up 8% of customer deposits in euro zone banks, especially for small countries such as Estonia, Slovakia, Latvia, and Lithuania, which will be more than 8%. In theory, this could reduce total deposits in the Eurozone by 873 billion Euros (close to 8%).

Digital euro can provide better privacy protection

Although the European Central Bank has a lot of concerns about all kinds of digital currencies, in terms of protecting privacy, Fabio Panetta, a member of the ECB’s executive board, believes that the digital euro will play a positive role and can also protect the euro zone from the “threat” of cryptocurrencies. Officials of the European Central Bank believe that if the European Central Bank participates in digital payments, it will pay more attention to privacy protection than private companies. Compared with private companies that collect large amounts of data from users to satisfy their business interests, the European Central Bank will not store, manage, and user data. Involving commercial interests. It is reported that the European Central Bank has conducted a small offline payment experiment before. Transfers of tens of euros or even hundreds of euros can be completed through Bluetooth between devices. There will be no payment except in the wallets of the payer and the payee. data record. There is no doubt that payment privacy is one of the main concerns when people use digital currencies, and the European Central Bank is trying to show everyone that it has the ability to separate identity information from payment information. If everything goes smoothly, it is expected that the digital euro will circulate on a large scale in the euro area around 2025

Stolen car keys VW files criminal complaint against Greenpeace

Status: 23.06.2021 3:09 p.m.

A Greenpeace campaign in which 100 stolen VW keys were brought to the Zugspitze has legal consequences: the Volkswagen Group has filed a criminal complaint against the environmental protection organization. Around a month after the Greenpeace campaign against Volkswagen in the port of Emden, the car manufacturer took action and filed a criminal complaint against Greenpeace. “We do not tolerate any violations of the law”said a VW spokeswoman in Emden. However, she emphasized that VW was still interested in a dialogue with the environmental protection organization. The criminal complaint suggests a change of heart among the Wolfsburgers: Initially, they reacted surprisingly moderately to the Greenpeace campaign at the end of May and initially waived a criminal complaint.

First of all, understanding and loose tweets

In order to protest against what they considered to be the slow change to electromobility at VW, the activists climbed over a fence onto a loading area in the port of Emden and removed the ignition keys from unlocked cars that were ready for shipping overseas. Shortly afterwards, the organization brought the keys to a glacier on the Zugspitze in Bavaria. There she was supposed to pick up VW boss Herbert Diess after her introduction.

Instead of directly filing a criminal complaint, Diess replied loosely on Twitter: “Gladly Zugspitze, but today I can’t manage anymore – I don’t want to use the plane. Coming soon in good weather?” And VW brand boss Ralf Brandstätter expressed understanding in a detailed comment on the action on his LinkedIn profile that “change is not going fast enough for many”.

Investigations are already running ex officio

Theft as part of the climate debate culture? The public prosecutor and the police had already seen it a little differently before the change of heart at VW: They are already investigating ex officio against around a dozen activists on charges of trespassing and particularly serious theft. In order to initiate criminal prosecution, today’s criminal complaint from VW would no longer have been necessary.

Investigations also after Greenpeace action at the EM

Last week, a Greenpeace campaign directed against VW failed at the German national soccer team’s first EM game. Shortly before the game against France kicked off, a paramotor plane staggered over the Munich arena and finally landed on the field. He came dangerously close to the audience, two men had to be hospitalized because of their injuries.

Numerous politicians condemned the action in the strongest possible terms. The police are investigating various offenses under the Criminal Code and the Aviation Act

Recently, the digital dental intelligent medical service company Weiyun Artificial Intelligence announced that it has once again completed a new round of financing of hundreds of millions of yuan. This round of financing was led by Jin Mao Capital, followed by institutions such as Yimei Investment and British family funds.

Since its establishment, Weiyun has relied on the advantages of its entire network of intelligent dental medical service models and all independent research and development of flexible smart factories, with robots and artificial intelligence technologies as the core, and reshaping the upstream and downstream ecological chain of digital dentistry through efficiency improvements and cost reductions . The digital customized dental service process provided by Weiyun is divided into three stages: front-end clinic-cloud brain-back-end smart factory, and a variety of algorithms and intelligent software are applied in each link to form a complete closed loop. It has created technical barriers centered on “device, cloud, factory, and law”, and has a total of hundreds of invention patents and soft works. It uses AI to create structural advantages and breaks through the core pain points commonly faced by the industry.

The World Health Organization (WHO) lists oral health as one of the top ten standards of human health. For a long time, the prevalence of oral diseases in my country is very high. Almost everyone has different degrees of cavity disease problems, and the rate of consultation is extremely low. In particular, the prevalence of dental caries in children, middle-aged and elderly people in my country is very high. In 2008, my country’s dental medical service market has reached 20 billion yuan. In 2011, the scale of my country’s dental service market reached 32 billion yuan. By 2013, the scale of my country’s dental service market was close to 50 billion yuan. By 2016, the scale of my country’s dental service market reached 78.3 billion yuan. As of 2017, my country’s dental service market has reached 88 billion yuan, and my country’s dental medical service market will exceed 100 billion yuan in 2020.

Xiou.com believes that with the development of China’s economy and the improvement of people’s health awareness, the demand for oral medical services has increased rapidly. In recent years, with the continuous promotion of oral health, my country has entered an aging society, and medical demand will continue to rise. As a pioneer in exploring medical artificial intelligence, Weiyun has launched products born in fully automated smart factories, and the future can be expected.

Xiou.com, dedicated to serving entrepreneurs for six years

Dream job astronaut More than 22,000 applications for space

Status: 23.06.2021 3:43 p.m.

Once into space – many have the dream. More than 22,000 people want to become astronauts and have applied to the European space agency ESA. However, this dream will only come true for six candidates. More than 22,000 people want a job in space: That’s how many applications the European Space Agency ESA received for astronaut training, the ESA announced. Among them are 3700 applicants from Germany. By the deadline last Friday, 5,400 women applied, which is a share of 24 percent – nine percentage points more than in the last call in 2008.

A “tough competition” for the dream job

The number of applicants also increased overall: in 2008 around 8,400 people were interested in training at ESA, less than half as many as now. The space agency now wants to select four to six candidates for astronaut training from the pool by October 2022 – but also a “reserve” of up to 20 people. ESA Director General Josef Aschbacher spoke of tough competition. “It is a dream job to be an astronaut.”

The selection process has six stages – the skills of the candidates are examined with, among other things, tests in the cognitive and technical areas. Applicants must have at least a master’s degree in natural sciences, engineering, mathematics or computer science. There are requirements for height, the age limit is 50 years. The new space crew should not be known until the end of next year.

For the first time also “para-astronauts”

For the first time, the space agency also wants to train so-called para-astronauts – those with physical impairments such as short stature or a handicap of the legs. More than 200 applications were received for this.

The role model for many is the German astronaut Alexander Gerst, who became known as “Astro-Alex”. He spent around half a year on the International Space Station ISS in 2014 and 2018. On his second mission, he was the first German to take command of the space station

The People’s Bank of China issued a press release on Monday stating that it has recently interviewed the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank of China, Industrial Bank, and Alipay (China) with limited internet technology regarding banks and payment institutions providing services for virtual currency trading Companies and other banks and payment institutions. This move is aimed at combating Bitcoin and other virtual currency trading hype and maintaining financial security and stability.

According to people familiar with the matter, Ya’an City in Sichuan Province has assured relevant provincial departments that all Bitcoin and Ether mining companies will be cleaned up within one year.

After the Fed’s policy stance turned to hawks last week, the market’s interest in risky assets has diminished. “If, as I expected, the global trend of buying everything this week cools down further, then Bitcoin will feel the cold wind,” Oanda Asia Pacific Pte. Said Jeffrey Halley, senior market analyst at.

Some commentators said that with increasingly strict regulations, China’s computing power-the computing power used for mining and processing blockchain transactions-is waning

Auction at Sotheby’s www source code will be auctioned

Status: 23.06.2021 12:35 p.m.

It is basically the founding document of the World Wide Web: 9550 lines of programming code. Now the original files of the inventor Tim Berners-Lee come under the hammer.

From Peter Mücke, ARD Studio New York

“This changed everything” is what Sotheby’s calls the auction quite immodestly. Which, for once, shouldn’t be an exaggeration – because who would deny that the World Wide Web has actually changed almost everything. Even if its inventor Tim Berners-Lee was probably not aware of this when he presented his proposal for a system for the exchange of information on March 12, 1989.

It started at CERN

At that time, the British computer scientist was working at the European nuclear research center CERN and had the problem that parts of the laboratories are located on Swiss territory and other parts on French territory. Because the two countries had different network infrastructures, he developed a system that was supposed to facilitate the exchange of information across borders. This original programming code comprises 9550 lines and has since dictated the basic structures of the Internet: the page description language HTML and the transfer protocol HTTP and the identifier URI. A revolution – not just for the scientific world for which the project was actually intended.

Invented the Internet code: the British computer scientist Tim Berners-Lee. Image: picture alliance / dpa

Digital collector’s item

Even if the code has long been “open source” – that is, freely accessible to everyone – it is now going under the hammer: the original files, provided with a time stamp and a signature from Berners-Lee, together with a digital poster that visualizes the source code and a letter from the scientist from 1989 in which he describes his project. Everything is conveniently packed in a so-called NFT – a “non-fungible token”. This is a kind of digital certificate of authenticity that is stored on a so-called blockchain. It should prove that the virtual object is unique – even if any number of digital copies can exist. The collector’s item of the digital age, so to speak.

Minimum bid $ 1000

As a computer scientist, it is only logical to auction his invention as such an NFT, says Berners-Lee. It feels right to put your signature under an all-digital artifact. The online auction lasts a week and starts with a minimum bid of $ 1000. The proceeds will go to a foundation.

After the auction houses had long blocked the auctioning of such NFTs, they have been doing this for some time good sales with digital art . Most recently, the auction of works by crypto artist Pak at Sotheby’s raised $ 17 million. At Christie’s, an NFT of a collage by digital artist Beeple changed hands for just under $ 70 million

A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

background

Controversial herbicide glyphosate Checked and undesirable

As of: 23.06.2021 12:55 p.m.

A test report commissioned by the EU does not consider the weed killer glyphosate to be carcinogenic or dangerous to the genetic makeup. Nevertheless, the drug will probably disappear from the market in Europe.

From Michael Heussen, WDR

The specialist authorities from France, Sweden, Hungary and the Netherlands come to terms with glyphosate to a clear result : The pesticide is not carcinogenic, it does not damage the genetic material and it is neither dangerous for human organs nor for the hormonal balance. The four national authorities had assessed the safety of glyphosate on behalf of the European Commission on the basis of existing study results. You confirm the findings of test authorities around the world.

Nevertheless, it can be assumed that the drug will disappear from the market sooner or later. “Glyphosate is socially dead,” said a farmer official in the run-up to the farmers’ day in Berlin. The public had long since made its judgment – even with solid scientific arguments, the majority of consumers could not be convinced of the harmlessness of the substance. Since 2015, the judgment of the International Agency for Research on Cancer, which belongs to the World Health Organization (WHO), has been hovering over the evaluation process like a sword of Damocles: Glyphosate is “probably carcinogenic”.

“Very low probability”

It is hardly surprising that the glyphosate producer Bayer sees it differently and welcomes the positive study results that have now been published. The chemical giant, which with the US-American Monsanto group also took over its glyphosate-containing bestseller Roundup, also rejects another argument – that the herbicide threatens biodiversity.

“Evaluated scientific studies as well as publicly available research reports show only a very low probability that the proper use of glyphosate-containing pesticides has indirect effects on the biodiversity of most food chains,” says the company. For example, the effects on microorganisms living in the soil, worms, birds, pollinating insects such as honey bees, frogs and other amphibians as well as fish have been investigated, according to a Bayer spokesman. So could it happen that glyphosate may also be used in the European Union beyond the approval period that expires at the end of 2022? Much speaks against it.

The Bayer Group sees itself confirmed by the current audit at EU level. Image: dpa

Federal government expects glyphosate to be phased out by 2024

The Federal Environment Ministry, led by Svenja Schulze (SPD), firmly expects that no more glyphosate-containing pesticides may be used from January 1, 2024 at the latest after the end of the one-year transition period. “In agreement with the Federal Ministry of Agriculture, we continue to assume that the Federal Government (…) has decided to phase out glyphosate use in accordance with EU law,” it says WDR -Inquiry . About the corresponding amending regulation the Federal Council will decide next Friday. Until the end of the transition period, the application “may only take place if there are no alternative options, for example in the case of weeds that are difficult to control or areas at risk of erosion” – so it is in the voting proposal. Its use on areas that serve the general public, as well as in house and allotment gardens, is completely forbidden.

No further approval expected at EU level

Federal Minister of Agriculture Julia Klöckner (CDU) has also emphasized several times, a spokeswoman for her ministry told the WDR “It cannot be assumed that there will still be a majority after 2022 in favor of an extension of the glyphosate approval at EU level”.

In 2017, the dispute over glyphosate between the ministries almost led to a coalition crisis in Berlin. Because the former Agriculture Minister Christian Schmidt (CSU) voted “yes” in the responsible EU committee in Brussels , although the then Federal Environment Minister Barbara Hendricks (SPD) strictly against an extension of the approval for glyphosate was. The different evaluations of the current incumbents are not so obvious. But in the letters of reply to the questions of the WDR There are differences: “Glyphosate-containing pesticides are important for soil-conserving and water-saving cultivation of arable land, especially in areas prone to erosion,” writes the Klöckner spokeswoman. Schulze’s spokesman, on the other hand, emphasizes the dangers for biodiversity: “As a total herbicide, glyphosate destroys all plants indiscriminately and thus destroys the food and livelihood for many insect species such as butterflies and, indirectly, for field birds such as the skylark.”

EU assessment expected in 2022

At the European level, the European Food Safety Authority EFSA and the European Chemicals Agency ECHA will start public participation at the beginning of September – results are expected in one year.

Bayer AG continues to rely on the controversial herbicide. Europe does not play a major role as a sales market. The agricultural countries in North and South America are more important. In the USA around ten billion euros have to be paid in the context of a settlement to 96,000 plaintiffs who blame glyphosate for their cancer, and billions more will be due for future plaintiffs . Bayer therefore wants to limit its use for private customers – but Roundup should continue to be used in large-scale agriculture. Only the warning notices should be made clearly more visible. glyphosate The weed killer glyphosate was developed by Bayer subsidiary Monsanto and marketed under the brand name Roundup. The herbicide is also manufactured by other companies, as the patent has expired for years. Bayer is faced with around 9,300 plaintiffs because of the weed killer in the United States, as glyphosate is suspected of being carcinogenic. This is based on the assessment of the International Agency for Cancer Research (IARC), which classified the active ingredient as “probably carcinogenic” in 2015. The Bayer Group always emphasizes that glyphosate is safe when used properly and relies on a large number of scientific studies.

At the end of 2017, the EU Commission extended the approval of glyphosate by five years and now has to make a new decision. A first round of talks is to take place in September and then the EU member states will be involved. Against this background, the EU Commission commissioned the assessment group for glyphosate (consisting of the testing authorities in France, Hungary, the Netherlands and Sweden) to prepare a draft of the risk assessment. This 11,000-page draft was submitted to the European Food Safety Authority (EFSA) and the European Chemicals Agency (ECHA) in mid-June 2021. A final recommendation from EFSA can be expected in the second half of 2022 after the submission has been examined

Growing industry Billion dollar business with environmental protection

Status: 23.06.2021 10:45 a.m.

Environmental protection is increasingly becoming an economic factor, especially in manufacturing. According to the Federal Statistical Office, sales are increasing and hundreds of thousands of jobs have been created in Germany. Environmental and climate protection are increasingly proving to be a lucrative business for industry and service providers. As the Federal Statistical Office announced, the industry achieved sales of 73.6 billion euros in 2019, 3.1 percent more than in the previous year.

Three quarters of this was achieved in the manufacturing sector, first and foremost in mechanical engineering (22.1 billion euros), followed by electrical equipment (6.5 billion euros) and the manufacture of cars, trucks and buses – and parts for them (5.8 billion euros) Euro).

The construction and maintenance of apparatus for air pollution control has grown particularly strongly. Here sales climbed by more than a third to 10.5 billion euros. These were mainly products for exhaust gas and exhaust air treatment, such as catalytic converters. In the area of ​​electromobility (limited to cars, trucks and buses), sales of 2.5 billion euros were reported in 2019, 24 percent more than a year earlier.

Over 300,000 employees

Energy-saving drive and control technology, the construction of onshore wind turbines, the thermal insulation of buildings, and the renovation and construction of sewer systems also ensured business worth billions.

The growing importance of environmental protection for the German economy is also leading to the creation of new jobs, so-called “green jobs”. The number of employees who contributed goods or services to the industry was 305,000 in 2019. Compared to the previous year, the number rose by almost 16,000. More than two thirds of the employees in the sector were employed in manufacturing companies

Source: GPLP Rhino Finance (ID: gplpcn)

On June 18, the official website of the Shenzhen Stock Exchange showed that the IPO review status of Shenzhen Han’s CNC Technology Co., Ltd. (hereinafter referred to as “Han’s CNC”) was changed to “Inquired”.

It is reported that Han’s CNC intends to issue no more than 42 million shares this time, and raise funds of approximately 1.707 billion yuan, which will be used for equipment production transformation and expansion and equipment technology research and development center construction projects.

Han’s Laser Splits the Pledge of Han’s CNC Listed Shares

The prospectus shows that Han’s CNC was established in 2002. Its main business is the research and development, production and sales of PCB special equipment. The registered capital is 378 million yuan. The controlling shareholder is Han’s Laser (002008.SZ). Han’s Laser directly holds 94.15% of the company’s shares.

In addition, the actual controller of Han’s CNC is Gao Yunfeng, who directly holds 9.03% of Han’s Laser, and indirectly controls 15.17% of Han’s Laser through Han’s Holdings, and controls a total of 24.20% of Han’s Laser.

The Han’s Laser’s split and listing of Han’s CNC also caused investors to worry.

On May 27, an investor asked Han’s Laser that there are a large number of related transactions and related guarantees between the parent company and listed subsidiaries. How does the company deal with such problems? It is true that the splitting of subsidiaries can better obtain financing to facilitate the further development of the subsidiaries, but it is an act at the expense of all investors. Does Han’s Laser consider the position of investors?

Han’s Laser stated that after this spin-off, Han’s Laser and Han’s CNC have no related party transactions that affect independence or are obviously unfair, which meets the requirements of the China Securities Regulatory Commission and the Shenzhen Stock Exchange on related party transactions.

However, GPLP Rhino Finance noticed that Han’s Holdings and Gao Yunfeng’s holding of Han’s Laser pledged shares have certain risks, which may indirectly affect the stability of Han’s CNC decision-making and management and the company’s production and operation.

As of April 30, 2021, the cumulative number of pledged shares of Han’s Laser held by Han’s Holdings was 5.36 million shares, accounting for 36.68% of its holdings and 5.56% of Han’s Laser’s total share capital.

The accumulated pledged shares of Han’s Laser held by Gao Yunfeng are 89.140 million shares, accounting for 92.55% of the shares held by him and 8.35% of the total share capital of Han’s Laser. The total number of pledged shares of Han’s Laser held by Han’s Holdings and Mr. Gao Yunfeng totaled 149 million shares, accounting for 57.52% of the shares held by the two and 13.92% of the total share capital of Han’s Laser.

GPLP Rhino Finance noted that the sponsor of Han’s CNC this time is CITIC Securities Co., Ltd. (hereinafter referred to as “CITIC Securities”). As of December 31, 2020, CITIC Securities held approximately 1.0635 million shares of Han’s Laser, accounting for approximately 0.10% of Han’s Laser’s total equity. Han’s CNC stated that if Han’s Holdings and Gao Yunfeng cannot repay the loan on or before the due date of the guaranteed loan, the pledged Han’s Laser shares may be subject to the risk of forced disposal, which may lead to changes in the equity structure of Han’s Laser, which may be indirect Affect the stability of Han’s CNC decision-making and management and the company’s production and operation. There are still connected transactions with Han’s Laser, and the high cash flow of accounts receivable is under pressure However, Han’s CNC still has connected transactions with Han’s Laser. From 2018 to 2020, the related sales amount of Han’s CNC is 17.2676 million yuan, 48.292 million yuan and 22.107 million yuan respectively. The sales between Han’s CNC and related parties are mainly the sale of laser forming machines and mechanical drilling machines to the controlling shareholder Han’s Laser, and the testing and sales of mechanical forming machines and mechanical drilling machines to the associated company Mingxin. The related-party purchase transactions of Han’s CNC were 127 million yuan, 60 million yuan and 118 million yuan respectively. The purchases between the company and related parties are mainly purchases of chillers, linear motors, lasers, etc. from the controlling shareholder and its controlled companies Han’s Motor and Han’s Tiancheng. Can the performance of Han’s Laser be able to maintain steady growth without Han’s Laser’s Han’s CNC? The prospectus shows that Han’s CNC has seen a sharp decline in its performance in 2019, and will only pick up in 2020. From 2018 to 2020, Han’s CNC’s operating income was 1.723 billion yuan, 1.323 billion yuan, and 2.21 billion yuan, and net profits were 374 million yuan, 227 million yuan, and 304 million yuan. The revenue growth rates in 2019 and 2020 are -23.24% and 67.10% respectively; the net profit growth rates are -39.25% and 33.86% respectively. Despite the support of Han’s Laser, the gross profit margin of Han’s CNC is far lower than the industry average. From 2018 to 2020, Han’s CNC’s gross profit margins were 34.03%, 35.90%, and 34.92%, while the industry averages over the same period were 49.94%, 46.52%, and 44.01%, respectively. (Source: Han’s CNC Prospectus) In addition, the inventory of Han’s CNC has increased year by year and accounted for a relatively high proportion. From the end of 2018 to the end of 2020, the company’s inventory book value was 246 million yuan, 261 million yuan, and 799 million yuan, accounting for 14.32%, 15.19%, and 28.69% of current assets, respectively. From the end of 2018 to the end of 2020, the total book value of Han’s CNC’s notes and accounts receivable was 1.124 billion yuan, 972 million yuan, and 1.269 billion yuan, accounting for 65.51%, 56.66%, and 45.56% of current assets, respectively. In this regard, Han’s CNC stated that in 2020, due to the increase in orders for PCB special equipment, the company increased its inventory, resulting in a relatively high inventory balance. Han’s CNC stated that the high inventory balance will occupy a large amount of its working capital on the one hand, which puts the company under pressure on working capital; on the other hand, if there is an order cancellation or customer return due to changes in customer demand or major adverse changes in operating conditions Circumstances, may lead to the risk of stagnation and impairment of inventory, and the company’s operating results will be adversely affected. GPLP Rhinoceros Finance noted that in 2020, the substantial increase in operating receivables combined with the accumulation of inventory, Han’s CNC’s net operating cash flow turned from positive to negative. From 2018 to 2020, its net operating cash flow was 185 million yuan, 270 million yuan, and -509.714 million yuan. Han’s CNC stated that if the company cannot obtain financing in a timely manner, it may result in insufficient business operating funds, which will further negatively affect its financial status and production operations. (This article is for reference only, does not constitute investment advice, and operates at your own risk accordingly)

75 years of Vespa Piaggios fully electric future

Status: 23.06.2021 8:15 a.m.

The Vespa, Piaggio’s most popular product, has been around for 75 years. Thanks to Corona, business is booming. Nevertheless, the Italian two-wheeler manufacturer wants to reposition itself strategically.

By Jörg Seisselberg, ARD-Studio Rome, currently in Milan

There is a good mood in Via Broletto. At the Milanese headquarters of Piaggio, not far from the famous cathedral, Maurizio Carletti is sitting in his office on the third floor and is bubbling over with optimism. “I hope this year will be the best,” says the Piaggio Vice President, “we are about to achieve results in 2021 that are really extremely remarkable.”

The figures for the first three months of the year: Piaggio sold over a fifth – 22 percent – more vehicles than in the same period of 2019 before the Covid crisis. Net sales are the highest in 14 years. These are golden times for the company.

Two-wheelers sought-after alternatives in times of crisis

One reason is that scooters and motorcycles are in demand in the corona pandemic – as an alternative to bus and train travel. Among other things, those responsible at Europe’s largest two-wheeler manufacturer had counted on it. At the plant in Pontedera, Tuscany, they kept working almost at full speed during the pandemic, apart from the weeks of complete lockdown in spring 2020. Now the Piaggio dealers have the vehicles that are in demand. In addition, analyst Monica Bosio says that Piaggio is benefiting from its platform strategy, which was introduced years ago, of lowering costs. The result: Piaggio is currently in the “best economic situation” since going public in 2006. “I would say,” says Bosio, “that the company is in excellent health”.

There is still room for improvement in e-mobility

From the height of its current success, the traditional Italian company is working on perhaps the most important future task: not to miss the connection to e-mobility. In the market for electric scooters and motorcycles, Piaggio has to make up ground, with market shares only in the lower single-digit percentage range. “Maybe there was a bit of a delay. But Piaggio is in the process of catching up,” said analyst Bosio.

One reason for the “delay” is that Piaggio has always positioned its vehicles in the upper part of the market in terms of price. So far, this also applies to the new world of e-scooters. Piaggio launched an electric-powered version of the iconic Vespa – and only sold a few copies. The E-Vespa is almost twice as expensive as some competing products. Next month, Piaggio will make the next attempt and want to start selling its new electric model in Europe. It’s called Piaggio One, was presented at the Beijing Auto Show and targets the entry-level electric market, which is dominated by models with a purchase price of up to 3000 euros. “One allows us to go into a price segment that we cannot reach with the Vespa at the moment,” says Vice President Carletti, confidently adding: “Now we will be represented in this segment, but with Piaggio quality.” The brand’s reputation, European production quality, the close international network of dealerships and workshops as well as a now competitive price should give Piaggio a new boost in e-mobility.

Conquer the sharing market with a cheaper model?

So far, the gasoline giant Piaggio is still lagging behind in the electric world. Also because sharing services and rental companies struggle with Piaggio’s expensive e-Vespa. This could change now, believes analyst Bosio: “With the Piaggio One you are trying to close the gap”. Sharing services have so far made up a large part of the e-scooter market in Europe. Piaggio is not competitive here in terms of price. “With Piaggio One, however, it cannot be ruled out,” says the analyst, “that there will be a presence again in this market.”

When asked, Piaggio Vice President Carletti, who is responsible for Europe among other things, does not rule out that Piaggio will also be active in the sharing sector with its new model. Getting active again – because six years ago the Italians tried their hand at the scooter sharing business. A model project with Piaggio MP3 scooters in Rome and Milan was quickly discontinued for cost reasons, shortly before the global sharing trend took off.

Standard replacement battery as the key to success

At Piaggio, the question of batteries is crucial for the future of e-scooters. Those in charge of the Italian company dream of e-scooter filling stations where drivers don’t have to spend a lot of time charging their batteries, but can quickly exchange an almost empty battery for a full one. The Piaggio managers do not consider it realistic for customers to charge their scooters for half an hour at a charging station. Vice-boss Carletti admits that he himself becomes restless if he has to wait a few minutes for his predecessor to finish at the gas station.

Therefore, the principle in the future of e-electric should be: pull the batteries out of your scooter, put them in a compartment at an e-charging point and pull out another, charged battery. Uniform battery connections in the industry would be a prerequisite. That is why Piaggio has teamed up with competitors KTM, Honda and Yamaha in a consortium for the vision of the battery swap. The goal: to develop standardized batteries for all future e-scooters and e-motorcycles

The Shenzhen Stock Exchange requires Kelan Software to verify the reasons for the large increase in its stock price in the short term. In addition, the Shenzhen Stock Exchange requires Kelan Software to explain the digital currency business and the specific content and methods of cooperation with Huawei, as well as the revenue directly generated by related products or projects in 2020. And the amount and proportion of net profit.

On the day the attention letter was released, the concept of Huawei Hongmeng continued to rise sharply, Kelan Software soared 20%, and its share price hit a record high. The stock has reached its daily limit 5 times in the past year. As of press time, Kelan Software has risen to 49.4 yuan, nearly 8.23 ​​yuan higher than the opening price of the day, with a turnover of 901,900 lots, a turnover of 4.257 billion yuan, a turnover rate of 37.56%, a price-earnings ratio of 200.64, and a total market value of 15.363 billion yuan.

According to the official website of Kelan Software, it was officially established in December 1999 and registered in the Beijing Economic and Technological Development Zone. It is a company formed by Wall Street financial practitioners and Silicon Valley technicians returning to China, specializing in financial software product application development and consulting services. enterprise. The company has more than 5,000 employees and has branches, R&D centers or joint ventures in Beijing, Shanghai, Zhejiang, Chengdu, Shenzhen, Hong Kong and other places.

Since the second half of 1999, Kelan has implemented the first online banking system. According to the official website, its customers cover banks such as Bank of China, Agricultural Bank, Construction Bank, Postal Savings Bank, Export-Import Bank and so on. Kelan has cases in various applications such as online banking (corporate, personal), mobile (mobile phone, PAD) banking, electronic payment, third-party payment, foreign exchange precious metal trading platform, bank-enterprise communication, financial portal content management, etc.; in banks The market share of electronic channel construction exceeds 60%.

According to the official website, on June 3, Huawei held the Smart Finance Summit, and Kelan Software was invited to attend as a core partner of Huawei’s ISV. At the meeting, Kelan Software and Huawei released compatible tools and solutions for Hongmeng Mobile Finance. At present, Kelan Software has become the only supplier in the industry capable of providing full-stack credit creation solutions for Internet finance.

In terms of digital currency, on June 11, Kelan Software issued an announcement of abnormal stock trading fluctuations, stating that in recent years, Kelan Software has implemented actual digital currency projects. However, the digital currency-related business is the company’s innovative business, and the revenue from the digital currency-related business of Kelan Software accounts for a relatively small proportion of the company’s operating income.

In the 2020 annual report of Kelan Software, Kelan Software stated that its “distribution side” in the central bank’s digital currency industry chain can provide banks with a full range of Internet financial products; on the “user side” it has a “wallet” that supports digital currency and Rich cases of its application scenario construction; On the “server” based on digital authentication, Kelan Software holds a license through its holding subsidiary Continental Cloud Shield and provides mobile digital authentication services.

Kelan Software is currently actively cooperating with operating banks, clearing transfer service institutions and other entities, and is gradually implementing the development and construction of related operating systems for bank customers including digital renminbi, digital bank cards, etc., and assisting bank customers to achieve digital financial service upgrades. During the reporting period, Kelan Software and Suzhou Xiangcheng District Finance Bureau actively explored more feasible application pilot programs. The digital renminbi application scenario that Kelan Software cooperated with a major state-owned bank was launched in the second half of 2020 and will be delivered in the second quarter of this year as planned.

As for the proportion of digital currency-related business revenue in the specific revenue of Kelan Software, it is not separately listed in the annual report.

According to the first quarter report of Kelan Software, the total revenue of Kelan Software in Q1 was 210 million yuan, a year-on-year increase of 35.68%; net profit was 5.691 million yuan, a year-on-year increase of 155%; total assets were 2.294 billion yuan, a year-on-year increase of 55.72%; total liabilities It was 1.152 billion yuan, a year-on-year increase of 59.41%; investment cash flow was -178 million yuan, a year-on-year decrease of 388.33%; financing cash flow was 10.3555 million yuan, a year-on-year decrease of 66.46%

Train drivers union GDL resolves industrial action at the railway

Status: 23.06.2021 12:54 p.m.

With the beginning of the summer holidays in some federal states, rail passengers have to be prepared for strikes. The train drivers’ union GDL decided a labor dispute. The GDL intends to announce tomorrow exactly how it should look. At Deutsche Bahn, train driver strikes in the middle of the holiday season are getting closer. The union of German locomotive drivers (GDL) decided on concrete industrial action after failed negotiations with the employers’ association Move. GDL boss Claus Weselsky will not announce the exact scope and time of possible work stoppages until Thursday at a press conference in Berlin. According to the GDL, the corresponding committee resolutions are available. A railway spokeswoman asked the union to return to the negotiating table. There are well-founded offers for more wages and additional protection against dismissal on the table, about which the GDL top has so far refused serious negotiations.

First warning strike since December 2018

Immediately before the start of the school holidays in several federal states, the union is increasing the pressure on the management of the railway. The GDL declared the negotiations to have failed last Tuesday. It is the first warning strike on the railways since December 2018, when the Railway and Transport Union (EVG) called on its members to take part in a labor dispute. Both unions are fighting with each other for influence in the state company. The EVG had already reached a collective agreement last autumn. From the beginning of 2022, employees will receive 1.5 percent more money – little compared to collective bargaining rounds in better times. Compulsory redundancies are excluded until the end of 2023.

GDL wants more

The GDL wants to get more out of money and working hours. Both sides had moved somewhat towards each other before the failure of the negotiations. Based on the collective bargaining agreement for the public service, the GDL is calling for an income increase of 1.4 percent plus a corona bonus this year and a further 1.8 percent next year. The employees deserved more than compensation for the price increase, argues Weselsky.

According to its own statements, Deutsche Bahn had proposed increases in incomes as in the public sector, but in relation to the airport sector. An “emergency collective agreement” had been concluded for airports because of the slump in traffic. The 1.4 percent increase in income there will only be in October 2022, the other 1.8 percent not until April 2023. Employers will also have the option of reducing working hours by six percent in 2022. The level of the collective agreement for the public service is to be reached in October 2023

The 2020 annual report shows that Kaiyuan Education’s main business is the vocational education industry, accounting for 98.84% of revenue.

Daoda (1997) “Individual Stock Trend” reminder:

1. No institution has conducted research on Kaiyuan Education in the past 30 days;

2. Kaiyuan Education rose 19.92% in the past three trading days, its media sector rose 0.24% over the same period, and the ChiNext index rose 4.63% over the same period.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 Zhou Yuxiang)

   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.

   Daily economic news

Rising US prices Fed chief is dampening Inflation concerns

Status: 23.06.2021 9:39 a.m.

The head of the US Federal Reserve sees the reason for the current high inflation primarily in the recovery of the economy. The unexpectedly strong effects would soon fade, Powell said.

By Torsten Teichmann, ARD studio Washington

The demand in many industries is greater than the supply, meanwhile the prices for raw materials in the USA are rising, employers are having difficulties filling positions: All these effects of the economic upswing at the end of the corona pandemic are stronger than assumed, the head of the Federal Reserve (Fed), Jerome Powell, granted. Nevertheless, there will be no inflation, as in the 1970s, Powell said at a hearing in the US House of Representatives. “These factors will fade over time and we will get back to where we want to go. We are watching this carefully,” he said.

Interest rate hikes planned for 2023

The goal is an inflation rate of just over two percent. In May there was inflation at five percent . The Fed announced last week by the end of 2023, the key interest rate is expected to be increased in two steps to want. But in the short term it remains in the range between 0 and 0.25 percent. Powell had to defend his monetary policy at the hearing in the House of Representatives. Republican MP Steve Scalise accused a visibly annoyed Fed chief that the cheap money policy was harmful to hard-working families.

Steve Scalise criticized Fed policies as harmful to families. Image: REUTERS

Powell replied that lower income groups in particular have not yet benefited from the upswing in the United States. “Real incomes at the lower end of the spectrum are stagnating compared to those at the top,” he said. “Mobility across all income groups has decreased in the US and is now behind that in most other industrialized countries.”

Fed expects economic growth of 6.5 percent

These differences would hold back the US economy and the country as a whole. And that although the Fed is currently assuming that the US economy will grow by 6.5 percent this year with the help of the government’s trillion-dollar stimulus packages

The People’s Bank of China issued a press release on Monday stating that it has recently interviewed the Industrial and Commercial Bank of China, Agricultural Bank of China, Construction Bank, Postal Savings Bank of China, Industrial Bank, and Alipay (China) with limited internet technology regarding banks and payment institutions providing services for virtual currency trading Companies and other banks and payment institutions. This move is aimed at combating Bitcoin and other virtual currency trading hype and maintaining financial security and stability.

According to people familiar with the matter, Ya’an City in Sichuan Province has assured relevant provincial departments that all Bitcoin and Ether mining companies will be cleaned up within one year.

After the Fed’s policy stance turned to hawks last week, the market’s interest in risky assets has diminished. “If, as I expected, the global trend of buying everything this week cools down further, then Bitcoin will feel the cold wind,” Oanda Asia Pacific Pte. Said Jeffrey Halley, senior market analyst at.

Some commentators said that with increasingly strict regulations, China’s computing power-the computing power used for mining and processing blockchain transactions-is waning

Market power of Chinese companies Beijing takes on tech companies

Status: 23.06.2021 12:18 p.m.

Numerous large and valuable tech companies have emerged in China in recent years. The government did its best to promote the rise. In the meantime, however, the feel-good phase is over.

By Steffen Wurzel, ARD-Studio Shanghai A small coffee shop in Shanghai’s Jing’an business district. The shop is popular, a take-away coffee costs the equivalent of two euros, a bargain for this location. The fact that shopkeeper Wu Jialing is still worth it is because he can sell a lot of coffee within a short period of time. Customers pay by smartphone. You simply scan the QR code that is hanging next to the coffee machine. “Paying by app is incredibly fast,” says the shop owner. Serving the cash register, looking for change, washing your hands after contacting the cash register and cash – all of this is eliminated. Correspondingly more sales are possible.

Revolutionized dealing with money

The payment apps Alipay and WeChat-Pay have revolutionized the way money is handled in China within a few years. Instead of struggling with the mostly old-fashioned, complicated and sluggish state banks, most Chinese people now fully rely on the smartphone apps of the domestic fintech companies Ant and Tencent to handle their everyday financial transactions.

It is no longer just about cashless payments. The Alipay app can now also be used to take care of investments, insurance and old-age provision. That too weakens the role of the state banks. “In the area of ​​finance, China has developed from a very backward place to a global pioneer in terms of fintech,” explains Martin Chorzempa of the Peterson Institute for International Economics in Washington. Not only in the financial technology sector have new, powerful large corporations emerged in the country in recent years. There was also a start-up boom in other tech areas, financed partly by state and partly private venture capital.

Government rethinking corporate relationships

Whether online shopping, social media or delivery services: For years, companies such as Alibaba, Bytedance and Meituan have been able to rely on political and sometimes financial support from the government. But in the past few months the climate has changed, says Duncan Clark, head of the management consultancy BDA in the Chinese capital Beijing. “It seems that the government in China is rethinking its relationship with the big tech companies.”

Obviously, some of the big tech companies have grown too big too quickly for the communist leadership – and above all too powerful. The fact that cartel and supervisory authorities are taking action against the market power of large corporations such as Google, Amazon or Facebook is also true in Europe and the USA. But: “What makes the matter special in China are the outstanding position of the Communist Party and the tensions that exist again and again in China: Tensions between the large state corporations supervised by the CP on the one hand and the private sector on the other.” explains Clark.

Ant IPO stopped

These tensions became apparent in China over the past year. In several cases, the state and party leadership slowed down the emerging private companies. Ant, the parent company of the payment and financial services app Alipay, wanted to go public last November, for example. It would have been the largest IPO in world economic history. With him, the Chinese fintech company Ant would have collected around 30 billion euros. But two days before the equity debut in Hong Kong and Shanghai, the government surprisingly stopped the IPO. Ant does not meet certain regulations, it was announced. Further details: none. But in the following weeks it became clear that the cancellation of the Ant IPO probably came from the very top. China’s state and party leadership was apparently bothered by statements by Ant boss Ma Yun, alias Jack Ma, who said in a speech in Shanghai shortly before the planned IPO: “As far as the financial sector is concerned, we are still beginners in China. We do have Big banks – they are like big rivers. But what we mainly need are small lakes, ponds, streams and smaller rivers. ”

Open criticism crosses a red line

China’s financial system, previously dominated by large state banks, harbors risks, Ma criticized. That is unhealthy. A statement that many experts would endorse, but from the point of view of the communist leadership, the previously ubiquitous model manager had crossed a red line with his open criticism of the state banks.

The IPO of his fintech company Ant burst. Ma himself had to withdraw to a large extent from the public.

Several company directors resigned

“At first it was thought that this was all about Jack Ma because he was so open about himself, and about his company Ant,” says management consultant Clark, who has also written a book about the rise of Jack Ma. “But since then we have seen much more extensive crackdown by the authorities against large tech companies in China.”

Other prominent startup founders and tech billionaires resigned. For example, Zhang Yiming, the head of the TikTok parent company Bytedance, and Huang Zheng, who ran the emerging Chinese online shopping group Pinduoduo. The reasons for the resignations are unclear, but most industry observers believe government pressure played a role. “The Communist Party is profiting enormously from the consumption boom that all these tech companies have triggered in China,” Clark analyzes. “But this is not a one-way street. We see a certain double dependency between the CP and the tech companies: Both somehow need each other, but in the end the party says: ‘You need us more.'” It is becoming increasingly clear that China’s leadership is no longer allowing private tech companies to get away with as much as it has before. They too must submit to the Communist Party’s claim to leadership. Criticism will not be tolerated, however subtle it may be.

Lost 25 billion euros in one post

This was recently also experienced at the delivery service group Meituan, against which the antitrust authorities are investigating. Meituan boss Wang Xing posted a historical satirical text that is more than 1000 years old in early May. This text is about criticism of a former Chinese emperor. Some understood the post of the company boss and multi-billionaire as a hidden criticism of today’s rulers. The Meituan boss deleted the posted text, but Meituan’s stock market price plummeted by almost 15 percent, and the company lost around 25 billion euros in value in one fell swoop. The fact that Xing then donated around ten percent of his personal fortune, around 1.8 billion euros, to a charity is understood as an attempt at penance. “Many company bosses in China are currently examining how they can get rid of outstanding titles or even parts of their assets,” reports management consultant Clark. “It’s about behaving as inconspicuously as possible, no longer being the tallest tree in the forest. Because it is the first to be felled.”

Training site.

It is understood that since the comprehensive implementation of the combined declaration of property and behavior tax nationwide on June 1, the declaration process has been simplified, and the quality and efficiency has been optimized, which has changed the “multiple entries, more forms, and repeated data collection” that existed in the past fiscal and banking tax declarations. Problems to further facilitate taxpayers.

The staff provides on-site counseling for taxpayers.

In order to better promote the implementation and improvement of Daxiang’s consolidated tax declaration work, the State Administration of Taxation, Daxiang District Taxation Bureau of Shaoyang City, centered on the focus of the consolidated financial and tax declaration work, organized party members to pioneer and set up a professional counseling team to go to the front line of the tax hall to pay taxes. Provide meticulous and considerate counseling services for merger declaration At the same time, through various channels such as tax enterprise work WeChat group, taxpayer school, etc., carry out online and offline promotion and push, accurately push the policy interpretation materials, system operation guides and precautions and other documents to each enterprise, and make full use of The “contact-type” tax processing platform has continuously improved the taxpayers’ ability to “contactlessly” handle consolidated declarations, and truly effectively reduce the taxpayers’ burden of filing.

“In the next step, we will collect and summarize the difficulties and hot spots encountered by taxpayers in the process of consolidated declaration, and formulate solutions one by one, so as to achieve multiple types of tax:’one table, one declaration, one payment, one voucher’, and a substantial Reduce the burden of taxpayers to fill in and ensure the smooth progress of Daxiang Finance and Banking Tax Consolidation Declaration.” said the person in charge of Daxiang District Taxation Bureau

Interview

Fünf Jahre nach Brexit-Votum “Über Nacht war alles anders”

Stand: 23.06.2021 03:57 Uhr

Vor fünf Jahren fand das Referendum über Großbritanniens EU-Mitgliedschaft statt. Einen Tag später hieß es: “We’re out!” London-Korrespondentin Annette Dittert über den Schock nach dem Votum und die Folgen, die zunehmend sichtbar werden. tagesschau.de: Dass das Referendum über einen EU-Austritt Großbritanniens 2016 wirklich zugunsten der Brexiteers ausgehen würde, hielten hierzulande viele bis zuletzt für unwahrscheinlich – umso ungläubiger fielen die Blicke am “Morgen danach” aus. Wie erinnern Sie sich an den Moment der Wahrheit in Großbritannien? Annette Dittert: Am Morgen nach dem Referendum war ich im Zug von Edinburgh nach London. Das Abteil war voller Menschen, alle seltsam ruhig; man spürte eine gewisse Schockstarre. Als mein Telefon klingelte und sie mich Deutsch sprechen hörten, wurde es plötzlich ganz still – und als ich auflegte, brach eine junge Frau mir gegenüber in Tränen aus: “Es tut mir so leid, es war nicht unsere Absicht, dass Sie jetzt wieder nach Deutschland zurückmüssen!” Auf die Idee, dass sich auch für mich jetzt einiges ändern würde, war ich da selbst noch gar nicht gekommen. Und es ging so weiter an diesem seltsamen Tag. Als ich zu Hause ankam, stand auf meinem Hausboot ein großer Blumenstrauß mit einer Notiz der Nachbarn: “Please don’t go!” – “Bitte geh nicht!” So wurde mir allmählich klar, was der Brexit für mich und die anderen EU-Bürger bedeuten würde: dass wir in Großbritannien ab jetzt nicht mehr so einfach und selbstverständlich “dazugehören” würden.

Zur Person Annette Dittert berichtet für die ARD aus London – erst als Korrespondentin, zwischenzeitlich als Autorin, unter anderem im Videoblog “London Calling”, und seit 2019 wieder als Korrespondentin und Studioleiterin.

In den Wochen danach änderte sich dann das Lebensgefühl auf der Insel. Für mich war das oft so, als ob plötzlich ein dunkler Schatten über dem Land liege. Man spürte die Teilung des Landes, die Wut und den Ärger der “Remainers”, die für den EU-Verbleib gestimmt hatten. Der Triumph der anderen, die aber noch gar nicht wirklich wussten, was sie mit diesem Brexit nun anfangen sollten, war leiser, aber für viele “Remainers” dennoch schwer zu ertragen. Familien begannen sich zu zerstreiten, einige meiner Nachbarn sprechen bis heute kaum mehr miteinander, und ich habe auch selbst einige Freunde verloren. Es war einfach über Nacht alles anders. Und dieses freundliche, fröhliche, alle willkommen heißende England, das noch 2012 die Olympischen Sommerspielen zu einem solchen Fest hatte werden lassen, verschwand in den Jahren danach immer mehr. tagesschau.de : Waren die Briten denn im ersten Moment nicht um sich selbst besorgt – oder auch hocherfreut, falls sie für den Brexit gestimmt hatten? Dittert : In den Straßen von London hat an diesem Tag niemand gejubelt. Selbst die “Brexiteers” waren ein bisschen verblüfft und schockiert, denn sie konnten selbst nicht glauben, dass sie das geschafft haben. Boris Johnson war an dem Tag erst einmal verschwunden. Er hatte, glaube ich, selbst nicht mit dem Ausgang gerechnet und wollte lediglich durch ein starkes Abschneiden beim Referendum seine Position innerhalb der Tory-Partei stärken. In der allgemeinen Verblüffung wunderte sich auch kaum jemand darüber, dass Premier David Cameron das Handtuch warf – auch wenn das im Nachhinein einfach unverantwortlich seinem Land gegenüber war, das er so sicher in die tiefste Krise seit der Nachkriegszeit gestürzt hat.

Jubel auf einer Wahlparty der Brexit-Kampagne Leave.eu am 23.06.2016. Bild: dpa

Lange Gesichter hingegen bei Unterstützern der “Stronger In”-Kampagne gegen einen EU-Austritt in der Londoner Royal Festival Hall. Bild: AFP

“Ganze Industriezweige kämpfen ums Überleben”

tagesschau.de : Auf den Schock folgten zähe, jahrelange Verhandlungen über ein Austrittsabkommen. Seit dem 1. Mai 2021 ist der Partnerschaftsvertrag mit der EU endgültig in Kraft. Welche Veränderungen sind nun im Alltag spürbar? Dittert: Vieles ist wesentlich komplizierter geworden. Wenn wir zum Beispiel im ARD-Studio London EU-Bürger beschäftigen wollen, müssen wir für sie ein Arbeitsvisum beantragen. Das ist ein Riesenaufwand und auch teuer. Kleinere Firmen können sich das kaum mehr leisten. Und auch umgekehrt ist es für die Briten schwieriger, von hier aus noch für längere Zeit auf den europäischen Kontinent zu reisen oder dort zu studieren, weil die britische Regierung außerdem die Mitgliedschaft im Erasmus-Programm beendet hat. Gerade für die Jüngeren ist das bitter. Zur Zeit merkt man das noch gar nicht so, die Pandemie verdeckt viel. Aber diese Brüche mit Kontinentaleuropa werden zunehmend spürbar werden, wenn die Reiseeinschränkungen erst einmal vorbei sind. Erst dann, glaube ich, wird den Briten so richtig bewusst werden, was das neue Verhältnis zur EU für sie bedeutet.

tagesschau.de: Aus Teilen der britischen Wirtschaft ist ja schon zu hören, dass ihnen das ausgehandelte Brexit-Abkommen bislang zum Nachteil gereicht.

Dittert: Ja, das sind ganze Industriezweige, die derzeit wirklich ums Überleben kämpfen. Vor allem kleinere Betriebe kommen mit den komplizierten Zollformularen einfach nicht zurecht. Gerade die Fischer wurden vor dem Brexit ja sehr umworben: dass sie dann mehr fischen könnten, weil sie nicht mehr die Gewässer mit den EU-Fischern teilen müssten. Nicht gesagt wurde ihnen, dass sie ihren Fisch dann nicht mehr verkaufen können, da die Exporte in die EU durch aufwändigen Papierkram beim Zoll jetzt für sie kaum mehr möglich sind. Die britische Regierung lässt die britischen Fischer bislang weitestgehend allein damit – und viele werden das nicht überleben. Ähnlich trifft es Betriebe, die auf EU-Arbeitnehmer angewiesen sind, die jetzt nicht mehr kommen können. Vor allem die Gastronomie in London und Umgebung. Aber auch hier ist das noch nicht im öffentlichen Bewusstsein angekommen, da viele Hotels und Restaurants noch geschlossen haben. Aber nach der Pandemie wird das spürbarer werden. Neue Handelsverträge auszuhandeln wird viele Jahre dauern, und bis die Loslösung von der EU dann wirklich positive Effekte für die britische Wirtschaft zeigen könnte, wenn überhaupt, werden viele, viele Jahre vergehen.

“Die meisten haben sich damit abgefunden”

tagesschau.de: Wie präsent sind da die Stimmen der glühenden Brexiteers noch?

Dittert: In der Nacht vom 31. Januar, als der Brexit vollzogen wurde, gab es eine kleine Jubelfeier auf dem Platz vor dem Parlament. Die war aber sehr schnell wieder vorbei. Johnson ging nicht einmal vor die Tür der 10 Downing Street – und auch sonst wollte sich in dieser Nacht außer Nigel Farage keiner so recht mit den Brexit-Anhängern sehen lassen. Die “Remainers” saßen währenddessen zu Hause; viele, die ich gut kenne, haben das bis heute schlecht verkraftet. Die meisten haben sich damit abgefunden, aber das Land bleibt gespalten in dieser Frage. Ich würde sagen, mindestens die Hälfte der Briten ist nach wie vor sehr unglücklich über die Entscheidung und ihre Folgen, und ich vermute auch, dass das so bleiben wird.

Das Gesicht von Nigel Farage prangte eins auf einem Wahlkampfbus für den Brexit. Nach dem Votum gab der UKIP-Chef schnell seinen Rücktritt bekannt (Archivbild vom 26.05.2016). Bild: AFP

tagesschau.de: Was wird der zunehmende Unmut für den heutigen Premier Johnson bedeuten? Dittert: Es wird interessant, inwieweit es ihm weiter gelingt, den Briten seinen harten Brexit als Erfolg zu verkaufen. Bisher hat er die Nachteile für die genannten Industriezweige stets bestritten, Fragen von Journalisten dazu wischt er vom Tisch oder beantwortet sie erst gar nicht. Und, wie gesagt, die Pandemie verdeckt im Moment noch viele der negativen Brexit-Folgen. Wenn das vorbei ist, dann wird es interessant, ob die Stimmung doch noch kippt. Ich bin da allerdings ein bisschen skeptisch. Denn dazu bräuchte es eine starke Opposition – und die gibt es derzeit nicht. Die Labour-Partei hat ja im Dezember 2019 mit für den Brexit-Deal gestimmt. Damit haben sie sich zu “Komplizen” gemacht und können den Deal und seine Folgen für die britische Wirtschaft deshalb jetzt nicht so hart kritisieren, wie es eine Opposition eigentlich müsste.

“Brüche zwischen den vier Nationen verschärft”

tagesschau.de: Wie sind die Aussichten, dass sich aus den anderen Landesteilen Großbritanniens Widerstand formieren wird? Schottland etwa macht aus seinen Unabhängigkeitswünschen ja keinen Hehl…

Dittert: Der Brexit zerstört momentan vieles – ob er auch schöpferische Wirkung entfaltet, wird sich zeigen. Aber er hat vor allem Fliehkräfte im fragilen Gebilde des Vereinigten Königreichs freigesetzt. Die Schotten sind eine zutiefst sozialdemokratische Gesellschaft, die Johnsons zunehmend von englischem Nationalismus geprägten Regierungsstil skeptisch gegenüberstehen. Andererseits ist die Unabhängigkeit für die Schotten nach dem Brexit sehr viel schwieriger und komplizierter geworden: Sie hätten dann ja eine EU-Außengrenze quer durch die Insel. Bei der engen Verflechtung zwischen Schottland und England würde das jetzt sehr kompliziert.

Auch in Wales ist die Unabhängigkeitsbewegung stärker geworden, wenn auch nicht so stark wie in Schottland. Und in Nordirland gibt es durch das verhandelte Abkommen jetzt ebenfalls immer größere Probleme: Johnson hat die Grenze ja in die Irische See verlegt und dadurch Nordirland im Grunde vom britischen Festland abgetrennt. Das verschärft die Spannungen zwischen den verschiedenen Fraktionen in Nordirland.

Ganz generell kann man deshalb sagen: Der Brexit hat die Brüche, die es zwischen den vier Nationen vorher auch schon gab, verschärft – und es ist nicht mehr unvorstellbar, dass das Vereinigte Königreich in seiner jetzigen Form tatsächlich irgendwann auseinanderfällt. Die Fragen stellte Jasper Steinlein, tagesschau.de.

▲ High-level meeting between the two parties

Chen Junwei, Secretary of the Party Committee and President of Hailiang Education, introduced the blueprint for the future development of Hailiang Education. He pointed out: Hailiang Education is vigorously implementing the two strategies of “prospering education with talents” and “prospering education with science and technology”, taking “making the world without difficult schools” as its mission, exploring a brand-new smart campus governance system, and setting management thinking into context , To achieve new changes in the future school management model. Ruijie Networks has been focusing on the research and development of smart teaching products and being an expert in smart classrooms for many years, and has provided professional information solutions for 3 million primary and middle school teachers and students. The two parties can form a very good complementation of their advantages and achieve common development, especially in strategic centralized procurement and cooperative research and development with broad prospects for cooperation. It is hoped that through this signing, both parties can work together to accelerate cooperation projects and achieve a win-win situation at an early date.

Huang Yuhui, vice president of Ruijie Networks, said: Hailiang Education’s vision is very great, and many views coincide with Ruijie. Ruijie’s market positioning when it was founded was to do education, and it started from K12, with a deep sense of education. In the twenty years of serving and educating users, Ruijie has never forgotten its original intention and is grateful. Based on the trust of users, whether in the field of basic education, vocational education or higher education, Ruijie has continuously launched useful and easy-to-use special solutions for various educational information scenarios. Ruijie and Hailiang Education have many opportunities for cooperation, and hope that through multi-dimensional and deep-level cooperation, they can jointly develop products that meet the needs of Hailiang’s education, so that revolutionary educational concepts can be implemented in each school.

▲ The strategic cooperation is officially signed Hailiang Education Party Secretary and President Chen Junwei (left), Ruijie Networks Vice President Huang Yuhui (right) Facing the future, the two parties will cooperate to establish a “teaching innovation experimental base” to conduct all-round exchanges and cooperation on cutting-edge technical topics related to education informatization, sharing results, and application practices. The content involves campus all-optical networks, smart classrooms, and campuses. Cloud desktop and many other educational information fields promote the in-depth integration of leading informatization and digital technology with modern teaching concepts. ▲ Ruijie Networks awarded Hailiang Education the “Teaching Innovation Experimental Base” At the same time, Ruijie Networks will also become an important alliance unit of the “Hailiang Education Smart Campus Global Alliance”. The “Hailiang Education Smart Campus Global Alliance” led by the Hailiang Education Research Institute aims to introduce the world’s highest-end scientific research and technical forces, and through cooperation with outstanding enterprises in the industry, universities, scientific research institutes, etc., to empower with science and technology” The construction of “smart campus” will ultimately accelerate the realization of the goal of promoting education through science and technology. ▲ Hailiang Education awarded Ruijie Networks the “Hailiang Education Smart Campus Global Alliance Strategic Partner” ▲ Group photo at the signing ceremony of strategic cooperation In the construction of a smart campus, the daily use and management of a large number of teaching equipment, the management and control of the Internet of Things in meeting rooms, co-class classrooms and special classrooms, the access, use, management, operation and maintenance of various new teaching equipment and scenes, and the school The construction of data management requires a set of high-speed, stable, easy-scalable, and easy-to-manage network topology solutions to carry services. In 2020, Hailiang Education conducted an in-depth discussion on the “Minimal Ethernet All-Optical Network Solution” launched by Ruijie, and fully demonstrated it in its two newly-built schools, and then formally adopted the solution for the construction of smart campuses. A good result of informatization construction has been achieved. The high-quality campus network construction, management, and operation and maintenance experience brought by the “Minimalist Ethernet All Optical Network” has made Hailiang Education aware of the accelerated realization of “Using standards and technology to empower traditional basic education, allowing high-quality resources to be shared and The academic experience can be quickly copied.” The alliance force of the educational construction goal has become a good opportunity for the two sides to carry out strategic cooperation. Based on deep industry accumulation in the education field, Hailiang Education and Ruijie Networks are both shouldering the historical mission and corporate responsibilities of promoting China to become an education power and realizing the great Chinese dream. Become a partner that advances hand in hand and forge ahead. The two parties will realize mutual empowerment, promote the R&D and design of innovative technologies and solutions that meet the application scenarios of education and teaching, and promote the construction and application of higher standards of education informatization. The intelligent campus governance system reforms the management model of future schools, adding more digital and intelligent new vitality to China’s private education. With the expectation that, as Mr. Ye Cuiwei, the principal of Hailiang Education Management Group and a contemporary education expert, said, “Hold on our mission, pursue forever, seize opportunities, raise the starting point, and achieve a new leap in private education in the new era!” [HailiangEducationwasfoundedin1995bytheworld’stop500companies-HailiangGroupIthas26yearsofbasiceducationand19yearsofinternationaleducationhistoryItisChina’sfirstbasiceducationgrouplistedonNASDAQintheUnitedStatesOneoftheprivateeducationgroupswiththewidestcoverageandlargestscaleintheK12fieldItindependentlyorganizesoperatesandmanagesnearly100schools(parks)in12provincesTherearemorethan80000studentsintheschoolfrom34provincesmunicipalitiesand26countriesandregions】 [RuijieNetworksisanindustry-leadingproviderofICTinfrastructureandindustrysolutionsIthasanindependentR&Dteamcomposedofnearly3000R&Dpersonnelanditsbusinessscopecoversmorethan50countriesandregionsaroundtheworldServingeducationfor20yearsRuijie’sbasiceducationsolutionshavebeenwidelyusedin2000educationmetropolitanareanetworksmorethan80000primaryandsecondaryschoolsandkindergartensmorethan60000wirelessteachingclassroomsand12millionclouddesktopterminalsacrossthecountry】

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

Figure 1. One-year U.S. Treasury Yield-ATFX

It can be seen that before last week, the US short-term debt has been in a downward trend; after the Fed’s interest rate decision, the significant long-term yang line broke through the previous multi-week K-line high. The recent rise in the US dollar index is largely due to the rise in short-term US bond interest rates. The one-year U.S. Treasury’s “low creeping” began on March 23, 2020. During this time, the United States was cutting interest rates on a large scale in response to the new crown pneumonia epidemic. Up to now, the “low creeping” time has been maintained for 15 months, which is rare. Even if the Fed does not take measures to reduce the size of monthly bond purchases in the second half of the year, market expectations will continue to heat up, which is completely sufficient for the rise in short-term U.S. interest rates. The risk is that the Fed’s decision logic is to “cut interest rates if nothing is resolved”. If there is a black swan incident in the second half of the year, the expectation of reducing the size of bond purchases will no longer exist, and both U.S. Treasury interest rates and the U.S. dollar index will plummet.

Figure 2. Ten-year U.S. Treasury Yield-ATFX

Long-term U.S. bond interest rates have performed poorly. Even when expectations of reducing the size of bond purchases were strongest last week, they only closed the inverted hammer K-line with a long upper shadow. Part of the reason is that the Fed’s monthly debt purchases are mainly long-term bonds, and ten-year U.S. bonds are one of them. The 80 billion monthly bond purchases have pushed up the price of U.S. Treasury bonds and will correspondingly lower U.S. bond interest rates. From this perspective, U.S. bond yields are not entirely determined by the market, and there are certain regulatory attributes. The Fed does not want U.S. interest rates to rise quickly without a strong economic recovery, because this will have a negative impact on the business economy. Figure 3, US dollar index weekly chart-ATFX The dollar index has successfully bottomed, and the support point is at the previous low of 89.18. As can be seen in the figure, the previous high of 93.41 has become the resistance level for this round of rising. Only when this price is effectively broken can the future upside space be fully opened. The channel line in the chart shows that the upper rail suppressed this week’s rise. There is the announcement of the PCE price index in the first quarter of the US on Thursday. If not surprisingly, the published value will be 2.5% higher than the previous value, which will give a certain boost to the US dollar index bulls. In addition, during the first four days of this week, senior Fed officials will make speeches every day. Traders need to pay close attention to their views on labor market and price changes. ATFX Disclaimer : 1, The above analysis only represents the views of analysts. The foreign exchange market is risky and investment needs to be cautious. 2. A TFX will not be responsible for any profit or loss that may be caused by the direct or indirect use or reliance on this information. Source: Financial World Network

BioNTech Annual General Meeting Vaccine effective against mutants

Status: 06/22/2021 6:13 p.m.

BioNTech boss Sahin uses the vaccine manufacturer’s general meeting to spread good news: Production will be increased and the vaccine also protects against virus variants. In view of the growing spread of the delta variant of the coronavirus, which is considered to be more dangerous, many people are wondering how the effectiveness of the various vaccines is doing in this regard. At today’s Annual General Meeting, CEO Ugur Sahin gave the all-clear for BioNTech’s product: “There is currently no evidence that our vaccine needs to be adapted to the variants in circulation,” he said. That does not mean that the company is stopping development: According to Sahin, BioNTech is working on flexible processes in the areas of technology, production and approval.

Constant analysis

In order to be prepared and to be able to react quickly if a third dose should be required to boost existing vaccinations or to adapt to a new virus strain, BioNTech constantly analyzes the effectiveness of the vaccine against newly emerging variants, the CEO explained.

Sahin also commented on the subject of booster vaccinations: It is not yet known when and how often a booster will be necessary. But he assumes “that a third vaccination is of great value for boosting immunity,” said Sahin. Knowledge about the corona virus is steadily increasing. “We observe that immunity will decrease over time and new variants will emerge.”

Sahin against patent release

The one raised by US President Joe Biden and other politicians Request for the release of patents to enable license-free vaccine production in developing countries, the BioNTech boss rejected. It is important to be able to make the vaccine available worldwide “as quickly and as comprehensively as possible”. However, raw materials are currently the “limiting factor”, not patents.

BioNTech is working with partners to deliver the vaccine cheaply to developing countries. However, a patent release would not bring additional amounts of vaccine. The production of the vaccine is very complex and consists of around 50,000 work steps.

Production is increased

During the Annual General Meeting, Sahin also commented on production: The BioNTech boss confirmed that the company, together with its US partner Pfizer, is aiming for a production capacity of up to three billion vaccine doses this year.

In the coming year 2022 it should be more than three billion. BioNTech will manufacture at least half of this. To date, BioNTech and Pfizer have shipped more than 700 million doses of their Covid-19 vaccine to over 100 countries worldwide.

Dividend is possible

The shareholders should also benefit from the billions in sales generated with the corona vaccine. Chief Financial Officer Sierk Poetting said that in the next financial year it should be checked whether and in what amount a dividend is possible.

However, the strategic priority for 2021 is the reinvestment of the capital in order to further advance innovations in various therapeutic areas and technologies as well as our corporate development, said Poetting. The Mainz biotechnology company achieved a net profit of 1.1 billion euros on sales of 2.05 billion euros in the first quarter of this year .

New production facilities

There was also news from BioNTech outside of the Annual General Meeting. The European Medicines Agency’s Committee on Medicinal Products for Human Use gives the go-ahead for two more production facilities to manufacture the joint corona vaccine from Biontech and Pfizer.

One becomes accordingly in Reinbek, Schleswig-Holstein, operated by Allergopharma, the parent company of Dermapharm , the other in the Swiss stone from Novartis Pharma. The work can be started immediately, since no approval from the EU Commission is required

Trend reversal in local transport The train discovers the surface

Status: 06/22/2021 6:53 p.m.

Deutsche Bahn reactivates 20 disused routes and expands again into the area. The goal: Local transport should also become more attractive for people in rural areas.

Of Ulrich Crüwell, rbb

Despite all – partly justified – criticism of Deutsche Bahn AG: No other means of transport is under the same economic pressure as rail transport. “The rail is the only transport infrastructure that is shrinking. It is the only transport infrastructure that has to pay off. If we apply these standards to motorways, some roads in Mecklenburg-Western Pomerania would have to be demolished immediately,” says Dirk Flege, the managing director of Allianz per rail.

The rail network is growing for the first time in ninety years

But the shrinking of the rail network has finally come to an end, says Flege and speaks of a turning point. The railway is no longer dismantling, but the network is growing – as the federal government has longed for.

In their coalition agreement, the Union and the SPD agreed to double the number of passengers by 2030. But despite political will, the rail network became smaller and smaller and the road network increasingly dense by 2020. Many smaller cities lost their rail connections. But now Deutsche Bahn is putting 20 disused routes with a total length of 245 kilometers back into operation. “This is clearly just the beginning,” announced Jens Bergmann, head of planning at the DB Netz division. For people who live in the countryside, this could be good news.

Historical undesirable developments

For Martin Henke from the Association of German Transport Companies, it is even a historic one, because it ends an undesirable development that began ninety years ago with the construction of the first motorway. In the fifties and seventies there were real shutdown programs for railway lines, according to Henke. The Germans clearly preferred the car and built one of the densest motorway networks in the world.

After the fall of the Berlin Wall, it was a matter of optimizing, and politicians wanted the railway to be privatized as a stock exchange company. Rural local transport turned into a losing business. Deutsche Bahn speaks of a downward spiral: “If demand fell, little was done to make the route more attractive for passengers or freight traffic again.” According to Allianz pro Schiene, more than 15 percent of the rails were decoupled between 1990 and 2020 alone. But the mood in the country seems to have changed. The rail is experiencing broad political and social support, says association representative Henke. And this mood could also change the group.

“Every kilometer of track is active climate protection”

Among other things, the railway is putting closed connections in sparsely populated regions in Mecklenburg-Western Pomerania and Schleswig-Holstein back into operation. Whether big money can be made with it seems at least questionable. But apparently that is no longer that important – what counts is political and social will.

Bergmann, board member of Deutsche Bahn, formulates the corporate objective as follows: “We want to attract more people to the railways, get more goods on the rails. Every kilometer of track is active climate protection.”

Actually,Hyaluronic acid is added as a raw materialordinaryFood is not the first in the domestic market,Hyaluronic acid foods abroad have become popular30for many years,inconsumerThe current health consciousness is getting stronger,Like collagen drinks, hyaluronic acid foods are very popular.once,Domestic consumersCan onlyPurchasing hyaluronic acid food through overseas shopping or purchasing agents,butthis yearAt the beginning of the year, the National Health Commission approvedAfter taking the hyaluronic acid,Policy restrictions have been broken, and domestic consumers can finally eat cost-effective hyaluronic acid foods that do not require imports.

However, there are questions about whether the consumption of hyaluronic acid is good for health, whether it can be absorbed and used by the body, and whether it is an “IQ tax”. In fact, many innovative products have to face doubts when they first appear. This is due to the fact that the public has little understanding of new products, and on the other hand, it shows that the market is paying attention to this product. Let’s take a look at the knowledge of hyaluronic acid food presented in the information.

Does our body really need to supplement hyaluronic acid??

in the past,Hyaluronic acid is often known as a skin care ingredient and medical beauty products. The public has alreadyAgainstFormed an existing impression, so when hyaluronic acidAdd inAfter the food is on the market, consumers will regard its safety as a foodQuestion.

The scientific name of hyaluronic acid is hyaluronic acid, which is a self-derived substance of the human body. It is widely present in the joint cavity, skin, vitreous body, cartilage, umbilical cord and other tissues of the human body, and plays a role of lubrication and moisturizing. As we age, the speed at which the human body synthesizes hyaluronic acid will weaken, and the decrease in the hyaluronic acid content in the body will cause a series of problems such as fine lines on the skin, dry eyes, and poor joint movement. Therefore, hyaluronic acid and products based on it are allowed to be added to food or dietary supplements in Japan, South Korea, the United States, the European Union, Australia, New Zealand and Brazil. All this shows that oral hyaluronic acid is indeed reasonable, at least it has been confirmed by many countries.

Also this year, the National Health Commission officially approved the application of sodium hyaluronate (hyaluronic acid) declared by Huaxi Biotech as a new food raw material, allowing it to be used in ordinary food. Breaking the policy restrictions, domestic consumers can finally eat cost-effective hyaluronic acid. After hyaluronic acid was approved to be added to foodis called”Functional foods” refer to foods that can enhance the body’s anti-epidemic function, regulate the body’s rhythm, prevent diseases and promote health, and other related physiological regulation functions for the human body.Current consumerBest knownFunctionalityfoodIs a probiotic, itsAs active microorganismsCan regulate gastrointestinal digestion and improve immunity,Often usedYogurt, lactic acid bacteria drinks, etc.The feature of functional food is that although it is not a medicine, it canIt can improve immunity and prevent diseases by eating. The deputy director of the National Functional Food Engineering Technology Center and Professor Lu Wenwei from the School of Food Science and Technology of Jiangnan University pointed out at the functional food development trend roundtable forum hosted by the Health Times that functional foods such as hyaluronic acid are the bridge between food and medicine in the industry to meet individual health concerns. Demand, functional foods can be used to improve and improve the level of health, which also confirms that oral hyaluronic acid can bring benefits to the human body. Food-grade hyaluronic acid has a high standard, and its physical value cannot be equal to the product price The “White Paper on Hyaluronic Acid Application Scenarios” released by iResearch shows that2020The global food-grade hyaluronic acid end product market is expected to reach25Billion yuan,2016-2024The annual compound annual growth rate of the global food-grade hyaluronic acid terminal product market is7%.According to Mintel’s global new product database search, as of2020year5In September, the global foods containing hyaluronic acid shared2000Many, of which ordinary food554A. Faced with such a huge market prospect, many players such as food and beverage companies, hyaluronic acid manufacturers, etc. are gearing up to enter this new category. According to the company’s check4month25According to the statistics of Japan, there are currently a total of345Companies related to hyaluronic acid,2020Annual registration volume of relevant companies is17Home. However, not all companies have the technical standards for the production of food-grade hyaluronic acid. Industry insiders pointed out that if hyaluronic acid companies want to prove that the quality of their hyaluronic acid raw materials is the same as the hyaluronic acid raw material standards approved by the National Health and Health Commission, they can apply for “substantial equivalents” to relevant departments to prove that their food-grade hyaluronic acid raw materials meet the standards. Otherwise, you may not be able to immediately become a supplier of a regular food company. The application time will take about six months to more than one year. “Achieving standards” is not an easy task. Hyaluronic acid foods carry many years of research and development, technology, etc., and also contain many “black technologies”. Therefore, the value of hyaluronic acid foods far exceeds ordinary foods both at home and abroad. With the opening of the policy this year, the National Health Commission officially approved the application of sodium hyaluronate (hyaluronic acid) as a new food raw material declared by Huaxi Biotech. Domestic consumers have finally ended their history of purchasing high-priced hyaluronic acid food from overseas. , The prosperity and rise of domestic hyaluronic acid foods will become an important new trend in public health consumption

Balance of the Wirecard U Committee Is Scholz complicit?

Status: 06/22/2021 5:00 p.m.

The Wirecard committee of inquiry presented its report one year after the accounting scandal became known. But who is politically responsible remains open. The opposition and the Union accuse Finance Minister Scholz. For years the Wirecard Group has been highly praised – an innovative business model, a fantastic sales development, the hope in the Dax. And then almost two billion euros disappeared from the balance sheet practically overnight. “It is a criminal case,” says Matthias Hauer, chairman of the Union in the committee of inquiry. And after seven months of studying the files and questioning witnesses, it is clear that the Union is primarily responsible for the bankruptcy of billions: “Federal Finance Minister Olaf Scholz and the management of the Federal Ministry of Finance bear political responsibility for the Wirecard scandal,” said Hauer. They knowingly looked the other way when the rumors about irregularities in the Wirecard management made the rounds. Fabio de Masi from the Left puts it even more drastically: “This billions of dollars lie, this Wirecard illusion factory was only conceivable because they organized a political network to hide the fact that there wasn’t much substance under the covers. “ De Masi recalled the countless investors who would have lost a total of more than 20 billion euros in share assets due to the Wirecard bankruptcy.

Opposition demands political consequences

Florian Toncar from the FDP also thinks that someone from politics should have apologized to the injured party: “I think it is a major annoyance for many citizens that in the end there is no one in such scandals who will also stand up admits his own mistakes. ”

But back to Olaf Scholz. As a witness in the committee of inquiry, he had considerable gaps in memory, complained the spokesman for the Union and opposition parties. Lisa Paus from the Greens thinks that Olaf Scholz did not exactly recommend himself as a candidate for Chancellor: “I think that especially in these times Germany needs a leader who can also admit mistakes. And I think that is something that Olaf Scholz is not given. ” Kay Gottschalk from the AfD was the chairman of the committee of inquiry – Union and the other opposition factions attested to having carried out the office professionally and with colleagues. In the matter he also misses political consequences at a higher level. “A minister would have resigned 20 years ago. And that is a cultural change that we are experiencing here in Germany that I do not like,” said Gottschalk.

SPD defends Scholz

And the SPD? It takes its candidate for chancellor out of the political line of fire. The allegations against Scholz are just election campaign noise, says finance politician Cansel Kiziltepe: “Olaf Scholz bears no political responsibility for the Wirecard scandal. And the allegations that have been made have not been confirmed.”

On Friday there is still a Bundestag debate on the political assessment of the scandal – then the public prosecutor has the floor. She is investigating the former management of Wirecard for, among other things, embezzlement, falsification of accounts and fraud committed by gang. It is not yet possible to foresee when there will be criminal proceedings

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Scholz in the Wirecard scandal Political leadership from yesterday

Status: 22.06.2021 5:50 p.m.

Finance Minister Scholz bears political responsibility for the Wirecard scandal. An apology would be appropriate. Because of his antiquated understanding of political leadership, there won’t be.

A comment by Tobias Betz, ARD capital studio

After eight months of the committee of inquiry, the question of political responsibility remains. And that is a fundamental question of political culture. Because there is not a word of regret from the government. Let’s not kid ourselves: this is shameful, but the reality.

The finance minister is politically responsible

Let’s take a look at the situation: The Wirecard case is one of the biggest financial scandals in Germany. At least 24 billion euros in damage. Everything happened in front of the eyes of the responsible authorities, which did not do their job in any way and at any time. And that is why there is certainly someone who is politically responsible – and that is the Federal Minister of Finance in this financial scandal. But Olaf Scholz makes it easy for himself. Not responsible, not involved, more like an observer. He could very well have – and should have – intervened. Because the Ministry of Finance has the legal and technical supervision of the Bafin. This is the financial supervisory authority. And she made gross miscalculations; she even supported Wirecard at times, reported journalists who had clues.

Not ready for self-reflection

Mistakes have been made. And the Scholz Ministry is responsible for ensuring that the financial supervision process works. If it just doesn’t work, then Scholz, as a minister, could be the size and have the courage to admit that mistakes have happened here. Honest words of regret. Society doesn’t really ask that much, a “Mea Culpa!”, “My mistake!” Is often enough. But Scholz is apparently not ready for this kind of error culture, critical self-reflection.

Don’t make any mistakes, least of all admit none

Maybe he’s not ready to do so because of the election campaign. Just don’t make any mistakes, least of all admit any mistakes. Protect yourself, after all, he is a candidate for chancellor. Namely one who advertises to have a lot of government experience. But leadership doesn’t include ironing out and fending off everything. That is an understanding of political leadership from the past. Mistakes happen, people make mistakes and they are allowed to admit them. That would be honest and brave. But as a consequence, calls for resignation like those from the AfD are out of place.

The Chancellor apologized

That promotes this unspeakable error culture in politics. If every mistake immediately costs the post, then it is already clear that there can be no political Mea Culpa. Chancellor Angela Merkel once broke with this culture of mistakes. During the lockdown policy at Easter. She had to withdraw an overnight decision to introduce an additional public holiday. But she didn’t do that quietly and without comment. No, she stood in front of Parliament and apologized in public for it. Apparently this remains an exception. But the Chancellor has the format of a chancellor. Editorial note Comments generally reflect the opinion of the respective author and not that of the editors

A team led by Nikolaos Panigirtzoglou, a global market strategist at JPMorgan Chase, pointed out in a recent report that so far this year, retail investors have invested approximately US$485 billion in U.S. equity funds, and since mid-May, retail investors’ investment momentum in individual stocks and options has regained momentum. accelerate.

At the end of 2020, JP Morgan Chase estimated that retail investors will inject 500 billion U.S. dollars into the U.S. stock market throughout 2021. However, the Panigirtzoglou report recently stated that if the current purchase rate continues, the number may soar to $1 trillion.

However, the headwinds of US stocks are coming quietly, and the US stocks adjustment may be underway.

After the Fed released the “hawk” signal last week, the Dow Jones Index recorded its biggest weekly decline since October 2020. Moody’s chief economist Mark Zandi recently warned that the Fed’s “eagle” will trigger a 10% to 20% correction in US stocks.

The Federal Reserve issued an interest rate resolution last week, still deciding to keep the policy interest rate near zero and the scale of QE bond purchases unchanged, but it raised the two major managed interest rates. In addition, the interest rate dot chart released by the Federal Reserve suggests that as the economy recovers rapidly from the impact of the new crown epidemic and inflation rises, officials are expected to raise interest rates twice before the end of 2023, much earlier than expected in March.

Zandi hinted that in this context, the US stock market adjustment may already be in progress, because investors have begun to panic.

The Dow Jones index just set its biggest weekly decline since October 2020, down 3.45%. The S&P 500 index last week was the worst since the end of February, and the Nasdaq index, which is dominated by technology stocks, also fell last week.

Unlike the sharp decline in US stocks in the past few years, Zandi does not expect the stock market to recover quickly this time because market valuations are already very high. He expects it may take a year to resume the original rally. Although Zandi issued a warning to the market, he believes that the economy will avoid a recession because this recession is mainly due to risks caused by excessive asset prices, rather than serious fundamental problems. Zandi has been warning of inflation for months. At the beginning of March, Zandi asserted that inflation would be “far ahead”, and investors did not recognize and fully grasp the risks. Zandi said that inflation is still an issue affecting stock market and bond investors. Zandi believes that it is unlikely that the benchmark 10-year U.S. Treasury yield will continue to fall:

“Considering the current situation, I would not expect the yield to remain at 1.5% in the long term.”

Stocks and bonds are not the only risky assets that attract Zendi’s attention. Zandi also believes that the sell-off of commodities and cryptocurrencies is brewing more trouble. In addition, in the case of rising mortgage interest rates, he is worried about the sustainability of the booming real estate market. Coincidentally, Micheal Burry, the prototype of “Big Short” and a well-known hedge fund manager, also issued a warning to Bitcoin a few days ago, saying that retail investors who buy “group stocks” and cryptocurrencies are about to usher in devastating losses. In addition to holding stocks, Burry also issued a warning to cryptocurrency enthusiasts to borrow money to buy their favorite currency unscrupulously. He wrote on Twitter:

“Like most things, the problem with cryptocurrency is leverage. If you don’t know how much leverage there is in cryptocurrency, then you don’t know anything about cryptocurrency.”

According to CoinDesk data, after Bitcoin broke through $63,000 and hit a record high in mid-April this year, it has fallen by more than 40% so far. Ethereum has also fallen sharply after its surge, starting from the record high set in May. It has fallen by more than 45%. The Federal Reserve’s interest rate decision has caused turmoil in US stocks, and the sell-off of commodities and cryptocurrencies is brewing more trouble. We return to the beginning of the message and cannot help asking, will the momentum of retail investment throughout 2021 continue? New York Stock Exchange (NYSE) President Stacey Cunningham recently stated that the price of meme stocks (referring to stocks that retail investors are keen to buy on social media) may be distorted because most of these stocks are traded outside the US public exchange. Place. Cunningham said that the price formation of meme stock does not truly reflect the relationship between supply and demand. Morgan Stanley CEO James Gorman also said that meme stock has brought some benefits because this trend has attracted younger investors to enter the market, but warned that the dramatic rise in stocks such as AMC and Gamestop could be the “cause of disaster.” Gorman believes that the huge returns that some meme stocks have received in a short period of time are not healthy, and these gains are “to some extent the root of the disaster.”

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

Industry Day Showing the Chancellor candidate

Status: 06/22/2021 6:12 p.m.

How can the climate change succeed and Germany be preserved as an industrial location? The Chancellor candidates gave outlooks at the Industry Day. In the end there was nothing more than friendly applause.

From Eva Ellermann, ARD capital studio

German industry is worried: climate neutrality by 2045 – how should Germany, a country of industry, export and innovation, achieve that?

The head of the Federal Association of German Industry (BDI), Siegfried Russwurm, fears that new climate protection goals and specifications will overwhelm the industry: “Just to raise the bar, although athletes and coaches don’t yet know how to cope with the lower ones – that is not a successful training strategy. And to do that as a trainer, and certainly not to talk to the athlete about it beforehand. ”

Merkel’s last day of industry

Chancellor Angela Merkel does not find it difficult to commit to Germany as an industrial location, but she warns that self-evident things have to be worked out over and over again.

It is her last appearance at an Industry Day and she uses it to make demands on the hosts on the way to climate neutrality: “We urgently need – we should work with the BDI – a forecast for electricity demand in 2030. The Assumptions that the electricity price will not increase are probably not sustainable. Then we need a plan that requires more line construction than we have planned today, “said Merkel.

SPD Chancellor candidate Olaf Scholz shares the Chancellor’s diagnosis and uses it to attack Federal Economics Minister Peter Altmaier. He assumes constant electricity consumption until 2030 – Scholz adds: “Let me say it loud and clear: the electricity lie.”

Scholz presents himself as a doer. He promises the industry that electricity will remain affordable for them. “That is why we will abolish the EEG surcharge by 2025 and reorganize the taxes and surcharges in the energy sector,” said Scholz. “My goal is an industrial electricity price of four cents.”

Laschet: no tax increases

Competitor Armin Laschet is not that specific. The Union chancellor candidate shows understanding for the concerns of the industry. “My idea is that in 20 years’ time we will still have a steel industry, still have a chemical industry, another automotive industry – then climate-neutral,” says Laschet. “But if you do not formulate this goal at the beginning, but just keep increasing guidelines and limit values, issuing bans, you will in the end gamble away the status of the industrialized country.”

The “Corona Method” with regulations down to the smallest detail does not fit the future. Laschet promises: less maneuvering and no tax increases.

There is no getting around climate neutrality, emphasized Annalena Baerbock. Image: dpa

Of course, Green Chancellor candidate Annalena Baerbock knows that this is her address too, but she emphasizes that there is no getting around the goal of climate neutrality: “Whether you like it or not – the competition is about who will be the markets of the future first achieved climate-neutral, in the future it will also have the edge in terms of economy and thus socio-political. ” The course must now be set for a social and climate-friendly market economy, said Baerbock. All three candidates for Chancellor appear a bit nervous at their show in front of the most important German business association. At the end of the day there is friendly applause for everyone, but no more at the German Industry Day

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)

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