Extensive partnership between Volkswagen group of America

New York City/Wolfsburg. The opening of EXPO 1: New York on May 12 marks the apex of the long-term partnership between Volkswagen Group of America, The Museum of Modern Art (MoMA) and MoMA PS1. On the occasion of EXPO’s opening, Hans Dieter Pötsch, Member of the Board of Directors Volkswagen Group of America; Glenn D. Lowry, Director of The Museum of Modern Art; and Klaus Biesenbach, Director of MoMA PS1, and Chief Curator at Large at MoMA, have announced that the partnership will be extended through 2015. The partnership was established in May 2011, originally for a period of two years.
EXPO 1: New York is an exploration of ecological challenges in the context of the economic and socio-political instability of the early 21st century. It comprises components at MoMA PS1, MoMA, and the VW Dome 2 in Rockaway Beach, NY. Based on its corporate values (“innovative, value retentive and responsible”), Volkswagen launched its “Think Blue.” initiative in 2010 with the aim of establishing a foundation for sustainable activity in relation to society and the environment worldwide – both within the company and for the consumer. The partnership between Volkswagen Group of America, MoMA and MoMA PS1 reflects this corporate commitment.

Frost & Sullivan: Omni-Channel Strategy to Revolutionise Future of Car Retailing

LONDON – In a futuristic scenario automotive retail will be influenced by social media, fashion, apparel and the consumer electronics industry. While new cars today are sold via traditional bricks & mortar dealerships, a revolutionary, omni-channel approach will evolve, operating one unified integrated channel of ‘bricks and clicks’, with the entire new car buying process being carried out online as well as mobile and/or non-mobile. This will include finance and insurance deals, with minimal to possibly no need for brick & mortar dealerships. In the future, car retailers are therefore expected to operate both: brick & mortar as well as online or mobile showrooms in independent silos.In an upcoming complimentary web conference, entitled The Future of Car Retailing, taking place on Wednesday, 8 May 2013, at 3.00 p.m. BST, Frost & Sullivan Partner and Global Practice Director Automotive & Transportation, Mr. Sarwant Singh, and Growth Consulting Director, Mrs. Julia Saini, will give a comprehensive analysis of a new omni-channel retail strategy in the automotive industry and discuss opportunities for an every growing value chain. In a recent study, they found that about 4 per cent of all future new cars could be sold completely on-line by 2020, amounting to about 4.5 million cars.To participate in this complimentary web conference, please email Katja Feick at katja.feick@frost.com with your full contact details. Upon receipt of the above information, a registration link will be e-mailed to you. You may also register to receive a recorded version of the briefing at anytime by submitting the aforementioned contact details.The web conference will focus on success stories of automotive OEMs in online retailing and future focus points for retailing in an open opportune market. It will also look at digital retailing and how it impacts hard and soft KPIs.
Frost & Sullivan will be hosting its two-day interactive workshop on 19-20 June 2013 for the 5th time this year, taking place at the House of Lords and the Siemens Crystal Building in London. Day 1 will feature a high-level debate on the “Death of the car and rise of new mobility business models in an Urban Environment”. Day 2 will consist of 5 different panels, focussing on mega trends and their impact on mobility, new business models, such as mobility integration, car sharing, and new fleet/leasing models, urban logistics and online retailing, the future of public transport, including HSR, BRT buses, PRT and hybrid/electric buses, as well as autonomous driving and infrastructure trends. For more information, visit: http://www.urbanmobility.gilcommunity.com.
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure. The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Euronet Launches Prepaid Card Issuing, Processing and BIN Sponsorship Solutions Across Europe

LEAWOOD, Kan. (GLOBE NEWSWIRE) — Euronet 360 Finance Ltd., a subsidiary of Euronet Worldwide (Nasdaq:EEFT), announces the launch of end-to-end prepaid card issuing, processing and BIN sponsorship solutions in Europe.Euronet 360 Finance Ltd., under the supervision of the UK’s Financial Conduct Authority (FCA), is now providing both electronic money and payment services through card issuing, BIN sponsorship and payment card acquiring. By passporting the e-money license across the Single Euro Payments Area (SEPA) territory (except Monaco), Euronet 360 Finance Ltd. is able to issue cards and process transactions across the entire European Economic Area (EEA).Euronet 360 Finance Ltd. is also a member of MasterCard Europe sprl., thus allowing issuing of open loop products across the SEPA region containing MasterCard, Maestro and Cirrus brands. Open loop cards provide cardholders the ability to use electronic funds at any MasterCard branded locations around the world.The European prepaid cards market is forecast for year-on-year double digit growth and widely acknowledged as the sector with the greatest growth opportunities in the next five years. Euronet’s complete prepaid card solution provides non-FCA licensed organizations with the ability to quickly, easily and cost effectively enter the prepaid card arena. Card users have the optimal ability to reload their cards using the vast POS, ATM and partner bank network of Euronet Worldwide in addition to its epay and RIA subsidiaries throughout Europe.Standard features of Euronet’s prepaid card solution include the support of physical and virtual cards, for one-time, gift card or reloadable use. Contactless functionality is also supported by MasterCard Paypass, allowing low value transactions to be performed on appropriate devices without the need to insert a card or PIN into a terminal. With prepaid card solutions live or under implementation in 10 European markets, Euronet 360 Finance Ltd. understands the underlying needs of each individual EEA market and is at the forefront of developing relevant and profitable features to meet customer needs.”Euronet Worldwide’s technological infrastructure, combined with the reach, capability and proven track record of its existing client base, clearly positions Euronet 360 Finance Ltd. and its partners to monetize the projected growth of this sector,” stated Ian Dickinson, Managing Director of Euronet 360 Finance Ltd. “Euronet’s processing pedigree, combined with our extensive capability and geographic footprint provides our customers and prospects with an opportunity to offer solutions to their clients without any material up-front expenditures, ensuring their ability to protect, grow and evolve their business and market share with speed and security,” added Nikos Fountas, Executive Vice President and Managing Director, Euronet Europe EFT Division.Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.

Romania Modernizes Revenue Administration

WASHINGTON.The World Bank’s Board of Executive Directors today approved the EUR70 million Revenue Administration Modernization project for Romania. Through this project, the World Bank is partnering with the country to increase effectiveness and efficiency in the collection of taxes and social contributions; increase tax compliance; and reduce the administrative burden on taxpayers to comply with their responsibilities under the tax laws. The National Agency for Fiscal Administration (NAFA) will manage the implementation of the project.Modernization of revenue administration is an important component of the Government’s economic reform program. Despite recent fiscal adjustment efforts, the external environment in Europe and weak growth in Romania will continue to pose a risk to macroeconomic stability. Given the limited headroom for new spending there is a strong interest in improving the efficiency and effectiveness of revenue collection. The government of Romania places importance on an effective tax administration that can encourage voluntary compliance and deal with tax evasion in a more efficient and technology-aided environment.The World Bank’s Doing Business Report 2013 shows that in Romania there is still much to be done to improve the ease of paying taxes and reduce the high number of tax payments. Also, Romania has a large number of small taxpayers facing a complex tax regime – both taxpayers and NAFA must use resources to manage their responsibilities disproportionate to the revenue contribution made by this segment of the economy.Revenue performance gains during the boom years of 2004-07 were modest with the revenue-GDP ratio rising from 27.2 to 29.0 percent; while revenue losses during the recession were severe, with tax-GDP ratio dropping back to 27.2 percent in 2010. Romania’s tax efficiency index is one of the lowest in EU countries, at 54 percent and 61 percent for VAT and social contributions respectively.Investments in key government institutions, including and not limited to revenue administration, are an important pre-condition for Romania to continue its convergence with the European Union.A modernized NAFA means one that is more efficient and effective. In general, a modern tax administration will seek to minimize direct contact with the taxpayer, and taxpayer service is provided through the use of a robust self-service website, through an accessible call center, and other means available. Reduced physical contact also minimizes opportunities for corrupt behavior. The project will implement an improved taxpayer service function to meet these challenges. Once the project will be completed, NAFA staff will be properly trained and distributed across the organization, with a focus on staff re-assignment to key areas such as audit and debt collection.The development of the project design has been informed by past work, including a recent World Bank functional review of the Ministry of Public Finance, several International Monetary Fund (IMF) diagnostic reports, and various European Union (EU) studies. There are four main project components: (1) institutional development; (2) increasing operational effectiveness and efficiency; (3) taxpayer services and corporate communication; and (4) project coordination and management. The loan is a LIBOR-based Euro single currency IBRD Flexible Loan plus fixed spread, with 12-year maturity, including a five-year grace period, with level repayment pattern. The expected effectiveness date is October 2013.

World Bank Continues Helping Industrial Enterprises in Uzbekistan Become More Energy Efficient

WASHINGTON. The World Bank’s Board of Directors today approved a US$100 million credit to the Republic of Uzbekistan as an Additional Financing to the Energy Efficiency Facility for Industrial Enterprises Project (UZEEF). The project is helping improve energy efficiency in the industrial sector resulting in reduction of power and fuel usage, and greenhouse gas emission. The proposed additional credit will co-finance energy efficiency sub-projects in industrial enterprises and ensure transfer of state-of-the-art technologies.Uzbekistan is one of the most energy intensive countries in Eastern Europe and Central Asia and a large carbon dioxide emitter. Reducing energy consumption and conserving energy are top economic priorities of the government. There is a wide consensus that the potential for energy savings is huge through implementation of energy efficiency measures in the industrial sector that uses outdated machinery and equipment. The project’s objective is to improve energy efficiency in industrial enterprises by designing and establishing a financing mechanism for energy saving investments. Improving energy efficiency and reducing energy consumption in industrial enterprises will improve the overall competitiveness of the Uzbek economy, free up scarce energy resources, and reduce greenhouse gas emissions.The original UZEEF project has been successful and it is expected that the credit will be fully disbursed by the end of 2014, about 12 months ahead of original plans. The original project finances sub-projects with estimated energy savings of more than 50,000 MWh. The additional financing would further enhance and scale up the development impact of the project by financing more energy efficiency sub-projects with approximately 200,000 MWh energy saving potential and 400,000 tons of CO2 emissions reduction cumulatively.Two state-owned banks (Asaka Bank and Uzpromstroybank) and a private bank (Hamkorbank) are the financial intermediaries for the project. Although the industrial sector is quite varied, typical energy efficiency investments involve simple replacements or upgrades of boilers, replacement of outdated equipment and machinery, installation of variable speed drives, and the use of wasted heat for power generation. Energy intensive industries, such as metallurgy, chemical, building materials, and the food processing, with a relative high share of energy consumption in total production costs, are particularly good candidates for energy efficient investments.

World Bank Continues to Support Croatia’s Innovation Potential

WASHINGTON.The World Bank’s Board of Executive Directors today approved the Second Science and Technology Project (STP II) in the amount of EURO20 million (USD$26.24 million equivalent). STP II will help those involved in research and innovation, including public research institutions, scientific communities, high performing scientists, and young researchers, to fully benefit from EU accession by increasing their capacity to apply for and implement EU-funded projects.STP II builds on a successful previous Science and Technology Project designed to strengthen Croatia’s innovation potential and increase its competitiveness by supporting the design and implementation of R&D programs managed by the Business Innovation Croatian Agency (BICRO) and the Unity through Knowledge Fund (UKF). It also assisted public research organizations to commercialize their research and improve the collaboration with the business sector.STP II will continue to support programs for small- and medium-enterprises (SMEs) and scientists helping them to benefit from EU funds. This will be done by assisting selected public sector institutions design proposals and implement projects financed by EU funds. Through R&D financing, the project will help stimulate the demand for EU funds from the business and scientific communities, particularly SMEs, high performing scientists, and young researchers.“Experience from other EU member states shows that efficient use of EU funds for R&D and innovation has led to growth and productivity increases as well as creation of high skilled jobs, including for youth and women. This is of particular importance in times of economic crisis when public and private investments in R&D and innovation are limited.” said Mamta Murthi, Country Director for Central Europe and the Baltic Countries. “It is, therefore, vital for Croatia to seize the opportunity and efficiently use the forthcoming EU funds to further boost Croatia’s innovation potential. We are very pleased that Croatia has again chosen the World Bank to partner in this effort.”Since joining the World Bank in 1993, Croatia received support from the global development institution in the form of financial and technical assistance, policy advice, and analytical services. To date, the Bank has supported 48 projects in the amount of US$3.3 billion, and it has approved 52 grants with a total value of US$70 million.

Debiti Pa, le farmacie aspettano 800 milioni di euro

Circa dieci miliardi di euro per la sola fornitura di farmaci e dispositivi medici ad alta tecnologia. A tanto ammonta il credito che vantano farmacie e imprese farmaceutiche e del biomedicale dalla pubblica amministrazione, mentre proprio la sanità nel suo complesso sarebbe la voce che pesa per circa il 50% sul totale dei debiti della Pa (stimati dalla Banca d’Italia intorno ai 90 miliardi di euro). Soldi che le Regioni e le Asl pagano con ritardi che sfiorano anche i due anni, mettendo a rischio migliaia di attiv ità private. L’esposizione di Asl e Regioni, come si legge anche nelle analisi del servizio studi della Camera sul decreto che sblocca i pagamenti della Pa, nel 2010 (ultimo dato disponibile) si attestava sui 35,6 miliardi di euro. Di sicuro però, i privati hanno fatto i conti: le farmacie, ad esempio, registrano ritardi di qualche mese nel rimborso e attualmente aspettano circa 800 milioni di euro, concentrati in Calabria, Campania, Lazio, Piemonte, Sicilia come spiega Federfarma. Se il Piemonte e nel Lazio ci si attesta su ritardi di massimo un paio di mesi, così come in Sicilia, in Calabria il ritardo medio è di tre mensilità, con un picco di 4 a Crotone, dove le farmacie aspettano anche rimborsi relativi al 2011. In Campania, dove già qualche farmacia è fallita, il ritardo medio è di 5 mensilità con un picco di 7 a Napoli. Ma a subire pagamenti troppo dilazionati nel tempo sono soprattutto le imprese: Assobiomedica as petta circa 5 miliardi di euro, soprattutto dalla Campania, con cui è stato siglato un protocollo d’intesa per lo sblocco di 585 milioni ma lo “scoperto” a febbraio 2013 era stimato in circa 824 milioni. Ma tra i peggiori ci sono anche Lazio (565 milioni), Piemonte (480 milioni) e Calabria (458 milioni). Le industrie farmaceutiche, secondo le stime di Farmindustria, aspettano circa 4 miliardi di euro, con una media nazionale di ritardo nei pagamenti di 236 giorni negli ultimi 4 trimestri, che vedono in prima fila il Molise con 749 giorni, seguita a stretto giro dalla Calabria (672 giorni) e con un margine di distanza dalla Campania, che paga i produttori di farmaci con circa un anno di ritardo. Ma è lunga la lista dei creditori per i quali il decreto sblocca-pagamenti mette a disposizione in due tranche 14 miliardi di euro, più di un terzo del totale: oltre alle imprese del farmaco e del biomedicale ci sono infatti le altre forniture (a partire dagli appalti per la gestione di mense, servizio rifiuti, lavanderia), ma anche le imprese che si occupano della manutenzione e della ristrutturazione di ambulatori e ospedali e tutta la galassia delle strutture private ma convenzionate con l’Ssn. Solo gli ospedali privati aderenti all’Aiop, aspettano, secondo le stime circa 4 miliardi di euro. Ma poi ci sono anche le strutture a cavallo tra il “socio” e il “sanitario”. Senza dimenticare le migliaia di ambulatori accreditati che offrono prestazioni specialistiche, esami diagnostici, medicina fisica e riabilitativa e visite specialistiche.(fonte farmacista33)

Simoncini su offerta per Richard Ginori: tre i motivi di soddisfazione

Firenze – L’assessore regionale alle attività produttive e al lavoro, Gianfranco Simoncini, esprime apprezzamento per la presentazione del bando per la cessione della Richard Ginori. Lo ha detto al termine dell’incontro dell’incontro che ha avuto con il curatore fallimentare dell’azienda, Andrea Spignoli, che gli ha illustrato il bando che parte dalla proposta ricevuta da un gruppo che si è detto disponibile a pagare 13 milioni di euro e a riassorbire almeno 230 dei lavoratori.
“Mi sembra una prima buona notizia – ha spiegato l’assessore Simoncini – che induce ad un cauto ottimismo. Il primo motivo di soddisfazione è rappresentato dal riavvio della procedura che può portare alla vendita di un’azienda che rappresenta uno degli elementi portanti del manifatturiero toscano ed un simbolo della nostra regione. Il secondo deriva dalla certezza che oggi siamo di fronte ad almeno un soggetto disponibile a farsi carico di un rilancio di questo storico marchio. Il terzo è rappresentato dalla decisione del giudice di autorizzare l’esercizio provvisorio e di riattivare i forni, così da permettere di continuare a produrre”.“La Regione Toscana – ha concluso Gianfranco Simoncini – manifesta da subito tutta a sua disponibilità a sostenere tutti quei progetti che si presentino come credibili e che siano in grado di salvaguardare l’occupazione e la presenza di questa storica azienda a Sesto Fiorentino”.

World Bank Sees Climate Change Cutting Crop Production in Eastern Europe and Central Asia by over 25 Percent unless Action Is Taken Now

WASHINGTON In parts of Eastern Europe and Central Asia, climate change is poised to hamper food production and curb rural incomes over the next decades unless farmers get the help they need through improved water management and irrigation infrastructure, wider access to technology and information, and better land management and farming practices. Although governments throughout the region face rapidly narrowing windows of opportunity to protect farmers from climate change, there are actions that can be taken now to promote a new “climate-smart” approach to agriculture that improves agricultural productivity in today’s climate, while building resilience to climate change and reducing carbon emissions.Defining the policy and investment options available to governments – based on a rigorous evaluation of impacts of climate change on agricultural systems – is the aim of a new book published today by the World Bank, Looking Beyond the Horizon: How Climate Change Impacts and Adaptation Responses Will Reshape Agriculture in Eastern Europe and Central Asia.This new publication distills the experiences of four countries – Albania, Former Yugoslav Republic (FYR) Macedonia, Moldova, and Uzbekistan – that considered the future of their agricultural sectors under a number of climate change scenarios and examined each system’s capacity to cope with weather variability. Through economy-wide modeling of water supply and demand, the analysis found that, in many cases, water availability for irrigation will be severely curtailed by climate change. This will greatly exacerbate the effects of climate change on crops – especially irrigated crops – with potential yield reductions of 20–50 percent by 2050.The book also highlights the customized menu of climate change adaptation options devised by national experts and a World Bank team for each of the four countries. The adaptation options include practical measures such as improvement of crop varieties, investment in irrigation infrastructure, dissemination of timely and reliable weather forecasts to farmers, nutrient management and soil conservation, and livestock health and nutrition.The menus of adaptation options were prioritized for the various agricultural zones of all the countries according to rates of return on investment, acceptability to local farmers, applicability under different climate conditions, and the potential to reduce climate-change inducing greenhouse gas emissions. In several instances, the countries have already begun to put into action some of the recommendations. Within any economy, agriculture is one of the most sensitive sectors to climate change. In Albania, FYR Macedonia, Moldova, and Uzbekistan the risks are even more immediate and important given that the majority of the rural populations depend on agriculture for their livelihoods. The rural poor stand to be disproportionately affected by climate change because of this dependence, and because of their very limited access to the resources needed to adapt to shifting weather patterns. In the case of the four countries that participated in this program, all are projected to experience higher temperatures of 1.5 – 2.0 degrees C by 2050, and, on top of that, rainfall in Albania, FYR Macedonia, and Moldova is expected to decrease. More significantly for farmers in each of the four countries is that temperature increases and rainfall declines are expected to be greater in June to August, critical months for crop production.While the approach to analyzing climate change impacts, assessing adaptive capacity, and determining the costs and benefits of policy options and farm-level responses was tested in four countries in the Europe and Central Asia region, the three authors, Sutton, Srivastava, and James E. Neumann, emphasize that this model is sufficiently flexible – and yet necessarily rigorous – to be undertaken in any country.“We believe it is urgent and central to understand the scope of climate change, its impacts on agriculture, and the possible responses in this region. This study aims to address these concerns by building awareness about climate change in our client countries and to work with them to offer practical climate smart solutions,” said Dina Umali-Deininger, Agriculture and Rural Development Sector Manager in the World Bank’s Europe and Central Asia Region.In fact, in his recent speech at Georgetown University, World Bank Group President Jim Yong Kim called for increased investments in climate-smart agriculture. Complementing this call for climate-smart agriculture, the publication examines the scope for climate change impacts across a wide range of the most important crops in each agricultural area of the four countries and considers future production changes under three increasingly severe climate modeling scenarios. It also maps out clear, concrete adaptation responses to arrest production declines in each crop, from giving farmers access to better meteorological information through to improvements in drainage and irrigation.All four countries that partnered on this initiative have already begun undertaking some of the measures specified in the book, and the model is also now being applied to the agricultural sectors of Armenia, Azerbaijan, and Georgia.

Compression Ignition is Emerging as a Key Technology in European Natural Gas Commercial Vehicle Market, finds Frost & Sullivan

London Europe is set to emerge as a strong regional market for medium- to heavy-duty natural gas (NG) commercial vehicles, populated by several competitors on both OEM and supplier sides. Driven by energy price volatility, tightening emission norms, and the shale gas revolution in the US, the market for NG vehicles is gaining considerable momentum. Of all alternative NG technologies, compressed natural gas (CNG) and biomethane technologies pose the least pressure on existing infrastructure. By 2018, the NG market in Europe is expected to reach production levels of nearly 18,000 units. Spark ignited technology will account for around 90 per cent of commercially manufactured NG buses, while compressed ignition technology will dominate the liquefied natural gas (LNG) truck market with around 60 per cent share. The heavy duty segment is set to account for 75 per cent of NG truck sales with LNG being a dominant fuel option. OEMs’ willingness to differentiate products through technology partnerships is leading toward increasing focus on compression ignition and dual fuel technologies. Compression ignition would facilitate the use of NG vehicles for long haul application, which would compensate for the higher upfront cost – provided the fuel infrastructure and diesel NG price differential exists. In future, the margins for module suppliers will shrink, and the same will happen for component suppliers when OEMs begin exerting pricing pressures as volumes start to grow. Duty cycle restriction of NG vehicles can be overcome through concerted strategies aimed at developing vehicles and products that deliver highest efficiencies in certain targeted vocations and duty cycles along with necessary fuel infrastructure. This study is part of the Automotive & Transportation Growth Partnership Service programme. Frost & Sullivan’s related research services include: 2013 Outlook of the Global Automotive Industry, and Medium-Heavy Duty Hybrid/Electric Truck and Bus Market in North America and South America as well as China and India. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.

Enstar Group Limited Completes Acquisition of U.S. and Canadian Closed-Life Insurance Operations From HSBC Finance

Hamilton, Bermuda, (GLOBE NEWSWIRE) — Enstar Group Limited (Nasdaq:ESGR) announced today that one of Enstar’s wholly-owned subsidiaries completed the previously announced acquisition from Household Insurance Group Holding Company of HSBC Insurance Company of Delaware and Household Life Insurance Company of Delaware, as well as its three subsidiary insurers, on March 31, 2013. Household Insurance Group Holding Company is a subsidiary of HSBC Holdings plc.The HSBC companies acquired added approximately $1.4 billion in total cash and investments to Enstar’s balance sheet. As previously disclosed, the base purchase price of $181 million was rolled forward under the terms of the stock purchase agreement based upon changes to the capital and surplus of the acquired entities arising from the operation of the business prior to closing. The amount paid at closing was approximately $155.7 million and was financed in part by a drawing under Enstar’s revolving credit facility.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.

World Bank Approves GEF and PPCR-supported Project to Help Communities in Tajikistan

Washington. The World Bank Board of Executive Directors today approved a US$14.85 million grant for the Tajikistan Environmental Land Management and Rural Livelihoods Project, which aims to support more sustainable management of natural resources and increase the resilience of communities to climate change impacts.The Tajikistan Environmental Land Management and Rural Livelihoods Project is being financed through a US$9.45 million grant from the Pilot Program for Climate Resilience of the Strategic Climate Fund (PPCR) and a US$5.4 million grant from the Global Environment Facility (GEF) Trust Fund. Tajikistan is one of 18 countries participating in the PPCR supported by Multilateral Development Banks. In Tajikistan, the participating Banks are the World Bank, the European Bank for Reconstruction and Development, and the Asian Development Bank.“Tajikistan is prone to natural disasters and it is assessed as the most vulnerable country to the impacts of future climate change in the Europe and Central Asia region. The project will help communities better understand how climate change may affect their land, water supply, livestock and crops. By using sustainable natural resource management practices that work well in Tajikistan, communities will have greater food security now and for the years to come,” said Marsha Olive, World Bank Country Manager for Tajikistan.The agriculture sector is important for Tajikistan, as it accounts for 21 percent of GDP and 64 percent of employment. The project aims to benefit farmers by helping them carry out more effective and sustainable production and land management practices, and thereby help build their resilience to climate change. The project will also support analytical work and capacity-building in areas related to climate change risks and adaptation, integrated land, water and grazing management, and incentive-based approaches for sustainable land management. The direct beneficiaries are expected to be at least 21,000 rural households or 126,000 people in selected project sites.Tajikistan’s trust fund portfolio — one of the largest in Europe and Central Asia — remains an important supplement to the resources from the International Development Association (IDA), accounting for about 30 percent of total combined commitments in 2010–12. The Tajikistan portfolio includes 47 trust-funded operations with US$87 million in commitments. The active portfolio of the World Bank in Tajikistan currently consists of 14 projects with a net commitment of around US$232.8 million. The largest share of the portfolio is in agriculture and rural development (27 percent), followed by energy (24 percent), water and sanitation (18 percent), human development – education, health, and social protection (24 percent), the private sector (4 percent), and the public sector (2 percent).

Fondi europei per 3.6 milioni di euro per ex-lavoratori di Agile S.r.l.

La commissione per i bilanci del Parlamento europeo ha approvato martedì finanziamenti per un valore di €3.689.000 dal Fondo europeo di adeguamento alla globalizzazione (FEG) per sostenere il reinserimento nel mondo del lavoro di 856 ex dipendenti della ditta italiana di servizi informatici Agile S.r.l.. L’azienda è fallita nel 2010 a causa di una forte flessione della domanda.
Agile Srl, una società informatica presente in 12 delle 20 regioni italiane, era nel processo di cambiare la sua strategia commerciale quando la crisi ha colpito il settore e tagliato l’azienda fuori sia dalla domanda sia dal credito. L’azienda, che era in procinto di terminare l’offerta di servizi di call center a livello locale per lanciare una un’offerta integrata di servizi IT a livello multi regionale, si è trovata con pesanti perdite e, infine, in una situazione d’insolvenza. Di conseguenza, Agile ha dovuto ridurre il personale di 1.257 persone: fra questi 856 avranno il sostegno finanziario del FEG.
I fondi del FEG possono essere utilizzati per misure di reinserimento nel mondo del lavoro, come l’orientamento professionale, le indennità, per la ricerca, la formazione professionale e l’aggiornamento delle competenze, I contributi a lanciare un business, e i contributi per un cambio di residenza o per gli spostamenti. L’Italia aveva chiesto già nel dicembre 2011 il finanziamento del FEG, ma la valutazione finale della domanda da parte della Commissione europea è stata approvata solo a ottobre 2012. Per I deputati della commissione bilanci, la procedura è stata troppo lenta.
La proposta è stata approvata con 30 voti a favore e 2 contrari. Sarà necessaria l’approvazione della plenaria, prevista durante la sessione di aprile a Strasburgo, e del Consiglio, affinché I fondi possano essere erogati.
Il FEG prevede aiuti per i lavoratori che si sono trovati in esubero a causa di cambiamenti strutturali nei flussi commerciali mondiali. Questa è la prima domanda FEG a essere approvata nel quadro del bilancio 2013.

Credito:banche tagliano 167 milioni al giorno

Ogni giorno le banche hanno tagliato i prestiti alle imprese e alle famiglie italiane per un ammontare pari a 167 milioni di euro. Mentre la media mensile della riduzione degli impieghi è pari a 3,5 miliardi di euro. In totale, tra gennaio 2012 e gennaio 2013, la contrazione del credito alla cosiddetta economia reale è stata pari a 42,2 miliardi. Queste le conclusioni più rilevanti del rapporto del Centro studi Unimpresa sul credito delle banche a famiglie e imprese. La media giornaliera è stata calcolata prendendo in considerazione i soli giorni lavorativi (253 nel 2012). Complessivamente lo stock di finanziamenti erogati dagli istituti di credito si è ridotto del 2,79%, calando dai 1.516,4 miliardi del gennaio 2012 ai 1.474,1 del gennaio 2013. Dati che evidenziano un sensibile credit crunch.
Nel dettaglio, i prestiti alle imprese sono passati da 899,3 miliardi di euro del 2012 a 865,7 miliardi di inizio 2013 con una riduzione del 3,74%, vale a dire 33,6 miliardi in meno nell’arco di un anno; ogni mese, perciò, la riduzione è stata pari a 2,8 miliardi che vuol dire una media giornaliera di 133 milioni. Guardando alla durata dei finanziamenti, sono diminuiti sia quelli a breve (fino a 1 anno) passando da 349,3 miliardi a 334,5 miliardi (-13,8 miliardi cioè -3,95%), sia quelli a medio periodo (fino a 5 anni) calati da 132,3 miliardi a 126,7 miliardi (-5,6 miliardi cioè -4,28%). Giù anche i prestiti al lungo periodo (oltre 5 anni) che hanno fatto registrare una contrazione di 14,1 miliardi (-3,4%) passando da 417,6 miliardi a 403,4 miliardi.
In difficoltà anche le famiglie che si rivolgono alle banche per avere prestiti. La stretta ai rubinetti riguarda sia il credito al consumo sia i mutui per l’acquisto della casa. In totale, l’ammontare dei finanziamenti alle famiglie è passato, tra gennaio 2012 e gennaio 2013, da 617 miliardi a 608,4 con un calo dell’1,39%, cioè 8,5 miliardi; ogni mese, perciò, la riduzione è stata pari a 716 milioni che vuol dire una media giornaliera di 34 milioni. Un volume di denaro assai consistente che poi ha contribuito a determinare, insieme con l’aumento della pressione fiscale (in particolare l’Imu), il crollo del mercato immobiliare. I mutui hanno visto una diminuzione di 2,3 miliardi di euro (-0,65%) da 367,1 miliardi a 364,7. Il credito al credito al consumo e gli altri tipi di prestiti personali sono scesi da 249,5 miliardi a 243,7 con una contrazione pari a 5,8 miliardi (-2,34%).
“Ogni volta che analizziamo i dati sul credito ci convinciamo che uno dei motivi della recessione nasce proprio dal motore dei prestiti fermo” osserva il presidente di Unimpresa, Paolo Longobardi. “La possibilità di far ripartire l’economia, quindi, si fonda proprio dalla capacità di rimettere in moto i finanziamenti alle imprese e alle famiglie” aggiunge Longobardi convinto che “va rimessa in circolazione liquidità, per consentire alle famiglie di spendere, quindi ai consumi di ripartire, e alle famiglie di fare investimenti e guardare al futuro con fiducia. Se ne occupi il prossimo Governo: quello del credito insieme col fisco deve essere la priorità. Questo dimostra che non intendiamo gettare la croce addossi ai banchieri, i quali devono fare i conti con gli effetti devastanti della crisi e della recessione, a cominciare dall’aumento delle sofferenze, cioè dei prestiti che non vengono rimborsati proprio per l’economia che ristagna. E’ una spirale negativa che va interrotta, ma servono misure da parte dello Stato e altissimo senso di responsabilità da parte dei partiti politici che proprio in queste ore discutono circa la formazione di un nuovo Esecutivo: l’Italia è a un bivio”.

BRICS development bank can rival IMF and World Bank

Professor of International Business Geoffrey Wood believes the new BRICS development bank can rival the International Monetary Fund (IMF) and the World Bank if it can reconcile its competing agendas. Leaders of the so-called BRICS nations – Brazil, Russia, India, China and South Africa – are in Durban putting together the new bank, which will initially focus on infrastructure and development projects. The BRICS nations make up 40 per cent of the world’s population and 17 per cent of world trade and though where it will be based and how much capital it will have is yet to be decided Professor Wood, of Warwick Business School, can see it becoming a big attraction for emerging markets.
“The track record of the IMF and World Bank austerity policies are very mixed, and there is little doubt that many nations would welcome an alternative to these bodies,” said the Warwick Business School Professor. “This is likely to make the BRICS development bank hugely influential if, indeed. But, in the short term, this is contingent on the extent to which it reconciles the competing agendas of the BRICS countries. “Most people assume that the current economic crisis has led to a great strengthening of the power of the World Bank and the IMF, and that this power is largely uncontested. What is interesting however, are the limits of the power of these bodies. “The aftermath of the Asian financial crisis saw a number of countries in Asia – and Russia as well – stockpiling foreign exchange reserves precisely so they did not have to make recourse to the IMF or World Bank again. “The proposed BRICS development bank represents an important new development, that, potentially further circumscribes the influence of these bodies. “The BRICS development bank will be extremely attractive to many developing countries who have had their fingers burned through engaging with the World Bank and the IMF. “In theory, the BRICS bank could erode the role and status of the IMF and the World Bank. However, the details of how the BRICS bank is governed and how it will operate remain unclear. What is even unclear is the amount of initial capitalization; very different sums of money are being bandied about. It will certainly be some years before the bank is operational, but in the long term it could have a significant impact.” The bank would have access to a huge and growing market, though the power struggle between the nations involved could lead to difficulties says Professor Wood.“China holds vast foreign exchange reserves and is likely to be, in some manner or other, the dominant player in the BRICS bank,” said Professor Wood.
“As the weakest BRICS member, South Africa has perhaps most to gain from establishing the bank, although all may gain from the international clout the new body may confer.“South Africa is the smallest BRICS member and has become increasingly reliant on minerals exports, which provide volatile revenue streams and, ultimately are a depleting resource.“South Africa could be faced by a balance of payments crisis in the future, and the BRICS bank could potentially be a lifeline for it.”