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CGTN: China, Germany eye more resilience and vitality in bilateral ties

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BEIJING, April 17, 2024 /PRNewswire/ — A recent business confidence survey released by the German Chamber of Commerce in China reveals confidence in the prospects of ChinaGermany economic and trade cooperation. Among the 566 member companies surveyed, 91 percent expressed their intentions to continue their operations in China, and more than half said they plan to increase investments in the Chinese market.

Last year, several major German companies, including Siemens, Mercedes-Benz, BASF, Volkswagen and BMW, continued to increase investment in China, further highlighting their confidence in the Chinese market.

“Cooperation between China and Germany benefits not just the two sides but also the world at large,” Chinese President Xi Jinping said on Tuesday during a meeting with Chancellor of Germany Olaf Scholz, who is on a three-day official visit to China.

The more instability in the world, the greater the need for the two sides to strengthen the resilience and vitality of their relations, Xi said, calling for joint efforts to keep to the overall direction of cooperation and development in growing bilateral ties.

ChinaGermany cooperation not ‘risk’ but opportunity

Scholz visited Sino-German joint venture Bosch Hydrogen Powertrain Systems (Chongqing) Co., Ltd. and experienced the assembly of hydrogen fuel cell power modules, as well as German company Covestro’s Asia-Pacific innovation center, during a trip to China’s Chongqing and Shanghai.

“I was impressed by the close and sound cooperation between German and Chinese businesses,” he told Xi.

Economic and trade cooperation has always played a vital role in ChinaGermany ties. Germany is paying more attention to expanding cooperation with China in the field of innovation, particularly in new energy vehicles (NEVs).

Through efforts, China has become a hub for the innovation of NEVs, attracting German automobile companies to further expand their investment in China.

A new joint venture set up by Mercedes-Benz Group China Ltd. and BMW Brilliance Automotive Ltd. has been registered in Beijing. Volkswagen Group China announced on April 11 that it will invest 2.5 billion euros (about $2.68 billion) in the expansion of its innovation hub in Hefei, east China’s Anhui Province, to increase its pace of innovation in China.

Mutually beneficial cooperation between China and Germany is not a “risk,” but a guarantee for a stable bilateral relationship and an opportunity for the future, Xi told Scholz.

Noting that both China and Germany are countries built on industries and both support free trade and economic globalization, Xi said it is important for the two countries to stay vigilant against the rise of protectionism, adopt an objective and dialectical view on the issue of production capacity through a market and global perspective and based on the laws of economics, and devote more efforts to the discussion on cooperation.

Solid, sustained progress of bilateral ties

This year marks the 10th anniversary of the establishment of an all-round strategic partnership between the two countries.

The consolidation and development of their relations carries significance that goes beyond the bilateral scope and has a major impact on the Eurasian continent and the entire world, Xi noted.

Bilateral trade volume stood at 253.1 billion euros in 2023, during which China maintained its position as Germany’s leading trading partner for the eighth consecutive year.

Last June, the two countries held the seventh ChinaGermany inter-governmental consultation, agreeing to more cooperation in the fields of climate change response, innovation, advanced manufacturing and vocational education.

The two sides held the third ChinaGermany high-level financial dialogue in Frankfurt last October, reaching 25 cooperation consensuses. On April 11, 2024, the China-Germany Dialogue Forum on Financial Cooperation was held in Beijing, aiming to deepen financial cooperation to bring more mutually beneficial outcomes.

“As long as the two sides uphold mutual respect, seek common ground while reserving differences, enhance exchanges and mutual learning, and pursue win-win cooperation, ChinaGermany relations will continue to enjoy solid and sustained progress,” Xi said.

https://news.cgtn.com/news/2024-04-16/China-Germany-eye-more-resilience-and-vitality-in-ties-1sQJZm3g8da/p.html 

View original content:https://www.prnewswire.co.uk/news-releases/cgtn-china-germany-eye-more-resilience-and-vitality-in-bilateral-ties-302119052.html

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PB Fintech slips 2% after over 8 million shares change hands via block deal

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PB Fintech witnessed a 2% decline in its stock price, reaching Rs 1,313.65 per share, as approximately 8.4 million shares, equivalent to 1.86% of outstanding shares, were exchanged via block deals on the exchanges. By 9:44 AM, the volume surged to 9 million shares collectively on both exchanges, while PB Fintech’s stock price dipped by 0.56% to Rs 1,333 apiece, contrasting with a 0.22% decline in the S&P BSE Sensex.

Executive Share Sales

On May 16, PB Fintech announced that its Chairman and CEO, Yashish Dahiya, alongside Vice Chairman and Whole-time Director, Alok Bansal, intended to sell partial stakes in the company. Dahiya plans to sell up to 5.4 million equity shares, while Bansal aims to divest up to 2.97 million equity shares. Proceeds from the sale will be allocated primarily towards taxes on current and future ESOP exercises.

Following the sale, Dahiya will retain a 4.83% stake, while Bansal will hold a 1.63% stake in PB Fintech on a fully diluted basis. The company clarified that no further share sales are planned by the duo for at least one year.

Company Profile and Financial Performance

PB Fintech is actively involved in providing integrated online marketing and IT consulting services, primarily for the financial services industry, including insurance. The company operates Policybazaar, India’s largest digital insurance marketplace, and Paisabazaar, which offers lending-related services.

In Q4FY24, PB Fintech reported a net profit of Rs 60.19 crore, marking a significant improvement from the Rs 9.34 crore loss in the corresponding period of the previous year. The company’s revenue from operations surged by 25.4% year-on-year to Rs 1,090 crore in Q4 FY24, compared to Rs 869 crore in Q4 FY23.

For the entire fiscal year, PB Fintech’s net profit stood at Rs 64 crore, contrasting with the Rs 488 crore loss in FY23. The company’s consolidated operating revenue rose by 34% year-on-year to Rs 3,437 crore.

Analyst Perspectives

Analysts at Nuvama Institutional Equities raised their FY25/26 Ebitda estimates significantly to accommodate higher growth and improved profitability. However, they maintained a ‘Reduce’ rating on the stock due to its rich valuation, revising their target price to Rs 1,160.

Keynote Capital downgraded PB Fintech’s stock to ‘Reduce’ from ‘Buy’, citing that most of the positives appear to be priced in. Despite acknowledging the company’s positive momentum and profitability, the brokerage believes that current market expectations may be overly optimistic.

PB Fintech continues to navigate its growth trajectory amidst strategic initiatives and evolving market dynamics, as reflected by varying analyst viewpoints.

Source: business-standard.com

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US fintech Yendo secures $165m in mix of debt financing and equity

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Yendo, a prominent fintech company based in the United States, has successfully secured $165 million in funding through a combination of debt financing and equity investment.

Funding Structure

The funding round comprised a mix of debt financing and equity infusion, highlighting investors’ confidence in Yendo’s growth prospects and business model. This significant financial injection underscores Yendo’s position as a key player in the fintech sector.

Investment Highlights

Yendo’s ability to attract such substantial investment underscores its appeal to investors. The company’s innovative approach and strategic positioning within the fintech landscape have positioned it for accelerated growth and market expansion.

Utilization of Funds

The newly raised capital will likely be deployed to fuel Yendo’s expansion initiatives, including product development, market expansion, and strategic acquisitions. The infusion of funds will provide Yendo with the financial resources needed to capitalize on emerging opportunities and consolidate its market position.

Market Impact

Yendo’s successful funding round is expected to have a positive impact on the broader fintech market, signaling investor confidence in the sector’s growth potential. The influx of capital into Yendo reflects the ongoing trend of significant investment activity within the fintech industry, driven by increasing demand for innovative financial solutions.

Source: fintechfutures.com

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Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub

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Commerce Bank, headquartered in Kansas City, USA, has recently activated the FedNow instant payments service as part of its ongoing modernization efforts.

Collaboration with Temenos

Commerce Bank has partnered with Temenos, a leading Swiss vendor, to enhance its real-time payment capabilities. This collaboration builds upon Commerce Bank’s previous deployment of Temenos’ core banking platform in 2022 and its adoption of the Infinity loan origination solution earlier this year.

Utilization of Temenos Payments Hub

Commerce Bank has opted for the Temenos Payments Hub to integrate the FedNow service seamlessly. According to Temenos, this choice aims to amalgamate advanced banking products with cutting-edge delivery methods.

Insight from David Roller

David Roller, CIO of Commerce Bank, views this selection as a strategic step in their modernization journey. He emphasizes the bank’s commitment to meeting the evolving expectations of its customers by leveraging the capabilities offered by the Temenos platform.

Features of the Platform

The Temenos Payments Hub, delivered via Software-as-a-Service (SaaS), offers a comprehensive suite of payment tools and frameworks. These include features like straight-through processing, automated exception handling, cloud security measures, intelligent routing, and customizable workflows.

Leveraging the US Model Bank

In addition to the Temenos Payments Hub, Commerce Bank has also leveraged Temenos’ US Model Bank. This collection of pre-configured banking processes is tailored to address the specific requirements of the US market, further enhancing Commerce Bank’s operational efficiency and customer service.

Source: fintechfutures.com

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