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To view, develop China-Germany bilateral relations from long-term, strategic perspective

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BEIJING, April 19, 2024 /PRNewswire/ — A report from People’s Daily: On the morning of April 16, Chinese President Xi Jinping met with German Chancellor Olaf Scholz in Beijing. This is Scholz’s second visit to China since he took office, and Scholz is the first leader of a major Western country to visit China this year. The two leaders exchanged views on bilateral relations and international and regional issues of mutual interest.

Xi called on the two countries need to view and develop bilateral relations from a long-term and strategic perspective, and work together to inject greater stability and certainty into the world. His remarks have charted the course for the two countries to further advance bilateral relations and to jointly contribute more to world peace and prosperity under new circumstances.

Over the past 50-plus years since the establishment of diplomatic ties, China and Germany have enjoyed robust bilateral relations. The two countries have had close exchanges at all levels and in all fields.

China’s policy toward Germany is highly stable and consistent. China always views Germany as its important partner of mutually beneficial cooperation and supports Germany in playing a more important role in Europe and the wider world.

The two sides successfully held the intergovernmental consultation and high-level dialogues on strategic and financial issues, and will hold a dialogue on climate change and green transition. 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.

This year marks the 10th anniversary of the establishment of the all-round strategic partnership between China and Germany. Over the past 10 years, despite tremendous changes in the international landscape, ChinaGermany relations have maintained steady growth, and bilateral cooperation has been strengthened and deepened across the board, providing impetus for the development of both countries.

Both history and reality have proved that the all-round strategic partnership is an inevitable choice and the optimal solution for ChinaGermany relations.

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, and stick to the characterization of all-round strategic partnership.

Scholz said that going forward, the German side will work with the Chinese side to strengthen bilateral ties, deepen dialogue and cooperation in all fields, and promote people-to-people exchanges in such areas as education and culture.

Enhancing mutual understanding and trust, and strengthening dialogue and communication will contribute to the healthy and stable development of the all-round strategic partnership between the two countries.

Both China and Germany have deeply engaged in and benefited from each other’s development, with pragmatic cooperation always being the defining feature of ChinaGermany relations.

China and Germany are important trading partners for each other. Germany has been China’s largest trading partner in Europe for 49 consecutive years, while China has been Germany’s largest trading partner for eight consecutive years.

According to a report by German Economic Institute (IW), in 2023, German direct investment in China increased by 4.3 percent year on year to a record high of 11.9 billion euros ($12.7 billion).

In the face of weak global economic recovery and rising protectionism, German investment in China has remained strong. Thousands of German companies and institutions are actively engaged in the Chinese market, which once again demonstrates that mutually beneficial cooperation between China and Germany is not a “risk,” but the guarantee for a stable bilateral relationship and an opportunity for the future.

There is huge potential to be tapped for pursuing win-win cooperation in both traditional sectors such as machinery and automobile, and new areas such as green transition, digitization and artificial intelligence.

This time, Scholz visited Chongqing and Shanghai together with representatives of the German business community, and witnessed the great economic progress China made over recent years. He said that Germany opposes protectionism and supports free trade.

It is important for the two countries to 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, which will bring bilateral economic and trade cooperation to a new level and inject continuous impetus into global economic recovery.

As China and Germany are respectively the second and third largest economies in the world, 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.

China and Germany share a lot in common on the issue of world multipolarity. Both of them support globalization and international cooperation.

Xi pointed out that a multipolar world is, in essence, one where countries with different civilizations, systems and paths respect each other and coexist in peace. China and Germany need to independently carry out collaboration on multilateral fronts, push the international community to take real actions to better address global challenges such as climate change, unbalanced development and regional conflicts, and make greater contribution to the balance and stability of the world.

Xi and Scholz reached consensus on the Ukraine crisis, Palestinian-Israeli conflict and other issues, which will inject greater stability and certainty into a turbulent and intertwined world.

China and Germany do not have clashing fundamental interests between them and pose no security threat to each other. Cooperation between the two countries benefits not just the two sides but also the world at large.

Both sides should cherish and inherit the valuable experience of the development of bilateral relations, constantly enhance mutual understanding and trust, and deepen practical cooperation, so as to inject new impetus into the all-round strategic partnership between China and Germany, and make greater contributions to world peace, stability, and growth.

View original content:https://www.prnewswire.co.uk/news-releases/to-view-develop-china-germany-bilateral-relations-from-long-term-strategic-perspective-302121956.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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