Loan detail – Tedxyouth Caltech http://tedxyouthcaltech.com/ Wed, 08 Dec 2021 01:02:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png Loan detail – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 (QTT), Sohu.com Inc. (NASDAQ: SOHU) – Qutoutiao reverse split scares Wall Street https://tedxyouthcaltech.com/qtt-sohu-com-inc-nasdaq-sohu-qutoutiao-reverse-split-scares-wall-street/ Tue, 07 Dec 2021 23:05:00 +0000 https://tedxyouthcaltech.com/qtt-sohu-com-inc-nasdaq-sohu-qutoutiao-reverse-split-scares-wall-street/ Key points to remember: Money-losing Qutoutiao announced a reverse 10-to-1 split of its shares to bring its stock above the $ 1 level required by the Nasdaq The move sparked a massive sell off in its shares as investors worried about a big loan coming next April By Doug Young To give up ? It’s […]]]>

Key points to remember:

  • Money-losing Qutoutiao announced a reverse 10-to-1 split of its shares to bring its stock above the $ 1 level required by the Nasdaq
  • The move sparked a massive sell off in its shares as investors worried about a big loan coming next April

By Doug Young

To give up ?

It’s probably too early to say this about China’s No.2 news aggregator which is rapidly fading Qutoutiao Inc.(NASDAQ: QTT). But investors increasingly seem to think that a shutdown or a discount of the company may well be in the pipeline, based on their reaction to Qutoutiao’s move. announcement at the end of last week of a reverse stock split.

This move was quite routine, aimed at bringing Qutoutiao’s US Depository Shares (ADS) above the $ 1 level to bring them into compliance with Nasdaq rules. Although the market value of the company has steadily declined this year, its current market capitalization of over $ 100 million is still quite large and should be sufficient for continued listing.

The reverse split will see the company’s ADS ratio change from the current four ADS for each Class A common share to a new ratio of two ADS for five Class A shares. This results in a reverse share split of 10 to 1. So, based on the last ADS close at $ 0.3864, the new stock price would rise tenfold to $ 3.864 when the change goes into effect on Friday.

While it all sounds pretty routine, investors didn’t see it that way. The stock was trading at $ 0.60 before the announcement, which means it has lost around 35% of its value in the last three trading days. This isn’t exactly an encouraging sign from investors, it’s what led to our opening remark that some may be starting to expect an end soon for the company.

In fact, such an end doesn’t necessarily have to result in the complete shutdown of Qutoutiao, but could instead involve a sale of the business – something we’ll discuss in more detail shortly.

Founded in 2016 and listed since 2018, Qutoutiao was once a rising star in China’s news apps scene, securing its solid second place but far behind ByteDance-owned industry giant Jinri Toutiao in focusing on consumers in small towns in China. But the company’s business model of spending heavily to acquire users has proven unsustainable, leaving Qutoutiao, whose name means ‘fun headlines,’ to focus this year on customer retention rather than strong growth. the number of users.

Added to the company’s problems are recent signals from Beijing that the government may be preparing to crack down on independent news companies. Such a decision would have far greater consequences for Jinri Toutiao and the main operators of information portals such as Sina, Sohu (NASDAQ: SOHU), NetEase (NASDAQ: NTES; 9999.HK) and Tencent(0700.HK). But it could also put smaller names like Qutoutiao in a difficult position.

The most immediate problem for Qutoutiao is a 1.2 billion yuan ($ 188 million) convertible loan maturing next April that the company mentioned in its last two quarterly reports as posing a challenge. This loan is likely to be a topic of discussion again in its next report for the third quarter, which is expected to be released in the next week or two.

“Given the size of the loan, there is uncertainty as to the ability of the company to repay the convertible loan at maturity, which raises substantial doubt about the ability of the company to continue operating,” said he declared in his second quarter report back in September. This wording is fairly standard when there is a possibility that a company thinks it needs to go out of business.

Friend at Alibaba?

The loan behind Qutoutiao’s existential dilemma was provided by Ali Baba (NYSE: BABA; 9988.HK) during a better period for the company in March 2019. At the time, Alibaba viewed the loan as a strategic decision due to its option to convert the amount into approximately $ 11.4 million. ‘ADS Qutoutiao at $ 15 a piece, or the equivalent of about 4% of the business.

Of course, converting the loan into Qutoutiao shares is now out of the question. But there is still the possibility that Alibaba will negotiate an agreement to cancel the loan in exchange for most or all of Qutoutiao. This could explain the current market value of Qutoutiao, which, at $ 111 million, is close, although still a little lower, to the loan amount.

One snag on such a deal could be the recent pressure on Alibaba to divest itself of some or all of its media assets, which comes from officials in Beijing worried about the company’s great influence. This pressure is said to have prompted Alibaba to sell the Hong Kong-based South China Morning Post, one of Asia’s leading English-language newspapers, which Alibaba bought in 2015.

In such a context, an acquisition of Qutoutiao by Alibaba seems unlikely. Other buyers may also be reluctant to make such an acquisition due to the current uncertainty surrounding private information providers in China.

From a purely financial standpoint, Qutoutiao’s situation actually looks relatively stable after moving to a more conservative spending strategy this year. The company had 400 million yuan in cash and cash equivalents and an additional 39 million yuan in restricted cash at the end of June, as well as 600 million short-term investments – which collectively is close to the amount she would need to repay the loan. .

In terms of financial performance, most of the company’s key metrics are currently contracting due to reduced spending on acquiring new users. Qutoutiao’s revenue began to contract in the third quarter of last year, and its most recent report showed the figure fell 16.6% year-on-year in the second quarter of this year to 1.2. billion yuan.

Its combined monthly average users (MAU) fell 3.1% year-on-year in the quarter to 132.3 million, while its daily average users fell 32.3% to 29.1 million. Due to more cautious spending, the company’s net loss for the second quarter actually narrowed slightly to 209.5 million yuan, from a loss of 222.1 million yuan a year earlier.

At this point, only one analyst surveyed by Yahoo Finance is following the company. But this person currently predicts that the company should finally make a profit next year. In this case, it really looks like time is running out to reach that important milestone before the convertible loan matures in April.

If it can do so, it is still quite possible that Qutoutiao will get new funding to repay the loan in order to continue as a stand-alone business. But a more preferred option would be selling the business, as it really does appear that Qutoutiao is too small and operates in too uncertain an environment to survive on its own for the long term.


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Vintage Energy Ltd (ASX: VEN) signs list of binding terms for credit facility https://tedxyouthcaltech.com/vintage-energy-ltd-asx-ven-signs-list-of-binding-terms-for-credit-facility/ Sun, 05 Dec 2021 23:10:38 +0000 https://tedxyouthcaltech.com/vintage-energy-ltd-asx-ven-signs-list-of-binding-terms-for-credit-facility/ Vintage Signs Binding Term Sheet for ease of borrowing Melbourne, December 6, 2021 AEST (ABN Newswire) – Vintage Energy Ltd (ASX: FRI) is pleased to announce the signing of a binding term sheet for a $ 10 million credit facility (“Facility”) with the PURE Resources Fund, managed by PURE Asset Management (“PURE”). The funds will […]]]>

Vintage Signs Binding Term Sheet for ease of borrowing

Melbourne, December 6, 2021 AEST (ABN Newswire) – Vintage Energy Ltd (ASX: FRI) is pleased to announce the signing of a binding term sheet for a $ 10 million credit facility (“Facility”) with the PURE Resources Fund, managed by PURE Asset Management (“PURE”). The funds will complement the recently concluded agreement with AGL Wholesale Gas Limited (“AGL”) for gas sales.

The $ 10 million will be part of financing the initial capital requirements of the Vali field over the next two years. Vintage now has a gas purchase agreement with AGL with a prepaid component of $ 15 million and a binding terms sheet in place with PURE which, subject to the satisfaction of certain conditions precedent, will together provide access to a funding of up to $ 17.5 million (net at Vintage and excluding costs) to cover its equity share of capital costs to bring the Vali field to first production and through the cash flow phase initial project.

Vintage CEO Neil Gibbins said: “This financing is an excellent result for Vintage and its shareholders and constitutes further third party validation that the Vali gas field will be commercialized.

“With the strengthening of gas prices in national and international markets, the timing could not be better to market the important Vali Field for Vintage and its shareholders. ”

Daniel Porter, Portfolio Manager for the PURE Resources Fund, said: “We are delighted to support the team at Vintage as they seek to bring the Vali Field into production over the coming year.

“With nearby expansion opportunities at Odin, a pipeline of other promising production projects, and as East Coast gas faces significant structural supply constraints, we believe Vintage is on a path to growth. fantastic growth. ”

On November 1, 2021, Vintage announced the tripling of Champ Vali’s 2P Reserves (ATP 2021) compared to the initial estimate. Gross 2P reserves of 92.0 Bcf (101.0 PJ – 50.5 PJ of net toll) have been independently assessed and recognized (previously 2P gross of 30.3 Bcf (33.5 PJ – 16.8 PJ net rights)).

The key terms of the Facility are:

– $ 10 million to be drawn in two installments of $ 5 million

– The duration is 48 months from the first drawing

– Funds to be allocated to first, full payment of unpaid fees, second, costs related to the Vali project, and third, working capital and general corporate purposes

– Interest rate of 11.0%, reduced to 8.5% once certain operating cash flow conditions are met

– If Joint Venture agreements allow, first-rate security on Vintage assets

– Financial covenants include a minimum of $ 1.5 million in bank cash

– Costs include a 2% arrangement fee ($ 200,000) plus legal and due diligence costs (estimated at $ 130,000)

– In the event of early repayment of the facility by Vintage, a decreasing penalty of 1.5% to 1.0% of the funds applies

By virtue of a deed of subscription concluded at the same time and as provided for in the binding conditions sheet, the warrants for the amount of loan funds provided by PURE will be issued to PURE at the exercise price of 20 cents per share. , subject to the usual dilution adjustment mechanism, with more details in Annex 2A. The warrants may be exercised at any time up to 12 months after the loan repayment date (i.e. a term of 5 years) and may be used to repay debt or for other purposes. .

The issuance of warrants is subject to shareholder approval. Vintage will convene a General Meeting of Shareholders within three months of the date of this announcement to request approval of the issuance of the BSA. Further details regarding the warrants will be set out in the notice of meeting.

The main conditions precedent to the execution of the Facility and the first drawdown on the Facility are:

– The conclusion of a raw gas treatment agreement with the owners of Moomba’s infrastructure for the treatment of Vali gas, the discussions of which are underway; and

– Execution of a gas sales contract with AGL.

BurnView Corporate Finance continues as financial advisor to Vintage and was instrumental in securing the binding condition sheet for the Facility with PURE. Vintage thanks BurnView for his work on this transaction, the funds of which will be an important component of the financing of Project Vali.

About Vintage Energy Ltd

Vintage Energy LtdVintage Energy Ltd (ASX: VEN) was formed to acquire, explore and develop energy assets primarily in Australia, but not limited to, in order to take advantage of the generally favorable energy price outlook.

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Glasgow Warriors frustrated with Ewan Ashman exit but relationship with Sale Sharks remains strong https://tedxyouthcaltech.com/glasgow-warriors-frustrated-with-ewan-ashman-exit-but-relationship-with-sale-sharks-remains-strong/ Fri, 03 Dec 2021 22:07:30 +0000 https://tedxyouthcaltech.com/glasgow-warriors-frustrated-with-ewan-ashman-exit-but-relationship-with-sale-sharks-remains-strong/ The player struggled to play Sale and the loan transfer to Glasgow was designed to give him more minutes alongside a number of his Scottish teammates and help the Warriors who had lost co-captain Fraser Brown because of a knee problem. . Register to our daily newsletter Newsletter cut through the noise However, injury issues […]]]>

The player struggled to play Sale and the loan transfer to Glasgow was designed to give him more minutes alongside a number of his Scottish teammates and help the Warriors who had lost co-captain Fraser Brown because of a knee problem. .

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Newsletter cut through the noise

However, injury issues with the Sharks threw the deal apart.

Sale doesn’t have a game this weekend but has decided he needs Ashman. They initially called him back for last week’s game against the Saracens, but the loan is now officially over.

“Part of the detail of the deal was that if they had a few injuries in this position they could call it back and they had some injuries pretty much right away,” said Wilson, whose team hosts the Dragons. Saturday in the United Rugby Championship.

“He has always been their player so there was always the risk that he would come back but I didn’t think it would be until he even started so it’s a bit disappointing, a bit frustrating but at the same time understandable – it’s their player, not ours.

“Ewan Ashman would have been a good one and we’ll see how that plays out as the relationship between the clubs is still there.”

Ewan Ashman trained with the Glasgow Warriors but his loan ended when he was called up by the Sale Sharks. (Photo by Ross MacDonald / SNS Group)

Read more

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Siobhan Cattigan: County Stirling to play a friendly against the Watsonians in …

Turner will start against the Dragons in Scotstoun, with Matthews on the bench, as Glasgow look to bounce back from last weekend’s final loss to Benetton, who still mocks Wilson who made five changes.

“We were in a position to win – even if it’s ugly – with 90 seconds to go and possession of the ball inside their 22. You have to be able to close these games,” said the coach.

Josh McKay will make his Glasgow Warriors debut against the Dragons in Scotstoun. (Photo by Ross MacDonald / SNS Group)

Internationals Sam Johnson, Rufus McLean, George Horne, Jamie Bhatti and Matt Fagerson all drop out, with an eye on next week’s European opener against La Rochelle.

There’s a start for New Zealand full-back Josh McKay in a reshuffled backline which sees Cole Forbes moved to the wing, Kyle Steyn passed to an out center and Sione Tuipulotu at 12. Sebastian Cancelliere arrives on the other. wing and Ali Price returns to scrum half.

In the peloton, Zander Fagerson is back with a tight lead, with Oli Kebble moving up to a loose head and co-captain Ryan Wilson is also back.

Wilson can’t wait to see McKay in action.

Glasgow Warriors coach Danny Wilson can’t wait to see Josh McKay in action. (Photo by Craig Williamson / SNS Group)

“It’s a sharp attack threat,” said the coach. “Playing at home on a fast track in your first game will hopefully be fine for him.”

There will be a minute of applause ahead of the game in memory of Siobhan Cattigan, the Scotland internationalist whose death at the age of 26 was announced this week.

“Everyone at Glasgow Warriors would love to send a message of condolences to Siobhan’s family and friends,” Wilson said. “It was very sad news.”

A message from the editor: Thanks for reading this article. We depend on your support more than ever, as the change in consumption habits caused by the coronavirus is having an impact on our advertisers. If you haven’t already, please consider supporting our trusted and verified journalism by purchasing a digital subscription.


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Melbourne Real Estate: Victorian Family Loses $ 320,000 Deposit Due to Contract Loophole https://tedxyouthcaltech.com/melbourne-real-estate-victorian-family-loses-320000-deposit-due-to-contract-loophole/ Thu, 02 Dec 2021 01:52:21 +0000 https://tedxyouthcaltech.com/melbourne-real-estate-victorian-family-loses-320000-deposit-due-to-contract-loophole/ A family with three young children under the age of 12 believed they had gotten their $ 3.2 million dream home – until a clause in the contract left them ruined. A Victorian family who lost their entire $ 320,000 down payment on their home are now warning other aspiring homeowners to beware of the […]]]>

A family with three young children under the age of 12 believed they had gotten their $ 3.2 million dream home – until a clause in the contract left them ruined.

A Victorian family who lost their entire $ 320,000 down payment on their home are now warning other aspiring homeowners to beware of the “legal loophole” that has left them penniless.

Sam Gayed, 42, and his wife Nardine, 37, believed they had found the perfect spot for themselves and their three children, all under the age of 12, in 2019.

Based in Bendigo, the family were looking to relocate to Melbourne for their children’s education and found their ‘dream home’ in Balwyn.

They marked the 756-square-meter, four-bedroom, four-bathroom mansion for $ 3.2 million in June 2019 and were due to move to the property in December of that year.

But now, exactly two years later, the Gayeds have no savings in their name, live in a “tiny house” and have had to lie to their children about their sudden change in fortunes.

“It was a tough time, it was like less in our bank account, we used all of our credit cards, we were overdrawn,” he told news.com.au.

It all started when Mr. Gayed noticed something “odd” in the contract.

Mr. and Mrs. Gayed are originally from Egypt and moved to Australia 10 years ago as citizens.

“That’s when we started saving money and trying to buy our dream. We were both saving, we were planning to buy a house, ”he recalls.

They eventually grabbed a house in Bendigo in the Victoria area.

After Mr. Gayed certified his healthcare business and his wife completed her medicals to become a qualified psychiatrist, they were able to refinance their home.

They used their savings and the equity in that home to raise the down payment of $ 320,000 for the new purchase.

But upon signing the contract, the couple noticed that the “subject to funding” clause had been removed.

It is an important clause in a standard housing contract that gives the buyer the legal right to opt out if their bank does not approve the loan.

“It was a little weird when they removed the subject to funding clause,” Gayed recalled.

“We wanted the house of course, we had become emotionally attached to the house, we loved it.”

Mr Gayed also felt compelled to sign the contract with the revised terms because the real estate agent told him there were other potential buyers waiting behind the scenes.

“I was afraid they would sell the house [to someone else],” he said.

“The agents have good sales techniques, they sell 10 houses a month, I buy a house every 10 years.

The couple therefore signed the contract.

“Everything was in order, if they insisted on removing the clause we thought we could get out of it, we had no plans to withdraw,” Gayed continued.

“It would be far from our thought that there could be an escape [in the Australian legal system]. “

Mr Gayed had put his household income into a loan calculator and assumed he would be eligible for the same type of loan he used to buy his first home, a 90% loan for doctors, which allows health professionals to borrow up to 90 percent. percent of a home’s value without paying Mortgage Loan Insurance (LMI).

But after signing the contract, he got bad news – the bank had a threshold of $ 2 million for its doctor program, which he had never heard of before.

Instead of being able to receive 90 percent of the bank’s mortgage, the Gayeds could only get 85 percent.

“Right now we have become very stressed and have been looking for all ways to organize the extra five percent,” he said.

Mr. Gayed frantically tried to raise money for the last five percent of the property, which amounted to $ 160,000, as well as an additional $ 160,000 due in stamp duty for settlement day.

He tried to sell part of his stake in the business he owned, then tried to sell Bendigo’s family home. However, the two sales could not be completed on time.

“I asked the real estate agent to discuss with the seller if we could pay the 90 percent and refund the five percent, they refused,” he added.

But the seller refused, the agreement lapsed, and the seller then took Mr. Gayed’s deposit of $ 320,000, as was entitled by law.

“We had big aspirations and big dreams,” Mr. Gayed said. “Now we are going in a different direction where we are trying to save our livelihoods.

“We lost all of our savings before the closures and the pandemic, during this pandemic, of course, the business has slowed down considerably.

“We haven’t saved anything yet, during these blockades, we haven’t been able to save anything.

“If you want to punish me for wasting the seller’s time, at least making it proportionate, don’t take all my savings,” he stressed.

To date, the sellers have not resold after Mr. Gayed’s deal failed.

Annabelle Feng, RT Edgar’s real estate agent who completed the sale, told news.com.au that she received a commission for the aborted sale.

She said it was the seller’s idea to remove the “subject to funding” clause.

“We can’t suggest, we just tell them [the purchaser] what are the options, ”she told news.com.au.

“Normally, we inform each buyer of their rights and obligations. They are free to make their decisions.

She also said the seller decided to rent the house instead, which is why she never resold it.

News.com.au has reached out to the provider through its lawyers for comment, but has received no response.

The Gayed family are currently renting a small house in Melbourne. They have no idea if they will ever manage to own a home in Melbourne after the setback.

Do you have a similar story? Continue the conversation | alex.turner-cohen@news.com.au


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AAPL dividend announcement $ 1.0000 / share 11/29/2021 https://tedxyouthcaltech.com/aapl-dividend-announcement-1-0000-share-11-29-2021/ Tue, 30 Nov 2021 01:29:01 +0000 https://tedxyouthcaltech.com/aapl-dividend-announcement-1-0000-share-11-29-2021/ CTO Realty Growth Inc (New) (NYSE: CTO) on 11/29/2021 declared a dividend of $ 1.0000 per share payable on December 30, 2021 to shareholders of record on December 9, 2021. CTO Realty Growth Inc (New) (NYSE: CTO) has paid dividends since 1991, has a current dividend yield of 7.2806701660%, and has increased its dividends for […]]]>

CTO Realty Growth Inc (New) (NYSE: CTO) on 11/29/2021 declared a dividend of $ 1.0000 per share payable on December 30, 2021 to shareholders of record on December 9, 2021.

CTO Realty Growth Inc (New) (NYSE: CTO) has paid dividends since 1991, has a current dividend yield of 7.2806701660%, and has increased its dividends for 0 consecutive years.

The market capitalization of CTO Realty Growth Inc (New) is $ 327,552,280 and has a PE ratio of 2.56. The stock price closed yesterday at $ 54.94 and has a 52 week low / high of $ 38.65 and $ 58.11.

CTO Realty Growth is a real estate operating company. The activities of Co. included the following: Management Services, which is a management firm engaged in the management of Alpine Income Property Trust, Inc. and the entity that owns the undeveloped land in Daytona Beach, Florida ( Land JV); Commercial loan investments, which include a portfolio of one commercial loan investment and two commercial properties; and real estate transactions, which include a portfolio of mining interests and a portfolio of mitigation credits, a retained interest in the land joint venture that seeks to sell undeveloped land, and an interest in a joint venture that is engaged in the operation of a mitigation bank.

For more information on CTO Realty Growth Inc (New), click here.

The current dividend information for CTO Realty Growth Inc (New) as of the date of this press release is:

Dividend declaration date: November 29, 2021
Ex-dividend date: December 08, 2021
Dividend registration date: December 09, 2021
Dividend payment date: December 30, 2021
Dividend amount: $ 1,000


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Eurobank Ergasias Services and SA: Press release Third quarter 2021 financial results https://tedxyouthcaltech.com/eurobank-ergasias-services-and-sa-press-release-third-quarter-2021-financial-results/ Thu, 25 Nov 2021 22:20:16 +0000 https://tedxyouthcaltech.com/eurobank-ergasias-services-and-sa-press-release-third-quarter-2021-financial-results/ Financial results 9M2021 – First Greek Bank to Achieve Single Digit NPE Ratio Net profit1at € 298m in 9M2021 and € 103m in 3Q2021 Net profit1SEE operations at € 111m in 9M2021 and € 37m in 3Q2021 Heartprofit before provision up 4.1% year-on-year to € 675m Cost of risk at 1.1%2in 9M2021 Core operating income […]]]>

Financial results

9M2021 – First Greek Bank to Achieve Single Digit NPE Ratio

  • Net profit1at € 298m in 9M2021 and € 103m in 3Q2021
    • Net profit1SEE operations at € 111m in 9M2021 and € 37m in 3Q2021
  • Heartprofit before provision up 4.1% year-on-year to € 675m
  • Cost of risk at 1.1%2in 9M2021
  • Core operating income of € 357m in 9M2021, up 60.8%Hello
  • Profit before tax1at € 412m in 9M2021
  • A single digitNPE ratio at 7.3%2
  • Stock of NPEs at € 2.9bn, down € 3.2bnHello
  • NPE provisions at 72.8%, up 10.3 pptsHello
  • Agreement with doValue for securitization in Mexico
  • Total CAD 15.7%3and CET1 13.3%3
  • New loan disbursements in Greece € 5.3bn in 9M2021
  • Customer deposits up by € 3.8bn in 9M2021
  1. Adjusted net profit.
  2. Pro-formafor recognition of senior notes from Mexico.
  3. Pro-formafor securitization in Mexico.

25 November 2021

Financial results

“Eurobank’s financial results for the third quarter of 2021 represent an important milestone for the Bank and for the Greek banking system. Our NPE ratio stands at 7.3%, the first time a Greek bank has reported a ratio of a number over the past 10 years, sending a strong signal to return to financial normalcy.

Having overcome the problems inherited from the past, we are now focusing all our efforts on strengthening and expanding our activities, while supporting the main objectives of Greece’s economic policy: shifting to a model of sustainable growth and inclusive and return to a premium credit rating. Macroeconomic developments support this target setting. The Greek economy is expected to grow by more than 7% this year and maintain a high rate in 2022. However, it is both important and feasible to keep the growth rate well above our euro area peers at a average of almost 4% for the next five years, making the most of available European funds and the possibility of attracting significant foreign and local private capital for investment.

During the third quarter, Eurobank continued to perform well on all fronts, exceeding our expectations. Profit before core provisions increased and core operating profit increased 61% on lower bad debt provisions. Net income amounted to nearly € 300 million over the nine months of the year, supported by the development of our international activities. Loan disbursements of 5.3 billion euros in Greece for the first nine months of 2021 highlight our shift into growth mode and are expected to continue and accelerate. In 2021, we recorded a total collection of nearly 4 billion euros in private sector deposits. Households and businesses have substantial cash reserves that can fuel consumption and future investments.

Eurobank is the first Greek bank to come out of the NPL problem. We are therefore in the best position and determined to make the most of the strong growth of the Greek economy and improve economic conditions in our core markets, helping our clients take advantage of the bull cycle and helping the communities we serve to achieve sustainable and inclusive prosperity. . ”

Fokion Karavias, CEO

25 November 2021

Financial results

Review of 9M2021 Financial Results

Adjusted net incomeamounted to € 298 million over the nine months of 2021 (9M2021), with net income after restructuring and other costsuniqueelementsreaching 216 million euros. The net result includes a loss of 72 million euros on the securitization in Mexico. More in detail:

  • Net interest incomefell 2.0% in 9M2021 to € 1.0bn, mainly due to the deconsolidation of loans from Cairo.The net interest margindeclined to 1.90% in 9M2021, compared to 2.05% for the respective period of 2020.
  • Net income from fees and commissionsgrew by 18.4% year-on-year over 9M2021 to € 326 million, mainly due to commissions from network activities, rental income and credit activity. Fees and commissions increased 6.1% quarter on quarter to 117 million euros and represented 65 basis points of total assets in 3Q2021.
  • The increase in fee and commission income more than offset the reduction in net interest income,basic incomeup 2.3% to € 1,326m in 9M2021. Other incomeamounted to € 66m in 9M2021, compared to € 251m in 9M2020. Therefore, Total of exploitation productsamounted to € 1,391 million over the January-September 2021 period, down 10.0% over one year.
  • Operating Expenseswere stable year-on-year in Greece and increased by 0.5% year-on-year for the Group to € 650 million in 9M2021. The cost / income ratioremained well below the 50% threshold at 46.8%.
  • Heartpre-supplyIncomewas up 4.1% year-on-year and 0.8% quarter-on-quarter.
  • Pre-supplyIncomedeclined 17.6% in 9M2021 and 3.9% in 3Q2021 due to lower other income.
  • Provisions for loan lossesreached € 318m in 9M2021 and corresponds to 1134basis points of average net lending.
  • Core operating incomeamounted to 357 million euros over the period January-September, an increase of 60.8% compared to the respective period of 2020.
  • SEE operationswere profitable, because the adjusted net incomereached € 111m in 9M2021 and € 37m in 3Q2021. Heartpre-supplyIncomeincreased by 5.9% year-on-year and amounted to € 192 million, with basic operating profitup 16.8% year-on-year to € 137 million.
  • Following theagreement with doValuefor the sale of part of the mezzanine and junior securitization notes Mexico, the NPE ratiofell to the single-digit level of 7.3%4in 3Q2021, the lowest among Greek banks. The NPE stockdecreased by € 3.2bn year-on-year to € 2.9bn at the end of September. The NPE trainingwas negative by € 26m in 3Q2021. NPE provisionsincreased to 72.8%. Mexican NPEs will close and deconsolidate in 4Q2021.
  • CET1 and CAD totalreached 13.3%5and 15.7%5at the end of September, against total SREP capital requirements of 6.2% and 11.0% respectively. Fully loaded Basel III CET1 increased 20 basis points qoq to 12.3%5.
  • Risk-weighted assetsamounted to 40.6 billion euros5in 9M2021.
  1. Pro-formafor recognition of senior notes from Mexico.
  2. Pro-formafor securitization in Mexico.

25 November 2021

Financial results

  • New loan disbursements in Greecereached € 5.3bn in 9M2021 και € 1.9bn in 3Q2021. Total gross loansamounted to € 39.8bn at the end of September, including € 5.1bn in senior bonds6. Business loans amounted to € 21.6 billion, real estate loans to € 10.0 billion and consumer loans to € 3.1 billion.
  • Customer depositsincreased by € 3.8bn in 9M2021 and by € 1.4bn in 3Q2021. Savings and sight deposits amounted to € 37.5 billion, while term deposits and others amounted to € 13.6 billion. The loan / deposit ratiofurther improved to 73.8%6, compared to 75.4% in 2Q2021. The liquidity coverage ratioalso improved to 168.2% in 3Q2021, compared to 166.4% in 2Q2021.

6Pro-forma for Mexico Recognition of € 1.6 billion in senior bonds.

25 November 2021

Financial results

Adjusted net profit

(€ m)

348

298

9M2020 9M2021

Capital adequacy ratios5

(%)

15.7

13.3

CET1 CAD

Loans / Deposits

(%)

80.1

73.86

9M2020 9M2021

Basic operating profit

(€ m)

357

222

9M2020 9M2021

NPE ratio

(%)

14.9

7.36

9M2020 9M2021

Provisions / NPE

(%)

72.8

62.5

9M2020 9M2021

25 November 2021

Disclaimer

Eurobank Ergasias Services and Holdings SA published this content on 25 November 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 25, 2021 10:19:03 PM UTC.

Public now 2021

All the news of EUROBANK ERGASIAS SERVICES AND HOLDINGS SA

Analyst recommendations on EUROBANK ERGASIAS SERVICES AND HOLDINGS SA

Sales 2021 1,865 million
2,090 million
2,090 million
Net income 2021 358 million
402 million
402 million
Net debt 2021

PER 2021 ratio 7.46x
Yield 2021
Capitalization 3,449 million
3,867 million
3,865 million
Capi. / Sales 2021 1.85x
Capi. / Sales 2022 1.89x
Number of employees 11,465
Free float 65.1%

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Technical analysis trends EUROBANK ERGASIAS SERVICES AND HOLDINGS SA

Short term Mid Road Long term
Tendencies Neutral Bullish Bullish

Evolution of the income statement

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Average consensus SURPASS
Number of analysts 12
Last closing price

€ 0.93

Average price target

€ 1.02

Spread / Average target 9.58%


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AAPL dividend announcement $ 0.2100 / share 11/23/2021 https://tedxyouthcaltech.com/aapl-dividend-announcement-0-2100-share-11-23-2021/ Wed, 24 Nov 2021 01:23:38 +0000 https://tedxyouthcaltech.com/aapl-dividend-announcement-0-2100-share-11-23-2021/ Flushing Financial Corp. (NASDAQ: FFIC) on 11/23/2021 declared a dividend of $ 0.2100 per share payable on December 31, 2021 to shareholders of record on December 10, 2021. Flushing Financial Corp. (NASDAQ: FFIC) has been paying dividends since 1996, has a current dividend yield of 3.4667766094%, and has increased its dividends for 0 consecutive years. […]]]>

Flushing Financial Corp. (NASDAQ: FFIC) on 11/23/2021 declared a dividend of $ 0.2100 per share payable on December 31, 2021 to shareholders of record on December 10, 2021.

Flushing Financial Corp. (NASDAQ: FFIC) has been paying dividends since 1996, has a current dividend yield of 3.4667766094%, and has increased its dividends for 0 consecutive years.

The market capitalization of Flushing Financial Corp. is $ 743,279,480 and has a PE ratio of 11.43. The stock price closed yesterday at $ 24.23 and has a 52 week low / high of $ 14.32 and $ 25.22.

Flushing Financial is a banking holding company. The main business activity of Co. is through its subsidiary Flushing Bank. The main business of Co. is to accept retail deposits from the general public and invest these deposits with funds generated from operations and outstanding loans, primarily in the origination and purchases of multi-family residential properties, commercial loans, commercial real estate mortgages and, to a lesser extent, a family of one to four; construction loans; small business administration loans; mortgage substitutes such as mortgage backed securities; and United States government securities and other marketable securities.

For more information on Flushing Financial Corp., click here.

Current dividend information from Flushing Financial Corp. as of the date of this press release are:

Dividend declaration date: November 23, 2021
Ex-dividend date: December 09, 2021
Dividend registration date: December 10, 2021
Dividend payment date: December 31, 2021
Dividend amount: $ 0.2100


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Why the land of oligopolies is costing Australian SMEs $ 291 billion https://tedxyouthcaltech.com/why-the-land-of-oligopolies-is-costing-australian-smes-291-billion/ Mon, 22 Nov 2021 00:04:00 +0000 https://tedxyouthcaltech.com/why-the-land-of-oligopolies-is-costing-australian-smes-291-billion/ SYDNEY, 22 November 2021 / PRNewswire / – Global SME Lending Fintech Tradeplus24 believes that a well-established lack of competition and predatory practices in the lending industry have left Australian SMEs underfunded to the tune of $ 291 billion by invoice financing alone, compared to British SMEs. Tradeplus24 calculations compared invoice financing volumes as a […]]]>

SYDNEY, 22 November 2021 / PRNewswire / – Global SME Lending Fintech Tradeplus24 believes that a well-established lack of competition and predatory practices in the lending industry have left Australian SMEs underfunded to the tune of $ 291 billion by invoice financing alone, compared to British SMEs.

Tradeplus24 calculations compared invoice financing volumes as a percentage of GDP in Australia (3.9% or AU $ 75 billion) against the United Kingdom (19% or AU $ 366 billion), to reach the $ 291 billion figure.

The experience of Tradeplus24 operating across the UK, Switzerland, The Netherlands, and Australia enabled her to identify several predatory practices endemic to the Australian market which she believes are causing this problem, disproportionately harming Australian SMEs compared to other markets.

These practices include price discrimination against SMEs that do not meet the bank’s lending criteria, checking the SME’s bank account, preventing the SME from incurring other sources of debt, the application of voluntarily complex tariff structures and the foreclosure of SMEs in contracts of a maximum duration of 2 years, despite the invoices being procured with an average deadline of around 40 days.

Tradeplus24 also points out that despite an increasing number of Australian SMEs now transacting globally, many Australian SME lenders can only support domestic invoices, making their offer unusable for a growing number of SMEs.

Tradeplus24 believes that to solve this problem Australian SME lending is in desperate need of better regulation or for the industry to self-regulate with a code of conduct, based on much more progressive practices commonly seen in the UK and UK. -United. Europe.

Adam lane, Managing Director of Tradeplus24 Australia, says: “SMEs of Australia are very similar to UK or Europe. So why Australia so far behind these markets in terms of credit to SMEs?

“We have noticed that SMEs are much less likely to understand the benefits of leveraging receivables, compared to those we work with in Europe. This creates low demand for the products, which are perceived as expensive and not user friendly. It also becomes a self-sustaining cycle.

“Low demand contributes to a poor supply of quality SME lending products and a deep-rooted lack of competition. Lenders can therefore set their own terms, including forcing SMEs to relinquish control over their bank accounts and collateral such as personal property, charging opaque and expensive fees, and enforcing restrictive foreclosure contracts.

“If we want Australian SMEs to grow and compete with global markets, we urgently need to adopt stricter regulations or a code of conduct based on superior European practices. This could help put an end to predatory, unfair and anti-competitive behavior.

Ben james, Founder and CEO of Tradeplus24, said: “By doing our research on the countries that would be priority markets for Tradeplus24’s global activities, Australia stood out because of the size of the SME sector and the astronomical opportunity to disrupt an oligopoly dominated by incumbents.

“We believed that we could gain significant market share simply by implementing an invisible, simple, fair and more competitive invoice financing product, backed by sophisticated technology and informed by our vast global experience. “

The OECD recently criticized The insistence of Australian banks on using residential property as collateral for small business loans, when other options like bills can be far superior.

Tradeplus24 Australia (www.tradeplus24.com.au) is an alternative lending fintech company that provides Australian SMEs with a unique asset-backed line of credit solution for loan amounts between $ 200,000 To $ 3 million. It was launched in 2019 in Australia address a 80 billion dollars under-provision of credit to Australian businesses, allowing SMEs to manage their cash flow and enable rapid growth.

Tradeplus24 has already generated proven results in European markets, notably by securing the support of top-level investors from Credit Suisse Entrepreneur Capital, SIX Group and Berliner Volksbank.

Copyright © acrofan All rights reserved


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Governor Edwards and local officials inaugurate the LA 3241 project in the Northshore region https://tedxyouthcaltech.com/governor-edwards-and-local-officials-inaugurate-the-la-3241-project-in-the-northshore-region/ Fri, 19 Nov 2021 23:22:30 +0000 https://tedxyouthcaltech.com/governor-edwards-and-local-officials-inaugurate-the-la-3241-project-in-the-northshore-region/ Today Governor John Bel Edwards and DOTD Secretary Shawn D. Wilson, Ph.D., held a groundbreaking ceremony to celebrate the start of construction of the LA 3241 corridor in the parish of St Tammany. State and local officials attended the ceremony celebrating the construction of a new four-lane highway on the Northshore. This project is part […]]]>

Today Governor John Bel Edwards and DOTD Secretary Shawn D. Wilson, Ph.D., held a groundbreaking ceremony to celebrate the start of construction of the LA 3241 corridor in the parish of St Tammany. State and local officials attended the ceremony celebrating the construction of a new four-lane highway on the Northshore. This project is part of the Model Transport Infrastructure for Economic Development (TIMED) program, which began in 1989.

LA 3241 is a three-phase project, which will create a four-lane highway from the intersection of LA 40, LA 41 in Bush to I-12 in the parish of St. Tammany. The first phase, built by Brown Industrial Construction, LLC, will cost nearly $ 46 million. The first phase will take place between LA 40 / LA 41 and LA 435. The second phase, built by James Construction, will cost $ 62.5 million. Phase two will be built between LA 36 and LA 435. The third phase between LA 36 and I-12 is expected to be tendered in 2023.

Project LA 3241 was originally part of the Louisiana Transportation Infrastructure Model for Economic Development (TIMED) program, which included 16 projects statewide and began in 1989 when voters approved a 4-cent tax increase. on gasoline to finance Law 16 of the 1989 legislature. The TIMED program was then accelerated by the sale of bonds. Two of the main projects in the TIMED program include the John James Audubon Bridge in the parishes of Pointe Coupee and West Feliciana and the wider and safer Huey P. Long Bridge near New Orleans. Project LA 3241 is the 15th TIMED project to go forward.

“I am proud to see this project come to fruition,” said Governor John Bel Edwards. “The creation of a whole new highway is an example of what can be accomplished when we have the right sources of funding in place and when our leaders at all levels of government work together. This corridor will help meet regional transport needs and stimulate economic growth in this region.

“LA 3241 has been under discussion for almost 40 years, but due to lack of funding it has taken decades to move forward,” said DOTD Secretary Shawn D. Wilson, Ph.D. This new corridor will improve access between I-12 and the northeast Louisiana “toe”, as well as an additional hurricane escape route from the New Orleans and Northshore areas. Infrastructure creates jobs and stimulates economic development.

In addition to DOTD program funding, using the federal Transportation Infrastructure Finance and Innovation Act (TIFIA) program, DOTD was able to access $ 50 million of HB 578 / Act 443 (2019) funds dedicated to the project sooner rather than later. . , thus reducing the effects of inflation. Since DOTD uses a low-interest TIFIA loan, the state can save around $ 50 million in typical inflation costs due to funding delays. The first loan for the new LA 3241 corridor was closed in September 2021. The interest rate for the first phase is 0.5%. The loan for the second segment from LA 36 to LA 435 will be closed in the coming weeks.

DOTD plans to use approximately $ 240 million in TIFIA credit assistance on the following projects: I-12 to Bush, I-49S, Cameron Ferry, State-Wide Bridge Program, and LA 415.

“After decades of waiting, it is encouraging to see progress on a physical connection from Washington Parish to St Tammany Parish,” said Senator Beth Mizell. “New economic and educational opportunities will be more accessible to all citizens. This step makes a long-awaited dream of the past a reality for the prosperity of our entire region.

“After 32 years, we are finally realizing the TIMED LA3241 constitutional project that bridges the gap between Washington Parish and Interstate 12,” said Representative Malinda White. “Some said it would never happen and some died while waiting for it to happen. 32 years later, the TIMED Highway 3241 project is becoming a reality.

“I am delighted to see this long-awaited project become a reality for all citizens of St. Tammany Parish, especially those in the Northeast Corridor,” said St. Tammany Parish President Mike Cooper. “When completed, LA 3241 will provide a major connection and economic growth for I-12 to the northeast parish of St. Tammany and all neighbors, businesses and communities in between. I look forward to seeing the progress and completion of LA 3241 and its many benefits to St. Tammany Parish. ”

Phases one and two are expected to be completed in late 2023 or early 2024, weather permitting.

Construction projects are prioritized based on road / bridge condition, urgency of improvements, type / volume of traffic, accident records, unforeseeable emergencies that have caused damage. damage and several other factors.

For more information on these projects, please visit www.dotd.la.gov.


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Watr Foundation Launches Pioneering Blockchain Ecosystem, Enabling Physical Resource Industry to Achieve ESG Goals https://tedxyouthcaltech.com/watr-foundation-launches-pioneering-blockchain-ecosystem-enabling-physical-resource-industry-to-achieve-esg-goals/ https://tedxyouthcaltech.com/watr-foundation-launches-pioneering-blockchain-ecosystem-enabling-physical-resource-industry-to-achieve-esg-goals/#respond Mon, 08 Nov 2021 23:44:00 +0000 https://tedxyouthcaltech.com/watr-foundation-launches-pioneering-blockchain-ecosystem-enabling-physical-resource-industry-to-achieve-esg-goals/ Watr to Leverage Algorand Sovereign Body, Bringing Revolutionary Transparency to Raw Material Footprints Zug, Switzerland, November 9, 2021 / PRNewswire / – The Watr Foundation, in partnership with Algorand, today announced the launch of the Watr Ecosystem: a next-generation Layer 1 open blockchain ecosystem, controlled by KYC-AML with verified identities that will bring the decentralized […]]]>

Watr to Leverage Algorand Sovereign Body, Bringing Revolutionary Transparency to Raw Material Footprints

Zug, Switzerland, November 9, 2021 / PRNewswire / – The Watr Foundation, in partnership with Algorand, today announced the launch of the Watr Ecosystem: a next-generation Layer 1 open blockchain ecosystem, controlled by KYC-AML with verified identities that will bring the decentralized finance technology (DeFi) to commodities. Verified identities will allow the resource industry to take advantage of blockchain and DeFi technology. They will enable the industry to reach new levels of environmental, social and governance (ESG) transparency, give consumers choice in purchasing and investment decisions, and democratize end-to-end financing in chains. supply of commodities. The Watr ecosystem is designed to spark a race to the top in creating new commodity contracts and products, dramatically expanding differentiation into what are today considered fungible commodities. The Watr blockchain ecosystem is expected to be operational in early 2022.

The Watr ecosystem will be a one-of-a-kind public and sovereign body of the Algorand MainNet that aims to become the destination for sustainable products and applications across supply chains, shippers, buyers, financiers and producers. .

It is developed through a strategic partnership with Algorand, a leading corporate protocol developed by the award-winning founder of Turing. Silvio micali, and based on proven and innovative pure proof-of-stake technology. Although sovereign, the Watr blockchain will still be connected and interoperable with the Algorand ecosystem, allowing Watr’s liquidity and ecosystem dapps to operate seamlessly on both chains and vice versa.

“Watr’s vision of enabling a commodities market based on transparency, environmental responsibility and the activism of all participants is aligned with Algorand’s leadership as a carbon negative network,” said W . Sean Ford, COO of Algorand. “We congratulate the deeply experienced team as they reach this next step in digitizing the core components of raw materials on Algorand and creating abundant transparency regarding the footprint of each raw material in the ecosystem.”

Watr will be the first multi-institutional and autonomous public blockchain designed to meet the requirements of confidentiality, auditability, compliance and commodity finality. It will be set up to support and develop a vast network of decentralized applications (dapps), including transaction execution, exchanges, tokenized assets, new commodity classes and contracts, issuance of stable coins and decentralized lending capacity (DeFi).

“This is the digital inflection point and transparency for commodity markets. With clear compliance safeguards and a cross section of frontier industries at the table, Watr’s mission is to foster financial inclusion, transparency and customer choice, ”said Maryam ayati, Chairman of the Board of the Watr Foundation. “We believe that this next iteration on resource models should be co-created in models of mutual benefit. It is a privilege and a comfort to collaborate with the pioneers of decentralized technology, blockchain, industry. and environmental products to bring this blockchain ecosystem to life. “

On Watr, smart digital contract modules will govern the pricing, trading and financing of the physical resources consumed by society, including metals, energy and agriculture, as well as the transportation and financing that underpins it. these industries. Watr’s integrated identity module allows consumers (and financiers) to define the specific footprint they want their consumption to finance. At the same time, suppliers will be able to create new classes of resources based on the environmental footprint their products leave behind. The end goal is to create a transparent market using new technologies applied within existing regulatory frameworks, where each ESG attribute itself is transformed into a commodity with a market-based price, starting with a decentralized carbon market. .

Watr will be launched with Fiat currency and a host of traced and compliant cryptocurrencies, including stablecoins, integrated as a means of payment and transaction.

TrustToken, the creator of the billion dollar TUSD stablecoin, has invested in Watr. Since the inception of TUSD, TrustToken has developed a strong expertise in compliance and digital assets and will act as an advisor to help the Watr Foundation develop a powerful compliance and stablecoin strategy to bring the commodities industry in the chain.

“What Watr is doing is extremely exciting – bringing the efficiency and transparency of blockchain to the $ 5,000 billion raw materials industry. We believe this is a fundamentally better way to deal with these assets, and therefore industry-wide change is inevitable, ”said Rafael Cosman, CEO of TrustToken.

On behalf of the Watr Foundation, Neo has assembled a cross-sector coalition to cover consumer goods, mining, energy, agriculture, shipping, commerce, blockchain giants and capital markets. .

Through a partnership with HC Group, the coalition brings together individual commodity and blockchain leaders to co-create, build and invest in new blockchain business models for sustainable commodities and to trade on Watr.

For more information on Watr and its ecosystem, please visit: www.watr.org

About the Watr Foundation

The Watr Foundation is a foundation registered in Switzerland aiming to organize, motivate and sponsor the design, development, maintenance and promotion of the Watr Protocol. Its aim is to support the economy’s transition to digital, transparent and sustainable supply chains, and to encourage and sponsor the development of new business models and apps on this protocol. Therefore, it serves as the foundation of the ecosystem and the focal point for the ecosystem and the community of Watr. For more information visit: www.watr.org

About Algorand

Algorand is building the technology to power the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless and secure. Founded by Turing Prize-winning cryptographer Silvio micali, Algorand has developed a blockchain infrastructure that provides interoperability and the ability to handle the volume of transactions needed by the challenge, financial institutions and governments for a smooth transition to FutureFi. The technology of choice for more than 700 organizations worldwide, Algorand enables the simple creation of next-generation financial products, protocols and value exchanges. For more information visit www.algorand.com.

About TrustToken

TrustToken frees up money to create more value. TrustToken’s TrueFi Loan Marketplace brings unsecured on-chain loans, providing borrowers across industries with maximum capital efficiency at competitive rates. TrueFi is one of the top 10 lending protocols by total value locked, with + $ 1 billion in assets under management and nearly $ 1 billion in total origination value of the loan since its november 2020 launch, while enjoying a perfect repayment history.

TrustToken’s TrueCurrencies (TUSD, TGBP, TAUD, TCAD, THKD) are the most transparent stablecoins in the world. TrueCurrencies are fully secured, attested live on-chain, and move billions of dollars in monthly trading volume to over 100 trading partners, including major exchanges, banking partners, and over-the-counter offices.

About the HC Group

A retained research, consulting and networking firm, HC has served for 20 years the senior talent needs of a range of organizations active in global energy, metals and agriculture supply chains. .

About Neo Holdings

Collaborating with industry, commerce and crypto giants, Neo Holdings is the initiator and ecosystem developer for the Watr Foundation.

Neo’s goal is to ensure that industry leaders are at the table alongside DeFi, Blockchain and sustainability innovators to drive the next iteration in resource delivery, transparency and decentralized commerce. .

Media contacts

proneo@prosek.com

press@watr.org

press@neo.org

Keli callaghan, Algorand – keli@algorand.com

Michael gasiorek, TrustToken – michael.g@trusttoken.com

Damien stewart, Group HC – hcinsider@hcgroup.global

Copyright © acrofan All rights reserved


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