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NEP's Connected Production Ecosystem Expands with New Strategic Partnerships

Retrieved on:

Tuesday, April 9, 2024

NEP Group , the leading media services provider for sports and entertainment worldwide, today announced continued expansion of its connected production ecosystem through new partnerships with rights holders, sports leagues, broadcasters and OTT providers.

Key Points:

NEP Group , the leading media services provider for sports and entertainment worldwide, today announced continued expansion of its connected production ecosystem through new partnerships with rights holders, sports leagues, broadcasters and OTT providers.
View the full release here: https://www.businesswire.com/news/home/20240409899802/en/
NEP's Connected Production Ecosystem expansion includes the new fleet of nine all-IP mobile units that debuted for the 2024 PGA TOUR season.
(Photo: Business Wire)
The connected production solutions offered by NEP are continually evolving to meet client needs, market trends, and technological advancements.
Watch this video for a global view of NEP’s connected production ecosystem.

Oka, The Carbon Insurance Company™ (Oka) and Oregon Biochar Solutions Bring First Insured Biochar Credits to Market

Retrieved on:

Thursday, March 14, 2024

Carbon, Business, CDR, Partnership, BCR, Business development, Insurance, OBS, VCM, WEF, Renewable energy

PARK CITY, Utah, March 14, 2024 /PRNewswire/ -- Oka, The Carbon Insurance Company™ (Oka) has partnered with Oregon Biochar Solutions (OBS) to bring world-first invalidation-insured biochar credits to the voluntary carbon market (VCM).

Key Points:

PARK CITY, Utah, March 14, 2024 /PRNewswire/ -- Oka, The Carbon Insurance Company™ (Oka) has partnered with Oregon Biochar Solutions (OBS) to bring world-first invalidation-insured biochar credits to the voluntary carbon market (VCM).
Facilitated by OBS project proponent GECA Environnement (GECA), the collaboration sets a new record in the VCM and an ambitious new benchmark for high-quality biochar carbon removal (BCR) credits.
Demand is surging for carbon dioxide removal (CDR) projects, with BCR accounting for 94% of all such credit deliveries in 2023.
Being the first out of the gate with insurance-wrapped biochar credits sets OBS and the GECA portfolio at the forefront of the market and sends a critical signal of quality to our customers."

The impact of regulatory changes on rating behaviour

Retrieved on:

Tuesday, April 2, 2024

Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

Key Points:

Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market.
There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015).
Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced.
We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations.
We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016).
We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market.
Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations.
There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced.
We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market.
Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations.
Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period.
Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons.
Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping.
They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering.
Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance.
To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market.
Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively.
The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period.
Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e.
the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015).
Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation.
The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance.
As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e.
The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping.
Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping.
This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping.
L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour.
Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level.
All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering.
Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation.
This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs.
Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market.
Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena.
We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
Tranche Credit Rating is the rating reported for a tranche at launch.

Talkdesk Hires Software Veteran Albert Caravelli to Lead, Grow Strategic Alliances and Partners

Retrieved on:

Wednesday, February 21, 2024

In this role, Caravelli is responsible for expanding and nurturing Talkdesk’s growing ecosystem of strategic technology alliance partners, global system integrators, and global service providers.

Key Points:

In this role, Caravelli is responsible for expanding and nurturing Talkdesk’s growing ecosystem of strategic technology alliance partners, global system integrators, and global service providers.
Caravelli comes to Talkdesk following nearly nine years at cloud security company Zscaler, where he most recently served as global vice president of strategic alliances and advisory firms, responsible for leading Zscaler’s go-to-market strategy and execution.
Before his tenure at Zscaler, Caravelli served as senior director of worldwide global alliances at HP Software, where he drove the transformation of the global alliances function, resulting in better strategic engagement with partners and new joint offerings.
He has also served in alliances leadership at Jive Software and Mercury Interactive and in sales roles at Asera, Nielsen Claritas, and The Nielsen Company.

Huawei Cloud CTO Bruno Zhang: Building the Intelligent Cloud Foundation for Telcos with Systematic Innovation

Retrieved on:

Monday, February 26, 2024

Cloud, BSS, Architecture, AI, Intelligence, OBS, OSS, MWC, B2B, MSS, TB, RPO, Ecosystem, Automation, Huawei, Lip, EMS, CC, Mobile World Congress, Network equipment provider

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- At the Huawei Product & Solution Launch 2024 event during MWC Barcelona 2024, Bruno Zhang, CTO of Huawei Cloud, stated that, "Huawei Cloud is committed to building an intelligent cloud foundation for the telecom industry and accelerating intelligence across industries with systematic innovation that encompasses AI for Cloud and Cloud for AI."

Key Points:

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- At the Huawei Product & Solution Launch 2024 event during MWC Barcelona 2024, Bruno Zhang, CTO of Huawei Cloud, stated that, "Huawei Cloud is committed to building an intelligent cloud foundation for the telecom industry and accelerating intelligence across industries with systematic innovation that encompasses AI for Cloud and Cloud for AI."
Huawei Cloud Pangu models power intelligent upgrade of both industries and cloud applications.
To help telcos build intelligent cloud infrastructure, Huawei Cloud provides a solution suite comprising AI-native storage, GaussDB, data-AI convergence, and distributed QingTian architecture.
Huawei Cloud also offers consulting, end-to-end operations, and one-stop migration services through its Cloud on Cloud solution.

Huawei Cloud CTO Bruno Zhang: Building the Intelligent Cloud Foundation for Telcos with Systematic Innovation

Retrieved on:

Monday, February 26, 2024

Cloud, BSS, Architecture, Multimedia, AI, Intelligence, OBS, OSS, MWC, B2B, MSS, TB, IOPS, RPO, Ecosystem, Automation, Huawei, Lip, EMS, CC, Mobile World Congress, Network equipment provider

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- At the Huawei Product & Solution Launch 2024 event during MWC Barcelona 2024, Bruno Zhang, CTO of Huawei Cloud, stated that, "Huawei Cloud is committed to building an intelligent cloud foundation for the telecom industry and accelerating intelligence across industries with systematic innovation that encompasses AI for Cloud and Cloud for AI."

Key Points:

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- At the Huawei Product & Solution Launch 2024 event during MWC Barcelona 2024, Bruno Zhang, CTO of Huawei Cloud, stated that, "Huawei Cloud is committed to building an intelligent cloud foundation for the telecom industry and accelerating intelligence across industries with systematic innovation that encompasses AI for Cloud and Cloud for AI."
Huawei Cloud Pangu models power intelligent upgrade of both industries and cloud applications.
To help telcos build intelligent cloud infrastructure, Huawei Cloud provides a solution suite comprising AI-native storage, GaussDB, data-AI convergence, and distributed QingTian architecture.
For example, telcos can build and run their dedicated AI platform and foundation models in their existing data centers using Huawei Cloud Stack, a hybrid cloud.

Huawei Cloud: Infrastructure of Choice for AI with 10 Systematic Innovations Unveiled in MWC Barcelona 2024

Retrieved on:

Monday, February 26, 2024

Cloud, AI, Mobile, OBS, Workspace, 3D, MWC, Growth, Database, Intelligence, TB, Sound, IOPS, RPO, CC, Automation, Huawei, Knowledge, Cloud computing, Speech, EMS, Summit, Internet, Software

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- This year's Huawei Cloud Summit demonstrates how Huawei Cloud is the infrastructure of choice for AI applications.

Key Points:

BARCELONA, Spain, Feb. 26, 2024 /PRNewswire/ -- This year's Huawei Cloud Summit demonstrates how Huawei Cloud is the infrastructure of choice for AI applications.
At the Summit, Huawei Cloud unveiled ten AI-oriented innovations that make it the cloud infrastructure of choice for AI.
Media infrastructure: In this AIGC and 3D Internet era, Huawei Cloud has built a media infrastructure of efficiency, experience, and evolution.
The Mobile World Congress (MWC) 2024 is taking place in Barcelona from February 26 to 29.

Huawei Cloud: Infrastructure of Choice for AI with 10 Systematic Innovations Unveiled in MWC Barcelona 2024

Retrieved on:

Monday, February 26, 2024

Cloud, Multimedia, AI, Mobile, OBS, Workspace, 3D, MWC, Growth, Database, Intelligence, TB, Sound, IOPS, RPO, CC, Automation, Huawei, Knowledge, Cloud computing, Speech, EMS, Summit, Internet, Software

BARCELONA, Spain, Feb. 25, 2024 /PRNewswire/ -- This year's Huawei Cloud Summit demonstrates how Huawei Cloud is the infrastructure of choice for AI applications.

Key Points:

BARCELONA, Spain, Feb. 25, 2024 /PRNewswire/ -- This year's Huawei Cloud Summit demonstrates how Huawei Cloud is the infrastructure of choice for AI applications.
At the Summit, Huawei Cloud unveiled ten AI-oriented innovations that make it the cloud infrastructure of choice for AI.
Media infrastructure: In this AIGC and 3D Internet era, Huawei Cloud has built a media infrastructure of efficiency, experience, and evolution.
The Mobile World Congress (MWC) 2024 is taking place in Barcelona from February 26 to 29.

FliFlik Voice Changer - The Ultimate Tool for Real-Time Voice Transformation

Retrieved on:

Monday, February 19, 2024

Friends, PUBG, Roblox, Human, Skype, Human voice, Creativity, Voice changer, AI, CSGO, OBS, Minecraft, Mobile phone

NEW YORK, Feb. 19, 2024 /PRNewswire/ -- We are excited to introduce FliFlik Voice Changer, a game-changer in voice transformation technology.

Key Points:

NEW YORK, Feb. 19, 2024 /PRNewswire/ -- We are excited to introduce FliFlik Voice Changer, a game-changer in voice transformation technology.
Let's take a look at its brilliant features:
FliFlik Voice Changer offers a wide array of trending and humorous voices for real-time utilization.
How to change your voice with FliFlik Voice Changer?
FliFlik Voice Changer is the most affordable solution to change your voice on a desktop device.

What drives banks’ credit standards? An analysis based on a large bank-firm panel

Retrieved on:

Wednesday, February 7, 2024

NPL, Seven Bank, Xi, Name, AnaCredit, Data, Bank, ECB, SAFE, JEL, Bias, Knowledge, XB, P50, Ciccarelli, Credit, Regression analysis, Shock, Central bank, Mand, E51, Movement, E44, SNL, Government, Access, Environment, Literature, P90, BLS, P25, CDS, Darst, Risk, European Central Bank, Bureau van Dijk, OBS, Probability, Complementarity, ROA, Policy, COVID-19, Research, Standard score, Uncertainty, R2, Heider, E52, Holmström, CSB, Health, P75

An analysis based on a large

Key Points:

An analysis based on a large
bank-firm panel
No 2902

Disclaimer: This paper should not be reported as representing the views of the European Central Bank
(ECB).
We find
that weaker capitalised banks adjust their credit standards more than healthier banks, especially for
firms with a higher default risk.
Here we find t hat w eaker b anks r espond m ore f orcefully by
tightening their credit standards more than better capitalised banks.
On the contrary, weaker banks
may be more prone to adopt looser credit standards, with the aim of increasing their revenues.
To answer these questions, we analyse the determinants of banks? credit standards, i.e., their internal
guidelines or loan approval criteria applied when deciding on granting credit.
2 Altavilla
ECB Working Paper Series No 2902

2

area banks tighten their credit standards more when linked to riskier firms, measured via firms? leverage
and default risk.
We assess how euro area banks adjusted their credit standards in response to
the negative COVID-19 pandemic shock, after accounting for government support measures.
When deciding on their credit standards, banks assess risks
based on both their own loss absorption capacity and the credit risk of their borrowers.
On the contrary,
weaker banks may be more prone to adopt looser credit standards, with the aim of increasing their
revenues.
We provide evidence that
euro area banks tighten their credit standards more when linked to riskier firms, measured via firms?
leverage and default risk based on the Altman Z-score.
In
addition, they focus on a different research question and use data from the IBLS only as a control.
ECB Working Paper Series No 2902
5

capital position implies less tightening of lending criteria, possibly reflecting the fact that banks can
afford to adjust their credit standards more moderately.
Based on our results, this implies a stronger deterioration of their lending conditions compared
with less vulnerable firms.
We assess how euro area banks adjusted their credit standards in response to
the negative COVID-19 pandemic shock, after accounting for government support measures.
This is in line with the role of government support
measures such as loan guarantees mitigating banks? exposure to firms? credit risks as they shield banks
from firms? increased credit risks.
2
Related literature

Our paper is closely related to studies analysing credit supply based on BLS indicators and the impact
of monetary policy shocks on bank lending conditions in the euro area.
Hempell and Kok (2010) disentangle
pure loan supply based on the BLS factors and investigate the role played by such factors for loan growth.
Several other studies link confidential individual BLS data with actual bank-level data, but not firm
data, allowing an analysis of bank characteristics relevant for bank lending conditions.
They find that a short-term interest rate shock decreases both loan supply
and demand, but more for less healthy banks.
Their findings are consistent with the results of our paper on the favourable impact of bank health on lending standards.
Both papers tend to find no evidence of higher risk taking of banks as a result
of accommodative monetary policy.
More recent studies are based on
confidential bank and firm-level data from national credit registers.
(2012) who focus on the bank-firm-relationship in Spain, based on credit register data.
Ferrero, Nobili, and Sene (2019) arrive at a corresponding conclusion on the risk-taking
channel based on a confidential loan-level dataset of Italian banks.
In another paper, Altavilla, Boucinha, and Bouscasse (2022)
disentangle credit demand and supply based on euro area credit register data (AnaCredit) for the period
of the pandemic.
Our results emphasise the
mitigating impact of government guarantees on a tightening of credit standards during the pandemic.
This mitigating impact played a major role in loan demand and not credit supply being decisive for lending volumes during the pandemic.
Based on their model, accommodative monetary policy is part of the optimal policy mix, combined with social insurance.
To keep the wealth of information
available in the BLS, we run our analysis at the quarterly frequency of the survey.
of employees
101.4

2456.9

2.0

4.0

12.0

37.0

116.0

14944589

Panel (a): Banks
Credit standards

Loan loss provisions
Panel (b): Firms

Notes: Descriptive statistics for the bank-firm sample included in the regression analysis.
Specifically, a one
standard deviation increase in the CET1 ratio leads to 0.2 standard deviations lower credit standards,
i.e., easier credit standards.
In their lending decisions, banks assess risks based on both their own
loss absorption capacity and the credit risk of their borrowers.
?Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications.? American Economic
Review 102 (5):2301?2326.
?Hazardous times for monetary policy: What do twenty-three million bank loans say
about the effects of monetary policy on credit risk-taking?? Econometrica 82 (2):463?505.
?The credit cycle and the business cycle: new findings using
the loan officer opinion survey.? Journal of Money, Credit and Banking 38 (6):1575?1597.
guarantees: proxy from BLS, bank level
0

.1

.2

.3

.4

Government guarantees exposure

-.5

-.25

0

.25

.5

Government guarantees exposure

Notes: Based on results from columns (3) and (6) of Table 4.