Money

Finastra helps redefine the future of finance to improve millions of lives worldwide

Wednesday, September 23, 2020 - 2:00am

Using Finastra's solutions, IFIC Bank is aiming to bring banking services to 100,000 unbanked Bangladeshis in the next two years.

Key Points: 
  • Using Finastra's solutions, IFIC Bank is aiming to bring banking services to 100,000 unbanked Bangladeshis in the next two years.
  • Closing the trade finance gap The Asian Development Bank (ADB) estimates that SMEs face a global trade finance gap of US$1.5 trillion.
  • In response, Finastra has partnered with Mastercard and the ADB to help build a new digital pathway to credit for wholesalers.
  • Wissam Khoury, Head of International at Finastra, said, "The pandemic has brought the future forward, driving increased demand for digital transformation in the financial services sector.

NanoVibronix Increases Previously Announced Bought Deal to $1.8 Million

Wednesday, September 23, 2020 - 1:36am

The closing of the offering is expected to occur on or about September 25, 2020, subject to satisfaction of customary closing conditions.

Key Points: 
  • The closing of the offering is expected to occur on or about September 25, 2020, subject to satisfaction of customary closing conditions.
  • The gross proceeds to NanoVibronix, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $1.8 million.
  • The shares of common stock are being offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No.
  • Investors and security holders are urged to read these documents free of charge on the SEC's web site at: http://www.sec.gov .

Faircourt Asset Management Inc. Announces September Distributions

Wednesday, September 23, 2020 - 1:00am

Faircourt Asset Management Inc. is the Investment Advisor for Faircourt Gold Income Corp. and Faircourt Split Trust.

Key Points: 
  • Faircourt Asset Management Inc. is the Investment Advisor for Faircourt Gold Income Corp. and Faircourt Split Trust.
  • This press release is not for distribution in the United States or over United States wire services.
  • For further information on the Faircourt Funds, please visit www.faircourtas s etmgt.com or please contact 1-800-831-0304.
  • If the Units are purchased or sold on an exchange, investors may pay more than the current net asset value when buying Units of the Trust and may receive less than the current net asset value when selling them.

KBRA Releases Day One Recap of Virtual Structured Finance Conference

Wednesday, September 23, 2020 - 12:40am

Kroll Bond Rating Agency (KBRA) releases a Day One recap of its Structured Finance Virtual Conference: Credit & Covid-19: Is the Worst Behind Us?

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a Day One recap of its Structured Finance Virtual Conference: Credit & Covid-19: Is the Worst Behind Us?
  • Panelists at the conference, which attracted over 900 registrants, discussed the current state of play across the ABS Consumer segment, CMBS, RMBS, and Aircraft ABS.
  • Interested in attending the KBRA Structured Finance Virtual Conference?
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

Sezzle partners with Ally Lending

Tuesday, September 22, 2020 - 11:47pm

MINNEAPOLIS, Sept. 22, 2020 /PRNewswire/ -- Sezzle Inc.(ASX:SZL) (Sezzle or Company) // Installment payments platform, Sezzle, is pleased to announce its business partnership with Ally Lending, theB2B2C lending arm of Ally Bank, the banking subsidiary of Ally Financial (NYSE: ALLY).

Key Points: 
  • MINNEAPOLIS, Sept. 22, 2020 /PRNewswire/ -- Sezzle Inc.(ASX:SZL) (Sezzle or Company) // Installment payments platform, Sezzle, is pleased to announce its business partnership with Ally Lending, theB2B2C lending arm of Ally Bank, the banking subsidiary of Ally Financial (NYSE: ALLY).
  • Ally lending is backed by the number one digital bank in the USA, Ally Bank.
  • The culture, technology, and strong foundation of Ally Financial allow Ally Lending to continually evolve its financing products, services, and experiences while weathering economic storms.
  • The partnership between Ally Lending and Sezzle will give Sezzle merchants and shoppers access to long term financing options, complimenting Sezzle's existing short-term, interest-free offering, without adding any balance sheet impact to Sezzle.

Stoneridge Honored by IR Magazine for Best Overall Investor Relations by a Small-Cap Company

Tuesday, September 22, 2020 - 11:07pm

NOVI, Mich., Sept. 22, 2020 /PRNewswire/ --Stoneridge, Inc. (NYSE: SRI) today announced it received the award for 2020 U.S. Best Overall Investor Relations (Small Cap) from IR Magazine.

Key Points: 
  • NOVI, Mich., Sept. 22, 2020 /PRNewswire/ --Stoneridge, Inc. (NYSE: SRI) today announced it received the award for 2020 U.S. Best Overall Investor Relations (Small Cap) from IR Magazine.
  • The award was presented on September 16 as part of a virtual awards ceremony held by IR Magazine.
  • Matt Horvath, executive director, corporate strategy and investor relations, accepted the award on behalf of Stoneridge.
  • Stoneridge was selected among six finalists in the Best Overall Investor Relations (Small Cap) Awards by Research category.

Fabio Panetta: Asymmetric risks, asymmetric reaction: monetary policy in the pandemic

Wednesday, September 23, 2020 - 12:07am

SPEECHAsymmetric risks, asymmetric reaction: monetary policy in the pandemic Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group Frankfurt am Main, 22 September 2020 It is a pleasure to speak to the Money Market Contact Group today.

Key Points: 


SPEECH

Asymmetric risks, asymmetric reaction: monetary policy in the pandemic

    Speech by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the ECB Money Market Contact Group

      • Frankfurt am Main, 22 September 2020 It is a pleasure to speak to the Money Market Contact Group today.
      • Money markets and central banks have an important relationship which, when it is working well, makes monetary policy more effective.
      • Money market prices reflect expectations of our policy and the understanding of our reaction function.

    The ECB’s policy response to the coronavirus (COVID-19) crisis

      • In pursuing our price stability mandate, our policy response to the crisis had three goals.
      • The first was to counter the downward impact of the pandemic on the projected path of inflation.
      • The second was to ensure that all parts of the euro area had access to liquidity, which was crucial for weathering the lockdown.
      • As a result of our policy measures, tail risks have been removed and systemic stress in the euro area has receded (Chart 1).
      • Without the ECBs action, the economic consequences of the pandemic would have been dramatic; we estimate that more than one million additional jobs would have been lost.
      • Fragmentation has receded substantially, as the decrease in the dispersion of sovereign bond yields shows.
      • This has safeguarded the transmission of monetary policy, with money market rates reconnecting to the ECB policy rates and sovereign yields reconnecting to risk-free rates, as proxied by overnight index swap (OIS) rates.
      • Chart 2 Euro area ten-year real rate (percentages per annum) Sources: Refinitiv and ECB calculations.
      • Notes: The real rate is constructed by subtracting the ten-year inflation-linked swap rate (ILS) from the nominal ten-year OIS rate.
      • The impact on lending conditions has been significant.
      • Our monetary policy measures, complemented by appropriate countercyclical supervisory measures, are enabling banks to keep credit flowing to households and businesses.
      • In July, the annual growth rate of loans to firms stood at 7%, more than double its level in February.
      • Benefiting from these developments, industrial production and the Purchasing Managers Indices (PMIs) have rapidly improved, partly recuperating the previous losses (Chart 3).
      • In this crisis, our independent monetary policy and fiscal policies in the euro area have also mutually reinforced each other, thereby increasing confidence.
      • This is the opposite of what we saw during the sovereign debt crisis, when yields increased alongside deficits.
      • Fiscal support to the economy also made our own policy more powerful.
      • But active fiscal policy also complements monetary policy through other channels.
      • So, insofar as monetary policy empowers fiscal policy and increases confidence, it also empowers its own effectiveness.

    The current economic situation

      • This was the explicit goal of our decision to expand and extend the PEPP in June.
      • And our pandemic support measures are contributing to that goal.
      • Inflation excluding the volatile components of food and energy, which plays an important role in our assessment, rises to only 1.1% in 2022.
      • Turning to economic activity, the recovery remains partial and uneven; GDP is only expected to recover to pre-crisis levels by the end of 2022.
      • Chart 4 Inflation expectations in the euro area SPF inflation expectations and 1y-in-4y ILS rate (percentages per annum) Sources: Bloomberg, Refinitiv, and ECB calculations.
      • The path to recovery is also exposed to new adverse shocks such as a possible disorderly Brexit as well as a loss of momentum due to various emerging economic and financial headwinds.
      • The appreciation of the euro is one factor that we need to watch closely with regard to its implications for the medium-term inflation outlook, particularly at a time when current and expected inflation rates are both very low.
      • The services sector, in which momentum has recently slowed somewhat, is another source of concern.
      • Looking ahead, job and wage uncertainty is likely to remain elevated and give rise to continued precautionary behaviour among households.
      • Together with corporate balance sheet vulnerabilities, weak aggregate demand and ample spare capacity, this is likely to compress investment.
      • This is not a normal recession, and we will not see a normal recovery without appropriate policies.

    Future policy calibration

      • In these difficult circumstances, our policy must remain forward-looking, and there are two key elements to this.
      • First, we need to constantly reassess whether the policy support we are providing and the calibration of our instruments are adequate to address the evolving shocks I have described and to achieve our objective of bringing inflation back to our medium-term aim in a sustained manner.
      • If we encounter shocks that compress demand and pose additional threats to price stability, our reaction function is clearly spelled out: a policy response is necessary and forthcoming.
      • The second element of a forward-looking policy response relates to how we assess and react to the balance of risks.
      • Faced with such a sizeable downward skew, there is a strong case for our reaction function to be asymmetric, as the risks of a policy overreaction are much smaller than the risks of policy being too slow or too shy to react and the worst-case scenarios materialising.
      • For as long as the growth and inflation outlook are at risk, monetary policy support will have to remain substantial, and if those risks to the outlook rise, our policy impulse will have to rise in tandem.


      This is particularly important for countries with weaker economies and high debt-to-GDP ratios. For these countries, the sizeable funding provided at the European level presents a unique opportunity to address concerns of competitiveness and long-term sustainability. Growth will be the only solution to the accumulation of public and private debt.

    Conclusion

    ECB to accept sustainability-linked bonds as collateral

    Wednesday, September 23, 2020 - 12:07am

    PRESS RELEASE

    Key Points: 
    • PRESS RELEASE

      ECB to accept sustainability-linked bonds as collateral

      22 September 2020

      The European Central Bank (ECB) has decided that bonds with coupon structures linked to certain sustainability performance targets will become eligible as collateral for Eurosystem credit operations and also for Eurosystem outright purchases for monetary policy purposes, provided they comply with all other eligibility criteria.

    • This further broadens the universe of Eurosystem-eligible marketable assets and signals the Eurosystems support for innovation in the area of sustainable finance.
    • Non-marketable assets with comparable coupon structures are already eligible.
    • The decision aligns the treatment of marketable and non-marketable collateral assets with such coupon structures.

    ArcLight Clean Transition Corp. Announces Pricing of $250 Million Initial Public Offering

    Tuesday, September 22, 2020 - 11:15pm

    Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant.

    Key Points: 
    • Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant.
    • Citigroup Global Markets Inc. and Barclays Capital Inc. are serving as joint book-running managers for the offering.
    • The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.
    • This press release contains statements that constitute forward-looking statements, including with respect to the proposed initial public offering and the anticipated use of the net proceeds.

    LEGEND BIOTECH ALERT: Bragar Eagel & Squire, P.C. is Investigating Legend Biotech Corporation on Behalf of Legend Biotech Stockholders and Encourages Investors to Contact the Firm

    Wednesday, September 23, 2020 - 12:00am

    NEW YORK, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Legend Biotech Corporation (NASDAQ: LEGN) on behalf of Legend Biotech stockholders.

    Key Points: 
    • NEW YORK, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Legend Biotech Corporation (NASDAQ: LEGN) on behalf of Legend Biotech stockholders.
    • Our investigation concerns whether Legend Biotech has violated the federal securities laws and/or engaged in other unlawful business practices.
    • OnSeptember 21, 2020, Legend issued a press release announcing that its Chief Executive Officer, Dr. Fangliang Zhang, has been placed under residential surveillance by Chinese law enforcement authorities.
    • The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country.