World Lufthansa: Capital increase for state aid repayment
State aid is key to Tory vow to level up Britain’s towns and cities
The promise of state aid proved to be an important element of Boris Johnson’s election-winning strategy. Without state aid there is no levelling up. And without a commitment to transform the towns and cities of the north, the Midlands and the West Country, vital votes would not have deserted Labour. The subsidy control bill, put before parliament on Wednesday, should give the Tory’s newly won supporters a clue about will likely be subsidised by the state. It is better at saying what will not meet the criteria. In particular, it is clear ailing industries will be turned away by Whitehall officials.
The Lufthansa brings the course for the repayment of German state aids shortly before the general election. To this end, the company wants to spend new shares worth a total of more than 2.1 billion euros, as announced in Frankfurt.
The money should flow into the repayment of the silent deposits, with which the German state had saved the aviation group in the Corona crisis in the past year before the economic.
On the stock market, the news after initial irritation arrived well. The course of the Lufthansa share sagged after trading start on Monday initially into minus, but then turned into the profit zone. Since the turn of the year, however, the paper has lost more than one-fifth value. Aerospace expert Daniel Roeska from the Analysis House Amber showed himself surprised by the timing of the capital increase. Maybe it would have been better to wait for clearer signs of recovery on the TVs and business trips.
UK aid cuts imposed with no transparency, says watchdog
UK aid cuts have been imposed with inadequate transparency, according to an independent watchdog, which said it was becoming increasingly difficult to interact with the government. The Independent Commission for Aid Impact (Icai), a public body that reports to parliament, said the lack of cooperation, partly due to the disruption of aid cuts, has meant it was unable even to assess whether recommendations it had previously made had been followed. © Photograph: Simon Cooper/PA Aid is loaded at East Midlands airport. The Foreign Office took over the aid budget in 2020 when it merged with the Department for International Development.
Lufthansa boss Carsten Spohr showed pride that the Lufthansa can now repay the aid levels. "We have always made clear that we will only use the stability package as long as it is necessary.» The net debt of the Group should decrease significantly by the capital increase. "We can now focus on the further transformation of the Lufthansa Group," Spohr said. The Group has reduced tens of thousands of jobs in the crisis. Most recently, he counted around 110,000 employees with around 110,000 employees than before Corona.
until the capital increase is completed and the money received at Lufthansa, it will now take place until after the general election, which takes place on 26 September. Thus, the new share certificates should be offered to shareholders from 22 September to 5 October in subscription ratio 1: 1 at a subscription price of 3.58 euros. This allows you to receive a new share for the purchase price for each existing share.
UN warns of humanitarian crisis in Afghanistan
It is seeking more than $600m (£434m) in aid following the Taliban takeover last month. "Afghans urgently need food, medicine, health services, safe water [and] sanitation" the UN said.It added that the $600m target would bring "vital relief" to millions."The country faces an extremely dire situation and is confronted with protracted conflict, severe drought and the Covid-19 pandemic in a context where... almost half of the population were already in need of aid," a UN statement said."Recent developments have increased their vulnerability," it added.
Video: Lufthansa: Demand for service trips rises again (Glomex)commitments in the amount of nine billion euros
Germany, Austria, Switzerland and Belgium had the Lufthansa Group after the collapse of aviation as a result of the Corona pandemic with billions of gratuic financial assistance The arms gripped. Overall, they told the Group nine billion euros, the lion's share of the sum comes from Germany, the home country of Lufthansa. The neighboring countries made loans available to strengthen the consolidated subsidiaries Austrian, Swiss and Brussels.
The German State also rose as a shareholder with 20 percent at Lufthansa through the WSF economy stabilization fund (WSF). In addition, the WSF provided two silent deposits as equity, of which Lufthansa has used a total of 2.5 billion euros. The money from the capital increase wants you to repay these deposits - only 1.5 billion, then the remaining billion until the end of the year. A loan of the State Bank KfW of one billion euros has already been repaid.
Evergrande: China's fragile housing giant
Chinese housing giant Evergrande is one of the country's largest private conglomerates and world's most indebted property developer, teetering on the brink of bankruptcy after years of rapid growth and a buying spree. With a presence in more than 280 cities, Evergrande is one of the largest private companies in China and one of its leading real estate developers. The firm made its wealth over decades of rapid property development and wealth accumulation as China's reforms opened up the economy.
The WSF welcomed the planned capital increase as "entry into the exit" of the state at Lufthansa. He will continue to accompany the Group according to his position as "essential shareholder". The WSF is open to whether he participates in the capital increase. One will only comment on the conclusion of the capital measure, said a spokeswoman of the Federal Finance Agency on Monday.
The WSF has already retired his share participation and sells shares in the stock market. According to Lufthansa, he is currently still involved with just under 16 percent in the Group's share capital. If the WSF participates in the current capital increase, he will start at the earliest half a year after the sale of his shares, it was said. Then he must have completely sold his shares at the latest two years after the capital increase, unless the Group repays the silent deposits as planned.
APL, renovation, emergency accommodation ... The 2022 budget priorities for housing .
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