+1.2% as of February 2021 / exports are 0.9% below the pre-crisis level of February 2020

WIESBADEN (ots) – Exports, March 2021

126.5 billion euros

+1.2% on the previous month (calendar and seasonally adjusted)

+ 16.1% on the same month of the previous year

Imports, March 2021

105.9 billion euros

+ 6.5% on the previous month (calendar and seasonally adjusted)

+ 15.5% on the same month of the previous year

Foreign trade balance, March 2021:

20.5 billion euros

14.3 billion euros (calendar and seasonally adjusted)

Current account according to calculations by the Deutsche Bundesbank, March 2021

30.2 billion euros

In March 2021, compared to February 2021, calendar and seasonally adjusted exports in Germany rose by 1.2% and imports by 6.5%. As the Federal Statistical Office (Destatis) reports on the basis of preliminary results, exports were calendar and seasonally adjusted 0.9% below and imports 6.7% above the level of February 2020, the month before the start of the restrictions imposed by the Coronavirus. Pandemic in Germany.

In March 2021, Germany exported goods to the value of 126.5 billion euros and imported goods to the value of 105.9 billion euros. Compared to March 2020, exports rose by 16.1% and imports by 15.5% in March 2021. On the export and import side, the respective highest monthly value ever measured in the foreign trade statistics was recorded in nominal terms.

The foreign trade balance closed in March 2021 with a surplus of 20.5 billion euros. In March 2020, the balance in the foreign trade balance was 17.2 billion euros. Adjusted for calendar and seasonality, the surplus on the foreign trade balance in March 2021 was 14.3 billion euros.

The German current account closed in March, taking into account the balances for trade in goods (+23.3 billion euros), services (+1.3 billion euros), primary income (+10.0 billion euros) and secondary income (-4.5 billion euros) 2021 with a surplus of 30.2 billion euros. In March 2020, the German current account showed a surplus of 24.8 billion euros.

Foreign trade with EU countries

In March 2021, goods to the value of 67.5 billion euros were exported to the member states of the European Union (EU) and goods to the value of 57.7 billion euros were imported from there. Compared to March 2020, exports to the EU countries rose by 21.2% and imports from these countries by 18.4%. In March 2021, goods to the value of 47.0 billion euros (+ 22.6%) were exported to the countries of the euro zone and goods to the value of 39.4 billion euros (+ 16.2%) were imported from these countries. In March 2021, goods to the value of 20.4 billion euros (+ 18.1%) and goods to the value of 18.3 billion euros (+ 23.6%) were exported to the EU countries that do not belong to the euro zone. imported from there.

Foreign trade with non-EU countries

In March 2021, goods to the value of 59.0 billion euros were exported to countries outside the European Union (third countries) and goods to the value of 48.2 billion euros were imported from these countries. Compared to March 2020, exports to third countries increased by 10.8% and imports from there by 12.2%.

Foreign trade with the UK

Exports to the United Kingdom fell in March 2021 compared to the same month last year by 13.2% to 6.5 billion euros. German imports from the United Kingdom increased by 1.6% to 3.1 billion euros in the same period.

On January 1, 2021, the partnership agreement negotiated between the EU and the United Kingdom provisionally entered into force. With the exit from the EU internal market and the customs union, the United Kingdom has finally left the EU. The “Brexit Monitor” of the Federal Statistical Office offers further information on Brexit and a selection of statistical indicators for which an influence of Brexit can be assumed.

Foreign trade with other selected countries

In March 2021, exports to the People’s Republic of China rose by 37.9% to 10.3 billion euros compared to March 2020. Exports to the United States increased by 8.8% to 11.1 billion euros.

Most of the imports came to Germany from the People’s Republic of China in March 2021. Goods to the value of 11.7 billion euros were imported from there (+46.6% on the same month last year). Imports from the United States rose 1.5% in March 2021 to a value of 6.7 billion euros.

Methodological notes:

The different comparison periods must be taken into account in all reports on economic indicators. The focus of the economic observation is the comparison with the previous month / quarter. The short-term economic development can be read from this. The comparison with the previous year serves as a long-term comparison of levels and is independent of seasonal fluctuations. In the current Corona crisis, the temporary strong declines and increases can lead to very different results compared to the previous month / quarter and year-on-year comparison. In order to enable a direct comparison to the pre-crisis level, a comparison to February 2020 and the 4th quarter of 2019 will be shown in all press releases on economic indicators that are available seasonally adjusted for the time being.

The first preliminary detailed results by country of origin / destination and by chapters of the list of goods for foreign trade statistics are available for download.

Crisis monitor enables comparison between corona crisis and financial and economic crisis

The foreign trade statistics are also part of the “Crisis Monitor” (www.destatis.de/krisenmonitor), with which the Federal Statistical Office compares the development of important economic indicators in the Corona crisis and in the financial and economic crisis of 2008/2009.

The crisis monitor supplements the special page Corona statistics (www.destatis.de/corona), which bundles statistical information on the economic and social consequences of the corona pandemic.

The complete press release as well as further information and functions can be found on the website of the Federal Statistical Office at https://www.destatis.de/pressemitteilungen.

Further information:

Foreign trade,

Phone: +49 (0) 611/75 24 75,


Press contact:

Questions to the above contact person or to:
Federal Office of Statistics

Press office

Phone: +49 611-75 34 44

Original content by: Federal Statistical Office, transmitted by news aktuell
Original message: https://www.presseportal.de/pm/32102/4909007


Turkey: main destination for waste exports from the European Union

In 2020, EU waste exports to non-EU countries reached 32.7 million tons, an increase of three quarters (+ 75%) since 2004. By contrast, imports of waste from non-EU countries decreased by 10% since 2004, equivalent to 16.0 million tonnes in 2020.

Turkey: main destination for EU waste exports

Turkey It is the main destination for waste exported from the EU, with a volume of around 13.7 million tonnes in 2020, more than three times more than in 2004. The second most important destination was India, which received almost 2.9 million tonnes of waste from the EU in 2020, followed by UK (1.8 million tons), Swiss (1.6 million tons), Norway (1.5 million tons), Indonesia and Pakistan (both 1.4 million tons).

In recent years, Pakistan has grown notably as an EU waste destination, with volumes increasing from 0.1 million tonnes in 2004 to 1.4 million tonnes in 2020. In stark contrast, EU waste exports to China have fallen from a peak of 10.1 million tonnes. in 2009 to 0.6 million tonnes in 2020.

Infographic: Main destinations for waste in the EU

Ferrous metal waste accounts for half of all EU waste exports

In 2020, EU exports of ferrous metal waste (iron and steel) amounted to 17.4 million tonnes, representing more than half (53%) of all waste exports. The main destination was Turkey; At 11.8 million tonnes, Turkey received more than two-thirds (68%) of the ferrous metal waste exported from the EU. Furthermore, the EU imported 4.1 million tonnes of ferrous metal waste, with almost a third (32%) coming from the UK.

Although at a much lower level, considerable amounts of waste paper were also exported from the EU. The 6.1 million tonnes exported accounted for about a fifth (19%) of the EU’s waste exports in 2020. Of these, 1.6 million tonnes (26%) went to India, 1.2 million tons (20%) to Indonesia and 0.9 million tons. (15%) for Turkey. However, 2.2 million tonnes of waste paper was also imported into the EU, with the largest amount (0.9 million tonnes, or 41%) coming from the UK.

Infographic: Exports and imports of waste from / to the EU

For more information:

  • The article is based on data from this special data extraction.

  • The extent of ‘residues’ is measured in terms of the relevant product codes of the combined nomenclature used in international merchandise trade statistics; see code list.

  • For more information on the statistics available in this area, take a look at the summaries of the international merchandise trade and of the statistics of waste.

  • The United Kingdom is considered a non-EU partner country of the EU for the entire period covered by this article. However, the United Kingdom remained part of the internal market until the end of the transitional period (31 December 2020), which means that the data on trade with the United Kingdom were still based on statistical concepts applicable to trade between countries. EU Member States. Consequently, while imports from any other non-EU trading partner are grouped by country of origin, the UK data reflects the country of shipment. In practice, this means that the goods imported into the EU from the UK were physically transported from the UK, but some of these goods could have been from another origin than the UK.


Brittany, the only region in France where life expectancy has not decreased in 2020

Brittany, region least affected by the Covid-19 epidemic in France in 2020, is logically the one where mortality has increased the least.

While the number of deaths from all causes increased by almost 10% in France last year, this increase is 1.3% in Brittany. 35,700 Bretons died in 2020, i.e. 500 more than in 2019, indicates INSEE this Tuesday, April 20.

Higher mortality during the two waves of Covid-19

The coronavirus is however felt on the mortality curve over the months in Brittany: “The Covid-19 epidemic has changed the distribution of deaths over the year, explains INSEE. Compared with 2019, the number of deceased increased by 5.4% during the “first wave” (March-April) and 3.8% during the “second wave” (September-December). “

The life expectancy of Breton men lower than that of the French

Thanks in part to a less violent epidemic in Brittany, the region is the only one in mainland France where life expectancy at birth does not decrease. It remains in 2020 at 85.4 years for women and 78.8 years for men. “The life expectancy of Bretons slightly exceeds that of French women (85.3 years). That of the Bretons remains 0.4 years lower than that of the French (79.2 years) ”, compare l’Insee.

Slight decrease in births

On births too, the impact of the health crisis is visible. In December, nine months after the start of the epidemic, births fell by 5.2% in Brittany (- 7% in France), while they fell by only 1.2% overall. of the year 2020 (- 2.3% in France).

In total, in 2020, Breton mothers will have given birth to 31,000 children, or 400 fewer than in 2019. A decline in the birth rate that INSEE first explains by “A decrease in the number of women of childbearing age and a slight decrease in the average number of children per woman”.


“I didn’t want anything anymore”: Valentina Toro’s tough 2020 and how she got a historic medal in Turkey | sports

Like many, the young Chilean athlete Valentina toro had a 2020 to be forgotten. The pandemic put their parents out of work and because of this, the space in their home was significantly reduced.

With these difficulties, the karate exponent could not train, because she was focused on her family and had to support them in the new undertaking that they installed in their home.

However, things improved and at the end of July the Olympic Training Center was able to return to practice with other athletes.

In addition, he recently won a historic silver medal in the Premier League of Karate, in the kumite category under 55 kilos.

In conversation with BioBioChile, Valentina referred to this hard process and related how she has been able to overcome it with her loved ones.

“My two parents were left without hit, we suffered the theft of a truck”

Hi Valentina How are you? How did you do to stay in shape?

Last year, when I was training at home, I trained well for a month but then we had several things at my house. My two dads were left without fault, we suffered the theft of a truck, so we had to reinvent ourselves, put a warehouse in the house and in the end all the spaces began to be reduced so that I could train. Besides, he also helped a lot around the house.

So neither training nor talking …

I didn’t want anything anymore, my coach told me ‘OK, once a week’. At the end of July we retrained the CEO and I was on the payroll. It was the best thing that put me through. There we have all the space, we are with the companions and we leave the house. Now I also continue training in person.

Did your parents’ situation affect you?

I thought that all of 2020 would be without competition, and it was. I only trained to stay in shape, but always in the hope that we would compete again. I saw it like this, ‘now, I can’t stop anyway, I know something would be cool’.


You recently won the silver medal in the Karate Premier League in Turkey. Obviously because of everything the pandemic has meant, reaping tremendous achievement is something special

With age, between 19,20, 21 there is a big difference. I have matured a little bit, I think that helped me a lot in the competition … the breaks without pressure from training, they help things go well, that process made everything good for me. We were also a month before the competition, in Jordan. We were fighting a lot, it was what we needed the most.

You are now preparing for the Tokyo Olympic Games Qualifier in June in France

At the end of the month we are leaving for almost two months with the national team, we go to a Premier League in Portugal and then we will go to train with the Kazakhstan team. Then we will go to qualifying in France, Paris.

“I questioned that my career was only in youth and adult bye”

What has been the most difficult test that you have had to face?

I think the hardest thing for me to face was that when I turned 18, because I entered the national team at 13 and I always had a super successful career, I was a Pan-American champion many times, so when I turned 18 I began to compete in the adult category and it cost me a lot. In 2018 I went on many trips and in none of them could I win a fight. In all of them I would go out there. I questioned that my career was only in youth and adult bye.


In 2019 I went back to another adult tournament and it went well, I had my first international medal and then the others came.

Does that year have any comparison with what you experienced in 2020?

They are super similar. 2020 was more difficult due to the family issue. I always knew that it was not in my hands. I couldn’t train because there was no space, I couldn’t go out to train because there is a virus. On the other hand, in 2018 everything was in my hands, I put money to travel, the Olympic Committee was supporting me.

Did you have trouble paying for your sports career?

Now I have no problem, the Olympic Committee supports me fully because I am in the elite, one of the first. Other times there was no money for all athletes, and I had to put money from my pocket or from my parents when I was younger.

Do you have a reference in the world of sports?

Maybe in other sports yes, not in karate now. The truth is, I really admire my teammates with whom I train.

For those who don’t know, what does it take to practice karate?

Heart, be pierced. It is a combat sport, when you enter to fight you fight for yourself, for your country and you need grit and heart.


Ministry of Public Health and Social Assistance

Circulating strain detected in seven COVID-19 positive patient samples

The National Health Laboratory -LNS- of the Ministry of Public Health and Social Assistance -MSPAS- issued the epidemiological alert for findings of genomic surveillance of SARS-CoV-2 in Guatemala.

This week the LNS concluded with the second round of SARS-CoV-2 genomic sequencing, in which more than 330 samples positive for COVID-19 corresponding to the months of September to December 2020 and January 2021 were analyzed. The results confirmed that Since January, 2 of the variants classified by PAHO / WHO as VOI strains, or variants of interest in public health, have been circulating in Guatemalan territory.

These variants were identified in 7 patient samples from the departments of Guatemala and El Progreso and it was found that they correspond to the lineages of the SARS-CoV-2 variant B.1.427 / B.1.429 (California, US). These variants are capable of presenting physical changes and changes in their capacities, in addition, it has been identified that they usually cause community cases or multiple infections, but they are not classified as strains of concern.

The Head of the National Health Laboratory, César Conde Pereira, made an invitation to the population to find out about this issue through official channels, he stressed that the objective of this study is to have updated information on the variants found in our country with the purpose of discussing and taking appropriate action around public health.

“We are in time to avoid the massive transmission of this virus. It is important that the population remains calm and that we maintain the preventive measures that we already know such as constant hand washing, physical distancing and avoiding crowds or social gatherings, “he said.

Genomic surveillance for COVID-19

Since last year the LNS implemented the genomic surveillance of SARS-CoV-2, through the sequencing of the virus to identify the variants that may be circulating in the country and detect their possible mutations, because with updated information and timely detection These strains contribute to the public health system for decision-making in the acquisition of vaccines and the search for alternatives in the detection of the virus through the open PCR procedure and rapid tests.

It is important to mention that the LNS is the first public health institution in the country that has the capacity to sequence more than 300 strains at the local level, which strengthens us at the country level.

Currently, the LNS is about to start the third round of sequencing the selected samples that correspond to the months of February and March 2021 to have a more complete picture of the dynamics of these strains in our country, as well as to advance in the sequencing according to the epidemiological needs that arise in the country.


Deportivo Cuenca defeated Barcelona with another controversial arbitration

Barcelona SC lost his undefeated in the Ecuadorian Championship. Deportivo Cuenca defeated the bullfighting team 1-0 this Thursday, April 8, in a match valid for the seventh date of the tournament. The front Lucas Mancinelli he scored the only goal of the match in the 36th minute.

The match played at the Alejandro Serrano stadium added a new arbitration controversy, after a controversial performance by the referee Guillermo Guerrero, by not sanctioning two penalties favorable to the ‘canary’ team.

With the result, Barcelona SC remains as a leader with 14 points, but could be surpassed by Emelec, if the blues win in their duel on Saturday April 11 against Liga de Quito. The porteños also remained without their undefeated 13 consecutive games, which they had held since December 13 of the previous year, after a defeat against Aucas.

Deportivo Cuenca, with an improvement over its performance in the previous season, is in fifth position with 11 points.

The start of the game was favorable to the Azuayan team, when the referee Guerrero sanctioned a penalty, after a foul by Luis Fernando León on Lucas Mancinelli. The Argentine forward himself executed the shot and Javier Burrai saved the ball.

The ‘canaries’ did not wait to reply and two minutes later Damien Diaz He was able to score the first goal with a free kick that got out of hand for goalkeeper Brian Heras.

The first controversial action occurred at minute 13, when Guerrero did not sanction a foul by Denilson Bolaños, who pulled a ball over the goal line.

On the 29th there was a new controversy. Jesi Godoy kicked Leonel Quiñónez inside the area and despite complaints from the yellow players, a foul was not called either.

The bullfighters seemed to control the game, but Cuenca went ahead after 35 minutes. Mancinelli received a filtered pass from Andrés Chicaiza in a counterattack and defined with a shot over Burrai.

In the second half, the ‘canaries’ kept a Deportivo Cuenca cornered who defended himself effectively and was closer to scoring a second goal, with a shot from Bolaños (65′) that was deflected with difficulty by Burrai.

DT Fabián Bustos tried to empower the visiting squad with the entry of Gonzalo Mastriani, Gabriel Cortez and Nixon Molina, but only came close to drawing at minute 83, with a deflected shot from Michael Hoyos.

The yellow defeat was the first of the season and also left a new questioning for the arbitration triads, after the complaints presented this week by the Barcelona SC management to the Refereeing Commission, after the game with Independiente del Valle.

On the following date, Deportivo Cuenca will visit Olmedo at the Riobamba Olympic stadium and Barcelona SC will host Aucas at the Monumental.

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Bonner Foris AG in the red because of Corona

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Courts are working too slowly in the pandemic
Bonner Foris AG in the red because of Corona

More than 20 years ago, Bonn-based Foris AG developed litigation financing as a business model. But the profession is prone to fluctuations, and now Corona is doing the rest: Foris wrote a million loss in 2020.

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Nine firms of the Stock Exchange overcome the Covid with a box of 8.700 million | Markets

In a year marked by Covid-19, with drastic drops in billing and profits due to the stoppage of economic activity, listed companies have managed to emerge unscathed and not drain their liquidity. In the group of listed Spanish companies, the companies that lack net financial debt are a minority, there are only nine, a figure that is slowly decreasing year after year. At the end of 2020, only two of them belong to the Ibex: Inditex and PharmaMar. The rest are Corporación Financiera Alba, Técnicas Reunidas, Mediaset, Iberpapel, Zardoya Otis, Miquel y Costas and Naturhouse.

Between all of them they add a net liquidity position of 8,675 million euros, which represents a negligible 0.1% more than a year earlier. Five of these companies reduced their cash last year, while another four managed to raise it.

The Spanish textile giant continues to hoard most of that liquidity. At the end of its 2020 financial year, Inditex had a net cash position of 7,560 million euros, and this despite the fact that last year it reduced that figure by 6.2% due to the impact of the pandemic on its income statement due to the slowdown of activity and the collapse of household consumption.

For its part, PharmaMar, one of the listed newcomers to the Ibex – entered the review of September last year – achieved a cash of 163.46 million compared to the net financial debt of 60.79 million registered the previous year.

Outside the Ibex, Corporación Financiera Alba is the company with the highest liquidity position, 523 million at the end of 2020. The March family investment vehicle has increased its net cash position by 731% compared to the previous year, due to to the divestments made. Thus, in his accounts he explains that he made investments for 67 million euros and sold assets for 385 million. In addition, in its latest results it consolidates its stakes in Satlink, Nuadi and Preving by global integration.

It is followed by Técnicas Reunidas, which registers a cash of 196.5 million, 47% less than in 2019. A fall that the company explains that “reflects the evolution of the working capital, and the delay in customer collections motivated by factors linked to Covid-19 “.

Mediaset, together with Alba, PharmaMar and Naturhouse, is part of the group of companies that have managed to raise their cash. The media group closed 2020 with a net liquidity position of 123.2 million, compared to the debt of 30.2 million registered a year earlier.

In the case of Naturhouse, at the end of last year it had a net cash position of 11.13 million euros, isolated from the effect of rental income, compared to the 8.32 million it managed to accumulate the previous year. If the accounting standard IFRS 19 is taken into account, the company chaired by Félix Revuelta would have a net cash of 4.24 million euros.

Miquel and Costas, with 43.3 million of liquidity, Iberpapel, with 32.9 million, and Zardoya Otis, with 21.6, close the group. In the case of Iberpapel, the company explains that during the past year it promoted specific measures to optimize the treasury that have provided additional resources with which to protect itself from the crisis.

Almirall remains outside the club of companies with cash, which years ago managed to meet its requirements. The pharmaceutical company closed the 2020 financial year with a net debt of 392.5 million, 62.5% less than a year earlier. Two other companies have been left out of the ranking this year: Barón de Ley, which is the target of an exclusion takeover bid, which has yet to receive approval from the CNMV, from its main shareholder, Mazuelo Holding, at a price of 109 euros per share, and Bolsas y Mercados Españoles (BME), acquired by the Swiss group Six.

Discipline to face the pandemic

Homework. Companies used strict discipline last year to face the pandemic and avoid firing their indebtedness, as happened in the 2008 financial crisis. To do this, they opted to carry out divestments, capital increases, to suppress or freeze shareholder remuneration and for cost savings to maintain type.

Under control. Thanks to these practices, the Ibex non-financial companies ended 2020 with a total net debt of more than 165,000 million euros, slightly lower than a year earlier.

However, that contention was not the same among the members of the selective. Telefónica, Iberdrola, Naturgy and Repsol were the ones that most managed to reduce leverage, by 7,745 million euros.


SEGA is the best publisher of 2020 according to the Metacritic ranking

Sega, Annapurna Interactive y Capcom, in order, are the 2020 video game editing improvements according to the note aggregator Metacritic. The website has published its eleventh ranking of the best publishers, where I know takes into account the criticism notes to titles, the number of games published and other factors.

Therefore, before representing the ranking or explaining the milestones of each brand, we have to stop for a moment at how the scoring system works that have followed since Metacritic. The most important factor is the Metascore half, that is, an average of the scores of all the games they have published throughout the year which is then multiplied by 1.5.

Then they take into account the percentage of titles that have received “positive reviews”, that is, those with an average greater than 75. If 80% of those who have published are good, 80 points are added; if 60% are good, they add up to 60 points. The same goes for negative dashes: the percentage of titles that have received scores of 49 or lower is collected. If 30% are “bad critics”, they add 70 points; if they are 40%, they add up to 60 points.

Finally, they add five points for each “great” title, that is, those who have a Metacritic of 90 or greateras long as that game has more than seven analyzes. Yes, it must be borne in mind that the games for mobile devices are not taken into account; and that only publishers who have published enter the ranking five or more different games (that is, the same game released for several platforms does not count).

Kentucky Route Zero

Sony, Microsoft and Nintendo do not reach the podium

Cleared, this, the top 10 fall as:

  • 1. SEGA: 372.2 points
  • 2. Annapurna Interactive: 322.9 points
  • 3. Capcom: 313.8 points
  • 4. Sony: 308.6 points
  • 5. Activision Blizzard: 306.6 points
  • 6. Microsoft: 293.3 points
  • 7. Aksys Games: 290 points
  • 8. No More Robots: 287.2 points
  • 9. Nintendo: 284.7 points
  • 10. Return Digital: 271.0 points

The first place of SEGA is due, above all, to Person 5 Royal for PlayStation 4 (it was the highest rated game of 2020) and at the launch of Yakuza 0 for Xbox One. The great new game of the Japanese brand has been 13 Sentinels: Aegis Rim for PS4, but it is placed at the top of the list for the relaunch in other systems of delivery of Yakuza and games like Bayonetta.

Yakuza 0

Activision Blizzard get that position thanks, above all, to Tony Hawk’s Pro Skater 1 + 2 and Crash Bandicoot 4: It’s About Time. Sony almost reached the podium with The Last of Us Parte II and Demon’s Souls Remake, but the bad reviews Predator: Hunting Grounds they take their toll. Versions next-gen from Devil May Cry 5: Special Edition and Monster Hunter World: Iceborne for PC are guilty of the success of Capcom, whose points go down by the critics to Resident Evil: Resistance. Annapurna Interactive takes second place thanks, above all, to the adaptations to the console of Florence and Kentucky Route Zero.

Devil May Cry 5 Special Edition

Return Digital, which repeats the position compared to last year, has had in Disc Room and RuinerNintendo had the great critical success Animal Crossing: New Horizons, but the numerical mean went down by Fire Emblem: Shadow Dragon & the Blade of Light. No More Robots adapted to consoles great titles that have already been released on PC, such as the well received Hypnospace Outlaw. Aksys Gamesspecialized in Japanese games, they were successful with titles such as Code:Realize – Guardian of Rebirth. The Microsoft Flight Simulator and Ori and the Will of the Wisps got high marks, but the average of Microsoft baj por Battletoads and Bleeding Edge.

The Last of Us Parte 2

Other data: 505 Games, the best editor of 2019 for the launch of Control and of Bloodstained: Ritual of the Night, down 13th in 2020.


Turkish uncertainty shakes BBVA again | Markets

Just a decade ago, BBVA closed the purchase of 24.9% of Turkey’s second largest bank, Garanti Bank. He paid 4.2 billion euros. In subsequent years, it expanded its participation to reach 49.85% of its shareholding. In total, it has disbursed more than 7,000 million euros. However, political instability in the Eurasian country has greatly devalued its currency, causing significant losses for BBVA. This week, the Turkish crisis was reignited with the removal of the central bank governor, and the consequent depreciation of his currency.

BBVA, which has had to revise the valuation of its stake in Garanti Bank downwards, considers that these new fluctuations in the Turkish lira will hardly affect it, although its price does suffer with each shock. The bank has long had hedges contracted to mitigate fluctuations in the currencies of those countries in which it operates. “We have a coverage of around 60% on the expected results of Garanti BBVA for 2021”, they explain from the entity.

The latest episode began last weekend when the government of Recep Tayyip Erdogan announced the dismissal of Naci Agbal, governor of the central bank, who had raised rates to stop the devaluation of the lira. He is replaced by Sahap Kavcioglu, a former MP for the ruling party and columnist for the Islamist daily Yeni Safak, with little technical experience. He is the fourth governor in two and a half years. On Monday, the Turkish lira started the week with a depreciation of 15%.

A report by the Goldman Sachs bank recalls that the Turkish lira has depreciated 30% since the beginning of 2020 and that this week has been the fourth event of extreme volatility of the currency since 2018. However, the analysts of the US bank consider that “the exposure of European banks to Turkey is limited, the possibilities of contagion very limited and the entities had already discounted possible episodes of volatility in the Turkish economy in their accounts.”

In addition to BBVA, the Dutch ING and the French BNP Paribas also have a presence in Turkey. But the Spanish bank is the one with the largest investment. In the 2020 results, the Garanti group was the third subsidiary that contributed the most (after Mexico and Spain). It contributed 563 million euros, despite all the turbulence. “BBVA’s exposure to Turkey is significant in terms of revenue,” explained from Goldman Sachs. Even so, “the stock market impact of the presence in Turkey of European banking and the perception of risk has been attenuating since 2018”, they point out.

In this latest onslaught, the Spanish bank’s shares have dropped almost 6% for the week. The big question that analysts are asking is: will this be the latest episode of government intervention in monetary policy or will more come? In the four months that the previous governor of the central bank was in office, he managed to give confidence to investors and markets with a return to orthodox policies and a progressive rise in interest rates of almost nine percentage points (currently the rate of reference is 19%) to try to contain the rise in prices, which is close to 16% year-on-year according to official statistics, but is double according to other calculations. The problem is that Erdogan considers that this policy is contrary to the interests of the country, and that the rates should be much lower, as is the case in most Western countries.

In a report prepared by the ratings agency Scope, it is explained that “with the new governor, the central bank is less likely to be proactive in the short term to address the challenges of a weaker lira, rising inflation and high growth of the currency. credit. Instead, Turkey’s significant macroeconomic imbalances may be exacerbated again. “

The fear is that the new governor will lower the interest rate a lot due to political pressure, and that will end up taking its toll on the entire economy of the country. Adrian Hilton, head of foreign exchange at Columbia Threadneedle Investments, believes that this time “the markets are not going to be so easily fooled by Erdogan.” In his opinion, his defense of a heterodox monetary policy has its days numbered and it will not be able to endure long with interest rate cuts.