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State aid: Commission approves €380 million German rescue aid to Condor

Vlad Poptamas

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Photo source: ft.com
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The European Commission has approved, under EU State aid rules, Germany’s plans to grant a temporary €380 million loan to charter airline Condor. The measure will contribute to ensuring the orderly continuation of air transport services and avoid disruptions for passengers, without unduly distorting competition in the Single Market.

On 25 September 2019, Germany notified the Commission of its intention to grant, via the German public development bank KfW, a €380 million rescue loan to Condor. The airline faces an acute liquidity shortage following the entry into liquidation of its parent company, the Thomas Cook Group. Furthermore, Condor had to write off significant claims against other Thomas Cook Group companies, which Condor will no longer be able to collect.

The Commission’s Guidelines on rescue and restructuring aid allow Member States to support companies in difficulties, provided, in particular, that the public support measures are limited in time and scope and contribute to an objective of common interest. Rescue aid can be granted for maximum six months to give a company time to work out solutions in an emergency situation.

In the present case, the Commission has taken the following elements into account:

  •  the loan will be paid out in instalments under stringent conditions. In particular, Condor has to demonstrate its liquidity needs on a weekly basis and new instalments will only be paid when all existing liquidity has been used; and
  •  Germany committed to ensure that, after six months, the loan will either be fully repaid, or Condor will carry out a comprehensive restructuring in order to return to viability in the long-term. Such possible restructuring would be subject to the Commission’s assessment and approval.

The Commission found that the measure will help ensure the orderly continuation of flight services, in the interest of air passengers. At the same time, the strict conditions attached to the loan and its duration limited to six months will reduce the distortion of competition potentially triggered by the State support to a minimum.

The Commission therefore concluded that the measure is compatible with EU State aid rules.

The non-confidential version of the decision will be made available under the case number SA.55394 in the State Aid Register on the competition website once any confidentiality issues have been resolved. New publications of State aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News.

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B2B Press Releases

6500 make Malta AIBC Summit a huge success

Alexandru Marginean

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Europe’s premier AI & blockchain event praised by attendees as best show

 

Malta AI & Blockchain Summit came to a close on Saturday after three days of jam-packed conferences, workshops, and a busy expo floor.   More than 6500 attendees made AIBC Summit a massive success for the emerging tech sectors, and with Grammy Award-winning artist Akon wowing the crowds at the closing night, it was a star-studded close to the week.

The summit attracted over 150 quality exhibitors, resulting in high energy on the expo floor which lasted long into the day, while 700 investors brought opportunity to delegates looking to forge solid business relationships.

Eman Pulis commented, “The show has been a tremendous success for all involved, and a truly global affair as well.   We were encouraged to see so many delegates from Asian countries present, including Thailand, Korea, the Philippines, Japan and China. This absolutely validates our decision to co-locate our show to Manila in June 2020, and we’re looking forward to building new partnerships between east and west next year.”

Across two days of unmissable conference content, a number of well known faces took to the stage, including Bobby Lee, Craig Wright, Mati Greenspan, David Orban and Akon, who spoke about bringing Africa into the blockchain world with his Akoin token.  The AIBC workshops also drew significant interest, with key figures speaking out on a plethora of industry hot topics.

Another notable triumph for the summit was the Start-Up Pitch event which saw Photocert beat off more than 100 other entrants to take home the prize, gaining valuable time with investors and an array of valuable extras to help them take their business to the next level.

Eman Pulis concluded, “It’s been such an amazing week, with so many luminaries from the emerging tech sectors taking to our conference stage and bringing the community together for the future.  Last year we were talking about theory, and in 2019 we’ve been talking about implementation.  I’m sure 2020 will be full of success stories from all our valued exhibitors and partners, across the world.”

The AIBC team are now looking ahead to next year’s expansion to the eastern hemisphere, with the next summit already locked in for June 8th and 9th in Manila, the Philippines, running alongside SiGMA Group’s other events for the iGaming and medical cannabis sectors.

About AIBC:

Malta AI & Blockchain Summit is a bi-annual expo covering topics relating to the global sectors for blockchain, AI, Big Data, IoT, and Quantum technologies.  The event includes conferences hosted by globally renowned speakers, workshops for industry learning and discussion, an exhibit space accommodating more than 400 brands and much more.

The first Malta Blockchain Summit took place in November 2018 at the Intercontinental Hotel in St Julians, Malta, attracting 8,500 attendees from over 80 countries worldwide, with 300 sponsors and exhibitors, 200 speakers, and No. 1 AI VIP (Sophia the world’s first robot citizen). With strong support from the Maltese government, the event has quickly established itself as one of the world’s leading destinations for the growing sectors of AI, Blockchain and DLT, IoT, and other vertical industries. At the 2018 event the Maltese government introduced 3 new bills to support the growth of the sector and promoting Malta as the “Blockchain Island”.

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Asia

ITES, A Gathering Place of World-class Brands to Lead the Smart Factory Revolution

Alexandru Marginean

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The 21st Shenzhen International Machinery Manufacturing Industry Exhibition is scheduled to take place in Shenzhen World Exhibition & Convention Center (SW) on March 30th to April 2nd, 2020. Benefit from the venue superior location, supply chain capabilities, and strong economic strength, ITES has attracted numerous exhibitors and visitors from home and abroad.

 

The show will cover 240,000 square meters of exhibition area. It is expected to feature more than 1,200 local and international exhibitors, showcasing 8 theme sectors. Among the 8 themes, industrial automation and machine tool areas will be the key highlight overall exhibition, with four dedicated exhibition pavilions. As China smart manufacturing has been facing unprecedented development opportunities, there is an uncommon chance for all industrial manufacturers and suppliers. Because most enterprises should improve their manufacturing techniques and explore China’s market urgently due to this situation, China market will be an important development target for multitudinous industrial leaders.

ITES 2020 has the total usage of 12 exhibition halls that showcases the entire industrial machinery chain:

  • Metal Cutting Machine Tool (Hall 5/7) — featuring Mazak, Makino, Haas, Hurco, Doosan, Hwacheon, Fanuc, Beijing Jingdiao, Brother, Taikan, and more.
  • Metal Forming Machine Tool (Hall 6/8) — featuring Trumpf, Amada, Bystronic, Yawei, JFY, Accurpress, Tailift, LFK, BLM, Han’s Laser, Penta Laser, Lead Laser, and more.
  • Additive Manufacturing Technology (Hall 4) — featuring 3D Systems, Stratasys, Envision Tec, EOS, OPM, Creaform, UnionTech, HP, RATC, PATEO, Shining 3D, HBD, Sunshine, TMP 3D, Scantech, and more.
  • Tools & Industrial Consumable (Hall 1/2) — featuring Sandvik, Iscar, Horn, Kennametal, Big DaiShowa Seiki, Speed Leopard, Pokolm, CB-Ceratizit, YG, and more.
  • Industrial Measurement & Digital Manufacturing (Hall 3) — featuring Hexagon, Zeiss, Mitutoyo, Leader, Faro, Serein, NANO, Wekma, T-King, AEH,Lead, Dantsin, and more.
  • Industrial Supply (Hall 4) — featuring TaiRiSheng, Billion Technology, Jiaye Precision Metal, FIYTA, SEIKO, EVA, Kong Ngai, BaoSteel, ASSAB, Scana, SSAB, and more.
  • Robotics & Smart Factory (Hall 9/10/11) — featuring Fanuc, Yaskawa, Kawasaki, Nachi, Universal Robot, Mitsubishi, Siemens, B&R Automation, Beckhoff, Keyence, SKF, NSK, THK, IKO, and more.
  • Industrial Service (Hall 12)

 

About ITES

ITES 2020 is a professional exhibition of large-scale in the field of manufacturing in South China. Since its establishment in 2000, it has developed into an international professional exhibition authorized by the International Exhibition Industry Association (UFI) through the professional and internationalized operation. Also, it is an industrial brand exhibition certified by BPA International Media Certification Body.

With 20 years of development in Shenzhen, ITES exhibition has been developed into a professional exhibition in technology and manufacturing industry in China. It has become an effective platform for professionals from 3C products, automobile, precision parts manufacturing, mold, medical equipment, new energy, and office equipment industries.

From March 30th to April 2nd, 2020, ITES Exhibition will be held at Shenzhen World Exhibition & Convention Center (SW), with a scale of 240,000 square meters. It will focus on digital, intelligent, personalized and innovative technologies and solutions for different industries.

 

 

Contact: Talina Zeng

Email: info@simmtime.com

Tel: +86-755-23940012

Web: www.simmtime.com

Visitor Registration

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B2B Press Releases

Stan Group Launched Buy-a-Brick to Reward Staff Members Through Revenue Sharing

Alexandru Marginean

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Pexels & AlexM
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An innovative staff incentive programme leveraging blockchain and real estate tokenization technology

Stan Group (Holdings) Limited (“Stan Group”) announced the launch of Buy-a-Brick, an innovative employee incentive and recognition programme that applies blockchain technology and real estate tokenization to enable Stan Group employees to generate wealth alongside Stan Group.

Committed to driving corporate innovation, Stan Group has pioneered the application of real estate tokenization to employee incentive and recognition. Buy-a-Brick is designed to motivate staff engagement in innovation, cultivate intrapreneurship and recognize staff for the efforts. Unlike other conventional revenue-sharing models, Buy-a-Brick provides employees with the opportunity to share the future capital gain of a building, without making any monetary contribution. A “Brick” is a digital token stored on the blockchain, which represents a smart contract for a selected building. By participating in Buy-a-Brick, if the property selected is sold and profit is made on the sale of that property, the brick holders will be entitled to share the profit made.

“We are thrilled to launch Buy-a-Brick for internal staff as it redefines staff appreciation. I believe every one of our staff members plays an integral role in the Group’s success and should be able to reap the reward and share the value created,” said Stan Tang, Chairman of Stan Group. “The launch of Buy-a-Brick has cemented the leading position of Stan Group in corporate innovation and entrepreneurship. Buy-a-Brick started with a dream, through matching the idea with resources within our business ecosystem, it is now a reality. I hope to ignite innovation and initiate change within and outside the Group, and shape a better future for entrepreneurs and all.”

Buy-a-Brick is the newest addition to the existing Stan Group credit system, where employees earn points with innovative business pitches, business referral, attending design thinking and other talent development workshops, etc. There are two types of points, namely Credit Point and Shared Value Point. With Credit Point, employees can redeem vouchers, hotel stay, and even an extra day off. On the other hand, the new Shared Value Points can be used to redeem a “Brick” at Buy-a-Brick.

About Stan Group

Stan Group (Holdings) Limited (“Stan Group” or “the Group”) is a leading conglomerate rooted in property with a wide array of diverse businesses. Committed to sustainable business development and social investment, the Group manages a HK$60 billion real estate portfolio in strategic partnership with the Tang Shing-bor family and operates more than 40 respected brands across five business pillars: property, hospitality, communication services, financial services and The STILE, innovative businesses with social purposes. Dedicated to innovation, collaboration, human focus and entrepreneurship, the Group’s core values empower it to achieve the vision of driving the vibrancy of society, and the mission of creating shared value (CSV) for shareholders, business partners, customers, employees and the community at large.

 

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