BASEL

BioVersys Announces Expansion of Strategic Collaboration With GSK and Extension of Its Series C Round by CHF 12.3 Million

Retrieved on: 
Tuesday, May 7, 2024
Public, University, GSK plc, Investment, Health, Bacteria, Partnership, Research, Ethionamide, Pasteur Institute, Disease, GSK, Patient, CHF, Acinetobacter baumannii, MDR, TB, Series, Tuberculosis, Pharmaceutical industry

The compound represents a totally new concept of overcoming resistance and significantly potentiating the activity of an existing antibiotic, ethionamide (Eto).

Key Points: 
  • The compound represents a totally new concept of overcoming resistance and significantly potentiating the activity of an existing antibiotic, ethionamide (Eto).
  • As part of the expanded collaboration, GSK will take an equity stake in BioVersys' latest investment round.
  • Adding to further investments from existing and new investors, this extends the Series C financing by CHF 12.3 million, resulting in total proceeds of CHF 44.9 million for the Series C round to date.
  • Dr. Marc Gitzinger, Chief Executive Officer and founder of BioVersys: "We are very pleased to announce both the expansion of our highly successful strategic collaboration with GSK and our partner’s participation in our latest financing round.

Straumann Group shareholders approve all proposals and elect Xiaoqun Clever-Steg and Stefan Meister as new Board Members

Retrieved on: 
Friday, May 3, 2024
CHF, Chairperson, Congress Center, Annual, AG, AGM, Holding company

Basel, 12 April 2024 – Today at the Annual General Meeting (AGM) of Straumann Holding AG, the Straumann shareholders approved all the proposals put forward by the Board of Directors by a large majority.

Key Points: 
  • Basel, 12 April 2024 – Today at the Annual General Meeting (AGM) of Straumann Holding AG, the Straumann shareholders approved all the proposals put forward by the Board of Directors by a large majority.
  • The meeting was attended by 265 shareholders, who together with the independent voting representative, represented 70.6% of the total share capital.
  • On behalf of the shareholders and the company, the Board thanked them for their commitment and wished them all the best for the future.
  • The next ordinary general meeting of Straumann’s shareholders will be convened on 10 April 2025 at the Basel Congress Center.

C3 Rules and HyperRisk Solutions Forge Strategic Alliance to Transform Cryptoasset Compliance

Retrieved on: 
Monday, April 22, 2024
Investment, Partnership, King & Wood Mallesons, Risk management, Classification, C3, ETF, Cryptocurrency

To address these challenges, C3 Rules , a leading developer of cryptoasset compliance solutions, has teamed up with HyperRisk Solutions , a leader in regulatory technology software.

Key Points: 
  • To address these challenges, C3 Rules , a leading developer of cryptoasset compliance solutions, has teamed up with HyperRisk Solutions , a leader in regulatory technology software.
  • Their joint effort integrates C3 Rules’ cryptoasset classification and compliance reporting solution with HyperRisk Solutions’ RiskGuard software, creating a comprehensive system for cryptoasset capital calculations.
  • Ben Stolman , CEO at C3 Rules, expressed his enthusiasm about the partnership, stating: "This strategic alliance with HyperRisk Solutions is a game-changer for the financial industry.
  • Aleksa Jorga , a partner at HyperRisk Solutions, states: “We are excited to start on a partnership with C3 Rules, with its bold and innovative approach to crypto regtech.

C3 Rules and HyperRisk Solutions Forge Strategic Alliance to Transform Cryptoasset Compliance

Retrieved on: 
Monday, April 22, 2024
Investment, Partnership, King & Wood Mallesons, Risk management, Classification, C3, ETF, Cryptocurrency

To address these challenges, C3 Rules , a leading developer of cryptoasset compliance solutions, has teamed up with HyperRisk Solutions , a leader in regulatory technology software.

Key Points: 
  • To address these challenges, C3 Rules , a leading developer of cryptoasset compliance solutions, has teamed up with HyperRisk Solutions , a leader in regulatory technology software.
  • Their joint effort integrates C3 Rules’ cryptoasset classification and compliance reporting solution with HyperRisk Solutions’ RiskGuard software, creating a comprehensive system for cryptoasset capital calculations.
  • Ben Stolman , CEO at C3 Rules, expressed his enthusiasm about the partnership, stating: "This strategic alliance with HyperRisk Solutions is a game-changer for the financial industry.
  • Aleksa Jorga , a partner at HyperRisk Solutions, states: “We are excited to start on a partnership with C3 Rules, with its bold and innovative approach to crypto regtech.

Capital City Bank Group, Inc. Reports First Quarter 2024 Results

Retrieved on: 
Monday, April 22, 2024
Sale, HFI, Investment, Federal Home Loan Banks, Insurance, Growth, Environment, Bank, 401(k), FED, Calendar, NOW

Further, the first quarter of 2024 had one less calendar day compared to the fourth quarter of 2023 and one additional calendar day compared to the first quarter of 2023.

Key Points: 
  • Further, the first quarter of 2024 had one less calendar day compared to the fourth quarter of 2023 and one additional calendar day compared to the first quarter of 2023.
  • We recorded a provision for credit losses of $0.9 million for the first quarter of 2024 compared to $2.0 million for the fourth quarter of 2023 and $3.1 million for the first quarter of 2023.
  • Noninterest income for the first quarter of 2024 totaled $18.1 million compared to $17.2 million for the fourth quarter of 2023 and $17.8 million for the first quarter of 2023.
  • Noninterest expense for the first quarter of 2024 totaled $40.2 million compared to $40.0 million for the fourth quarter of 2023 and $37.7 million for the first quarter of 2023.

C&F Financial Corporation Announces Net Income for First Quarter

Retrieved on: 
Friday, April 19, 2024
Sale, Investment, Corporation, FHLB, Federal Reserve Bank, Insurance, Employment, Car, Environment, Pressure, COVID-19, Bank, Face, Consolidated, Share repurchase, FDIC, Community, GAAP, Growth, Real estate

“Our net income continues to be affected by increases in deposit costs resulting from both a change in mix of deposits and the overall higher interest rate environment,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation.

Key Points: 
  • “Our net income continues to be affected by increases in deposit costs resulting from both a change in mix of deposits and the overall higher interest rate environment,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation.
  • Average deposits increased $72.3 million, or 3.6 percent, for the first quarter of 2024 compared to the same period in 2023.
  • Average deposits increased $31.8 million, or 6.3 percent annualized, for the first quarter of 2024 compared to the fourth quarter of 2023.
  • During the first quarter of 2024, the Corporation repurchased 9,654 shares, or $516,000, of its common stock under this share repurchase program.

MEDIA ALERT: Wolters Kluwer expert comments on European Parliament vote to pass amendment implementing Basel III reforms

Retrieved on: 
Friday, April 26, 2024
Software, Finance, Banking, Data Management, Accounting, Professional Services, Technology, Security, CP, FRR, European Parliament, Amendment, Wolters, Risk management, EHS, Capital Requirements Regulation 2013, ESG, CRD, GRC, Capital Requirements Directives, Risk

The European financial landscape saw a milestone event this week, as the EU Parliament passed the Amendment to Regulation (EU) No 575/2013, implementing the Basel III finalization within Europe.

Key Points: 
  • The European financial landscape saw a milestone event this week, as the EU Parliament passed the Amendment to Regulation (EU) No 575/2013, implementing the Basel III finalization within Europe.
  • “This is a major overhaul of the capital requirements framework, impacting various aspects, including credit risk, operational risk, market risk, and the capital floor.
  • Whereas other significant jurisdictions, including the U.S., the U.K. and Hong Kong, have deferred timelines, the EEA region is now moving ahead with the Basel III reforms without delay.
  • Wolters Kluwer FRR is part of Wolters Kluwer’s Corporate Performance & ESG (CP & ESG) division, headed by CEO Karen Abramson .

BANKFIRST CAPITAL CORPORATION Reports First Quarter 2024 Earnings of $5.0 Million

Retrieved on: 
Thursday, April 25, 2024
Total, OTCQX, FHLB, Risk, Bank, Federal Home Loan Banks, Federal Reserve Bank, Environment, Bank First, Face, Credit, Growth, Video game

Net income totaled $5.0 million, or $0.93 per share, in the first quarter of 2024 compared to $7.1 million, or $1.33 per share, in the first quarter of 2023.

Key Points: 
  • Net income totaled $5.0 million, or $0.93 per share, in the first quarter of 2024 compared to $7.1 million, or $1.33 per share, in the first quarter of 2023.
  • Net interest income totaled $20.2 million in the first quarter of 2024 compared to $23.2 million in the first quarter of 2023.
  • Net interest income was $20.2 million for the first quarter of 2024, compared to $21.6 million for the fourth quarter of 2023 and $23.2 million for the first quarter of 2023.
  • Noninterest expense was $20.0 million for the first quarter of 2024, compared to $19.2 million for the fourth quarter of 2023 and $19.3 million for the first quarter of 2023, an increase of 4% and 3%, respectively.

Decomposing systemic risk: the roles of contagion and common exposures

Retrieved on: 
Tuesday, April 23, 2024
Tao, CIBC, Tax, RWA, Risk, European Systemic Risk Board, Research Papers in Economics, Contagion, RT, The Big Six, NBC, International, Shock, Observation, Bank of Canada, HTC, European Economic Association, The Washington Post, Great, JPMorgan Chase, Paper, GM, Environment, Political economy, Journal of Financial Economics, COVID-19, Perception, BNS, Website, Silicon, IAT, Cifuentes, Probability, Balance sheet, RAN, Medical classification, Algorithm, Information technology, Quarterly Journal of Economics, LN, Nature, European Journal, Royal Bank of Canada, Technical report, Journal of Political Economy, Equitable Bank, Bankruptcy, RAI, PDF, Private, ECB, Policy, CHS, Supercapacitor, Social science, Journal of Financial Stability, Intelligence (journal), Elsevier, Home, Cambridge University Press, Journal, Springer Science+Business Media, Research, Classification, Regulation, News, EQB, Credit, Literature, AIK, European Central Bank, COVID, SVAR, Section 5, Management science, DRA, M4, VL, National bank, Government, ISSN, BMO, Panel, International Financial Reporting Standards, BIS, FIS, Basel III, Commerce, Scotiabank, C32, Econometric Society, Interbank, Fraud, Section 4, Bank, Schedule, VAR, Section 3, The Journal of Finance, RBC, Volcanic explosivity index, Fire, Wassily Leontief, Financial economics, Metric, Section 2, L14, Central bank, Superintendent, Bank of Montreal, Kronecker, BOC, Lithium, BCBS, Sale, Macroeconomic Dynamics, Christophe, CWB, LBC, NHA, Imperial Bank, Private equity, Quarterly Journal, National Bank of Canada, C51, Canadian Western Bank, Currency crisis, JEL classification codes, Victor Drai, L.1, MFC, Silicon Valley Bank, EB, Laurentian Bank of Canada, Federal, RA1, Series, W0, FEVD, Journal of Econometrics, Aggregate, University, FRB, MB, Financial institution, Element, Health, Book, Angels & Airwaves, Common, OSFI, GFC, Reproduction, K L, Systematic, Housing, G21, Home Capital Group, Communications satellite

Abstract

Key Points: 
    • Abstract
      We evaluate the effects of contagion and common exposure on banks? capital through
      a regression design inspired by the structural VAR literature and derived from the balance
      sheet identity.
    • Contagion can occur through direct exposures, fire sales, and market-based
      sentiment, while common exposures result from portfolio overlaps.
    • First, we document that contagion varies in time, with the highest levels
      around the Great Financial Crisis and lowest levels during the pandemic.
    • Our new framework complements
      traditional stress-tests focused on single institutions by providing a holistic view of systemic risk.
    • While existing literature presents various contagion narratives, empirical findings on
      distress propagation - a precursor to defaults - remain scarce.
    • We decompose systemic risk into three elements: contagion, common exposures, and idiosyncratic risk, all derived from banks? balance sheet identities.
    • The contagion factor encompasses both sentiment- and contractual-based elements, common exposures consider systemic
      aspects, while idiosyncratic risk encapsulates unique bank-specific risk sources.
    • Our empirical analysis of the Canadian banking system reveals the dynamic nature of contagion, with elevated levels observed during the Global Financial Crisis.
    • In conclusion, our model offers a comprehensive lens for policy intervention analysis and
      scenario evaluations on contagion and systemic risk in banking.
    • This
      notion of systemic risk implies two key components: first, systematic risks (e.g., risks related
      to common exposures) and second, contagion (i.e., an initially idiosyncratic problem becoming
      more widespread throughout the financial system) (see Caruana, 2010).
    • In this paper, we decompose systemic risk into three components: contagion, common exposures, and idiosyncratic risk.
    • First, we include contagion in three forms: sentiment-based contagion, contractual-based
      contagion, and price-mediated contagion.
    • In this context,
      portfolio overlaps create common exposures, implying that bigger overlaps make systematic
      shocks more systemic.
    • With the COVID-19 pandemic starting
      in 2020, contagion drops to all time lows, potentially related to strong fiscal and monetary
      supports.
    • That is, our
      structural model provides a framework for analyzing the impact of policy interventions and
      scenarios on different levels of contagion and systemic risk in the banking system.
    • This provides a complementary approach to
      seminal papers that took a structural approach to contagion, such as DebtRank Battiston et al.
    • More generally, the literature on networks and systemic risk started with Allen and Gale
      (2001) and Eisenberg and Noe (2001).
    • The matrix is structured as follows:
      1

      In our model, we do not distinguish between interbank liabilities and other types of liabilities.

    • In other words, we can and aim to estimate different degrees
      of contagion per asset class, i.e., potentially distinct parameters ?Ga .
    • For that, we build three major
      metrics to check: average contagion, average common exposure, and average idiosyncratic risk.
    • N i j

      et ,
      Further, we define the (N ?K) common exposure matrix as Commt = [A

      (20)

      et ]diag (?C
      ?L

      such that average common exposure reads,
      average common exposure =

      1 XX
      Commik,t .

    • N i j

      (22)

      20

      ? c ),

      The three metrics?average contagion, average common exposure, and average idiosyncratic risk?provide a comprehensive framework for understanding banking dynamics.

    • Figure 4 depicts the average level of risks per systemic risk channel: contagion risk, common exposure, and idiosyncratic risk.
    • Figure 4: Average levels of contagion (Equation (20)), common exposure (Equation (21)), and idiosyncratic risk
      (Equation (22)).
    • The market-based contagion is the contagion due to
      investors? sentiment, and the network is an estimate FEVD on volatility data.
    • For most of
      the sample, we find that contagion had a bigger impact on the variance than common exposures.

HDBank to pay 25% dividend in cash and stocks, aim for high growth in 2024

Retrieved on: 
Wednesday, April 10, 2024
State bank, ESG, AGM, HCM, ROA, News, Commercial bank, Risk management

HDBank will pay a dividend of 25%, 10% in cash and 15% in stocks, for 2023.

Key Points: 
  • HDBank will pay a dividend of 25%, 10% in cash and 15% in stocks, for 2023.
  • HDBank will submit reports to shareholders for approval, including its business performance in 2023, business plans for 2024, profit distribution plans for 2023, and other key reports.
  • Eyeing VND16 trillion profits in 2024, ROE at 24.6%
    HDBank, which has gone through a 10-year journey of reform, maintained its high and steady growth in 2023.
  • In 2024 the bank remains on track for high growth while developing a comprehensive environmental, social and governance (ESG) strategy.