JP Morgan continues the international expansion as the bank is targeting more Mittelstand companies to strengthen its foothold in Germany.

JP Morgan strengthens its foothold in Germany by targeting Mittelstand companies

149.1.JPM

JPMorgan Chase & Co

jp-morgan-strengthens-foothold-germany-targeting-mittelstand-companies

ASML has quietly become a giant in equipment and consumables and controls more than 90% lithography market. But now the company has a new challenge ahead

ASML Holding dreams bigger in lithography market. The engineering challenges

224.1.ASML/A

ASML Holding NV

asml-holding-dreams-bigger-lithography-market-the-engineering-challenges

ASML/A

The German group Siemens Energy confirmed Wednesday that it intends to launch a takeover bid to buy all the outstanding shares in Siemens Gamesa Renewable Energy S.A. with the intention to delist the company.

Siemens Energy targets the remaining stake in Siemens Gamesa. Shares rally on the news

224.1.SGRE/E

Siemens Gamesa Renewable Energy SA

siemens-energy-targets-remaining-stake-siemens-gamesa-shares-rally

SGRE/E

MasterCard announced a program that will allow users to make payments with facial recognition.But what are the opportunities in this market and the potential pitfalls?

MasterCard rolls out smile to pay feature. The program will go live in Brazil

149.1.MA

Mastercard

mastercard-rolls-out-smile-pay-feature-program-will-go-live-brazil

After thirty-two years, McDonald’s shuts its doors in Russia. On Monday, May 16, the fast-food giant said that it will sell its operations to a local buyer

McDonald’s leaves Russia after thirty-two years. Shares fall on Wall Street

149.1.MCD

McDonald's Corp

mcdonalds-leaves-russia-after-thirty-two-years-shares-fall-wall-street

Affirm shares jumped over 20% on Friday after strong earnings report and extended partnership with Shopify. Revenue surged 54% to $ 355 million

Affirm dazzles Wall Street with strong revenue growth and extends partnership with Shopify

149.1.AFRM

Affirm Holdings

affirm-dazzles-wall-street-strong-revenue-growth-extends-partnership-shopify

AFRM

During the I/O developer conference on Wednesday, the Mountain View giant announced a flurry of new devices, including the long-awaited Pixel Watch, the Pixel 6a smartphones and the Pixel Buds Pro earphones.

Big G lifts the curtain on Pixel Watch and Buds Pro headphones at Google I / O 2022

149.1.GOOGL

Alphabet

big-g-lifts-curtain-pixel-watch-buds-pro-headphones-google-i-o-2022

GOOGL

Salvatore Ferragamo  managed to beat analysts’ expectations despite the impact of restrictions in China.  But the stock closed Tuesday’s session down 7.3%

Salvatore Ferragamo beats expectations and presents a new strategic plan. But shares fall in Milan

223.1.SFER

SALVATORE FERRAGAMO

salvatore-ferragamo-beats-expectations-presents-new-strategic-plan-shares-fall-milan

SFER

JP Morgan has lost 23% since the start of 2022 but Morningstar believes it has strong potential for long-term investors

JP Morgan, a potential winner according to Morningstar analysts

149.1.JPMpC

jp-morgan-potential-winner-according-morningstar-analysts

JPMpC

The US pharmaceutical company sold 5.9 billion covid vaccines in the first three months of the year, more than triple the $ 1.7 billion last year and announced a strong pipeline. But the guidance was not enough to convince the markets.

Moderna, vaccine sales dominate Q1 revenue but shares lose steam

149.1.MRNA

Moderna

moderna-vaccine-sales-dominate-q1-revenue-shares-lose-steam

MRNA

After a rough start to the year, Foot Locker forges new alliances to diversify revenue and mitigate the impact of Nike's new strategy.  The retailer announced Thursday a "new partnership" with Adidas to establish a deeper connection with consumers

Foot Locker seals new partnership with Adidas targeting over $2 billion retail sales by 2025

149.1.FL

Foot Locker

foot-locker-seals-new-partnership-adidas-targeting-over-2-billion-retail-sales-2025

The ride-sharing company closed the first quarter of 2022 with the mobility segment surpassing delivery revenue.  But the revaluation of investments and inflation fears weighed on the stock.

Uber reports strong revenue growth but loses $ 5.9 billion in the first quarter 2022

149.1.UBER

Uber Technologies

uber-reports-strong-revenue-growth-loses-59-billion-first-quarter-2022

UBER

Restaurant Brands shows signs of optimism as revenues and profit beat analysts’ expectations in the first quarter 2022. But inflation worries remain and shares dipped more than 2% on Tuesday

Restaurant Brands, revenue beat expectations but inflation worries remain. Shares drop more than 2%

149.1.QSR

Restaurant Brands International

restaurant-brands-revenue-beat-expectations-inflation-worries-remain-shares-drop-2

After a two-year break due to a pandemic, Berkshire's annual shareholders' meeting returns in person. From Chevron to Activision Blizzard, Berkshire accelerated investments in the first quarter but earnings fall short of expectations

Buffett returns with a big buying spree. But Q1 earnings fall short of analysts’ expectations

149.1.BRK/B

Berkshire Hathaway

buffett-returns-big-buying-spree-q1-earnings-fall-short-analysts-expectations

BRK/B

Honeywell delivered results that outpaced analysts’ expectations thanks to strong demand for aircraft components. Shares jumped 6.4% after the earnings release

Honeywell shares rise on better-than expected Q1 earnings and improving guidance

149.1.HON

Honeywell International

honeywell-shares-rise-better-than-expected-q1-earnings-improving-guidance

Down 1.85 usd

 (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - The 
London morning gold fix was set at 1,753.55 dollars per 
ounce, down 1.85 dollars from the previous fix of 1,755.40 
dollars per ounce yesterday afternoon.
AAA-Web
(RADIOCOR) 25-11-22 14:19:09 (0302) 5 NNNN

Down 1.85 usd (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - The London morning gold fix was set at 1,753.55 dollars per ounce, down 1.85 dollars from the previous fix of 1,755.40 dollars per ounce yesterday afternoon.
AAA-Web
(RADIOCOR) 25-11-22 14:19:09 (0302) 5 NNNN

London gold morning fix 1,753.55 usd

DJIA futures up 67 points

 (Il Sole 24 Ore Radiocor Plus) - New York, 25 Nov - US 
futures are higher ahead of a shortened trading session as 
investors chew over the prospects for a slowdown in the pace 
of interest rate rises by the Federal Reserve.
Wall Street, closed yesterday for Thanksgiving, ended higher 
on Wednesday after minutes from the Fed's latest policy 
meeting showed it is likely to ease the pace of its rate 
hikes 'soon' with a majority of Fed officials indicating that 
a 'slowing in the pace of increase would likely soon be 
appropriate.' 
The minutes also showed officials consider a recession as 
almost inevitable next year citing 'stubbornly high' 
inflation, sluggish growth in real private domestic spending, 
a deteriorating global outlook, and tightening financial 
conditions.
Concern has been growing that overly aggressive rate hikes 
could aggravate the economic slowdown and tip the US economy 
into recession.
Investors meanwhile will also be assessing China's latest 
move to stimulate its economy by reducing the amount of cash 
lenders must hold in reserve as Beijing grapples with a sharp 
rise in Covid-19 infections.
With no major economic data on the agenda, the market will be 
outwatching signs of how consumer appetite is bearing up on 
the Black Friday holiday with Christmas season fast 
approaching.
On the stocks front shares in Activision Blizzard were down 
more than 3% in premarket trade after reports the Federal 
Trade Commission could file an antitrust lawsuit to stymie 
its acquisition by Microsoft. China's market watchdog 
meanwhile said Tesla was recalling some 80,000 cars in China 
because of software and seat-belt issues.
Futures on the Dow Jones were up 67.00 points, or 0.20%, S&P 
500 futures were up 5.00 points, or 0.12%, while futures on 
the Nasdaq were 22.75 points, or 0.19%, lower.
AAA-Sje
(RADIOCOR) 25-11-22 14:05:06 (0298) 5 NNNN

DJIA futures up 67 points (Il Sole 24 Ore Radiocor Plus) - New York, 25 Nov - US futures are higher ahead of a shortened trading session as investors chew over the prospects for a slowdown in the pace of interest rate rises by the Federal Reserve.
Wall Street, closed yesterday for Thanksgiving, ended higher on Wednesday after minutes from the Fed's

US futures mixed ahead of shortened holiday session

(Il Sole 24 Ore Radiocor Plus) - New York, 25 Nov - US 
newspaper headlines

THE NEW YORK TIMES
Tech giant aims to cut ties with Russia.
Why are there so many mass shootings in the US? International 
comparisons suggest an answer.
Can Big Tech get bigger? Microsoft presses governments to say 
yes.
Sarah Palin is defeated as her party moves past her.

THE WALL STREET JOURNAL
Gucci's next revamp needs a more classic look.
How crypto's collapse may have done the economy a favour.
Adidas to probe misconduct allegations against Kanye West.
Tesla to recall about 80,000 cars in China.

THE WASHINGTON POST
With record Covid cases, China scrambles to plug an immunity 
gap.
Musk says he will revive banned Twitter accounts, to the 
alarm of activists and safety experts.
How Trump lost the fight over his tax returns - and the clock 
Democrats now face.
FTX's Bahamas crypto empire: Stimulants, subterfuge and a 
spectacular collapse.

LOS ANGELES TIMES
Seeking a boost, Taiwan's oldest party turns to a 
great-grandson of Chiang Kai-shek.
Musk to grant 'amnesty' to suspended Twitter accounts, 
raising fresh content concerns.
Britain's voters warm to new leader Rishi Sunak - but not to 
his fractious party.
Black Friday deals, consumer pullback may mean a bumpy 
holiday shopping season for retailers.
AAA-Sje
(RADIOCOR) 25-11-22 13:53:44 (0290) 5 NNNN

(Il Sole 24 Ore Radiocor Plus) - New York, 25 Nov - US newspaper headlines THE NEW YORK TIMES
Tech giant aims to cut ties with Russia.
Why are there so many mass shootings in the US? International comparisons suggest an answer.
Can Big Tech get bigger? Microsoft presses governments to say yes.
Sarah Palin is defeated as her party moves past her. TH

US newspaper headlines

Yield rises to 2.324%

 (Il Sole 24 Ore Radiocor Plus) - Rome, 25 Nov - Italy's 
treasury sold 5 billion euros of six-month bonds in an 
auction, with the yield rising by 0.28 percentage points from 
the previous auction to 2.324%, its highest level since July 
2012.
The bid-to-cover ratio was 1.57.
AAA-Hob
(RADIOCOR) 25-11-22 13:47:54 (0289) 5 NNNN

Yield rises to 2.324% (Il Sole 24 Ore Radiocor Plus) - Rome, 25 Nov - Italy's treasury sold 5 billion euros of six-month bonds in an auction, with the yield rising by 0.28 percentage points from the previous auction to 2.324%, its highest level since July 2012.
The bid-to-cover ratio was 1.57.
AAA-Hob
(RADIOCOR) 25-11-22 13:47:54 (0289) 5 NNNN

Italy sells 5 bln eur in 6-mth bonds at higher yield

Down 18.8% yr/yr

 (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - Net 
investments raised by Italian financial advisors totalled 
33.2 billion euros in the first nine months of 2022, down 
18.8% from the 41.0 billion in the same period of 2021, 
according to the financial advisors' association Assoreti.
The inflow into managed products fell 58% to 12.8 billion 
euros while the inflow into administrated financial 
instruments increased 443% to 13.9 billion.
The size of the client portfolio of financial advisors 
totalled 725.4 billion euros, down 4.1% year on year and 0.9% 
compared with the previous quarter.
AAA-Web
(RADIOCOR) 25-11-22 13:36:09 (0275) 5 NNNN

Down 18.8% yr/yr (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - Net investments raised by Italian financial advisors totalled 33.2 billion euros in the first nine months of 2022, down 18.8% from the 41.0 billion in the same period of 2021, according to the financial advisors' association Assoreti.
The inflow into managed products fell 58% to 12.8

Italy 9 mth financial advisor network net inflow 33.2 bln eur

Sensex up 0.03% at 62,293 points

 (Il Sole 24 Ore Radiocor Plus) - Mumbai, 25 Nov - Indian 
shares closed flat to slightly higher, rising for a fourth 
day amid muted Asian markets as a recent rally lost steam.
The BSE Sensex closed up 0.03% at 62,293 points while the NSE 
Nifty closed up 0.15% at 18,512 points.
AAA-Ver
(RADIOCOR) 25-11-22 13:19:42 (0269) 5 NNNN

Sensex up 0.03% at 62,293 points (Il Sole 24 Ore Radiocor Plus) - Mumbai, 25 Nov - Indian shares closed flat to slightly higher, rising for a fourth day amid muted Asian markets as a recent rally lost steam.
The BSE Sensex closed up 0.03% at 62,293 points while the NSE Nifty closed up 0.15% at 18,512 points.
AAA-Ver
(RADIOCOR) 25-11-22 13:19:42 (02

Indian shares close flat to slightly higher

(Il Sole 24 Ore Radiocor Plus).
AAA-Ver
(RADIOCOR) 25-11-22 13:16:37 (0266) 5 NNNN

(Il Sole 24 Ore Radiocor Plus).
AAA-Ver
(RADIOCOR) 25-11-22 13:16:37 (0266) 5 NNNN

Mumbai BSE Sensex closes up 0.03% at 62,293 points (RCOP)

Oil and gas shares rise; retailers, UK homebuilders weigh

 (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - In 
European stock market dealings most sectors were little 
changed, with retailers extending losses in the previous 
session while oil and gas shares rose as they tracked oil 
prices higher.
British homebuilders dropped after a survey showed that UK 
first-time buyers increasingly favor rental properties.
Taylor Wimpey fell 1.19% and Persimmon fell 1.09% in London 
dealings.
Devro was up 59.90% after the German food company Saria said 
that it will launch a recommended bid of 316.1 pence per 
share in cash for the UK producer of sausage casings.
AAA-Ver
(RADIOCOR) 25-11-22 13:16:38 (0267) 5 NNNN

Oil and gas shares rise; retailers, UK homebuilders weigh (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - In European stock market dealings most sectors were little changed, with retailers extending losses in the previous session while oil and gas shares rose as they tracked oil prices higher.
British homebuilders dropped after a survey showed tha

Europe shares flat at mid-session, head for weekly gain -2-

FTSE 100 up 0.30%; DAX up 0.04%; CAC 40 up 0.16%

 (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - European 
shares were little changed in cautious midday trade amid 
muted global markets.
At 1159 GMT, the FTSE 100 was up 0.30% at 7,488 points, the 
Frankfurt DAX was up 0.04% at 14,545 points, the Paris CAC 40 
was up 0.16% at 6,718 points, while in Milan the FTSE MIB was 
down 0.07% at 24,749 points and in Madrid the IBEX 35 was up 
0.11% at 8,396 points.
The region's stock markets were set for a weekly gain as 
growing expectations that the US Federal Reserve will temper 
its pace of interest rate hikes helped support sentiment.
Minutes from the Fed's November meeting released earlier this 
week signaled that the central bank is seeing progress in its 
fight against soaring inflation. According to the document, a 
majority of Fed officials indicated that a 'slowing in the 
pace of increase would likely soon be appropriate.' 
Minutes from the European Central Bank's October meeting 
showed yesterday that the Frankfurt-based institution will 
continue to raise rates. The ECB has increased rates by a 
record 75 basis points at its last two meetings as it 
struggles to rein in eurozone inflation running at double 
digits.
Investors also digested data showing that Germany's economy 
grew slightly more than expected in the third quarter, rising 
0.4% on the previous quarter on a price, seasonally and 
calendar adjusted basis, according to the statistics office 
Destatis.
Also on the data front, in December German consumer sentiment 
is expected to rise by 1.7 points to -40.2 points from -41.9 
points in November, according to the market research firm 
GfK.
In Italy, consumer confidence in November increased to 98.1 
from 90.1 in October while business confidence rose to 106.4 
from 104.7 the previous month, according to data released by 
statistical institute Istat.
AAA-Ver
(RADIOCOR) 25-11-22 13:11:36 (0265) 5 NNNN

FTSE 100 up 0.30%; DAX up 0.04%; CAC 40 up 0.16% (Il Sole 24 Ore Radiocor Plus) - Milan, 25 Nov - European shares were little changed in cautious midday trade amid muted global markets.
At 1159 GMT, the FTSE 100 was up 0.30% at 7,488 points, the Frankfurt DAX was up 0.04% at 14,545 points, the Paris CAC 40 was up 0.16% at 6,718 points, while in Mil

Europe shares flat at mid-session, head for weekly gain

Values in USD at 13:00 (local time)

 Last Chg.% Chg.% Year 
Bitcoin 16518.24 -0.23 -65.09 
Ethereum 1192.36 -0.21 -68.84 
Source: Coindesk

 Last Chg.% Chg.% Year 
Bitcoin Coinbase 16512.50 -0.26 -64.76 
Bitcoin Bitstamp 16516.00 -0.44 -65.08 
Source: Cnbc.
(RADIOCOR) 25-11-22 13:05:08 (0261) 5 NNNN

Values in USD at 13:00 (local time) Last Chg.% Chg.% Year Bitcoin 16518.24 -0.23 -65.09 Ethereum 1192.36 -0.21 -68.84 Source: Coindesk Last Chg.% Chg.% Year Bitcoin Coinbase 16512.50 -0.26 -64.76 Bitcoin Bitstamp 16516.00 -0.44 -65.08 Source: Cnbc.
(RADIOCOR) 25-11-22 13:05:08 (0261) 5 NNNN

Bitcoin quotes

Crude oil futures up 1.68% at 86.77 usd/barrel

 (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - Brent 
futures were higher, bouncing back from a two-month low and 
climbing above 86 dollars a barrel.
At 1146 GMT crude oil futures were up 1.68% at 86.77 dollars 
a barrel.
AAA-Ver
(RADIOCOR) 25-11-22 13:04:30 (0258) 5 NNNN

Crude oil futures up 1.68% at 86.77 usd/barrel (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - Brent futures were higher, bouncing back from a two-month low and climbing above 86 dollars a barrel.
At 1146 GMT crude oil futures were up 1.68% at 86.77 dollars a barrel.
AAA-Ver
(RADIOCOR) 25-11-22 13:04:30 (0258) 5 NNNN

Brent futures trade higher, rebound from 2-mth low

Group, region's capacity to meet demand to reach limits

 (Il Sole 24 Ore Radiocor Plus) - Paris, 25 Nov - French 
champagne producer Laurent-Perrier said that in the half year 
ended September 30 group turnover rose 24% from the prior 
year to 159.4 million euros. Champagne sales amounted to 
159.3 million euros, 24.1% more than a year ago, as volumes 
shipped increased an annual 3.5%.
Sale volumes in the period rose 12.4%.
During the first half of 2022-2023, the group continued to 
invest for the long term, particularly in support of its 
brands and in business development. This investment in sales 
enhancement contributes to the strength of the brands and the 
price/mix effect, Laurent-Perrier said.
Operating profit rose 48.9% to 53.1 million euros and the 
margin improved to 33.3% from 27.8%. Net profit rose 58.4% to 
36.9 million euros.
The company cautioned that first half results cannot be 
extrapolated to its full 2022-2023 financial year. "Indeed, 
the geopolitical context linked to the war in Ukraine, strong 
inflationary pressure and resulting monetary policies oblige 
the Group to be very cautious about the outlook for the 
coming months. Moreover, the capacity of the Champagne region 
and of the Group to serve a growing demand in volume will 
reach its limits," it warned.
AAA-Sch
(RADIOCOR) 25-11-22 13:02:27 (0255) 5 NNNN

Group, region's capacity to meet demand to reach limits (Il Sole 24 Ore Radiocor Plus) - Paris, 25 Nov - French champagne producer Laurent-Perrier said that in the half year ended September 30 group turnover rose 24% from the prior year to 159.4 million euros. Champagne sales amounted to 159.3 million euros, 24.1% more than a year ago, as volumes s

Laurent-Perrier H1 turnover 159.4 mln eur, up 24%

1&1 to launch OpenRAN-based fully virtualized mobile network

 (Il Sole 24 Ore Radiocor Plus) - Berlin, 25 Nov - German 
telecommunications service provider 1&1 said it has signed a 
long-term international roaming deal with French operator 
Orange providing its customers with reliable mobile services 
when they travel abroad.
At the same time, 1&1 will launch of Europe's first fully 
virtualized mobile network based on the new OpenRAN 
technology.
'By joining forces with Orange, we have gained a strong and 
well experienced partner for international roaming that will 
enable us to automatically offer to our customers excellent 
network performance even when they are abroad,' said chief 
executive Ralph Dommermuth.
'The 1&1 OpenRAN will launch its broadband services for the 
home at the end of this year, followed by the mobile services 
in the summer of 2023. All roaming services will be available 
as of this point.'.
AAA-Sch
(RADIOCOR) 25-11-22 12:34:02 (0241) 5 NNNN

1&1 to launch OpenRAN-based fully virtualized mobile network (Il Sole 24 Ore Radiocor Plus) - Berlin, 25 Nov - German telecommunications service provider 1&1 said it has signed a long-term international roaming deal with French operator Orange providing its customers with reliable mobile services when they travel abroad.
At the same time, 1&1 will 

Orange, 1&1 sign long-term international roaming agreement

Hang Seng Index closed down 0.49% at 17,573 points

 (Il Sole 24 Ore Radiocor Plus) - Hong Kong, 25 Nov - Hong 
Kong shares closed lower, snapping a two-day winning streak 
and resuming a recent selloff amid flat Asian markets.
In the city's stock market dealings tech giants led the 
losses, with the sectorial index dipping 2.1%.
A surge in property counters however helped cap the losses as 
Beijing's latest measures to support China's battered 
property sector helped support investor sentiment.
Growth concerns continued to weigh as the country grappled 
with its worst Covid-19 outbreak since April, which prompted 
authorities to introduce new restrictions in several major 
cities, including Beijing and Shanghai.
The Hang Seng Index closed down 0.49% at 17,573 points.
AAA-Ver
(RADIOCOR) 25-11-22 12:13:08 (0233) 5 NNNN

Hang Seng Index closed down 0.49% at 17,573 points (Il Sole 24 Ore Radiocor Plus) - Hong Kong, 25 Nov - Hong Kong shares closed lower, snapping a two-day winning streak and resuming a recent selloff amid flat Asian markets.
In the city's stock market dealings tech giants led the losses, with the sectorial index dipping 2.1%.
A surge in property cou

Hong Kong shares close lower; tech stocks weigh

Proposes to introduce new capital adequacy requirement

 (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - UK energy 
market regulator Ofgem announced a new package of reforms 
designed to protect consumers and to ensure that energy 
suppliers are more resilient to shock.
The proposals include the introduction of capital adequacy 
requirement, which help reduce the risk and cost of supplier 
failures, requiring that suppliers ring-fence Renewable 
Obligations receipts, and closely monitoring the use of 
credit balances.
'The energy crisis has had a profound impact on the sector, 
its business models, our approach to its regulation, and the 
way we think about risk.These proposals will provide 
protections, checks and balances for consumers, suppliers and 
the entire sector to create a more stable market. We want 
suppliers to be able to be innovative and dynamic, while also 
making sure they are financially stable, and that customers' 
money is protected," said Ofgem chief executive Jonathan 
Brearley.
Ofgem also said it was open to consultation regarding further 
changes in aspects that include updating elements of the 
price cap so that it continues to protect consumers, a market 
stabilization charge to reduce the risk of supply failure by 
sharing some costs and risks between suppliers, and a review 
of EBIT of the price cap to ensure a fair rate of return on 
suppliers' investments while keeping profits reasonable.
Ofgem said it would be seeking a range of feedback on all 
aspects of the consultations from sector stakeholders and 
beyond, and it is anticipated reform of these policy areas 
will be published in spring 2023.
AAA-Sch
(RADIOCOR) 25-11-22 12:02:10 (0227) 5 NNNN

Proposes to introduce new capital adequacy requirement (Il Sole 24 Ore Radiocor Plus) - London, 25 Nov - UK energy market regulator Ofgem announced a new package of reforms designed to protect consumers and to ensure that energy suppliers are more resilient to shock.
The proposals include the introduction of capital adequacy requirement, which help