EIB Group supported €1.4 billion of investments in 2020 in the Czech Republic for businesses, regional infrastructure, climate adaptation, the energy transition and sustainable transport
EIB Group supported €1.4 billion of investments in 2020 in the Czech Republic for businesses, regional infrastructure, climate adaptation, the energy transition and sustainable transport
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©EIB

  • EIB lending in 2020 amounted to €1.2 billion and EIF equity and guarantee commitments to €180 million
  • Some 8 000 businesses benefited from EIB Group operations, supporting approximately 147 000 jobs in the country.
  • EIB Group support represented 0.66% of the Czech Republic’s GDP

Last year, the European Investment Bank Group (EIB Group), which consists of the European Investment Bank (EIB) and the European Investment Fund (EIF), provided loans, guarantees and equity commitments worth €1.4 billion in the Czech Republic. The EIB Group maintained the high level of investment reached in 2019.

The EIB signed new loans amounting to €1.2 billion and the EIF committed around €180 million in 11 equity, guarantee and microfinance operations benefiting some 6 870 small businesses. EIF financing supported approximately 55 900 jobs and mobilised total investments of €1.3 billion.

EIB Vice-President Lilyana Pavlova commented: “Despite the economic crisis brought on by the COVID-19 pandemic in 2020, the EIB Group kept a level of investment in the Czech Republic similar to that reached in 2019, which was already exceptional. Together with our Czech counterparts, we provided well-balanced support to the public and the private sector to increase the resilience of the economy and support a just transition. I am very proud that the EIB, as the EU climate bank, provided financial and advisory support to projects that will enhance vital infrastructure, energy efficiency and climate adaptation, and ultimately improve the quality of life of the Czech people.”

“Last year, the European Investment Bank also continued to support a number of important projects in strategic sectors, key to the future of the Czech Republic. And I am very pleased that the Czech private and public sectors have been able to make an active and effective use of this support. Projects delivered through the European Investment Bank in the Czech Republic last year helped around 8 000 small and medium-sized enterprises, thereby supporting more than 147 000 jobs. I very much appreciate this cooperation and I look forward to working together to develop and modernise the Czech economy again this year. Between 1992 and the end of 2020, the EIB supported investments totalling €23.2 billion. That is roughly CZK 600 billion,” said Minister of Finance Alena Schillerová.

EIB Group results in the Czech Republic in 2020

Support for strategic regional infrastructure

In 2020, the EIB provided €122.7 million of loans to the Central Bohemia and Pardubice regions to support key regional infrastructure, healthcare, transport, social care, education, culture and the energy efficiency of public buildings.

EIB investments will help these regions to cope with current and future health, economic and climate challenges. They will help enhance the attractiveness of these areas and offer better economic opportunities and quality of life for Czech people.

Support for climate adaptation and the energy transition

Through a €300 million loan signed in 2020, the EIB will finance a vast set of measures put in place by the Czech Ministry of Agriculture to strengthen the country’s water management services, including flood protection and storm management. This is part of the Bank’s efforts to preserve natural resources and protect the environment for future generations.

The EIB support will help to improve living conditions for some 110 000 people in the Czech Republic. About 25% of the Czech population live in flood-prone areas that face disastrous floods on average every 10-15 years.

The EIB signed a €190 million loan to ČEPS, a.s., the state-owned Czech Transmission System Operator. This investment will help strengthen the country’s electricity transmission infrastructure, improving the reliability and quality of electricity supply, and increasing the integration of renewables in the electricity network.

Support for sustainable transport

In 2020, the EIB provided €223.8 million to upgrade freight and passenger rail transport in the Czech Republic. EIB loans will support the acquisition of 50 electric locomotives and 140 freight intermodal wagons, and the retrofitting of around 310 locomotives with the European Train Control System (ETCS) by CD CARGO, as well as the purchase of 37 new passenger trainsets by the South Moravia region.

These investments will improve the capacity, safety and quality of freight services and passenger rail transport in the Czech Republic, notably through the use of modern control and signalling systems.

By promoting a shift from road to rail transport, these projects will have a positive impact on the environment and support the country’s transition to a low-carbon economy, in line with the objectives of the EIB Climate Bank Roadmap and the Czech Republic’s transport policy.

Support for SMEs and mid-caps during the COVID-19 crisis

In total, EIB Group operations in the Czech Republic in 2020 benefited some 8 000 small and medium-sized enterprises (SMEs) and mid-caps, supporting over 147 000 jobs.

The EIB concluded €356 million worth of intermediated lending with four partner financing institutions (Moneta, CSOB Leasing CZ, Ceska Sporitelna and SGEF CZ), further improving the access of Czech SMEs and municipalities to EIB financing. These operations support investments that will primarily focus on helping Czech companies deal with the consequences of the COVID-19 crisis. Some 1 190 SME and mid-cap projects are estimated to benefit from EIB loans in the Czech Republic, supporting about 91 200 jobs.

The EIF committed a total of €180 million through 11 operations, aimed at raising €1.3 billion. Some 6 870 businesses benefited from EIF operations in the Czech Republic, supporting about 55 900 jobs.

The EIF provided guarantee top-ups under COSME to CMZRB, Moneta Bank and Komercni Banka. The COSME Loan Guarantee Facility (LGF) is a window of the Single EU Debt Financial Instrument, which supports European enterprises’ growth and research and innovation (R&I). The EIF also provided guarantees to CSOB, Komercni Banka and Raiffeisenbank Czech Republic as a response to the COVID-19 crisis.

On the equity side, the EIF increased its stake in the Genesis Growth Equity Fund I and also invested in Enern Tech IV, a venture capital fund focusing mainly on early and early-growth stage ICT companies primarily in the Czech Republic and the broader region.

EIB advisory services in the Czech Republic

The mission of EIB Advisory is to help create and successfully implement sustainable investment projects by providing technical and financial advice to its partners across the project cycle and beyond. Advisory services in the Czech Republic are often delivered by multiple interdisciplinary advisory teams consisting of finance experts, engineers, and public-private partnership (PPP), innovation, climate and other specialists.

EIB advisory services help public and private entities to prepare projects that enable them to tackle some of the key challenges the Czech Republic and some of its neighbours are facing. Such projects support key investment in climate action, energy efficiency, digitalisation, innovation and social infrastructure.

In 2020, EIB advisory services provided:

  • Grant support to the Czech-Moravian Guarantee and Development Bank (CMZRB) to help it structure an advisory unit within the organisation. The unit will provide advisory services to Czech project promoters in areas such as transport infrastructure, digital and smart city solutions infrastructure, the circular economy, renewable energy and social infrastructure.
  • An assessment of the financing gaps for the agriculture and agri-food sectors in the Czech Republic, aiming to support the Czech European Agricultural Fund for Rural Development (EAFRD) in planning and programming the use of financial instruments for the 2021-2027 period.
  • €2.25 million of grants from the EIB’s European Local Energy Assistance (ELENA) to the investment programme of the Czech Ministry of Industry and Trade for a comprehensive energy efficiency renovation of the country’s central government buildings. The renovation will increase operational efficiency, improve energy performance and reduce greenhouse gas emissions.
  • Horizontal support in the preparation of projects under the Coal Regions in Transition Initiative in the Czech Republic, as requested by the Czech Ministry for Regional Development. Three Czech regions participated in the initiative – Karlovy Vary, Ústí nad Labem and Moravia-Silesia.
  • Support for innovation and R&D project promoters.

EIB Group activity in the Czech Republic in 2020

Background information:

About the European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union (EU) owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals both in Europe and beyond.

The EIB has worked with the Czech Republic since 1992 and invested in infrastructure, small businesses, environment and innovation. Since the start of operations in the Czech Republic, the EIB has provided €22.51 billion of financing to 185 projects.

EIB’s sustainable transport overview

About the European Investment Fund

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized businesses by helping them to access finance. The EIF designs and develops both venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

 

Recordjaar voor financiering EIB Groep in Nederland – €3,18 miljard geïnvesteerd
Recordjaar voor financiering EIB Groep in Nederland – €3,18 miljard geïnvesteerd
>@EIB
©EIB

In 2020 lieten we zien dat investeren in economisch herstel niet ten koste hoeft te gaan van steun aan klimaatactie en innovatie. Al onze doelstellingen hangen met elkaar samen. Europa kan alleen sterker uit deze crisis komen door te investeren in de groene en digitale economie van de toekomst, niet in de structuren uit het verleden. Daarbij moeten we er wel voor zorgen dat geen enkele regio in Europa achterblijft en moeten we samenwerken met onze partners buiten de EU”, zei EIB-president Werner Hoyer

Dat de financiering van de EIB Groep in Nederland een recordhoogte bereikte, was mede te danken aan de inspanningen van het EIF, dat zo’n €1,3 miljard beschikbaar maakte. Middels steun voor microfinanciering met Qredits, equity-investeringen in 13 fondsen, en garanties aan onder meer ABN Amro en Aegon, werd Nederland één van de belangrijkste landen voor EIF-investeringen in 2020. Ook een samenwerking met Invest-NL om samen het “Dutch Future Fund” op te zetten was hierbij een belangrijke ontwikkeling.

De EIB zelf maakte iets meer dan €2 miljard beschikbaar voor projecten in de energie- en watersector, de zorg, en het MKB. Met 34% van alle EIB-investeringen werd het belang van klimaat onderstreept, zo kreeg HVC een lening voor de uitbreiding van haar warmtenetten en tekende waterbedrijf Vitens een lening voor het toekomst- en klimaatbestendig maken van haar waternetwerk. Door een contra-garantieconstructie tussen EIB en EIF, ter ondersteuning van een grote MKB-faciliteit met ING Bank, komt het totale investeringsniveau in Nederland afgelopen jaar uit op € 3,18 miljard[1].

De recent toegetreden vicepresident voor de Benelux, de Belg Kris Peeters, stelde: “Het is een duidelijk signaal dat de EIB Groep samen met de lidstaten de maatschappelijke uitdagingen van vandaag aan gaat. Behalve de steunmaatregelen om de economische gevolgen van de corona-uitbraak in te dammen, die in het investeringsvolume van het EIF in Nederland extra sterk tot uiting komen, staat de EIB Groep er als het aankomt op klimaatinvesteringen, iets dat we in de komende jaren ook in Nederland zeker verder zullen uitbouwen.”


[1] Volume EIB en EIF is opgeteld € 3,3 mld, maar aangezien de ING-operatie een contragarantie-structuur tussen EIB en EIF betreft, komt het, om dubbeltelling te voorkomen, uit op € 3,179 mld.

The EIB Group boosts financing for the Western Balkans in 2020
The EIB Group boosts financing for the Western Balkans in 2020

  • In 2020, the EIB increased its investments in the region by almost 50%, reaching €873 million in financial commitments
  • Lilyana Pavlova, EIB vice-president for the Western Balkans, highlights the EIB’s substantial contribution to social and economic development in 2020, laying the groundwork for further investment under the European Commission’s Economic and Investment Plan
  • The EIB has already mobilised over €1 billion of financing as part of Team Europe’s COVID response for the region

As presented at a press conference today, the European Investment Bank Group (EIB) invested €873 million in the Western Balkans in 2020, increasing its financing in the region by 50% compared to 2019. It provided extensive support to the recovery from COVID-19 under the European Union’s Team Europe initiative to help the most affected sectors.

In line with the European Union’s focus on connectivity, the majority of the investment, €531 million, was allocated to constructing and modernising transport infrastructure in the region, this includes a major investment on Corridor Vc in Bosnia and Herzegovina that also benefited from a €12 million grant provided under the EU Western Balkans Investment Framework (WBIF). The EU bank supported a diversified portfolio of investments in key sectors for the region, including a €65 million investment for digitalising over 1 500 schools across Serbia. This project will facilitate the introduction of IT equipment and high-speed internet, while some 50 000 teachers will be able to receive training in digital skills. In keeping with the Bank’s climate goals, an €11 million investment for wastewater infrastructure in Kosovo* will improve access to water for some 90 000 people in the Gjilan/Gnjilane municipality.

Small and medium-sized enterprises (SMEs) received significant support from the EIB Group (the EIB and the European Investment Fund, or EIF) in 2020 with a €320 million investment for the banking sector to support small businesses. The Group has strengthened its instruments that support the private sector and is leveraging EU budget guarantees and risk-sharing solutions further to improve the competitiveness of local companies and entrepreneurs. Strong support for the private sector is necessary to achieve the region’s transition towards a greener, more inclusive and sustainable economic model. Going forward, the Group intends to build on successes such as the WB EDIF (Western Balkans Enterprise Development & Innovation Facility) Guarantee Facility – managed by the EIF – that has supported thousands of local SMEs and jobs and has been recently topped up by DG NEAR (Directorate-General for Neighbourhood and Enlargement Negotiations) as part of the response to the COVID-19 crisis. The EIB has also expanded its support for the preparation and implementation of investment projects by providing technical assistance worth €17 million under the Economic Resilience Initiative and the WBIF.

The EIB is playing a leading role in Team Europe’s response to the COVID crisis, committing €1.7 billion of the €3.3 billion total announced at the EU-Western Balkans Zagreb Summit in May 2020. To date, the Bank has mobilised over €1 billion to accelerate the recovery from COVID-19 in the Western Balkans. The funds were channelled to provide immediate assistance for the healthcare and private sector, especially small companies, the hardest hit by the pandemic.

EIB Vice-President Lilyana Pavlova, who is responsible for the Western Balkans, said: I am delighted that the EIB Group has almost doubled its investment volume for the Western Balkans in one of the most challenging years in recent history. However, we will not stop there, but will continue to provide our full support to help the region overcome the COVID-19 crisis, advance with EU integration and accelerate the much needed economic transformation into a green and digital market. We are particularly proud of the EIB’s first impact finance loan that will boost youth employment and women’s entrepreneurship, while triggering investment in the digitalisation of the private and public sector.”

In 2021, the Bank plans to deliver more support for climate action, the recovery of SMEs, connectivity, the digital transformation and projects encouraging inclusive employment. All of these initiatives are part of the European Commission’s Economic and Investment Plan for the Western Balkans. The EIB Group looks forward to working with all of its partners on implementing this major plan that aims to mobilise up to €9 billion for inclusive growth, sustainable transport, the digital and green transformation and the creation of a common regional market, with €20 billion in investment also expected to be leveraged by the Western Balkan Guarantee Facility.

* This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence. 

About the EIB in the Western Balkans

The EIB is one the leading international financiers in the Western Balkans. Over 2009-2020, the Bank financed projects totalling €8.6 billion in the region. Besides continuing its support for the reconstruction and upgrading of public infrastructure, the EIB has expanded into many new areas since 2010, including healthcare, research and development, education and SMEs.

News
News

In February 2020, as a part of a wider package of strategic documents, the European Commission published a White Paper on “Artificial Intelligence: A European approach to excellence and trust”. 

This Opinion presents the EDPS views on the White Paper as a whole, as well as on certain specific aspects, such as the proposed risk-based approach, the enforcement of AI regulation or the specific requirements for the remote biometric identification (including facial recognition).

The EDPS recommendations in this opinion aim at clarifying and, where necessary, further developing the safeguards and controls with respect to protection of personal data.
 

EIB Group provides €150 million to support artificial intelligence companies
EIB Group provides €150 million to support artificial intelligence companies
>@Getty
©Getty

Today at the Web Summit 2020, the European Investment Bank Group (EIB Group) launched a new financing instrument to support artificial intelligence companies across Europe. The co-investment facility of up to €150 million will allow the EIB Group to invest alongside funds backed by the European Investment Fund (EIF) in companies that are active in the artificial intelligence (AI) sector and in technologies that directly complement AI, such as Blockchain, the Internet of Things and robotics.

Europe’s artificial intelligence sector has a multibillion-euro funding gap compared with the United States and China. The facility launched today targets this gap. It complements and builds on EIB and EIF expertise in the sector, developed through the existing €100 million Artificial Intelligence/Blockchain pilot under InnovFin Equity and direct EIB financing for AI companies through its venture debt instrument. The new instrument is part of a larger initiative of the EIB Group and the European Commission to support the development of Europe’s digital future in areas such as high performance computing, quantum technologies and cybersecurity, to name a few.

“The potential of AI is enormous. Today we can already see the initial impact of AI in many areas of our day-to-day lives, but it will be the defining factor for the way we work, study and live in the future,” said EIB Vice-President Teresa Czerwińska, responsible for innovation and digitalisation. “If Europe wants to stay competitive and shape the conditions of AI development and use, while ensuring European values are respected, it needs to embrace AI and lead its development. That is why I am very proud of the new instrument we have launched today. By using our resources and combining the expertise and market access of the EIB and the EIF we are pioneering new ways of financing AI, and helping to encourage more investment in this important sector.”

EIF Chief Executive Alain Godard said: “Artificial intelligence is a key component in a technological revolution that we are already witnessing. There is strong market demand for co-investments in this sector. The EIB’s expertise in assessing individual equity-type investments and the EIF’s market reach and ability to leverage strongly on the fund managers in our portfolio active in the AI domain will ensure that the facility is deployed efficiently.”

European Commissioner for the Internal Market, Thierry Breton, said: “Europe has all it takes to become a hub for cutting-edge developments in Artificial Intelligence. We have the talent and a wealth of industrial data – both of which will give us an important comparative advantage in AI if we use them wisely. We are putting a framework in place to leverage our strengths and build trust – including through clear and predictable rules. The co-investment facility announced today will further support companies so that they can grow in the EU thanks to the design and the deployment of trustworthy AI.”

The new funds will be available in the European Union and in Horizon 2020 associated countries and are expected to be deployed during the next four years. By collaborating with private investors, the EIB Group expects to support approximately 20-30 small and medium-sized companies. The focus will be on early and growth-stage companies investing in the development of breakthrough AI applications. The resource allocation to potential co-investments in companies will be considered on a first come, first assessed basis and on the merits of the proposal. By assisting fund managers investing individual tickets of over €1 million in high-growth European companies the new instrument will complement the EIF’s existing fund activities. Additional information on the AI Co-Investment Facility can be found here.

InnovFin Equity is part of InnovFin – EU Finance for Innovators, a generation of EU financial instruments and advisory services developed under Horizon 2020 to help innovative firms access finance more easily. InnovFin Equity provides equity investments and co-investments to or alongside funds focusing on early-stage financing of enterprises operating in innovative sectors covered by Horizon 2020, located or active in the European Union or in Horizon 2020 associated countries.

Hamnet crowned Waterstones Book of the Year 2020
Hamnet crowned Waterstones Book of the Year 2020

Hamnet by Maggie O’Farrell has been named Waterstones’ Book of the Year 2020, claiming victory over the shortlist by “an overwhelming majority”.

The book, already the winner of the Women’s Prize for Fiction 2020, and the Reader’s Choice winner at this year’s BAMB Awards, shines a light on the short life of Shakespeare’s son and is published by Tinder Press. It was selected by Waterstones’ booksellers as the title they have most enjoyed recommending to customers over the course of the year, winning by a substantial margin according to the retailer.

“I’m over the moon that Hamnet has been chosen as Waterstones’ Book of the Year,” said O’Farrell. “It is one of my favourite awards and I make a point of reading the winning book each year. It’s a huge honour to be added to this list, especially as I know that the award is nominated by those most discerning of readers: booksellers. Without their expert guidance and knowledge, my reading shelves would be much the poorer. This year has been a strange and challenging year for all of us: what better time to listen to the narratives of others and lose ourselves in a book?”

Waterstones praised Hamnet‘s celebration of how family, community, nature and art can offer hope through the darkest of times, calling this “an especially prescient message for this turbulent year”. Callie Limb of Waterstones Burton on Trent described it “heart-wrenching, beautiful and deft in phrase” and Alex McQueen of Waterstones Islington said Hamnet was “simply the best book I’ve read this year. Timely, poetic and with an almost filmic ability to morph between perspective and scene”. Will Rycroft, of Waterstones E-commerce, added that the book is “a brilliant novel of character, humanity and love at exactly the time when we need all of those things”.

Bea Carvalho, Waterstones’ Fiction Buyer, said Hamnet was “the clear standout title” for its booksellers, further praising it as “a masterwork”.

“We have been hugely impressed by the abundance of brilliant books published this year and, for our booksellers, Hamnet is the clear standout title: a work of immense style and emotional heft which will surely go on to be a future classic,” she said. “Maggie O’Farrell’s novel is a literary treat which offers texture to the history of our most famous playwright, a portrait of parenthood’s dazzling highs and devastating lows, and a testament to the enduring power of the human spirit: this wonderful novel truly has something for readers of all tastes. It is a masterwork by an author at the height of her power, and we’re delighted to share it with many more of our customers as our Book of the Year.”

Other books that had been shortlisted were Brit Bennett’s The Vanishing Half; Bolu Babalola’s Love in Colour; Craig Brown’s One Two Three Four: The Beatles in Time; Naoise Dolan’s Exciting Times; Gavin Francis’ Island Dreams; Michiko Kakutani’s Ex Libris; Dara McAnulty’s Diary of a Young Naturalist; David Olusoga’s Black and British: A Short, Essential History; Katherine Rundell’s The Book of Hopes; Philippe Sands’ The Ratline; and Tiger, Tiger, Burning Bright! An Animal Poem for Every Day of the Year from Britta Teckentrup and Fiona Waters.

Waterstones will now be offering an exclusive edition of Hamnet, featuring a red cloth-effect, gold-foiled jacket, a red ribbon marker and top and tail bands, bespoke endpapers and exclusive material written by the author. As Book of the Year, it will receive the “full and committed backing” of Waterstones shops and booksellers across the UK, as well as support online and through its loyalty card programme, Waterstones Plus, which reaches almost a million readers.

Last year’s winner was The Boy, the Mole, the Fox and the Horse by Charlie Mackesy (Ebury), and according to Waterstones it benefited by seeing a sales boost of almost 400% after the announcement, going on to become Waterstones’ bestselling Book of the Year to date.

ECDC opens ESCAIDE 2020 digital conference
ECDC opens ESCAIDE 2020 digital conference

The ESCAIDE 2020 plenaries and sessions will focus on issues shaping infectious disease epidemiology & microbiology in the next decade and beyond, with a special focus on the latest research concerning COVID-19, food-and waterborne diseases, HIV and sexually transmitted infections, vaccine-preventable diseases, influenza and respiratory viruses, antimicrobial resistance (AMR) and emerging diseases.

The aims of the conference include the sharing of scientific knowledge and experience in areas applied to infectious disease epidemiology and public health microbiology, as well as discussing and debating scientific advances and current public health challenges. The conference also aims at strengthening and expanding the human network of those in this field, including fellows and students.

ESCAIDE will have plenary debates looking at different aspects of COVID-19, from the shape and direction of the pandemic, to how countries have responded. Key speakers include Maria van Kerkhove (WHO), Andrea Ammon (ECDC), George Fu Gao (China CDC), Anders Tegnell (Public Health Agency, Sweden), Francesco Maraglino (Italian Ministry of Health), Devi Sridhar (University of Edinburgh) and Gabrielle Breugelmans (CEPI). The full programme of keynote sessions, plenaries, abstract presentations is available on the ESCAIDE website.

Over 1500 participants are expected to attend, including epidemiologists, microbiologists, public health professionals, clinicians, veterinarians, science journalists, statisticians, social scientists and policy makers.

The conference is held between 24-27 November 2020 and is this year organised as an online event due to the ongoing COVID-19 pandemic.

His Dark Materials: what happens at the end of the books? 
His Dark Materials: what happens at the end of the books? 







Emmy Griffiths




Fans are loving His Dark Materials season two so far, which is based on the events of the second novel in Philip Pullman’s bestselling series. 

MORE: His Dark Materials fans devastated by heartbreaking hidden detail in episode two

Season two introduces Will Parry, a boy from our world, who meets Lyra as they both find a way into the city of Cittàgazze in an alternate universe. 

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WATCH: His Dark Materials season two is finally here

However, this marks just the beginning of Lyra and Will’s joint adventures together, which are concluded in the third and final novel in the series, The Amber Spyglass. So just what happens at the end of the books? Find out here… 

In the final novel, Will and Lyra discover that there is a land of the dead after Lyra continues to have dreams about Roger trapped there. Promising to help him, she and Will journey there by using the subtle knife. However, Lyra is forced to leave Pantalaimon behind, causing her immense pain. 

Lyra leaves Pan as she goes to the world of the dead

After liberating the residents of the world of the dead, who happily join with the universe, Will and Lyra return and the latter is eventually reunited with Pantalaimon, while Will discovers that he finally has a daemon who appeared when he too went to the land of the dead.

The pair discover that Spectres, the evil entities that destroy every adult they meant, are created by making windows through universes, and the only way to banish them is to close every window in existence. They also discover that they can’t stay together in one of their worlds, as if you remain in a world where you don’t belong, you will sicken and die. 

MORE: Did you spot this detail in His Dark Materials opening credits?

MORE: His Dark Materials made a major change to the books

MORE: His Dark Materials season two review: a pitch-perfect start to The Subtle Knife

The pair finally admit that they are in love with one another, but accept that they have to return to their own worlds. They promise to sit on the bench that exists in both of their worlds on the same day of the same year so that they may feel close to one another again. 

Have you been enjoying the series so far?

Indeed, the bench was introduced in the second episode of the second series, leading book fans to take to Twitter to discuss the significance of the moment.

One writing: “Excuse me is this THE bench, as in… THE. BENCH?!?!?!” Another added: “I’m enjoying a lot of the foreshadowing in #hisdarkmaterials. BUT NOT THIS. THIS WAS A LOW BLOW.” 

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Explained: Should you book profits now?
Explained: Should you book profits now?
Written by Sandeep Singh
|

November 6, 2020 3:30:09 am
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                                                    </span><span class="custom-caption"> <span class="ie-custom-caption">London starts a newly imposed lockdown. Given that fresh lockdown measures could impact economic recovery, investors can book some profits now. (Reuters)</span></span>As the haze around the outcome of US elections began to clear on Thursday morning, the benchmark Sensex at BSE and Nifty at NSE jumped by 1.8% and inched closer to their respective all-time high levels seen in January this year. The Sensex closed at 41,340, just 604 points or 1.4% lower than its higher ever closing of 41,945 on January 17, while the Nifty closed at 12,120, just 2% from its closing of 12,362 on January 14.

So, should you book some profits at this time?

Amid a fresh wave of Covid-19 infections across the world and a looming threat of lockdowns, investors would do well to book some profits on their investments when the market is on a high. With a vaccine still some time away, uncertainty remains over the global economy. Several countries in Europe have imposed new lockdown measures amid the rise in new cases and fatalities. Keeping in mind the fact that fresh lockdown measures may hurt economic recovery and stock market movement, it wouldn’t be a bad idea to book some profits on investments that have achieved their targeted growth.

Some profit booking also makes sense at this time because many feel that if the Covid-19 concerns remain for an extended period of time, then investors will get an opportunity to invest in the same assets at a cheaper valuation at a later date.

It must always be remembered that while investments should be made in a regular and disciplined manner, redemption or profit booking must be planned and executed when the markets are on a high or the expected gains have been achieved.

When the Sensex fell by over 35% from the highs of January to 25,981 on March 23, there was a sense of anxiety among investors. Many rued the fact that they had missed out on booking profits and reducing their equity exposure when the indices were trading at all-time high levels in January. No one knew that the market would regain its levels in 10 months and provide the same opportunity again. Now that this has happened, investors would be wise to book and keep some profits aside, to reinvest when there is a dip.

Where should you book profits from?

It is important to note that while direct investments in stocks of various companies may have generated good positive returns, a number of mutual fund SIP investments may not have generated significant enough positive returns for investors to book profits over the last 3-5 years. Therefore, experts say that it may be a better idea to book profits from individual stock investments rather than mutual funds. The decision to pull out of mutual funds may, however, depend upon the age of the investor, the period of investment and whether the investment objective has been met.

Some feel that investors should look for companies that are not performing too well during the pandemic period but have seen a significant jump in share prices, to book profits.

“As second-quarter results are coming out, investors can figure out companies that are strained on the business front but have seen a sharp jump in their share prices. I feel that investors should book profits in those companies, as they will get an opportunity to buy them at a later date and at cheaper valuation,” said C J George, MD, Geojit Financial Services. He added that one should remain invested in companies that have done well even amid the constraints of the last six months, as they would do well going forward.

What should mutual fund investors do?

The strategy should depend on the life-cycle of an investor. If the investor is young, say in their 30s or early 40s, they can stay invested for the long term and can let the near-term volatility play out. But for an investors who is in their late 50s and is approaching retirement, it is important to seek this opportunity and reduce their equity exposure and start deploying funds into safe asset classes where there is no risk of capital erosion.

“It is a good time for investors to rebalance their portfolio. Investors who think they have high exposure of equity can bring it down and move to debt,” said Surya Bhatia, founder of Asset Managers, a financial advisory firm.

Where should you put your money?

Even as one books profit, the more important aspect in these times is to figure out where to deploy that money. Investors can look at various options. The first is to keep the money in liquid form and put it in bank fixed deposits, G-Secs or a debt mutual fund scheme for a period of three months to six months, and deploy it into high-quality blue chip companies when there is a dip in the market.

The other option is to look for high-performing companies in sectors that are still trading significantly below their pre-Covid levels in January 2020. A fund manager with a leading fund house said that investors can look at strong private sector banks or a banking sector fund, and can also look to invest in dividend yield funds or special situations funds.

Will there be long-term capital gains tax?

In his Budget announcement on February 1, 2018, then Finance Minister Arun Jaitley announced a proposal to impose long-term capital gains tax of 10% (without indexation) on gains exceeding Rs 1 lakh arising from sale of listed equity shares or units of equity-oriented mutual funds. The government, however, said that all gains up to January 31, 2018 will be grandfathered and not attract tax.

So, if investors book profits where the capital gains are over Rs 1 lakh (since February 1, 2018), they must be ready to pay LTCG tax at the rate of 10% on all gains exceeding Rs 1 lakh.

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Bestselling New Zealand Duo Secures Simultaneous Worldwide Release For Latest Laugh-out-loud Picture Book
Bestselling New Zealand Duo Secures Simultaneous Worldwide Release For Latest Laugh-out-loud Picture Book

New Zealand author-illustrator duo Dawn McMillan and Ross
Kinnaird will see the latest in their bestselling series of
hilarious ‘bum’ children’s picture books release
simultaneously in North

America, the UK, Ireland,
Australia and New Zealand at the start of 2021.

New
York-based Dover Publications and London-based Scholastic UK
jumped at the opportunity to purchase rights for My Bum
is SO NOISY!
from originating publisher Oratia
Books,

after previous titles I Need a New Bum
and I’ve Broken by Bum achieved bestseller status
internationally.

Packed with laugh-out-loud rhymes and
zany illustrations, their latest creation follows our hero
on comical adventures caused by his bum and the astounding
and uncontrollable noises

it makes, building to a
crescendo of hilarity.

The first print run for My
Bum is SO NOISY!
will be over 120,000 copies
globally.

“Now more than ever, we could all do with
a laugh – and Dawn and Ross’ books bring laughter in
abundance,” says Fiz Osborne, Editorial Director,
Illustrated Books for Scholastic UK. “We can’t wait to
share My Bum is SO NOISY! with readers next
year.”

Dawn McMillan conjures up the storylines of
the Bum books from her coastal home outside Thames, and Ross
Kinnaird brings them to life from his waterside studio on
Auckland’s North Shore.

“It’s been wonderful to see
the series reach so many readers worldwide, and we hope that
My Bum is SO NOISY! will bring more fun and laughter
to kids and adults alike,” they say.

Oratia publisher
Peter Dowling reports that CITIC Press also plans to publish
the new book in China in early 2021.

“We’re
thrilled to be part of Dawn and Ross’ international
success, which proves the appeal of Kiwi creativity
worldwide,” he says.

My Bum is SO
NOISY!
By Dawn McMillan and Ross
Kinnaird. Published by Oratia
Books

Publication: early 2021 | ISBN:
978-0-947506-81-0 | RRP
$19.99

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