Commercial Albanian banks have revised the conditions for granting loans, including housing loans. Since the beginning of 2023, the rules of loan processing have changed. They have become more conservative. Experts believe that the tightening of lending policies could have a negative impact on the real estate market.
The changes have affected not only individuals but also legal entities. The reason for the tightening of conditions was the increase in interest rates and inflation. The latter significantly worsened the solvency of citizens, which increased the risks for banks.
According to the Central Bank, in 2023, commercial financial institutions did not change the rules for issuing mortgages. However, competition between them was growing rapidly. At the same time, analysts noted an increase in cases of rejection of loan applications. The main reasons for this were:
– insufficient financial security of the borrower;
– doubtful credit history;
– instability of employment.
In 2023, there was an increase in demand for various loans. Loans for liquidity and investments were the most popular. In addition, bank customers applied for loans to buy a house or an apartment. The purchase of consumer goods was also a common reason for borrowing.

How the credit sector is developing

The Bank of Albania recorded increased lending to the real estate sector in 2023. The country’s financial institutions granted loans worth almost 247 billion lek during the period, which is about 19 billion lek more than in 2022. Most of the applications came from representatives of the wholesale and retail trade sector and the real estate market.
Despite the increase in lending rates, Albanian businesses and citizens are actively applying for loans.
Mortgage lending grew by 78% in 2023. This sector accounted for more than 8 billion lek in total, while in 2022, this amount was 1.7 billion lek. The reason for this activity, according to experts, is that investors are interested in the local real estate market. Many see the purchase of real estate as a profitable investment. At the same time, the cost of property is rising, forcing buyers to turn to banks.

Forecast for the housing market

Experts expect house prices to continue to rise this year. The main reason for the increase in value is the increase in the Infrastructure Impact Tax. Revising this tax has led to a rise in the cost of construction work and, as a result, of properties in general. The new level of tax is only approved in the capital of Albania. Here it has reached the maximum level of 8%. However, the resort’s municipal authorities are considering possibly increasing the rate from 4% to 6%.
Another factor contributing to the increase in property costs could be the revision of prices in the real estate market. So far, this process has only affected Tirana.

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Binance Web3 Wallet is a new type of cryptocurrency wallet with self-storage capabilities. One of the largest blockchain platforms presented its product at a profile conference in Istanbul.
Thanks to the new application, Binance plans to step up the launch of innovative digital products and strengthen its position in the market. In addition, Web3 Wallet will allow the company to meet customer demand for the most convenient way to conduct cryptocurrency transactions.

Features of Web3 Wallet

Binance’s wallet allows users to manage their personal finances and exchange tokens across different ecosystems. The platform’s customers can search for the best deals at the best price. In addition, the crypto platform promises secure and fast access to the wallet for all its customers.
According to Changpeng Zhao, CEO of Binance, Web3 Wallet is a new solution in the digital asset space. It offers:
– fast and secure transfer of funds between the cryptocurrency exchange and the wallet. No additional actions are required – everything happens on a single platform;
– the opportunity to explore the work of various decentralised DApps and evaluate their functionality;
– independent financial management;
– improved user experience.

Binance cryptocurrency wallet technology

One of the key advantages of Web3 Wallet is its unique integral structure. In contrast to the standard approach, the developers of the new wallet have left out processes and elements that can make it difficult for customers to use the application. In this case, there is no need to spend a lot of time getting acquainted with the functionality. Everything is quite simple and understandable for people with different levels of user experience.
Multilateral Computing Technology powers the Binance cryptocurrency wallet. This allows you to access your funds without having to generate keys. Logging into a user account requires an authorisation code comprising three different fragments. One of these fragments resides on the device of the wallet holder, another on the cloud storage, and the third on the server of the crypto exchange. The web3 address of the app is linked to an account with KYC.
Binance has enlisted the help of Trust Wallet to develop the product. In this case, the exchange completely takes over the management of the wallet, which intends to monitor the processes carefully to prevent fraudulent schemes. Thus, according to the terms of use of the Web3 Wallet, Binance reserves the right to freeze any transaction. In the event of suspicious activity, the exchange may prohibit transactions for a particular account.
The new solution from crypto exchange Binance is another step into the world of Web3 and its products. It will help meet user demand for simple yet feature-rich products in the crypto industry.

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Great Britain and Denmark are continuing to work on the Viking Link project. The aim is to provide high-quality electricity to around 2.5 million homes in the UK.
This project involves laying a 1.4GW undersea power cable. According to experts, the construction of Viking Link will enable the uninterrupted transport of electricity generated by renewable energy sources. It will also save the UK around £500 million over the first 10 years of the project.
The cable route starts in Lincolnshire, east of the UK, and runs west to Jutland in Denmark. Work has been progressing rapidly since 2019. Siemens is responsible for the design and installation of all the electrical equipment.
Once the main work has been completed, the project will be ready for operation. However, it will initially operate at 800 MW, gradually increasing to 1.4 GW. According to preliminary plans, British and Danish specialists will upgrade the plant within a year. This way, they will eliminate all problematic points, and the power will reach its maximum indicators.
Viking Link primarily provides clean energy to the population, according to the project’s authors. They believe that by 2030, the submarine cable will be an effective tool in the fight against climate change:
– it could reduce carbon dioxide emissions in the UK by around 100 million tonnes;
– about 90% of the energy transported through the system will be CO2 emission-free.
The project is, therefore, of enormous value to two specific countries and the world as a whole.

Benefits for the UK and Denmark

The realisation of the project is significant for the UK. Thanks to Viking Link, the country will be able to:
– strengthen energy security;
– import clean energy;
– lower the risk of energy shortages;
– reduce resource costs for the public.
In the first year of operation, the submarine cable should reduce UK emissions by 600,000 tonnes. This is equivalent to taking 280,000 cars off the road.
As for Denmark, it will increase its ability to export the electricity it produces in surplus. This will allow the country to strengthen its status as a reliable clean energy supplier.
It is worth noting that similar submarine cable projects are already in operation around the world. However, Viking Link is the longest. Its length is approximately 765 kilometres. In addition, the system crosses two separate markets that can work together effectively despite the distance. The authors hope to expand the infrastructure over time for even greater coverage.

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In January 2024, Africa Oil conducted a share buyback of 522 thousand shares. This operation is part of the company’s previous strategy of returning securities.
The Canadian oil and gas company had previously made an offer to its issuers. As a result, the company repurchased 192 thousand common shares on the Toronto Stock Exchange (TSX). Scotia Capital Bank acted as an agent for the company. It is authorised to trade in various financial instruments of the oil and gas producer.
Reportedly, 330,000 shares were bought back by Pareto Securities on the trading floor of Nasdaq Stockholm. Africa Oil states that the repurchased shares will be in the cancellation process.
The share buyback programme lasts 1 year – from December 2023 to December 2024. During this period, the issuer has the right to repurchase approximately 38.7 million ordinary shares.

Overview of Africa Oil

Africa Oil Corp was founded in 1993 as Canmex Minerals. Following a rebranding exercise in 2007, the company adopted its current name. The company operates mining and resource development in Nigeria. It also has interests in Africa and Guyana’s southern and western regions.
Until 2023, Africa Oil was also active in Kenya at the South Lokichar oil project. It partnered with TotalEnergies and Tullow Oil to develop the project. In 2022, however, French producer TotalEnergies announced its intention to withdraw from the joint venture. This was due to a lack of support from the Kenyan government. Africa Oil also withdrew from the project. According to company officials, the reason for the decision was to focus on more promising business areas. The first of these is the development of oil reserves in Namibia.
In early 2024, it became known that Africa Oil intended to start work at a new site. This is the Orange Basin, located on the shelf in southern Africa. The block is close to the oil fields where TotalEnergies and Shell are producing.
The contract for the rights to develop Orange Basin was signed in the summer of 2023. At the time, the Canadian producer said it had acquired an additional 6.3% in the new block. The company wanted to increase its working interest. In total, three companies have the right to develop the area:
– Africa Oil, which owns about 26.3% of the company;
– Eco manages 20%;
– Ricocure is the largest resource developer with a 53.8% interest.
The partners are negotiating with several other companies to transfer stakes. At the same time, a drilling project will be under development. The producers focus on minimising the negative environmental impact of mining.

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Chinese banks continue to use bonds backed by non-performing loans to build resilience during the crisis. They have increased sales of the securities in 2024, a move that has boosted growth. However, investors still prefer to remain cautious and are not ready to take decisive steps. They have doubts about the quality of the assets on offer from local lenders.
Bond issuance, which guarantees the repayment of non-performing loans, reached about USD 6.7 billion in 2023. According to S&P Global Ratings’ analysis of the Chinese market, this is a record for China. The designated amount is 54% higher than the 2022 result. The bonds include underlying loans that include:
– mortgages;
– credit cards;
– business credits classified as substandard or doubtful.
In the latter’s case, there is an assumption that, despite their unreliability, they will still be a source of income. This is achieved by seizing collateral or allowing borrowers to repay on time. Based on data for October 2023, the repayment rate was:
– for residential securitisations – from 37%;
– for securitisations of other products – up to 17%.
It is noteworthy that it is unprofitable for banks to sell such bad loans, unlike unsecured ones. However, according to the regulators, this mechanism positively impacts market recovery. Experts believe that this option will improve the stability of financial organisations and help increase the number of loans issued. Another way to improve the balance sheet is to sell pools of bad loans. In this case, banks transfer such loans at a discount to government agencies that manage troubled assets.

Predictions for the financial sector

In the view of Kang Zhou of S&P Ratings, the market for such bonds will only grow. He expects the trend of increasing bank issuance to continue next year.
According to S&P, in 2023, the share of substandard home loans was 52% of all loans issued. At the same time, the extent to which they are recoverable has fallen significantly due to the crisis in the property market.
The major issuers of such products include the most prominent state-owned financial institutions:
– Industrial and Commercial Bank of China;
– Bank of China;
– China Construction Bank;
– Agricultural Bank.
In addition, commercial institutions on the list include:
– Shanghai Pudong Development Bank;
– Bank of Communications;
– China Merchants Bank.
It should be clear that the consequences of such a proliferation of securitisation are still difficult to assess. The state of the country’s credit sector itself makes matters worse. In addition, the identity of the investors who buy troubled loans is often unknown. Banks usually sell them to private funds and asset management companies. Such trends could have a negative impact on China’s fragile financial system.

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Companies targeting a global audience face a difficult task. They must develop a convenient, functional resource that adapts to different markets. One of the best solutions in this case is multilingual website SEO. This approach will allow you to scale your business effectively and avoid difficulties communicating with new customers.
Even though English is the most spoken language on the internet, it is only the 3rd most spoken language in the world. Therefore, using only one language on a website limits business opportunities, especially if a company wants to expand globally. For example, including Spanish extends the audience reach to approximately 437 million users and Italian to 63 million people.
Working with a multilingual resource involves more than just translating text. It is also necessary to adapt the content to the cultural specificities of the consumers and make it understandable to them. To achieve this, it is essential to think through every action when promoting a website and not to overlook details.

Key stages of an SEO strategy

The first step in developing a multilingual SEO strategy is to analyse your target audience. Here, it is vital to start with the behavioural characteristics of consumers from other regions and their language preferences. At this stage, you should:
1. Localise metadata to make it as culturally relevant as possible.
2. Harness the power of social media. Focusing on popular platforms in your preferred region will increase the SEO effect. Backlinks are also a good result as they help attract new audiences’ attention.
3. Modify content to reflect the new localisation. In this case, assessing the possibility of adapting the site’s content is important. It may be sufficient to adapt existing material or add new material.
4. Conduct a comprehensive site analysis and track its ranking using Google Analytics and other services. This will allow you to see the real situation of the traffic flow and identify its sources. The aim is to increase targeting in specific regions and improve positions in search results.
5. Study the nuances of e-commerce. When placing orders in multiple countries, it is necessary to consider different currencies, exchange rate differences and other peculiarities. It is also worth adapting payment services and making them as convenient as possible for new customers.
Following these points can significantly improve the website’s visibility for new localisations.

How to improve the position of a multilingual website

In addition to making the resource available to target audiences from different countries, it should be optimised for search engines that focus on specific language segments.
You should start by placing Hreflang tags. They make a multilingual site SEO-ready for all localisations. They allow you to inform the search engine about using a particular language for a particular geography.
It is also important to pay attention to the localisation of metadata, which is not limited to translations. Here, it is necessary to adapt keywords to cultural and linguistic specificities. This approach will help increase the site’s attractiveness to users and improve its ranking.

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The Spanish government has sent a report to the European Commission assessing the local market. According to the document, the country is working to reduce its budget deficit and curb inflation. In addition, the Spain’s economic growth is expected in 2024, driven by recovery processes in various sectors.
The authorities noted that the economy has been performing well since 2021, following the downturn during the pandemic. The same pace will be maintained in 2023. GDP growth should reach 2% in 2024, above the EU average. The main drivers of growth in the Spanish economy are:
– increased activity in the labour sector;
– household wealth accumulation;
– interest from foreign investors;
– the implementation of the economic recovery plan.
At the same time, two factors – geopolitical conflicts and EU monetary policy – will have a direct impact on the local market in the near future. The latter, on the one hand, contributes to curbing inflation and, on the other, reduces economic activity not only in the Spanish market but also in Europe as a whole.

Revenue forecasts in the budget

2024 budget development follows the inertia scenario, which does not imply introducing new measures. However, they may be introduced in the future if necessary. The government intends to revise the pension accrual this year. This will make it possible to maintain purchasing power at a certain level despite the instability of the global energy market.
As for public administration revenues, their share in GDP will reach 42%, with an increase of 0.1% compared to 2023. Total tax revenues should reach €382.8 billion, an increase of 7.5% compared to previous figures. According to the authorities, the main drivers of this increase are rising employment and higher pensions.
The government plans to increase social contributions by 6.4% in 2024 due to the improvement in the labour market and the implementation of the pension reform.

Deficit and debt projections

One of the government’s main targets is to reduce the budget deficit by 3%. The regional deficit should be 0.1% lower, with the rest of the reduction coming from the central government. In addition, the good dynamics of the Spanish economy will reduce the dependence of the external debt on GDP. It is worth noting that this ratio is already 108% (the country reached 110% earlier than planned). The authorities hope to reduce this to 106.3% in 2024.
According to financial analytic Chaslau Koniukh opinion, the government is paying particular attention to implementing sustainable development points, which implies the transformation of several sectors.

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European firm CoinShares has announced the acquisition of Valkyrie Funds. The news comes after US regulators approved the use of bitcoin ETFs. CoinShares completed the deal using options.
The acquisition of a spot ETF allows the buyer to expand its operations in the US. In January, the US government approved 11 ETFs, including the registered Valkyrie. The latter allows investors to track the price dynamics of Bitcoin, the main currency on the crypto market. The fund has already placed shares in the new product, which has attracted a large number of investors. Thanks to the deals, it has managed to attract USD 4.6 billion.
Under the terms of the deal, Valkyrie’s assets will be under the management of CoinShares upon completion. The total value of the assets is approximately USD 110 million, spread across several businesses:
– ETF Valkyrie Bitcoin;
– Ether Strategy;
– ETF Valkyrie Bitcoin Miners;
– Valkyrie Bitcoin Fund.
The parties will announce the completion of the acquisition following European and US regulatory approvals.

Information on CoinShares

CoinShares is a leader in the European digital currency sector. The company manages USD 4.5 billion in assets. Key to the portfolio are two ETNs that offer transactions in the most significant cryptocurrencies – Ethereum and Bitcoin. CoinShares is listed on the Stockholm Stock Exchange. In January 2024, its value fell by 3.4%.
Company analysts presented their forecast of the cryptocurrency market development for the current year. According to the experts, one of the leading news will be the release of a stablecoin based on the Bitcoin ecosystem. In addition, the cost of BTC is likely to rise to USD 60,000 per coin. The stimulus for growth is the approval of spot bitcoin ETFs.
The network of this cryptocurrency will continue to develop in the direction of stablecoins. An asset may appear on the market worthy of competing with other stablecoins. It will become a convenient tool for a large number of users. This will make digital assets even more accessible to many investors.
It is worth noting that new products have already appeared on the market. For example, Liquid Network, Stacks and RSK have presented their Steibcoins. A project from bitSmiley Labs is also on the horizon.
CoinShares also predicts an increase in interest in Ethereum. Attention to digital money will increase with the appearance of the spot Ethereum ETF. Its launch is due in the second half of 2024.
The current period will be favourable for developing the cryptocurrency market. More and more countries are recognising the importance of this sector for progress. Therefore, we should expect changes in the rules of regulation of the industry, which will expand its opportunities.

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Nubank is a Brazilian neobank that has been operating successfully in the Latin American market for ten years. It has managed to become the second financial company in the region in terms of value, after Itaú Bank, which has 78 years of experience. In the first quarter of 2023, Nubank recorded an 87% increase in revenues and net profit compared to the same months of the previous period. This is thanks to the bank’s sound growth strategy and ability to react quickly to changing market conditions.
The founder of the Brazilian digital bank is David Velez, who worked for many years in the venture capital sector. In 2013, he decided to change his field and create Nubank. Velez’s goal was to build a financial organisation with the following characteristics:
– low-cost processes;
– a completely digital structure;
– the ability to analyse large amounts of data.
According to David, these characteristics would enable the bank to generate high returns once it became a mature and stable business. And that is exactly what happened: following the publication of the results, Nubank’s shares rose by 30 per cent on the New York Stock Exchange, taking its market value to USD 37 billion.

Nubank’s strategy for success

When Velez founded his fintech company, 80% of the Brazilian market was in the hands of 5 banks. Their main source of income was loans at high-interest rates and commissions. The businessman decided to start here because there was already serious competition among digital banks in the US. And in Brazil, there was no alternative to traditional financial organisations. The first thing Velez did was to offer customers credit cards with no fees. This was necessary for the company because it didn’t need a banking licence to issue loans.
To cut costs, Nubank avoided expensive advertising, instead inviting users and, through them, their friends. This strategy paid off, and within two years, the bank had about 2 million customers. In addition to providing loans on favourable terms, the company offered users a convenient mobile application that allowed them to carry out many transactions independently without visiting a physical office.
In 2023, about 45% of Nubank’s revenue came from interest on loans, with the rest coming from accounts, fees for investment and insurance services, and terminal usage. Meanwhile, to mitigate lending risks, the digital bank is gradually increasing the limit for users. If there is a high probability of non-payment, the customer is offered a special secure card. To use it, the customer must first deposit some of their own funds. This approach allows Nubank to minimise the number of problem loans.

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Technological progress affects various processes, including consumer behaviour. Whereas it used to take several years to implement innovations, today, they are part of everyday life in less than a year. Of particular note are modern financial technologies, which have transformed the payment system and opened up huge opportunities for businesses and end consumers.
The modern payment ecosystem is a unified environment in which the transfer of money takes place through the interaction of electronic devices, banks and financial companies. This integration makes transactions between sellers and buyers as fast and secure as possible. The introduction of innovations in the financial sector has led to the emergence of an entirely new industry – FinTech – which is developing rapidly. According to forecasts, the fintech market will reach USD 305 billion by 2025, which indicates its high potential.
A significant impetus for the development of online payments was the pandemic, which made traditional payment transactions impossible. As a result, businesses and consumers switched to cashless payments, and cash lost its former dominance. The development of e-commerce has been a major contributor to this trend. Indeed, new ways of doing business have become essential.
Analysts have carried out a study of the cashless payments sector and forecast its development over the next few years:
– by the end of 2024, the volume of contactless transactions in the global market will be around USD 6 trillion. This compares to USD 2 trillion in 2020;
– the e-commerce sector will reach around USD 6.2 trillion. According to Statista research, nearly 22% of all retail sales will be made online.
More than 2.8 billion credit cards are currently in use worldwide, demonstrating the popularity of contactless payments. Demand for such services will continue to grow, requiring improved payment processing and various payment methods.

Fintech for business

It is particularly important to develop financial technology for businesses in order to improve the quality of services offered to customers. In addition, modernising payment processing greatly simplifies the mechanisms for interacting with suppliers, consumers and regulators. FinTech already offers small and medium-sized business solutions such as mPOS payment terminals. There has been a steady increase in the functionality of these terminals, and the demand for these devices is on the rise. A more advanced solution is tap-on-phone, offered by major payment systems such as MasterCard and Visa. In addition, similar systems are already available from many banks and payment services. Real-time payments allow interbank payments to be made as quickly and reliably as possible. In this case, confirmations and transfers are automatic and require no further action.
Another technological trend is cross-border payments, which can be complex to process. New encryption methods and blockchain have reduced costs and simplified compliance.

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