AP BusinessWire ~ Affiliated Press Business News

[Bergenheim]

Stonecastle CDOs Exposed, Questions raised about Bergenheim Property Market
AP Midweis

There is unease in the Bergenheim stock exchange today as Rating Agencies downgraded the value of a number of CDO and Tranch Lateralisation packages offered by Steinschlosse. While Steinschlosse/Stonecastle has been one of the country's biggest and most trust-worthy banks, it has also diversified some of its holdings into the financial services sector, though questions have been raised about how a conflict of interest is avoided with such a scenario.

Since 2010, Stonecastle Finances have been selling CDO packages that bundle together Bergenheim and other Germanic properties as an "easy win" to companies across Gallo-Germania and beyond. Yet with the fall of Trivodnia questions have been raised about the quality and integrity of these packages, as many were bundled with now worthless Trivodnian mortgages and bonds.

While most mortgage brokers remain confident, this has surely rung a rare note of caution for a market that for five years has seen nothing but steady growth.

If the CDOs and synthetic CDOs offered by Stonecastle may be a little overvalued, then questions will surely be asked about the true value of the millions of bonds on the market offered by every other bank, not just in Bergenheim but the entire Gallo-Germanian property market.

 

[Rheinbund]

Governments of Eifelland and Retalia cover losses of Eiffellandian and Retalian companies due to Trivodnian surrender


In separate press conferences held by the Ministers of Finance of Eiffelland and Retalia, it was announced that the governments of Eiffelland and Retalia will cover the losses Eiffellandian and Retalian companies suffered after Trivodnia surrendered. Minister Fritschler indicated that “the government of Eiffelland handed out guarantees to the Eiffellandian banks and car companies” and that those guarantees “will be activated now”. The Retalian Minister of Finance used similar words to announce that the losses suffered by Retalian banks would be covered.
Both ministers indicated that the “risks we took were backed”. Both countries have the luck that their pre-war debts were not seriously high, even when taking the loans to Trivodnia into account. However, their debts will increase due to the war and due to the covering of the losses inflicted by the Trivodnian surrender.
Upon questions raised due to the CDOs offered by Steinschlosser, Minister Fritschler indicated that "the constructions used by Steinschlosser are not allowed under Eiffellandian law"; therefore, Eiffellandian banks are not subject to similar problems as Steinschlosser has with its CDOs.

 

[Azraq]

Azraqi sovereign wealth fund to refocus on Himyar
AP Jugol

The Azraqi Imperial Investment Authority is to reduce its exposure to Gallo-Germanian markets and ramp up investment in Himyar, its chief executive promised today, hoping to ward off political meddling from the incoming government.

Citing increased geopolitical risk, the AIIA CEO Abidraxman Burhaan Cawil said the Azraqi sovereign wealth fund would look to offload Gallo-Germanian assets and increase activity in Himyari economies. "The war in Trivodnia might be over but the dust has yet to settle," the 63-year old fund manager warned.

Local commentators believe the move is partly politically motivated. The AIIA has been criticised or buying trophy assets abroad and not investing enough domestically. The new Prime Minister Hika Qiltu was particularly vocal on the campaign trail. By announcing a change in tack, analysts believe Abidraxman Burhaan Cawil is trying to head off government interference. "By being seen as proactive, Cawil is betting he can avoid too much attention," says Erasto Ibraahin Xirsi of Himyar-Implaria Bank.

The AIIA head name-checked Natalia, Pelasgia, Port Stanley and Southern Engellexic Republic as top investment destinations in Himyar, as well as "strategic development" opportunities within the Azraqi Empire, which may include a high speed rail network if Emperor Tiirka Ilaah gets his way.

 

[Bergenheim]

Stonecastle to seek International Partnerships to alleviate Debts
AP Midweis

In a bold move to restore shareholder confidence and prevent further devaluation of existing holdings, Stonecastle Finances has put out feelers for international and private firms to buy out the ailing firm, and to further alleviate its debt problems. It is unclear if this will be successful however, as while Bergenheimer financial companies have historically always been kept on a tight leash within the national economy, it is unclear if any will see this as an honour but rather a move of desperation.

Unease continues to rise amongst the average populace in Bergenheim, as toxic bonds were found in other major financial services, including Sudenberg, First Cantonal Bank, the Ben-Aharon Group and Gallo-Germanian International. With such major institutions now being implicated, many are wondering how such risky and sub-prime bonds ended up in the Bergenheim market in the first place.

"It's not just Trivodnia." explained Heinrich Lehmann, financial investigations reporter for the Bergen Times. "all of these investment and equity groups have been trading in packages from Crotobaltislavonia, al-Kez, Virumaa and several other increasingly troubled nations as well."

With alarm now spreading, it remains to be seen if the National Unity Government of Bergenheim will be forced to step in. A Bailout, if it were to happen, would be a historic admission of weakness by a country that has enjoyed a reputation for financial probity and stability for over sixty years.

 

[Ebria]

Himyari markets panicked by Justosian militarism
AP Camp Hill

As the Federation of the Natal and the Azraqi Empire have worked so hard to present Himyar as a viable, stable and untapped solution to Gallo-Germanian war, instability and stagnation, a process in which they were joined by the post-civil war Pelasgian Empire, all seems to shatter now as problems arise in Justosia.

The recent calls for militarism from the Kingdom of Justosia and the developments from that country, many now fear that Himyar might very soon become the battleground which nations like Azraq, Natalia and Pelasgia have worked so hard to avoid.

As the news of the austerity bill proposed by the Justosian monarch and government became law, the stock markets in Propontis and Harton have taken a sharp turn downward, as many fear that it is only the first step towards a continental wide war that is being prepared by the Justosians. While the Natalian government tried to assure the investors that their property is safe, there were many people putting stocks on their markets, out of fear of not seeing a second Trivodnian episode, where billions in investment were wasted by the war.

The first concerns came from the first proclamations of the nationalisation of the automotive industry in Justosia, as that has made the government to be seen as untrustworthy of respecting the social contract that defends private property. The second wave of problems appeared at the bill of austerity proposed by none other than the Justosian monarch himself, which inflates the corporate and real estates taxes, while also cutting on investments and in education. Push came to a shove after it was proclaimed that the automotive industry is being converted to military production and that the land army will be effectively doubled.

The head of the Federation of Natalian Employers, an association of Natalian company owners, Morgan Parks, has called for the boycotting of Justosian products until further notice, as he calls the recent developments a clear way towards imperialistic aggression. He called for the whole world in general, but the Pelasgians, Aurarians and Azraqi in particular, to boycott the Justosians too, until they understand the need to respect the stability and status quo of the continent.

"We cannot stand by and just watch. They are clearly gearing up for war. All this gay marriage thing is just a way to distract the attention from the greater problem, that is Jusosian aggression. Their king acts like an autocrat destroying any trust created between his nation and the others and between his citizens and the authorities, all in the name of patriotism. We have seen where those calls for patriotism have led. They led to the decade of war in the 50s and now to the 7 Day War. And what is shocking is that they are doing literally a full frontal, proclaiming so proudly that they are moving from civilian economy to a war economy, that they are ready to tax anything heavenly possible, just to get their money, to fund the great war that they are preparing. If we want to show the world that Himyar is a beacon of stability and peace, it is time to push for that Pan-Himyari summit that State President Rufaro Mutasa and Chief Minister Liam Savage have called for and create a Pan-Himyari alliance to be sure that our continent is well defended from such dubious, warmongering characters," stated Morati Koketso, a reputed Natalian political and economical analyst in a talk show on NBC1.

 

[Oneida]

Aurarine Investors Flee Justosia
AP Tauritania

In the last few days, the King of Justosia, Carlos Francisco II, announced and is currently pursuing an aggressive austerity measure designed to insert a huge amount of money into the country’s defense budget and greatly expand the country’s capabilities.

The first part of the measure was nationalizing the country’s arms & automotive industry and brazenly switching gears to a complete and total military production. In fact, it was only yesterday, October 13, that the country announced its last cars left the assembly line and that production would move to tanks – effectively killing the entire automotive industry of the Kingdom in just three days.

“Normally, I think,” began economist Louis Sanchez of the University of Solis “the destruction of an industry would present itself with opportunities for foreign investment. However, what we’ve seen are Aurarine investors fleeing the country in droves, selling stocks now before any further damage is done.”

The cultural ties between the two countries of the Aurosphere meant that Aurarians and Justosians enjoyed relative ease navigating the bureaucracies of respective countries. In fact, many Aurarians found that business in Justosia was generally easier than Auraria. However, that all changed in seemingly the blink of an eye. The country also announced an increase to a 30% corporate tax rate, 20% capital gains tax, and a 30% estate tax all in the name of patriotism.

While the Kingdom’s measures seem to only affect the arms and automotive industry (aside from blanket tax increases), many Aurarine investors are worried that the country’s complete disregard for private property will extend further.

“I don’t have any patriotism for Justosia,” said Sebastián Menendez, CEO of Standard Energy, shortly after ordering the immediate withdraw of Aurarine assets from Justosia “Such actions from a Marxist-Leninovist country is to be expected, but from a capitalist one – we were stunned by the government’s actions and Standard Energy will take steps now to prevent future problems.”

Auraria’s actions joined with the Federation of the Natal, which has seen similar economic activity and shared fear for the future.

“Certainly a country does not build up a massive military enterprise just to march it through the streets at a National Festival,” said Louis Sanchez, referencing the annual military parade hosted on the anniversary of the Republic’s founding “Justosia is preparing for war and I don’t think that Aurarine investors have any interest in seeing their money lost to another war effort.”

When asked what Sanchez would recommend of investors who have not yet pulled their assets from Auraria, he said “I would find it very wise to get out now while your stocks are still worth something, they certainly won’t be worth much in the future.”

 

[Pelasgia]

Pelasgian companies, citizens boycott Justosia, government introduces sanctions
AP Propontis

Following similar movements across Himyar and the Long Sea, the markets in Propontis have reacted very negatively to the alarming trend of militarisation and industry nationalisation in Justosia. Despite initial investor confidence from the pro-free market bussiness programme of the new government, as well as a hard stance on the Trivodnian debt issue and the Pan-Himyari summit, the Propontis Stock Exchange (Ch.P.) closed with notable losses as the Justosians threatened to bring war back into a continent that has just barely earned its peace since the end of the National Schism in Pelasgia.

The Aurarine and Natalian governments and private citizenry have already begun organised large-scale boycotts of Aurarine goods in response to this trend, with thousands demonstrating against Justosian militarism. In Pelasgia, the Pelasgian Federation of Industrialists and Entrepreneurs (PSVE) and the National Union of Consumers (EEK) have proclaimed a total boycott of Justosian products. Indeed, the largest four homīloi (bussiness conglomerates) of Pelasgia, the Pegasus, Adamidīs-Aetos, Artemis, and Polydoras Memphis Groups have proclaimed their participation in the boycott. As the four homīloi collectively control large sections of the Pelasgian economy, including import-export, retail, and shipping, Justosian goods have a hard time reaching Pelasgian consumers.

Indeed, the shipping element of the boycott seems to be the most important, as Pelasgia possesses the world's largest merchant marine, and a refusal to ship Justosian goods could essentially mean their inability to be affordably exported to many parts of the world. The Pelasgian government has made matters even worse for Justosia by officially endorsing the boycott and formally instituting a travel order advising against visiting the country. Indeed, sanctions could extend further in coming days, as the Pelasgian government has summoned the Justosian ambassadors to ask for explanations, and a formal letter of protest has been handed to the Justosian government by the Pelasgian ambassador in the country.

"This unprecedented and unjustified militarism on the part of Justosia must cease immediately, lest the fragile peace Himyar has earned be shattered for no apparent reason," the Minister of External Affairs stated in a press conference, after announcing the new sanctions.

 

[Justosia]

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Crown Herald-Justosia National News via AP Wire

- Foreign Ministry officials reportedly laugh off & scoff at "unrecognized accusations from unrecognized nations".

When reached for further comment at this late, or early hour, the Vice Foreign Minister was even more blunt. "These delusional northerners, or foreigners yea? Are the rumors of their inbreeding true? Something must explain their vast lack of IQ or cognizance. We have no formal relations with the country hailing us. We have no amabassors there. No trade with them. Nor do we need them for such. They should return to wallowing in whatever mess they wish to create for themselves. Justosia is being made strong, by Justosians. That is every nation's right. May those who infringe on this right of Yahweh be damned. Their sanctions mean nothing. A frothing at the mouth infringement on our national sovereignty. Do me a favor & clean that up before you run with it, eh?"

An official statement from the Foreign Minister himself might be expected later this morning. The time is 12:30 AM. 60 degrees.

This is JNN. ​

 

[Justosia]

UPDATE VIA JNN:
​

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This duly elected government of the people & our sovereign will not be bullied, intimidated, or otherwise threatened by any means into giving up our Yahweh given right of a strong national defense to please plotting foreign powers.

Europe is for all. Trading will continue with nations Justosia currently seeks bond with. Our economy cannot be taken hostage. Justosia cannot be taken for granted. #VIVAFRANCISCO.

Joint statement
Enrique Cardania
Foreign Minister

Nicolas Blucher
Commerce Minister

Felipe Alejandro
Royal Palace Foreign Ministry Liaison Department

 

[Justosia]

UPDATE VIA JNN:
​

- Vice Foreign Minister reportedly lambasted for making comments "above his station".

 

[Gunnland]

Windhaven, Banja Luka Reportedly Near Major Commercial Agreements
AP Visislava

This town on the Gunnish-Crotobaltislavonian border is busy with crossing traffic, and if rumors from Windhaven are true, this will not change. Assistant Foreign Minister Jude mD. MacReddin confirmed that the Kingdom of Gunnland was "actively seeking" guarantees from President Valerian Fyodorov and the Crotobaltislavonian government that the duty-free transport of Gunnish, Elbener, and Geotrian goods would be possible. The Northern countries seek a competitive edge in the lucrative markets of Bergenheim, Eiffelland, and Retalia. Initial reports have been "promising," Assistant Minister MacReddin added.

The Ayr Securities Exchange Group (ASEG) index climbed to almost 7,000 points upon the news. The ASEG plummeted below 6,000 points just two weeks ago when it became clear that the Trivodnian Debt Crisis had hit Stonecastle and other Bergenheimer banks hard, although it rebounded somewhat when Eiffelland announced that its central bank would recuperate losses. Gunnish bankers were not unduly concerned. "We were not overly exposed in Trivodnia," said Andrew Ø. Mackowski, a VP at J.P. MacMorgan, "and as for all that Azraqi noise that Himyar was going to become the market share megalith that Gallo-Germania is now... Well, just look at the Justosia nonsense wreak havoc."

While the Army Council insisted that its mission was humanitarian, Liberal critics shot back that this is naïve. "For everything we say about the Amstov Jewry, it is we who are a stingy people," said Douglas MacLeish (MT L-Dalmyre), "I am sure that Foreign Secretary Larkin is squeezing blood from a stone right now in his talks with Ivar and Banja Luka." MacLeish argues that the free trade agreement was not worth the t9 billion price-tag of the Gunnish intervention in the Seven Day War.

Meanwhile, investors have been bullish on Gunnoil and the three largest Gunnish mining conglomerates, whose share prices have been driving ASEG growth. This has led to rumors that the Foreign Office has secured petroleum and mining concessions in mineral-rich western Crotobaltislavonia. When asked, Assistant Minister MacReddin would only say that the Kingdom of Gunnland is committed to mutually beneficial ways to promote the economic development of the war-torn region.

 

[Occitania]

Occitan Foreign Ministry

The Occitan Foreign Ministry and the Occitan Carlus de Paveza, Duke of Megadeia and Arch-bishop of Occitania formally extends an invitation to ambassadors of the nations of @Justosia and @Pelasgia to resolve economic tensions in the court of Megadeia.

 

[Justosia]

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We are happy to begin formal diplomatic relations immediately. We are most honored to have received such support from the Occitan state.

Felipe Alejandro
Royal Palace Foreign Ministry Liaison Department

 

[Rheinbund]

Aussenministerium
Trier, Eiffelland

We consider it needed to point at the fact that the Pelasgian Empire is a member of the Trier Concord, and with that an ally of Eiffelland and Occitania. The comments regarding the Pelasgian Empire made by the Justosian Vice-Minister of Foreign Affairs are completely out of place. It is good that measures were taken against him.

Indeed, Justosia has the right to defend itself; however, it is in the interest of all Hymiari nations, including Justosia, that the relations between the Hymiari countries remain good. We cannot imagine that the Kingdom of Justosia ended its centuries-long isolation in order to start quarreling with its neighbourcountries and tinker the continent into a war.

Rüdiger Zimmermann, Minister of Foreign Affairs and Vice-Chancellor

 

[Justosia]

JNN VIA AP WIRE:

Please stay tuned for the address, via special Senate Nationale session, of HRM King Carlos Francisco II:

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".........Honorable Senators, subjects. I address you tonight to update you on the status of the revitalization of our military in this new international and European age. Our program is called Defense Readiness One. My grandfather King Phillipe Francisco the First originally closed us off to Europe one hundred years ago. My papa, Carlos the First maintained this isolationist policy. These weremistakes. While we rectify one mistake, we must not make another. We lovingly open our gates to the European community. I invite you, wherever you are, come, indulge. I hereby extend my hand to those regional leaders who fear our purely defensive measures. Come. Meet me.

Guarding open gates must be a strong, formidable military to deter what we see as sub human provocateurs. Like the Red Menace of socialism and communism. Also so we may protect our regional interests. For these reasons we have taken the actions, passed the legislation you now know well. In time we shall fully de-nationalize the arms and automotive industries once our Army and ground forces complete tactical deployment deterrent readiness. We began the modernization of our air and naval forces years ago. Do not fear a game of catchup. We wish only to have a shield on parity with that of conventional Europe.

I pledge our actions, taken henceforth, to be for the aforementioned aims. I pledge I will personally lobby, if this noble chamber allows, to repeal every new tax and tax hike passed. I want my fellow crowned heads to know I most sincerely extend this invitation to you. Monarchy remains the life blood of Europe. We are the anointed shepherds. Leading our people forever to glorious pastures. Thank you."

 

[Serenierre]

Eiffellander and Retalian economies face growing pressures as Gallian war intensifies
AP SAULOT

News is emerging that hackers allegedly aligned with Serenierre have undertaken a wide-scale financial take down on the financial sector of Eiffelland and Retalia, allegedly wiping out billions from their economy. In documents provided to AP Saulot by anonymous sources over the internet via deepweb servers, details have been released of the accounts that were targeted, which included several key Eiffellander companies and foreign account holders, thus exposing the financial sector of both countries to a very serious round of liabilities. Furthermore, the source revealed that a total of 16 billion had successfully been removed from the Eiffellander banks and a further 120 billion were potentially exposed to data breaches. The impact of the attack on the financial sector of both countries is bound to be severe as the financial sector is a bedrock of the economy in both countries.

This economic attack comes as the Eiffellander and Retalian governments had already overextended themselves by taking on the debts and losses of companies affected by the crushing defeat suffered by the Trier Concordat at the hands of the Ruriksgrad Pact. The Government of Eiffelland denies the event having taken place. While the spokesman of the Government of Serenierre, while stating he had no comment was noted for a wry smile he had when he spoke.

 

[Rheinbund]

Hackers attack on Eiffellandian companies successfully repelled
AP TRIER

Rumours about a massive hackers attack on Eiffellandian companies were confirmed by the Eiffellandian and Retalian governments this morning. However, as it now appears, the earlier messages about the damage to the Eiffellandian and Retalian companies are far less severe than expected during the weekend. A counterattack against the hacker attack was successful in the sense that the damage to the companies was limited. While earlier sources were talking about the equivalent of 16 billion Eiffelland Marks being stolen from Eiffellandian banks and the equivalent of 120 billion Eiffelland Marks being exposed to data breaches, the companies that were subject to the hacker attacks indicate that an early estimation of the total damage is limited to the equivalent of less than 1 billion Eiffelland Marks. A spokesperson of the Eiffellandian Ministry of Finance indicated that "even combined with the coverage of the losses inflicted upon Eiffelland and Retalia, this is still bearable", and that "the Eiffellandian and Retalian economies are indeed suffering from the war efforts", but that "everything is still covered". The Eiffellandian and Retalian governments are working on preparing a financial overview to document that their balances are still healthy despite the losses suffered in Trivodnia. The Eiffellandian and Retalian companies, especially the banks, are working on such financial overviews as well.

 

[Warre]

Warreic Imports Regulation Department declares bans sales of Eiffellander, Seren, Occitanian, and Retalian Automobiles
AP Siu Wui

In an official press statement after investigating (in co-operation with the Warreic, Arthalan, and Siu Wui Ministries of Infrastructure & Transportation) nearly fifty thousand car accidents and automobile related deaths and injuries in the Warreic Realms, the Imports Regulation Department has moved to ban the importation of automobiles from the Gallian nations of Eiffeland, Retalia, Occitania or Serenierre, or automobiles manufactured at least in part in those nations. The accidents were over a span of 20 years in total, and while Warreic, Engell, Pelagasian, Ausweigian, or Occidentian made auto-mobiles performed admirably in safety tests, it was found that nearly 70% (67% total) of wrecks had an automobile manufactured in in one of the collective banned countries involved. When asked if that was really reason to do such measures, the Administrator of the WIRD said it was, to protect lives and to put pressure on the Gallian-Germanic offending manufacturers to 'provide better safety measures and to provide cleaner, more fuel efficient automobiles'.

 

[Rheinbund]

Joint statement by the Eiffellandian car companies

We are extremely puzzled about the sudden ban on the sale of our cars. We cannot speak for the car brands of Retalia, Serenierre and Occitania. For the Eiffellandian car brands, Eiffelland has one of the strictest car safety regulations including more severe crash tests than the ones in the Warreic Realms, as well as one of the strictest environmental regulations. When driving in urban areas, the air that goes into the engine of the newest Eiffellandian petrol cars (the cars built from 2014 onwards) is dirtier than the air coming out of the tailpipe. The diesel engines we are currently introducing, are that clean as well. Furthermore, we have a complete line of hybrid cars, as well as some electric car models.
However, we are of course always willing to improve our products. We ask the WIRD to indicate what exactly the safety issues and the environmental issues are, and we will work on those.

 

[Rheinbund]

Eiffellland bans the sale of Warreic cars
AP Trier

In an action that can be considered a quid pro pro, the Eiffellandian government decided to ban the sale of Warreic cars in Eiffelland. A spokesperson of the Ministry of Economic Affairs indicated: "What the WIRD is doing, is a typical case of creative statistics. If 70% of the cars in the Warreic Realms were built in Eiffelland,

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, it is not more than logical that 70% of the cars involved in accidents were built in those countries as well. Eiffelland has one of the strictest regulations regarding the safety and environmental burden of cars. Actually, our crash tests are more severe than the ones in the Warreic Realms. Because of that, Eiffellandian cars even exceed the Warreic demands. Apart from that, Eiffelland has extremely high norms regarding air quality. Eiffellandian cars, especially the ones built after 2014, fulfil those norms without any problems. This was sometimes an issue with Warreic car brands."
Upon a question of one of the journalists about why Eiffellandian cars would be involved in car crashes more often than cars from Pelasgia, Engellex or Warre, the minister indicated: "The only reason I can imagine, is that our car brands mainly sell the faster types in Warre, and that the roads in the Warreic Realms are less safe than ours. And then it's a matter of regulation again: We have very strict regulations on road building, because of which our roads are very safe. Maybe the car types sold by our car brands are too fast for the Warreic roads. In any case, we consider the Warreic measure politically motivated rather than a technical issue. It looks like the Warreic authorities want to protect their own car brands. In that case, we don't have any other option than to ban Warreic cars in Eiffelland."
One of the journalists had a question about the safety of Eiffellandian roads, given the fact there is no compulsory speed limit on the Eiffellandian motorways (at least not before the war). The spokesperson replied to that question: "Indeed, our motorways do not have a compulsory speed limit in times of peace, but our motorways have also been built in such a way that bad gas pedal behaviour can be conducted in a safe manner."