Frankfurt am Main, Germany
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The invention relates to an apparatus (100) for a document sorting machine, in particular a banknote sorting machine, comprising: an inspecting plate (1) of a sensor unit and a conveyor belt-free and/or roller-free gap, the belt-free and/or roller free gap being configured to accommodate the inspecting plate (1); the length of the gap being substantially shorter than the length of the document, the apparatus (100) further comprising at least one hollow air guide between an outlet of a valve and an outlet of the air guide at an end of the air guide opposite to the outlet of the valve for blowing air on a document moving along the inspecting plate (1), wherein the cross-sectional area of the air guide remains either constant or increases between the outlet of the valve towards and until the outlet of the air guide including the cross-sectional area of the outlet of the air guide. The invention also relates to a document sorting machine and methods.


News Article | May 15, 2017
Site: globenewswire.com

Riga, Latvia, 2017-05-15 07:59 CEST (GLOBE NEWSWIRE) -- ABLV Bank decided to perform premature redemption of the subordinated bond issue that took place in 2012. On 27 June 2017, the bond issue ABLV SUB USD 270622 (ISIN: LV0000800985) will be redeemed in full at the price of 100% of the face value. The above mentioned subordinated bond issue was performed on 27 June 2012 under the Second Bond Offer Programme, and its size was USD 20 million at face value of the bonds. The bonds’ maturity term was set to be 10 years, coupon rate is fixed during first five years: 4.5% with payment twice a year. According to the issue provisions, the bank may completely redeem the bonds before maturity starting from 27 June 2017. These bonds are included in the Baltic Bond List of Nasdaq Riga. The decision about the premature redemption of the subordinated bonds was taken as the bank’s capital adequacy ratio significantly exceeds the level provided by the regulator. The necessary admission required to perform the redemption of bonds has been received from the European Central Bank. As we informed earlier, the bank initiated gradual replacement of long-term deposits with bonds at the end of 2011. Including the redeemed bonds, we have performed 41 public bond issues so far. Currently, 21 bond issues are included in the Baltic Bond List of Nasdaq Riga. This announcement contains inside information. ABLV Bank, AS is the largest independent private bank in Latvia. The bank’s major shareholders — Oļegs Fiļs, Ernests Bernis and Nika Berne – directly and indirectly hold 86.55% of the bank's voting share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; Pillar Development, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Baku, Tashkent, Hong Kong, Limassol, and New York.


Well-founded optimism - not mere hopes - will characterise the world economy in 2017-18. Although conflict levels have escalated and political challenges should not be minimised, protectionist rhetoric is not identical with practical policy, according to SEB economists in the May 2017 issue of the quarterly Nordic Outlook report. The increase in economic activity is globally synchronised. We are now lifting our high growth forecast for Sweden further. But with the Riksbank signalling a continued complete focus on inflation, its first key interest rate hike is not likely to occur before April 2018, even though it is generally becoming increasingly difficult for central banks to justify more extreme forms of monetary policy including negative interest rates. Underlying strength among emerging market (EM) economies, including China, and a rebounding investment cycle are offsetting political risks around the world. Our positive economic scenario will continue to materialise. GDP growth in the 35 mostly affluent countries of the Organisation for Economic Cooperation and Development (OECD) will average 2.1 per cent this year, somewhat higher than in 2016, and 2.2 per cent in 2018. In practice, sentiment indicators are even hinting at somewhat higher growth than our forecasts reflect today, but major social challenges remain, such as economic inequality, ageing populations and sectoral job losses due to digitisation and automation. Trump more pragmatic and less dogmatic - a relief to other countries Global economic policy uncertainty is at historically high levels and is coloured by populism and protectionism, which go hand in hand. As expected, US President Donald Trump's economic policies ("Trumponomics") have proved difficult to implement and the president has repeatedly changed his mind. Yet relations between the world's two economic superpowers, China and the United States, have improved. World trade is showing an upward trend in spite of everything and seems to be generally robust. Because of a strong labour market and increased capital spending, after a temporary dip early in 2017 the US will have GDP growth of 2.3 per cent this year, up from 1.6 per cent in 2016, and then reach 2.5 per cent in 2018. Our conclusion that Trumponomics will be incapable of delivering so much stimulus has been confirmed, which will limit growth in 2017-2018. The US labour market will nonetheless become increasingly tight; unemployment will fall nearly to 4 per cent and pay increases will reach 3.5 per cent yearly. Chinese economy in high gear, but Beijing will tighten credit conditions Adjustment processes in EM economies are making them more resilient to American key interest rate hikes, but high debts and political risks pose threats. China's GDP will grow by 6.7 per cent this year and 6.3 per cent in 2018, with clear improvement in the manufacturing and construction sectors, but the authorities will tighten credit conditions. Looking ahead, this will dampen growth but meanwhile decrease the risk of financial imbalances. The other BRIC economies, especially India, will confirm the important contributions of emerging economies to the improved global outlook in 2017-18. Europe will also benefit from stronger labour markets and an upswing in capital spending. Euro zone GDP growth will be 2.0 per cent this year and in 2018, and the upturn is broad-based. Political uncertainty has decreased after anti-European Union forces have had modest success so far during this year of major national elections. The German parliamentary election is unlikely to change the picture. But there will be long-term threats. The new, untested leadership in France will face major challenges and a weak economy will compel the parties to accept compromises. Italy also stands out as a major financial and political threat to the EU. The process of British exit from the EU ("Brexit") will be characterised by tough rhetoric and positioning. Prime Minister Theresa May and her Tory government may strengthen their position after the snap election in June, but this does not change the fact that the probability of failed Brexit negotiations has increased. Thus British economic growth will undoubtedly be hampered by political uncertainty during our forecast period. Changing risk picture weakens arguments for extreme monetary policy There are still good reasons to pursue expansionary monetary policy, but it is becoming increasingly difficult to find arguments for its more extreme forms, such as negative and zero interest rates and large stimulative securities purchases. The risk picture has changed: The deflation risk has decreased significantly and downside risks to growth have faded. In the US, the Fed will continue making its policy less expansionary by hiking its key rate a total of three times in 2017 plus three times in 2018 and reducing its holdings of securities. The risk of a pro-cyclical Amercian fiscal policy has decreased, while financial conditions have become more expansionary despite Fed rate hikes. The European Central Bank (ECB) has also adjusted its risk picture, and in September 2017 we expect it to hike its deposit rate for banks by 15 basis points to -0.25 per cent and then approve a further reduction in its monthly securities purchases.  The low interest rate environment and the presence of central banks focusing on currency exchange rates are resulting in a generally trendless global foreign exchange market. Financial market developments are contradictory. Despite political uncertainty and worries about Chinese and American recession triggered by policy makers, global stock markets are close to all-time highs. In addition, the volatility (or "fear") index is at a 10-year low. Based on rising earnings and stronger economic activity, share prices may continue to climb. High cost-effectiveness and initial signs of better pricing power will further reinforce this situation. Rising long-term yields (about 70 basis points during our forecast period) will not prevent stock markets from climbing somewhat further. Brent crude oil prices will remain at USD 55-60 per barrel, but with a clear downside risk in a supply- and US-driven market. Baltic and Nordic economies lifted by international and domestic strength The Baltic economies will benefit from both an improved international outlook and domestic growth engines - consumption and capital spending - but they are not free of challenges. Estonia's GDP growth will accelerate to more than 3 per cent in 2018, but with question marks about long-term economicx drivers. Latvia will benefit from a tax reform  that strengthens its competitiveness and growth potential: we expect GDP growth to reach 3.5 per cent both in 2017 and 2018. In Lithuania, exports will push growth levels higher but pay increases may eventually become a problem. GDP growth will exceed 3 per cent. The outlook in Finland has improved, with sentiment indicators at multi-year highs. Industry and capital spending will drive growth and GDP growth will be 1.6 per cent in 2017 and 1.7 per cent in 2018. The recovery will also continue in Norway with the help of increased private consumption and capital spending. GDP growth will be 1.4 per cent per year 2017 and 2018. As for inflation, downside risks dominate. This gives Norges Bank a reason to keep its key interest rate low; its first rate hike will occur in December 2018.  In Denmark, we expect tighter credit conditions to slow job growth, but GDP growth will be 2.0 per cent this year and 2.4 per cent in 2018. High, broad-based Swedish growth and low inflation create tensions Sweden's GDP will grow by 3.1 per cent this year and 2.6 per cent in 2018 - a slight upward revision of our earlier already optimistic forecast. Sentiment indicators  suggest an even faster expansion, but clear production restrictions and bottlenecks will hamper growth. The government will take advantage of the very favourable fiscal situation - annual budget surpluses of 0.6 per cent of GDP and government debt that will fall by 4 percentage points to 38 per cent of GDP - and will unveil an election budget this autumn with an expansionary direction. Our main scenario is that the minority government will allow the opposition to block a few items, thereby avoiding a government crisis before the scheduled September 2018 election. Inflation has reached a higher and more stable level than before, but after this spring's low contractual pay hikes the Riksbank will find it difficult to achieve its 2 per cent inflation target. In April an obviously divided Riksbank also chose to extend but reduce its bond purchases. In other respects, the arguments for a less expansionary monetary policy are becoming broader and stronger. Home prices and debts have again begun to accelerate, accentuating how a lack of coordination and cooperative spirit between different economic policy making bodies is becoming more and more problematic. Higher resource utilisation, changes in the Swedish monetary policy framework and the probable replacement of the Riksbank's Governor late in 2017 will finally open the way for a hike in the negative key interest rate to -0.25 per cent in April 2018. By the end of 2018, the repo rate will stand at 0.0 per cent. In the short term, the krona will remain 5-10 per cent undervalued, but it will strengthen to SEK 9.30 per euro and 8.45 per US dollar at the end of 2017, then SEK 8.95 per euro and 7.85 per dollar at the end of 2018. Key figures: International & Swedish economy (figures in brackets are forecasts from the February 2017 issue of Nordic Outlook) SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries. SEB offers financial advice and a wide range of financial services. In Denmark. Finland. Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On March 31. 2017. the Group's total assets amounted to SEK 2.927 billion while its assets under management totalled SEK 1.800 billion. The Group has around 15.000 employees. Read more about SEB at http://www.sebgroup.com.


Well-founded optimism - not mere hopes - will characterise the world economy in 2017-18. Although conflict levels have escalated and political challenges should not be minimised, protectionist rhetoric is not identical with practical policy, according to SEB economists in the May 2017 issue of the quarterly Nordic Outlook report. The increase in economic activity is globally synchronised. We are now lifting our high growth forecast for Sweden further. But with the Riksbank signalling a continued complete focus on inflation, its first key interest rate hike is not likely to occur before April 2018, even though it is generally becoming increasingly difficult for central banks to justify more extreme forms of monetary policy including negative interest rates. Underlying strength among emerging market (EM) economies, including China, and a rebounding investment cycle are offsetting political risks around the world. Our positive economic scenario will continue to materialise. GDP growth in the 35 mostly affluent countries of the Organisation for Economic Cooperation and Development (OECD) will average 2.1 per cent this year, somewhat higher than in 2016, and 2.2 per cent in 2018. In practice, sentiment indicators are even hinting at somewhat higher growth than our forecasts reflect today, but major social challenges remain, such as economic inequality, ageing populations and sectoral job losses due to digitisation and automation. Trump more pragmatic and less dogmatic - a relief to other countries Global economic policy uncertainty is at historically high levels and is coloured by populism and protectionism, which go hand in hand. As expected, US President Donald Trump's economic policies ("Trumponomics") have proved difficult to implement and the president has repeatedly changed his mind. Yet relations between the world's two economic superpowers, China and the United States, have improved. World trade is showing an upward trend in spite of everything and seems to be generally robust. Because of a strong labour market and increased capital spending, after a temporary dip early in 2017 the US will have GDP growth of 2.3 per cent this year, up from 1.6 per cent in 2016, and then reach 2.5 per cent in 2018. Our conclusion that Trumponomics will be incapable of delivering so much stimulus has been confirmed, which will limit growth in 2017-2018. The US labour market will nonetheless become increasingly tight; unemployment will fall nearly to 4 per cent and pay increases will reach 3.5 per cent yearly. Chinese economy in high gear, but Beijing will tighten credit conditions Adjustment processes in EM economies are making them more resilient to American key interest rate hikes, but high debts and political risks pose threats. China's GDP will grow by 6.7 per cent this year and 6.3 per cent in 2018, with clear improvement in the manufacturing and construction sectors, but the authorities will tighten credit conditions. Looking ahead, this will dampen growth but meanwhile decrease the risk of financial imbalances. The other BRIC economies, especially India, will confirm the important contributions of emerging economies to the improved global outlook in 2017-18. Europe will also benefit from stronger labour markets and an upswing in capital spending. Euro zone GDP growth will be 2.0 per cent this year and in 2018, and the upturn is broad-based. Political uncertainty has decreased after anti-European Union forces have had modest success so far during this year of major national elections. The German parliamentary election is unlikely to change the picture. But there will be long-term threats. The new, untested leadership in France will face major challenges and a weak economy will compel the parties to accept compromises. Italy also stands out as a major financial and political threat to the EU. The process of British exit from the EU ("Brexit") will be characterised by tough rhetoric and positioning. Prime Minister Theresa May and her Tory government may strengthen their position after the snap election in June, but this does not change the fact that the probability of failed Brexit negotiations has increased. Thus British economic growth will undoubtedly be hampered by political uncertainty during our forecast period. Changing risk picture weakens arguments for extreme monetary policy There are still good reasons to pursue expansionary monetary policy, but it is becoming increasingly difficult to find arguments for its more extreme forms, such as negative and zero interest rates and large stimulative securities purchases. The risk picture has changed: The deflation risk has decreased significantly and downside risks to growth have faded. In the US, the Fed will continue making its policy less expansionary by hiking its key rate a total of three times in 2017 plus three times in 2018 and reducing its holdings of securities. The risk of a pro-cyclical Amercian fiscal policy has decreased, while financial conditions have become more expansionary despite Fed rate hikes. The European Central Bank (ECB) has also adjusted its risk picture, and in September 2017 we expect it to hike its deposit rate for banks by 15 basis points to -0.25 per cent and then approve a further reduction in its monthly securities purchases.  The low interest rate environment and the presence of central banks focusing on currency exchange rates are resulting in a generally trendless global foreign exchange market. Financial market developments are contradictory. Despite political uncertainty and worries about Chinese and American recession triggered by policy makers, global stock markets are close to all-time highs. In addition, the volatility (or "fear") index is at a 10-year low. Based on rising earnings and stronger economic activity, share prices may continue to climb. High cost-effectiveness and initial signs of better pricing power will further reinforce this situation. Rising long-term yields (about 70 basis points during our forecast period) will not prevent stock markets from climbing somewhat further. Brent crude oil prices will remain at USD 55-60 per barrel, but with a clear downside risk in a supply- and US-driven market. Baltic and Nordic economies lifted by international and domestic strength The Baltic economies will benefit from both an improved international outlook and domestic growth engines - consumption and capital spending - but they are not free of challenges. Estonia's GDP growth will accelerate to more than 3 per cent in 2018, but with question marks about long-term economicx drivers. Latvia will benefit from a tax reform  that strengthens its competitiveness and growth potential: we expect GDP growth to reach 3.5 per cent both in 2017 and 2018. In Lithuania, exports will push growth levels higher but pay increases may eventually become a problem. GDP growth will exceed 3 per cent. The outlook in Finland has improved, with sentiment indicators at multi-year highs. Industry and capital spending will drive growth and GDP growth will be 1.6 per cent in 2017 and 1.7 per cent in 2018. The recovery will also continue in Norway with the help of increased private consumption and capital spending. GDP growth will be 1.4 per cent per year 2017 and 2018. As for inflation, downside risks dominate. This gives Norges Bank a reason to keep its key interest rate low; its first rate hike will occur in December 2018.  In Denmark, we expect tighter credit conditions to slow job growth, but GDP growth will be 2.0 per cent this year and 2.4 per cent in 2018. High, broad-based Swedish growth and low inflation create tensions Sweden's GDP will grow by 3.1 per cent this year and 2.6 per cent in 2018 - a slight upward revision of our earlier already optimistic forecast. Sentiment indicators  suggest an even faster expansion, but clear production restrictions and bottlenecks will hamper growth. The government will take advantage of the very favourable fiscal situation - annual budget surpluses of 0.6 per cent of GDP and government debt that will fall by 4 percentage points to 38 per cent of GDP - and will unveil an election budget this autumn with an expansionary direction. Our main scenario is that the minority government will allow the opposition to block a few items, thereby avoiding a government crisis before the scheduled September 2018 election. Inflation has reached a higher and more stable level than before, but after this spring's low contractual pay hikes the Riksbank will find it difficult to achieve its 2 per cent inflation target. In April an obviously divided Riksbank also chose to extend but reduce its bond purchases. In other respects, the arguments for a less expansionary monetary policy are becoming broader and stronger. Home prices and debts have again begun to accelerate, accentuating how a lack of coordination and cooperative spirit between different economic policy making bodies is becoming more and more problematic. Higher resource utilisation, changes in the Swedish monetary policy framework and the probable replacement of the Riksbank's Governor late in 2017 will finally open the way for a hike in the negative key interest rate to -0.25 per cent in April 2018. By the end of 2018, the repo rate will stand at 0.0 per cent. In the short term, the krona will remain 5-10 per cent undervalued, but it will strengthen to SEK 9.30 per euro and 8.45 per US dollar at the end of 2017, then SEK 8.95 per euro and 7.85 per dollar at the end of 2018. Key figures: International & Swedish economy (figures in brackets are forecasts from the February 2017 issue of Nordic Outlook) SEB is a leading Nordic financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries. SEB offers financial advice and a wide range of financial services. In Denmark. Finland. Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On March 31. 2017. the Group's total assets amounted to SEK 2.927 billion while its assets under management totalled SEK 1.800 billion. The Group has around 15.000 employees. Read more about SEB at http://www.sebgroup.com.


Grant
Agency: European Commission | Branch: FP7 | Program: CP | Phase: ICT-2009.8.0 | Award Amount: 3.78M | Year: 2010

In this project we set up an interdisciplinary consortium of computer scientists, physicists, economists and policy makers to deal with the problem of understanding and forecasting systemic risk and global financial instabilities. By leveraging on expertise in the various disciplines, we want to provide a novel integrated and network-oriented approach to the issue. On one hand, we will offer a theoretical framework to measure systemic risk in global financial market and financial networks. On the other hand, we will deliver an ICT collaborative platform for monitoring systemic fragility and the propagation of financial distress across institutions and markets around the world. Experts will be able to evaluate algorithms and models to forecast financial crises as well as visualise interactively possible future scenarios.


Patent
European Central Bank | Date: 2011-03-16

The present invention proposes a method for generating a security bi-level image used to form one of the inks of a banknote, said image comprising an original bi-level image and a security pattern, said security pattern being obtained in the spatial domain by the inverse Fourier transform of the combination in the frequency domain between the Fourier transform of an auxiliary image and a two-dimensional sweep, said two-dimensional sweep being a circularly symmetric, two-dimensional pattern created by sweeping a self-similar, one-dimensional function along a 360-degree arc, such as said security pattern being detectable from the maximum value of the cross-correlation of said one-dimensional function with the Fourier transform of one line of said banknote, said method comprising the step of :- determining a distance map of the original bi-level image,- generating a merged image by linearly interpolating at least a part of said distance map with said security pattern,- thresholding the merged image to obtain the security bi-level image,- applying the security bi-level image on a support.


The invention relates to a security element for a valuable document comprising a substrate, a first groove on a first surface of the substrate, a second groove on a second surface of the substrate, the second surface being opposite to the first surface wherein the first groove and the second groove are aligned with each other such that first groove and the second groove are substantially superposed and a first foil is arranged in the first groove and a second foil is arranged in the second groove such that the thickness of the first foil and the thickness of the second foil are partially compensated by the dimensions of the first groove and the second groove. The invention also relates to a valuable document comprising the security element as well as to methods of manufacturing the security element and the valuable document.


The invention relates to an apparatus for a document sorting machine, in particular a banknote sorting machine. The apparatus (100) comprises: a first suction block (2); a second suction block (3); a first conveyor unit (50) for moving the document along a document guiding surface of the first suction block (2) and a second conveyor unit (51) for moving the document along a document guiding surface of the second suction block (3), the first suction block (2) and the first conveyor unit (50) and the second suction block (3) and the second conveyor unit (51) being arranged on opposite sides of a conveyor belt-free gap, the belt-free gap being configured to accommodate an inspecting plate (1) of a sensor unit; wherein the length of the gap is substantially shorter than the length of the document. The invention also relates to a document sorting machine and methods.


Patent
European Central Bank | Date: 2014-10-15

The invention relates to a security feature representing predetermined machine readable data and being adapted to an inherent characteristic of an object to which the security feature is applied. The invention also relates to an object comprising the security feature.


The present invention relates to a security document comprising a substrate 1 and an optical security element 5 incorporated in the substrate and relates to a method for checking the authentication of the security document. Moreover, the invention relates to a method for protecting a security document against forgery and for the authentication of the security document. The security document according to the invention comprises a first liquid-crystal layer structure 7, the liquid-crystal molecules thereof having a first predetermined orientation pattern for storing information, a polariser 8, and a second liquid-crystal layer structure 8, the liquid-crystal molecules thereof having a second predetermined orientation pattern for storing information. The information stored in the first and second liquid-crystal layer structures 7, 8 is not visible by the naked eye without an inspection tool. The method for checking the authentication of the optical security element according to the invention is based on the use of a liquid-crystal display, for example a mobile phone or a camera, as a means for providing polarised light. Both the first information stored in the first liquid-crystal layer structure and the second information stored in the second liquid-crystal layer structure are independently visible for the public using the mobile phone or the camera. Thus, the optical security element allows authentication of the security document by observing both the first and second information which can be a text or an image or a combination of text and image.

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