Deutsche Bank

Inductive power transfer (IPT) systems are transforming railway infrastructure by enabling efficient, wireless energy transmission for electric locomotives equipped with Li-ion batteries. This technology eliminates the need for overhead power lines and third rails, offering financial and operational advantages over conventional electric propulsion systems. Despite its potential, IPT deployment in rail applications faces significant challenges, including the fragility of materials (i.e., ferrite and Litz wires), thermal management during high-power transfers, and electromagnetic interference (EMI) on the transmitter side. This study discusses several factors affecting IPT efficiency and introduces magnetic concrete as a durable and cost-effective material solution for IPT systems. Magnetic concrete combines soft ferrite powder with water and coarse aggregates to enhance magnetic functionality while maintaining structural strength comparable to conventional concrete. Its durability and optimized magnetic properties promote consistent power transfer efficiency, making it a viable alternative to traditional ferrite cores. A comparative study has been performed on non-magnetic and magnetic concrete (with 33% ferrite powder) using both permeability tests and finite element analysis (FEA). The FEA includes both thermal and electromagnetic simulations using Ansys Maxwell (v.16), revealing that magnetic concrete can improve temperature management and EMI mitigation, and the findings underscore its potential to revolutionize IPT technology by overcoming the limitations of traditional materials and enhancing durability, cost-efficiency, and power transfer efficiency. By addressing the challenges of fragility, thermal management, and shielding of the unique coil topology design presented, this study lays the groundwork for improving IPT infrastructure in sustainable and efficient rail transport systems.

Embedded finance is revolutionising the way financial services are delivered, enabling the seamless integration of financial products into everyday, nonfinancial contexts. As regulatory frameworks evolve, and advancements in technologies like application programming interfaces (APIs) and artificial intelligence accelerate, embedded finance is becoming an indispensable pillar of modern financial ecosystems. This paper analyses the factors driving the rapid expansion of embedded finance and highlights its growing significance in today’s digital economy. By focusing on the success criteria that are crucial for the effective implementation and long-term sustainability of these solutions, the research provides a comprehensive guide for financial institutions and partners alike. Through an empirical analysis of various use cases, the study uncovers the most promising applications and identifies the main factors that are driving the success of embedded finance initiatives. As this innovative approach continues to gain momentum, it opens up vast opportunities for growth and innovation, offering the potential to reshape how financial services are integrated into both consumer and business ecosystems, driving efficiency and enhancing the user experience.

Aus der Sicht vieler Glubigen wird Zweifel vornehmlich negativ wahrgenommen:

The hotel and retail sectors have been at the forefront of COVID-19-related investor concerns in commercial real estate. The office sector is the single largest property sector across commercial mortgage-backed securities with $149bn of outstanding balances across conduit and single asset, single borrower. Office sector delinquencies have remained relatively low through the COVID-19 crisis; however, COVID shutdowns have forced many corporations to shift to work from home (WFH) situations across the US. The success of WFH and the potential to reduce corporate occupancy costs may have longer term implications on office demand beyond the pandemic. This article reviews the health of the office sector, looks at office performance during the Great Financial Crisis, and considers the impact of wider acceptance of WFH policies on future office demand. <b>TOPICS:</b>CMBS and commercial mortgage loans, credit risk management, financial crises and financial market history <b>Key Findings</b> ▪ Office commercial mortgage-backed securities (CMBS) delinquencies to date have remained relatively low compared with the hotel and retail sectors. ▪ The office sector does not face significant near-term deadlines. Office debt maturities and lease rolls in CMBS are back-ended. Only 10% of office debt maturities (conduit) and 18% of reported lease rolls in CMBS are due in the next 2 years. The duration of office leases provides a longer runway for problems to be worked out. ▪ During the Great Financial Crisis (GFC), office revenues declined by roughly −17% and did not bottom for about 2½ years. Milder recession than the GFC; WFH acceptance has dented office demand, but this will be partly offset by higher square footage per employee needs once offices can reopen normally. Longer term office demand will return.

Abstract The COVID-19 epidemic which began in China last year has expanded worldwide. A flexible SEIRD epidemiological model with time-dependent parameters is applied to modeling the pandemic. The value of the effective reproduction ratio is varied to quantify the impact of quarantines and social distancing on the number of infections and deaths, on their daily changes. and on the maxima in these daily rates expected during the epidemic. The effect of changing Reff is substantial. It ought to inform policy decisions around resource allocation, mitigation strategies and their duration, and economic tradeoffs. The model can also calculate the impact of changes in infectiousness or morbidity as the virus mutates, or the expected effects of a new therapy or vaccine assumed to arrive at a future date. The paper concludes with a discussion of a potential endemic end of COVID-19, which might involve times of about 100 years.

Peter Garber traces the crisis to three failed public sector projects launched in the late 1990s. These were a scheme to redistribute wealth by lending to uncreditworthy borrowers for real estate purchases in the US; China’s export-driven growth strategy; and the launch of the euro in 1999. The rapid increase in China’s exports to the US created a capital flow into the US and within the Eurozone, Germany exported goods to the southern periphery and German banks lent money to banks, businesses, and governments in the south. The effect of these flows was to drive global real interest rates to very low levels and this led to the expansion of the SPVs and SIVs, effectively ways of raising short rates for those who demanded it.

This edited volume provides an assessment of an increasingly fragmented aid system. Development cooperation is fundamentally changing its character in the wake of global economic and political transfo