The number of “ultra high net worth” individuals in the world has grown by 46,000 since 2021, according to The Guardian. Currently, there are 218,200 people who can be put in that category – the highest ever tally which is being attributed to the “explosion of wealth” following the pandemic.

According to investment bank Credit Suisse, the recovery period after the COVID-19 pandemic has seen huge boost in both house prices as well the stock market. As a result, a number of people benefitted from owning a diversified portfolio and that can be seen in the UHNW list.

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-crisis-russias-vladimir-putin-announces-partial-military-mobilisation-518283" hreflang="en">Putin announces partial military mobilisation in Russia</a>

“The strong rise in financial assets resulted in an increase in inequality in 2021,” the report by Credit Suisse said, reports The Guardian. “The rise in inequality is probably due to the surge in the value of financial assets during the Covid-19 pandemic,” it further explained.

The report also found that the recovery of macroeconomic activity in a low interest environment produced exceptionally favourable conditions for household wealth growth during 2021.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-and-canadian-warships-sail-through-taiwan-strait-second-time-in-three-weeks-518244">US &amp; Canadian warships sail through Taiwan Strait, second time in three weeks</a>

“We estimate that global wealth totalled $463.6 trillion at the end of 2021, a rise of $41.4 trillion (9.8%),” the report said. “Wealth per adult grew by $6,800 (8.4%) during the course of the year to reach $87,489, close to three times the level recorded at the turn of the century.”

When it comes to countries, Switzerland once again topped the list with the highest average wealth per adult ($700,000). However, in case of Switzerland too, the inequality of income was quite apparent as the country ranked sixth when it comes to median wealth.

(With inputs from agencies)

The number of “ultra high net worth” individuals in the world has grown by 46,000 since 2021, according to The Guardian. Currently, there are 218,200 people who can be put in that category – the highest ever tally which is being attributed to the “explosion of wealth” following the pandemic.

The number of “ultra high net worth” individuals in the world has grown by 46,000 since 2021, according to The Guardian. Currently, there are 218,200 people who can be put in that category – the highest ever tally which is being attributed to the “explosion of wealth” following the pandemic. According to investment bank Credit Suisse, the recovery period after the COVID-19 pandemic has seen huge boost in both house prices as well the stock market. As a result, a number of people benefitted from owning a diversified portfolio and that can be seen in the UHNW list. Also read | Putin announces partial military mobilisation in Russia “The strong rise in financial assets resulted in an increase in inequality in 2021,” the report by Credit Suisse said, reports The Guardian. “The rise in inequality is probably due to the surge in the value of financial assets during the Covid-19 pandemic,” it further explained. The report also found that the recovery of macroeconomic activity in a low interest environment produced exceptionally favourable conditions for household wealth growth during 2021. Also read | US & Canadian warships sail through Taiwan Strait, second time in three weeks “We estimate that global wealth totalled $463.6 trillion at the end of 2021, a rise of $41.4 trillion (9.8%),” the report said. “Wealth per adult grew by $6,800 (8.4%) during the course of the year to reach $87,489, close to three times the level recorded at the turn of the century.” When it comes to countries, Switzerland once again topped the list with the highest average wealth per adult ($700,000). However, in case of Switzerland too, the inequality of income was quite apparent as the country ranked sixth when it comes to median wealth. (With inputs from agencies)

Number of global ultra high net worth individuals hits record high in 2022

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change&nbsp;foremost. In the post-pandemic&nbsp;period, you might have surely heard the term, ‘greenwashing’, a savior wherein businesses portray themselves to be following ethical and sustainable practices in order to achieve a larger-collaborative agenda. It's veritably likely that businesses use this as a marketing gimmick or a way to overshadow the hazards it's causing. What you might be wondering is if it's really possible to count the ill effects&nbsp;being caused to the environment? Clearly, it's possible with the new propositions and research being pursued on a diurnal basis. 

Did you know that what you invest in could have an impact much further than what you could have imagined? Or your investment could have an impact on the entire frugality to stabilize it? One similar intriguing and essential concept for a better ever-growing model is sustainable finance.&nbsp;

Sustainable finance is a means to bridge the gaps of inequality between the economy, society and the governance model. It's an evolved term from green finance. Sustainability is piercing in each and every organisational activity, making it a ‘better late than never’ situation to bring about a change. Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment opinions in the fiscal sector, leading to further long- term feasible investments in sustainable profitable projects and systems. 

Environmental considerations include the impacts on climate change, pollution and biodiversity threats. Social considerations relate to issues of inequality, inclusiveness, labour practices, education, upliftment of backward societies, investment in human capital and communities, as well as human rights issues. The governance of public and private institutions – including operation structures, employee relations and administrative remuneration, policies for monitoring, regulations etc. – plays an aberrant part in icing the addition of social and environmental considerations in the decision-making process.&nbsp;

Now you may ask why sustainable investments? To add to the explanation, there are three simple and short reasons. First, it's ethical and for the future of our children and planet. Second, it serves as a means of risk mitigation in an ever-dynamic and evolving world. Third, the impact it creates leads towards a positive change in functioning of the corporations. Many important business stakeholders consider sustainability as a criteria in their checklist so that the investment takes into account the ESG factors.&nbsp;

Yet again coming back to the question. Is it really possible? Carbon taxing is one similar illustration, wherein the companies are held responsible for their carbon emissions&nbsp;and have to pay penalties on their emissions and are encouraged to borrow alternate practices. Such deductions are shown in the books to find out the real costs and impacts created thereof. Another factor is changing client perceptions. Consumers prefer to buy from those businesses which share the same values, and are ethical and socially evolving, leading towards a sustainable future.

This is the time for action to incorporate sustainable finance in every business practice more than ever, as every investment and action counts! Hence a sustainable finance system must be lived and big leaders should pave the way for the arising associations to acclimatize this practice. 

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change foremost.

“The business of doing business is business” is an age-old conventional approach of the functioning of businesses around the world, which has to change foremost. In the post-pandemic period, you might have surely heard the term, ‘greenwashing’, a savior wherein businesses portray themselves to be following ethical and sustainable practices in order to achieve a larger-collaborative agenda. It's veritably likely that businesses use this as a marketing gimmick or a way to overshadow the hazards it's causing. What you might be wondering is if it's really possible to count the ill effects being caused to the environment? Clearly, it's possible with the new propositions and research being pursued on a diurnal basis. Did you know that what you invest in could have an impact much further than what you could have imagined? Or your investment could have an impact on the entire frugality to stabilize it? One similar intriguing and essential concept for a better ever-growing model is sustainable finance. Sustainable finance is a means to bridge the gaps of inequality between the economy, society and the governance model. It's an evolved term from green finance. Sustainability is piercing in each and every organisational activity, making it a ‘better late than never’ situation to bring about a change. Sustainable finance refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment opinions in the fiscal sector, leading to further long- term feasible investments in sustainable profitable projects and systems. Environmental considerations include the impacts on climate change, pollution and biodiversity threats. Social considerations relate to issues of inequality, inclusiveness, labour practices, education, upliftment of backward societies, investment in human capital and communities, as well as human rights issues. The governance of public and private institutions – including operation structures, employee relations and administrative remuneration, policies for monitoring, regulations etc. – plays an aberrant part in icing the addition of social and environmental considerations in the decision-making process. Now you may ask why sustainable investments? To add to the explanation, there are three simple and short reasons. First, it's ethical and for the future of our children and planet. Second, it serves as a means of risk mitigation in an ever-dynamic and evolving world. Third, the impact it creates leads towards a positive change in functioning of the corporations. Many important business stakeholders consider sustainability as a criteria in their checklist so that the investment takes into account the ESG factors. Yet again coming back to the question. Is it really possible? Carbon taxing is one similar illustration, wherein the companies are held responsible for their carbon emissions and have to pay penalties on their emissions and are encouraged to borrow alternate practices. Such deductions are shown in the books to find out the real costs and impacts created thereof. Another factor is changing client perceptions. Consumers prefer to buy from those businesses which share the same values, and are ethical and socially evolving, leading towards a sustainable future. This is the time for action to incorporate sustainable finance in every business practice more than ever, as every investment and action counts! Hence a sustainable finance system must be lived and big leaders should pave the way for the arising associations to acclimatize this practice. (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sustainable finance: Is it really possible?

G20 top finance officials' meeting has finally concluded. However, the divided G20 failed to issue a formal communique. G20 vowed to address global food insecurity.

G20 top finance officials' meet concludes: Divided G20 fail to issue a formal communique

India has announced that it will be hosting the G20 meet in Jammu and Kashmir in 2023. A five-member committee has been formed to coordinate the event. However, Pakistan has opposed India as G20 host.

India: Jammu and Kashmir to host first International summit

In a major reversal on tackling climate change, Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, as energy supplies dwindle due to Russia Ukraine war, as reported by Bloomberg.&nbsp;

On Friday, speaking during a press conference in Brussels, Prime Minister Mario Draghi said Italy has managed to reduce Russian gas imports from 40 per cent last year to 25 per cent at the moment. This has been possible also by signing new gas deals in countries including Congo, Algeria and Angola.&nbsp;

On Thursday, Habeck raised the alert level under Germany's emergency gas plan after supplies of gas from Russia were slashed, bringing Europe's economy one step closer to rationing.&nbsp;

Russian energy giant Gazprom last week reduced deliveries via the Nord Stream pipeline to Germany by 60 per cent, attributing the move to a delayed repair. Germany has dismissed the gas company's technical justification, seeing a "political" motive behind the decision: retaliation for the West's support for Ukraine following Moscow's invasion.

Germany has responded to the cuts by reviving coal plants and providing financing to secure gas supplies. The World Nuclear Association, an industry lobby group, is urging the G7 to boost access to nuclear technologies.

G7 ministers, in making their commitment to end direct international financing of fossil fuels by the end of 2022, acknowledged for the first time that fossil fuel subsidies were incompatible with the Paris Agreement. The group also reaffirmed a commitment to end “inefficient fossil fuel subsidies” by 2025.

Also Read:<a href="https://www.wionews.com/india-news/watch-netizens-compare-potholes-on-bihar-national-highway-to-takeshis-castle-491689">&nbsp;Watch: Netizens compare potholes on Bihar national highway to Takeshi’s castle</a>

The ministers acknowledged, however, that investment in the LNG sector was a necessary response to the current crisis “in a manner consistent with our climate objectives and without creating lock-in effects.

As reported by Bloomberg, Alden Meyer, a senior associate at climate change think tank E3G said, “This would be a huge setback from the progress we made last month at the G7 energy and environment ministers when we finally brought Japan, the last G7 holdout, into the commitment to end such financial support for fossil fuels.”

“Where we saw Chancellor Merkel being the climate chancellor at the last G7 summit Germany hosted, Scholz could go down in history as the climate backtracking Chancellor, which I think would be a real mark on his record, and we don’t need to do this,” he added.

(with inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

In a major reversal on tackling climate change, Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, as energy supplies dwindle due to Russia Ukraine war, as reported by Bloomberg.

In a major reversal on tackling climate change, Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, as energy supplies dwindle due to Russia Ukraine war, as reported by Bloomberg. On Friday, speaking during a press conference in Brussels, Prime Minister Mario Draghi said Italy has managed to reduce Russian gas imports from 40 per cent last year to 25 per cent at the moment. This has been possible also by signing new gas deals in countries including Congo, Algeria and Angola. On Thursday, Habeck raised the alert level under Germany's emergency gas plan after supplies of gas from Russia were slashed, bringing Europe's economy one step closer to rationing. Russian energy giant Gazprom last week reduced deliveries via the Nord Stream pipeline to Germany by 60 per cent, attributing the move to a delayed repair. Germany has dismissed the gas company's technical justification, seeing a "political" motive behind the decision: retaliation for the West's support for Ukraine following Moscow's invasion. Germany has responded to the cuts by reviving coal plants and providing financing to secure gas supplies. The World Nuclear Association, an industry lobby group, is urging the G7 to boost access to nuclear technologies. G7 ministers, in making their commitment to end direct international financing of fossil fuels by the end of 2022, acknowledged for the first time that fossil fuel subsidies were incompatible with the Paris Agreement. The group also reaffirmed a commitment to end “inefficient fossil fuel subsidies” by 2025. Also Read: Watch: Netizens compare potholes on Bihar national highway to Takeshi’s castle The ministers acknowledged, however, that investment in the LNG sector was a necessary response to the current crisis “in a manner consistent with our climate objectives and without creating lock-in effects. As reported by Bloomberg, Alden Meyer, a senior associate at climate change think tank E3G said, “This would be a huge setback from the progress we made last month at the G7 energy and environment ministers when we finally brought Japan, the last G7 holdout, into the commitment to end such financial support for fossil fuels.” “Where we saw Chancellor Merkel being the climate chancellor at the last G7 summit Germany hosted, Scholz could go down in history as the climate backtracking Chancellor, which I think would be a real mark on his record, and we don’t need to do this,” he added. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Germany pushes G7 to backtrack on fossil fuel finance rule, may affect climate targets

Consumer Finance has a crucial role to play especially during inflation and economic crises. Home Credit says Consumer Finance recovered strongly. Tech is reshaping the Consumer Finance sector. 'Buy now pay later' products are making significant changes.

Recovery in consumer finance: COVID period was difficult for consumer finance

Consumer finance has a crucial role to play especially during times of economic challenges or high inflation. Consumer finance increases as people borrow now during inflation to bridge the gap for finance but what is the overall scenario?

Recovery in consumer finance: Pandemic was difficult for consumer finance

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability.&nbsp;

Presenting the budget at the joint session of the parliament, Finance Minister Janardan Sharma said the budget’s main focus is on inclusive development, inflation control, providing adequate resources to subnational governments, and a self-reliant economy.&nbsp;

“The programs run by the private sector like ‘Make in Nepal’ and ‘Made in Nepal’ will be supported by the government. Provisions made for the use of domestic products in government and public offices,” Sharma said.&nbsp;

“Venture capital to be promoted and funds to be established for the promotion of manufacturing industries. Nepal government will promote Made in Nepal companies,” he added.&nbsp;

The government has set aside Rs 753 billion of the total budget for recurrent expenditure, while Rs 380 billion has been allocated for capital expenditure. Likewise, Rs 230.22 billion has been allocated for other financial purposes.&nbsp;

“The government will focus on production and agriculture to decrease imports by 20 per cent. A national campaign will be launched to increase agriculture production to achieve self-reliance,” the minister said.&nbsp;

Out of the allocated expenditure, the government has targeted to finance Rs 1.240 trillion through revenue mobilisation. For the rest of the amount, the government will go for domestic borrowing of Rs 256 billion and is expected to rake in Rs 242.26 billion through foreign loans and Rs 55.46 billion from foreign grants.

Amid the critical economic situation, the government has targeted to achieve an ambitious economic growth rate of 8 per cent for the next fiscal year, compared to the initial target of 6.5 per cent for the current fiscal year.&nbsp;

At a time when the government is being criticised for its inefficiency in controlling the inflationary pressure, Finance Minister Sharma assured to rein inflation within the 7 per cent limit.&nbsp;

The Nepal government has pledged to increase employment by 30 per cent annually.&nbsp;

Following the impact on the tourism sector for the last two years, the incumbent government has set a target of attracting 1 million tourists in the upcoming fiscal year and allocated Rs 9.38 billion to the tourism sector.&nbsp;

A mountaineering research centre would be set up in the Mt Everest region, while Rs 330 million has been allocated for the construction of the Great Himalayan Trail.&nbsp;

Both Gautam Buddha International Airport and Pokhara Regional International Airport will be made with China’s support, and it will be brought into a full-fledged operation.&nbsp;

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability.

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability. Presenting the budget at the joint session of the parliament, Finance Minister Janardan Sharma said the budget’s main focus is on inclusive development, inflation control, providing adequate resources to subnational governments, and a self-reliant economy. “The programs run by the private sector like ‘Make in Nepal’ and ‘Made in Nepal’ will be supported by the government. Provisions made for the use of domestic products in government and public offices,” Sharma said. “Venture capital to be promoted and funds to be established for the promotion of manufacturing industries. Nepal government will promote Made in Nepal companies,” he added. The government has set aside Rs 753 billion of the total budget for recurrent expenditure, while Rs 380 billion has been allocated for capital expenditure. Likewise, Rs 230.22 billion has been allocated for other financial purposes. “The government will focus on production and agriculture to decrease imports by 20 per cent. A national campaign will be launched to increase agriculture production to achieve self-reliance,” the minister said. Out of the allocated expenditure, the government has targeted to finance Rs 1.240 trillion through revenue mobilisation. For the rest of the amount, the government will go for domestic borrowing of Rs 256 billion and is expected to rake in Rs 242.26 billion through foreign loans and Rs 55.46 billion from foreign grants. Amid the critical economic situation, the government has targeted to achieve an ambitious economic growth rate of 8 per cent for the next fiscal year, compared to the initial target of 6.5 per cent for the current fiscal year. At a time when the government is being criticised for its inefficiency in controlling the inflationary pressure, Finance Minister Sharma assured to rein inflation within the 7 per cent limit. The Nepal government has pledged to increase employment by 30 per cent annually. Following the impact on the tourism sector for the last two years, the incumbent government has set a target of attracting 1 million tourists in the upcoming fiscal year and allocated Rs 9.38 billion to the tourism sector. A mountaineering research centre would be set up in the Mt Everest region, while Rs 330 million has been allocated for the construction of the Great Himalayan Trail. Both Gautam Buddha International Airport and Pokhara Regional International Airport will be made with China’s support, and it will be brought into a full-fledged operation.

Nepal announces annual budget of Rs 1.793 trillion for 2022-23

Ahead of the upcoming parliamentary elections next month, French President Emmanuel Macron has reshuffled his cabinet. The leader has retained finance and interior ministers and given the foreign ministry to a woman. She will be the second woman to head the department. &nbsp;

Bruno Le Maire and Gerald Darmanin have retained their respective finance and interior ministry portfolios. The latest addition to the cabinet is Catherine Colonna, who will be the foreign minister, the presidency announced. All of these three leaders belong to a centre-right background. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/french-president-emmanuel-macron-names-elisabeth-borne-as-frances-new-prime-minister-479690">French President Emmanuel Macron names Elisabeth Borne as France's new prime minister</a>

Currently, Colonna is the ambassador of France to Britain. The leader is also the former spokeswoman to late president Jacques Chirac. &nbsp;

In an interview with TF1 television, Elisabeth Borne, the new prime minister named by president, said, "Bringing down the cost of living will be the government's first priority." &nbsp;&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

She is the first woman to lead the French government since 1992 and only the second woman to hold the office. Following Macron's re-election last month, Borne succeeds Jean Castex, whose resignation paved the path for a cabinet reshuffle. &nbsp;

Her first responsibility would be to guide Macron's centrist coalition through the upcoming parliamentary election in the country. &nbsp;

(With inputs from agencies)&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Ahead of the upcoming parliamentary elections next month, French President Emmanuel Macron has reshuffled his cabinet. The leader has retained finance and interior ministers and given the foreign ministry to a woman.

Ahead of the upcoming parliamentary elections next month, French President Emmanuel Macron has reshuffled his cabinet. The leader has retained finance and interior ministers and given the foreign ministry to a woman. She will be the second woman to head the department. Bruno Le Maire and Gerald Darmanin have retained their respective finance and interior ministry portfolios. The latest addition to the cabinet is Catherine Colonna, who will be the foreign minister, the presidency announced. All of these three leaders belong to a centre-right background. Also Read: French President Emmanuel Macron names Elisabeth Borne as France's new prime minister Currently, Colonna is the ambassador of France to Britain. The leader is also the former spokeswoman to late president Jacques Chirac. In an interview with TF1 television, Elisabeth Borne, the new prime minister named by president, said, "Bringing down the cost of living will be the government's first priority." WATCH WION LIVE HERE She is the first woman to lead the French government since 1992 and only the second woman to hold the office. Following Macron's re-election last month, Borne succeeds Jean Castex, whose resignation paved the path for a cabinet reshuffle. Her first responsibility would be to guide Macron's centrist coalition through the upcoming parliamentary election in the country. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

French President Emmanuel Macron reshuffles cabinet, retains finance, interior ministers

G20 finance meeting is scheduled for today. Finance Ministers and Central bank governors are all set to assemble under one roof.

G20 Finance meeting today: Finance Ministers & Central bank governors to assemble

German prosecutors said Monday they have charged&nbsp;Wirecard's former chief executive Markus&nbsp;Braun&nbsp;and two other high-ranking managers for the colossal commercial&nbsp;fraud&nbsp;that led to the collapse of the payment company.

The trio are accused of market manipulation, embezzlement and gang&nbsp;fraud&nbsp;on a commercial scale, said prosecutors, noting that the indictment itself runs to 474 pages.

The German fintech company, once touted as a shining star of innovative start-ups, crashed in June 2020 after admitting that a missing 1.9 billion euros ($2.1 billion) from its balance sheets likely didn't exist.

Also read |&nbsp;<a href="https://www.wionews.com/world/germany-decides-in-principle-to-buy-f-35-fighter-jet-government-sources-462078">Germany decides in principle to buy F-35 fighter jet - government sources</a>

The time it took for prosecutors to file formal&nbsp;charges&nbsp;underlined the intricate and complex web of fraudulent transactions that investigators travelled across the world to unravel.

Among victims of the&nbsp;fraud&nbsp;were banks that had provided credit of 1.7 billion euros to&nbsp;Wirecard. Bonds worth 1.4 billion euros had also been issued, which are unlikely to be repaid.

"All the accused group members were acting in an industrial fashion in these six cases of&nbsp;fraud, because that is how they secured their own salaries, including partially profit-related portions," prosecutors said in a statement.

Braun&nbsp;for instance, received at least 5.5 million euros in dividends, they said.

Wirecard's troubles began in January 2019 with a series of articles in the Financial Times alleging accounting irregularities in its Asian division, headed by chief operating officer Jan Marsalek.

Also read |&nbsp;<a href="https://www.wionews.com/world/turkeys-erdogan-germanys-scholz-to-hold-talks-in-ankara-on-ukraine-462136">Turkey's Erdogan, Germany's Scholz to hold talks in Ankara on Ukraine</a>

But the financial technology company was able, at that time, to repeatedly fend off claims and the FT's journalists themselves came under investigation&nbsp;over&nbsp;the reports.&nbsp;

The huge scam unravelled in June 2020 when auditors Ernst &amp; Young said they were unable to find 1.9 billion euros of cash in the company's accounts.

The sum, which made up a quarter of the balance sheet, was supposedly held to cover risks in trading carried out by third parties on&nbsp;Wirecard's behalf and was meant to be sitting in trustee accounts at two Filippino banks.

Watch |&nbsp;Reports: Cyberattack on Russian energy firm Rosneft's German unit

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/reports-cyberattack-on-russian-energy-firm-rosnefts-german-unit-462053/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

But the Philippines' central bank has said the cash never entered its monetary system and both Asian banks, BDO and BPI, denied having a relationship with&nbsp;Wirecard.

While key figures in the company have since been detained, including&nbsp;Braun, the company's former COO Marsalek, who is wanted by German prosecutors, remains at large.

German prosecutors said Monday they have charged Wirecard's former chief executive Markus Braun and two other high-ranking managers for the colossal commercial fraud that led to the collapse of the payment company.

German prosecutors said Monday they have charged Wirecard's former chief executive Markus Braun and two other high-ranking managers for the colossal commercial fraud that led to the collapse of the payment company. The trio are accused of market manipulation, embezzlement and gang fraud on a commercial scale, said prosecutors, noting that the indictment itself runs to 474 pages. The German fintech company, once touted as a shining star of innovative start-ups, crashed in June 2020 after admitting that a missing 1.9 billion euros ($2.1 billion) from its balance sheets likely didn't exist. Also read | Germany decides in principle to buy F-35 fighter jet - government sources The time it took for prosecutors to file formal charges underlined the intricate and complex web of fraudulent transactions that investigators travelled across the world to unravel. Among victims of the fraud were banks that had provided credit of 1.7 billion euros to Wirecard. Bonds worth 1.4 billion euros had also been issued, which are unlikely to be repaid. "All the accused group members were acting in an industrial fashion in these six cases of fraud, because that is how they secured their own salaries, including partially profit-related portions," prosecutors said in a statement. Braun for instance, received at least 5.5 million euros in dividends, they said. Wirecard's troubles began in January 2019 with a series of articles in the Financial Times alleging accounting irregularities in its Asian division, headed by chief operating officer Jan Marsalek. Also read | Turkey's Erdogan, Germany's Scholz to hold talks in Ankara on Ukraine But the financial technology company was able, at that time, to repeatedly fend off claims and the FT's journalists themselves came under investigation over the reports. The huge scam unravelled in June 2020 when auditors Ernst & Young said they were unable to find 1.9 billion euros of cash in the company's accounts. The sum, which made up a quarter of the balance sheet, was supposedly held to cover risks in trading carried out by third parties on Wirecard's behalf and was meant to be sitting in trustee accounts at two Filippino banks. Watch | Reports: Cyberattack on Russian energy firm Rosneft's German unit But the Philippines' central bank has said the cash never entered its monetary system and both Asian banks, BDO and BPI, denied having a relationship with Wirecard. While key figures in the company have since been detained, including Braun, the company's former COO Marsalek, who is wanted by German prosecutors, remains at large.

Germany charges Wirecard's ex-CEO Braun over fraud

New Year 2022 has begun with new hopes and expectations. Some analysts are hopeful, while others are cautiously optimistic about the year ahead.

The Year 2022 for financial markets amid the COVID-19 pandemic & Omicron mutant strain threat

China's second-largest property developer by sales, Evergrande, slides into more financial trouble as it racks over $300 Billion worth of debt. Fitch, a major credit rating agency declares the firm a defaulter.

China's real estate firm Evergrande racks up debt of over $300 Billion

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Tuesday called upon the Like-Minded Developing Countries (LMDC) to work closely to protect the interests of developing countries and urged that climate finance cannot continue at the levels decided in 2009 and should be increased to at least 1 trillion dollars to meet the goals of addressing climate change.

Speaking at the ministerial meeting of the LMDC held on the sidelines of COP 26 in Glasgow, Yadav underlined the unity and strength of LMDC as fundamental in the United Nations Framework Convention on Climate Change (UNFCCC) negotiations to preserve the interest of the Global South in the fight against climate change. The participating countries in the meeting included India, China, Cuba, Nicaragua, and Venezuela.

Also Read |<a href="https://www.wionews.com/india-news/cop26-major-takeaways-from-pm-modis-speech-at-the-climate-summit-425960">&nbsp;COP26: Major takeaways from PM Modi's speech at the climate summit</a>

Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars.

The environment minister also underscored that under the dynamic and visionary leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities.

He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), and the Leadership Group for Industry Transition (LeadIT).

Also Read |<a href="https://www.wionews.com/india-news/life-to-net-zero-emissions-key-takeaways-from-pm-modis-historic-cop26-speech-426012">&nbsp;'LIFE' to 'net zero emissions: Key takeaways from PM Modi's historic COP26 speech</a>

The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC and expressed the need to ensure resources to TWN.

Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment-friendly technologies.

The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear.

The outcomes of COP 26 must respect the fundamental principles of the Convention, including equity and common but differentiated responsibilities and respective capabilities (CBDR-RC).

The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building.

They highlighted about the empty promises of the developed countries and inability to deliver the USD 100 billion per year by 2020. They also called upon the speedy finalisation of the Paris Rulebook.

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Tuesday called upon the Like-Minded Developing Countries (LMDC) to work closely to protect the interests of developing countries and urged that climate finance cannot continue at the levels decided in 2009 and should be increased to at least 1 trillion dollars to meet the goals of addressing climate change.

Union Minister for Environment, Forest and Climate Change Bhupender Yadav on Tuesday called upon the Like-Minded Developing Countries (LMDC) to work closely to protect the interests of developing countries and urged that climate finance cannot continue at the levels decided in 2009 and should be increased to at least 1 trillion dollars to meet the goals of addressing climate change. Speaking at the ministerial meeting of the LMDC held on the sidelines of COP 26 in Glasgow, Yadav underlined the unity and strength of LMDC as fundamental in the United Nations Framework Convention on Climate Change (UNFCCC) negotiations to preserve the interest of the Global South in the fight against climate change. The participating countries in the meeting included India, China, Cuba, Nicaragua, and Venezuela. Also Read | COP26: Major takeaways from PM Modi's speech at the climate summit Yadav highlighted that recognition of the current challenges being faced by developing countries required intensified multilateral cooperation, not intensified global economic and geopolitical competition and trade wars. The environment minister also underscored that under the dynamic and visionary leadership of Prime Minister Narendra Modi, India is working on ambitious climate actions in line with sustainable development priorities. He requested the LMDC members to join hands with India to support the global initiatives it has pioneered, including the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), and the Leadership Group for Industry Transition (LeadIT). Also Read | 'LIFE' to 'net zero emissions: Key takeaways from PM Modi's historic COP26 speech The Minister also appreciated the efforts of the Third World Network (TWN) for its support to LMDC and expressed the need to ensure resources to TWN. Yadav called upon the LMDC countries to work closely to protect the interests of developing countries, including the need to ensure a balanced outcome with equal treatment to all agenda items including finance, adaptation, market mechanisms, response measures, and decisions on delivery of transfer of environment-friendly technologies. The countries collectively underscored that it needs to be ensured that the voices of the LMDC countries are heard loud and clear. The outcomes of COP 26 must respect the fundamental principles of the Convention, including equity and common but differentiated responsibilities and respective capabilities (CBDR-RC). The developed countries must provide means of implementation to developing countries in terms of climate finance, technology transfer and capacity building. They highlighted about the empty promises of the developed countries and inability to deliver the USD 100 billion per year by 2020. They also called upon the speedy finalisation of the Paris Rulebook.

India calls for hike in climate finance to $1 trillion

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

State-owned LIC is considered a strategic asset, commanding more than 60% of India`s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country`s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.

Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.

"With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed)," said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.

The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made.

India`s finance ministry and LIC did not respond to Reuters emailed requests for comment. China`s foreign ministry and commerce ministry did not immediately respond to requests for comment.

Aiming to solve budget constraints, Prime Minister Narendra Modi`s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March.

The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.

Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC`s offering.

Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said.

They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India`s security but not deter overseas investors.

A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.

Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. State-owned LIC is considered a strategic asset, commanding more than 60% of India`s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country`s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said. Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny. "With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed)," said one of the government officials, adding that Chinese investment in companies like LIC could pose risks. The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made. India`s finance ministry and LIC did not respond to Reuters emailed requests for comment. China`s foreign ministry and commerce ministry did not immediately respond to requests for comment. Aiming to solve budget constraints, Prime Minister Narendra Modi`s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said. Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC`s offering. Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said. They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India`s security but not deter overseas investors. A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market. Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

India likely to block Chinese investment in insurance giant LIC's IPO

If reports are to be believed, the Ministry of Finance has asked its male officials and employees to resume their duties from Saturday. But the female employees have been ordered to stay at home 'until proper work environment is provided’. &nbsp;

If the employees do not resume duties, they will be marked as absent and may be fired too. &nbsp; &nbsp;

Watch:&nbsp;Kabul residents react on 20th anniversary of 9/11 attacks

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/kabul-residents-react-on-20th-anniversary-of-911-attacks-412366/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

According to the data, there are around 400,000 govt employees, out of which there are 120,000 women, mostly working in the education sector. Around 5,000 Afghan women are also working in the security sector. &nbsp;

Meanwhile, the Taliban raised its flag on the Afghan presidential palace in Kabul on Saturday. The development comes as the groups strengthens its grip on the country after it took over its control last month. &nbsp; &nbsp; &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/taliban-raise-flag-on-afghan-presidential-palace-as-us-marks-911-anniversary-412376" hreflang="en">Taliban raise flag on Afghan presidential palace as US marks 9/11 anniversary</a>

Afghanistan’s capital city, Kabul, has been also put on high alert as the threat of a possible terror attack looms over the city. The city has been facing the danger of a possible attack from ISIS-K militants. &nbsp;

This threat has come a little after sources had warned authorities against a possible truck suicide attack in a protest that took place on Thursday. &nbsp; &nbsp; &nbsp;

(With inputs from agencies)&nbsp;

If reports are to be believed, the Ministry of Finance has asked its male officials and employees to resume their duties from Saturday. But the female employees have been ordered to stay at home 'until proper work environment is provided’.

If reports are to be believed, the Ministry of Finance has asked its male officials and employees to resume their duties from Saturday. But the female employees have been ordered to stay at home 'until proper work environment is provided’. If the employees do not resume duties, they will be marked as absent and may be fired too. Watch: Kabul residents react on 20th anniversary of 9/11 attacks × According to the data, there are around 400,000 govt employees, out of which there are 120,000 women, mostly working in the education sector. Around 5,000 Afghan women are also working in the security sector. Meanwhile, the Taliban raised its flag on the Afghan presidential palace in Kabul on Saturday. The development comes as the groups strengthens its grip on the country after it took over its control last month. Also Read: Taliban raise flag on Afghan presidential palace as US marks 9/11 anniversary Afghanistan’s capital city, Kabul, has been also put on high alert as the threat of a possible terror attack looms over the city. The city has been facing the danger of a possible attack from ISIS-K militants. This threat has come a little after sources had warned authorities against a possible truck suicide attack in a protest that took place on Thursday. (With inputs from agencies)

Taliban’s finance ministry tells female staff to stay at home: Report  

A new crop of mobile money apps are promoting themselves as part of the solution to a stubborn problem: a lack of financial savvy, particularly among young Americans.

The apps offer slick educational videos and tools while enabling children and teenagers to save and spend — and even invest in stocks. The apps pair with plastic debit cards designed with kids and teens in mind. They have caught the attention of researchers and financial advisers who say the tools may help engage and enlighten young users, even as they worry that the apps, without close parental involvement, may encourage bad financial behavior.

Numerous reports have noted that financial literacy in the United States has resisted improvement for some time, even though more states have begun requiring schools to teach it. An analysis published this month by the Milken Institute, a public policy think tank in Santa Monica, California, deemed the lack of sound financial knowledge among young people and adults to be a “worrisome” barrier to economic advancement.

Also read |&nbsp;<a href="https://www.wionews.com/technology/apple-to-allow-developers-to-email-customers-about-payment-options-408878" hreflang="en">Apple to allow developers to email customers about payment options</a>

Yet although many Americans lack the knowledge necessary to make smart decisions about money, the Milken report said, digital tools have the potential to be a “catalyst” for financial education, particularly among young people, who are avid users of apps.

Young people may tune out dry concepts they hear in a classroom, but the apps convert information into colorful, interactive graphs. “The tool makes it very real,” said Oscar Contreras, an economist at the Milken Institute and one of the report’s authors.

Financial technology, or “fintech,” startup companies are embracing the financial literacy trend, seeing a way to sign up customers early by offering personal finance instruction along with spending and saving tools.

Copper, for instance, bills itself as “the only bank that teaches teens about money,” and offers brief, peppy videos and a financial literacy quiz that teens or their parents can take. A sample question: “Suppose you have $100 in a savings account earning 2% a year. After five years how much would you have? (A) More than $102; (B) Exactly $102; (C) Less than $102; (D) I honestly don’t know. (The desired answer is A, because of the effect of compound interest — a bedrock financial concept.)

Also read |&nbsp;<a href="https://www.wionews.com/technology/microsoft-warns-thousands-of-cloud-customers-of-exposed-databases-408805" hreflang="en">Microsoft warns thousands of cloud customers of exposed databases</a>

Engaging tools and clear information are key, said Copper co-founder and CEO Eddie Behringer. The rise in student debt coincided with the explosion of smartphones, he said, suggesting that “increasing digital access doesn’t always translate to financial literacy.”

Rachel Pendergrass, a teacher and softball coach at Columbia High School in Huntsville, Alabama, said she found Copper last spring while searching online for updated lessons to use in a personal-finance class she was teaching for the first time.

“I didn’t feel like teaching them to write a check was very relevant to them,” she said.

Copper provided introductory letters that Pendergrass sent home to parents, who could approve their child for the app, which links to a digital bank account and a debit card — or not.

Also read |&nbsp;<a href="https://www.wionews.com/technology/what-are-recommendation-algorithms-that-china-is-cracking-down-on-and-how-do-they-affect-internet-users-408781" hreflang="en">What are recommendation algorithms that China is cracking down on, and how do they affect internet users?</a>

Most were receptive, she said, because they liked the idea of being able to easily send their children money: “It was all voluntary, not an assignment.” In the classroom, Copper’s “cheat code” videos, which offer quick lessons on topics such as “What do banks actually do?” and “What is an IPO?,” helped inspire discussions.

Step, an app that is intended for teenagers and has about 2 million users, declares on its website: “We want to make learning about money fun and interesting.” Step’s website offers trendy videos and short articles such as “Outfits that slay: The ultimate guide to thrifting showstopping, back-to-school looks.”

“Most schools don’t teach kids about money, and most families don’t talk about money,” said CJ MacDonald, Step’s founder and CEO. “It became very clear there was a gap in the market.”

Step offers a secured credit card rather than a debit card. With secured cards, users make a deposit that serves as collateral; they can spend up to the amount of the deposit, and build credit when using it.

The card provides “training wheels” so users can transition to real credit cards when they are old enough, MacDonald said. (The minimum age to open a credit card is 18, but people younger than 21 face tougher criteria to qualify.)

Also read |&nbsp;<a href="https://www.wionews.com/technology/facebook-said-to-consider-forming-an-election-commission-408506" hreflang="en">Facebook said to consider forming an election commission</a>

Greenlight began as a tool to help parents manage children’s chores and pay them an allowance or give them spending money, since people increasingly don’t have cash on hand. Now Greenlight, which debuted in 2017, has more than 4 million accounts and has added features, including cash back on its debit card, and an option that lets kids invest through a brokerage account opened in a parent’s name.

Kids of any age can research, buy and sell stocks — including fractional shares — as well as exchange-traded funds. The app including the investing option costs about $8 a month, but there’s no extra fee for trades. To trade, the child must request approval from the parent through the Greenlight app.

Greenlight CEO Tim Sheehan said the investment option was a logical step after children learned the basics of saving and spending within their means. The option includes access to research from Morningstar and offers short videos that explain investing concepts, including a price-to-earnings ratio.

Also read |&nbsp;<a href="https://www.wionews.com/technology/tech-giants-pledge-billions-for-security-against-cyber-threats-408431" hreflang="en">Tech giants pledge billions for security against cyber threats</a>

Although the apps appear promising, they make some financial education advocates wary. Lennette Coleman, president of the FoolProof Foundation, which promotes “healthy skepticism” about financial products, said it felt “irresponsible” to allow children — who may not have fully absorbed lessons about the necessity of working to earn money, saving it and spending it wisely — to invest in stocks. If apps make a game out of investing, she added, children may be more engaged — but they may also be more likely to take risks.

“There’s a lot of nuance in the stock market,” she said, “and they don’t understand those nuances.”

Tim Lambrecht, director of education at Budget Challenge, a program that uses simulations to teach students about bill paying, budgeting and investing, said that apps could get teens excited about investing, but that most emphasized buying individual stocks and skimped on information about long-term investing in index funds in tax-advantaged accounts.

“That sends the wrong message,” he said. “You have to invest for retirement; you can’t save enough.”

A new crop of mobile money apps are promoting themselves as part of the solution to a stubborn problem: a lack of financial savvy, particularly among young Americans.

A new crop of mobile money apps are promoting themselves as part of the solution to a stubborn problem: a lack of financial savvy, particularly among young Americans. The apps offer slick educational videos and tools while enabling children and teenagers to save and spend — and even invest in stocks. The apps pair with plastic debit cards designed with kids and teens in mind. They have caught the attention of researchers and financial advisers who say the tools may help engage and enlighten young users, even as they worry that the apps, without close parental involvement, may encourage bad financial behavior. Numerous reports have noted that financial literacy in the United States has resisted improvement for some time, even though more states have begun requiring schools to teach it. An analysis published this month by the Milken Institute, a public policy think tank in Santa Monica, California, deemed the lack of sound financial knowledge among young people and adults to be a “worrisome” barrier to economic advancement. Also read | Apple to allow developers to email customers about payment options Yet although many Americans lack the knowledge necessary to make smart decisions about money, the Milken report said, digital tools have the potential to be a “catalyst” for financial education, particularly among young people, who are avid users of apps. Young people may tune out dry concepts they hear in a classroom, but the apps convert information into colorful, interactive graphs. “The tool makes it very real,” said Oscar Contreras, an economist at the Milken Institute and one of the report’s authors. Financial technology, or “fintech,” startup companies are embracing the financial literacy trend, seeing a way to sign up customers early by offering personal finance instruction along with spending and saving tools. Copper, for instance, bills itself as “the only bank that teaches teens about money,” and offers brief, peppy videos and a financial literacy quiz that teens or their parents can take. A sample question: “Suppose you have $100 in a savings account earning 2% a year. After five years how much would you have? (A) More than $102; (B) Exactly $102; (C) Less than $102; (D) I honestly don’t know. (The desired answer is A, because of the effect of compound interest — a bedrock financial concept.) Also read | Microsoft warns thousands of cloud customers of exposed databases Engaging tools and clear information are key, said Copper co-founder and CEO Eddie Behringer. The rise in student debt coincided with the explosion of smartphones, he said, suggesting that “increasing digital access doesn’t always translate to financial literacy.” Rachel Pendergrass, a teacher and softball coach at Columbia High School in Huntsville, Alabama, said she found Copper last spring while searching online for updated lessons to use in a personal-finance class she was teaching for the first time. “I didn’t feel like teaching them to write a check was very relevant to them,” she said. Copper provided introductory letters that Pendergrass sent home to parents, who could approve their child for the app, which links to a digital bank account and a debit card — or not. Also read | What are recommendation algorithms that China is cracking down on, and how do they affect internet users? Most were receptive, she said, because they liked the idea of being able to easily send their children money: “It was all voluntary, not an assignment.” In the classroom, Copper’s “cheat code” videos, which offer quick lessons on topics such as “What do banks actually do?” and “What is an IPO?,” helped inspire discussions. Step, an app that is intended for teenagers and has about 2 million users, declares on its website: “We want to make learning about money fun and interesting.” Step’s website offers trendy videos and short articles such as “Outfits that slay: The ultimate guide to thrifting showstopping, back-to-school looks.” “Most schools don’t teach kids about money, and most families don’t talk about money,” said CJ MacDonald, Step’s founder and CEO. “It became very clear there was a gap in the market.” Step offers a secured credit card rather than a debit card. With secured cards, users make a deposit that serves as collateral; they can spend up to the amount of the deposit, and build credit when using it. The card provides “training wheels” so users can transition to real credit cards when they are old enough, MacDonald said. (The minimum age to open a credit card is 18, but people younger than 21 face tougher criteria to qualify.) Also read | Facebook said to consider forming an election commission Greenlight began as a tool to help parents manage children’s chores and pay them an allowance or give them spending money, since people increasingly don’t have cash on hand. Now Greenlight, which debuted in 2017, has more than 4 million accounts and has added features, including cash back on its debit card, and an option that lets kids invest through a brokerage account opened in a parent’s name. Kids of any age can research, buy and sell stocks — including fractional shares — as well as exchange-traded funds. The app including the investing option costs about $8 a month, but there’s no extra fee for trades. To trade, the child must request approval from the parent through the Greenlight app. Greenlight CEO Tim Sheehan said the investment option was a logical step after children learned the basics of saving and spending within their means. The option includes access to research from Morningstar and offers short videos that explain investing concepts, including a price-to-earnings ratio. Also read | Tech giants pledge billions for security against cyber threats Although the apps appear promising, they make some financial education advocates wary. Lennette Coleman, president of the FoolProof Foundation, which promotes “healthy skepticism” about financial products, said it felt “irresponsible” to allow children — who may not have fully absorbed lessons about the necessity of working to earn money, saving it and spending it wisely — to invest in stocks. If apps make a game out of investing, she added, children may be more engaged — but they may also be more likely to take risks. “There’s a lot of nuance in the stock market,” she said, “and they don’t understand those nuances.” Tim Lambrecht, director of education at Budget Challenge, a program that uses simulations to teach students about bill paying, budgeting and investing, said that apps could get teens excited about investing, but that most emphasized buying individual stocks and skimped on information about long-term investing in index funds in tax-advantaged accounts. “That sends the wrong message,” he said. “You have to invest for retirement; you can’t save enough.”

Apps try putting financial literacy at kids’ fingertips

In Pics | Italy G20 finance protest

India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.

Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by manufacturing sector growth, data from the statistics ministry showed on Monday.

That compared with revised growth of 0.5% in the previous three months and 1.0% according to a Reuters poll of economists.

India also revised its annual GDP estimates for the fiscal year, predicting a 7.3% contraction, less than its earlier estimate of -8.0%.

A slow vaccination drive and local restrictions after a massive second wave of infections and deaths across the country have hit economic activities like retail, transport and construction while putting millions out of work.

India has recorded 28 million COVID-19 infections, behind only the United States, and 329,100 deaths as of Monday, although the rise has begun to slow.

Economists said the economy, which was facing a slowdown even before the pandemic, may now see a collapse in consumer demand, which accounts for more than 55% of the economy, as household incomes and jobs have declined.

Garima Kapoor, economist at Institutional Equities, Elara Capital Mumbai, said the March GDP numbers reflected the impact of the unlocking of the economy before the second wave hit.

"The rebound in consumer spending would hence be more gradual than the first wave, with vaccination being the key driver."

The central bank, which has kept monetary policy loose while boosting liquidity to the economy, said last week the prospects will depend on how fast India can arrest infections.

Analysts warn that the slow rollout could pose medium-term risks to growth, especially if the country were to experience a third wave of COVID-19.

Unemployment soared to a near one-year high of 14.7% in the week ending May 23, according to the Centre for Monitoring Indian Economy, a Mumbai-based private think tank.

India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month.

India's economic growth picked up in the January-March quarter from the previous three months, but economists have grown pessimistic about this quarter after a huge second wave of COVID-19 infections hit the country last month. Gross domestic product grew 1.6% in January-March compared with the same period a year earlier, mainly driven by manufacturing sector growth, data from the statistics ministry showed on Monday. That compared with revised growth of 0.5% in the previous three months and 1.0% according to a Reuters poll of economists. India also revised its annual GDP estimates for the fiscal year, predicting a 7.3% contraction, less than its earlier estimate of -8.0%. A slow vaccination drive and local restrictions after a massive second wave of infections and deaths across the country have hit economic activities like retail, transport and construction while putting millions out of work. India has recorded 28 million COVID-19 infections, behind only the United States, and 329,100 deaths as of Monday, although the rise has begun to slow. Economists said the economy, which was facing a slowdown even before the pandemic, may now see a collapse in consumer demand, which accounts for more than 55% of the economy, as household incomes and jobs have declined. Garima Kapoor, economist at Institutional Equities, Elara Capital Mumbai, said the March GDP numbers reflected the impact of the unlocking of the economy before the second wave hit. "The rebound in consumer spending would hence be more gradual than the first wave, with vaccination being the key driver." The central bank, which has kept monetary policy loose while boosting liquidity to the economy, said last week the prospects will depend on how fast India can arrest infections. Analysts warn that the slow rollout could pose medium-term risks to growth, especially if the country were to experience a third wave of COVID-19. Unemployment soared to a near one-year high of 14.7% in the week ending May 23, according to the Centre for Monitoring Indian Economy, a Mumbai-based private think tank.

India's economic growth picks up in Jan-March, before huge COVID-19 wave

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points.&nbsp;

It soared nearly 524 points to touch an intra-day high of 49,256.52 points&nbsp;

Healthy buying was witnessed in banking and finance stocks.&nbsp;

Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55.&nbsp;

It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points.&nbsp;

The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close.&nbsp;

The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen &amp; Toubro and Titan Company were the major losers.&nbsp;

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.52 points Healthy buying was witnessed in banking and finance stocks. Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55. It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points. The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close. The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen & Toubro and Titan Company were the major losers.

Sensex up 500 points; banking, finance stocks surge 

The&nbsp;eurozone&nbsp;economy fell into a second recession in less than&nbsp;a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound.

The data was in stark contrast to the US, where the economy roared forward in the same period, posting annualised growth of 6.4 per cent.

China has also turned the corner from the <a href="https://www.wionews.com/search?q=Coronavirus">coronavirus pandemic</a> with an 18.3-per cent explosion in gross domestic product growth on an annual basis.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/recession-of-historic-proportions-eurozone-economy-predicted-to-contract-77-296990">'Recession of historic proportions': Eurozone economy predicted to contract 7.7%</a>

Europe has been hit hard by a second and third wave of the coronavirus pandemic, with multiple attempts to reopen the economy cut short by new outbreaks.

More recent data has given Europeans confidence that the recession will be short-lived, however, with surveys showing that manufacturing is now booming.

And with the vaccination campaign finally getting into swing, pent-up demand is expected to follow as Europeans begin to spend more in shops, at reopened restaurants and on tourism.

The EU's slow-moving recovery plan is also expected to finally get on track, giving a much-needed boost to southern countries crushed by the pandemic, such as Italy or Spain.

Germany was the major drag on growth in January to March period, with exports unable to overcome a steep drop in demand by discouraged consumers, analysts said.

The&nbsp;eurozone's consumer prices meanwhile rose in April by 1.6 per cent, moving closer to the European Central Bank's (ECB) target of two per cent.

The rise in prices, again largely fuelled by energy costs, came after five months of inflation in negative territory at the end of 2020 and a gradual turnaround earlier this year.

But core inflation, which strips out volatile components such as energy or food, actually dipped in April meaning demand is not yet fully recharging the economy.

Unemployment has largely been spared the worst ravages of the crisis that were initially feared when the pandemic froze the global economy in early 2020.

Eurostat said&nbsp;eurozone&nbsp;unemployment dipped to 8.1 per cent in March, though this was one percentage point more than a year before.

EU-wide, unemployment slipped to 7.3 per cent in March.

The eurozone economy fell into a second recession in less than a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound.

The eurozone economy fell into a second recession in less than a year in the first quarter, data showed on Friday, as slow vaccinations and pandemic lockdowns stopped a rebound. The data was in stark contrast to the US, where the economy roared forward in the same period, posting annualised growth of 6.4 per cent. China has also turned the corner from the coronavirus pandemic with an 18.3-per cent explosion in gross domestic product growth on an annual basis. Also read | 'Recession of historic proportions': Eurozone economy predicted to contract 7.7% Europe has been hit hard by a second and third wave of the coronavirus pandemic, with multiple attempts to reopen the economy cut short by new outbreaks. More recent data has given Europeans confidence that the recession will be short-lived, however, with surveys showing that manufacturing is now booming. And with the vaccination campaign finally getting into swing, pent-up demand is expected to follow as Europeans begin to spend more in shops, at reopened restaurants and on tourism. The EU's slow-moving recovery plan is also expected to finally get on track, giving a much-needed boost to southern countries crushed by the pandemic, such as Italy or Spain. Germany was the major drag on growth in January to March period, with exports unable to overcome a steep drop in demand by discouraged consumers, analysts said. The eurozone's consumer prices meanwhile rose in April by 1.6 per cent, moving closer to the European Central Bank's (ECB) target of two per cent. The rise in prices, again largely fuelled by energy costs, came after five months of inflation in negative territory at the end of 2020 and a gradual turnaround earlier this year. But core inflation, which strips out volatile components such as energy or food, actually dipped in April meaning demand is not yet fully recharging the economy. Unemployment has largely been spared the worst ravages of the crisis that were initially feared when the pandemic froze the global economy in early 2020. Eurostat said eurozone unemployment dipped to 8.1 per cent in March, though this was one percentage point more than a year before. EU-wide, unemployment slipped to 7.3 per cent in March.

Eurozone enters double-dip recession in first quarter

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent.

The legislation forces&nbsp;banks to&nbsp;reveal the impact caused by their investments. New Zealand’s Commerce Minister David Clark said that this law makes reporting compulsory for not only banks but also investment firms and insurance companies.

"Becoming the first country in the world to introduce a law like this means we have an opportunity to show real leadership and pave the way for other countries to make climate-related disclosures mandatory," AFP cited him as saying.

As part of this move, New Zealand is set to compel its financial institutions to report its climate impact in the real world, opening up arrays for the public to judge their climate performance. "It is important that every part of New Zealand's economy is helping&nbsp;us cut emissions and transition to a low-carbon future," he added.

Also read:&nbsp;<a href="http://13.235.153.162/world/new-zealand-mp-golriz-ghahraman-questions-arderns-ban-on-travellers-from-india-376517" hreflang="en">New Zealand MP Golriz Ghahraman questions Ardern's ban on travellers from India</a>

The legislation was introduced on Monday and would make climate reporting compulsory by 2023 if passed.

Clark added that the legislation would ensure financial organisations disclose all their actions corresponding to climate change, while forcing them to take affirmative action against climate change.

New Zealand’s Climate Change Minister James Shaw said that these annual climate reports would undermine high-carbon investments while shedding light on how such investments cannot flourish as the country aims to curb emissions. "We simply cannot get to net-zero carbon emissions by 2050 unless&nbsp;the financial sector&nbsp;knows what impact their investments are having on the climate," Shaw was cited by AFP as saying.

Also read:&nbsp;<a href="http://13.235.153.162/world/hope-it-breaks-taboo-says-new-zealand-lawmaker-behind-miscarriage-bereavement-leave-law-374069" hreflang="en">Hope it breaks taboo, says New Zealand lawmaker behind miscarriage bereavement leave law</a>

In addition, Shaw hopes that this move would help bring climate risks and ways to fight it into the “heart of financial and business decision making”.

New Zealand’s Prime Minister Jacinda Ardern has committed to becoming carbon neutral by 2050. In addition, the country aims to generate all its energy from renewable sources by 2035.

(With inputs from agencies)

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent.

New Zealand could make banks reveal their impact on climate change, marking the first such legislation anywhere in the world to make banking sector’s environmental impact transparent. The legislation forces banks to reveal the impact caused by their investments. New Zealand’s Commerce Minister David Clark said that this law makes reporting compulsory for not only banks but also investment firms and insurance companies. "Becoming the first country in the world to introduce a law like this means we have an opportunity to show real leadership and pave the way for other countries to make climate-related disclosures mandatory," AFP cited him as saying. As part of this move, New Zealand is set to compel its financial institutions to report its climate impact in the real world, opening up arrays for the public to judge their climate performance. "It is important that every part of New Zealand's economy is helping us cut emissions and transition to a low-carbon future," he added. Also read: New Zealand MP Golriz Ghahraman questions Ardern's ban on travellers from India The legislation was introduced on Monday and would make climate reporting compulsory by 2023 if passed. Clark added that the legislation would ensure financial organisations disclose all their actions corresponding to climate change, while forcing them to take affirmative action against climate change. New Zealand’s Climate Change Minister James Shaw said that these annual climate reports would undermine high-carbon investments while shedding light on how such investments cannot flourish as the country aims to curb emissions. "We simply cannot get to net-zero carbon emissions by 2050 unless the financial sector knows what impact their investments are having on the climate," Shaw was cited by AFP as saying. Also read: Hope it breaks taboo, says New Zealand lawmaker behind miscarriage bereavement leave law In addition, Shaw hopes that this move would help bring climate risks and ways to fight it into the “heart of financial and business decision making”. New Zealand’s Prime Minister Jacinda Ardern has committed to becoming carbon neutral by 2050. In addition, the country aims to generate all its energy from renewable sources by 2035. (With inputs from agencies)

New Zealand's new legislation will force banks to report impact on climate

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency.

MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars.

While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29.

"HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement.

HSBC InvestDirect is available to customers in countries including Canada and Britain.

The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to.

The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates.

Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class.

MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury.

MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product". The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency. MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars. While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29. "HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement. HSBC InvestDirect is available to customers in countries including Canada and Britain. The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to. The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates. Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class. MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury. MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC bans customers from buying bitcoin-backer MicroStrategy shares

One thing the COVID-19 pandemic has taught us is how hard people work across industries, and how interdependent we all are.&nbsp;Keeping in mind the Christmas spirit even during such grim times, a patron in a bar in Ohio tipped the restaurant $5,600 (Rs 4 lakh).&nbsp; 
 
A guest named “Billy” went to Souk Mediterranean Kitchen and Bar in Toledo to eat food, but came out making every employee smile - even those that weren’t on shift. After tipping the restaurant so generously, Billy received a lot of praise online.

&nbsp;

In Pics:&nbsp;<a href="https://www.wionews.com/photos/santa-claus-spotted-distributing-masks-to-thai-kids-on-elephants-351780" hreflang="en">Santa Claus spotted distributing masks to Thai kids... on elephants!</a>

The owner of the restaurant - Chef Moussa shared the image of the bill on Souk’s Facebook page. He added how December is usually when the staff earns money to buy gifts, and to fix up their homes.

“This is not an ordinary December. Normally this is a month when our employees work extra and guests tip generously. December is a month for them to earn money to buy family gifts, put a bit into savings and take care of bills or repairs that have been lingering. With Covid restrictions and guidelines, that was not going to happen for them this year. So this heartfelt generosity was deeply needed and very appreciated”, the post read. 
&nbsp;

<div class="fb-post" data-href="https://www.facebook.com/SoukMediterranean/posts/434293677944918" data-show-text="true" data-width="500">
<blockquote cite="https://www.facebook.com/SoukMediterranean/posts/434293677944918" class="fb-xfbml-parse-ignore">
“Be the reason someone believes in the goodness of people.”   This really happened. Last night one of our guests left a...
Posted by <a href="https://www.facebook.com/SoukMediterranean/">Souk Mediterranean Kitchen &amp; Bar</a> on&nbsp;<a href="https://www.facebook.com/SoukMediterranean/posts/434293677944918">Sunday, 13 December 2020</a></blockquote>
</div>

It added - “The words “Thank You” seem inadequate for this gift... but Thank You Billy, for your generous spirit and for making a difference in the lives of people I care a lot about this holiday season”.

&nbsp;

In Pics:&nbsp;<a href="https://www.wionews.com/photos/santa-claus-bikers-parade-tokyo-streets-for-victims-of-child-abuse-351147">Santa Claus bikers parade Tokyo streets for victims of child abuse</a> 
 
Chef Salloukh spoke to CNN and claimed that there were a “lot of tears”.   
“Your restaurant staff becomes your family and everyone cares about each other. I've been staying out of the kitchen to give employees hours to get through and put gifts under the tree for their kids, so this was so huge for us”, he told CNN.

The actual payable amount was just $0.01. Owing to the tip, every employee was able to take home $200 during the holidays. Even the staff members who were not on duty during the time received the extra tips! 
 
People on Facebook were quick to spot the post and rushed to thank Billy for his sweet gesture during such times when restaurants have lost millions of dollars, and have had to lay off people due to restrictions put forward by COVID-19.

One thing the COVID-19 pandemic has taught us is how hard people work across industries, and how interdependent we all are. Keeping in mind the Christmas spirit even during such grim times, a patron in a bar in Ohio tipped the restaurant $5,600 (Rs 4 lakh).

One thing the COVID-19 pandemic has taught us is how hard people work across industries, and how interdependent we all are. Keeping in mind the Christmas spirit even during such grim times, a patron in a bar in Ohio tipped the restaurant $5,600 (Rs 4 lakh). A guest named “Billy” went to Souk Mediterranean Kitchen and Bar in Toledo to eat food, but came out making every employee smile - even those that weren’t on shift. After tipping the restaurant so generously, Billy received a lot of praise online. In Pics: Santa Claus spotted distributing masks to Thai kids... on elephants! The owner of the restaurant - Chef Moussa shared the image of the bill on Souk’s Facebook page. He added how December is usually when the staff earns money to buy gifts, and to fix up their homes. “This is not an ordinary December. Normally this is a month when our employees work extra and guests tip generously. December is a month for them to earn money to buy family gifts, put a bit into savings and take care of bills or repairs that have been lingering. With Covid restrictions and guidelines, that was not going to happen for them this year. So this heartfelt generosity was deeply needed and very appreciated”, the post read. “Be the reason someone believes in the goodness of people.”   This really happened. Last night one of our guests left a... Posted by Souk Mediterranean Kitchen & Bar on Sunday, 13 December 2020 It added - “The words “Thank You” seem inadequate for this gift... but Thank You Billy, for your generous spirit and for making a difference in the lives of people I care a lot about this holiday season”. In Pics: Santa Claus bikers parade Tokyo streets for victims of child abuse Chef Salloukh spoke to CNN and claimed that there were a “lot of tears”.   “Your restaurant staff becomes your family and everyone cares about each other. I've been staying out of the kitchen to give employees hours to get through and put gifts under the tree for their kids, so this was so huge for us”, he told CNN. The actual payable amount was just $0.01. Owing to the tip, every employee was able to take home $200 during the holidays. Even the staff members who were not on duty during the time received the extra tips! People on Facebook were quick to spot the post and rushed to thank Billy for his sweet gesture during such times when restaurants have lost millions of dollars, and have had to lay off people due to restrictions put forward by COVID-19.

Guest in US restaurant leaves $5,600 tip bringing holiday cheer to many

Finance, Space, Fintech will be top focus at the India&nbsp;Luxembourg virtual summit that will take place on Thursday. The summit will be&nbsp;held between Indian Prime Minister&nbsp;Narendra Modi and&nbsp;Luxembourg's&nbsp;Prime Minister Xavier Bettel. Both PMs have met three&nbsp;times previously.

A release from Ministry of external affairs said, "The leaders will discuss the entire spectrum of bilateral relationship, including strengthening of India-Luxembourg cooperation in the post-COVID world. They will also exchange views on international and global issues of mutual interest."

This is the sixth&nbsp;virtual summit India is holding amid the COVID pandemic, and&nbsp;the fourth&nbsp;one with European leadership. So far India has conducted&nbsp;virtual summits with Australia, EU, Sri Lanka, Denmark, Italy &amp; now Luxembourg.

This is also the first stand-alone Summit meeting between India and Luxembourg in the past two decades.&nbsp;

Finance, Space, Fintech will be top focus at the India Luxembourg virtual summit that will take place on Thursday. The summit will be held between Indian Prime Minister Narendra Modi and Luxembourg's Prime Minister Xavier Bettel.

Finance, Space, Fintech will be top focus at the India Luxembourg virtual summit that will take place on Thursday. The summit will be held between Indian Prime Minister Narendra Modi and Luxembourg's Prime Minister Xavier Bettel. Both PMs have met three times previously. A release from Ministry of external affairs said, "The leaders will discuss the entire spectrum of bilateral relationship, including strengthening of India-Luxembourg cooperation in the post-COVID world. They will also exchange views on international and global issues of mutual interest." This is the sixth virtual summit India is holding amid the COVID pandemic, and the fourth one with European leadership. So far India has conducted virtual summits with Australia, EU, Sri Lanka, Denmark, Italy & now Luxembourg. This is also the first stand-alone Summit meeting between India and Luxembourg in the past two decades.

Finance, Space, Fintech to be top focus at India-Luxembourg virtual summit

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said.

Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness.

Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October.

<a href="https://www.wionews.com/world/boris-johnson-to-ask-schools-to-reopen-by-september-reports-319158">Also read|&nbsp;Boris Johnson to ask schools to reopen by September: Reports</a>

“The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics.

British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable.

“I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said.

The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay.

<a href="https://www.wionews.com/videos/uk-pm-boris-johnson-announces-additional-funding-for-nhs-314088">Also watch|&nbsp;UK PM Boris Johnson announces additional funding for NHS</a>

Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year.

“Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said.

The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed.

The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March.

Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001.

However, there was a small increase in job vacancies in the three months to July.

“The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place.

The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labour market, even with the government’s huge jobs protection scheme still in place. Led by a record plunge in self-employed workers, there were 220,000 less people employed in the second quarter, the Office for National Statistics said. Separate tax data for July showed that the number of staff on company payrolls had fallen by 730,000 since March, sounding the alarm about a potentially much bigger rise in joblessness. Mounting job losses are expected as Britain winds down its job retention scheme which protects employees. It is due to close at the end of October. Also read| Boris Johnson to ask schools to reopen by September: Reports “The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm,” said Ruth Gregory, senior economist at Capital Economics. British finance minister Rishi Sunak said the figures showed the government’s support programmes were working but job losses were inevitable. “I’ve always been clear that we can’t protect every job, but ... we have a clear plan to protect, support and create jobs to ensure that nobody is left without hope,” he said. The unemployment rate unexpectedly held at 3.9 per cent but that reflected an increase in people who had given up looking for work and who were therefore not considered to be unemployed, and people who said they were in work but were getting no pay. Also watch| UK PM Boris Johnson announces additional funding for NHS Economists polled by Reuters had expected the unemployment rate to rise to 4.2 per cent. Last week the Bank of England forecast the jobless rate would hit 7.5 per cent at the end of this year. “Government needs to step in and help those who are likely to lose their job retrain for new openings in different sectors,” KPMG economist Yael Selfin said. The number of self-employed people fell by a record amount in the three months to June, led by older workers, while the number of employees rose - something the ONS said was partly accounted for by workers reclassifying themselves as employed. The number of people claiming universal credit - a benefit for the unemployed and those on low pay - rose to 2.689 million in July, leaping by 117 per cent from March. Pay fell by the most in more than 10 years in the April-June period, down 1.2 per cent, reflecting how workers on the job retention scheme receive 80 per cent of their pay. Excluding bonuses, pay fell for the first time since records began in 2001. However, there was a small increase in job vacancies in the three months to July. “The increase was driven by small businesses (less than 50 employees), some of which reported taking on staff to meet coronavirus (COVID-19) guidelines,” the ONS said.

UK suffers biggest job losses since 2009 as COVID hits

German Finance Minister Olaf Scholz said Sunday he wanted to overhaul the country's finance watchdog Bafin and give it more powers after a massive fraud scandal involving digital payments firm Wirecard.

Wirecard filed for bankruptcy late last month after admitting that 1.9 billion euros ($2.1 billion) was missing from its accounts, a case that has triggered criticism of the auditors and regulators meant to be overseeing the firm.

<a href="https://www.wionews.com/world/wirecard-fraud-ex-coo-marsaleks-immigration-papers-in-philippines-were-faked-310671">Also read|&nbsp;Wirecard fraud: Ex-COO Marsalek's immigration papers in Philippines were faked</a>

Scholz told the Frankfurter Allgemeine Sonntagszeitung newspaper he wanted to ditch the current two-stage procedure whereby Bafin is only called in when red flags are raised in a first vetting of accounts by a private monitoring body.

"We need far-reaching reforms," Scholz said, adding that Bafin needed to step in earlier and have the right to launch "special audits on a large scale".

<a href="https://www.wionews.com/business-economy/total-disaster-after-germanys-wirecard-claims-21b-was-never-there-307680">Also read|&nbsp;'Total disaster' after Germany's Wirecard claims $2.1b was 'never there'</a>

"I want to give Bafin more control rights over financial reports, regardless of whether the company has a banking division," he went on.

"If we decide that Bafin needs more money, more employees and more competencies, I will work to ensure that happens."&nbsp;

Bafin chief Felix Hufeld has admitted that his watchdog "had not been effective enough" at preventing the Wirecard disaster.

But auditing firm EY has also come under scrutiny for signing off on Wirecard's accounts for years before finally warning last month of an "elaborate and sophisticated fraud" at the payments provider.

The scandal has raised questions about whether auditing firms should be rotated more frequently, Scholz said, and whether it makes sense for them to advise and monitor a company at the same time.

German shareholders' association SdK, which has launched legal action against two EY auditors and one former employee over Wirecard, welcomed Scholz's proposals.

Bafin needs to be "completely rebuilt," SdK chief Daniel Bauer told the Handelsblatt financial daily.

"It's not enough to increase the number of employees," he warned. "They have to be the right employees who actually understand the subject matter."

German Finance Minister Olaf Scholz said Sunday he wanted to overhaul the country's finance watchdog Bafin and give it more powers after a massive fraud scandal involving digital payments firm Wirecard.

German Finance Minister Olaf Scholz said Sunday he wanted to overhaul the country's finance watchdog Bafin and give it more powers after a massive fraud scandal involving digital payments firm Wirecard. Wirecard filed for bankruptcy late last month after admitting that 1.9 billion euros ($2.1 billion) was missing from its accounts, a case that has triggered criticism of the auditors and regulators meant to be overseeing the firm. Also read| Wirecard fraud: Ex-COO Marsalek's immigration papers in Philippines were faked Scholz told the Frankfurter Allgemeine Sonntagszeitung newspaper he wanted to ditch the current two-stage procedure whereby Bafin is only called in when red flags are raised in a first vetting of accounts by a private monitoring body. "We need far-reaching reforms," Scholz said, adding that Bafin needed to step in earlier and have the right to launch "special audits on a large scale". Also read| 'Total disaster' after Germany's Wirecard claims $2.1b was 'never there' "I want to give Bafin more control rights over financial reports, regardless of whether the company has a banking division," he went on. "If we decide that Bafin needs more money, more employees and more competencies, I will work to ensure that happens." Bafin chief Felix Hufeld has admitted that his watchdog "had not been effective enough" at preventing the Wirecard disaster. But auditing firm EY has also come under scrutiny for signing off on Wirecard's accounts for years before finally warning last month of an "elaborate and sophisticated fraud" at the payments provider. The scandal has raised questions about whether auditing firms should be rotated more frequently, Scholz said, and whether it makes sense for them to advise and monitor a company at the same time. German shareholders' association SdK, which has launched legal action against two EY auditors and one former employee over Wirecard, welcomed Scholz's proposals. Bafin needs to be "completely rebuilt," SdK chief Daniel Bauer told the Handelsblatt financial daily. "It's not enough to increase the number of employees," he warned. "They have to be the right employees who actually understand the subject matter."

Germany vows to beef up finance watchdog after Wirecard drama

On Monday, the rating agency&nbsp;Moody's downgraded India's ratings from Baa2 to Baa3, citing that the coronavirus pandemic wasn't the primary factor playing into consideration.

The agency said that the period of slower growth could trigger problems for the policymaking institutions, with financial sector susceptible to increased debt and pressure.

Also read:&nbsp;<a href="/business-economy/india-may-see-0-gdp-growth-this-fiscal-year-says-moodys-report-297398" hreflang="en">India may see 0% GDP growth this fiscal year, says Moody's report</a>

"Measures to improve India's fiscal strength, which were at the heart of the government's policy framework a few years ago, have underwhelmed," the ratings agency claimed&nbsp;in a statement.

Even though coronavirus may be one of the factors, the agency asserted that the pandemic has magnified preexisting issues in the country's credit profile, news agency Reuters reported.

The agency further maintained its outlook on the country as "negative".

<h6><img alt="ii" data-entity-type="file" data-entity-uuid="19660b9b-3599-46a2-bec0-8bc0e2cb3a05" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design-6_1.jpg" /> 
Pedestrians walk past a mural in Mumbai | AFP 
&nbsp;</h6>

On May 8, analysts at Moody's claimed that the pandemic will impact the rate of growth, with the country set to witness 0 per cent growth in the ongoing fiscal year.

The ratings agency claimed it does not expect&nbsp;India to see any&nbsp;growth in financial year 2021.

The coronavirus&nbsp;spread in the country has&nbsp;"significantly reduced the prospects of a durable fiscal consolidation," Moody's&nbsp;said in a report.

Moody's Investors Service in November 2019 had&nbsp;cut India's ratings outlook to "negative" from "stable", citing increasing risks, and while claiming&nbsp;that growth in Asia's third-largest economy will remain lower than in the past.

(with inputs from Reuters and AFP)

On Monday, the rating agency Moody's downgraded India's ratings from Baa2 to Baa3, citing that the coronavirus pandemic wasn't the primary factor playing into consideration.

On Monday, the rating agency Moody's downgraded India's ratings from Baa2 to Baa3, citing that the coronavirus pandemic wasn't the primary factor playing into consideration. The agency said that the period of slower growth could trigger problems for the policymaking institutions, with financial sector susceptible to increased debt and pressure. Also read: India may see 0% GDP growth this fiscal year, says Moody's report "Measures to improve India's fiscal strength, which were at the heart of the government's policy framework a few years ago, have underwhelmed," the ratings agency claimed in a statement. Even though coronavirus may be one of the factors, the agency asserted that the pandemic has magnified preexisting issues in the country's credit profile, news agency Reuters reported. The agency further maintained its outlook on the country as "negative". Pedestrians walk past a mural in Mumbai | AFP On May 8, analysts at Moody's claimed that the pandemic will impact the rate of growth, with the country set to witness 0 per cent growth in the ongoing fiscal year. The ratings agency claimed it does not expect India to see any growth in financial year 2021. The coronavirus spread in the country has "significantly reduced the prospects of a durable fiscal consolidation," Moody's said in a report. Moody's Investors Service in November 2019 had cut India's ratings outlook to "negative" from "stable", citing increasing risks, and while claiming that growth in Asia's third-largest economy will remain lower than in the past. (with inputs from Reuters and AFP)

Moody's downgrades India's ratings, warns of stress in financial sector

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief.

"In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, `First Develop India`," Modi said while addressing the annual ASSOCHAM conference here.

He said that there is a new mood of innovation and enterprise in the entire country today. "There`s an unprecedented belief in India`s ability across the <a href="https://www.wionews.com/opinions/economy-debate-narendra-modis-nda-versus-manmohan-singhs-upa-267271">world</a>. Global investors are looking at India today with renewed hope and belief," the Prime Minister said.

He also said that labour laws have undergone an overhaul as per suggestions from the industry sector, underlining that several steps have been taken to make the industry strong and futuristic.

"I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead," the Prime Minister said, adding that no action will be taken against right and commercially genuine decisions.

The Prime Minister said that <a href="https://www.wionews.com/india-news/amit-shah-says-indian-economy-moved-to-bold-decisive-decision-making-calls-current-slowdown-temporary-265503">India</a> has made improvements in the Global Competitiveness Index and the country is one of the top 10 FDI destinations in the world.

"There`s no doubt about how weak India`s banking sector was, before 2014. Rs six lakh crores were provisioned to make up for the losses. Rs 70,000 crore and Rs 23,600,000 crore have been made available to the banks by the government," Modi added.

The Prime Minister said that Rs 10,000,000 crore has been earmarked for infrastructure in the next few years and Rs 3,500,000 crore has been set aside to ensure clean drinking water to every family in the country under the 'Jal Jeevan Mission'.

"We are going to invest Rs 10,000,000 crore on <a href="https://www.wionews.com/opinions/security-preparedness-ensuring-safety-in-cities-268773">infrastructure</a> in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 2,500,000&nbsp;crore. We have also earmarked Rs 350,000&nbsp;crore to ensure drinking water to every family in the country," Modi further said.&nbsp;

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief.

Asserting that the flow of Foreign Direct Investment (FDI) into India has increased in the last few years, Prime Minister Narendra Modi on Friday said that global investors are looking to invest in the country with renewed hope and belief. "In the last few years, FDI in India has increased. FDI, for me, has two meanings. One is Foreign Direct Investment, and for me, another one is, `First Develop India`," Modi said while addressing the annual ASSOCHAM conference here. He said that there is a new mood of innovation and enterprise in the entire country today. "There`s an unprecedented belief in India`s ability across the world. Global investors are looking at India today with renewed hope and belief," the Prime Minister said. He also said that labour laws have undergone an overhaul as per suggestions from the industry sector, underlining that several steps have been taken to make the industry strong and futuristic. "I want to tell everyone associated with the banking and corporate sector that the old weaknesses have been ironed out. Take decisions bravely, invest openly, and spend well and keep moving ahead," the Prime Minister said, adding that no action will be taken against right and commercially genuine decisions. The Prime Minister said that India has made improvements in the Global Competitiveness Index and the country is one of the top 10 FDI destinations in the world. "There`s no doubt about how weak India`s banking sector was, before 2014. Rs six lakh crores were provisioned to make up for the losses. Rs 70,000 crore and Rs 23,600,000 crore have been made available to the banks by the government," Modi added. The Prime Minister said that Rs 10,000,000 crore has been earmarked for infrastructure in the next few years and Rs 3,500,000 crore has been set aside to ensure clean drinking water to every family in the country under the 'Jal Jeevan Mission'. "We are going to invest Rs 10,000,000 crore on infrastructure in the coming years. On the rural infrastructure, we have dedicated an investment of Rs 2,500,000 crore. We have also earmarked Rs 350,000 crore to ensure drinking water to every family in the country," Modi further said.

Global investors looking at India with renewed hope, belief: PM Modi

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its <a href="https://www.wionews.com/business-economy/hsbc-ceo-john-flint-resigns-as-it-faces-challenging-geopolitics-240704">chief executive stepped down</a> and announced the axing 4,000 posts citing a weak global outlook.

The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.

"We've known for years that we need to do something about our cost base, the largest component of which is people -&nbsp;now we are finally grasping the nettle," the paper quoted an unnamed source as saying.

"There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia."

The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision.

At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil.

Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion.

It is due to report third-quarter earnings at the end of October.

The cost-cutting drive is in line with other lenders who are battling global headwinds.

US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook.

Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers.

And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts -&nbsp;a tenth of its workforce -&nbsp;and shut 200 branches as it restructures.

<a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank has announced 18,000 job cuts</a> and France's Societe Generale 1,600.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook.

HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported. "We've known for years that we need to do something about our cost base, the largest component of which is people - now we are finally grasping the nettle," the paper quoted an unnamed source as saying. "There's some very hard modelling going on. We are asking why we have so many people in Europe when we've got double-digit returns in parts of Asia." The London-headquartered bank last month announced the shock exit of CEO John Flint after just 18 months in the hot seat but gave no reason for the decision. At the same time, it revealed it would axe two per cent of its global workforce, or roughly 4,000 mostly management jobs, in a new restructuring aimed at weathering the global turmoil. Still, its reported first-half net profit rose 18.6 per cent on-year to $8.5 billion. It is due to report third-quarter earnings at the end of October. The cost-cutting drive is in line with other lenders who are battling global headwinds. US banks including JPMorgan Chase and Wells Fargo have lowered their 2019 profit forecasts tied to interest rates as central banks around the world loosen monetary policy in response to a weakening global growth outlook. Lower interest rates mean less profit on loans made by the banks, especially if they have offered higher returns on deposits to attract customers. And last month Germany's second-largest lender Commerzbank said it plans to cut the equivalent of 4,300 full-time posts - a tenth of its workforce - and shut 200 branches as it restructures. Deutsche Bank has announced 18,000 job cuts and France's Societe Generale 1,600.

HSBC planning to cut 10,000 more jobs: Report

finance

Finance, News on Finance, stories on Finance, articles on Finance, Finance stories at Wion, Finance news, Finance latest news