Without an eye on social value, Europe risks losing the global fintech race

first_img Opinion Do this, and it will be the US and China struggling to catch up. Share Joe Zammit-LuciaDr Joe Zammit-Lucia is a co-founder and trustee of Radix, the think tank for the radical centre Digital finance must be seen within the context of social policy if it is to deliver the promised widespread social benefits Also Read: Without an eye on social value, Europe risks losing the global fintech race The scene is overwhelmingly dominated by US companies, with China potentially coming up from the rear.  Europe has been left behind in Big Tech. Third, proactive competition policy that prevents the same concentration of power in fintech as has occurred with the social media and search engine giants. Achieving coordination across all these policy areas will be challenging. Digital finance must be seen within the context of social policy if it is to deliver the promised widespread social benefits The pandemic has had asymmetric effects on those playing in the digital finance space. For many, valuations have plummeted and access to capital has become constrained. Others have shot up in value as more of the world has moved online.  In a report published today, we examine how digital finance lies at the intersection of industrial policy, competition policy, financial regulation — and how it must be seen within the context of social policy if it is to deliver the promised widespread social benefits. City A.M.’s opinion pages are a place for thought-provoking views and debate. These views are not necessarily shared by City A.M. Given that the UK and Switzerland are among the most advanced European countries in this field, this is unlikely to be achieved if policy in this area remains enclosed within the confines of the European Union. whatsapp whatsapp Without an eye on social value, Europe risks losing the global fintech race Monday 30 November 2020 6:07 am And finally, financial regulation that creates the conditions for market disruption without sacrificing financial stability. Show Comments ▼ We therefore suggest the following. First, a coalition of the “willing and able” among EU member states and other European countries such as the UK and Switzerland to harness the best of what is available across the continent. There has already been much work looking at individual industry players in a much more granular way, from the investment perspective and the financial regulation viewpoint. This is refreshing, but it is not enough. We have therefore developed a first pass at a framework for how how one might evaluate companies from the perspective of whether or not they add social value.  The Covid-19 pandemic has highlighted the folly of grouping what used to be called the “fintech industry” together. It has become clear that such a collective moniker has outlived its usefulness. Unless we also include this point of view into our evaluations, digital finance will not only fail to deliver on its promise — it might make things worse by denying access to the digitally disenfranchised. Digital finance must be seen within the context of social policy if it is to deliver the promised widespread social benefits Also Read: Without an eye on social value, Europe risks losing the global fintech race While there is much excitement about technological advances and the promises they might offer, it is the direction of public policy and the regulatory framework that will be the primary driver of the future shape of digital finance. This is what will determine whether it will deliver meaningful social benefit, or merely reproduce in digital form the strengths and weaknesses of the current financial system. Second, a multilateral investment fund focused on investing in European digital finance initiatives that can deliver social value. The question is whether Europe has the potential to avoid the same fate in digital finance — a sector that is likely to play a big role in future economic development. Europe is at the forefront of green finance and, in London, has one of the only two top tier financial centres in the world. It can build on these strengths to develop a socially valuable digital finance ecosystem, if it is able to do what it is asking the fintech industry to do: think outside the box, don’t be constrained by existing structures, and focus on delivering value to citizens as the primary aim. What has become clear is that digital finance is not simply about shiny new tech. Deep know-how in finance is at least as important as the software itself. Also crucial to success is a renewed focus of what digital finance is supposed to achieve: disruptive technology that can democratise finance, increase competition, and better align the financial system with broader societal goals. Main image credit: Getty Europe, once again, starts from a position of being far behind the US and China. Yet we believe that the continent has the opportunity not only to catch up but also to deliver a system that maximises widespread societal benefit. last_img read more

Electra Private Equity passes TGI Fridays on to Hostmore in demerger

first_imgIn the four weeks since restrictions lifted on 17 May, Fridays have enjoyed a like-for-like growth of 12.5 per cent on 2019, after welcoming back dine-in customers. Electra Private Equity, the company behind TGI Fridays, has confirmed this morning that new holding company Hostmore will be taking over the American diner brand. Show Comments ▼ Following the demerger, two-month-old Hostmore is set to add more fast-growing, early-stage businesses to its hospitality portfolio. Also Read: Made.com shares fall after £775m London IPO Electra Private Equity passes TGI Fridays on to London’s Hostmore in demerger Millie Turner whatsapp The private equity company, and former parent firm, announced its plans to demerge Fridays at the end of May.center_img whatsapp Share Taking place in the third quarter of this year, London-based Hostmore will also bag cocktail bar 63rd+1st in the demerger. Wednesday 16 June 2021 7:35 am Following the demerger, two-month-old Hostmore is set to add more fast-growing, early-stage businesses to its hospitality portfolio. Electra Private Equity also said the hospitality brands will be posted to the main market of the London Stock Exchange in the third quarter of this year.last_img read more

Tax-free income threshold rises

first_img Share Express KCS Wednesday 8 July 2015 11:00 pm whatsapp Show Comments ▼ whatsappcenter_img The UK tax free personal allowance – the level at which people start paying tax on their earnings – will increase from £10,600 to £11,000 next year, the government confirmed yesterday. It was also announced in the summer Budget that the higher tax rate threshold, at which people start paying the 40 per cent rate of tax, will increase to £43,000 from £42,385. The government plans to increase the personal allowance to £12,500 by 2020. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment GuruSwift VerdictChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoSwift VerdictMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunForbesThese 10 Colleges Have Produced The Most Billionaire AlumniForbesComedyAbandoned Submarines Floating Around the WorldComedyBuzzdaily WinnersCasinos Don’t Expect You To Do This; But They Can’t Stop You.Buzzdaily Winnerszenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.com Tags: NULL More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInstitutional Investors Turn To Options to Bet Against AMCvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhite House Again Downplays Fourth Possible Coronvirus Checkvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tax-free income threshold rises last_img read more

World Health Organization tries moving closer to creating a ‘fair pricing’ model

first_imgPharmalot What’s included? Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. World Health Organization tries moving closer to creating a ‘fair pricing’ model Fabrice Coffrini/AFP/Getty Images [email protected] Fresh from a meeting with drug makers, advocacy groups, and government agencies, World Health Organization officials say they are gradually moving closer to a framework for so-called fair pricing for prescription medicines.Although recommendations are not yet forthcoming, the latest meeting builds on efforts that began a year ago and, at the time, identified several key issues to be addressed. A report by an informal advisory group last fall named transparency in pricing and research and development costs; the right of governments to issue compulsory licenses; manipulation of orphan drug designations; medicine shortages; and the merits of value-based pricing. What is it? Ed Silverman About the Author Reprintscenter_img Unlock this article — plus daily coverage and analysis of the pharma industry — by subscribing to STAT+. First 30 days free. GET STARTED Tags drug pricingpharmaceuticalsSTAT+ Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. GET STARTED By Ed Silverman May 11, 2017 Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. @Pharmalot Log In | Learn More last_img read more

CVS vaccine cancellation email is just a glitch

first_imgModerna trial showing promise for expanding age requirement next month May 26, 2021 Advertisement RELATEDTOPICS Charlotte County public school vaccine event on Saturday May 24, 2021 AdvertisementTags: Vaccine Half of Americans now fully vaccinated against COVID-19 May 26, 2021 Fauci says COVID-19 booster shot likely needed ‘within a year or so” May 21, 2021center_img Advertisement AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Advertisement AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments LEE COUNTY, Fla. – If you scheduled a COVID-19 vaccine appointment through CVS, you may have received a message saying your appointment was cancelled. But — the good news — that message was just a glitch. Dozens of people who registered for vaccines at the CVS in Fort Myers along Pine Ridge Road and Summerlin Road received the error message. CVS is telling people who signed up to ignore the emails and texts about cancellations and still show up to the pharmacy at the time you originally booked your shot for.For everything you need to know about vaccines in Southwest Florida, check out our NBC2 Vax Facts page! last_img read more

DBRS confirms Canada’s AAA rating

Fitch drops Canada’s AAA rating Stranded assets a downgrade risk in a low-carbon economy Share this article and your comments with peers on social media DBRS Ltd. has confirmed its AAA ratings on the government of Canada, citing its credible fiscal recovery plan and strong track record of fiscal discipline. In a report issued Tuesday, the rating agency says that Canada’s debt burden is expected to remain “very manageable”. Moreover, it notes that Canada also has the flexibility to manage downside risks, such as the ongoing European sovereign debt crisis and a slow economic recovery in the United States, without damaging its strong credit profile. Facebook LinkedIn Twitter Keywords Sovereign ratingCompanies DBRS Sovereign downgrades to follow Covid-19: Fitch Related news James Langton DBRS estimates that the government’s deficit was $24.9 billion for 2011-2012, which represents a notable improvement year-over-year and equals just 1.4% of GDP. For the current fiscal year, a deficit of $21.1 billion, or 1.2% of GDP, is anticipated, followed by a gradual return to balance by 2015-2016, it says. And, DBRS suggests that it could return to balance a year earlier than budgeted. Canada’s “very modest deficit outlook” makes it stand out among its peers, and it also has track record of exceeding fiscal targets, DBRS notes. The debt-to-GDP ratio (as measured by DBRS) remained unchanged in 2011-2012 at 36%. Although it cautions that the ratio could increase slightly in 2012-2013, before beginning to trend downward. Canada’s debt burden is also considered to be very manageable and compares favourably among G7 peers, DBRS says. “Nevertheless, Canada will need to remain vigilant in the face of challenging economic conditions to ensure that fiscal targets can be met and its strong credit profile maintained,” it concludes. read more

Pandemic leaves millions financially vulnerable: FCA

first_img Related news James Langton Keywords Pandemics,  Coronavirus,  Financial reliefCompanies Financial Conduct Authority “Since the start of the pandemic, the number of people experiencing low financial resilience or negative life events has grown,” said Nisha Arora, director of consumer and retail policy at the FCA, in a release.“The pain is not being shared equally with a higher than average proportion of younger and (racial minority) adults becoming vulnerable since March,” she noted.The FCA reported that the number of adults with excessive debt, low savings, erratic earnings and other forms of “low financial resilience,” jumped from 10.7 million to 14.2 million in 2020.At the same time, the regulator found that almost half ( 48%) of adults have not been affected financially by Covid-19, and that 14% have seen their financial situation improve during the pandemic.“Vulnerability remains a key focus for the FCA, and has been brought into sharp relief by the pandemic. We continue to work with the wider financial services sector, including businesses, regulators and government to support and protect consumers. We expect to finalise our guidance on how firms should treat vulnerable customers shortly,” Arora said. Share this article and your comments with peers on social media Fed keeps key rate near zero, sees inflation as ‘transitory’ stressed young couple worries about their finances ocusfoucus/123RF Regulators aim to root out pandemic-driven liquidity issues Facebook LinkedIn Twitter The disruptive economic effects of the Covid-19 pandemic has pushed millions of people in the U.K. into financially vulnerable situations, according to new research from the U.K.’s Financial Conduct Authority (FCA).The latest edition of a survey by the FCA finds that 27.7 million adults in the U.K. are at greater risk of harm due to vulnerabilities such as low financial resilience and negative life events. This was up from 24 million prior to the pandemic. Singapore’s financial regulator invests in innovationlast_img read more

Agricultural Ministry to Strengthen Capacity of Farmer Organizations

first_imgRelatedAgricultural Ministry to Strengthen Capacity of Farmer Organizations FacebookTwitterWhatsAppEmail Permanent Secretary in the Ministry of Agriculture and Lands, Donavon Stanberry, has said that the Ministry will be working with all farmer associations and cooperatives islandwide to strengthen their capacity to assist them to better manage their affairs.Speaking at the annual general meeting of the Agri-Business Council of Jamaica today (June 15), at the Terra Nova hotel in Kingston, Mr. Stanberry noted that this move was expected to enhance the ability of these organizations to control every facet of their affairs from production to processing, through to distribution and marketing.He noted that as part of the effort, the Ministry has already signed a Memorandum of Understanding (MOU) with the All-Island Jamaica Cane Farmers Association (AIJCFA).“The sector needs a higher level of organisation and management and we must stop being pastoral about management. The fact that you are a good farmer does not make you a good manager. We need to shift and start thinking commercially and you don’t even have to go to business school for that,” Mr. Stanberry pointed out.In the meantime, the Permanent Secretary has reaffirmed the government’s commitment to undertake a study to assess the feasibility of rationalizing all the entities that provide services to farmers, by creating a one-stop facility that provides technical expansion, marketing and business services in an integrated way.Minister of Agriculture and Lands, Roger Clarke first made the announcement during his contribution to the 2007/08 Budget Debate in Parliament in April.This study will be carried out in collaboration with the Development Bank of Jamaica and will include the Rural Agricultural Development Agency (RADA); Agriculture Credit Board; Agricultural Development Corporation; Marketing and Credit Division; Research and Development Division; Agri-Business Council; and the Agricultural Marketing Corporation. Agricultural Ministry to Strengthen Capacity of Farmer Organizations UncategorizedJune 15, 2007 Advertisementscenter_img RelatedAgricultural Ministry to Strengthen Capacity of Farmer Organizations RelatedAgricultural Ministry to Strengthen Capacity of Farmer Organizationslast_img read more

Ford wants to use tech to predict where car crashes will happen

first_img COMMENTSSHARE YOUR THOUGHTS American automaker Ford says it’s developed an algorithm that identifies where collisions are likely to happen within a city, allowing local authorities to to act before an accident occurs.Usually, crash-prone problem areas can only be identified after an accident, but this new system hopes to get ahead of them before they become problem areas.The algorithm was created using data collected from 160 vans in London, U.K., which together travelled one million kilometres during a collective 15,000 days of vehicle use. Trending in Canada See More Videos “We are calling on cities to work with us to collectively solve problems that they can become even better places to live and work in.” Buy It! Princess Diana’s humble little 1981 Ford Escort is up for auction An engagement gift from Prince Charles, the car is being sold by a Princess Di “superfan” Trending Videos ‹ Previous Next › Created with Raphaël 2.1.2Created with Raphaël 2.1.2 The upcoming ‘hard market’ for insurance won’t be easy on your wallet.  Susan Gamble / Sun Media The Rolls-Royce Boat Tail may be the most expensive new car ever We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. RELATED TAGSFordNon-LuxuryNew VehiclesNon-Luxury That allowed Ford to collect some 500 million data points. The highly detailed parameters analyzed included the severity of braking and the application of hazard lights, which helped identify “near-misses” and where they frequently occurred. This data was then cross-referenced with existing accident reports.The information was collated into a Ford City Data Report, built around a map that showed exactly where collisions were likely to occur. You can read that full report and check out the visual animations here.“The Ford City Data Report is a showcase of what we at Ford can do with connected vehicle data, smart infrastructure, and our analytical capabilities,” said Sarah-Jayne Williams, director, Ford Smart Mobility. advertisement PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca last_img read more

Ontario teenager hit with stunt-driving ticket on way to driver’s test

first_img ‹ Previous Next › advertisement Trending in Canada See More Videos Created with Raphaël 2.1.2Created with Raphaël 2.1.2 OPP Const. Mike Atkinson watches for speeding vehicles during traffic enforcement patrol in Windsor, Ontario November 14, 2017.  Nick Brancaccio / Windsor Star PlayThe Rolls-Royce Boat Tail may be the most expensive new car everPlay3 common new car problems (and how to prevent them) | Maintenance Advice | Driving.caPlayFinal 5 Minivan Contenders | Driving.caPlay2021 Volvo XC90 Recharge | Ministry of Interior Affairs | Driving.caPlayThe 2022 Ford F-150 Lightning is a new take on Canada’s fave truck | Driving.caPlayBuying a used Toyota Tundra? Check these 5 things first | Used Truck Advice | Driving.caPlayCanada’s most efficient trucks in 2021 | Driving.caPlay3 ways to make night driving safer and more comfortable | Advice | Driving.caPlayDriving into the Future: Sustainability and Innovation in tomorrow’s cars | Driving.ca virtual panelPlayThese spy shots get us an early glimpse of some future models | Driving.ca It won’t be much solace to the young man, but he’s not the only one who’s been caught goofing off on Ontario roadways recently. Police issued two other stunt-driving charges on that same highway in a 12-hour period, both to drivers travelling at over 160 km/h. And earlier this week a 21-year-old man was caught speeding at 228 km/h.  First Look: 2022 Lexus NX The sport-cute’s looks have been softened, but its powertrains and infotainment offerings have been sharpenedcenter_img Trending Videos A teenage driver in southern Ontario got a little excited on his way to take his licensing test recently and now will have to wait. Let’s all take a minute to learn from and laugh at the youngster, shall we? Police caught him doing 150 km/h on the 100-km/h Highway 115 south of Peterborough at 9:30 AM (wow, somebody had their morning coffee!) and handed him a stunt-driving fine, which comes with an immediate seven-day license suspension and seven-day vehicle impound. The 18-year-old G2 driver was on his way to the DriveTest Centre in Peterborough to upgrade to a full G license, but his foot just got a bit heavy and he ended up a full 55 km/h over the limit, enough to get the stunt-driving charge in relation to excessive speed.  The Rolls-Royce Boat Tail may be the most expensive new car ever COMMENTSSHARE YOUR THOUGHTS We encourage all readers to share their views on our articles using Facebook commenting Visit our FAQ page for more information. RELATED TAGSFlexNew VehiclesOntarioToronto & GTAFlexOntarioPeterboroughPeterborough (Ontario)last_img read more