Tag Archives: finance

How can we get India to invest in our culture? Feroze Gujral explained | Instant News


Those of us who grew up in the eighties will remember what youth rooms were like back then – with the walls plastered with posters of cricketers such as Kapil Dev, Sunil Gavaskar, Viv Richards, and Imran Khan; about bands and singers such as George Michael, Madonna, Bruce Springsteen, Abba, Guns N ‘Roses; and collages of actors and models.

One person who has always been proud of this collage, created after taking pictures from magazine after magazine, is Feroze Gujral – standing out as an Indian model with …

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First Published: Fri, 09 April 2021. 23:35 IST

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Swiss digital private bank startup, Alpian, raised $ 18 million | Instant News


Alpian, Switzerland’s first mass-market digital private bank, has raised US $ 18 million in its Series B funding round

Alpian, which is incubated by Swiss banking group Reyl & Cie, plans to launch this year – subject to a full banking license from the Swiss Financial Market Supervisory Authority.

This startup is targeting a sizeable demographic in Switzerland – those with investable assets of between CHF100,000 and CHF1 million.

The company plans to persuade these mass wealthy clients by using a combination of machine intelligence and human advisors to create a unique portfolio aligned with personal “preferences, beliefs, philosophies and goals.”

In addition to the core personal banking offering, each account will come with a debit card and a multi-currency account. Alpian also invests in the creation of educational content on financial matters through its recently launched i-vest platform.

Schuyler Weiss, CEO, Alpian, said: “While the Series A fundraiser was aimed at building a digital bank, the Series B fundraising was intended to be used in principle to launch the bank on the Swiss market.

“This approach ensures that Alpian will be in a strong position to provide the best possible service to its customers by the end of this year subject to the issuance of a full banking license by Finma.”

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German factories remain resilient to crises as orders rise | Instant News


Explore what’s driving the global economy in a new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.

German factory orders rose in February, supporting Europe’s largest economy through continued coronavirus curbs.

Demand increased 1.2%, according to the median estimate in a Bloomberg survey. This increase was driven by orders from within the euro area and region, with orders for investment goods very strong.

The reading underlines how resilient the German manufacturing sector has been through the latest round of restrictions, benefiting from economic recovery elsewhere. But with restaurants, hotels and non-essential shops closed, economists are still predicting production to contract in the first quarter. The preliminary estimates are due at the end of April.

Chancellor Angela Merkel’s government has once again debated tightening restrictions to counter a third wave of viral infections. The number of severe cases in German intensive care facilities continues to increase and the rate of injection remains slow.

Euro area countries are counting on a push for vaccine supplies in the current quarter to finally speed up immunization campaigns and allow restrictions to be lifted. Economists expect the currency bloc to grow by around 4% this year, driven by a strong rebound in the second half.

– With the help of Harumi Ichikura, and Kristian Siedenburg

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Don’t You Dare Speed ​​Through Swiss in a Ferrari Testarossa | Instant News


Photographer: Fabrice Coffrini / AFP / Getty Images

Meaningless traffic fines for a multi-millionaire could cripple someone living on the sidelines. Along with processing fees and penalties for late payment, one fine can bankrupt a family. National Crime Victims Center estimated in 2011 that Americans owed more than $ 50 billion to the criminal justice system. That Washington Post estimated in 2018 that more than 7 million Americans may have lost their driver’s license due to unpaid court or administrative debt.

The solution is clear: Calibrate fines according to the ability to pay offenders. That’s the conclusion of a article by Jean-Pierre Dubé, a marketing professor at the University of Chicago’s Booth Business School, in the spring issue Chicago Stan Review.

“Imposing the same fine on everyone is regressive,” Dubé wrote. “The personalized fines can be low enough for people to pay, but high enough to be a barrier to even the more affluent citizens.”

The Swiss canton of Sts. Gallen made headlines in 2010 when a court fined a man 299,000 Swiss francs (later around $ 290,000) who had driven his Ferrari Testarossa at speeds of up to 137 kilometers per hour (about 85 mph) on roads set at speeds of 80 kilometers per hour. He can afford it: the villa has a garage with five luxury cars. Finland is another country that bases fines on income, according to Dubé.

A captive government doesn’t just try to prevent abuses; they try to raise money. With his marketing cap, Dubé said the government could make more money by setting fines based on ability to pay, just as cinemas vary ticket prices by age. He said he’s working with a company, Servus, which uses artificial intelligence to create payment options for individuals. “The goal is to help raise as much as possible for cities, health care facilities or utilities while keeping payments manageable,” he wrote. “We need a city to agree on this idea, and research can begin.”

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Commerzbank will lay off 1,700 jobs in Germany | Instant News


Commerzbank will cut 1,700 jobs in Germany under a voluntary redundancy program due to be completed by the end of the year.

The cuts mark the start of a three-year cost reduction program announced in January that will result in 10,000 job losses and the closure of 340 branches by 2024.

The bank, which employs nearly 50,000 people worldwide, said that one in every three jobs in its home market in Germany would be lost while its 790 branch network would be reduced to 450.

Following negotiations with union leaders, Commerzbank will offer workers a voluntary termination agreement starting July 2021.

“The voluntary program is an important step in reducing the number of staff required,” commented Sabine Schmittroth, a board member in charge of the group’s human resources. “We are quickly providing instruments that will reduce the cost base in the coming year.”

In the first quarter of 2021, the bank will post restructuring fees totaling around € 470 million to cover program costs.

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