All posts tagged: finance

Pav Gil Helped Bring Down Wirecard. His New Startup Aims to Shield Whistleblowers From Harm

Pav Gil Helped Bring Down Wirecard. His New Startup Aims to Shield Whistleblowers From Harm

In September 2017, Singapore-based lawyer Pav Gill took a job at Wirecard, a high-flying German payments business worth tens of billions of euros. Not long after he started, he heard from a colleague that an executive at Wirecard Asia, the region Gill was responsible for, had allegedly been teaching staff how to trick auditors into thinking the firm had money it didn’t have. Gill quietly began an investigation, codenamed Project Phoenix. The results were damning: Wirecard had been fudging its numbers. But when the board of directors caught wind of his work they got “very upset,” says Gill. He was ordered to stand down, and his investigation came to nothing. The head of Wirecard Asia began to make Gill’s life “pretty horrible,” he claims, yelling at him in front of colleagues and attacking the quality of his work. He was effectively forced out. But before he left, in September 2018, he loaded a harddrive with an 85GB payload of email data tied to the investigation. It was filled, he says, with “irrefutable” proof of wrongdoing. …

Hyundai cuts IONIQ 5 price with rare 0% finance offer

Hyundai cuts IONIQ 5 price with rare 0% finance offer

In a fire sale, Hyundai is offering a rare 0% finance offer on the 2024 IONIQ 5 electric SUV. Hyundai’s new incentive could mean up to $7,800 in savings compared to a same-priced Tesla model. Hyundai 2024 IONIQ 5 scores 0% finance deal With nearly 34,000 models sold last year, Hyundai’s IONIQ 5 was the sixth best-selling electric vehicle in the US last year. Powered by Hyundai’s E-GMP platform, the IONIQ 5 is similar in length to the Tucson. However, thanks to its flat floor design, the electric SUV has a longer wheelbase than the three-row Palisade. Starting at $47,400, the 2024 Hyundai IONIQ 5 features up to 303 miles range. It can also charge from 10 to 80% in as little as 18 minutes with 800V DC fast charge to get you back on the road quickly. The electric SUV has available features like vehicle-to-load (V2L) capability. With 120V charging outlets, you can power up your campsite, laptop, TV, or other larger electric equipment and appliances on the go. 2024 Hyundai IONIQ 5 (Source: …

The City must also ‘export’ its services to the rest of the UK

The City must also ‘export’ its services to the rest of the UK

They point to the growth in overall City employment and the speed with which skyscrapers such as 22 Bishopsgate filled with tenants, despite concerns that hybrid working has made the traditional office redundant. In his speech, committee chairman Chris Hayward called for services — and particularly the City’s specialities of financial and professional services — to be given far greater priority in the Government’s trade policy.  Source link

French finance minister announces €10 billion in spending cuts for 2024

French finance minister announces €10 billion in spending cuts for 2024

French Minister for Economy, Finance, Industry and Digital Security Bruno Le Maire delivers a speech during the inauguration of a new hub in France dedicated to the artificial intelligence (AI) sector, at the Google France headquarters in Paris, France, February 15, 2024. GONZALO FUENTES / REUTERS France’s Finance Minister Bruno Le Maire said Sunday, February 18 that the country’s 2024 growth forecast had been revised down from 1.4% to 1.0% and announced spending cuts of €10 billion. The revision “takes into account the new geopolitical context”, he told TF1 television, referring among other issues to the war in Ukraine. He also raised the situation in the Middle East, China’s “marked economic slowdown” and “a recession in 2023 in Germany”. Weaker than expected tax receipts meant that France was going to have to make immediate savings of €10 billion in order to meet its budget targets. Le Maire’s revised growth forecast aligns with other estimates. The Bank of France expects growth near 0.9%; the International Monetary Fund has forecast 1.0%; the OECD 0.6%. Five billion would …

Finance columnist goes viral after admitting to being scammed out of ,000

Finance columnist goes viral after admitting to being scammed out of $50,000

Sign up to our free Living Well email for advice on living a happier, healthier and longer life Live your life healthier and happier with our free weekly Living Well newsletter A financial columnist for New York Magazine has gone viral after she admitted to being scammed out of $50,000 from someone posing as a CIA agent. Charlotte Cowles, a writer living in New York City, recently shared how she was conned into thinking she was the victim of identity theft in an essay published in The Cut on 15 February. The first-person essay, titled “The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger,” has since sparked much discourse online about scams. Cowles began by explaining that she received a phone call from an Amazon customer service agent, who said there was fraud on her account. While Cowles didn’t notice any unusual activity on her Amazon account, she said she was connected to an investigator allegedly from the US Federal Trade Commission (FTC) who knew her Social Security number, …

Rishi Sunak warned against fresh austerity drive to finance tax cuts | Austerity

Rishi Sunak warned against fresh austerity drive to finance tax cuts | Austerity

Rishi Sunak has been warned against launching a fresh austerity drive after official figures confirmed Britain’s economy is in recession and living standards have suffered their longest sustained fall since records began almost 70 years ago. With the government under pressure over its economic management, Treasury sources said the chancellor, Jeremy Hunt, was considering a fresh squeeze on public spending to finance pre-election tax cuts in next month’s budget. But unions said it was an “outrage” that the chancellor was looking to balance the books by forcing more austerity on to services that were already on their knees – while a leading thinktank described any moves to cut taxes as “ludicrous”. Figures from the Office for National Statistics showed the economy shrank by 0.3% in the three months to December, handing Labour the ammunition to claim Sunak’s plans lay “in tatters” after 14 years of the Conservatives underinvesting in Britain. The contraction followed a drop of 0.1% in the three months to September, confirming a second consecutive quarter of falling national output – the technical …

Wild Animals Should Be Paid for the Benefits They Provide Humanity

Wild Animals Should Be Paid for the Benefits They Provide Humanity

We need to understand the value of nature if we want to protect it—and that should include paying ecosystems for keeping us alive, argues Ian Redmond, head of conservation for not-for-profit streaming platform Ecoflix and cofounder of Rebalance Earth, a company that aims to build a sustainable, resilient, and equitable economy. He’s trying to change the damaging equation where “if the minerals under the ground are worth more than the trees and the animals above the ground, then traditionally, the trees and the animals have to go.” Pricing nature’s benefits would help protect it, he suggests. Wildlife tourism shows that people are prepared to pay up to $1,500 simply to spend an hour in the company of an elephant in Rwanda, he points out—so tourists already know how valuable nature is. But what about local people? Filmmakers should share the profits of their wildlife films with those who protect or depend on the ecosystems they film. “The irony is that people who live in the developing world, where many of these documentaries are made, don’t …

Climate Finance Is Targeting the Wrong Industries

Climate Finance Is Targeting the Wrong Industries

To achieve net-zero carbon emissions by 2030, we have to increase the amount of capital invested in climate tech by 590 percent, says Daria Saharova, managing partner at VC World Fund, a European venture capital firm specializing in climate tech. While European funds, including the UK’s, have €19.6 trillion ($21.1 trillion) under management—and invested €19.6 billion in 2022—that’s not enough. We need to invest at least €1 trillion every year. The good news? “Europe is leading the world in patent applications for climate technology,” she says. “Twenty-eight percent of all patents in this field originate in Europe, so almost one-third of the technology needed is created here.” The problem, Saharova warns, is the misalignment between emissions and venture capital. Forty-eight percent of VC investment in 2022 was into mobility technology, such as e-scooters. Mobility accounts for only 15 percent of emissions, while more polluting industries like manufacturing, food and agriculture, and the built environment are underfunded. “Eighty-five percent of emissions receive only 52 percent of funding,” according to Saharova. This matters, she explains, because personal …

India overtaking China as investor capital while Xi Jinping battles ‘perilous’ economy | World | News

India overtaking China as investor capital while Xi Jinping battles ‘perilous’ economy | World | News

India looks set to overtake China as the place to invest as millionaires scramble to escape from under Xi Jinping’s perilous Chinese economy. Wall Street has seen a shift of money flowing into India rather than China is the country battles a “perilous” economy. This diversion has been evidenced as the National Stock Exchange (NSE) in Mumbai recently overtook the Hong Kong Stock Exchange (HKEX), making India the fourth global financial centre. And experts have also predicted that investment flowing away from China to India will continue as the Chinese mega rich scramble to locate their riches – and themselves – elsewhere. The news of India’s stock market growth comes comes as experts warn China’s economy is in trouble and warning signs are “flashing red” for President Xi Jinping. Just last week China’s consumer prices fell at the fastest rate in 15 years. The country’s brutal economic downturn is due to a crisis in the property market and an ageing population. Vikas Pershad, a manager at M&G Investment in Singapore, said: “People are interested in …