Covid Relief Cash May Be the Welfare of the Future, Cryptocurrencies Are Rising. So Are the Stakes for Governments,Places With the Highest and Lowest Income Tax Rate.
Covid Relief Cash May Be the Welfare of the Future – Bloomberg
“Biden’s $1.9 trillion Covid-19 relief bill has passed the Senate, clearing the way for it to become law.”
“Much of the legislation is dedicated to handing out cash to individual Americans.”
“Evidence is starting to pile up in favor of cash transfers. A 2018 literature review by Ioana Marinescu finds that various unconditional transfer programs tend to boost incomes, as well as health and education.”
“The old theory that poverty is caused by a culture of dependency just doesn’t seem to hold water. Instead, poor people seem to be weighed down by a whole host of small risks and hassles.”
“Helping them afford the essentials provides more breathing room to think about the next step in life, In other words, a handout, more often than not, is actually a hand up.”
“When it comes to boosting people out of poverty, it seems that cash really is king.”
Cryptocurrencies Are Rising. So Are the Stakes for Governments – Bloomberg
“The Fed and others are seriously considering the creation of their own digital currencies.”
“If people were able to hold government-issued money directly — the equivalent of opening an account at the central bank — they might dump the deposits that remain the banking system’s primary source of funding.”
“To avert a collapse of banking system, central banks would have to ease the transition — by setting limits on direct holdings, by using banks as intermediaries or by providing banks with alternative financing.”
“To alleviate worries about surveillance, central banks will have to provide a degree of anonymity, while maintaining the access needed to track down criminals and combat money laundering.”
Artificial Intelligence, Chatbots Threaten Call-Center Industry, Human Operators – Bloomberg
“The coronavirus pandemic has been tough on the global call-center industry, and nowhere more than in the Philippines, the world leader in the field.”
“Before the outbreak, clients used chat and AI bots less than 10% of the time, but that’s climbed to almost 25% and could reach 35% by year end, says Mike Small, the executive responsible for U.S. and Canadian corporate clients for Miami’s Sitel Group, an operator of call centers with more than 20% of its 100,000 employees in the Philippines.”
“The threat is building as AI enables bots to be as efficient—and empathetic—as humans for many basic transactions.”
Jonathan De Luzuriaga, president of the Philippine Software Industry Association” says “The chatbot is at the bottom of the rung, the high-level, industry-killer type of engagement—it’s not going to happen yet.””
Alliance of global firms to support SMEs in Middle East and Africa digitise their ops
“A new private-sector initiative launched today will help small to medium enterprises throughout the Middle East and Africa digitise their sales and operations.”
“Led by the social enterprise platform Potential.com, the campaign brings together several global organisations including Aramex, Amazon Web Services (AWS), Cisco, Schneider Electric and the World Free Zone Organisation who will offer small to medium business owners free resources, advice and services.”
Places With the Highest and Lowest Income Tax Rate and Take Home Salary – Bloomberg
“PwC’s data do not take into account short-term programs that temporarily reduce taxes for expatriates. The tax data don’t take into account housing costs, access to public transportation or purchasing power parity.“
“Highly paid British workers, for instance, actually take home less pay than their counterparts in either Germany or Spain.”
“Wall Streeters have been migrating from high-tax states like New York and California to lower-tax jurisdictions like Florida.”
“Hong Kong, the government upped its levy on stock trading for the first time since 1993 (but authorities are still trying to keep up the territory’s reputation as a global financial hub despite a recent Chinese crackdown).”
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Musicians Are Hoarding Musical Gear Like Never Before – Bloomberg
“The numbers are in, and the pandemic has officially turbocharged the market for musical equipment: Online retailer Sweetwater reported record growth last year, surpassing $1 billion in sales; Fender Musical Instruments signed up 900,000 users for its Play lessons app.”
“The action has been especially pronounced in the secondhand market.”
“Never-ending isolation has given rise to a condition known as GAS, or gear acquisition syndrome.”
Mubadala plans to acquire NMC hospital business – GCC Business News
“Mubadala, which manages over $230 billion in assets, is one of the investors and companies interested in the asset, the sources added.”
“The potential sale is a price discovery exercise to determine whether NMC’s business can get the value its creditors seek, or whether the business should keep the assets, complete the restructuring, and sell when they can achieve the value they want.”