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PwC survey ranks post-Brexit UK fourth most favoured investment destination, overtaking India – TheChronicleHerald.ca

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By Divya Chowdhury

(Reuters) – Post-Brexit Britain has overtaken India to become the fourth most favoured investment destination according to a survey of chief executives of more than 5,000 companies, PricewaterhouseCoopers Chairman Bob Moritz said on Friday.

The top three – the United States, China and Germany – were unchanged from the previous year’s PwC survey, while Britain and India swapped positions.

Britain’s attractions have changed as a result of “becoming a separate country and location”, Moritz told the Reuters Global Markets Forum, noting that U.S. and German companies appeared particularly favourable toward investing in the UK.

Britain formally left the European Union on Jan. 31, 2020, making a tortuous exit after a referendum in 2016 on whether to remain or leave the trading bloc. A new trade deal between Britain and the EU was agreed on Dec. 24.

Moritz said the survey, conducted in January and February, found optimism among CEOs at record levels as the world begins to come out of the COVID-19 pandemic, with 76% expecting global economic growth to improve in 2021.

However, that optimism was fragile, with inflation being seen as a medium-term risk, Moritz said.

“(CEOs) do see some of these risks building up over the next year or two, which causes them to question what they do, how they invest, where they invest, and how much to invest.”

Graphic: PwC CEOs survey on global economic growth – https://graphics.reuters.com/BRITAIN-INVESTMENT/PWX-GMF/xlbvgxgmwpq/chart.png

He also noted that China was lagging further behind the United States as a favoured investment destination as companies were worried by the trade war between the two countries as well as market access and unfair practices in China.

Moritz said the pandemic had accelerated moves among companies towards sustainability and digitalisation, along with a focus on meeting duty of care to employees for their mental and physical wellbeing.

“The combination of technology and humanity coming together, I think will be something that we see companies try to optimize in terms of the balance over the next few years,” Moritz said.

(This interview was conducted in the Reuters Global Markets Forum, a chat room hosted on the Refinitiv Messenger platform. Sign up here to join GMF: https://refini.tv/33uoFoQ)

(Reporting by Divya Chowdhury in Mumbai; Additional reporting by Lisa Pauline Mattackal and Supriya Rangarajan in Bengaluru; Editing by Simon Cameron-Moore)

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Brown Bolsters Student Financial Aid After 52% Investment Return – BNN

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(Bloomberg) — Brown University will expand financial aid for students with fundraising gains and returns from its endowment, which led the Ivy League in investment performance, with a 52% increase. The school will increase scholarships for moderate-income students and develop a college-preparatory program for students in its hometown of Providence, Rhode Island, among other initiatives, according to a statement Monday. Brown didn’t detail how much will be spent on the programs. The endowment contributed $194 million to the university’s operating budget in fiscal 2021, Brown said in a statement Monday. “The university has an enduring commitment to ensuring that talented young people can afford to come to Brown, regardless of their socioeconomic background,” Brown University President Christina Paxson said in the statement. “We are fortunate that strong financials provide us with a rare opportunity to make new investments in cultivating the next generation of leaders.”

Because Brown’s endowment contribution to the university’s operating budget is based on average market value over the previous three years, the investment returns contributed in fiscal 2021 are expected to steadily increase in each of the coming years, the school said Monday.

©2021 Bloomberg L.P.

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Mastercard expands cryptocurrency services with wallets, loyalty rewards

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Mastercard Inc said on Monday it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.

The credit card giant said it would offer these services in partnership with Bakkt Holdings Inc, the digital assets platform founded by NYSE-owner Intercontinental Exchange.

Founded in 2018, Bakkt went public earlier this year through a $2.1 billion merger with a blank-check company. Shares of the company were up 77% at $16.19 on Monday.

Mastercard said its partners can also allow customers earn and spend rewards in cryptocurrency instead of loyalty points.

The company had said in February https://www.reuters.com/article/us-crypto-currency-mastercard-idUSKBN2AA2WF it would begin offering support for some cryptocurrencies on its network this year.

Last year, rival Visa Inc had partnered https://www.reuters.com/article/us-blockfi-crypto-currency-visa-idUSKBN28B603 with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases.

Bitcoin, the world’s largest cryptocurrency, touched a record high of $67,016 last week after the debut of the first U.S. bitcoin futures-based exchange traded fund. It has more than doubled in value this year.

 

(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)

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EU makes first investment in hyperloop – GCR

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The hyperloop will theoretically be able to travel at the speed of a jet airliner (Dreamstime)
Dutch engineering spin-off Hardt Hyperloop has been awarded €15m by the European Commission, the first time that the EU has directly funded the development of the ultra-fast transport concept.

The grant was disbursed by the European Innovation Council Accelerator to help the Dutch engineer and its partners continue research and development.

Tim Houter, co-founder of Hardt, said in a press statement that the decision was a vote of confidence in his company and the technology.

“It’s great to have now gained the trust of the European Commission. Their support will help to accelerate the development of a European hyperloop network, bringing us much closer to significant carbon dioxide savings. European cities will be connected smarter, faster and cheaper.”

The funding will also progress the European Hyperloop Centre in Groningen, set to demonstrate lane-switching for a high-speed hyperloop system in 2023.

A pilot project to move freight between Amsterdam and Rotterdam is being investigated by companies, governments and network organisations. Houter said he hoped the route could be developed in the Netherlands within this decade.

The EU is particularly interested in hyperloop because of its fit with the European Green Deal, and the commission’s strategy for sustainable and smart mobility. According to Houter, a European-wide network could save 160 million tonnes of carbon on an annual basis, which would be “more than the entire emissions of the Netherlands”.

Hyperloop pods move autonomously through low-pressure tubes, propelled by fluctuating magnetic fields supplied by the “track” they float over.

Hardt Hyperloop was founded in 2016 by engineers at Delft Technical University. It was involved in building Europe’s first high-speed test facility, and has developed a lane-switching technology that is reckoned to be essential to the development of networks.

Its partners include Schiphol Airport, Nederlandse Spoorwegen, Deutsche Bahn, Koolen Industries, InnoEnergy, Freigeist, Bam, Tata Steel and IHC.

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