Category: Finance

The Indian government has recently notified a 40% tax on the windfall income of oil and gas companies, which is expected to generate Rs 10,000 crore in revenue for the fiscal year 2023-24. The tax, which was introduced in July 2022, is applicable to the profits earned by the companies from the surge in global crude oil prices, which have risen by more than 50% this year. The tax is…

KeyBank, one of the largest regional banks in the U.S., has announced that it has named Angela Mago as its next chief human resources officer, effective January 1, 2024. Mago, who currently serves as the head of commercial banking and co-president of KeyCorp, will succeed Brian Fishel, who is retiring after 35 years with the bank. Mago’s career and achievements at KeyBank Mago joined KeyBank in 1987 as a management…

The financial sector is undergoing a radical transformation, thanks to the emergence of innovative and disruptive players known as fintechs. These are companies that use technology to offer faster, cheaper, and more convenient financial services to customers, often bypassing the intermediation of traditional banks. But what are the main differences between fintechs and banks, and how are they competing or collaborating in the market? Fintechs vs Banks: Business Model and…

The banking industry is undergoing a radical shift, driven by the rapid advancement of financial technology (fintech). Fintech is the term used to describe the application of technology to improve and automate the delivery of financial services. Fintech is not only changing how we handle money, transactions, and investments, but also how banks operate and compete in the global market. Fintech: A Growing and Diverse Sector Fintech is a broad…

Open Banking and FinTech are two buzzwords that have been making waves in the financial industry for the past few years. These terms refer to the use of technology and data to create more efficient, transparent, and customer-centric financial services. In this article, we will explore what Open Banking and FinTech are, how they are breaking down barriers in the financial sector, and what benefits they offer to consumers and…

OpenAI, the research organization behind some of the most advanced generative AI models, has recently announced a major shakeup in its leadership and structure. The co-founder and CEO, Sam Altman, will step down and become the chairman of the board, while the chief scientist, Ilya Sutskever, will leave the organization altogether. In their place, a new executive team will be formed, consisting of Greg Brockman, Dario Amodei, and Sandhya Dwarkadas.…

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have launched a public consultation on the proposed framework for crypto-asset trading platforms (Platforms) in Canada. The consultation aims to gather input from stakeholders on how to best regulate Platforms that facilitate the buying, selling, or transferring of crypto assets, such as Bitcoin, Ethereum, and other digital tokens. Why regulate Platforms? Platforms are currently operating in…

The role of the chief financial officer (CFO) has evolved significantly in the era of digital transformation. CFOs are no longer just responsible for managing the financial operations of their organisations, but also for driving innovation and growth. One of the key areas where CFOs are leading the change is in the adoption of the latest payments technology, such as crypto assets, cloud-based platforms and application programming interfaces (APIs). Crypto…

The European Central Bank (ECB) has urged the European Union (EU) to close a legal loophole that allows some banks to operate in the crypto space without proper oversight. The ECB’s supervisory board chair, Andrea Enria, said that the current EU regulation on crypto assets is insufficient and needs to be fixed. EU regulation on crypto assets The EU regulation on crypto assets, known as the Markets in Crypto-Assets (MiCA)…

The Daily Mail campaign to protect customers from online scams The Daily Mail has launched a campaign to demand that tech giants take more responsibility for the online fraud that affects millions of people every year. The campaign, called Stop the Online Scams, calls for new laws and regulations to make online platforms accountable for the fraudsters who use their services to target innocent victims. The campaign also urges the…