Brazil’s central bank examines the benefits of a CBDC

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The Central bank of Brazil — or Banco Central do Brazil — is laying the groundwork for a Central Bank Digital Currency (CBDC) with an official statement revealing it has already formed a dedicated group to study the crypto industry.

According to the central bank, the team consists of 12 members in an intergovernmental group that will assess how the CBDC could fit with the national payments ecosystem and what its impact could be on the economy and the society.

Previous reports detailed that Brazil spends around 90 billion reals ($16 billion) annually to guarantee a functional supply of paper money in circulation, representing between 1% and 2% of its GDP. 

The central bank says that the new group will examine how much money will be saved by issuing CBDCs and if it will be beneficial overall for the national economy. 

Rafael Sarres de Almeida, an official from the Information

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The Kraft Heinz Company Unveils Its Strategic Transformation Plan, Updates 2020 Outlook, and Provides Long-term Financial Algorithm

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Today, Miguel Patricio, Chief Executive Officer of The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”), and members of his senior leadership team are unveiling a transformation of the Company. A new strategy, operating model and key initiatives signal a fundamental shift in its approach to growing its brands and its business at a global scale. The Company also is establishing a long-term financial profile and updating its third quarter and full year 2020 financial outlook.

“I am extremely confident that unlocking the power of scale with agility, combined with our new operating model, will return Kraft Heinz to consistent and sustainable growth,” said Patricio. “We are placing the consumer at the center of everything we do, leveraging our greatest assets, strengthening our partnerships, generating fuel that funds growth investments like our 30% increase in marketing spend, and creating a clear path to rebuilding Kraft Heinz into the … Read More

TD, CIBC close out better-than-expected quarter for Canadian banks; outlook uncertain

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TORONTO (Reuters) – Toronto-Dominion Bank TD.TO and Canadian Imperial Bank of Commerce CM.TO beat analyst expectations for third-quarter profit on Thursday as strong earnings growth in their capital markets businesses helped offset weakness in almost every other unit.

The results close out a reporting season that saw all but one of Canada’s six major banks beat expectations, as conservative provisions in the prior quarter and a jump in trading revenues helped limit the hit from the coronavirus pandemic.

Even so, the banks warned of an uncertain environment ahead as government assistance and loan deferral programs wind down in the fourth quarter. While they anticipate an increase in delinquencies as a result, the lenders said the allowances they have built up should cover an increase in bad loans, as long as current economic assumptions hold.

Shares of TD, Canada’s second-largest lender, rose 0.9% to C$66.97 in Toronto, while CIBC shares climbed

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Yeahka Announces 2020 Interim Results, Technology-enabled Business Services Realized Rapid Growth in Revenue and its Customer Base, Business News

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HONG KONG, Aug. 27, 2020 /PRNewswire/ — Yeahka Limited (“Yeahka” or the “Company”, Stock Code: 9923), the leading payment-based technology platform in China, is pleased to announce the unaudited consolidated results for the six months ended June 30, 2020 (the “Period” or the “Reporting Period”).

Mr. Luke Liu, Chairman of the Board, Chief Executive Officer and Executive Director of the Company, said: “In the first half of the year, the covid-19 Pandemic triggered offline merchants to jump-start their digitalization process and the demand for technology services among China’s small and micro sized merchants has been increasing rapidly. Guided by our mission to ‘continuously create value for merchants and consumers’, we focused on the needs of millions of small and micro merchants in China, using payment services as the entry point to strengthen our technology platforms, to provide merchants with comprehensive technology-enabled business services. We continued

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Billionaire Greensill’s German Bank Draws Regulatory Scrutiny

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(Bloomberg) — When billionaire Lex Greensill won an $800 million investment from the SoftBank Vision Fund last year to develop new technology and expand his trade-finance empire, the bulk of the money went to a small, unprofitable German lender.

Greensill Bank, a 93-year-old firm known as NordFinanz Bank AG until the Australian financier bought it in 2014, suddenly found itself flush with capital. The size of its balance sheet increased more than seven-fold while it offered above-market interest rates to attract deposits that it would then invest in assets sourced by its parent, Greensill Capital.

Balance Sheet Leap

© Bloomberg
Balance Sheet Leap

The growth of the Bremen-based bank has attracted the scrutiny of Germany’s main regulator as well as its deposit-insurance program, according to people familiar with the matter. They worry that too many of the assets on the bank’s books are ultimately tied to the same source: British-Indian entrepreneur Sanjeev Gupta.

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How COVID-19 Is Making a Stronger Case for Automating Finance > CEOWORLD magazine

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The economic impact of COVID-19 is like nothing we’ve seen in recent memory, and many CEOs and CFOs are laser-focused on ensuring their financial houses are in order. This leads to an operational strategy that prioritizes short-term needs — such as cash flow — over longer-term strategy. However, COVID-19 and the subsequent shift to remote work have actually made an even stronger case for automation and paperless processes in finance departments everywhere.

Is now the right time to invest in automation?

Given the massive economic uncertainty caused by the COVID-19 pandemic, many executives would say “no.” In fact, 50% of CFOs intend to scale back or delay planned investments, and prevailing wisdom says this is a time for tightening the belt and circling the wagons rather than investing in transformative tech. But what if that’s actually holding you back?

Technology has been critical throughout the pandemic, helping companies pivot to

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Indian Companies Raise Record $31 Billion Equity Capital in Shrinking Economy | Investing News

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By Scott Murdoch and Patturaja Murugaboopathy

HONG KONG/BENGALURU (Reuters) – Indian companies have raised a record $31 billion in equity capital in 2020, Refinitiv data showed, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels.

The record raising comes despite India’s economy contracting 23.9% in the June-quarter, year on year, which puts it on track for the first annual contraction since 1980.

The rush of deals though has not been extended to initial public offerings (IPOs), which have fallen to a five-year low to be worth just $1.5 billion, in the eight months year to date, the data showed.

(Graphic: Indian companies’ equity offerings,

Banks have been the most active issuers, raising $13.68 billion, followed by the energy and power sector with $7.05 billion, and consumer products with $3.41 billion.

(Graphic: FII investments this year,


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TD Bank, Detroit’s Autobooks Launch Online Small Biz Accounting Platform

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a sign on the side of a building

© Provided by Benzinga

TD Bank announced a launch this week of the TD Online Accounting Platform in partnership with the Detroit-based financial accounting company Autobooks.

Built for Small Business Owners: TD Bank announced the service as a tool built for small business owners. 


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It can be used with existing online banking features and can easily track paid or outstanding invoices, according to TD Bank. 

The TD Online Accounting Platform will get payments to businesses faster, as well as save time and money, the bank said. 

How Autobooks Supports Online Payments: Cash flow support is a must for small businesses, which need to keep money coming in, Derik Sutton, Autobooks’ vice president of product and experience, told Benzinga in an email. 

With payments shifting from physical transactions to online, banks need to equip small businesses and nonprofits to accept online payments, the Autobooks exec said. 

“TD Bank’s

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Industry 4.0 Capabilities Come to Enterprise Finance

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Larry White, executive director, Resource Consumption Accounting Institute

Larry White, executive director, Resource Consumption Accounting Institute

The near century long gap between business metrics, as expressed by financial accounting standards designed for regulated financial statements and audits, and operational information with its focus on real-time quality and efficiency, appears to be the new frontier among major software and systems providers. In July 2020, SAP and Siemens announced a partnership of software offerings to improve product lifecycle, supply chain, and asset management. Their announcement included an interesting statement: “Silos between engineering and business have existed in enterprises for decades. This new partnership will help customers to break down these silos so manufacturers, product design teams, and service managers have the information needed to quickly create and manage customer-centric product and service offerings.” I don’t have specific insight into how Siemens and SAP will achieve this. SAP software was originally designed to support German management accounting/controlling techniques that focused on

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The best Capital One credit cards of 2020

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© Provided by The Points Guy

MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from card issuers.

Capital One has been on an upward trend ever since it added the ability to transfer miles earned on the Spark and Venture card families to airline partners. We’ve seen Capital One launch several limited-time transfer bonuses and expand its travel partner options. Now is a great time to take a closer look at Capital One’s best cards.

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Best Capital One credit cards of 2020

  • Capital One® Venture® Rewards Credit Card: Best for travel rewards
  • Capital One® Spark® Miles for Business*: Best for business travel
  • Capital One® Spark® Cash for Business*: Best for flat-rate business spending
  • Capital One® Savor® Cash Rewards Credit Card*:
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