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Changes through the PSD2 Directive
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Payment Services Directive II (PSD2) arrived in Europe on 13 January 2018, after two years of planning. The idea behind EU having this regulation is to open access to services and data to third-party service providers, a privilege which was initially limited to banks only. Banks will permit financial service providers to access their clients’ accounts via an Application Program Interface (APIs). 

 

What is the Effect of PSD2 on Banks and Customers?

With non-bank payments service providers expected to have access to bank APIs, the customers are undoubtedly the biggest...

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Analysis
China's bold Silk Road-style plan to link Europe and Asia faces setbacks and costs
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In a bid that has frequently been sensationalized as a "modern Silk Road", China has invested more than $14 billion in creating railways, ports, and other avenues of trade and travel between Asia and Europe, which are otherwise connected only by Russia. China is set to invest much more in this Silk Road, but that may change, if their current difficulties, mostly resulting from relations with Pakistan, continue.

 

China's economic trade programm for Europe and Asia

Officially called the "Belt and Road Initiative", China has financed a wide array of projects...

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News
Global Economy to Grow in 2018
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In a move that has surprised many analysts, the World Bank has predicted that the global economy will grow 3.1 % in 2018 –  the highest prediction in the last seven years. This comes after 2017 produced a better-than-expected growth, which boosted global GDP by 3 %.

 

Drivers behind the expected growth

The World Bank noted that all the major regions in the world were experiencing positive economic growth. This, too, has happended for first time since the 2008 financial crisis. The US, Japan and EU are witnessing economic expansion, while emerging market economies...

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Comment
Is a financial crisis due to hackers possible?
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Since the turn of the millennium, hacking incidents in various economic sectors have been on the rise. Today, the impact of these cyber crimes is being felt by the whole economic ecosystem, and it is feared that these hackers will catalyse the next global financial crisis. 

 

Industries targeted

In the recent past, the banking industry has been a major target for hackers. While at it, these cybercriminals access bank records and alter the customers’ bank balances. This has been supported by Mark Boleat, the head of policy for the City of London. He believes...

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News
Who will the proposed EU Finance Minister represent?
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The European Commission has published proposals that envisage Europe having its own Finance minister as soon as 2019. However, the proposals appear to conflate the Eurozone – those countries already in the Euro – with the EU. This will increase fears in some non-Euro members, that they are being marginalised.

It is true that when Britain leaves Europe, 85% of the European Union’s economic output will be produced by the Eurozone. However, 24% of the EU’s population lives in the non-Eurozone countries. These countries include Poland and Hungary which are meant to join...

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Practical Advice
5 Tipps for your business plan
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A good business plan should help you plan and to better stay motivated and to align your expectations with the market realities. In essence, it serves as a roadmap for your business and its vision. Here are 5 tips on how to write a successful business plan;

 

1. Keep it brief

Your business plan should highlight the primary objectives of your business that interest the reader. The main aim is to create sufficient interest to the reader or a potential investor. 

 

2. Don’t oversell your business

Many entrepreneurs fall into the trap of overselling their business, which...

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Trend
Smart Contracts, An Easy Way o Procure Transactions
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Trust is one of the core values in any business transaction, but not everyone honours their part of the agreement. A smart contract plays the role of automatically honouring business deals via a transparent platform. Buyers and sellers find confidence transacting over a smart contract to avoid any foul play. 

 

The Role of Technology in Smart Contracts

Blockchain technology has brought about a revolution in how business transactions are being conducted and especially those which traders conduct online without having any physical meeting. There exists a system where delivery of...

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Analysis
Italy's Economy Recovers Despite Underlying Problems
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With forecasts of 1.5% GDP growth for the year, Italy's economy continues its gradual recovery after many years of struggle. The country saw a loss of around 9% of its GDP between 2008 to 2013 during the financial crisis. However, recent figures show a 0.4% reduction in unemployment as business confidence grows and Italy benefits from the general economic improvement across Europe. Yet for all the positive signs, structural issues still remain in the economy, which along with future political elections could have a negative impact.

 

Underlying Problems Remain

Italy's economy...

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Analysis
How Predictive Analytics Disrupts the Status-Quo
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Among the emerging technologies which have gained widespread acceptance, and have the potential to cause significant disruptions, is predictive analytics. Predictive analytics measures and analyses variables, to unearth patterns, and predict the likely behaviour of machinery or people

 

How Predictive Analytics Works

The emergence of Big Data has fuelled the growth of predictive analytics. A data model for predictive analytics co-opts many variables likely to influence the outcome of an event. Predictive analytics software applies advanced algorithms and statistical...

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News
EU Blacklist Could Mean Paradise Lost
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The release of more data concerning the tax arrangements of multi-national companies and wealthy individuals has seen the EU endeavour to step up its efforts to reduce tax avoidance. The so-called “Paradise Papers” contain confidential information from the Bermuda law firm Appleby Group Services Ltd, and although they disclose legal tax arrangements, they are increasingly viewed as an unethical way to divert money which could have gone in to public coffers for spending on public services.

 

A Tax-Haven Blacklist

For the last year, the EU has been discussing a blacklist on...

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