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TORONTO – October 14, 2020 – ( Newswire.com )

​​​Kids are like sponges when it comes to new concepts, making this the perfect time to teach financial literacy. Research shows that the younger you teach children about money, the more independent and responsible they will be as adults. This is why Treasure exists. Treasure, a mobile money management app has been built to teach kids the value of money, fun ways to earn and save their allowance and money received through gifts.

“Financial literacy is a key life skill, but schools don’t teach finance-related courses properly until middle school or high school, and I think that is not only crazy but also way too late to form good habits,” said Matt O’Leary, CEO of Treasure. “Kids need money skills as soon as they can count. My own kids would ask for things in the store without realizing the cost or need to take money to school as early as kindergarten, and that’s when I realized that kids need money skills as soon as they can count.” 

Treasure is a fun-first education tool that teaches positive financial habits around saving and spending, but unlike other tools, Treasure uses real money with real spending and saving options using the bank of Mom and Dad through allowance and task-driven incentives. 

“We all know someone who got in trouble when they got their first credit card. This is because a credit card isn’t money. It’s just an abstract concept,” says O’Leary. “Our research has shown that the reason it is important to start teaching kids about money as early as possible is based on the fact that many financial decisions are based on abstract logic



Equitas Small Finance Bank may launch IPO on October 20


© India Today Group
Equitas Small Finance Bank may launch IPO on October 20

The initial public offer (IPO) of Equitas Small Finance Bank (ESFB) is expected to be launched on October 20, 2020. The issue was earlier scheduled for subscription by the end of March 2020. However, the offer was put on hold due to the spread of COVID-19 disease.

Equitas Small Finance Bank (ESFB) had earlier filed the draft red herring prospectus (DRHP) on December 16, 2019.

The fresh issue of equity shares for its proposed IPO was revised recently downward to Rs 280 crore from Rs 550 crore planned earlier. The IPO consists of a fresh issue of 8 crore equity shares and an offer for sale of 7.2 crore equity shares.

“The size of the fresh issue has been reduced from up to Rs 5,500 million (Rs 550 crore) to up to Rs 2,800 million (Rs 280 crore) and the number of equity shares offered through the offer for sale by the company (EHL) has been reduced from up to 80,000,000 equity shares to up to 72,000,000 equity shares,” EHL said in a regulatory filing.

Reportedly, merchant bankers might have fixed the price band at Rs 34-35 per share and the closing date for the issue could be October 22, 2020. The total issue size could be Rs 532 crore, as per the price band.

JM Financial, Edelweiss Financial Services and IIFL Securities have been appointed as book-running lead managers to the ESFB IPO.

As per the additional information to its DRHP filed with the market regulator, promoter Equitas Holdings held 95.49 per cent stake in Equitas Small Finance Bank. The offer includes a reservation of up to Rs 1 crore worth of shares for eligible employees of Equitas Small Finance Bank and Rs 51 crore

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelope” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.


“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the World Bank said.

Researchers are working on developing more than 170 potential COVID-19 vaccines.

Development and deployment of such preventive vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The world’s richest countries have locked up most of the world’s potential vaccine supply through 2021, raising worries that poor and vulnerable communities will not be able to get the shots. Meanwhile, an ambitious international project to deliver coronavirus vaccines to the world’s poorest people, called Covax, is facing potential shortages of money, cargo planes, refrigeration and vaccines

The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.

The $12 billion “envelop” is part of a wider World Bank Group package of up to $160 billion to help developing countries fight the COVID-19 pandemic, the bank said in a statement late Tuesday.

The World Bank said its COVID-19 emergency response programs are already reaching 111 countries.

Citizens in developing countries also need access to safe and effective COVID-19 vaccines, it said.

“We are extending and expanding our fast-track approach to address the COVID emergency so that developing countries have fair and equal access to vaccines,” said the bank’s president, David Malpass, said in the statement.

“Access to safe and effective vaccines and strengthened delivery systems is key to alter the course of the pandemic and help countries experiencing catastrophic economic and fiscal impacts move toward a resilient recovery,” he said.

The International Finance Corporation, the private sector lending arm of the World Bank is investing in vaccine manufacturers through a $4 billion Global Health Platform, the statement said.

Development and deployment of vaccines is crucial to helping stem outbreaks of the coronavirus that has killed more than 1 million people and sickened more than 38 million, while devastating economies and leaving many millions jobless.

The World Bank said it will draw on expertise and experience from its involvement in many large-scale immunization programs and other public health efforts.

The funding is meant to also help countries access tests and treatments and to support management of supply chains and other logistics for vaccinations in developing countries, the bank said.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

(Bloomberg) — Singapore’s central bank is likely to keep monetary policy unchanged Wednesday as it allows fiscal measures to do the heavy lifting in getting the city-state’s economy back on track.

The Monetary Authority of Singapore, which uses the currency as its main policy tool rather than interest rates, probably will refrain from changing any of the three currency band settings, according to all 19 economists surveyed by Bloomberg.



chart: Singapore Monetary Policy History


© Bloomberg
Singapore Monetary Policy History

The MAS — which typically makes policy decisions twice a year, in April and October — took the unprecedented step in its last announcement of lowering the midpoint of the currency band and reducing the slope to zero. That meant it would allow for a weaker exchange rate to head off deflation and support the export-reliant economy.

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Since then, the economy has plunged into recession amid the pandemic and the government has unleashed billions of dollars of stimulus to save businesses and jobs. The city-state is slowly starting to shake off the impact of mobility restrictions and exports have continued to gain, but the recovery is likely to be a slow one as international travel restrictions remain and global demand stays weak.

“We’ve not seen the full extent of the crisis” and as much as 20% of the economy will face “deep scarring from which they may not recover,” MAS Managing Director Ravi Menon said Monday during a virtual forum hosted by the Institute of International Finance.

While the city-state has likely seen the worst of the GDP downswing, Menon said non-performing loans and bankruptcies probably will rise through the start of 2021.

The government has forecast a 5%-7% contraction in the economy this year, the worst since independence more than a half-century ago, and may revise that estimate when the Ministry of