A group of Black Atlanta businessmen, politicians and entertainers — including former Atlanta Mayor Andrew Young, the entertainer Michael Render (better known as Killer Mike) and Bounce TV founder Ryan Glover — have launched a new digital bank focused on developing and promoting local communities and cultivating Black and Latinx entrepreneurs and small businesses.

Named Greenwood in an homage to the thriving Tulsa, Oklahoma, business community known as “Black Wall Street” that was destroyed by white rioters in 1921, the digital bank has several features designed to promote social causes and organizations for the Black and Latinx community.

For every sign-up to the bank, Greenwood will donate the equivalent of five free meals to an organization addressing food insecurity. And every time a customer uses a Greenwood debit card, the bank will make a donation to either the United Negro College Fund, Goodr (an organization that addresses food insecurity) or the National Association for the Advancement of Colored People.

In addition, each month the bank will provide a $10,000 grant to a Black or Latinx small business owner that uses the company’s financial services.

For Render, the decision to launch a new digital bank alongside Young and Glover was a way to link Atlanta’s well-established, centuries-old Black business community with the technologies that are redefining wealth and creating new opportunities in the twenty-first century. It was also a way to equip a new generation with financial tools that could empower them instead of undermine them.

“What I have learned about capitalism is that you’re either going to be a participant in it or a victim of it,” said Render. “The ultimate protest is focusing your dollar like a weapon.”

Young, who is also the U.S. ambassador to the United Nations, had seen the ways digital banking technologies were transforming the

Even if a vaccine for Covid-19 becomes widely available – and widely used – around the globe, and if the very onerous government restrictions on international travel largely disappear, airlines still will continue to struggle with extraordinarily weak demand for business travel through the end of 2021, and likely beyond.

And that could be devastating for already cash-depleted airlines that are guaranteed this year to report losses that, even for an industry with a long history of red ink, will be record-shattering.

The economic importance of business travel for all conventional airlines and even for most so-called “discount” carriers simply cannot be overstated. It is the kind of travel that historically has generated more than half, and in some cases as much as 75% of carriers’ profits. In effect, cheaper seats sold mostly to leisure travelers are “loss leaders” that serve to fill 75% of the industry’s available seats so that the carriers then are able to offer near-on demand flights to their big-spending business travel customers.

In 2018, business travelers globally spent $1.4 trillion on airlines, hotels, ground transportation, food and other travel services. Half of that was spent in just two countries, the United States and China, according to the World Travel & Tourism Council. About 20 percent of the remaining global business travel spending occurred in Europe.

But since the arrival of the pandemic early this year travel has plummeted to unprecedented lows. U.S. air travel fell by as much as 95% in

Oct 7 (Reuters)The Australian dollar has recouped some of Tuesday’s 1.1% losses that were largely driven by broad USD gains amid a rise in risk aversion, but was the dip a buying opportunity or more likely, the start of a deeper decline?

The risk selloff was prompted by President Trump’s decision to end coronavirus stimulus negotiations even as Federal Reserve Chairman Powell expressed fears of the economic recovery stalling .

There is every chance that the breakdown in negotiations will take time to be fully priced in, which will increase uncertainty, and should support the safe-haven USD, while the AUD was already heavy on market expectations that the RBA may ease policy in November .

AUD/USD is closer to the top of its 0.5510-0.7413 2020 range, as is the trade-weighted index =AUD at 61.10, in a 49.90-62.90 2020 range, so the AUD is strong at these levels.

Morgan Stanley’s Oct 5 FX Position Tracker suggested AUD positioning was neutral. The combination of a resilient USD on global growth uncertainty ahead of RBA easing and neutral positioning makes the AUD/USD a sell-on-rallies. A move towards 0.7150, with stops above the October double top and 50% of the September fall at 0.7210, would be an opportunity, looking for a test and possible break of the 0.7006 September low.

For more click on FXBUZ

aud 2 oct 7https://tmsnrt.rs/30D6iMk

(Andrew Spencer is a Reuters market analyst. The views expressed are his own)

((Andrew.m.spencer@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Even if a vaccine for Covid-19 becomes widely available – and widely used – around the globe, and if the current, very onerous government restrictions on international travel largely disappear, airlines still will continue to experience extraordinarily weak demand for business travel through end of 2021, and likely beyond.

And that could be devastating for an already cash-depleted and shrinking airline industry that is guaranteed this year to report losses that, even for a group with a long history making of huge losses, will be record-shattering.

The economic importance of business travel for all conventional airlines and even for most so-called “discount” carriers simply cannot be overstated. It is the kind of travel that historically has generated more than half, and in some cases as much as 75% of carriers’ profits. In effect, cheaper seats sold mostly to leisure travelers are “loss leaders” that serve to fill 75% of the industry’s available seats so that the carriers then are able to offer near-on demand flights to their big-spending business travel customers.

In 2018 business travelers globally spent $1.4 trillion on airlines, hotels, ground transportation, food and other travel services. Half of that was spent in just two economies, the United States and China, according to the World Travel & Tourism Council. About 20 percent of the remaining global business travel spending occurred in Europe.

But since the arrival of the pandemic early this year travel has plummeted to previously unseen lows. U.S. air travel fell by

Alok Sharma, business secretary, launched the scheme to help out ailing businesses. Photo: Leon Neal/Pool via Reuters
Alok Sharma, business secretary, launched the scheme to help out ailing businesses. Photo: Leon Neal/Pool via Reuters

The UK’s National Crime Agency has joined other institutions in warning on the risk of emergency taxpayer-backed loans for small business being targeted by criminals.

The agency said there was intelligence that the Bounce Back loan scheme was being exploited by organised crime, according to a report in The Times on Saturday.

This follows warnings from the sate bank in charge of two COVID-19 support programmes that the schemes risked widespread fraud and poor value for money.

Keith Morgan, chief executive of the British Business Bank, twice wrote to business minister Alok Sharma in May raising concerns about the Bounce Back loan scheme and the Future Fund.

Billions has been leant and invested through both programmes. Bounce Back loans provide a 100% state guarantee to lenders offering low-interest loans. The support is capped at £50,000 ($65,000) per small business.

In a letter published on Wednesday, Morgan said the Bounce Back loan scheme was at risk of “very significant fraud.”

An investigation by the Mail on Sunday in August has also found fraudsters and criminals appear to be targeting the programme.

READ MORE: UK warned of ‘very high’ risk of Bounce Back loan fraud

On top of other agencies’ concern, in recent months, the National Audit Office and parliament’s Public Accounts Committee have both launched investigations into the value for money and fraud risk of the Bounce Back loan scheme.

Part of the problem is that in order to transfer the money to businesses at speed, banks have bypassed many of their credit policies. Applicants also self-certify eligibility.

The NCA told The Times it was working with banks and other agencies to clamp down on the scheme.

About £38bn has so far been lent