Money in Swiss banks: India continues to slip, stays at 88th place in 2016; UK on top

Zurich/New Delhi: India has slipped to 88th place in terms of money parked by its citizens with Swiss banks, while the UK remains on the top.

Representational image. AFP

Representational image. AFP

Also, the money officially held by Indians with banks in Switzerland now accounts for a meagre 0.04 percent of the total funds kept by all foreign clients in the Swiss banking system, as per an analysis of the latest figures compiled by the SNB (Swiss National Bank) as on 2016-end.

India was placed at 75th position in 2015 and at 61st in the year before that, though it used to be among top-50 countries in terms of holdings in Swiss banks till 2007. The country was ranked highest at 37th place in the year 2004.

The latest data from Zurich-based SNB comes ahead of a new framework for automatic exchange of information between Switzerland and India to help check the black money menace. The funds, described by SNB as ‘liabilities’ of Swiss banks or ‘amounts due to’ their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.

SNB’s official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. There is a view that the Indians alleged to have parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global clampdown began on the mighty banking secrecy practices in Switzerland.

Swiss banks have also said Indians have “few deposits” in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. The total money held in Swiss banks by foreign clients from across the world, incidentally rose by a small margin from 1.41 trillion Swiss francs (CHF) to CHF 1.42 trillion during 2016.

In terms of individual countries, the UK accounted for the largest chunk at about CHF 359 (over 25 percent) of the total foreign money with Swiss banks. The US came second with nearly CHF 177 billion or about 14 percent No other country accounted for a double-digit percentage share, while others in the top-ten included West Indies, France, Bahamas, Germany, Guernsey, Jersey, Hong Kong and Luxembourg.

Indians’ share not even one-hundredth of the total money. India is now ranked 88th with 676 million Swiss francs (about Rs4,500 crore)—a record low after falling for three consecutive years amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

The share of Indians’ money in the total foreign funds of Swiss banks also fell to 0.04 percent (from 0.08 percent in 2015). Pakistan continued to remain placed higher than India at 71st place (although down from 69th in 2015) with about CHF 1.4 billion—though down to below 0.1% of total foreign money parked with Swiss banks.

India was also the lowest ranked among the BRICS nations—Russia was ranked 19th (CHF 15.6 billion), China 25th (CHF 9.6 billion), Brazil 52nd (CHF 2.7 billion) and South Africa 61st (CHF 2.2 billion). Among these five, only China has moved up. Others ranked higher than India included Mauritius, Iran, Morocco, Kenya, Nigeria, Kazakhstan, Ukraine, Angola, the Philippines, Malaysia, Indonesia, Canada and Mexico.

A number of offshore financial centres are also ranked higher including Cayman Islands, Panama, Cyprus, Marshall Islands, Bermuda, Seychelles, Isle of Man and Gibraltar. Among India’s neighbouring countries, Bangladesh was ranked 89th (CHF 667.5 million), while Nepal was 150th (CHF 312 million), Sri Lanka was 151st (CHF 307 million) and Bhutan was way below at 282nd (about half a million Swiss francs).

The total money belonging to the developed countries fell to CHF 824 billion, while those from developing nations actually rose marginally to CHF 208 million. The money from developing economies in Asia-Pacific region rose to CHF 50 billion.

The funds parked in Swiss banks from offshore financial centres rose to CHF 389 billion. India was ranked in top-50 continuously between 1996 and 2007, but started declining after that—55th in 2008, 59th in 2009 and 2010 each, 55th again in 2011, 71st in 2012 and then to 58th in 2013.

[“Source-.firstpost”]

This is the most Instagrammed place in the world

The happiest place on Earth is also the most highly Instagrammed place on Earth.

Pics or it didn’t happen! The list of the world’s most Instagrammed places is out, providing a pretty clear vista on the places most people are traveling to, or the places most worthy of a #gram.

Of the top 20 most Instagrammed places worldwide, 12 are in the United States, according to a study by TravelBird. France and Germany tie for second, with each home to two different places showing up on the “Top 20 Most Instagrammed Places” list.

Instagram, a unit of Facebook FB, -0.13%  , announced at the end of April that it had doubled its user base to 700 million monthly active users in two years; 88.48 million of those users are from the United States, while Russia comes in second place, providing 27.52 million members of the Instagram user base.

This list, of course, might also be viewed as an indicator of where narcissists are traveling. According to a survey of 3,700 college students by LendEdu, 64% of millennials say Instagram is the most narcissistic social-media platform.

“With just a few filters, a little saturation, and a clever caption, social media can make even the most average Joe look like an esteemed socialite,” the LendEdu study noted. “They use these platforms to boast of their daily tidings, carefully craft their public image, and feed their egos in this interconnected digital age.”

The list ranges from the historic, including, in Paris, the Eiffel Tower and Notre-Dame, to the adventurous, with national parks and lush beaches. Of course, Disney’s DIS, -2.15% theme parks make multiple appearances on the list.

Here are the 20 most Instagrammed places in the world:

20. Empire State Building in New York City

Number of Instagram tags: 1,536,186

19. Myrtle Beach in South Carolina

Number of Instagram tags: 1,602,759

18. Yosemite National Park in California

Number of Instagram tags: 1,733,680

17. The Colosseum in Rome

Number of Instagram tags: 1,752,045

16. Burj Khalifa in Dubai

Number of Instagram tags: 1,808,173

15. Waikiki, Hawaii

Number of Instagram tags: 1,939,768

14. The Grand Canyon

Number of Instagram tags: 1,989,316

13. Valle Sagrado (Machu Picchu) in Peru

Number of Instagram tags: 2,195,108

12. Niagara Falls

Number of Instagram tags: 2,198,459

11. Mardi Gras in New Orleans

Number of Instagram tags: 2,202,256

10. Oktoberfest in Bavaria

Number of Instagram tags: 2,262,885

9. Notre-Dame Cathedral in Paris

Number of Instagram tags: 2,517,129

8. Times Square in Manhattan

Number of Instagram tags: 2,517,129

7. Big Ben in London

Number of Instagram tags: 2,561,617

6. Las Vegas Strip, Nevada, USA

Number of Instagram tags: 3,653,548

5. Berlin Wal in Germany

Number of Instagram tags: 4,595,501

4. South Beach in Miami

Number of Instagram tags: 4,689,396

3. Walt Disney World in Florida

Number of Instagram tags: 5,465,098

2. Eiffel Tower in Paris

Number of Instagram tags: 7,253,011

1. Disneyland in California

Number of Instagram tags: 14,615,952

UK AIMS TO BECOME BEST PLACE TO START AND GROW A DIGITAL BUSINESS

Image result for UK AIMS TO BECOME "BEST PLACE TO START AND GROW A DIGITAL BUSINESS"

The UK Government has set out its strategy to grow the economic contribution of digital businesses from £118bn to £200bn by 2025 in a wide-ranging document aiming to make the UK the best place to start and grow a digital business.

The raft of objectives covering infrastructure, education, data and security, public services and other areas aims to accelerate growth of the UK’s estimated 200,000 digital enterprises which are believed to support 1.4m UK jobs.This includes fast-growing digital centres in Southhampton, West Cornwall and Dundee and key northern cities, as well as the the biggest cluster of digital businesses in London and south east. Digital sectors also attracted a record £1.57bn of equity finance in 2015, more than four times the level of 2011.

The report lists six UK sectors in which the country is globally leading – artificial intelligence, cyber security, Fin  Tech, gaming, virtual reality, and Gov Tech – and other sectors, such as advertising and design, in which a fusion of digital and creative expertise give the UK an international lead. Developing areas such as the Internet of Things, Autonomous Vehicle Technologies, Health Tech and Ed Tech are seen as providing further opportunities.

As part of its seven strand digital strategy, the Government aims to:

  • Improve digital infrastructure by completing the rollout of 4G and superfast broadband, and giving every individual, business and premise the right to request  affordable high speed brodband;
  • Establish a new digital skills partnership and adopt the recommendations of a review to ensure computer science students have up to date, real world skills;
  • Use its Autumn 2016 pledge to invest £4.7bn in R&D funding by 2020-21 to ensure British business benefits from scientific and technological breakthroughs;
  • Support the work of a new Productivity Council to encourage appropriate use of technologies across the economy;
  • Support the National Cyber Security Centre and introduce new active cyber defence approach;
  • Implement the Government Transformation Strategy, including by working towards 25m GOV.UK users by 2020;
  • Act to make the UK a world-leading, data-driven economy, including by implementing the EU’s General Data Protection Regulation by May 2018.

The strategy applies the framework set out by the UK Government’s Industrial Strategy green paper, published in January 2017.

Announcing the digital strategy, the Secretary of State for Culture, Media and Sport, the Rt Hon Karen Bradley MP said:“This Digital Strategy applies this framework to the digital economy across the whole country. It will boost our world-leading digital sectors and overcome barriers to growth and innovation, creating more of the high-skilled, high paid jobs of the future. It will deliver the first-class digital infrastructure and advanced skills base that businesses across the country need to be able to take advantage of digital tools.”

[Source:- thecreativeindustries]

Spotlight: Shadow Consolidates Online Reviews in One Place

shadow consolidate online reviews in one place

If you need to learn about a new company or product, there are plenty of online resources for reviews and other information.

You can go to review sites like Yelp, social networks like Facebook or even specific blogs or websites for more specific testimonials. But if you don’t want to do all of that research, there’s Shadow.com.

Shadow Technologies is a new company that provides a sort of one-stop-shop for information and reviews about anything. The team likes to think of it as the Wikipedia of reviews. Read more about the technology and how the company formed in this week’s Small Business Spotlight.

What the Business Does

Collects information about various topics from various online sources.

Shadow.com gives people the ability to search for information about pretty much anything, from movies to products to presidential candidates. The information often includes ratings, reviews, online comments, social data and more.

shadow consolidate online reviews in one place

Business Niche

Providing a one-stop-shop for information.

Since the site provides information from so many different sources, that saves users from having to do all of that research themselves. In addition, the business offers options for businesses to display comment systems on their own sites.

Eliyahu Mashiah, CEO and founder explains:

“This is new technology that can collect information, reviews and comments posted by the crowd in social networks, video blogs, review sites etc. SHADOW.COM allows its users to express their views about any topic and share it with the world. SHADOW.COM sells business owners the comment system technology to allow their crowd to express their views in the business website.”

How the Business Got Started

Because of a personal quest.

Mashiah explains:

“I was tired of the tedious process that starts with googling the web to look for reviews about something, searching which site covers the kind of product or service I’m looking for and I thought there must be a better way to do it. So I raised a couple of hundred thousand dollars from my own and old friends who liked the idea and we started developing this technology.”

shadow consolidate online reviews in one place

Biggest Win

Growing the company’s user base.

Mashiah says:

“We are approaching the 1.5 million users per month and hoping to continue the trend and reach 2 (million) this summer.”

Biggest Challenge

Facing outside criticism.

Mashiah explains:

“When we were trying to find a PR agency for ourselves, we approached a few of the big PR agencies but we were rejected or ignored. We heard so many rejections and criticism that almost made us think “they must know better”, but continued and our traffic continues to grow and tell us a different story.”

How They’d Spend an Extra $100,000

Invest in public relations.

shadow consolidate online reviews in one place

Favorite Team Tradition

Weekly happy hours.

Mashiah says:

“Our work is around the clock, people work late and are very dedicated to the dream of becoming well known website in a reality where 98 percent of the websites don’t survive more than 3 years. We have a tradition where every Thursday at 5 p.m. we take a “happy hour” with beers and watch viral videos from around the web.”

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Find out more about the Small Biz Spotlight program.

[“source-smallbiztrends”]