States sharing bank details expose ‘deep pool’ of offshore money, says OECD

Over 90 governments have shared details about 47 million offshore accounts having a combined holding of $5.5 trillion

Governments have uncovered trillions of dollars in offshore funds since they began sharing in bulk bank account details last September, the Organisation for Economic Cooperation said on Friday.

More than 90 governments have shared details about 47 million offshore accounts with other governments since the large-scale exchange of bank details began, the OECD said in a statement.

The information includes balances and transactions on accounts holding a combined 4.9 trillion euros ($5.5 trillion), the Paris-based policy advisory forum said, more than the gross domestic product of Japan.

Also read: A global financial registry to fight tax evasion

Under the OECD’s common standard for reporting account details, participating countries started automatically sharing bank account information in September.

The move was the culmination of a two-decade international clampdown on tax evasion that has all but ended bank secrecy in many financial centres.

“The transparency initiatives we have designed and implemented through the G20 have uncovered a deep pool of offshore funds that can now be effectively taxed by authorities worldwide,” OECD head Angel Gurria said in a statement.

Gurria, who is to present the data to finance ministers of the Group of 20 economic powers at a meeting in Japan this weekend, said tax compliance was already improving.

Tax authorities booked more than $95 billion in extra revenue thanks to voluntary disclosures before automatic information sharing went live in September, the OECD said, raising its estimate by $2 billion from November.

[“source=thehindubusinessline”]

Data Lakes: Insights From The Deep

Data Lakes: Insights from the Deep

The next generation of big data technology will lead to insights and correlations that reveal new strategies and even new business models.

I recently wrote an article called Data Lakes: Insight from the Deep with SAP Big Data expert John Schitka. It includes best practices for implementing data lakes in your organization, which are complementary to traditional data warehouses:

“There have been so many millions of dollars going to data warehousing over the last two decades. The idea that you’re just going to move it all into a data lake isn’t going to happen” — Mike Ferguson, managing director of Intelligent Business Strategies, a UK analyst firm.

The article includes some real-world examples of Big Data usage and business models.

Prescriptive farming

The Climate Corporation uses a data lake to collect massive amounts of agricultural data and applies machine-learning techniques to help farmers optimize their planting.

Predictive maintenance for trains

SAP Customer CSX is a transportation company in Florida. Previously, raw data from wheel bearings sensors could only be kept for 10 days because of volume restrictions. Using a data lake based on SAP HANA and Hadoop, the company is now able to keep it as long as it likes, and look for deeper correlations with information from other sensors.

Combatting insider trading

The Financial Industry Regulatory Authority (FINRA) regulates broker behavior in the United States. It uses a data lake and algorithms to find the patterns of fraud that human analysts might miss.

For more on these themes — and much, much more, check out the Digitalist Magazine Executive Quarterly, best consumed using the iPhone/Ipad on iTunes or the Android application on Google Play.

[“Source-ndtv”]

Mohandas Pai and Naganand Doraswamy spawn Ideaspring to seed deep tech corporations

venture capital firm

two years in the past while Naganand Doraswamy sold his startup Span Infotech to Evry, a Norwegianemployer, he was with flush with finances from the go out. two things sprung to thoughts on the time; one become to go ahead and begin some other organization or become an marketing consultant to startups. however a hazard meeting with T V Mohandas Pai at a StartUp event led him to installation arestricted Partnership fund with a corpus of Rs 125 crore with the likes of Prashant Deshpande, Arihant Patni, and Amit Patni footing inside the money. An preliminary Rs 50 corpus crore could be deployed as seed fund and the rest of the money could be allocated for Pre-collection A or series A. The fund can be usedspend money on four to 5 groups a yr.
Mohandas Pai run Aarin Capital, which has invested in a dozen startups, got here in as a trendy partner.sources say that extra than a third of the Ideaspring Capital corpus comes from preferred companions.
Arihant and Amit have a large facts fund referred to as Hive, which has invested in four startups. Prashant has been an investor and mentor of young generation organizations.
earlier than Span Infotech, I had started out two greater agencies that did not take off. but I hadmonstrous learnings from their closure,” says Naganand, dealing with Director of Ideaspring Capital. Heprovides that he decided to start a fund after speaking to numerous gamers in the atmosphere.
The fund ethos
Corporates like SAP, Lowe’s, target, Analog devices, and Cloud nine have found out to YourStory that theywould really like to paintings with startups which could awareness on middle technology which includeinformation engineering, IoT, and software IP. this is what Ideaspring loves to bring to the table.
The fund will cognizance on era startups and will seed early-stage groups. “maximum finances attentionon B2B or B2C strategies. but we’re occurring fund product businesses,” says Naganand. He providesthat the fund will guide the groups to construct worldwide scale with products.
it’s going to participate within the startup’s increase in the direction of series A with its programmereferred to as StartUp help.
It has an funding committee comprising of Startup stalwarts like Ravi Gururaj, Sharad Sharma, and Sanjay Anandan who will help organizations scale up to series A. The average length of the investment cancross from $5,00,000 to $1 million.
“We need startups whose highbrow property is in algorithms. The ideas can variety from device learningto large data engineering,” says Naganand.
As according to the countrywide association of software and offerings businesses (NASSCOM), the Indian data technology (IT) quarter is expected to develop 11 in keeping with cent in keeping withannum and triple its present day annual revenue to reach US$ 350 billion by using FY 2025.
in keeping with the India logo fairness foundation, India is the fourth largest base for brand newagencies within the global and domestic to over 3,a hundred tech startups. in line with Nasscom and Zinnov, the usa is about to increase its base to eleven,500 tech startups via 2020.
“Our asset strategy, as buyers, we see a clean area for technology that is scalable. that is a deeptechnology consciousness fund,” says Mohandas Pai, MD of Aarin Capital, who is the general associatein Ideaspring Capital.