2020: The year of sharpness and clarity of vision
Every year people make promises to themselves in the form of new year's resolutions, and the happiest and most successful people are those who have managed to turn a promise to improve themselves into a sustainable habit. It is no different when running a business. Making a resolution to improve your business, and following through, is an effective strategy to re-energise a company and its staff and lead to lasting, positive change, says Jolawn Victor, head of emerging markets at cloud accounting software provider, Intuit QuickBooks. “These types of spring-cleaning activities and embracing of new processes don’t have to happen in the new year, but it is a very convenient time for most small business owners to assess their companies and commit to making changes,” she says. It helps that there is generally a positive attitude early in the year that makes adopting new practices that little bit easier.
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Top 10 International Anti-Corruption Developments
In order to provide an overview for busy in-house counsel and compliance professionals, we summarise some of the most important international anti-corruption developments from the past month, with links to primary resources. Questions: What corporate foreign bribery enforcement actions were announced by U.S., Canadian, and UK authorities? Which East Asian country passed legislation to establish a new anti-corruption agency? How many corruption investigations did Chinese investigative agencies pursue in 2019?
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Answers to these questions >
Evaluating your legal department’s digital maturity
While you have probably frequently heard about ‘digital transformation’ in the context of legal departments, the term ‘digital maturity’ will be relatively unfamiliar. These two concepts are distantly related. Digital maturity builds on digital transformation and focuses on how organisations can adapt to an increasingly digital environment. A digitally mature organisation is never done transforming but constantly looking for ways to improve.
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BizTrends2020: SA's year for digital payments?
Could 2020 be the year in which South Africans finally dethrone cash as king and trust in the ease of electronic payments in the local payments market? The growing regulatory trends towards a fintech-friendly payments environment show that the country is certainly moving in a digital direction, with the local payments landscape expanding rapidly to include fintechs, telecoms companies and even retailers.
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5 things you should know about contract pre-screening
Despite a slow start, technology in the legal sector is beginning to heat up. There are lots of new names and products entering an increasingly competitive market. On the one hand that’s good news for legal professionals, who have a choice of tech partners to help them better serve their clients. But on the other hand it can be confusing to know which tech will produce results, who is the real deal, and who will deliver ROI. To help, we’ve listed 5 key things you should know about ThoughtRiver’s automated contract pre-screening solution.
> see the 5 things >
Millennials’ average FICO score increased 25 points since 2012 - here’s the average credit score by generation
The average credit score was a record-breaking 703 in 2019, and that’s thanks in part to millennials who have achieved a 25-point increase since 2012. That’s according to the 2019 Experian Consumer Credit Review, which also found that the average age Americans are reaching a FICO score of 700 is the lowest it’s ever been, at 54.The spike in millennials’ credit scores can be attributed to many entering the workforce, advancing in their careers and achieving life milestones, such as purchasing a home.
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Crowdfunding, ICOs and tax aspects
Crowdfunding refers to the financing of projects by numerous donors. In this process, projects that are placed by borrowers on a crowdfunding platform are financed by many individuals. The platform is then responsible for the operation of the website, the activation of the projects as well as the coordination and consolidation of donors and recipients of funds. Thanks to technological progress, however, decentralised technologies such as blockchain also make it possible for a particular project and donor to merge directly, without an intermediary, and to carry out transactions worldwide on a secure basis.
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Ownership and acquisition of banks in South Africa
What constitutes ‘control’ for this purpose?
A bank may only be controlled by:
a public company and is registered as a controlling company in respect of a bank;
another bank; or
an institution that has been approved by the Prudential Authority and that conducts business similar to the business of a bank in a foreign country.
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Four SA fintech startups to watch
Many South Africans know of TymeBank, the new kid in banking that shook the industry when it launched a zero-fee account earlier this year. In the insurance space, the likes of Naked Insurance, Pineapple and Click2Sure are likely to ring a bell to most people. And those who frequent pop-up stalls may be familar with Snapscan and Yoco payment devices. But there is a sea of fintech startups that most people don’t know about. They are challenging the status quo in banking, payments, investments and insurance and are turning some of these industries’ fundamentals on their heads. > more >
U.S. Consumer Credit Increased in November
Americans increased their borrowing at a slower pace in November, the Federal Reserve said Wednesday.
Here are some key details from the report:
(1) Outstanding consumer credit, a measure of debt excluding loans secured by real estate, rose at a 3.61% seasonally adjusted annual rate in November. That compares with a 5.49% annual growth rate in October.
(2) The total amount of consumer credit rose $12.51 billion in November from the previous month. Economists surveyed by The Wall Street Journal had expected a $15.5 billion increase.
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