European Central Bank Says Digital Euro Would Protect Privacy

 

The European Central Bank, in a recent announcement, has stated that the digital version of the euro would protect the privacy of consumers as well as shield member states in the monetary union from the loss of economic sovereignty that occurs due to the growing use of cryptocurrencies or digital currencies created by governments. If the central bank steps into the digital payments sector, privacy is going to be better protected.

Privacy is one of the major concerns that emerge from gauging public interest in European Central Bank digital currency and cryptocurrency. Still, developers of a potential ECB digital currency have tested ways to separate the identity of participants in a transaction. The payment will go through, but nobody in the payment chain would have access to all the information.

Addressing a key political issue around digital currencies, ECB said that there is the potential threat from others issuing a digital means of payment. If people do want to pay digitally and the banks do not offer them a digital means of payment, somebody else would do that. This will result in data breaches. To stop this, ECB is stepping into the digital currency sector.

 

UNICEF to Partner with Hispanic Federation to Help Asylum Seekers and Children

UNICEF USA and the Hispanic Federation (HF) are teaming up to help the children and families on the move who continue to face threats to their health, safety, and well-being. The primary goal of both organizations is to improve access to critical mental health and psychosocial support services and legal services. Through backing and capacity building program, the partners hope to be catalysts for change in the region.

UNICEF USA has stated that this new partnership will address the crucial legal crisis on both sides of the border. It will try to deliver tangible benefits to children and families in need. This will be a significant effort by both organizations. It will be a program that provides direct support to asylum seekers and supports capacity building in communities.

The new Migrant Services Partnership seeks to leverage vast expertise in both organizations' respective focus areas which is UNICEF in providing guidance and advocacy to government, all-inclusive psychosocial support, and other case management activities for children in Mexico; and HF will be providing legal services, capacity building, public education, and other legal services and activities in the US.

 

 

Webuild’s CFO Massimo Ferrari Speaks about High-Speed US Rail Contract to Boost Cash Flow

Webuild has recently won a contract to build a high-speed railway between the US cities of Dallas and Houston that could give a significant lift to cash generation as early as 2022. Webuild, in a recent announcement, said that it and its US unit Lane Construction had signed the final agreement for a considerable sum of $16 billion contracts with Texas Central LCC to build the high-speed link.

Chief Financial Officer Massimo Ferrari said that the company expects a boost in terms of marginality. He further added that this project would be a crucial turning point for the Webuild's transformation. This new contract will bring the value of construction orders in Webuild's backlog from the United States to 35 percent, which will be the country as the single biggest market for the group.

Mr. Ferrari also said that the group had projects in the water and transportation sectors in the pipeline in the US; this experience would push them to win more high-speed train contracts in the country. The company will be using innovative technologies and will be completing the project within the next five years.

 

Moneta Appoints Aoifinn Devitt to Become the First Female CIO to Manage the Firm’s Portfolio

Moneta Group Investment Advisors has appointed Aoifinn Devitt as its new Chief Information Officer (CIO). With this move, Ms. Devitt becomes the first female CIO to look after the company's registered investment adviser (RIA)'s worth $27.4 billion in assets under management (AUM). The Missouri-based investment company is also expanding to Chicago, on which Devitt will be working.

Prior to joining Moneta, Devitt served at Federated Hermes, where she was head of investment for Ireland and played a crucial role in developing investment management oversight processes for Hermes Fund Managers Ireland Limited. She was also the CIO of the $2.6 billion Policemen's Annuity and Benefit Fund of Chicago. She also founded Clontarf Capital, which is pan-alternatives research and consulting firm.

"I don't believe in dictating strategies, and I will not be excluding anything. I am excited to bring my alternative expertise," Devitt said. She also said that her primary priority going into the job would be to make sure that the portfolio is resilient against rising inflation. And she will be predominantly be focusing on good governance, ensuring a company does right by employees.

 

JPMorgan to buy digital wealth management platform Nutmeg

JPMorgan today has announced that it has agreed to buy British online wealth manager Nutmeg for an undisclosed sum. The US banking giant stated that the deal is still subject to regulatory approval and it will complement the launch of JPMorgan's standalone digital bank brand in the UK later this year. Besides, with more than £3.5 billion ($4.9 billion) in assets, Nutmeg is one of the UK's largest robo advisors.

Nutmeg offers a range of investment accounts, including ISAs, pensions, and general investment accounts. Nutmeg expects the same level of transparency, convenience, and service that helped make them a leading digital wealth manager in the UK with this new deal. Both companies are looking to position their products among the award-winning ones and continue to support their innovative work in retail wealth management, and become a global leader in this sector.

JPMorgan Securities acted as JPMorgan's financial advisor for the transaction, whereas Freshfields Bruckhaus Deringer was the legal counsel. Arma Partners was a financial advisor, and Taylor Wessing was legal counsel for Nutmeg. JPMorgan did not disclose the deal amount.