<a href="https://www.cnbc.com/todd-haselton/">By Todd Haselton</a>



There’s a FaceTime bug that lets you hear through someone else’s iPhone, even if they haven’t answered your phone call. It was previously reported on Twitter by user Benji Mobb and <a class="" href="https://9to5mac.com/2019/01/28/facetime-bug-hear-audio/">reported by 9to5Mac</a>.



CNBC tested it and verified that it’s a real bug. I tried placing a video call to my editor from my iPhone using Apple’s FaceTime app. Then, before he picked up, I used the menu option to add somebody else to the call and, as 9to5Mac’s directions state, I added myself to the call. Suddenly, I could hear my editor, even though he never picked up. We continued having a conversation while his phone only gave him the option to answer. There was no indication that the call had already gone through.



<a class="" href="https://www.theverge.com/2019/1/28/18201383/apple-facetime-bug-iphone-eavesdrop-listen-in-remote-call-security-issue">The Verge</a> reports that, if the person you’re calling tries to end it by tapping the power button on their phone, it sends video but no audio. That means the person calling you can see a video of you or your surroundings as if you’d answered the call. I replicated this with a friend.



<blockquote class="twitter-tweet" data-lang="en">Now you can answer for yourself on FaceTime even if they don’t answer?<a href="https://twitter.com/hashtag/Apple?src=hash&amp;ref_src=twsrc%5Etfw">#Apple</a> explain this.. <a href="https://t.co/gr8llRKZxJ">pic.twitter.com/gr8llRKZxJ</a>&mdash; Benji Mobb™ (@BmManski) <a href="https://twitter.com/BmManski/status/1089967572307640325?ref_src=twsrc%5Etfw">January 28, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>




This bug seems to rely on the FaceTime Group Call feature, since you’re trying to add another person to the call.&nbsp;<a href="https://www.cnbc.com/2018/11/20/how-to-use-group-facetime-on-iphone-ipad.html" class="">Group FaceTime launched last year</a>.



There’s obviously a big privacy concern here. You could theoretically call anyone with FaceTime and, using the steps above, listen in on their conversations.



<a href="https://www.cnbc.com/quotes/?symbol=AAPL" class="">Apple</a>, which is&nbsp;<a href="https://www.cnbc.com/2019/01/28/apple-q1-2019-earnings-preview-what-to-focus-on.html" class="">scheduled to report earnings on Tuesday afternoon</a>, said a fix is coming this week. “We’re aware of this issue and we have identified a fix that will be released in a software update later this week,” a spokesperson told CNBC. It also&nbsp;<a href="https://www.cnbc.com/2019/01/29/apple-removes-facetime-group-calling-as-it-tries-to-fix-spying-bug.html" class="">deactivated Group FaceTime to prevent people from exploiting the bug</a>&nbsp;before it releases a fix.



In the meantime, and to be extra safe, the fastest fix right now is to just turn off FaceTime. Here’s how:



<ul class="wp-block-list"><li>Open Settings on your iPhone or iPad.</li><li>Choose FaceTime</li><li>Toggle FaceTime to off.</li></ul>



 This article was first published by CNBC https://www.cnbc.com/2019/01/28/apple-facetime-bug-lets-you-listen-even-if-someone-doesnt-answer.html?&amp;qsearchterm=facetime and is republished with its permission.

There’s a bug on Apple’s FaceTime that lets you listen in on people you call, even if they haven’t picked up their iPhone

<a href="https://www.cnbc.com/alexandra-gibbs/">By Alexandra Gibbs</a>



Today, TransferWise is trusted by millions of customers worldwide, with the likes of Richard Branson and Peter Thiel having <a class="" href="https://transferwise.com/gb/about/our-story">invested in</a> its vision. Rewind 10 years or so however, and the picture was a lot different.



In 2008, Kristo Kaarmann — who’s now TransferWise’s CEO — was working as a management consultant in London and had received a Christmas bonus of £10,000 ($13,147), which he wanted to put to greater use.



Speaking to&nbsp;<a href="https://www.bbc.co.uk/news/business-46985443" class="">the BBC</a>, the businessman explained that as interest rates were higher in Estonia at the time, he chose to transfer the earnings from his British account to his Estonian savings account — expecting this would help him earn more from the money. This didn’t, however, go as hoped.



“I paid my U.K. bank a £15 fee, and transferred the £10,000, and then a week later I saw that £500 less than I had expected had arrived in the Estonian account,” Kaarmann <a class="" href="https://www.bbc.co.uk/news/business-46985443">told the U.K. broadcaster, BBC News</a>. The CEO explained how he looked into how this had occurred, and realized that he “had been incredibly stupid.”



“I had foolishly expected that my U.K. bank would have given me the exchange rate I saw when I looked on Reuters and Bloomberg,” he&nbsp;<a href="https://www.bbc.co.uk/news/business-46985443" class="">said</a>, adding that instead, “the bank had used an exchange rate 5 percent less favorable, which is how it and all the other banks get their cut. It was my mistake.”



As one of the latest business leaders to be&nbsp;<a href="https://www.bbc.co.uk/news/business-46985443" class="">profiled by the BBC</a>, Kaarmann said in its “The Boss” series, that this incident went onto see him try to discover a way of transferring cash overseas in a more cost-effective way. This led to Kaarmann meeting his soon-to-be business partner.



According to&nbsp;<a href="https://transferwise.com/about" class="">TransferWise’s website</a>, the two founders, Kaarmann and Chairman Taavet Hinrikus, met at a party and found out that they both worked in London but needed different currencies.



Kaarmann was paid in pounds but had a mortgage back in Estonia that was done in euros, while Hinrikus was paid in euros but needed British pounds to pay his bills in London.



After teaming up, the pair would&nbsp;<a href="https://transferwise.com/about" class="">informally transfer money</a>&nbsp;between one another, by looking at the mid-market rate of a certain day each month, allowing them to attain a fair exchange rate without paying additional bank charges.



This led to the businessmen building a network of Estonian friends transferring money,&nbsp;<a href="https://www.bbc.co.uk/news/business-46985443" class="">according to the BBC</a>, which went onto spark the start of their own business: TransferWise, which was launched in 2011.



Today, the money transfer service&nbsp;<a href="https://transferwise.com/help/article/1922918/basic-information/tips-for-getting-started-with-transferwise" class="">acts as an online account</a>&nbsp;for its 4 million-plus customers, allowing them to send money, get paid and spend money internationally, without being faced with high fees.



Now considered amongst Europe’s&nbsp;<a href="https://www.cnbc.com/2018/09/10/transferwise-earnings-second-year-of-profit-revenue-surges.html" class="">“unicorn” start-ups</a>&nbsp;— which are companies valued with at least $1 billion — TransferWise is thriving, with it being reported&nbsp;<a href="https://www.cnbc.com/2018/05/22/transferwise-2018-disruptor-50.html" class="">in 2018</a>&nbsp;that it had valuation of $1.6 billion.



<a href="https://www.bbc.co.uk/news/business-46985443" class="">Read the BBC’s article in full here.</a>



—CNBC’s Ryan Browne contributed to this report 



This article was first published by CNBC https://www.cnbc.com/2019/01/28/transferwise-kristo-kaarmann-on-what-led-up-to-the-business-idea.html and is republished with its permission.

How a simple mistake set in motion the start of a billion-dollar business

<a href="https://www.cnbc.com/courtney-connley/">By Courtney Connley</a>



Roughly <a class="" href="http://rh-us.mediaroom.com/2018-06-06-More-Companies-offering-promotions-without-Raises-AND-many-workers-willing-to-accept-them?mod=article_inline">39 percent</a> of HR managers today say it’s common for their company to offer employees a promotion without a raise, according to data from the staffing firm OfficeTeam. That’s a 17-point increase from HR managers who said the same in 2011.



While receiving a promotion without extra pay isn’t ideal, career expert Lindsey Pollak says it can be okay to accept this deal&nbsp;—&nbsp;if&nbsp;the new promotion is in alignment with your long-term goals.



“If it is tremendously valuable to you to have that career title because of your career profile and the job you want next, then I don’t think you should&nbsp;not&nbsp;accept, ” she tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>.&nbsp;But Pollak warns that this situation should be temporary.



Below, Pollak and <a class="" href="https://www.monster.com/">Monster.com</a> career expert Vicki Salemi outline three things you should do now if you’re offered a promotion without a raise:



 1. Set a timeline



If you work for an organization where finances are tight, then it’s likely common for promotions to be offered without additional pay. But that doesn’t mean you should avoid initiating the conversation.



In fact, Pollak says when you are first offered the promotion you should ask your boss for an exact date when you can revisit the conversation about compensation. She says you can tell your boss something like, “I am very happy to take on this additional title and role, but in six months I would like for us to revisit the compensation component.”



Salemi agrees and says that whenever you have the discussion around pay, you should be sure to have the conversation in person or over the phone, rather than via email or text.



“The key is to just do what you can because at some point it is out of your control” she says. “But, what you can control is checking in, staying on top of your pay, following up and keeping track of your accomplishments.”



She adds that “how your boss reacts could be more motivation for you to just look for another job.”



 2. Negotiate for other benefits



Aside from negotiating pay, Salemi says there are other benefits you can ask for that will help you to better leverage your new position.



“Think of all the ways you can polish up and learn a new skill set that you can incorporate into your newly-revised resume,” she says. “Maybe there isn’t a budget for a raise, but you can ask if there is one for online learning or for traveling to attend a big conference in another area.”



Regardless of what you’re able to negotiate, Salemi says, you should “always keep your eyes on the prize” and think of your current promotion without pay as a temporary situation that’s helping you to build your resume.



3. Start applying for other opportunities



If salary conversations aren’t going in the direction you had hoped, then Salemi says it’s time for you to start seeking opportunities outside of your company.



As a suggestion, she says you should set up job alerts so that you can stay in the loop on any new positions that match your skill sets. She also advises employees to keep their resume updated and to be as detailed as possible about their new position and responsibilities.



“Let’s say before you were an associate director and now your new title is director,” Salemi explains. “You will need to get really quantifiable in your resume about the amount of the budget you’re managing, how many people you are managing, etc.”



Your promotion, she says, can be viewed as a way to help prepare you for the “job that maybe seemed out of reach” at one point, but is now in line with where you are career-wise.



 This article was first published by CNBC https://www.cnbc.com/2019/01/25/what-to-do-youre-offered-a-promotion-without-a-raise.html and is republished with its permission.

3 things to do if you’re offered a promotion without a raise

<a href="https://www.cnbc.com/abigail-hess/">By Abigail Hess</a>



Perhaps the hardest part of being a member of the workforce today is predicting which skills and which jobs jobs will be needed in the economy of tomorrow.



On Thursday, the&nbsp;<a href="https://www.brookings.edu/research/automation-and-artificial-intelligence-how-machines-affect-people-and-places/" class="">Brookings Institute</a>&nbsp;released a sobering report that details the impact technologies such as Automated Intelligence (AI) will have on workers. “Almost no occupation will be unaffected by technological change in the AI era,” reads the report, which predicts one-quarter of jobs are at “high risk” of being automated.



One tool that can be used to predict which jobs will be in demand in the coming “AI era” is the&nbsp;<a href="https://www.cognizant.com/jobs-of-the-future-index?utm_source=newsletter&amp;amp;utm_medium=email&amp;amp;utm_campaign=newsletter_axiosfutureofwork&amp;amp;stream=future" class="">Cognizant Jobs of the Future (CJOF) Index</a>. The CJoF Index tracks the popularity of 50 jobs predicted to be in high demand in the future. Earlier this week, the index released its latest figures from the fourth quarter of 2018, providing insight into the jobs of the future.



Here are the jobs that had the largest growth in number of openings over the past year:&nbsp;



Software Developer/Engineer



≈ 84,000 more job openings



Cyber/Information Security Engineer/Analyst



≈ 12,000 more job openings



Cyber Calamity Forecaster



≈ 8,300 more job openings



UI/UX Designer/Developer



≈ 6,800 more job openings



The following jobs were the fastest-growing roles on the CJOF Index over the past year:&nbsp;



Fashion Designer



Job growth: +279 percent



Solar Engineer



Job growth: +257 percent



Career Counselor



Job growth: +181 percent



Social Media Strategist/Specialist



Job growth: +172 percent



Genetic Counselor



Job growth: +163 percent



Unsurprisingly, many of the jobs that topped the CJoF Index this quarter were roles in digital fields. “The employment growth in these areas reflects the greater demand for people with the software, cybersecurity and digital design to drive companies’ digital future,” states the Cognizant report.



However, many other more surprising roles also showed strong job growth. For instance, Cognizant reports that there was a 279 percent increase in the number of job openings with the title of “Fashion Designer” in 2018.



<a href="https://www.cognizant.com/futureofwork/author/details/benjamin-pring" class="">Benjamin Pring</a>, Director of the Cognizant Center for the Future of Work, says that these surprising and unsurprising job titles comes down to science, technology, engineering and math (STEM) training.



“STEM-style jobs that people have been saying are going to be important — data science, machine learning, cyber security — those sorts of STEM-based jobs that people have been saying are going to be important, the data is absolutely supporting that argument,” Pring tells&nbsp;<a href="https://www.cnbc.com/make-it/" class="">CNBC Make It</a>. “The argument is being proven that if you’re 16, or if you’re 25, or if you’re 35, trying to get yourself into one of those STEM areas is absolutely the right thing to do. There’s a clearly a huge demand for that kind of capability.”



However, Pring also says there will still be opportunities for workers in the future even if they don’t have these in-demand STEM skills. The key, he says using technology competently and mastering uniquely human characteristics.



“The notion that every kind of person, whether or not you’re maths-based or STEM-based, needs to be in a technical job, that doesn’t make sense. A lot of jobs will be STEM-based, tech-based jobs, but loads wont be. They’ll have a tech component within them, but they wouldn’t be tech jobs, per se,” he explains. “You have to double-down on the things that differentiate a human being from software, or from a machine, and they are those human qualities — the ability to be empathetic, to care, to be creative, to sell, to help, to support — all of those things that machines are not going to do any time soon.”



 This article was first published by CNBC https://www.cnbc.com/2019/01/25/cyber-calamity-forecaster-career-counselor-and-solar-engineer&#8211;here-are-the-fastest-growing-jobs-of-the-future.html and is republished with its permission.

These are the fastest-growing jobs of the future

<a href="https://www.cnbc.com/tom-popomaronis/">By Tom Popomaronis</a>



We tend to think about success in terms of wealth and accomplishments. That’s a fair measurement, but the problem is that when we obsess over the victories, we tend to overlook the sacrifices required in order to get there. In fact, neglecting to account for the&nbsp;<a class="" href="https://www.cnbc.com/2016/12/30/13-things-you-should-give-up-if-you-want-to-be-successful.html">inherent sacrifices</a>&nbsp;is one reason why so many of us have a hard time sticking to healthy habits and following up on goals.



Time is a factor when it comes to making sacrifices. As Warren Buffett famously said, “It’s the only thing you can’t buy. I mean, I can buy anything I want, basically, but I can’t buy time.”



He’s absolutely right. In order to pursue hobbies with high returns when you only have 24 hours in a day, you must must forgo activities with low returns. Should you watch another episode of your favorite Netflix show&#8230;or give up TV for two months so you can plant that garden you always dreamed about?



Making the decision isn’t easy, but the good news is that we already do this innately. A&nbsp;<a class="" href="http://csjarchive.cogsci.rpi.edu/Proceedings/2009/papers/285/paper285.pdf">2009 study</a>&nbsp;from the University of Adelaide’s School of Psychology found that people are “far less willing to keep many options open” when some have bigger rewards than others. If the payoffs are unknown, however, we have a harder time giving them up. That’s why doing an activity audit is so important. You have to actually take the time to figure out the opportunity costs and gains of each and what to pursue over the other. 



Bill Gates and Warren Buffett, two incredibly successful business moguls, are two prime examples of how strategically giving up some activities to focus on more rewarding ones can help you reach your goals.The activity audit



While Gates’ love for technology helped him build a multi-billion-dollar company, he refuses to let it distract him from the important things.



“I stopped listening to music and watching TV in my 20s. It sounds extreme, but I did it because I thought they would just distract me from thinking about software,” the billionaire wrote in a&nbsp;<a class="" href="https://www.gatesnotes.com/Books/The-Headspace-Guide-to-Meditation-and-Mindfulness">blog post</a>. He applies the same values when it comes to parenting. Gates didn’t allow his kids to have cellphones until they were 14 (on average, kids are given their first cellphones at age 10). He also keeps a “no phones” rule during family meals.



Buffett is no fan of the distractions of technology, either. The Berkshire Hathaway CEO doesn’t keep a computer in his office. He limits Internet distractions by owning a flip phone — despite the many times&nbsp;<a href="https://www.cnbc.com/2018/01/10/warren-buffet-isnt-eager-to-trade-his-flip-phone-in-for-an-iphone.html" class="">Apple CEO Tim Cook tried convincing him</a>&nbsp;to join the iPhone revolution.Hobbies with high returns



Just because an activity is “productive” doesn’t mean it can’t be fun. The hobbies you do outside of work should always be rooted in what you’re passionate about. If you find it truly enjoyable and rewarding, stick with it. Simply sitting still can do wonders for your brain. It increases creativity, improves your decision-making skills and can even force you to come up with innovative solutions to existing problems.



For Buffett, that hobby is playing&nbsp;<a href="http://whartonmagazine.com/issues/summer-2015/playing-mind-games-with-warren-buffett/#sthash.S7DpT8Oy.dpbs" class="">bridge</a>, a game that requires a lot of patience, strategy and tactics. “It’s got to be the best intellectual exercise out there,” he claims. “You’re seeing new situations every ten minutes. Bridge is about weighing gain-loss ratios. You’re doing calculations all the time.”



Buffett also has a lifelong hobby of reading. When asked about his secret to success during a&nbsp;<a href="https://www.cnbc.com/2016/11/16/warren-buffetts-reading-routine-could-make-you-smarter-suggests-science.html" class="">Columbia Business School talk</a>, he picked up a big pile of papers and replied, “Read 500 pages like this every day. That’s how knowledge works. It builds up, like compound interest.” Even today, the billionaire investor spends 80 percent of his day reading.Every hour counts



In that vein, Malcolm Gladwell explains in his book “<a class="" href="https://www.amazon.com/Outliers-Story-Success-Malcolm-Gladwell/dp/0316017930">Outliers: the Story of Success</a>&nbsp;” how part of Gates’ success was built on the foundation of the “<a class="" href="http://www.talkativeman.com/bill-gates-10000-hour-rule/">10,000 hour rule</a>. ” The rule states that world-class mastery of a skill requires 10,000 hours of practice. In Gates’ case, it was programming practice.



Obviously, that’s a lot of time — and not all of us can afford to commit 10,000 hours into mastering a skill. The takeaway here is that Gates found something he loved, devoted his time to it, mastered the skill and built a business out of it. You can follow in his footsteps (to the best of your abilities, of course) by figuring out what you have the potential to be an expert in, and then selecting activities that will help you grow in that area.Keep moderation in mind



You can still enjoy the mindless joys of life. Go to happy hour. Binge on Netflix for an entire weekend. Go on a shopping spree if it’ll make you feel better. Gates’&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2863117/" class="">break from TV and music only lasted about five years.&nbsp;</a>It’s just a matter of cutting back on the less productive ones. And when you’re feeling uninspired, remember the tunes of Kenny Rogers: “You got to know when to hold ‘em, know when to fold ’em, know when to walk away – and know when to run.”



Tom Popomaronis&nbsp;is a commerce expert and proud Baltimore native. Currently, he is the Senior Director of Product Innovation at the&nbsp;<a class="" href="https://rhawkinsgroup.com/">Hawkins Group</a>. His work has been featured in&nbsp;Forbes, Fast Company&nbsp;and&nbsp;The Washington Post. In 2014, he was named one of the “40 Under 40” by the&nbsp;Baltimore Business Journal.



This article was first published by CNBC&nbsp;https://www.cnbc.com/2019/01/24/warren-buffett-and-bill-gates-agree-giving-up-this-one-thing-will-make-you-more-successful.html&nbsp;and is republished with its permission.

Warren Buffett and Bill Gates prove that quitting this 1 bad habit will help make you more successful in life

<a href="https://www.cnbc.com/karen-gilchrist/">By Karen Gilchrist</a>



Your first job may not always feel like the most inspiring. But according to billionaire businessman&nbsp;<a class="" href="https://www.cnbc.com/jack-ma/">Jack Ma</a>, it will be your most important.



If he could share one piece of advice with young people, that would be it, the&nbsp;<a href="https://www.cnbc.com/quotes/?symbol=BABA" class="">Alibaba</a>&nbsp;founder told an audience at the&nbsp;<a href="https://www.cnbc.com/davos-world-economic-forum/" class="">World Economic Forum in Davos</a>.



“Your first job is your most important,” Ma said Wednesday during a session entitled “Meet the Leader with Alibaba Executive Chairman Jack Ma.”



That doesn’t mean it has to be your “dream job” — or even one you particularly enjoy, he continued. But it does have to be one where you can learn from others and stretch yourself.



 “Not necessarily a company that has a great name, (but) you should find a good boss that can teach you how to be a human being — how to do things right, how to do things properly — and (you should) stay there,” said Ma. 



That requires staying the course, allowing yourself time to figure out your strengths and where you want to end up — and all that takes time.



“Give yourself a promise: ‘I will stay there for three years.’ Then you start to move.”



Ma, who has been at the helm of the&nbsp;<a href="https://www.cnbc.com/china/" class="">Chinese</a>&nbsp;e-commerce behemoth for almost two decades, said he’s seen young workers often quit their jobs prematurely without allowing themselves time to bed in.



“It’s not good,” he said, mimicking people scrambling. “I’ve seen a lot of disasters.”



Ma’s comments mirror common criticism of the millennial workforce, which is accused of job-hopping and valuing workplace perks over longer-term career progression.



The 54-year-old’s advice reflects his own experience. Ma famously started out his career as an English teacher in&nbsp;<a href="https://www.cnbc.com/search/?query=Hangzhou" class="">Hangzhou</a>, China before banding together with a group of co-founders in the late-90′s to create what would become one of the world’s most valuable companies.



“One of the reasons I survived for 20 years was because I was a teacher,” Ma said, referring to his career at Alibaba.



That formative teaching job, he said, helped him learn to identify talented people and inspire them to excel. Having that skill enabled him to build and manage a strong team at Alibaba, he noted.



“You always want your students to be better than you, to be a mayor, not in prison,” said Ma.



“When I hire people, I hire the people who are smarter than I am. People who four, five years later could be my boss. I like people who are positive and who never give up,” he added.



Ma, who announced last year that he will&nbsp;<a class="" href="https://www.cnbc.com/2018/09/10/alibaba-jack-ma-succession-plan-daniel-zhang-to-take-over-as-chairman.html">step down as executive chairman of Alibaba</a>&nbsp;in September 2019, has said he hopes to return to his teaching career in the future.



This article was first published by CNBC https://www.cnbc.com/2019/01/24/careers-advice-jack-ma-alibaba-says-first-job-is-the-most-important.html and is republished with its permission.

Why Alibaba’s Jack Ma says your first job is the most important

<a href="https://www.cnbc.com/megan-leonhardt/">By Megan Leonhardt</a>



Online banks are leaving local banks in the dust when it comes to the interest rates offered on savings accounts. Yet many Americans have no idea.



A full 62 percent of people&nbsp;<a href="https://wallethub.com/blog/banking-survey/51819/" class="">surveyed by WalletHub last year</a>&nbsp;did not realize online-only banks tend to offer higher rates and lower fees. Currently, online banks offer an interest rate that is roughly six times higher, on average, than local banks and credit unions nationwide, according to an analysis by DepositAccounts.com.



Depending on what state you’re in, the difference can be even more dramatic. Oklahoma offers the highest average interest on a savings account, with 0.39 percent, according to DepositAccounts. Arkansas brick-and-mortar banks offers the lowest average: 0.13 percent.



Meanwhile, online banks offer an average APY of 1.47 percent as of January 1, 2019, the site’s analysis finds. And some offer even higher interest rates. Industry leaders like <a class="" href="https://www.marcus.com/us/en/savings/high-yield-savings">Marcus by Goldman Sachs offers 2.25 percent APY</a>. <a class="" href="https://www.ally.com/bank/online-savings-account/">Ally pays out 2.2 percent</a>, as does <a class="" href="https://www.synchronybank.com/banking/high-yield-savings/?UISCode=0000000">Synchrony</a>. That’s about 17 times higher than the Arkansas average.



<a rel="noreferrer noopener" href="https://infogram.com/_/kTkZBjqC4OGNwYbdTN2s" target="_blank">Average local 1-year savings account yields</a>



<div class="infogram-embed" data-id="_/kTkZBjqC4OGNwYbdTN2s" data-type="interactive" data-title="Copy: DAStates - Average savings"></div><script>!function(e,t,s,i){var n="InfogramEmbeds",o=e.getElementsByTagName("script")[0],d=/^http:/.test(e.location)?"http:":"https:";if(/^\/{2}/.test(i)&&(i=d+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var r=e.createElement("script");r.async=1,r.id=s,r.src=i,o.parentNode.insertBefore(r,o)}}(document,0,"infogram-async","https://e.infogram.com/js/dist/embed-loader-min.js");</script>



No state’s local brick-and-mortar banks have an average interest rate that came close to even 1 percent, according to DepositAccounts. Overall, it finds, banks and credit unions nationwide pay an average of 0.24 percent interest on savings accounts.



It makes sense that online banks are able to pay higher rates: They don’t have the expenses associated with running and staffing branches. But it doesn’t change the math.How to bank online



“People are still a little worried about online banking or Internet-only banks,” Ken Tumin, founder of DepositAccounts.com, tells CNBC Make It.



The safety and security of these banks is one concern people have, he says, and the other, perhaps more common, worry is how much access you have to your money. “That really discourages people from trying an online bank or trying these online savings accounts,” Tumin says.



About two-thirds of Americans, 65 percent, consider it important for a bank to have a branch, according to&nbsp;<a href="https://www.pwc.com/us/en/financial-services/publications/assets/pwc-fsi-whitepaper-digital-banking-consumer-survey.pdf" class="">PricewaterhouseCoopers’s 2018 Digital Banking Consumer Survey</a>. It can be a real sticking point: One in four people say they wouldn’t open an account with a bank that doesn’t have at least one physical branch near by.



Online banks offer workarounds. You may not be able to have conversations with a teller, but you can pick up the phone and call in with questions. And Marcus, for example, offers a <a class="" href="https://www.marcus.com/us/en/banking-with-us/contact-marcus">live chat feature</a> that connects you with a savings specialist seven days a week.



To deposit money, generally, you can set up a direct deposit from your paycheck into the online savings account, or you can transfer money to it from another bank account.



Some online banks offer remote access. Ally, for example, gives you the ability to snap a photo or scan in a check to&nbsp;<a href="https://www.ally.com/do-it-right/trends/ally-echeck-deposit-frequently-asked-questions/" class="">deposit your money</a>. It doesn’t allow cash deposits but, if you have another checking or savings account at a bank with a branch, you can always deposit the money there and transfer it electronically.



And while you likely won’t have to use an ATM much with your savings account, several online banks have robust ATM networks, too. Synchrony, for example, allows customers to use&nbsp;<a href="https://www.synchronybank.com/banking-resources/faq/" class="">any ATM without a fee</a>&nbsp;and even reimburses up to $5 in fees charged by the operator.



Overall, Tumin says, “Opening a savings account at an online bank is often the easiest and best way to take advantage of higher rates.”



This article was first published by CNBC https://www.cnbc.com/2019/01/23/you-can-make-17-times-as-much-interest-on-savings-with-an-online-bank.html and is republished with its permission.

You could earn 17 times as much interest on your savings if you make one simple banking change

KAMPALA (Reuters) &#8211; Ugandan President Yoweri Museveni said telecom firm MTN Uganda needs to sell shares on the local stock exchange to facilitate domestic ownership of the company and ensure more of the money it earns stays in the country. 



A unit of South Africa’s MTN Group, the company is the East African country’s largest telecommunications firm, controlling a subscriber base of more than 10 million.



However, relations between MTN Uganda and authorities have become strained after the country this week deported two of its executives after accusations they were compromising national security.



Museveni made the comments while meeting MTN Group’s President and CEO Rob Shuter on the sidelines of the World Economic Forum in Davos.



“It is important that you float shares on the local stock exchange to allow for local ownership,” Museveni was quoted as telling Shuter, according to a statement from his office on Thursday.



Museveni accused some unnamed telecoms companies of dodging taxes by under-declaring the volume of calls and that his government had bought machines that helped detect such activity.



Museveni also said telecommunication firms in Africa, which are often foreign owned, repatriate profits back home to the detriment of local economies.



“You should foresee these trade deficits. More locally owned companies should be allowed to earn money so that most of it remains here,” he said.



MTN Uganda did not immediately respond to an emailed request for comment.



The statement from the president’s office quoted Shuter as saying the firm was in negotiations with a Ugandan state-controlled National Social Security Fund (NSSF) for a possible sale of shares to the fund.



There was no confirmation from MTN.



MTN is in negotiations with Ugandan authorities for a ten-year extension of its operating license after it expired in October last year but there has been disagreements over the amount of licence fees to be paid.



Reporting by Elias Biryabarema; Editing by Omar Mohammed/Keith Weir

Uganda’s Museveni wants MTN Uganda to sell shares on the local stock exchange, what you need to know…

#WEF19: Emerging Markets Outlook at Davos

#WEF19: A Conversation with Abiy Ahmed, Prime Minister of Ethiopia

#WEF19: South Africa’s Ramaphosa speaks at Davos

#WEF19: More than GDP

#WEF19: Achieving a Single Market in Africa

<a href="https://www.cnbc.com/emmie-martin/">By Emmie Martin</a>



If you’re <a class="" href="https://www.cnbc.com/2017/05/30/heres-exactly-when-youll-become-a-millionaire-if-you-save-500-per-month.html">putting away $500 per month</a>, you’re on track to become a millionaire in 33 years. Bump those monthly contributions <a class="" href="https://www.cnbc.com/2017/05/31/when-youll-become-a-millionaire-if-you-save-1000-per-month.html">up to $1,000 per month</a> and it will only take you 25 years to reach seven figures.



While experts recommend&nbsp;<a href="https://www.cnbc.com/2017/08/01/how-much-of-your-paycheck-you-have-to-save-to-be-a-millionaire.html" class="">saving up $1 million by the time you retire</a>, typically around age 67, you might be on track to hit that milestone at a much earlier age.



How close are you?



Personal finance blogger Zach of&nbsp;<a href="http://www.fourpillarfreedom.com/" class="">Four Pillar Freedom</a>&nbsp;created a simple chart that breaks down at&nbsp;<a href="http://www.fourpillarfreedom.com/the-million-dollar-age-grid/" class="">exactly which age you’ll become a millionaire</a>, based on your current age and annual savings rate.



<a class="" href="http://www.fourpillarfreedom.com/the-million-dollar-age-grid/">Check it out</a> below. Keep in mind that the chart assumes you’re starting with zero savings and earning a seven percent rate of return.



<figure class="wp-block-image"><img decoding="async" src="http://cnbc.africa/wp-content/uploads/2019/01/104724456-millionDollarAgeGrid-1110x916.png" alt="" class="wp-image-326206"/></figure>



Zach points out that, with diligent saving habits, it’s possible for anyone to become a millionaire in 30 years if they’re able to save and invest $10,000 a year. That’s about $833 per month, which isn’t outright impossible, but is still a far cry from the total amount most Americans have in savings:&nbsp;<a href="https://www.cnbc.com/2017/09/13/how-much-americans-at-have-in-their-savings-accounts.html" class="">less than $1,000</a>.



The chart also speaks to the&nbsp;<a href="https://www.cnbc.com/2017/05/24/how-much-you-need-to-save-to-become-a-millionaire-in-20-years.html" class="">power of compound interest</a>.



“Anyone can become a millionaire before the traditional retirement age of 65 by saving only $4,000 per year starting at age 20,” Zach writes. That averages out to around $333 per month, which is still a substantial sum for many, but doable if you get started early.



No matter how close you are to becoming a millionaire, the key takeaway is to save whatever you can as soon as you can. The financial consequences of mismanaging your money only become more pressing as you get older, so it’s important to&nbsp;<a href="https://www.cnbc.com/2017/09/20/most-important-thing-to-do-with-money-in-your-20s.html" class="">develop good savings habits early</a>.



If you’re ready to put your money to work, the simplest starting point is to invest in your employer’s&nbsp;<a href="https://www.cnbc.com/2016/07/20/five-401k-tips-for-recent-grads.html" class="">401(k) plan</a>, a tax-advantaged retirement savings account. Next, consider alternate retirement savings accounts as well, such as a&nbsp;<a href="https://www.cnbc.com/2016/11/14/heres-how-young-people-should-invest-their-first-10000.html" class="">Roth IRA</a>, traditional IRA and/or a&nbsp;<a href="https://www.cnbc.com/2016/11/02/how-health-savings-accounts-can-help-you-save-for-retirement.html" class="">health savings account</a>.



You can also research low-cost <a class="" href="https://www.cnbc.com/2016/10/04/passive-investing-is-on-a-tear-and-for-very-good-reason.html">index funds</a>, which <a class="" href="https://www.cnbc.com/2017/02/26/3-ways-to-invest-like-warren-buffett.html">Warren Buffett recommends</a>, and online investment platforms known as robo-advisers.



This article was first published by CNBC https://www.cnbc.com/2017/09/22/simple-chart-shows-at-what-age-youll-become-a-millionaire.html and is republished with its permission.

This chart shows you at what age you’ll become a millionaire

<a href="https://www.cnbc.com/andrea-kramar/">By Andrea Kramar</a>



In 2018, U.S. consumers ate roughly 13 billion burgers, according to data from consumer trends market research company NPD Group. And burgers are consistently one of the <a class="" href="https://www.npd.com/wps/portal/npd/us/news/latest-reports/2015/the-burger-dichotomy/">most popular</a> items on menus across the country.



Yet eating too much red meat can increase your risk of everything from&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3712342/" class="">heart disease to certain cancers</a>,&nbsp;and the beef industry has a&nbsp;<a href="https://www.theguardian.com/environment/2018/may/31/avoiding-meat-and-dairy-is-single-biggest-way-to-reduce-your-impact-on-earth" class="">huge impact on the environment</a>.



Still, people love it.



So what is it about burgers? Maybe it’s the juiciness people can’t resist, or that distinctive savory umami flavor. Maybe it’s the American-ness of it all.



Plant-based “meat” producer&nbsp;<a href="https://www.beyondmeat.com/" class="">Beyond Meat</a>&nbsp;is betting on it: The company is taking on the beef burger with Beyond Burger, a vegan veggie-based patty that is meant to look, cook, taste and even “bleed” like red meat, but that is healthier and more sustainable.



“The burger is something people love,” Ethan Brown, founder of Beyond Meat, tells <a class="" href="https://www.cnbc.com/make-it/">CNBC Make It</a>. “And so we went after that core part of the American diet.”



It’s working in a big way.



The company has famous investors like Bill Gates, Leonardo DiCaprio and even former McDonald’s CEO Don Thompson and America’s largest meat processor, Tyson Foods.



And since their debut at Whole Foods in May 2016, Beyond Burger patties have made their way into tens of thousands of supermarkets (from Kroger and Safeway to Whole Foods), restaurants (from TGI Friday to Carl’s Jr.), hotels (like The Ritz Carlton, Hong Kong) and even sports stadiums (like Yankee Stadium).



Beyond Meat says it has sold 25 million Beyond Burgers worldwide. The company recently filed for an IPO and is reportedly worth more than half a billion dollars.A vegan burger that ‘bleeds?’



Just don’t call Beyond Burger a veggie burger. It may be 100 percent plant-based (and&nbsp;<a href="https://www.beyondmeat.com/products/view/beyond-burger" class="">GMO-, soy- and gluten-free</a>), but this vegan patty is meant for meat-eaters too.



”[W]e’re reaching mainstream consumers that are interested in healthier forms of meat,” Brown tells CNBC Make It.



To accomplish a juicy, meat-tasting product that carnivores will crave, Beyond Meat biophysicists figure out, at a molecular level, what it is that makes meat taste and behave like meat. They then identify plant materials that behave the same way, to replicate it.



So “we like to think of meat, not from its origin — say from a chicken or a cow — but in terms of &#8230; the proteins, the carbohydrates, the lipids, the minerals and vitamins, all of which are available — except for cholesterol — in the plant kingdom,” says Beyond Meat biophysicist Rebecca Miller.



The lab technicians at Beyond Meat’s research and development lab in El Segundo, California, are even trained meat sommeliers, and they are constantly innovating on the product.



The main ingredients in the original Beyond Burger are pea protein, beet coloring and beet juice to make it “bloody,” and potato starch and coconut oil to create juiciness. Beyond recently launched its 2.0 burger (available only at Carl’s Jr. and A&amp;W restaurants for now), which also includes brown rice and mung bean proteins, for a meatier taste and texture, according to the company’s website. Each 4-ounce Beyond Burger patty has 20 grams of protein and about 20 grams of fat, which is comparable to a beef patty.



Many are huge fans of Beyond Burger, which like a beef burger, can take grill marks, cooks slightly pink in the middle and releases juices when you bite in.



“It’s so meaty, it’s almost kind of freaky,” says vegan mom Erin Landry on her @mrs.modernvegan Instagram, after trying Beyond Burger at a Carl’s Jr. drive through.



“I’m not vegan &#8230; but I promise, this is actually really good,” says meat-eating music producer That Orko after taste-testing Carl’s Jr. Beyond Burger on pop singer Miss Krystle’s YouTube channel.



Two CNBC Make It staffers who tried Beyond Meat products also liked the burger but were even more impressed with its Beyond Sausage. “The burger is very tasty,” but the sausages, “they could be real,” says producer Mary Stevens.



Still, Beyond Burger is processed (the plant ingredients are put through heating, cooling and pressure to turn them into a meaty substance), no more than&nbsp;<a href="https://www.vox.com/the-goods/2018/12/25/18127863/vegan-beyond-impossible-burger" class="">vegan junk food</a>, say some critics. ( “It’s a process we’re proud of, and one we feel consumers are more comfortable with vs. the process of traditional livestock production,” says Allison Aronoff, Beyond Meat’s senior communications manager.)



And although eating a plant-based “meat” is healthier than read meat in many ways, it can be higher in sodium than beef, says dietitian Jen Bruning. (One Beyond Burger patty has 380 milligrams of sodium according to the company website; for comparison, Wegmans 80/20 ground beef patties have&nbsp;<a href="https://www.wegmans.com/products/meat/ground-beef-and-poultry/burgers/8020-ground-beef-patties.html" class="">90 milligrams</a>&nbsp;per patty; the average fast food single patty burger has&nbsp;<a href="https://healthyeating.sfgate.com/much-sodium-average-hamburger-7064.html" class="">378 milligrams of sodium</a>.)Beyond big business



Whatever your burger pleasure, targeting meat-eaters is a smart move — there are way more of them than there are vegans and vegetarians. Only 5 percent of Americans identify as vegetarian and 3 percent vegan,&nbsp;<a href="https://www.washingtonpost.com/news/food/wp/2018/08/03/you-might-think-there-are-more-vegetarians-than-ever-youd-be-wrong/?utm_term=.44d2209f07cf" class="">according to a 2017 Gallup poll</a>. Those numbers haven’t changed much in the last decade or so.



Brown says the company found that 93 percent of the consumers in conventional grocery stores that are buying a Beyond Meat product are also putting animal meat their basket. “So they’re buying not only plant based meat, but they’re buying animal meat and that’s a really important breakthrough for us,” Brown tells CNBC Make It.



One tipping point in bringing plant-based “meat” to the masses has been the increase in product quality thanks to brands like Beyond Meat,&nbsp;<a href="http://www.kenjilopezalt.com/" class="">James Kenji López-Alt</a>, chef/partner at&nbsp;<a href="http://www.wursthall.com/" class="">Wursthall</a>&nbsp;restaurant in San Mateo, California, tells CNBC Make It.



“Tens of millions of dollars have been invested into researching this product and making it better and making it more real meat-like. And I think we are &#8230; 99 percent of the way there,” he tells CNBC Make It. “It’s close enough that people eating it enjoy it the same way that they enjoy actual ground beef.”



Plus, he says, prices have “reduced drastically” to about the same amount as meat. (At Bareburger restaurant in the Hell’s Kitchen neighborhood of New York City, a Beyond Burger costs $12.95 and a comparable beef burger is $11.99. At the grocer, Beyond retails for about $5.99 for two patties, while four Wegmans patties retail for about $5.44 online.)



All this has made Beyond Meat big business.



Beyond Meat products are in more than 32,000 grocery stores, including Kroger, Safeway, Publix, Target and Wegmans. And Beyond Burger has menus from Fridays and Del Taco to Hamburger Mary’s Bar and Grill to upscale Brasserie Ruhlmann in New York City; they’re served at universities from Ohio State to Harvard and even theme parks like Legoland.



While TGI Fridays declines to share sales data, its senior director of food and beverage innovation David Spirito tells CNBC Make It that Fridays has guests saying they came to Fridays specifically for the Beyond Burger.



And burgers are not the only plant-based “meat” Beyond Meat sells. It also sells&nbsp;<a href="https://www.beyondmeat.com/products" class="">sausage, chicken strips and beef crumbles</a>, and has other products in the works.



“We want to make bacon, we want to make steak, we want to make the most intricate and beautiful pieces of meat,” says Brown.



In November, Beyond Meat filed for a $100 million initial public offering, reporting a 167 percent increase increase in revenue (to $56.4 million) for the first nine months of 2018 from the same period in 2017.



The company has grown from a $4.8 million valuation in 2011 to $550 million in November 2017, when Beyond Meat closed its latest ($55 million) round of funding, according to private market data company PitchBook. In addition to Gates, DiCaprio and Tyson, <a class="" href="https://drive.google.com/drive/folders/1Rv2ZjFIYmfCo4OfN71MHLaLdOc0MGhZx">notable investors</a>include Twitter co-founders Biz Stone and Evan Williams, Honest Tea founder Seth Goldman, venture capital firm Kleiner Perkins and the Humane Society of the United States.



Patties with a purpose



But plant-based meat is not only lucrative, it’s good for the environment.



Beyond Meat was started in 2009 by Brown, who was once a carnivore, but growing up around his family’s farm in Western Maryland had an impact.



“I spent a lot of time there with dairy cows, so I was very close to animals growing up, loved them and was fascinated by them.”



Passionate about the environment, Brown pursued a career in clean energy to help mitigate the effects of climate change. “But I began to realize that livestock had a larger contribution to the climate than many other things that I was working on in terms of the emissions,” he tells CNBC Make It.



Indeed, 3 percent of U.S. greenhouse gas emissions come from methane emitted from cows. And it takes an average 308 gallons of water to produce just 1 pound of beef, according to the USDA. Raising livestock for meat and dairy also depletes farmland.



In fact, eliminating or reducing consumption of such products “is probably the single biggest way to reduce your impact on planet Earth, not just greenhouse gases, but global acidification, eutrophication, land use and water use,”&nbsp;<a href="https://www.theguardian.com/environment/2018/may/31/avoiding-meat-and-dairy-is-single-biggest-way-to-reduce-your-impact-on-earth" class="">said</a>&nbsp;University of Oxford’s Joseph Poore, co-author of a&nbsp;<a href="https://josephpoore.com/Science%20360%206392%20987%20-%20Accepted%20Manuscript.pdf" class="">recent study</a>&nbsp;analyzing the environmental damage of farming.



Producing Beyond Burgers uses 99 percent less water, 93 percent less land, creates 90 percent fewer greenhouse gas emissions and requires 46 percent less energy than producing beef burgers, according to a September&nbsp;<a href="https://beyondmeat.com/whats-new/view/a-burger-with-benefits" class="">report commissioned by Beyond Meat</a>. The report, which measures the environmental impact of a quarter pound Beyond Burger as compared to a quarter pound U.S. beef burger, was conducted by the Center for Sustainable Systems at University of Michigan.



And of course, plant-based “meat” production does not entail any&nbsp;<a href="https://www.aspca.org/animal-cruelty/farm-animal-welfare/animals-factory-farms#Cattle" class="">inhumane treatment of animals</a>, something that plagues factory farming.



For all these reasons, in 2018, Beyond Meat was a co-winner of the United Nations’&nbsp;<a href="http://web.unep.org/championsofearth/laureates/2018/impossible-foods-and-beyond-meat" class="">Champions of the Earth Award, in the Science and Innovation category</a>. The other winner? Impossible Foods.Battle of the&nbsp;burgers



Beyond Meat isn’t the only plant-based “meat” game in town.&nbsp;<a href="https://impossiblefoods.com/" class="">Impossible Foods</a>, which launched in 2011 and is headquartered in Redwood City, California, also makes its products entirely from plants.



<a href="https://impossiblefoods.com/faq" class="">Impossible Burger</a>&nbsp;uses heme, a genetically engineered iron-containing molecule for the taste and aroma of meat. It is available at White Castle (the $1.99 slider) and at other restaurants in the U.S. and Hong Kong, and the company plans to hit grocery stores this year. Actor Kal Penn (who appropriately starred and “Harold and Kumar go to White Castle” — pre-vegan sliders) and Microsoft co-founder and billionaire Bill Gates have invested in the company. Impossible Foods was valued at $350 million in January 2018,&nbsp;<a href="https://pitchbook.com/news/articles/beyond-meat-files-for-ipo-as-vegan-food-industry-matures" class="">according to Pitchbook</a>.



Another emerging company in the space, San Francisco-based&nbsp;<a href="http://www.memphismeats.com/" class="">Memphis Meats</a>, is growing animal meat in the lab. Launched in August 2015, Memphis Meats has raised money (reportedly over&nbsp;<a href="https://www.crunchbase.com/organization/memphis-meats" class="">$20 million</a>) from the likes of Gates and Richard Branson. Unlike Beyond Meat and Impossible Foods, Memphis Meat uses harvested animal cells to grow its product, which is known as called “clean meat.”



But Brown says Beyond Meat’s biggest competitor “really [is] the meat industry itself.”



U.S. retail sales of plant-based “meats” grew by 24 percent in 2018, while animal meats grew by just 2 percent, according to Nielsen data commissioned by the Plant Based Foods Association. The market for meat substitutes is expected to grow to&nbsp;<a href="https://pitchbook.com/news/articles/beyond-meat-files-for-ipo-as-vegan-food-industry-matures" class="">$6.4 billion</a>&nbsp;worldwide by 2023. And&nbsp;Brown and others believe alternative meats are the future.



“In 30 years or so, &#8230; I think that in the future clean and plant-based meat will become the norm, and in 30 years it is unlikely animals will need to be killed for food anymore,”&nbsp;<a href="https://www.virgin.com/richard-branson/clean-meat-future-meat" class="">Branson wrote in a blog post</a>&nbsp;in February.



<a href="https://www.linkedin.com/in/david-j-lee-570907/" class="">David Lee</a>, Impossible Food’s chief operating officer and chief financial officer agrees. “Pat Brown [Impossible Foods founder and CEO] puts it very nicely,” Lee tells CNBC Make It. “He says, ‘You know, one day children everywhere will look up at their parents and say, “What? You used to eat meat from animals? How strange.”’



Lee says the goal is to give meat-eaters everywhere “something that tastes better but it’s better for them, that is better for the environment.”



It’s the goal of Beyond Meat as well.



“Someday, I think plant-based meat will overtake animal protein as the main source of meat,” Brown tells CNBC Make It. “I do believe it will happen in my lifetime.”



This article was first published by CNBC https://www.cnbc.com/2019/01/21/how-bill-gates-backed-vegan-beyond-meat-is-winning-over-meat-eaters.html and is republished with its permission.

Here’s how this plant-based “meat” producer became a $550 million brand, winning over meat-eaters with a vegan burger that ‘bleeds’

Billionaire fortunes increased by 12
percent last year – or $2.5 billion a day &#8211; while the 3.8 billion people who
make up the poorest half of humanity saw their wealth&nbsp;decline&nbsp;by
11 percent, reveals&nbsp;a new
report from Oxfam today. The report is being launched as political and business
leaders gather for the World Economic Forum in Davos, Switzerland.



‘Public Good or&nbsp;Private
Wealth’&nbsp;shows the growing gap between rich and poor is undermining the
fight against poverty, damaging our economies and fuelling public anger across
the globe.&nbsp; It reveals how governments are exacerbating inequality by
underfunding public services, such as healthcare and education, on the one
hand, while&nbsp;under
taxing&nbsp;corporations and the wealthy, and failing to clamp down on tax
dodging, on the other.&nbsp;&nbsp;It
also finds that women and girls are hardest hit by rising economic inequality.



Winnie Byanyima, Executive Director of Oxfam
International, said:



“The size of your bank account should not dictate how
many years your children spend in school, or how long you live – yet this is
the reality in too many countries across the globe. While corporations and the
super-rich enjoy low tax bills, millions of girls are denied a decent education
and women are dying for lack of maternity care.”



The report reveals that the number of billionaires has
almost doubled since the financial crisis, with a new billionaire created every
two days between 2017 and 2018, yet wealthy individuals and corporations are
paying lower rates of tax than they have in decades.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Getting the richest one percent to pay just 0.5
percent extra tax on their wealth could raise more money than it would cost to
educate the 262 million children out of school and provide healthcare that
would save the lives of 3.3 million people.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Just four cents in every dollar of tax revenue
collected globally came from taxes on wealth such as inheritance or property in
2015. These types of tax have been reduced or eliminated in many rich countries
and are barely implemented in the developing world.



<a>·</a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax rates for wealthy individuals and corporations
have also been cut dramatically. For example, the top rate of personal income
tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013.
The average rate in poor countries is just 28 percent.



·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some countries, such as Brazil, the poorest 10
percent of society are now paying a higher proportion of their incomes in tax
than the richest 10 percent.



At the same time, public services are
suffering from chronic underfunding or being outsourced to private companies
that exclude the poorest people.&nbsp;&nbsp;In many countries a decent
education or quality healthcare has become a luxury only the rich can afford.
Every day 10,000 people die because they lack access to affordable healthcare.
In developing countries, a child from a poor family is twice as likely to die
before the age of five than a child from a rich family. In countries like Kenya
a child from a rich family will spend twice as long in education as one from a
poor family.



Cutting taxes on wealth predominantly benefits men who
own 50 percent more&nbsp;wealth than women globally, and control over 86
percent of corporations.&nbsp;&nbsp;



Conversely, when public services are neglected poor
women and girlssuffer most. Girls are pulled out of school first when the money
isn’t available to pay fees, and women clock up hours of unpaid work looking
after sick relatives when healthcare systems fail. Oxfam estimates that if all
the unpaid care work carried out by women across the globe was done by a single
company it would have an annual turnover of $10 trillion – 43 times that of
Apple, the world’s biggest company.



“People across the globe are angry and
frustrated.&nbsp; Governments must now deliver real change by ensuring
corporations and wealthy individuals pay their fair share of tax and investing
this money in free healthcare and education that meets the needs of everyone &#8211;
including women and girls whose needs are so often overlooked. Governments can
build a brighter future for everyone – not just a privileged few,”&nbsp;added Byanyima.

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

PRETORIA (Reuters) &#8211; Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.



Saudi oil would be used in the planned refinery whose construction would be led by state energy company Saudi Aramco, Al-Falih said in comments following a meeting with South African Energy Minister Jeff Radebe in Pretoria.



“There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African energy ministry,” Al-Falih said.



The exact location of the refinery and petrochemicals plant will be finalised in the coming weeks, Radebe said.



Saudi Arabia was also interested in using South Africa’s major oil storage facilities, Al-Falih said, adding that Saudi utility developer Acwa Power was looking at investing in South Africa’s revamped renewable energy programme.



He also confirmed that there were discussions about the kingdom investing in South Africa’s state defence company Denel, which was exclusively reported by Reuters in November.



South African President Cyril Ramaphosa is trying to woo foreign investors to help revive a struggling economy as he prepares for a parliamentary election this year.



Saudi Prince Mohammed Bin Salman met with Ramaphosa on the sidelines of the Group of 20 summit in Argentina in November.



Reporting by Alex Winning; Writing by Joe Brock; Editing by Susan Fenton and Emelia Sithole-Matarise

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Saudi Arabia is planning to build an oil refinery and a petrochemicals plant in this African country

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This chart shows you at what age you’ll become a millionaire

Here’s how this plant-based “meat” producer became a $550 million brand, winning over meat-eaters with a vegan burger that ‘bleeds’

Oxfam report reveals billionaire fortunes grew by $2.5 billion a day last year while poorest saw their wealth fall, here’s why…

Saudi Arabia is planning to build an oil refinery and a petrochemicals plant in this African country

News Tips

Advertise With Us

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