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Bank of England Governor Mark Carney



Bank of England Governor Mark Carney raised concern over extreme volatility in the world’s best known digital currency.

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney said, according to Reuters.

The central banker made the comments at a talk at Regent’s University, London, on Monday evening.

Bitcoin is the largest cryptocurrency by market value. It is underpinned by a blockchain network, which maintains a continuously growing record of transactions across a decentralized network.

In bitcoin’s white paper, penned by its mysterious inventor, Satoshi Nakamoto, the cryptocurrency was envisioned as a “purely peer-to-peer version of electronic cash,” devoid of intermediaries like banks and governments.

Bitcoin has soared substantially over the last 12 months, rising more than 900 percent since February 20 last year, despite huge bouts of price volatility. It is still more than $8,000 off an all-time high it reached in December.

Authorities have been weary of virtual currencies because of their volatile nature and illicit activities involving their use, although some countries are considering the launch of their own virtual alternatives to money.

On Tuesday, Venezuela will launch a pre-sale of its own cryptocurrency, the petro, which the country’s government claims will be backed by oil and other commodities. Skeptics are concerned that the petro could be manipulated by Caracas.

Elsewhere, Sweden is looking into the possibility of a digital version of the Swedish crown, called the “ekrona,” as cash use in the Scandinavian country has steeply declined in recent years.

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Investor Rakesh Jhunjhunwala on India’s electric vehicle market



Indian billionaire investor Rakesh Jhunjhunwala is betting on automaker Tata Motors as one of the winners of India’s growing electric vehicle market.

“I think the biggest and the best player in electric cars in India is going to be Tata Motors,” Jhunjhunwala told CNBC’s “Street Signs Asia,” on Tuesday.

“I am a large shareholder of Tata Motors. I am playing the EV story through Tata Motors,” the investor said.

He explained that valuation will not ultimately decide who will win the race for electric vehicles. Instead, large companies that have manufacturing and investment capabilities, distribution channels, production experience and the ability to design good cars are eventually going to come out ahead, according to Jhunjhunwala.

“I think it’s going to be the Mercedes, the Volkswagens, and the Tata Motors, who are going to be the real winners in the electric race,” he said, adding that another factor required to succeed in India is to be able to customize the cars for Indian road conditions — for example, the ability to drive those cars on flooded roads.

India is also a cost-conscious market where electric vehicle usage is likely to depend on the kind of incentives the government gives, the investor explained. Infrastructure, such as charging stations, still needs to be built out for widespread adoption. But, Jhunjhunwala said, India is “ready as any developing country, but, I think the pace of readiness is going to go up like anything.”

Both Tata Motors and competitor Mahindra & Mahindra already sell electric vehicles. U.S. electric vehicle giant Tesla is reportedly preparing to open an electric car manufacturing unit in South India.

Signage for Tata Motors displayed at the company’s headquarters in Mumbai, India, on Jan. 27, 2018.

Dhiraj Singh | Bloomberg | Getty Images

Diversified financial services firm Motilal Oswal this month told CNBC a lot of the excitement in India’s electric vehicle market is coming from ancillary spaces such as battery manufacturing.

Among the automakers, the firm said it prefers Maruti Suzuki — India’s largest carmaker — because of its strong distribution network even though Maruti itself is not quite as upbeat on electric vehicles yet.

India is attempting to both reduce its dependency on oil and improve its air quality. That is likely to spur a push into electric vehicles.

Reuters reported last year that India has potential plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as part of its efforts to promote the use of electric vehicles. The country previously approved a scheme to subsidize the sale of electric and hybrid vehicles.

In this month’s annual budget for the fiscal year that begins on April 1, India announced a voluntary vehicle scrapping policy to phase out old vehicles that contribute to the country’s poor air quality.

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How to get the answers you want over email, according to an expert



More time than ever is being spent writing emails during the coronavirus pandemic, but as one expert points out, few of us are actually trained to use it effectively.  

Even before the remote working brought on by Covid-19, people were clocking up a huge amount of time on email — six years over the course of a lifetime on average, in fact. 

This was according to a study by software giant Adobe in 2019, referred to by business and marketing consultant Kim Arnold in her book “Email Attraction: Get what you want every time you hit send.” That is longer than time spent eating, socializing or going on holiday, over the course of a lifetime, Arnold highlighted. 

Despite this, she pointed out that no one actually gets formal training on how to write emails. And with enthusiasm for video calls waning, getting email right has never been more important. 

Indeed, Arnold told CNBC via telephone that email has been a bit of an “unsung hero” amid the pandemic, while videoconferencing app Zoom had been considered the “poster child” for communicating virtually over the past year. 

“We don’t really acknowledge what a powerful tool it can be, particularly at the moment,” she said. 

Historically, Arnold explained that workers have used email to mainly exchange information, but that it is now also being used to build professional relationships in the absence of face-to-face meetings.

With that in mind, Arnold shared the following tips for crafting the perfect email to start productive workplace conversations. 

Create a connection

People tend to go on “autopilot” when sending emails, said Arnold, speedily firing out messages without really engaging our brains.

“Actually, we don’t create connections like that and when we are working remotely we need to create those connections,” she said, describing email as a “conversation with a pause.”

She advised people to imagine what the first thing they would say if the person they are emailing were sat opposite them.

“Quite often we find that it’s not something like ‘I hope this email finds you safe and well’ or ‘please find attached the aforementioned report’,” she said.

Instead, she encouraged people to write more conversationally, even by starting with something as simple as “how are you?” and keeping in mind that we should “write to connect, we’re not writing to impress.”

In her book, Arnold also recommended avoiding opening phrases like “I’m writing to introduce myself…,” which focus too much on the sender.

An example that she gives of a more effective opener that focuses more on the recipient would be: “Your LinkedIn article on strengthening client relationships got me thinking.”

Spending a few seconds before writing the email to think about who the recipient is, what you want to happen after the email, and why they could care, should “skyrocket the chances of your email being opened and replied to,” she said.

Clear calls to action

One of Arnold’s biggest pieces of advice was to make sure every email has a call-to-action, that is “100% clear on the one thing you want that person to do next.”

All too often, Arnold said, people bury what they really want in an email, for fear of coming across as too direct or imposing on someone else’s time. She said that being clear and specific about what we want and giving a deadline, is actually more respectful of someone else’s time. 

“Often we say ‘do you have time?’ … ‘it would be great to discuss’ is a classic one at the end of the email but it’s so vague and then the onus is on them to check their diary to suggest dates,” she said.

Short explanations

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IATA app could restart quarantine-free, international flights



People wait for passengers at one of the International Arrivals halls at London Heathrow Airport in west London on February 14, 2021

JUSTIN TALLIS | AFP | Getty Images

A new app, set to launch within weeks, could mark the first step in resuming quarantine-free international travel.

The International Air Travel Association (IATA) travel app will allow governments and airlines to digitally collect, access and share information on the status of individual passengers’ Covid-19 test and vaccination.

The industry body, of which 290 airlines are members, said the tool will bring greater “efficiency” to health documentation checks, while speeding up the recovery of the hard-hit travel sector.

“It’s really about digitizing an existing process,” Nick Careen, IATA’s senior vice president for airport passenger cargo and security, told CNBC Wednesday.

If we do manual processing, we will come to a grinding halt the minute we begin to see a restart.

Nick Careen

senior vice president (APCS), IATA

“This is the way forward, because if we do manual processing, we will come to a grinding halt the minute we begin to see a restart,” he said.

Singapore Airlines will be the first carrier to pilot the tool on an end-to-end London Heathrow route. Thirty other airlines, including Air New Zealand, as well as Emirates and Etihad in the UAE, are set to conduct trials through March and April.

IATA is not alone in developing so-called digital health passports intended to restart cross-border travel. International agencies, governments and tech companies are all also pitching in. But Careen said he hopes the app will establish a “minimum set of requirements” to allow for greater interoperability.

“Eventually you’ll see multiple people in this space,” he said, “but we’re setting the baseline in terms of what the standard needs to be.”

With the new app and continued vaccine rollouts, the global airline association estimates that travel could reach around 50% of 2019 levels by the end of this year.

Analysts had previously expected a greater pick up in travel in early 2021, but the continued spread of the virus and the emergence of new strains have pushed back those expectations.

“That’s the current economic forecast,” said Careen. “There’s a lot of variables that play into that.”

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