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World Youth Skills Day: Young entrepreneurs taking the lead

By
Jasmine Khan
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World Youth Skills Day - Point2Note
World Youth Skills Day

We all think of different ideas that may have the potential to grow. However, building a business during VUCA (volatile, uncertain, complex, and ambiguous) environment requires much more work than a robust plan, ability to adapt and courage to accept setbacks. Those who are willing to take the risk are constantly working on building new strategies to overcome the current COVID-19 situation and help their business grow. At this point, young entrepreneurs are utilizing existing opportunities and innovating their products and services to provide effective solutions for global issues. No better than today, which is World Youth Skills Day, to look at the journey of these young entrepreneurs who are reshaping the businesses and making way for a better future. Despite the global halt in most businesses, there has been an increase in entrepreneurial activities, which is mainly driven by innovation.

Several young entrepreneurs believe in turning adversity into an opportunity by creating products and services for the people and the community, who are now getting accustomed to the ‘new normal.’ Two young entrepreneurs, Adwitiya Mal and Mukul Pahwa, have created an innovative venture ‘Dhoond.com,’ which is an artificial intelligence-enabled platform to search blood plasma donors in India needed for the treatment of COVID-19 patients. The platform uses artificial intelligence to match the donor with the patient based on different medical conditions.

Moreover, the patient that recovers from COVID-19, the database maintains their record as they become a potential donor in a few days. Mukul Pahwa, the co-founder of Dhoond.com, stated,

“We have used the AI to build a back-end for the intelligent matching. There are some basic rules defined in AI. I have created some filters like location (city), blood group, age, existing health conditions, distance, etc. based on which the donor-patient match is created. Once a new person enters his personal information, the AI starts running the check, and the match is found from the existing database of the donors.”

Another new venture, Connect360, launched by a team of young entrepreneurs, is a Public relations and content platform that showcase Corporate Social Responsibility (CSR) stories of big corporates with respect to their efforts to battle against COVID-19. Co-founder of Connect 360, Mohita Bahadur, says,

“The fact cannot be denied that we all are going through tough times. However, this is also the right time when professionals like us come together and create a platform which helps us as a professional and help the brands to share their stories with their relevant audience and industry at large.”

Another inspiring example to highlight here is Upcycler’s Lab. The Upcycler’s Lab is dedicated to develop an eco-conscious mindset and behavior among children through play-based learning games such as board games, puzzles, and storybooks. Amishi Parasrampuria, founder of  Upcycler’s Lab says,

“Catering to children aged between two and nine-years-old, the Upcycler’s Lab has designed collaborative board games, puzzles, storybooks, and eco alphabet flashcards, based on environment-related topics including waste segregation, forest and wildlife conservation, among others.”

The venture has its global presence with offices located in India, Kuwait, Germany, and Singapore.
The World Youth Skills Day is an opportunity to celebrate the leadership and entrepreneurship efforts of these young leaders in addressing current and future global challenges. The initiatives undertaken by these young entrepreneurs not only inspire but their success stories are a source of motivation for young people who want to take charge as future leaders.

DHL responds to COVID-19 with immediate effect

By
Jasmine Khan
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0
Logistics Service DHL - Point2Note
Logistics Service DHL

The supply and delivery of the majority of goods and services have been halted across the world due to COVID-19. However, it did not stop one company from making its best effort to emerge as an exemplary example by playing a significant role in saving the lives of the people. It is none other than Logistics Service DHL (Dalsey, Hillblom, and Lynn), an America based express mail service. Despite being severely hit by the epidemic, they also managed to remain sustainable and profitable. 

The company  played an essential role in supplying emergency medical equipment and protective gear such as PPE kits, masks and sanitizers in considerable quantities to the healthcare workers as well as ensuring delivering of essentials to the consumers. DHL, as a corporate citizen, has offered its solutions to mitigate the risks and impacts of the COVID-19 outbreak to a great extent. 

 “Our employees are working almost around the clock to get important deliveries to where they are urgently needed. We’re currently seeing a strong shift in demand towards products and goods needed in the fight against Covid-19.” – Tobias Schmidt, the CEO of DHL

With holistic management and strategic planning, the company has ensured its services continue without any interruption. They have also coordinated with international organizations such as WHO and CDC to support. According to the official report released by the company, a majority of air freight, ocean freight, and rail freight are functional following the safety guidelines and instructions of the regulatory bodies.

DHL’s primary goal is to ensure meeting the safety protocols that are necessary during the Coronavirus outbreak by maintaining contactless deliveries. To further support the company’s mission, employee cooperation is also worth noticing these challenging times. With the help of flexible working arrangements and the company’s emphasis on the ‘Safety First’ approach, the work process of DHL has been smooth and safe. For additional precautions, DHL banned global business travel of any kind and postponed the non-essential meetings and events. 

The company has resorted to adopting a remote working approach at several centers to maintain a robust communication flow among the management and the employees. The local teams frequently interact and stay updated about the next steps with internal communication channels.

Additionally, to ensure its employees’ safety at various centers, DHL has mandated use of masks and gloves and has equipped the offices with hand and scanner sanitizations at several points. Moreover, to meet the demand of the shipping orders, the company has also escalated its hiring processes, unlike other companies who are downsizing due to the negative impact of COVID-19. The method of hiring and selection is taking place virtually. It has opened avenues for improved employment opportunities in other industries as well since now the geographic limitations will no more be the hindrance in securing a job. Other companies, too, have been welcoming to the new hiring models, even if the mode of hiring needs to be slightly different given the present scenario. 

The operations and efforts of Logistics Service DHL during the Covid-19 crisis have earned the company a good reputation internationally and have presented a positive outlook for the economy and other industries.

Electric mobility and the upcoming trends: An overview

By
Shahzer Rahman
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0
Electric mobility - Point2Note
Electric mobility

When we look at the top 5 automobile markets, volume-wise, China, USA, EU, Japan, and India top the list. India is the 2nd largest two-wheeler market, standing next to China and Japan. The increasing demand for automobiles and the BS-IV to BS-VI transition help drive electric mobility in India. ICRA’s analysis report shares that “Diesel passenger vehicle share in India is expected to decline 15-18% in FY2022 from the current 29% in FY2020.” Out of which, the share of diesel cars will eventually slip to 5-7 percent making way for CNG and hybrid vehicles.

On the other hand, The UK plans to accelerate its “Net zero-emission” program, and ban diesel, petrol, and hybrid vehicles. The UK is one of the first countries to have already announced it and are now discussing the same with their experts to meet the timelines. Experts say that the country intends to ban combustion vehicles by as early as 2032 to meet the UK’s carbon reduction targets.

Electric vehicles have already made their mark in the modern-day world. They are usually marketed and segmented into three different categories, namely, Battery electric vehicles, Plug-in hybrids, and Fuel-cell vehicles. Electric vehicles in the US alone have diversified their operation roles, and the opportunities are still growing. Electric sanitization trucks are making significant moves in the western countries. German automotive company Daimler recently announced its upcoming new truck eEconic and said,

“The eEconic will at first be offered in the configuration 6×2/N NLA and is mainly in demand as a waste-collection vehicle. Battery-electric trucks are very well suited for urban use in waste management due to the comparatively short and plannable daily routes of up to 100 kilometers with a high proportion of stop-and-go in inner-city traffic. With an anticipatory driving style, electrical energy can be recovered during braking to charge the battery, which further improves range and efficiency.”

Rashmi Joglekar, a staff scientist at Earthjustice’s Toxic Exposure & Health Program, says that a study by Harvard University found

“There is a striking association between long-term exposure to harmful fine particulate matter and COVID-19 mortality in the United States”.

One of the primary causes of fine particulate matter pollution (PM2.5) is combustion from gasoline and diesel car engines. Climate change all around the world is driving electric mobility positively. Countries worldwide are promoting electric vehicles in the foreseeable future as an attempt to eradicate pollution and control climate change. One of the primary reasons behind the shift is because of the efficiency of an electric vehicle.

Electric vehicles run at an efficiency of approximately 60-80% compared to a traditional combustion vehicle, which runs at 20%. This considerable improvement is another critical reason that accelerates the adoption of electric vehicles. Electric vehicle critics say that the charging infrastructure required to operate Electric vehicles is a challenge and that not everyone has a garage to charge their vehicles. On the other hand, the workplace charging station concept is gaining traction today, and also claims that the idea helps the involved leadership demonstrate adoption of advanced technologies.

Almost all stakeholders in the present-day economy depend on Lithium ion cells to drive their vehicles. The cost and manufacturing involved in producing Li-ion cells take a massive share in adding to the vehicle’s luxury. Japanese Power pioneer Hideaki Horie recently invented a battery that is 90% cheaper than lithium ion. Hideaki Horie, formerly of Nissan Motor Co., founded the Tokyo based APB CORP in 2018 to make “All-polymer batteries.” In 2012, he was approached by Sanyo Chemical Industries Ltd., which was known for its super absorbent materials used in diapers. Later, in 2018, Sanyo Chemical became one of APB’s early investors. He claims that the construction and chemistry involved in his idea reduce the cost of batteries by 90%, making the assembly as easy as spreading butter on a toast. Efforts by Sanyo Chemicals and APB Corp will hopefully be one of the major factors driving electric mobility in the near future.
Horie also believes that the industry needs disruption, and was recently recorded saying, “Battery makers have become assemblers. We are putting chemistry back into the lead role.”

The electric vehicle industry is booming, and despite the pandemic, the developments in India and other countries have been noteworthy. The pandemic has led major stakeholders to realize the importance of sustainable innovation, and electric vehicles are at the forefront of it. Industrialists and visionaries worldwide are investing in technology, and the decisions taken by them would be a significant factor in driving electric mobility.

Black Lives Matter Movement: How YouTube, Netflix and Amazon stood up in solidarity

By
Jasmine Khan
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0
Black Lives Matter Movement - Point2Note
Black Lives Matter Movement

In the woke hours of June, the world witnessed one of the major movements against racial injustice in the history of the United States. People from all over the world showed solidarity towards supporting the ‘Black Lives Matter’ movement. People raised their voices and demanded justice for the police killing of an unarmed black man, George Floyd. Protests were organized in the United States and different parts of the world, followed by millions of people using the hashtag #blacklivesmatter in their online space such as Twitter, Instagram, and Facebook.

A few weeks into it since the movement first sparked attention, there was a sudden need to introspect and how it will impact the mindset of people and industries across the world. The Black Lives Matter Movement forced all of us to change the way we think while Media and entertainment industry took the responsibility to shed light on the long history of racial discrimination and injustice to educate everyone. Hollywood players such as Hulu, Amazon, Disney, Warner Bros, Fox Entertainment, HBO, Netflix, and YouTube came out strongly to support the movement. While some companies preferred to release a public statement, some pledged donations to support the efforts of those participating in addressing social injustice.

A tweet from YouTube was released, stating,

“We stand in solidarity against racism and violence. When members of our community hurt, we all hurt. We’re pledging $1M in support of efforts to address social injustice.”

In this regard, one of the important steps have been taken by Netflix, as it launched a wide collection of movies, TV series, and documentaries to US subscribers focused on ‘Black Lives Matter.’ As soon as users log in to the platform, a pop-up screen opens that displays the content of the Black Lives Matter collection. The collection includes ‘Orange Is the New Black,’ ‘Da 5 Bloods’, ‘Dear White People,’ ’13th’, and the Oscar-winning movie ‘Moonlight’ among several other titles. The collection also comprises of several themes such as ‘Black behind the Camera,’ ‘Black Comedy Icons,’ and ‘Black & Queer.’

In its official statement, Netflix tweeted,

“When we say ‘Black Lives Matter,’ we also mean ‘Black storytelling matters. With an understanding that our commitment to true, systemic change will take time – we’re starting by highlighting powerful and complex narratives about the Black experience.”

Launching this collection can be considered one of the major steps taken by a media and entertainment company to educate people and youth about the narratives of Black people. The collection has stories about the Black people narrated by them, unlike the decades of stereotypical representation and projection of Black people in the mainstream media. Such movies and documentaries will help to educate people about their culture, community, and struggles. Even if it reaches only a specific set of audience, the effort is still commendable, as it puts the spotlight on Black actors, movie makers, artists, directors, writers, and producers. This allows people to perceive other cultures and acknowledge diversity while empathizing with their experiences.

Similarly, supporting Black artists, Amazon Studios posted on its social media platform,

“Together we stand with the Black community — colleagues, artists, writers, storytellers, producers, our viewers — and all allies in the fight against racism and injustice.”

The media and entertainment industry raised their voices regarding the Black Lives Matter movement and took the initiative to educate everyone as well. Showing solidarity against racial injustice and discrimination by speaking up, raising voices, and taking actions, reflect a systematic introspection and reflection on parts of these giant media players within the entertainment industry.

Building a business idea post-pandemic? Choose, adapt and grow

By
Shahzer Rahman
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0
Building a business idea post-pandemic - Point 2 Note
Building a business idea post-pandemic

The evolution of business and business methodology has progressed during the last 1000 years or so, and businesses have still managed to thrive in eras of political, social, and natural calamities. If you’re someone who’s skeptical about your B-plan, here’s a guide curated to help you with building a business idea post-pandemic.

“Ideas and creativity still matter a lot, but they need to be connected to technology, consumer insights, and analytics.” –Christopher Vollmer, Media and Entertainment Strategist

We are all aware of the situation around us. Many industries are struggling to find their way amidst pandemic. So, what makes a business idea come alive during this time? Businesses that continue to provide solutions to everyday problems worldwide will manage to stay afloat, primarily because they evolved. Why do Ed-tech companies are seeing a boom in revenue and customer engagement? Board infinity recorded a 400 percent revenue soar in FY20. Unacademy says, April 2020 has been the best month in the last 3 years of its operation. Stories like these are living examples of how Ed-tech industry is developing even in the pandemic state. Yet, how many home science and crafting courses do you find online? Is there a market for that? Or does building a business idea post-pandemic in that niche helps? Think about it.

As people transition from an office environment to remote working culture, many events and seminars are being postponed. For companies that are still managing to call clients online for seminars, things remain uncertain. How about helping them organize their meetings and webinars, moderating the end to end solution, and providing them a one-stop web-meet arena? Sounds like a plan.

A ‘networking platform’ is another domain seem to pick up a vibe. As more and more people stay indoors, connecting them to the outside world via online platform is predominant. Networking groups are a much sought after opportunity for people looking for work. Connecting employers with candidates with the hell of a much simpler and accessible platform can work wonders at this time. Alternatively, innovative gardening practices or another hobby is yet another way to connect like-minded people looking for an opportunity to network. Building a business idea post-pandemic in this niche shouldn’t be a problem if you can create value innovatively.

The Gaming industry is also budding right now. Businesses that develop distribution channels and marketing schemes for companies that relate to gaming can succeed. An Engagement Alliance report says that the global gamification market was running at $5.5Bn back in 2018. If you’re someone who’s willing to put the hours required into learning the process, this might be a great business opportunity in the current scenario. As things improve, the prospects of getting leads would further improve.

“The key is to keep the DNA of the business intact so that when we come back out of this incredible, unique situation, we have all the building blocks we started with before to spring right back into business.” – Kevin O’Leary, Entrepreneur and co-star of Shark Tank

The idea is to think like a customer. When you think like a customer, you realize the problems faced by customers and make efforts to solve them. That’s what good businesses do. In times of crisis, it depends on how you leverage the existing potential and market it. Lack of competition, correct product placement and invariable motivation can do wonders in building a business idea post-pandemic.

Will Ed-tech companies continue to rise and build an impact?

By
Mayank Sachdeva
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0
Ed-tech companies - Point 2 Note
ed-tech companies

During the pandemic, the world is trying to cope with the changes as quickly as possible. The key to a smooth transition is to adapt and look for ways to implement new learning models. One such sector that rapidly defines the new normal is the education sector that will rise and build impact via e-learning tools and techniques. Ed-tech companies such as BYJU’S, Dexler Education, UpGrad, Educomp Solutions, Vedantu, continue to rise and expand, simultaneously conceptualizing new tools and techniques increasing impact.

Amid the pandemic, BYJU’S has witnessed a 150 percent increase in its enrollment on the mobile application. The COO of BYJU’S says,

“We are extremely heartened by the overwhelming response to the free lessons on our learning app with 6 million new students learning in March 2020 alone. This reiterates the fact that online learning mediums are a great enabler in helping students when they learn from home.”

If we look at the report published by Technavio Plus, “the market size of online education in India has the latency to see a growth of USD 14.33 billion during 2020-2024.” The report shows a detailed analysis of the online education market by product and end-user and analyzes its competitive landscape.

This new model of imparting knowledge comes with its various advantages as well. These include access to information through live sessions being recorded for the ease of reference. The platform’s responsiveness makes students explore sources of information, the flexibility of multimedia, and expand on their learning curve. Apart from learning, the assessment is also following a practical approach. The teachers can easily map the effectiveness of the sessions and give/receive feedback in real-time.

With ed-tech businesses gaining scale, there’s no better time to increase the headcount. The e-learning industry is most likely to create more and more jobs in future to rise and build impact in the market. They have also attracted billion-dollar investments from various investors. “We are growing at 100% year on year – and expect to ramp up 3x next year,” says co-founder Mayank Kumar, UpGrad.

Being connected is one such benefit of the e-learning adaptation. Unlike schools and university hours, learning never stops online. The creative freedom and flexibility of using various multimedia techniques to explain, assess, and reach out make it the most fun way of learning. With young kids learning from home, Vedantu is also looking to expand its learning capabilities into new categories like early childhood to lower grades (kindergarten to standard 5).

The only people impacted, and benefitting are not students and teachers but also the parents. Recent times around the world have been challenging for one and all. With e-learning tools, parents can gauge their child’s performance in real-time. The school learning sessions also involve parents to participate, which makes learning fun but beneficial too.

While the world is taking the time and making efforts count to heal the mother earth, the e-learning does its bit by encouraging no paper learning. Reduced paper use is a direct reduction in the number of trees being cut for stationary.

In times of confinement, learning and education should not be confined. The access and ease of online education via ed-tech companies have started a revolution. Also, the changes around us is increasing our trust and reliance on digital guidance that’ll continue to rise and build impact for the companies.

Economy post COVID-19 and next steps

By
Jasmine Khan
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0
Economy post Covid-19 - Point 2 Note
Economy post Covid-19

The world economy has come to a standstill, as several countries have imposed restrictions on trade and movement across the borders to contain the spread of the virus. COVID-19 is one of the significant contributors to the current economic crises the world has faced in years. Despite the gloomy outlook of people regarding unemployment concerns, and threats of recession; the report by S&P Global rating has somewhat given a hope that the Central banks are most likely to intervene, to prevent the systematic failures of the financial sector and the entire collapse of the economy by injecting liquidity in the system. Such measures are predicted to reduce the risk of economy post COVID-19.

The research report prepared by PwC has revealed a positive outlook for the Fintech industry as it has provided a new operating business model. The study highlighted that the FinTech industry is expected to observe growth trends post Covid-19. The payment systems and online banking services are among the most used services by the people of India to complete a contactless payment while practicing social distancing. The FinTech companies are expected to continue providing their services to ensure a smooth banking and payment system across India. Thus, it is anticipated that digital purchase and payment habits are here to stay and expand further even after things return to its normalcy.

The partner and Leader of Fintech, Vivek Belgavi, asserted that “FinTech sector in India, across startups and incumbents, needs to go beyond liquidity challenges. They need to tap opportunities arising from broader sectoral digitization and changing consumption preferences to stay competitive and well-positioned to capitalize as the economy revives.”

Mastercard in its study conducted between 27 April 2020-17 May 2020 across 15 countries, including India, has revealed that India’s buying habits have changed during the coronavirus period, as nearly 86% of the people prefer to choose the online shopping mode, because of the hygiene concerns. Furthermore, the Shopping Index Report shared by Salesforce alone has shown a 20% increase in the revenue of the e-commerce industry for the first quarter of this year.

Another industry that expects to boost economy post COVID-19 is the Insurance sector. The giant insurance company, Aditya Birla Sun Life Insurance, has already partnered with Paytm and is looking for collaboration with other e-commerce platforms such as Amazon to access distribution channels of insurance through these platforms. The partnership between the insurance companies and top e-commerce companies is unique as it opens multiple avenues for extensive opportunities for other banking products and services, to shift their focus on leveraging the benefits of the e-commerce sector.

In words of Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance,

“The profile of the customers (on these platforms) is typically very different and that will define the size and the value mostly. Considering the number of customers then definitely it could be a large opportunity. These will help increase the penetration of insurance on a pure number basis”.

The outlook for the insurance companies seems positive as well. Given the existing situation of Covid-19, more and more people are looking for options to get insured that can cover the unforeseen mishap due to the pandemic. Therefore, people are getting more concerned about their health and will look for financial security that can support them to cope up with the uncertainty of the global health crises. Thus, the next step to improve the condition of economic systems is to be kept in mind. Majorly, pay attention to the development of those industries that have the potential to grow, such as the payment sector, online banking, e-commerce, and insurance sector, that can provide the much-needed push for the economy post COVID-19.

Despite slowdown of the economy, few industries such as finance, online banking, insurance, and e-commerce can outperform its current performance in the future, as high growth in these sectors is expected, that can help in sustaining and supporting the economy of India post the pandemic.

Proud to support LGBTQ+ community with an inclusive work environment

By
Srishti Bajaj
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1
LGBTQ+ community - Point2Note
LGBTQ+ community

In the last few months, the world has witnessed global emergency to situations such as standing up to fight injustice in the Black Liver Matter movement. However, amidst all this, various brands did not leave the essence of Pride Month behind. They showed their support for the LGBTQ+ community with various initiatives to help bring a change of an inclusive work environment.

June was chosen as the Pride Month to honor the LGBTQ+ community. It was in 1969 in New York that the Stonewall Riot changed their fate. The first surprise protest was taken to the streets when people broke out after the police raided a well-known gay club back in the times. The protests continued for days, and it was only a matter of time before the Gay Liberation Front and several other civil organizations were taking a stance for queer communities. Exactly a year later, a march commenced from the same point in Stonewall. It was then declared as the first official gay pride parade. In the memory of this revolution, June was turned to the month of rainbows, aka the Global Pride Month. The pride parade is not only about extravagant makeup, drag performances, and rituals. The broader concept behind celebrating Pride Month is to spread awareness about the struggles that the LGBTQ+ community members face at every step of their lives, from workplaces to households.

Pride month and initiatives by companies are showcased by supporting the United Nations Standards for LGBTI that lists down standards of conduct for tackling discrimination against the LGBTQ+ community. Refinitiv, VISA, PayPal, Charles Schwab Corporation, and Accenture are a few of the many financial services companies that have made it to the financial news list in terms of pride month 2020.

“Difference matters. #Pride2020 is a month for all of us to recognize our diversity. @davidwicraig, @Refinitiv CEO, highlights five things we can do to create a more inclusive world.” – tweeted Refinitiv, a global provider of financial market data and infrastructure.

Refinitiv also switched to rainbow-colored logo to show support. Their commitment to the community stands out as an act of true expression of its company’s values. Leading by example, they have also installed gender-neutral restrooms at work, offered parental leave policies to support LGBTQ+ parents, and gave them a chance to find their safe space and escape prejudice through employee network.

VISA, a financial services company, believes that Pride month is an important time to recognize LGBTQ+ community and celebrate our inclusive work environment. They organized parade marches, workshops, panel discussions and events taking place from San Francisco to Seattle to Salt Lake City.

“PayPal’s LGBTQ network, PayPal Pride, celebrates and furthers our commitment to inclusion, diversity, and support for our LGBTQ employees and allies. We host 16 chapters across six countries. In 2017, for the sixth consecutive year, PayPal earned a perfect rating of 100 percent from the Human Rights Campaign Corporate Equality Index, making it one of HRC’s “Best Places to Work” for lesbian, gay, bisexual, and transgender employees.” as said by PayPal.

LGBT community has been through several struggles. Looking at more industries, brands, and individuals taking a positive stance for the community shows a ray of hope for an inclusive work environment and society as a whole.

COVID-19 Relief Efforts: Life restoring endeavors

By
Jasmine Khan
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0
COVID-19 Relief Efforts - Point2Note
COVID-19 Relief Efforts

People are looking for emotional and mental health support to overcome the catastrophic outbreak of coronavirus, but they are also in dire need of financial help and relief. During such challenging times, the banking and insurance companies relaxed their terms & conditions and helped with generous donations. They have also pledged to extend their support to the customers, employees and communities with respect to COVID-19 relief efforts.

Bank of America, one of the prominent pillars of the United States banking industry, took the initiative to refund the overdraft fees, deferring payments of mortgages and loans, and late fees. The company has also suspended its activities related to foreclosures, evictions, and repossessions. The Bank has also released one of its kind, $1 billion, Corporate Social Bond, that focuses on the COVID-19 pandemic. This social bond created a buzz in the financial news for becoming the first-ever commercial Bank to introduce anything like this. The bond comes with a 4-year lock-in period at a fixed interest rate for the first three years, and a floating interest rate afterward. All the proceeds from the bond will help local communities cope up with the widened economic and racial inequality caused by the COVID-19. The amount will be allocated towards funding for not-for-profit hospitals supplying for purchasing medical equipment for Coronavirus testing, diagnosis, treating patients, and providing better nursing facilities.

In words of Bank of America’s CEO, Brian Moynihan, “The events of the past week have created a sense of true urgency that has arisen across our nation, particularly because of the racial injustices we have seen in the communities where we work and live. We all need to do more.”

Another top insurance company, American Family Insurance, is returning nearly $200 million to auto customers, who might be struggling due to poor financial conditions. While several companies have resorted to conducting mass layoffs across industries, they are committed towards COVID-19 relief efforts.

The CEO of American Family Insurance, Jack Salzwedel, penned down a letter, stating, “American Family Insurance is committed – and prepared – to serve you while also keeping our people and communities safe. So often, we’re at our best when the situation appears to be at its worst. We’re on this journey with you and look forward to supporting you in whatever way we can.”


Citibank is also not shying away from helping its employees and communities. To support the small businesses, the bank decided to wave off its monthly service fee, including penalty for early Certificate of Deposit withdrawals, and remote deposit capture fees. Citibank also announced to waiver the late fees and deferral of the monthly payment of personal loans for up to 2 statement cycles. Additionally, they have also contributed nearly $65 million towards the help and care of the frontline workers and their families by providing funding for medical equipment, gears, and meals.

The effort of World Bank Group’s in response to the situation is commendable. They have laid out an extensive and detailed operational plan to help affected countries. The organization has announced $12 billion direct support towards the COVID-19 relief efforts to help the countries at a broader scale cope with the adverse health and economic impact of the pandemic. Over the next 15 months, the organization will also provide $160 billion to help improve the health, economic, and social situations of the worst affected countries. The World Bank Group President, David Malpass, said, “We are working to provide a fast, flexible response based on developing country needs in dealing with the spread of COVID-19.” The financial relief package focuses on strengthening the frontline health-care services and primary health care services, training the nurses and health workers, increasing the effectiveness of monitoring and reporting the cases, and improving the condition of treatment, especially for the poor patients. Such initiatives and immediate response from these companies are worth mentioning and applauding.

During such times, help and support can be initiated from many directions. These organizations have set a remarkable example of how an industry can help in strengthening the economy and supporting the communities at a global level by coming together in times of need.

Flying high and safe, after world’s airlines recover

By
Abhimanyu Hazarika
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1
Fly high and safe - Point2Note
Fly high and safe

The current situation of COVID-19 has majorly hit the aviation industry. Necessary restrictions on air travel to curb the virus spread damaged a sector with declining margins. However, if some facts and adaptations required to be believed, the future offers much promise for flying high and safe. These adaptations can both change the way we travel and revitalize the aviation industry in the future.

Lok Sabha MP representing the ruling party and the Chairman of the Standing Committee on Finance (Indian Parliament), Jayant Sinha, sees some positive trends, in any case. He believes that the way airports operate will change forever. Further, airlines’ safety-screening scenarios will be upgraded and be more beneficial for public health in general. He writes,

‘Testing centres will be implemented at airports and you will have to go through before you board an international flight. The test will take a few minutes. You will be allowed to board a flight if you pass the test. It is likely that these testing centers will have to be placed at every embarkation point (airport, port, highway) and be run by some government agency under strict privacy safeguards.’

It leads to the prospects of streamlining the importance of our health records. Putting these in practice will operationalize the safety aspect of flying high and safe. Health records may become publicly accessible, Sinha argues. He further writes, ‘Today, our credit score is accessible for financial institutions to judge at what price they want to us give us loans. Tomorrow it could be our viral score that will be continuously updated and available for different purposes.’

If we look at the global industry trend, they use Government data to trace the contact history of travelers. It eventually helps in monitoring infected individuals and restrict them from traveling right on time. It will also build faith in the system to bring more travelers back and enable them to fly high and safe soon.

How Government is working behind the scenes to rescue affected companies is also worth noticing. To renationalize the airline, Italy has recently proposed to buy back its bankrupt flagship carrier Alitalia afloat for €600-million ($647 million) loan under discussion.

At the same time, the Government in Paris has also reassured to intervene to protect the country’s economic assets. Finance Minister Bruno Le Maire says that “this could include capitalizing corporations or taking stakes in struggling companies.”

The nationalization of airlines might be a boon for the industry for flying high and safe. It is directly related to allied services and businesses. A more financially stable airline may hire and source more from private players than a debt-crippled airline. Further, the Government’s objective of social welfare will help meet the service needs of taxpayers. If the words of Jayant Sinha are anything to go by, flying is set to change, and all airline companies are poised to take advantage of it.

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