Sir Richard Branson calls for greater global wealth distribution


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Sir Richard Branson called for the greater distribution of global wealth through investment in high-quality entrepreneurs at a time when trust in capitalism is at an all-time low.

Speaking during the Milken Institute's Mena Summit in Abu Dhabi on Tuesday, the British businessman urged that more people benefit from free markets.

“We have to try and do everything we can to lift the vast majority of people up, when for the last few years the vast majority have not seen their living standards improve,” Sir Richard said.

Interest in socialism has risen in the past decade since the global financial crisis. This is more pronounced among young people, who are distrustful of capitalism as they bear the brunt of previous financial systems that have left them struggling to find job security and accumulate wealth.

Sir Richard said socialism was not the answer, but that governments and businesses should work hard to make free-market systems benefit more people.

“If you had to point to one country where socialism has worked, I don’t think you can find one,” he said.

“Take Venezuela – it [socialism] has resulted in a bankrupt country or worse. And in the UK, when governments ran everything, it really didn’t work that well.

“So I don’t think we should throw out capitalism. But for those of us who are fortunate to have made wealth, we have a responsibility to throw that out there and tackle some of the great problems. If we don’t do that, then we deserve to have very heavy taxes levelled on us.”

Sir Richard cited the UAE as an example of a free-market state that has achieved growth and success through investing in strong financial systems, high-growth businesses and quality entrepreneurs and start-ups.

“The reason Dubai and Abu Dhabi are doing so well is because they have many entrepreneurs that are making a mark, creating something that they can be proud of – and the bi-product of that is that wealth comes your way,” Sir Richard said.

The billionaire founder of the Virgin Group, with interests spanning the aviation, retail and space industries, also told the Milken Summit that climate change is one of the biggest threats facing the planet. He urged governments to introduce a ‘carbon tax’ on energy-guzzling companies, with the proceeds redirected to those promoting and utilising clean energy.

“We need to start creating a differential between clean fuel and dirty fuel – then we’ll start seeing the clean fuel companies doing better than the others,” he said.

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The UK’s impending departure from the European Union, or Brexit, is “the worst thing that’s happened to Britain, and Europe, since the Second World War”, Sir Richard added, saying that it is dragging down the UK’s economic growth and exposing the pound sterling to high volatility.

“If, God forbid, we get a hard Brexit, the pound will drop to parity with the dollar. I hope sense will prevail and the UK government holds a second referendum.

"We must do all we can to prevent Europe breaking up,” he said.

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Roll of honour: Who won what in 2018/19?

West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles

UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up  Jebel Ali Dragons

Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins

UAE Conference: Winners  Dubai Tigers; Runners-up  Al Ain Amblers

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(Verve)

Start-up hopes to end Japan's love affair with cash

Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.

Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.

Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.

Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.

Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.

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