The London-based research group also stated that it based its latest calculation on its survey of over 1,000 ACP recipients as well as data from Recon Analytics, the FCC and the Benton Institute, along with the commentary from companies in the ACP programme and data obtained during the COVID pandemic.

The Affordable Connectivity Programme, which has kept millions of low-income American families with a low-cost high-speed internet connection since the beginning of the COVID pandemic, is now facing the prospect of being shut down, as the funds required to run the programme are about to end in April 2024.

New Street Research’s survey found that 27% of ACP beneficiaries would drop internet services if their bill increases by USD 30 (the amount of the ACP subsidy). However, the research body’s analysts estimated that around 1.2 million households may end up performing the move, given the fact that survey responses often do not directly correlate with actual consumer behaviours.

The firm also estimated that around 1.6 million households will cut their telecom spending by USD 15 per month if the ACP ends. The ACP gets support under the United States government’s Emergency Broadband Benefit (EBB) programme, instituted during the COVID pandemic, and distributes subsidies of up to USD 30 per month to low-income households for telecom services. As of March 2024, the programme has some 23 million American households as beneficiaries.

Companies in the programme were required to warn customers by March 19 about the uncertain future the scheme faces.

The Federal Communication Commission (FCC) also noted that May would be the last month where partial ACP funds would be made available. As per the government agency, ACP benefits will be between USD 7 and USD 16 per household in May, instead of USD 30.

Top lawmakers and the White House have reached a preliminary deal to avoid a US government shutdown and continue to fund key government agencies. According to an Axios report, that agreement would represent a milestone for House Speaker Mike Johnson, given the fact that his predecessor wasn’t able to pass a budget.

However, analysts are sceptical whether the legislators can reach a similar agreement over extending the ACP programme.

“The odds of passage have not improved,” summarised Blair Levin, a policy adviser to New Street Research and a former high-level FCC official, in a note to investors. The expert also noted that 197 House members are now listed as sponsors of a bill designed to keep the ACP programme intact.

However, most of those co-sponsors are Democrats and “the bottleneck for passage is the speaker, who we don’t think will allow a vote.”

The post ACP discontinuation could cost American telecom USD 4 billion: Research appeared first on International Finance.

The World Bank has stated 17 goals as of 2022 that it hopes to accomplish by 2030. Their mission statement lists the top two goals. The first is to end extreme poverty by bringing the percentage of the global population that lives on less than USD 1.90 a day, below to 3%. The second is to increase overall wealth by increasing income growth in the poorest by 40% of every country in the world.

Understanding World Bank

The World Bank, apart from providing financial and technical support to countries, also views itself as a distinctive financial organisation that forms alliances to fight poverty and promote economic growth.

The institution also offers grants, low-interest loans, and zero-interest credits to eligible governments, in order to boost the economy of the nation. Global healthcare, governmental administration, infrastructure, and private-sector development are all aided by debt borrowings and cash infusions. The World Bank also exchanges information with various organisations, through technical assistance, research and analysis, and policy advice. For the public and private sectors, it provides guidance and instruction.

As the World Bank looks to reshape its goals, recently, it confirmed that Ajay Banga, an Indian-born American business executive will be its next president. He will replace David Malpass, who stepped down nearly a year early as he was clouded by questions over his climate stance.

Who is Ajay Banga?

• Ajay Banga was born in the Khadki cantonment of Pune, Maharashtra, India
• He completed his graduation in Economics from St. Stephen’s College, Delhi and MBA from the Indian Institute of Management, Ahmedabad
• Ajay Banga began his career as a management trainee with Nestle in 1981 and later joined PepsiCo and was involved in the launch of its international fast food franchises, including Pizza Hut and KFC in India
• In 1996, he joined Citigroup, where he briefly served as a debt collector and later in 2005 he was chosen to lead the bank’s international consumer operations.
• In 2008, Ajay Banga became Citigroup’s head of the Asia-Pacific region
• In 2009, he stepped down from Citigroup to join Mastercard as president and chief operating officer and less than a year he was promoted to the company’s CEO position
• In 2015, United States President Barack Obama appointed Ajay Banga to serve as a member of the President’s Advisory Committee for Trade Policy and Negotiations
• In 2020, he was elected chairman of the International Chamber of Commerce (ICC), succeeding Paul Polman
• In 2022, Ajay Banga assumed responsibilities at General Atlantic as vice chairman
• He was nominated by US President Joe Biden to lead the World Bank and in May 2023, the World Bank confirmed him as its 14th President
• Ajay Banga was felicitated with the Padma Shri by the Indian government in 2016 in the field of trade and industry and was also awarded the Foreign Policy Association Medal in 2012
• According to CNBC, Ajay Banga had a net worth of USD 206 million in 2022

We all have the potential: Ajay Banga

In an interview given to Tinkerviews, When asked about what he had learned from his first job at Nestle, Ajay Banga said, “I learned that we all have potential. We should always remember those who helped us and/or taught us something. Acknowledging good deeds is very important. One individual can make the difference. People make the difference, not the companies.”

“One person can make a difference and actually each one has the calibre. It is up to the individual how he uses his potential and for what purpose. None of the revolutions could have been ignited without someone who dared to stand for a cause and believed that a change is possible,” he said.

Ajay Banga said that one of the very best lessons he learned from his superior is “never take no for an answer, there is always a way to get to the right solution, if you apply your mind.”

Articulating Ajay Banga’s saying, the Tinkerviews mentioned in their article, “It does not mean to have a blind eye against the reality or refusing to see the facts. The point is, if you want to go ahead and the situation is not favourable, then find an alternative. Yes, there is always a way. Banga also suggests that by finding a way, he doesn’t mean that you need to compromise with what you believe in or your character.”

The post Business Leader of the Week: Meet Ajay Banga, new World Bank chief appeared first on International Finance.

According to a report published in Proceedings of the National Academy of Sciences, higher incomes are often linked to steadily rising happiness.

Daniel Kahneman of Princeton University and Matthew Killingsworth of the University of Pennsylvania examined 33,391 persons aged 18 to 65 who live in the United States, are employed and have a yearly household income of at least USD 10,000.

The least happy group’s satisfaction increased with income up to USD 100,000 before declining as income increased. Happiness rises linearly with wealth for people with average emotional health; for the happiest group, the relationship quickens over USD 100,000.

Simply put, this shows that for most people, higher salaries correlate with happier lives, according to author Matthew Killingsworth.

“Those who are financially successful but sad are the exceptions. For instance, more money won’t make you happier if you’re wealthy and unhappy. For everyone else, having more money was, to varied degrees, related to being more comfortable,” he remarked.

According to the researchers, the study demonstrated the existence of both a happy majority and an unhappy minority.

For the former, happiness rises steadily as income increases, whereas for the latter, happiness rises to a specific income threshold before stagnating.

According to Matthew Killingsworth, these results also have applications in the actual world.

“They influence how we consider tax rates or employee compensation. So, naturally, they matter to people as they make job decisions or balance other goals in their lives with a higher income,” according to Matthew Killingsworth.

He did add that money isn’t everything when it comes to emotional well-being. Money is just one of several factors that influence happiness, he claimed.

“Money can undoubtedly assist a little bit, but it’s not the key to happiness,” the researcher remarked.

The new study contradicts the research conducted in 2010 which stated that money can only boost happiness to a certain point which was then estimated to be about USD 75,000 in annual earnings.

Daniel Kahneman, the Nobel-winning economist, was among the two authors who had conducted the earlier study following which the founder of a credit card company raised his employees’ minimum salaries to USD 70,000.

The responses about people’s feelings were recorded through a smartphone application by the researchers which ranged from “very bad” to “very good”.

The study concluded that happiness does increase with growth in yearly earnings up to USD 500,000.

The post Can money buy happiness? Yes, says latest study appeared first on International Finance.