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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By linker 5

    Posted on February 10, 2021

    Featured image for article about Top Stories

    By Lin Taylor

    LONDON (Thomson Reuters Foundation) – Ethnic minority entrepreneurs succeed “against the odds” in Britain, performing strongly in tech, innovation and in efforts to combat the coronavirus pandemic, found a first-of-its-kind study seeking to address racial inequalities in business.

    The British government does not collect ethnicity data when entrepreneurs register a company, although calls to address unequal representation and pay are growing following last year’s Black Lives Matter movement.

    Black, Asian and minority ethnic (BAME) people own about 16% of British firms, although they only account for 14% of the population, found the analysis by Open Political Economy Network (OPEN), a think-tank focused on diversity issues.

    BAME companies employ 3 million people and generate 74 billion pounds ($102 billion) a year, OPEN found using artificial intelligence tools to predict owners’ ethnicity on the basis of their name, which researchers later cross-checked.

    “Against the odds, minority businesses make a huge contribution to the UK,” Philippe Legrain, founder and director of OPEN said in a statement, highlighting discrimination and disconnection from financial networks as key challenges.

    “They are helping to tackle the coronavirus crisis and can help build a fairer, more innovative and more environmentally sustainable Britain in its aftermath.”

    BAME businesses have played a key role in developing rapid COVID-19 tests, sourcing personal protective equipment and delivering meals to families during lockdown, the report said.

    This is despite the fact that ethnic minorities in Britain have been hit harder by job losses during the coronavirus crisis and face higher health risks from COVID-19 than the population as a whole.

    Companies globally are grappling with concerns over racial inequality and a growing number have committed to disclose data on ethnicity. Although it is mandatory to report on gender pay gaps in Britain, there are no requirements relating to race.

    Less than 5% of Britain’s top 1,099 roles are held by ethnic minorities, according to the Colour of Power index, although firms with racially diverse executives are more likely to see higher profits, according to consulting firm McKinsey & Company.

    ($1 = 0.7251 pounds)

    (Reporting by Lin Taylor @linnytayls, Editing by Katy Migiro. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org to see more stories.)

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