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Deutsche Bank boss slammed for women quota gaffe

The head of Germany's largest bank, Deutsche Bank, has drawn ire by saying that appointing more women to its executive board would make it "prettier and more colourful," a press report said Monday.

Deutsche Bank boss slammed for women quota gaffe
Photo: DPA

Amid a debate on whether Germany should set quotas for women on the boards of major groups, Josef Ackermann acknowledged there were none on the bank’s executive committee, a subordinate body to the board of directors.

“But I hope it will be prettier and more colourful one day” when more women are placed in leadership positions, he told business daily Handelsblatt last week.

Ilse Aigner, the conservative Agriculture and Consumer Affairs Minister shot back in the newspaper on Monday, saying: “Those who like pretty and colourful things should go take a walk in a field of flowers or a museum.”

Free Democratic member of the European Union parliament Silvan Koch-Mehrin had already suggested that Ackermann hang pictures on his walls if he desired more colour, the paper reported.

Head of German women’s television station Sixx, Katja Hofem-Best, told the paper that the workplace was not just made “prettier and more colourful” by women, but also “more effective and successful.”

Deutsche Bank’s chief spokesman told Handelsblatt that Ackermann’s remarks were taken out of context and that he was “a gentlemen from the old school.”

Ackermann made the comments during the group’s annual press conference last week, after underscoring “the necessity to have more women in senior positions,” a spokesman told AFP.

Germany’s ruling coalition is divided on the idea of introducing quotas to correct a flagrant under-representation of women on corporate boards, an option both Chancellor Angela Merkel and Ackermann oppose.

Women represent 44.3 percent of all Deutsche Bank staff but only 16.1 percent of senior managers,Handelsblatt said.

AFP/he Local/ka

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Cashless Switzerland: What is Twint and how does it work?

If you live in Switzerland, you are likely no stranger to Twint and maybe even use it regularly to make and receive payments. But if you are not familiar with this app, this is what you should know.

Twint app can be installed on a mobile phone.
“Twinting” money with a smartphone is easy and convenient. Photo by Andrea Piacquadio from Pexels

In Switzerland, the word “Twint” is used both as a noun and a verb.

As a noun, it describes the mobile application which allows you to pay for various goods and services practically everywhere in the country.

As a verb, (“to twint”), it means to send someone money, or receive it, via the same app.

So what exactly is Twint?

Simply put, it is digital cash (not to be confused with bitcoin, which is digital currency) that was first introduced in Switzerland in 2014 and has become very popular since then.

Twint logo. Image by Twint.ch

People like it because it is an easy and quick way to make instantaneous payments, especially in situations when credit cards or physical cash can’t be used.

A big part of its convenience is that it can be used at cash registers, vending machines and parking meters, as well as in online shops — pretty much everywhere in Switzerland, even in places that don’t accept credit cards.

The only similar mode of payment would be your maestro debit card issued by your bank.

This video explains exactly how the process works.

Another advantage of Twint is that you can use it to send money to someone else’s mobile phone — as long as they also have Twint. And you can receive money the same way.

And there are no fees or charges for this service.

How does Twint work?

Anyone can use Twint, but you need a Swiss bank account or a credit card and, of course, a smartphone.

According to Twint website, you need a smartphone with either an iOS (from version 12.2 and upwards) or Android (from version 7 and upwards) operating system and Bluetooth capability (from version 4.0 and upwards).

“It is generally not possible for Twint to be used on Apple devices with an operating system older than “iOS 12.2” or on Android devices with an operating system older than “Android 7”. On Android devices without access to the Google Play Store (e.g. on certain HUAWEI models), the use of Twint app is also not possible”.

But If you have a compatible phone, installing Twint is easy.

Swiss banks offer their own version of the app, and you can download it directly from your bank’s website.

Then, when you use Twint to make a payment, the amount is debited directly from your bank account or credit card.

By the same token, if you receive payment from another Twint user, the money is automatically deposited in your account.

And you are not limited to just one Twint app.

If you have accounts is several banks, or have more than one credit card, you can install and use all of them.

READ MORE: How to open a bank account in Switzerland

Can Twint be used to make payments and receive money from abroad?

For the moment, Twint can be used solely in Switzerland and payments can be made only in Swiss francs – although this may change in future. 

“We are, however, working closely with providers in other countries to develop an international and multi-currency solution”, according to Twint website.

You can find more information about Twint here.

READ MORE: Which bank is best for Americans in Switzerland?

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