Daily Archives: October 28, 2024

Business rates take a heavy toll on UK hospitality and retail, say industry leaders

As the 2024 Budget approaches, industry leaders hope to see actionable steps taken to alleviate the financial pressures stemming from business rates / Credit: 1000 Words via Shutterstock

Recent analysis from UKHospitality and the British Retail Consortium (BRC) reveals that the hospitality and retail sectors together contribute over one-third of all business rates in the UK, despite only accounting for 9% of the economy.

In the financial year 2023/24, these sectors combined paid nearly £9 billion in business rates, highlighting a significant disparity in the current taxation system​

 With relief measures set to end soon, experts warn that the total bill could rise to £11 billion, representing a staggering 44% of the total rates​

Both organisations are calling on the Chancellor to establish a fairer business rates structure in the upcoming Budget, a sentiment echoed in Labour’s recent manifesto pledge.

“Consumers want diverse and thriving high streets, but this is held back by the broken business rates system,” said Helen Dickinson, Chief Executive of the BRC​

She emphasised that the existing system creates barriers to local investment and the establishment of new businesses.

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Business News | Woxsen University Appoints Dr. Peplluis Esteva De La Rosa, AI and Blockchain Expert as Dean of School of Technology

PRNewswireHyderabad (Telangana) [India], October 28: Woxsen University is delighted to announce the new dean Dr. Peplluis Esteva de la Rosa who has joined us at the School Of Technology. He brings in a wealth of experience in blockchain technology, intelligent agents, virtual currencies, and digital preservation. Dr. de la Rosa has published over 200 international papers and supervised more than 20 Ph.D. candidates and 50 MSc theses.Also Read | Korean Popular Culture and Arts Awards 2024: Cha Eun Woo, Chun Woo Hee, Lee Je Hoon and More K-Pop Stars Honoured at the Prestigious Ceremony – Check Winners List Here.Peplluis Esteva has a strong academic foundation with degrees from prestigious institutions. He has an MBA degree, completed his Ph.D. in Informatics, specializing in Artificial Intelligence, and also trained as a Lieutenant. His journey in engineering began with a degree in Computer Engineering, obtained from the Autonomous University of Barcelona.With over three decades of professional experience, Dr. Esteva is an expert in leading and managing complex international projects. His extensive background includes coordinating research and development initiatives, working with EU consortia, facilitating knowledge transfer, and supporting entrepreneurship. He has gained valuable experience in large corporations and start-ups, with a strong focus on IT and management. His years of relevant experience in research and development management make him a versatile leader in the field.Also Read | Akhnoor Terror Attack: All 3 Terrorists Involved in Attempted Ambush on Army Van Killed in Encounter in Jammu and Kashmir’s Battal (Watch Video).Dr. Esteva’s work spans numerous EU countries, including France, Belgium, Ireland, Germany, Italy, Sweden, Estonia, Switzerland, Turkey, and Spain. He has played a key role as an expert in several significant projects related to Artificial Intelligence, Virtual Currencies, Blockchain, and Digital Preservation. His contributions have been instrumental in various EU-funded initiatives, within the 6th and 7th Framework Programs, as well as national projects. He has also worked in AI at Siemens in 1989, with METAL. The first German to English translator of technical documents, in the 90s, including intelligent agents and machine learning.Foreseeing his role in the School of Technology Dr. Peplluis Eteva de la Rosa stated, “I am excited to lead the School of Technology in becoming a global leader in AI, blockchain, and decentralized systems. My main goal is to create a world-class research hub that promotes interdisciplinary collaboration. This will equip students with advanced skills they need to succeed. Woxsen’s vision aligns with my passion and commitment to advancing technology, and I am dedicated to making a significant impact during my tenure.”Dr. Peplluis Esteva de la Rosa shares his insights on the emerging fields of AI and blockchain, emphasises on the importance of integrating AI into the curriculum, ensuring that students gain a deeper understanding of its applications and implications. His approach focuses on both theoretical understanding and practical experience, preparing students to contribute effectively to the future of AI and blockchain.1. What are your thoughts on the ethical implications of AI and blockchain technologies, and how will Woxsen address these issues in its curriculum and research?”AI and blockchain bring significant ethical considerations, including data privacy, algorithmic bias, and the challenges posed by decentralized decision-making adopted by big corporations and public bodies that will overwhelm individuals, who are poorly equipped in front of said big powers. Woxsen considers it as ethical responsibility to consume ideological space in respect to these technologies within our curriculum. The students will be trained with the technical aspects of AI and Blockchain responsibly, to ensure technology is applied in a fair way for the society. We want to create tech leaders that understand not just their technical field, but also the broader ethical implications of it and are prepared for leadership in this difficult world.” 2. How do you see the impact of emerging technologies like AI and IoT on the field of engineering, and how is Woxsen preparing students to meet these challenges?”Engineering is now on the verge of completely new landscape driven by smart systems, automation and datascience, thanks to emerging technologies like AI and IoT. At Woxsen, we are equipping the students to face these developments with artificial intelligence in all our programs and our curriculum is paired well with practical projects that simulate real-world experience. Interdisciplinary learning by students to get a cohesive understanding of how AI and IoT can help in tackling very complex engineering problems that we encounter most often (Smart cities, connected systems) as well. We would adopt collaborative intelligent systems for personalised learning to equip the students with industry relevant skills in a fast-changing engineering world.”3. Looking ahead to the 2025 academic year, what exciting developments or initiatives can prospective B.Tech. students enrolling at Woxsen expect?”B.Tech. students at Woxsen can look forward to exciting developments in 2025. In addition, we are launching cutting- edge AI and blockchain laboratories; building partnerships with leading tech companies to bring the latest emerging technologies into business schools, and introducing new programmes that include elements of all these areas. With projects in decentralized AI, IoT and autonomous systems on the horizon there will be much innovation among students. This will not only enrich their learning experience, but also provide a much stronger background for pursuing tech careers and help ensure that they are able to face the challenges of tomorrow.”4. What attracted you to the position of Executive Dean at Woxsen School of Technology, and what specific goals do you hope to achieve during your tenure?”The position of Executive Dean at Woxsen is appealing due to the university’s commitment to innovation and forward-thinking education. I am excited to lead the School of Technology in establishing itself as a global leader in AI, blockchain, and decentralized systems. My primary goal is to create a world-class research hub where interdisciplinary collaboration flourishes, equipping students with cutting-edge skills. Woxsen’s vision aligns with my passion for advancing technology, and I am fully committed to making a significant impact during my tenure.”5. In the global landscape of engineering education, how does Woxsen’s School of Technology position itself for collaboration and contribution to advancements in the field?”Woxsen’s School of Technology is positioning itself as a global leader in technological education through strong international collaborations and a focus on cutting-edge fields like AI and blockchain, leveraged by our vision of sum of intelligences. Our focus is on interdisciplinary research, innovation and entrepreneurship to catalyze an environment where students, faculty and industry collaborate to shape new frontiers of technologies. Our vision has been built on collective intelligence and with this leadership, Woxsen is poised to make a massive contribution at the world stage in tech by redefining engineering education.”About Woxsen University, Hyderabad:Woxsen University, located in Hyderabad, is one of the first private universities in the state of Telangana, India. Renowned for its 200-acre state-of-the-art campus and infrastructure, Woxsen University offers new-age, disruptive programs in the fields of Business, Technology, Arts & Design, Architecture, Law, Liberal Arts & Humanities. Woxsen also houses Asia’s largest Sports Infrastructure spread over 60 acres. With 150+ Global Partner Universities and Strong Industry Connect, Woxsen is reckoned as one of the top universities for Academic Excellence and Global Edge. Woxsen is ranked as one of the Top Professional Colleges in India by Outlook I-CARE for its Undergraduate programs by securing All India Rank 12 amongst Top 130 BBA Pvt. Institutes, All India Rank 20 amongst Top 160 B.Tech. Pvt. Institutes, All India Rank 3 amongst Top 25 Design Pvt. Institutes and All India Rank 3 amongst Top 30 B.Arch Private Institutes. For its MBA programs, Woxsen has secured a QS Business Masters World Ranking 2024-2025, Rank 6 in Asia-Pacific and Rank 3 in India by Bloomberg Best B-Schools Ranking 2024, Rank #11 All India Top 100 B-Schools by Times B-School Ranking 2024, Rank #15 All India Top Pvt. B-School, BusinessWorld 2023, and features in India’s Best B-Schools beyond IIMs by Dalal Street Investment Journal 2024. Photo: https://mma.prnewswire.com/media/2541675/Dr_Peplluis_Esteva_WU.jpgLogo: https://mma.prnewswire.com/media/1771070/Woxsen_University_Logo.jpg(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

Military entrepreneurs offer advice on getting started with small business ownership

Last year, nearly one in five working-aged adults were in the process of starting or running a business less than 3 ½ years old.   That reflected an upward trend that began in 2015, according to the most recent Global Entrepreneurship Monitor by Babson College.  Here is some advice from entrepreneurs across different industries about the lessons they learned, and how their military affiliation helped them launch their businesses.  Katie Prill, military spouse An Air Force wife, Katie Prill started her business, Love & Lettering by Katie, when she decided to put her nursing career on pause and focus on homeschooling her kids during the COVID-19 pandemic. Her business features products such as stickers, prints, bookmarks, T-shirts and holiday ornaments.   Prill sells her products on Spouse-ly, an online marketplace for military, veterans, first-responders and their families. That community helped grow her business tremendously thanks to an active Facebook group, virtual coworking sessions and videos that help with behind-the-scenes things like product listing, photography, marketing and SEO (search engine optimization), she said.  Prill said she received a career-enhancement scholarship from the military spouse club at her family’s base.   “These scholarships are often overlooked because most think they are only for those going to college, but they often have special ones just for business owners,” she said.  To help get her business off the ground, Prill received a microgrant from Points for Patriots’ SpouseConnect, whose monthly group meetings helped her stay the course in growing her business and resulted in “amazing connections,” she said.  One of the most important lessons Prill learned was to not treat her business like a hobby, she said. For example, separating business and personal finances, hiring a bookkeeper (“one of the best decisions I could have made,” she said) and investing in professional branding photography for headshots and product images, she explained.   She also learned to post about topics other than her own business on social media, such as general content about small businesses, motivation and military humor.   “I don’t want someone to unfollow or hide my content because all I ever do is try to sell to them,” she said.  Saying “no” was the most important lesson she learned, Prill adds.  “It’s OK to turn down orders that don’t align with your vision and values. It’s OK to say ‘no’ to someone who missed a deadline to order,” she said. “When I say ‘yes’ to everyone else, I’m often saying ‘no’ to my family, and that doesn’t feel right.”  Malaysia Harrell, veteran A licensed psychotherapist and Air Force veteran who commissioned into the United States Public Health Service, Malaysia Harrell started Blissful Life Consulting in 2017. Her company offers holistic wellness solutions to individuals, groups and corporations with services such as coaching, psychotherapy, alternative medicine modalities, corporate wellness programs and healing retreats.   Her career path taught her leadership skills that have been instrumental in running her business, Harrell said.   “The military instilled in me a sense of adaptability and resilience, qualities that proved crucial when navigating the challenges of entrepreneurship, especially in fields like disaster response and holistic wellness.”  Courtesy photo Harrell said she’s learned several crucial lessons during her entrepreneurial journey. First, realizing the importance of building a strong support network, she said.   “Unlike the structured support inherent in military life, transitioning to civilian entrepreneurship requires proactive efforts to seek out mentors, advisors, and peers who understand the unique challenges of business ownership,” Harrell explained.  She recommends embracing adaptability and resilience by pivoting strategies and seeking innovation in response to evolving market demands. Harrell also learned to prioritize collaboration and breaking down silos within her company in order to create a culture where team members feel empowered to share ideas and support one another, she said.  “This collaborative approach has not only enhanced our service delivery but also fostered a more inclusive and supportive workplace environment,” she said.  Would-be entrepreneurs should leverage military-affiliated resources to build a solid foundation for entrepreneurial success and personal growth, Harrell said.  Her transition into entrepreneurship was significantly shaped by her experience with the virtual Veterans in Residence program offered by Bunker Labs, a nonprofit that supports veteran and military spouse entrepreneurs, she said.   Her experience in the program introduced her to Syracuse University’s D’Aniello Institute for Veterans and Military Families and its Veteran Women Igniting the Spirit of Entrepreneurship training program, which empowers veterans and military spouses “to find their passion and learn the business savvy skills necessary to turn an idea or start-up into a growing venture,” according to its website.  RELATED: Going viral: Tips for growing a social media audience That, in turn, connected Harrell to individuals who offered support and friendship, as well as meeting mentors who provided essential counsel, she said.  Through the D’Aniello Institute, Harrell said, she also received services from the Second Service Foundation, which supports military entrepreneurs through coaching, mentorship, resources and capital.   (Note: Bunker Labs was acquired by the D’Aniello Institute in January).  Kenneth Gay, reservist Kenneth Gay, an Army reservist and a public educator who served as high school principal and executive director of administration, also started his consulting company, Kenneth Gay Education, during the COVID-19 pandemic. The company provides training and coaching for parents and educators in areas such as communication, social-emotional learning and classroom management.  Two nonprofits with a focus on military entrepreneurs helped him formulate a business model, create a pitch and connect with business networks, he said. One was Bunker Labs, also praised by Harrell; the second was The Rosie Network, a nonprofit that provides mentorships and programs, such as Service2CEO, geared to military-connected entrepreneurs.  Gay said he learned several lessons at the beginning of his entrepreneurial journey.  The first was “learning” his own story and impetus for starting his company, and zeroing in on why people would want to pay for his services.   “Just because you have an idea that you think is great doesn’t mean that consumers will feel the same. Or even if they believe your services are excellent, would they be willing to pay for it?”  He also sought mentors whose businesses were established and profitable, including in different career fields, since the military had instilled in him the value of cross-training with various military branches, he said.  “One mentor told me that if you’re not profiting from your business, you have an expensive hobby.  Those words I never forgot because, often, the most challenging sale or opportunity for profit that you will have will be your very first opportunity.”  Entrepreneurship is not for the faint of heart, because profits can vary drastically each month, but the military taught him to be resilient, Gay said. It’s imperative to refuse to give up, especially when it feels like all hope might be gone, he said.   “That’s usually when your breakthrough is right around the corner,” he said. “Success will eventually find you.  You will realize nothing can stop you if you believe and put in the work. “  Would-be entrepreneurs also can get great support from organizations such as the Small Business Association, the Veteran Business Outreach Center and the Veterans Chamber of Commerce, Gay said.

Dubai vs. Singapore: New Report Weighs Key Advantages and Challenges for Business Incorporation

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Interest in business incorporation continues to rise across Asia and the Middle East, fueled by government initiatives in locations such as Singapore and Dubai to attract foreign businesses and talent, while adapting to global economic shifts.
While both locations have managed to cultivate thriving business ecosystems by offering distinct advantages, they also present unique challenges, which business owners and entrepreneurs must consider carefully.
A new report by Statrys, a Hong Kong-based provider of business accounts and incorporation services for small and medium-sized enterprises (SMEs) and entrepreneurs expanding internationally, provides a comparative analysis of the economic landscapes and regulatory frameworks of Hong Kong, Singapore and Dubai, three leading business centers in the world.

It draws on a survey of over 300 entrepreneurs and executives, and aims to deliver valuable insights on factors covering incorporation speed, tax policies, banking access, workforce and the quality of life, to help business owners make informed decisions.
Dubai leads in taxation; Singapore shines as a tech hub
The study found that Dubai is particularly well-suited for companies seeking tax benefits and access to the Middle East. Its strategic free zones offer 100% foreign ownership and full profit repatriation, and boast modern facilities, services, as well as a cosmopolitan workforce, especially in logistics, tourism, finance and emerging technologies.
However, businesses must navigate Dubai’s evolving regulatory landscape and slower banking processes, Statrys warns. Also, while the city excels in affordability and safety, expatriates may face challenges related to cultural differences and the cumbersome local legal system.
Singapore, on the other hand, is optimal for tech startups and innovation-driven companies, supported by pro-business policies and research and development (R&D) incentives. The city-state offers regulatory clarity, extensive double taxation treaties, and robust intellectual property (IP) protection. It also boasts a highly skilled multilingual workforce and excellent quality of life with top-notch healthcare and education.
However, Singapore’s high cost of compliance and labor may pose challenges for smaller businesses.
Incorporation speed and requirements
Looking at each of the key criteria analyzed by Statrys, the report notes that while Dubai offers some advantages in regards to business incorporation, Singapore leads in this category, offering much faster online setup with minimal capital requirements and a superior user experience.
Results from the survey conducted by Statrys reveal that 75% of respondents found the incorporation cost reasonable in Singapore, and 85% think the incorporation process is easy to understand, largely due to Singapore’s transparent and well-documented procedures.
In contrast, 65% of respondents in Dubai noted higher incorporation costs, particularly for mainland companies with local sponsor requirements. The same proportion of respondents reported some complexity in understanding the incorporation steps, particularly when navigating between mainland and free zone options.
Incorporation costs, speed and requirements, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Regulatory environment
Singapore also outshines Dubai on regulatory criteria, offering a more streamlined and business-friendly legal environment, clear guidelines and regulatory efficiency.
In Singapore, 85% of respondents found completing yearly compliance paperwork manageable. In contrast, 70% of respondents in Dubai said that it takes more time than expected to complete yearly paperwork.
Thoughts on compliance obligations, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Banking services
In terms of banking services, Singapore has an edge over Dubai due to its long-lasting position as a global financial hub and mature ecosystems. Dubai’s financial sector is still maturing and lagging behind in terms of digital-only banking services. The city also has some restrictions on currency transactions, particularly those involving AED.
Fintech adoption is also lower in Dubai, with only 30% of respondents stating that they use fintech services, against 55% in Hong Kong and 45% in Singapore. Moreover, banking satisfaction is lower in Dubai, with 70% of respondents moderately satisfied, compared to 85% for Singapore.
Banking and financial services in Hong Kong, Singapore and Dubai, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Taxation
Dubai’s taxation regime gives it a notable competitive edge over Singapore. The city offers an attractive tiered tax system for businesses, starting with a 0% initial rate and moving to 9%, which particularly benefit startups and growing firms. Singapore’s flat 17% rate is significantly higher than that, but provides simplicity for more established companies.
Taxation landscape breakdown, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Among surveyed respondents, 86% favored Dubai for its tax benefits, including zero corporate tax rate and no personal income tax, against 75% of Singapore and 70% for Hong Kong.
Although there is no formal corporate tax in Dubai, respondents indicated paying between 2-5% in other fees, considerably lower than Hong Kong’s 7-10% (for 72% of respondents), and Singapore’s 8-12% (for 65% of respondents).
Real tax rates in Hong Kong, Singapore and Dubai, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Workforce
Both Dubai and Singapore have ample talent pools, though they have different labor laws, tax regulations and work permit requirements.
Singapore ranks the highest in satisfaction with local talent quality (85%), followed by Hong Kong (80%) and Dubai (70%). Singapore also leads in ease of finding and retaining talent (75%), followed by Dubai (70%) and Hong Kong (65%). In Dubai, labor cost is a more significant factor in driving satisfaction.
Overall satisfaction with local labor market, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024
Expatriate life
For expatriates, Singapore and Dubai each offer unique advantages. Both provide high-quality living environments with strong international communities. However, Dubai ranks high in safety and affordability, while Singapore excels in healthcare and education.
90% of respondents are satisfied with Singapore’s education system, while Dubai’s living experience satisfaction stands at 80%.
Expat living and quality of life, Source: Evaluating Hubs: Hong Kong, Singapore, Dubai 2024 Report, Statrys, Oct 2024

Featured image credit: edited from freepik here and here