This is a customer submitted press release. Submit your press release. Clara Swan Denver, CO – SpaceNews is thrilled to announce the appointment of Clara Swan as our new Sales and Business Development Manager. Clara will manage advertising and sponsorship sales for clients, working closely with SpaceNews Director of Global Sales, Kamal Flucker, to drive…
The Ethiopian Human Rights Commission (EHRC) has urged the government to address the urgent needs of people with disabilities who have lost their business establishments due to there recent wave of demolitions in the city. This appeal follows the 2023 dismantling of small trading businesses by the city administration, which has left many disabled business owners without their means of livelihood.In a detailed statement, the EHRC highlighted the plight of small business operators who conducted their trade in makeshift structures like plastic and container setups. Particularly affected are disabled individuals, now facing amplified hardship due to the demolitions.
While some individuals received compensation for their demolished properties as part of the city development project, small disabled business owners have largely been overlooked, according to the EHRC. The Commission revealed that over 181 members of an association named “Peace for All” were forced to vacate their small businesses, plunging them into dire economic straits. Many have been driven to the streets, forced to beg as they struggle to find suitable workspaces, the statement reads. The Commission criticized the alternative locations offered by the city administration, which have proven inadequate for business operations, thus compounding their economic challenges.
Ethiopia, a signatory to international conventions for the protection of people with disabilities, mandates through the Right to Employment of Persons with Disability Proclamation No. 568/2008 that public buildings be accessible to physically impaired individuals and prohibits employment discrimination. Yet, recent actions by the city administration have starkly violated these protections, leaving disabled business owners unsupported and vulnerable.
Since the demolitions in May 2023, conditions for many affected individuals have worsened, with families grappling to survive without a source of income, according to the EHRC. The Commission disclosed that it has repeatedly sought to address these issues with city officials, through formal communications and direct meetings, but has yet to receive a satisfactory response.- Advertisement –
The Commission called on government and relevant stakeholders to uphold the rights of disabled individuals as outlined in the International Covenant on the Rights of Persons with Disabilities and other human rights laws. These conventions guarantee the right to work and fair working conditions, essential for disabled individuals to live independently and fully participate in society.
GeletawMulu, president of the Addis Ababa City Association of People with Disabilities, told The Reporter that unless city officials provide an adequate response, they will consider legal action or organizing street protests to ensure their voices are heard.
EHRC’s statement underscores the urgent need for the government to address the grievances of those displaced by the demolitions and to ensure that future development projects respect the rights and dignity of all citizens, particularly the most vulnerable.
A subsidiary of New York Community Bancorp, Flagstar Bank, is selling its residential mortgage servicing business to Mr. Cooper Group Inc. for about $1.4 billion. The sale includes mortgage servicing rights and the third-party origination platform. NYCB has struggled in the past year with its acquisition of Signature Bank, one of a pair of banks…
Image source: Press release Advertisement Merck, a science and technology company, signed an agreement to sell its global surface solutions business unit to Global New Material International Holdings Ltd. for € 665 million. Merck intends to use the net proceeds from the divestment to further strengthen its strategic core businesses. “The divestiture of the Surface Solutions business unit…
By
Bloomberg
Published
Jul 27, 2024
Billionaire Kumar Mangalam Birla expects the consumer business of his $65 billion metals-to-fashion conglomerate growing to $25 billion in the next five years as he starts selling gold jewelry in the world’s second-biggest bullion market. Bloomberg“Around 20% of our Group’s revenue today comes from consumer businesses,” Birla, chairman of the Aditya Birla Group, said. “And I believe this will increase to over 25% over the next five years to reach about $25 billion.” The group will invest 50 billion rupees ($597 million) in the jewelry business, launched Friday under the brand Indriya, Birla said. It aims to secure a position among India’s top three jewelry retailers as the Indian market expands from 6.7 trillion rupees to as much as 13 trillion rupees by 2030.Indriya will initially open stores in three cities – Delhi, Indore, and Jaipur – and then in more than 10 cities within six months. The ambitious target comes at a time when the conglomerate is adding more firepower to its consumer business portfolio, which includes paints, telecom, fashion and financial services.The group’s chemical and textile company Grasim Industries forayed into the paints business in early 2021 and aims to generate revenue of $1.2 billion in three years from the operations as it takes on entrenched rivals such as Asian Paints Ltd. and Berger Paints India Ltd.In telecom, the group’s loss-making wireless carrier Vodafone Idea Ltd. raised 180 billion rupees from the country’s largest follow-on public offer in April, signaling the start of a turnaround for a company the tycoon had warned in 2019 was headed for insolvency.Aditya Birla Capital Ltd., a part of the Aditya Birla Group, in April rolled out a direct-to-customer app aiming to add 30 million users in the next three years.
Click here to sign up to our free newsletters!
Lizzy Miller, Reedsville
I would like to see a permanent jewelry
storefront. There are none around here
and everyone deserves to feel special.Grace Stoltzfus, Belleville
Target. We need a good clothing store
in this area. Kyle Grant, Lewistown
Raising Canes, because we need
a variety of quality fast food.Blake Stringfellow, Burnham
Applebee’s. It’s a great restaurant with
really good food, but I can’t justify driving
40 minutes every time I want to go.Reyawna Boyer, Lewistown
I’d like to see more babysitting jobs brought
to the area. Daycares can be expensive and
if we have more babysitters parents could save money.
Choosing the best business bank account is crucial for small businesses and entrepreneurs. The right account can streamline financial operations, provide access to essential services, and even offer perks like cashback rewards. With numerous options available, from traditional banks to online-only platforms, finding the ideal account to suit specific business needs has become increasingly complex.Scott Dylan the Co-founder of Inc & Co examines top business bank accounts for small businesses, freelancers, and sole traders. It explores accounts with the best overdraft facilities and compares e-money accounts to traditional business bank accounts. By the end, readers will have a clear understanding of the best banks for business accounts, including features like online banking, business loans, and mobile app accessibility, to help them make an informed decision for their company’s financial management.
Best Business Accounts for Small Businesses
When selecting the best business bank account for small businesses, it’s crucial to consider various factors that can impact financial operations and growth. These accounts often differ from personal accounts, typically charging monthly fees and transaction costs . However, by comparing available options, businesses may reduce or even avoid charges in their early stages .
Account Features
Many banks offer free banking introductory periods, such as 18 months of free banking https://www.businesscomparison.com/bank-accounts, to support businesses in their initial phase . These accounts often provide 24-hour access and support teams . Some key features to look for include:
Online and mobile banking for 24/7 account management
Integration with accounting software like Xero, QuickBooks, or FreeAgent
Cash deposit options at Post Office or PayPoint branches
Instant payment notifications and business spending categories
Receipt capture and digital receipt matching
Pricing and Fees
Pricing structures for business accounts can be complex and time-consuming to compare . Some important considerations include:
Monthly fees, which can range from £0 to £49.99 plus tax
Transaction fees for electronic payments and cash deposits
Free transaction allowances, which vary by account type
Potential cashback rewards on card spending
Customer Support
The level of customer support can significantly impact a small business’s banking experience. Key support features to consider include:
24/7 customer support availability
Dedicated relationship managers for personalized assistance
Start-up support, such as business mentors or free accounting software
Switching services for hassle-free account transfers
When choosing a business bank account, it’s essential to compare these features and find the option that best aligns with the specific needs and transaction patterns of the small business .
Top Business Accounts for Freelancers and Sole Traders
Freelancers and sole traders require specialized banking solutions to manage their unique financial needs. Several banks such as HSBC, Starling Bank, Barclays Bank, Revolut, Lloyds and Natwest offer tailored accounts with features designed to simplify financial management for self-employed individuals.
Account Features
Many business accounts for freelancers and sole traders offer a range of features to streamline financial operations. These often include:
Online and mobile banking for 24/7 account management
Integration with popular accounting software like Xero, QuickBooks, or FreeAgent
Cash deposit options at Post Office or PayPoint branches
Instant payment notifications and business spending categories
Receipt capture and digital receipt matching
Some accounts, like Starling Bank, provide additional tools such as saving spaces for tax and expenses, and a bills manager for organizing direct debits and standing orders .
Pricing and Fees
Pricing structures for freelancer accounts can vary significantly:
Many online banks offer fee-free accounts with no monthly charges
Some accounts may have transaction fees, typically around 20p per transfer
Traditional high street banks often charge monthly fees, with £8.50 being a common rate
Foreign exchange fees and ATM withdrawal charges should be considered for those working internationally
It’s crucial to evaluate the fee structure based on your specific transaction patterns and business needs.
Tax Management Tools
Effective tax management is essential for freelancers and sole traders. Many business accounts offer features to simplify this process:
Automated expense categorisation to simplify self-assessment tax returns
Tax estimation tools for sole traders
Integration with HMRC-compliant VAT submission systems
Ability to set aside a percentage of income for taxes automatically
Some accounts, like Mettle, even offer free access to accounting software such as FreeAgent, which can significantly reduce costs for freelancers .
Business Accounts with the Best Overdraft Facilities
Business overdrafts provide a flexible short-term borrowing option, offering a safety net for unexpected expenses and cash flow challenges. They allow businesses to access additional funds up to an agreed amount when their account balance falls below zero .
Overdraft Limits
Overdraft limits vary widely depending on the provider and the business’s financial situation. Most business overdrafts offer limits up to £25,000, though some providers extend this to £50,000 or even £150,000 for eligible businesses. For instance, Starling Bank offers business overdrafts ranging from £1,000 to £50,000 for limited companies and limited liability partnerships .
Interest Rates
Interest rates on business overdrafts are typically variable and calculated on daily overdrawn balances. The representative Equivalent Annual Rate (EAR) usually falls within the range of 15% to 10% . For example:
HSBC offers a representative EAR of 16.25% variable.
Starling Bank provides an interest rate (EAR) of 11.50% for limits up to and including £25,000 .
It’s important to note that businesses only pay interest on the amount they use, not the entire overdraft limit .
Eligibility Criteria
To qualify for a business overdraft, companies must meet specific criteria set by the provider. Common requirements include:
Trading history: Some banks require businesses to have been trading for at least 24 months.
UK-based operations: The business must be based in the UK and carry out trading activities within the country .
Credit checks: Providers conduct credit and fraud checks on the business and its directors or persons of significant control .
Financial viability: The business must demonstrate its ability to repay the overdraft .
Additionally, some providers may require security in the form of business assets or personal guarantees for larger overdraft limits .
E-Money Accounts vs. Traditional Business Bank Accounts
Key Differences
Electronic Money Institutions (EMIs) and traditional banks offer distinct approaches to financial services. EMIs focus on digital convenience, providing streamlined online processes and innovative features . They operate primarily in the digital space, leveraging technology to offer efficient and flexible financial solutions . Traditional banks, on the other hand, rely on established systems and offer a wide range of services, including physical branch networks for in-person interactions .
EMIs typically provide business bank accounts with reduced transaction fees and faster processing times compared to traditional banks. They also offer currency exchange services and advanced financial management tools, such as real-time transaction monitoring and integration with accounting software .
Pros and Cons
EMIs offer several advantages:
Digital convenience with user-friendly interfaces
Streamlined account setup and transaction processing
Lower fees for various services
Innovative features like mobile payment options and budgeting tools
However, EMIs also have some drawbacks:
Limited physical presence
Restricted services compared to traditional banks
Potentially less established reputation
Traditional banks have their own set of pros and cons:
Pros:
Physical branch networks for in-person services
Diverse range of financial products
Established reputation and trust
Comprehensive regulatory protections
Cons:
Higher fees for various services
Limited operating hours for physical branches
Slower transaction processing, especially for international transfers
Less innovation in digital features
Regulatory Protection
Both EMIs and traditional banks operate under regulatory frameworks to ensure customer protection and financial stability. EMIs are regulated by financial authorities such as the Financial Conduct Authority (FCA) in the UK . They are required to safeguard customer funds by segregating them into dedicated accounts or investing them in secure, low-risk assets.
Traditional banks are subject to strict regulations and oversight, ensuring customer protection and adherence to legal requirements . They typically offer deposit insurance schemes, such as the Financial Services Compensation Scheme (FSCS) in the UK, which protects customer deposits up to £85,000 .
Conclusion
Choosing the right business bank account has a significant impact on a company’s financial management and growth potential. The array of options available, from traditional banks to online-only platforms, provides businesses with diverse features to suit their specific needs. Whether it’s fee-free banking for freelancers, robust overdraft facilities for established companies, or innovative digital tools offered by e-money institutions, there’s an account out there to match every business profile.
In the end, the ideal business bank account depends on individual requirements, transaction patterns, and growth plans. By carefully weighing factors such as account features, pricing structures, customer support, and regulatory protections, businesses can make an informed decision. This choice sets the foundation for streamlined financial operations, potentially leading to improved cash flow management and, ultimately, business success.
With the rise in cyber threats and data breaches, ensuring robust cyber security measures has become imperative for businesses of all sizes. This article explores why investing in cyber security is crucial for every business, highlighting the benefits, risks, and strategies for effective protection.The Growing Threat Landscape
The digital age has brought about tremendous advancements, but it has also given rise to sophisticated cyber threats. From ransomware attacks and phishing schemes to data breaches and DDoS attacks, the range of potential threats is vast and constantly evolving. Cybercriminals are not only targeting large corporations but also small and medium-sized enterprises (SMEs), recognizing that these businesses often lack the resources to defend against such attacks.
In recent years, high-profile data breaches have made headlines, illustrating the significant financial and reputational damage that can result from inadequate cyber security. For instance, the Equifax breach of 2017 exposed the sensitive information of over 147 million individuals, leading to substantial legal and financial repercussions for the company. Such incidents underline the importance of investing in strong cyber security measures to protect sensitive data and maintain business integrity.
Financial Implications of Cyber Attacks
The financial impact of a cyber attack can be devastating. According to a report by IBM, the average cost of a data breach in 2023 was $4.45 million. This figure encompasses various expenses, including legal fees, regulatory fines, remediation costs, and loss of business. For smaller businesses, such costs can be catastrophic, potentially leading to closure.
Beyond the immediate financial losses, there are long-term costs associated with reputational damage. Customers and clients expect their data to be secure, and a breach can erode trust and result in a loss of business. Additionally, businesses may face increased insurance premiums and scrutiny from regulatory bodies, further adding to the financial burden.
Enhancing Business Continuity
Investing in cyber security is crucial for ensuring business continuity. A well-designed cyber security strategy can help prevent disruptions caused by cyber incidents. This includes implementing measures such as regular data backups, disaster recovery plans, and business continuity strategies. In the event of an attack, these preparations can significantly reduce downtime and minimize operational impact.
A vital component of this strategy is the establishment of a Security Operations Centre (SOC). A SOC provides continuous monitoring and analysis of an organization’s security posture. By utilizing advanced tools and technologies, a SOC can detect, respond to, and mitigate potential threats in real time. This proactive approach ensures that businesses are not only prepared for incidents but can also prevent them from escalating into more severe issues.
Moreover, cyber security investments often include employee training and awareness programs. Human error is a leading cause of security breaches, and educating employees about best practices and potential threats can greatly enhance overall security posture. By fostering a culture of cyber awareness, businesses can mitigate risks associated with phishing scams, password vulnerabilities, and other common threats.
Regulatory Compliance and Legal Requirements
Regulatory compliance is another critical aspect of cyber security investment. Various industries are subject to regulations that mandate specific security measures to protect sensitive data. For example, the General Data Protection Regulation (GDPR) in the European Union and the Health Insurance Portability and Accountability Act (HIPAA) in the United States impose strict requirements on data protection.
Failure to comply with these regulations can result in severe penalties and legal consequences. Investing in cyber security not only helps businesses meet regulatory requirements but also demonstrates a commitment to protecting customer data and maintaining ethical standards. This proactive approach can enhance a company’s reputation and build trust with clients and partners.
Competitive Advantage and Customer Trust
In an increasingly competitive marketplace, businesses that prioritize cyber security can gain a significant advantage. Customers are more likely to engage with companies that demonstrate a commitment to safeguarding their data. By showcasing robust security measures and certifications, businesses can differentiate themselves from competitors and attract clients who value security.
Additionally, cyber security investments can lead to stronger partnerships and collaborations. Organizations that prioritize security are often preferred by partners and vendors who require assurance that their data will be handled securely. This can open doors to new business opportunities and foster long-term relationships built on trust and reliability.
Strategies for Effective Cyber Security Investment
Investing in cyber security involves more than just purchasing software and hardware. A comprehensive approach includes several key strategies:
Risk Assessment: Conducting regular risk assessments helps identify potential vulnerabilities and threats. This allows businesses to prioritize security measures based on the level of risk and potential impact.
Layered Security: Implementing a multi-layered security approach, including firewalls, antivirus software, intrusion detection systems, and encryption, provides a more comprehensive defense against various types of cyber threats.
Incident Response Plan: Developing and maintaining an incident response plan ensures that businesses are prepared to handle cyber attacks effectively. This plan should include protocols for detection, containment, eradication, and recovery.
Employee Training: Regular training sessions for employees on cyber security best practices and emerging threats can significantly reduce the risk of human error and enhance overall security awareness.
Regular Updates and Patching: Keeping software and systems up to date with the latest patches and updates helps protect against known vulnerabilities and exploits.
Conclusion
In conclusion, investing in cyber security is not just a technical necessity but a strategic imperative for businesses of all sizes. The financial, reputational, and operational impacts of cyber attacks underscore the importance of robust security measures. By prioritizing cyber security, businesses can safeguard their data, ensure regulatory compliance, enhance customer trust, and gain a competitive edge. In a world where cyber threats are an ever-present reality, a proactive approach to cyber security, including the establishment of a Security Operations Centre, is a wise investment that can yield significant long-term benefits.
#inform-video-player-1 .inform-embed { margin-top: 10px; margin-bottom: 20px; }
#inform-video-player-2 .inform-embed { margin-top: 10px; margin-bottom: 20px; }
Harris will carry Biden’s economic record into the election. She hopes to turn it into an assetWASHINGTON (AP) — A key question is looming for Vice President Kamala Harris as she edges closer to gaining the Democratic presidential nomination: Can she turn the Biden-Harris economic record into a political advantage in a way that President Joe Biden failed to do? In some ways, her task would seem straightforward: The administration oversaw a vigorous rebound from the pandemic recession, one that shrank the U.S. unemployment rate to a half-century low of 3.4% in early 2023. Yet the cumulative jump in average prices over the past three years — roughly 20%, only partly offset by higher paychecks — has contributed to a general unease about the country’s direction.Fed’s preferred inflation gauge cools, adding to likelihood of a September rate cut
WASHINGTON (AP) — The Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates in September. Prices rose just 0.1% from May to June, up from the previous month’s unchanged reading. Compared with a year earlier, inflation declined to 2.5% from 2.6%. Excluding volatile food and energy prices, so-called core inflation rose 0.2% from May to June, up from the previous month’s 0.1%. Measured from one year earlier, core prices increased 2.6%, unchanged from June. Taken as a whole, Friday’s figures suggest that the worst streak of inflation in four decades, which peaked two years ago, is nearing an end.California date palm ranches reap not only fruit, but a permit to host weddings and quinceañerasCOACHELLA, Calif. (AP) — Small date palm ranch owners in Southern California’s Coachella Valley have been petitioning for permission to host special events ranging from quinceañeras to weddings on their properties. The move aims to authorize a long-standing tradition in the region’s predominantly Latino community of holding outdoor events on largely agricultural properties. What makes the venues unique are towering date palms providing a scenic backdrop for celebrations and shade from the desert sun. Many small date ranch owners say the events help them continue to grow the specialty fruit and be contributors to the largest date harvest in the United States. The proposal has received initial approval from county officials.Justice Dept. claims TikTok collected US user views on issues like abortion and gun controlWASHINGTON (AP) — In a fresh broadside against one of the world’s most popular technology companies, the Justice Department has accused TikTok of harnessing the capability to gather bulk information on users based on views on divisive social issues like gun control, abortion and religion. Government lawyers say in a brief filed in federal court late Friday that TikTok and its Beijing-based parent company ByteDance used an internal web-suite system called Lark, which enables TikTok employees to speak directly with ByteDance engineers in China. One of Lark’s internal search tools, the filing states, permits ByteDance and TikTok employees in the U.S. and China to gather bulk user information based on content.Stock market today: Most of Wall Street leaps in a widespread rally, from big stocks to smallNEW YORK (AP) — Wall Street rallied following encouraging reports on inflation and on strong profits at 3M and other big U.S. companies. The S&P 500 rose 1.1% for its best day in seven weeks. The Dow Jones Industrial Average jumped 1.6%, and the Nasdaq composite climbed 1%. The market’s widespread gains included rallies for both Big Tech behemoths and smaller stocks, a departure from much of this month’s trading where a divide deepened between the two groups. The Russell 2000 index of small stocks brought its gain for July to more than 10%. Treasury yields eased after the latest inflation data firmed expectations for coming cuts to interest rates.
Federal grand jury charges short seller Andrew Left in $16M stock manipulation schemeA federal grand jury in California has charged activist short seller Andrew Left with multiple counts of securities fraud for a $16 million stock market manipulation scheme. The Department of Justice said in a statement on Friday that Left, who was a securities analyst, trader, and guest commentator on television channels including CNBC and Fox Business, is charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators. Separately, the Securities and Exchange Commission said that it is charging Left and Citron in what they said was a $20 million fraud scheme that used “bait and switch” tactics to mislead investors.‘Deadpool & Wolverine’ is already breaking box office records, with more possible soon“Deadpool & Wolverine” has gotten off to a supercharged start at the box office, breaking the Thursday preview record for an R-rated movie. The comic-book film sold an estimated $38.5 million worth of movie tickets from preview screenings Thursday, Disney said Friday. The previous R-rated record-holder was “Deadpool 2,” released by Fox’s 20th Century Studios in May of 2018. With positive reviews and genuine fan enthusiasm, it is cruising to break more records over the weekend, where it’s playing on over 4,200 screens in the United States and Canada. It’s also playing in 48 markets internationally where it’s earned $64.8 million in its first two days.Senators call on Federal Trade Commission to investigate automakers’ sale of driving data to brokersDETROIT (AP) — Two U.S. senators are calling on the Federal Trade Commission to investigate automakers selling customers’ driving data to brokers who package it and then sell it to insurance companies. In a letter Friday to FTC Chairwoman Linda Khan, Democrats Ron Wyden of Oregon, and Edward Markey of Massachusetts allege that General Motors, Hyundai, Honda are sharing data such as sudden braking and acceleration. They say the automakers used deceptive tactics to manipulate customers into signing up for disclosure of the data to brokers. A message was left for the FTC. All three automakers and data broker Verisk Analytics say they disagreed with the letter and that they use data responsibly. The automakers say customers have to consent to the release of their data.They expected an Olympic boon. But some Paris businesses are experiencing a bustPARIS (AP) — Small business owners in Paris expected a boon in visitors once the Olympics arrived. Instead, some, particularly in heavily touristed areas in central Paris, say they’re experiencing a bust. Because of major security restrictions on movement in the French capital, tourists are having trouble getting around and in some cases, staying put. Many bustling shops, cafes and bars say they’re getting much less business as a result. Other factors: Some would-be tourists have avoided traveling to Paris altogether during the Games, dissuaded by high prices or the crowds. And Parisians have been leaving on their usual summer exodus.US economic growth increased last quarter to a healthy 2.8% annual rateWASHINGTON (AP) — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The gross domestic product picked up in the April-June quarter after growing at a 1.4% pace in the January-March period. Economists had expected a weaker 1.9% annual pace of growth. The GDP report also showed that inflation continues to ease, though still remaining above the Federal Reserve’s 2% target. The latest figures should reinforce confidence that the U.S. economy is on the verge of achieving a rare “soft landing,” whereby high interest rates, engineered by the Fed, tame inflation without tipping the economy into a recession.
#inform-video-player-3 .inform-embed { margin-top: 10px; margin-bottom: 20px; }