How Failed Int’l Cooperation Amplifies Virus Damage

February 12, 2020

As the downgrades of the economic outlook for US, China and worldwide are about to begin, the virus outbreak may be steadying. Sadly, much of the economic, xenophobic and virus damage stems for lagging cooperation.

At the end of January, United States declared the 2019 novel coronavirus acute respiratory disease (nCoV ARD) an “unprecedented public health threat” followed by preparations “as if this were the next pandemic.” The unilateral action went against guidance by the World Health Organization (WHO).

Thanks to sensationalist media, the move also unleashed fear across America at the peak of the domestic flu season. Some 22 to 31 million Americans have already been infected with the seasonal flu, requiring up to 210,000 to 370,000 hospitalizations and causing 12,000 to 30,000 deaths, according to the CDC. As the Trump administration is preparing a $4.8 trillion budget with big safety-net cuts, it is focusing public attention on the virus outbreak.

Instead of a focus on the epidemiological facts, international headlines have focused on the expected “pandemic,” resulting in pressure campaigns against the WHO and an avalanche of xenophobic anti-Chinese incidents. The net effect will reverberate in downgraded economic outlooks in China, US and worldwide.

Here’s how it happened.

Rising number of cases, rapid outbreak deceleration

Even reputable media has contributed to misunderstandings. On February 4, New York Times reported: “Deaths in China Rise, With No Sign of Slowdown.” The first part of the sentence was true, but the second was misguided. In reality, the daily increase of new virus cases in China had just started to decelerate, while the pace of accumulated cases had been decelerating since mid-January.

With the new coronavirus, there are now (2 pm Wuhan time, Feb 11) over 42,600 confirmed cases worldwide, while the number of deaths is more than 1,000. If the current pace prevails, the former figure will soon exceed 50,000, while the latter may climb to 2,000.

And yet, the number of the confirmed cases and deaths has remained relatively low – less than 500 and only 2, respectively – outside China. While these numbers will continue to increase, the low starting-point suggests that China’s costly and draconian measures may have saved many lives within and outside China.

Moreover, the pace of the contagion is changing. The relative increase of the accumulated cases has decreased since mid-January. While the pace peaked at almost 100% after mid-January, it has declined to zero and below (Figure 1a). In turn, new cases increased steadily from mid-January soaring to almost 3,900 on February 4. But since then the numbers have fallen below 2,600 – from daily increase of almost 350% to zero and below (Figure 1b).

Figure Rising Accumulated Numbers, Falling Relative Rates

(a) Daily Increase of Accumulated Cases, Jan 10 to Feb 9, 2020

(b) Daily Increase of New Cases, Jan 10 to Feb 9, 2020

Source: DifferenceGroup. Data from China’s National Health Commission

While the data could indicate a possible turnaround in the virus outbreak, there is no assurance that the deceleration will prevail. Since viruses can zigzag, these trends do not justify any complacency. And as the Lunar New Year holidays now end in China, new outbreak clusters are still possible, including outside China. But assuming current trends, we may be witnessing a crossroads – despite politicized international coverage.

Instead of virus outbreak, an ‘infodemic’

In late January, the World Health Organization (WHO) declared the outbreak a “public health emergency of international concern” (PHEIC) and urged attention to a global health emergency to foster a “coordinated international response.” The PHEIC was not motivated by China, but by the possible effects of the virus, if it would spread to countries with weaker healthcare systems. That’s why WHO has called for a $675 billion initiative to combat future virus outbreaks.

Instead, media hysteria contributed to ugly instances of xenophobia against people of Chinese and Asian descent. On February 2, the misinformation on global scale compelled the WHO to declare the coronavirus an “infodemic,” which “made it hard for people to find trustworthy sources and reliable guidance.”

Worse, WHO leaders were targeted in public pressure crusades, including an online petition campaign calling the WHO chief Tedros Adhanom Ghebreyesus to resign. In reality, Tedros, an Ethiopian public-health pioneer, has adhered to WHO guidelines regarding pandemics, supported research on virus causes and tried to foster member states’ cooperation against the outbreak.

The smear campaign is an ugly déjà vu. Amid the 2017 WHO election, Tedros was attacked for alleged cover-up of possible past cholera epidemics in Ethiopia. The odd allegations came from Lawrence Gostin, US law professor who advised the rival UK candidate (and has resurfaced as a critic of China’s anti-virus struggle). In the UN, the African Union dismissed the allegations as an “unfounded and unverified defamation campaign.” But now the same ugly campaign was back.

In contrast to Washington’s demands for WHO to declare the outbreak a “pandemic,” WHO has a six-stage pandemic classification, which requires a pandemic to be fatal, infectious and international. In the last pandemic, the 2009 H1N1 flu outbreak (swine flu), 150,000-300,000 people died around the world. The current outbreak has caused only two deaths outside China (both linked with Wuhan, the virus epicenter).

Oddly, as international coverage focused on China’s alleged conduct, which WHO mainly applauded, it ignored the actual conduct of other states, despite Tedros’s news bomb on February 4. It was not China, but countries outside China that had proved slow in sharing complete information about cases. Despite weeks of crisis and global health emergency, more than 60% of five member countries had failed to provide complete case reports to WHO.

As international cooperation lagged and precious time was lost, economic consequences have grown more severe.

Impact scenarios

After a month of the virus outbreak, three economic scenarios prevail. In the “SARS-like impact scenario,” a sharp quarterly effect, accounting for much of the damage, would be followed by a rebound. The broader impact would be relatively low and regional. The impact on annualized growth would be tolerable.

In China, the 1^st quarter would be penalized by a 1.2% reduction to about 5% or less, while the 2^nd quarter rebound would offset much (but not all) of the losses. U.S. growth could suffer a 0.4% slowdown of the annualized growth. In Japan, growth would fall closer to 0%. Due to supply chain disruptions, South Korea and Taiwan would take heavier hits. In Hong Kong, the outbreak will extend the technical recession into the 1^st quarter. In Southeast Asia, downgrades would reduce growth closer to 4%. Annualized global growth would fall closer to 3.1%.

In the “extended impact scenario,” the adverse impact would last at least two quarters until early summer. In this case, the broader impact would be more severe and have an effect on global prospects, with rebound in the summer. The reductions in the US, China, and Japan would have a significant adverse impact in Asia and the global economy.

In the “accelerated impact scenario,” adverse damage would be far steeper, while a rebound would ensue only toward the end of the summer. The impact on annual growth would prove very significant, with dire repercussions in the global economy.

Today, consensus projections vary between the SARS-like and extended impact scenarios. If we are witnessing a sustained turnaround in new virus cases, there might be some reason for such hopes. Yet, international media coverage, pressures against WHO and lagging international cooperation indicate non-economic forces are fueling economic forecasts, while the risk of the extended impact scenario has increased. Finally, the accelerated impact scenario would undermine most of the post-2008 recovery with severe consequences to global prospects.

No virus outbreak will go by without adverse economic effects. But some of the impending damage could have been reduced with appropriate international cooperation.

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About the Author

Dr. Dan Steinbock is an internationally recognized strategist of the multipolar world and the founder of Difference Group. He has served at the India, China and America Institute (USA), Shanghai Institutes for International Studies (China) and the EU Center (Singapore). For more, see https://www.differencegroup.net

The original commentary was released by China-US Focus on Feb. 11, 2020

7 Financial Laws You May Not Know

February 12, 2020

There are different laws and regulations governing commercial banking, capital markets, insurances, and investment sectors. Various laws are put into place to keep people and businesses safe, some of which play an integral part in the formation of global economies and legal transactions.

So, if you want to learn more about the repercussions and implications of some of these laws, here are 7 of them that you might not have heard of before.

Multiple IRAs

You probably thought you can only have one individual retirement account, but that’s not the case, thanks to this law. You are allowed to have more if you happen to already have a 401(k) plan, which is then rolled into a traditional IRA. Sometimes, people can even do this if they have an old Roth IRA from before. In most cases, people inherit one, even though they had one of their own. However, in all cases, your deposits are subject to the annual maximum limit of $6,000 and $7,000 for people over 50 years of age.

Suing your employer after injuries

Another thing that a lot of employees—especially those who were victims of a workplace accident—don’t know is that you can still sue your employer even after collecting the workers’ compensation benefits. This is why you need to read more about how a skillful attorney can notice that something was wrong with your case. With their help, you could get a better compensation deal. Many people don’t understand their rights, so it’s a good idea to hire an experienced professional to guide you through the process. The law states that if the accident happened because you were performing a task outside the scope of your job description, or if your employer acted with malicious intent, then you may still have the right to file another lawsuit.

Plausible deniability with insurances

A lot of sectors in the world have different insurance plans, but sometimes, the people within the confines of a transaction or company do not realize that they are doing something illegal. This law states that if you’re dealing with money—whether in the commercial or banking sectors—and there have been some irregularities that you missed, you won’t necessarily be in trouble or taken to court because it would be considered unactionable. This means that you may not be subject to any legal liability.

Handling debt collectors

When you’re in a position where you have a debt to pay, some companies may not directly receive it or ask for it. Most companies just hire a third-party debt collector to do it. Sometimes, this can get messy or turn out to be a hassle. However, there are laws that allow you to send them a written cease and desist letter or sue them if they have been violating your rights in any way.

Liability insurance laws for indemnities

Indemnities are common in many different contracts, especially in the retail sector. People who create products or big brands that manufacture and sell them need a guarantee that they won’t go bankrupt if a product causes harm or gets recalled for any reason. This means that legal costs should be on the Indemnitor and not the indemnitee, making this point a must-have in any contract between the two parties, in case any problems arise.

Using your home equity for various payments

Not many people know this, but you’re allowed to refinance your home and take cash out of it whenever you want. This means that you’re giving away ownership to the creditors or insurance company, but you might find yourself paying a lot more than what the home is worth, even if the law permits it.

Overdraft protection laws

If you withdraw money from a bank and the remaining balance goes below zero, then this is considered an overdraft and causes a lot of problems. But luckily, you have laws that help you pay it off with funds through different courtesy pay programs. This includes electronic transfers, ATM withdrawals, debit card purchases, and checks.

It’s important to understand these laws ahead of time; you don’t want to get yourself in a tough situation that you can’t get out of smoothly. Of course, you should do your best not to violate any financial laws, but luckily, there are regulations that protect people who do that unknowingly. The system is designed to be fair, so as long as you make sure that every financial activity you carry out is within the confines of the law, you can rest assured that you’ll be safe.

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Cybersecurity – Maximising KYC to eliminate the vulnerability of online fraud and build customer engagement.

February 12, 2020

As payments and online engagement continue to expand, as do our global fraudsters.

We are massively in a realm where digital experiences and transactions are now just a part of our DNA. Some would state that we are in a predicament where digital identities have equal to if not more, bearing on statue than physical selves. In the recent Global Digital 2019 Report reveals that internet users are growing by an average of more than one million new users every day since January 2018 and an expected annual digital growth of 9.1%

From these internet users, 2,818 Billion people worldwide engage with eCommerce. In 2018, one in every ten dollars spent globally was spent online, with an expected spend growth of 14% year-on-year to hit US$4.5 Trillion in 2021. By 2022 online sales will make up 17% of all global consumer sales.

With all this growth and more and more customers engaging online storing card and personal details, inevitably brings more risk. Fraudsters are relentless in their maneuvers to attack customers intangible selves and businesses worldwide from their hard-earned established customer trust, brand loyalty and revenues. Fraudsters highly victimize the elderly as customers who are an easy target for fraudulent schemes.

Global online payment fraud – it’s a major concern.

Payment fraud is already a billion-dollar entity, and it’s rapidly growing as our financial technology continues to advance online as do our fraudsters, presenting a top concern for 44% of financial professionals. Juniper research stated that online sellers will lose $130 billion to online payment fraud between 2018 and 2023 with an average online payment fraud costing global businesses 1.8% of revenue and for every $1 of fraud from chargebacks, companies lose an extra $2.94.

With most people engaging online for 50-80% of their waking hours, how do they bring security and confidence to their digital identities and online purchasing transactions? How do businesses globally circumvent the ever-changing vulnerability to the continued development of sophisticated fraudsters, bots, and large-scale data-breaches?

In the last year alone, we have seen a substantial increase in cyber-attacks, where security breaches increased 11% in 2019 from 2018, and within the first half-year of 2019, 4.1 billion records were breached – utilising this captured data to assist in one of the fastest-growing identity theft methods of account takeovers. Where in 2018 it tripled from the previous year, reaching a four-year high and experiences losses of US$5.1 Billion.

Fintechs; payment companies, banks, eCommerce sellers, digital currency platforms, investment platforms, are proving to be committed to not only the innovation of financial technology, seamless and advanced customer experience but in fraud detection and prevention technologies. Gartner has stated that globally cybersecurity will reach US$133.7 billion by 2022. Global regulations surrounding payment services are also combatting the threat of online security and fraud; constantly adapting regulations per localised jurisdictions and globally to ensure appropriate regulations instilled to serve consumers digital identity and businesses operations.

For payment providers in Europe, the revised PSD2 regulation will instill Strong Customer Authentication (SCA) where the consumer can further identify their intangible self with their tangible biometric components; bringing security to their identity and transaction.

Businesses need to truly identify digital identities for all customer touch points.

Business leaders worldwide are rethinking their online strategy, syncing with leading technology developments and adapting their business mantras with dynamic decision-making intelligence for the best layers of defence and continued growth of consumer trust and loyalty with their brand.

One of the critical mantras these businesses are implementing is a wide range of Know Your Customer (KYC) tactics throughout their entire customer journey. With KYC Compliance from Acuitytec.com, businesses can safely process payments, establish trust with customers, and comply with regulations. Implementing KYC above and beyond regulatory requirements and will include a combination of the following:

Knowledge-based: Using specific security questions to verify identities
Documentary-based: Using technology like machine learning and AI to assess the authenticity of various government – issued IDs
Biometrics-based: Uses a person’s biometrics such as fingerprints, voice, and facial characteristics to verify a user’s identity
Database reference-based: References multiple databases like credit bureaus and even less formal sources such as social media for verification purposes.

For many businesses, onboarding customers in a verified manner may bring the risk of friction and loss of engagement if the required verifications at an entry-level are too vigorous. 75% of businesses want advanced authentication and security measures that have little or no impact on the digital customer experience. In our ever-evolving Fintech innovations, companies can harness methods and intelligence to circumvent KYC friction.

One method to maintaining low KYC friction at the point of entry it to implement pre-screening KYC verifications in the onboarding journey. Which allow the costs associated with KYC performance to remain low, and identities are quickly verifying through risk analysis against basic KYC checks.

These pre-screening KYC verifications may include:

Email Verify: Address & Domain Intelligence, Age, Reputation & Validation
Device ID Intelligence: Java-Based, Hardware Fingerprint, Granular Device Details & Reputational Data
Phone ID: Geo Location, Phone Type, Phone Carrier

Following businesses can quickly expand more rigorous KYC checks, including document identity verification or biometrics at various touchpoints of the customer engagement where it is deemed more applicable or required through compliance. While designing their KYC experience with intelligence like cascading verification logic to maximise data performance, and minimise overall costs and continued frictionless experience on the customer’s verification process.

Maximising revenue retention and customer lifetime value through ID verification.

Building trust through technology without disruption is increasingly the goal, but also the responsibility of businesses with online channels. While there are substantial barriers to achieving that goal, it is more critical than ever for companies to overcome. Businesses need to look beyond just implementing KYC for compliance and utilise KYC data to enhance customers digital profile, experience and trust.

Lack of visible security is the number one reason customers abandon an account creation or transaction. Nearly two-thirds (66%) of customers appreciate security protocols when transacting online because it makes them feel protected.

If KYC verifications are presented to customers in a manner when they are relevant in their journey as well within a layered cascading approach, the business is acquiring the best data and fraud prevention techniques. The more a business knows about their customers, the more they not only build further trust within their brand but can tailor customers experiences to expand loyalty, improve overall customer lifetime value and obtain revenue retention.

It has been proven that businesses that utilise a combination of KYC verifications in conjunction with real-time fraud prevention technologies can diminish chargebacks by 66 percent in the first two-months and increase authorisation rates by 85%.

Implementing an array of KYC without the pain of multiple integrations.

The only way businesses can verify a customer’s identity in real-time is through accessing world-class data and pairing it with automated KYC checks and real-time fraud prevention technology. However, for many businesses implementing a single KYC data service can take months with high costs and drains on internal development resources, which can result in slow to market launches or missed market opportunities altogether.

Many businesses globally are in a constant state of flux as they try and keep up with KYC demands for regulation. Often it is too cumbersome of a process to manage, and the costs and resources required outweighs the benefits of implementing additional KYC regardless of what it could bring to their business performance and revenues.

Data aggregation and global KYC orchestration hub technologies support the high demands our online eco-system is presenting. Hubs like 4Stop based out of Germany and supporting many global Payment Service Providers (PSPs) with access to implement thousands of premium global KYB, KYC data services, data intelligence and anti-fraud technology all from a single API. Utilising orchestration hubs is the most cost-efficient manner to implement and perform KYC worldwide. Allowing businesses to harness the true potential KYC and ID verification brings to their business without any touch on their operations.

Most KYC orchestration hubs stay relevant as our online eco-system continues to evolve, and more and more KYC verification technologies are developed. They are continually updating their data hubs and KYC data services with these advancements. Providing their clients complete peace-of-mind that their anti-fraud technology, compliance management and KYC services are designed and implemented in a future-proofed, fail-safe manner -locally, globally, today and in the future.

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Trump’s ‘Red Meat’ SOTU Speech US Political Crisis Now Deepens

February 11, 2020

By Jack Rasmus

On Tuesday, February 4, 2020, Donald Trump delivered a State of the Union speech that revealed his election 2020 strategy, designed to roil and mobilize his political base, and to declare to the Democrats that his political war with them will now escalate further.

If anyone thinks the recent impeachment and Senate trial was the high point of the growing conflict between the two political parties, Republican (correct that: Trumpublicans now) and Democrat, they haven’t seen anything yet. The worse, much worse is yet to come in the months leading up to the November 2020 elections.

The visual personification of this intensifying conflict was evident during Trump’s speech: As he began speaking Trump turned to vice president Pence and House of Representatives leader, Pelosi, both sitting behind him on a dais. Trump handed them his written speech, as is the tradition. He then abruptly turned away from Pelosi refusing to shake her extended hand—as traditional decorum has always required. Pelosi, shocked by the snub, after Trump finished, in turn symbolically tore up the written speech. All this was caught on national TV. The event was symbolic of the fight will now escalate and get even more vicious in the run up to November.

If Trump’s speech summarized the conflict up to this point, the exchange between him and Pelosi reflected the ‘gloves off’ political conflict now about to begin. As the saying goes, “We ain’t seen nothing yet”!

It is not difficult to understand the true meaning of Trump’s SOTU. Above all, it represents a toss of ‘red meat’ to his radical political base. There was very little in it about what he proposes for the country in the future, as is normal for a SOTU speech. Instead, what we got was a speech designed to agitate and mobilize his political base based on themes of fear (of the immigrant) and hate (of Pelosi and the Democrats). The dish of fear/hate was sauteed with a large dose of lies and misrepresentations and served up with a new recipe of racism designed to help Trump hold on to the swing states that delivered his electoral college majority in 2016. The speech marks what will be a significant escalation of extraordinary political attacks by Trump and his movement against his Democrat opponents in the election. And if past practice is any clue, the Democrat leadership is likely unprepared for what is to come.

The ‘Red Meat’ to the Base

The speech was replete with what Trump’s base wants to hear, with no punches pulled. Once again, as in 2016, the immigrant is the dangerous criminal and killer. The immigrant is of course anyone of color, but especially Latinos crossing the southern US border, and anyone sympathetic in any way to them or even those already legally here. Trump wants to protect us from the immigrant. And according to Trump’s appeal to this base: the Democrats want to embrace him, protect him with taxpayer money, and thereby identify themselves with the criminal-killer element among us.

In the same breath as he reiterated his politically successful anti-Latino racist appeal, Trump touted his “long, tall and very powerful” wall, claiming 100 miles have already been built and another 500 coming next year. More money for the wall will thus by inference be necessary. Or else we may all suffer the fate of the anecdotal killer-criminal-immigrant, who of course is Latino.

A variation on this illegal (read: Latino) ‘enemy within us’ theme is the Sanctuary Cities movement and, by association, the entire state of California which has declared itself a sanctuary state. Trump spent a good deal of time in his speech attacking sanctuary cities. In the past, his bete noir was a person (Hillary, Pelosi, etc.) Now it’s a geography, even a state. Watch out California. Trump is about to swing his ax, far and wide, and in your direction!

Trump claimed they were failing everywhere and that every parent should have the choice of sending their kid to whatever school they wanted, and receive scholarship money paid by the taxpayer to send them to a private school of their choice.

Like most demagogues, Trump likes to make his case with anecdotal, emotional appeals. Thus, with a fear-mongering, melodramatic anecdotal example early in his speech he cited a criminal illegal running amuck, shooting everyone in California. That cleared the way for his proposal for legislation to go after Sanctuary Cities, in particular in California. The legislation proposed was the ‘Justice for Victims of Sanctuary Cities’ Act that would allow individuals to sue Sanctuary Cities. It is clearly a move to open the door for radical elements of his base to protest and engage in even more militant, perhaps even violent, action—not unlike how anti-abortion radicals were encouraged in the past to physically attack abortion clinics and threaten and assault doctors and nurses.

Like all extreme nationalist and proto-fascist movements, there must be an ‘enemy within’ that is identified as the source of the country’s problems—including those who might defend them.

Another ‘red meat’ toss to his base in his speech was his proposal for legislation to bar late term abortions. Still another dish offered up was allowing prayer in public schools, which he followed up with a pledge to increase federal funding to promote it.

Another fresh bone thrown to the base was Trump’s strong endorsement of 2nd amendment gun rights. In contrast, throughout the speech not a word was said about mass killings at US schools or the fact that studies show a shooting and killing goes on in schools in America at least once every day somewhere.

His base was no doubt pleased as well with his solution to the growing climate crisis: somehow business and the public will plant 1 trillion more trees, he proposed. That would presumably create enough oxygen to prevent the oceans from acidifying, glaciers from melting, and Australia and California from burning.

There was also an attack on public schools. Trump claimed they were failing everywhere and that every parent should have the choice of sending their kid to whatever school they wanted, and receive scholarship money paid by the taxpayer to send them to a private school of their choice. Trump touted the ‘Educational Freedom & Scholarship Act’. In one of at least a half dozen examples, best described as ‘gallery melodrama’, he turned to the gallery in the House chamber and introduced a young black girl and her mother, announcing on the spot he personally was giving her a scholarship under the Act.

One of the more disgusting examples of ‘gallery melodrama’, that has become ready fare apparently in these SOTU speeches in recent years, was Trump’s introduction of the right wing radical talk show pundit, Rush Limbaugh. Long an ideologue of the radical, extreme right who has dished up lies and misrepresentations on a daily basis, Limbaugh was introduced as having stage 4 lung cancer. That was to set up the sympathy appeal, of course. Trump then announced he was giving Rush the Presidential Medal of Freedom. Rush acted surprised. The person next to Rush then immediately pulled out the medal and draped it around Limbaugh’s neck. We’re supposed to believe it was all unrehearsed and spontaneous. Not a dry eye in the gallery. Trump’s message: all you liars and hate mongers on the right out there, you too can become a hero under Trump. Just keep up the good work in the coming election year!

The New Racism Card

Democrats should take note of Trump’s new racism strategy. He clearly is now appealing to the African-American voter—even as he writes off and declares the Latino as the illegal alien threat.

In at least six episodes of ‘gallery melodrama’, Trump’s subject was a black American. In addition to the young girl and her mother, noted above, Trump introduced a black former drug user who became a businessman, enabled by Trump’s ‘opportunity zone’ legislation—in fact a piece of legislation designed to give special tax cuts to businesses in certain cities. Then there was the black kid who wants to become an astronaut. He was introduced with his 100 year old grandfather, a former Air Force officer, Charles McGee, who served in Korea and Vietnam, next to him. Trump announced he just made McGee a brigadier general. That kills ‘three birds with one stone’, as they say: a kudo to senior citizens, to blacks, and to the military all in one melodrama bundle. Trump then proposed an increase in funding for black colleges.

In only one, and very brief, ‘gallery melodrama’ episode during the speech was a Latino introduced. Unlike all the black kids and moms, he was a Latino ICE officer. Not as much emotional sympathy appeal there.

See where this is going? Up with blacks; down with Latinos? Split the minority vote.

Why the strange pro-black strategy? A strategy launched, by the way, a few days earlier in his unprecedented election Ad in the super-bowl, where Trump took credit for the bipartisan criminal reform legislation just passed, by showing a middle aged black women crying in relief now that Trump had released her relative from prison. Trump now a defender of African-Americans? A reformed former racist? Trump the declarer that Africans lived in shithole countries?

It’s not that Trump has overnight given up his racist attitude against African Americans. What he’s doing is counting the electoral votes in the swing states. The new appeal to blacks is designed to provide him a margin of extra votes in those swing states, a safer margin in the red states, especially the south in places like Georgia, all to ensure he wins the electoral college votes in those states as he did in 2016. That black vote margin is needed to offset the possible loss of middle class white women in the swing states that are, according to polls, put off by Trump’s aggressive and off the cuff tweets and statements.

Manipulate blacks. Mobilize white nationalists by vilifying Latinos and other peoples of color. Split the minority vote, in other words.

The real picture is that unemployment is much higher and wages are stagnating for the vast majority or worse. But this didn’t stop Trump in his SOTU speech from saying “companies are coming back to the US” and creating jobs.

Trump’s Lies by Commission

As heard so often from Trump, much of his SOTU speech was laden with outright lies. In the roughly one-third of it devoted to the economy, this was especially the case. (Another one third of the speech was devoted to domestic issues and another third to foreign policy).

First there was Trump’s claim that the under him the US economy is “the best it has ever been” in US history. But what are the facts? Not so in terms of US GDP. Trump’s roughly 2% growth rate today is not that much different from the average since 2000. Nevertheless he said “Families are flourishing”. Oh? What about the more than half of families today who have less than $400 to their name for emergencies? Or the more than half in each of the last two years who say, in polls, they received no wage increase at all in either year? Or what about the tens of millions of millennials and youth indentured with $1.6 trillion in student debt and can’t get homes or families even started?

In the speech, Trump claimed the unemployment rate was the lowest ever. But that’s the so-called U-3 rate which covers only full time workers, whose employment ranks by the way have been declining in absolute terms. It further excludes altogether the roughly 60 million US part time, gig and temp workers. If they were accurately estimated and included in unemployment figures, the true unemployment rate would be 8%-10%.

And what about wages? In the speech Trump repeated the oft-heard statistic that wages have been rising on his watch. But behind that figure lay several deeper facts: first, there’s the more than half of the labor force who acknowledge they received no wage increase at all last year or the year before. That suggests it is the top 10% of tech, professional, and other workers who are getting most of the wage gains. Moreover, the wage figures and gains noted by Trump are an average: if those at the top get more, those at the middle and below are getting less or even nothing. In addition, the numbers are for full time workers, leaving out the 60 million part time and temps. Finally, they’re wages not adjusted for inflation.

Trump also declared in his SOTU that he would protect social security and Medicare. But in his recent speech to the billionaire crowd in Davos, Switzerland he let it slip to the well-heeled in attendance he would be going after both once he won the election again. One wonders which audience he’s speaking the truth of his real intentions to.

In the SOTU he also gave support to infrastructure spending. But his prior proposals define ‘infrastructure investment’ as tax cuts for real estate developers.

He also declared in the SOTU speech that his recent proposals would lower prescription drug prices. But by this he really meant consumers being gouged by the Pharma companies would get to see how much the various drugs were being raised, in order to choose which one that would gouge them less. Market transparency does not mean lower drug prices. Big Pharma is not a competitive market where the consumer can choose among multiple offerings.

An even more outrageous, blatant lie was Trump’s declaration he was giving his “ironclad” guarantee that those with health related, pre-existing conditions would have access to health care–when in fact what he has proposed to date are various measures to roll back pre-existing conditions guarantees.

Trump’s most ridiculous lie was that Medicare was socialist. Here he was obviously attacking the growing support for a Medicare for All solution to the health crisis, increasingly supported both by the public and within the ranks of the Democrats. As he put it, 180 million Americans love their private health insurance. And he promised not to let the socialists take that away, even though it’s quite clear that 70% of the US population is now dissatisfied with private health insurance and want something better. And if Medicare is socialist, does that mean the 50 million seniors on Medicare and Social Security are socialists as well? Add the millennials and seniors, and America must have already gone socialist!

One of the more disgusting outright lying claims of Trump was his comment that, under his regime, 7 million on food stamps had left the program. But what he didn’t mention was he and the Republicans just declared 700,000 no longer eligible for food stamp support, including single moms with kids.

Trump’s SOTU: Lying by Omission

Lies may be committed by carefully not elaborating on topics. Here Trump excelled as well in his SOTU speech. For example, he boasted that the stock markets had risen in value by $12 trillion on his watch. But what he didn’t say is that more than $1 trillion every year has been passed on by corporations to investors and stock holders in the form of stock buybacks and dividend payouts. That’s what drove the $12 Trillion, making the 2% of the voters who own most of the stock richer than ever in history.

He then glossed over the recent signed China-US phase 1 trade deal as well as the NAFTA 2.0 USMCA trade deal. he said they were great achievements, but refused to indicate in what sense. In recent weeks he has declared China would buy $100 billion more in US goods this year as part of that deal. But the fact is China never agreed to that and most economists estimate it will be well less than $50B, and maybe not even that now that the coronavirus is undermining US-China trade.

And so far as the USMCA is concerned, Trump in the SOTU speech reported it will produce 100,000 new US jobs. But even a cursory reading of the terms of that deal show there are no measures designed to bring back jobs from Mexico to the US. In both the trade deals, there’s really ‘no there there’, as economists are now beginning to determine. Both the China and USMCA trade deals are just old wine in new bottles, as they say, corked up with a lot of bombast, hyperbole, and factual misrepresentation.

Missing totally from the SOTU speech was any reference how Trump’s multi-trillion dollar tax cuts for corporations and investors and war spending have driven the US budget deficit in excess of $1 trillion a year, with trillion dollar additional deficits for another decade! In short, unlike all Republican presidents before him, in his SOTU speech Trump said nothing about the accelerating deficit, and in turn the $23 trillion national debt, or how he proposed to address it in the coming year or beyond.

In yet another example of lying by omission, in the speech Trump claimed that low wage workers had experienced an increase of 16% in wages on his watch, but then didn’t bother to explain that most of that was due to the raising of minimum wages by governors and legislatures in the ‘blue’ Democratic states.

Lying by omission means taking credit for things you never did, or were done by others. That’s become a norm for Trump, and he kept up that practice throughout the SOTU speech.

Foreign Policy Fantasies

Trump has had no actual foreign policy accomplishment during his entire term in office. Nothing came of the North Korea deal. He was able to get only a few token European countries, like Greece, to increase their NATO spending a little, but not much. His attempted support for a coup in Venezuela collapsed. (That didn’t stop him by bringing to his speech the US selected puppet, Guido, and introducing him in the gallery). His trade deals produced very little in actual gains for the US ballooning trade deficit. He achieved nothing in Syria or Turkey except to allow Russia to increase its influence in both. And he failed to get Iran to the bargaining table to renegotiate the nuclear deal.

What he did declare in his SOTU speech as victories in foreign policy was his reversal of the Obama administration’s opening to Cuba. His recent launch a new Mideast Israel-Palestine initiative that was dead on arrival. The claim he destroyed ISIS, when in fact it was mostly the Iranians, Kurds, Russians, and Turks that did it. And his declaration that peace talks in Afghanistan to end that conflict were making “tremendous progress”, when in fact a deal isn’t even close. And, not least, his assassination of the Iranian general, Soleimani, that almost pushed both countries over the brink of war. Not much there in foreign policy either.

The SOTU Message: Domestic Political Warfare

Where Trump has succeeded is in his domestic political war with the Democrats. As he noted in the SOTU speech, he has approved 187 new Federal Court judges and two Supreme Court judges, giving him a clear majority in the Judiciary. The US Senate has become no less myopically committed to him than his political grassroots base and media machine. Senate leader, McConnell, has proven to be one of the most obsequious Senate leaders in history. With the Judiciary and one house of Congress firmly in his pocket now he has not been reluctant to break whatever rules and norms he deems necessary.

Having outmaneuvered the Democrats in the Mueller Report and Russia interference affair, and now as well in the impeachment attempt, Trump is now even more confident no doubt that he can run roughshod over Pelosi and the Democrats in this election year. And he will.

His SOTU speech was in effect a declaration of his intent to do so. And the confrontation at the end of the speech between himself and Pelosi—Trump refusing to shake her extended hand and Pelosi then ripping up his speech—is symbolic of the political dogfight about to come. Throughout it all, Trump’s approval rating has survived in safe territory. His red state allies are intent on ensuring his electoral vote majority via both gerrymandering and voter roll suppression. His grass roots minions are itching to release more aggressive protests, demonstrations and action. His strategists are formulating a new racist appeal to split Democrats’ historical minority base of support.

Meanwhile, the Democrats themselves are sliding into their own internal conflict, with the corporate wing planning to scuttle Sanders by any means necessary and replace him with Bloomberg as their candidate at the convention.

In short, Trump’s SOTU speech was less about the state of the union and more about the state of Trump’s re-election and the Trump strategy to win a second term in November. And it appears he may succeed in domestic politics while having clearly failed in economics and foreign policy.

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About the Author

Dr. Rasmus is author of the just-published book, ‘The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump’, Clarity Press, January 2020. He blogs at jackrasmus.com. His twitter handle is @drjackrasmus. And his website is http://kyklosproductions.com

How to Open a Merchant Account for Your Travel Agency

February 10, 2020

Travelling is all about pleasant experiences. To run a successful business, you must be an expert in customer service, as you are an adventure provider. However, travelling is one tough industry to operate in. Problems with staff, payments, accidents, you have to be prepared for all of them. You might even sometimes need to use collecting agents to get your money back. However, there is one tool that will help you with finance management, and it is a merchant account. Once you get approved for credit card processing, your life will become so much easier. Let’s talk about what kind of steps do you need to go through to open a merchant account for your travel agency.

Opening a merchant account’s most significant advantage is the increase in the safety of your money. Visa and MasterCard protect their clients. They have a policy that says: “When someone pays for something with their credit card, they will receive it. Guaranteed. If they don’t get what was promised, they will get their money back.” Processing credit cards will make you look more trustworthy among the competition.

Travelling businesses often are considered a higher risk in comparison to merchants, such as a material retailer, but there are things that you can do to increase your chance of approval. To get approved for a merchant account it is best if you prepared:

A cover letter.
Your processing history.
The financials of your business.

To get more specific information on the topic, check out the infographic.

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7 Storage Solutions to Boost Your Business

February 9, 2020

The “cloud” remains an ephemeral concept that some have trouble grasping, and it can feel pretty overwhelming given how diffuse it is. However, if you are a business owner, you should get to know the cloud as soon as possible, understand its financial benefits and the ways in which it can boost productivity right away. It has proven to be a great tool that increases efficiency while lifting the pressure off of business managers. You might be worried about security issues – no fear, your documents are actually far safer in the cloud than anywhere else. Moreover, there are different document management solutions that enable immediate access, seamless workflows, and better business decisions. Perhaps even safer than your trusty hard drive. The only thing you need to do is to look into different software options available that will help you optimize key functions within your organizational structure.

The following are a few ideas to help get you started.

Data Safety

It has already been alluded to briefly here, but the security of your company’s and your clients’ metadata profiles is, of course, a top priority. The old school way of thinking that dictates everything needs to remain in house under lock and key has proven to be inaccurate. Outsourcing your data management through other providers such as Oracle or the Microsoft SQL Server allows you to have control over key information while ensuring that you have employed strict security protocols that will not harm your business. Storing most of your company’s data in the cloud – whichever service you ultimately use – will spare you the headache of creating extra space to back up all your information.

Connecting Employees

Tools such as Dropbox allow you and your employees to share files quickly and easily, while also storing them in a “part” of the cloud that will not suck up the efficiency of your team. Instead of buying endless hard disks and thumb drives, simplify the process and make things quickly accessible by trusting the processes entailed in the cloud app. Every business manager and expert in the field will tell you that streamlining processes increases productivity, and many of these trusted experts believe it’s the make-or-break part of your business. Saving and sharing files from one centralized location leads to better business practices, period.

No Upgrading Headaches

A part of managing any business is having to ensure that every digital tool is working swimmingly. Cloud services are great because they are a third-party that does not suck up your team’s productivity. Software updates and firmware are essential to keeping things running smoothly, but they can distract your team from working on other major projects while also taking up a lot of space. Outsourcing this key element to a cloud app will help lighten the load considerably.

Remote Access

All you need is a strong internet connection and a smart device – not necessarily a laptop, a phone is perfect – and everyone in your business can access the work easily and efficiently. In terms of storage, this is a direct boon since again, an over-reliance on more traditional ways of carrying files and spreadsheets are no longer necessary. This allows everyone to work remotely if need be, meaning that business can always run strong regardless.

Save on Maintenance Costs

Purchasing equipment is not only costly and takes up space, maintaining them is difficult. Cloud tools can help by cutting down costs while ensuring that operations run smoothly. Small businesses especially can benefit from the cloud infrastructure, especially since there are many tools that can genuinely help without costing a great deal or coming at the expense of your operational concerns.

Backups of Backups

Backing up data has already been mentioned a bit here, but one thing that hasn’t been fully explicated is the fact that businesses often find themselves purchasing G-Raids and other high-density pieces of hardware to be able to efficiently back up all their data. Cloud apps in a vein similar to Oracle all but eliminate this need since the storage space is astronomical, yet retains a distinct sense of affordability. This makes data management easier than ever.

Data Recovery

Since a cloud service provider is a third-party entity that will manage data for you, you will not run the risk of losing your data in case something happens. You are therefore able to safeguard your business and boost customer confidence, which will only affect the bottom line.

Not too long ago, it was commonplace that these sophisticated technologies were reserved only for major corporations with deep pockets. It was something that always put them ahead of the game and left little room for smaller start-ups to compete. Cloud computing has now allowed smaller businesses to be more competitive by offering smart solutions for everyday problems.

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7 Ways to Streamline Your Business Processes

February 9, 2020

People say that starting a business is hard, but ask some experienced entrepreneurs, and they’ll tell you that operating one is even harder. Before you can gain a significant number of returning customers, expand your business and fortunately achieve a household name, you will have to battle through dozens of challenges, some of which could send you back to the drawing board at a fraction of a second. Nonetheless, the success of any business largely depends on how smoothly the processes flow. It depends on how easy it is to acquire products, provide services, acquire customers, or market your business.

Every enterprise, no matter the size, has one bottom line, to reap more profits at the least cost of conducting trade. Streamlining a venture’s operation involves altering all those regular day-to-day tasks as well as making mechanisms efficient by deploying various modus operandi such as the 5s in manufacturing. In the modern world, business operations are evolving at a fast rate. If your venture is inefficient, this may contribute to lagging what makes up your share of the cake. Successful businesses deploy effective strategies that allow their businesses to stand out.

On this note, below is a compilation of 7 ways to streamline your business processes.

1. Scrutinize and Automate Processes

When running a business, it’s imperative to conduct a top to bottom analysis of your venture from time to time. This will help you to identify and restrategize on operations that need changing or that need phasing out. The investigation will also reveal the end result after all the changes have been affected. Now, if you find that there are various time-consuming processes that need to be performed regularly, consider looking for ways to consolidate, simplify, or automate them where possible.

For instance, mailing is one of those tasks that can be overly time-consuming when done in bulk. If you’re using the traditional postage approach, you’ll find that you or your office staff are spending too much time and resources on postage. You can then invest in a franking machine for your business to streamline the mailing process, making it more efficient and cost-effective. The time and money you save on postage and mailing tasks can then be dedicated to other tasks that will improve productivity at your workplace.

Additionally, you may want to automate other processes such as bookkeeping, billing, CRM, marketing, project management, data management, and administrative tasks, just to name a few. This constitutes more efficiency and curtails time wastage. Similarly, communication and handoffs inside any corporation need to be automated to ensure retention of originality and intent of the communique.

2. Employee Empowerment

Employees who’ve been in your business for a long time know most of your business secrets and business processes. These are the people you want to retain in your company by fostering the best working environment and working conditions. You also want to ensure that you’re offering them what your competitors cannot. As for your newer employees, it’s important that they get an orientation of what is expected, while trusting that they can in due time deliver.

3. Specialization Over the Division of Labor

Where there are different errands as well as a process along a line of production, it is advisable to specialize. Break down those errands and assign each to different people or machines. This ensures that only the right skills and expertise are utilized to perform that particular part of the operation, which improves the quality of the end product as well as cost-cutting.

4. Encourage Communication

Empowering your staff encourages and keeps open communication lines throughout your corporation. Don’t overlook feedback from employees on the ground as they know about these tasks better. Instead, hold regular meetings to discuss issues affecting them while working and deliberate on solutions.

5. Invest in B2B and Internet Marketing

The final stage of your sales process is the consumption of your commodity or services by your target customers. Investing in business to business communication between you, partners, suppliers, and clients are paramount in any venture. To further streamline your business operations, you’ll also need to invest heavily in online presence so your target clients can find you easily.

6. Contemplate Outsourcing

One of the gains of outsourcing is the in-house efficiency. This means making use of SaaS (Software as a Service) to outsource operation software that will assist you to trail all your venture procedures as well as tasks. Similarly, you may opt to outsource other services that, otherwise, are not part of your venture but are vital.

7. Remember the Taxman

Last but not least, give Caesar what is Caesar’s. In other words, keep all your tax deductions up to date to ward off the taxman. Updating your tax records will not only ensure that you reduce any tax liability that your enterprise might incur, but it also helps you avoid the hefty penalties that come with delays in filing tax returns. Don’t find ways to bypass your obligation of paying taxes. In the long run, this will hurt your undertakings more.

As a businessman, your busy schedule might blind regarding the particulars of all those operations that take place as you prioritize the end product. These techniques can help revolutionize your venture by improving efficiency, boosting productivity, reducing costs, maximizing profits, and skyrocketing growth. Consider them and in the long run, your venture might as well be counted among leading enterprises.

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Smart Tips for Closing a Limited Company

February 9, 2020

So, the time has come for you to close your business and move on. This isn’t the end of the road for you, however. You can easily get back into the business world through another company startup or looking into a different business venture. Before you go about looking at the future, you need to look at what you need to do in the present. You cannot just stop working on your limited company. Instead, you must go about closing it, and like anything in the business world, it’s not as simple as it sounds.

The way you close your company dictates how well you will do in the future and what you will get out of the closure. You need to create an exit strategy for yourself, notify employees, collect your accounts receivable, and selling your business assets are all things to consider when looking to close your company. Don’t get stuck in a bad situation.

Here are smart tips for closing a limited company

Create an Exit Strategy

The first thing you need to formulate is how you are going to close your company. If there are other owners in the company, you all must consult together and see if it is in everyone’s best interest to close the company. If you own the company, you must consult with your board of directors. Along with this, you need to look into getting help from outside sources such as:

Lawyers
Bankers and Accountants
Tax Professionals
Tax Revenue Agencies

All of these companies and people will help you and your company along the way towards closure. They will inform you of any important information and catch any mistakes you might make along the way. Looking to bring in help, according to the experts at Approved Recovery, will make the liquidation process that much easier and less frustrating. They will help handle all the work regarding shutting down while you can go about ensuring your business runs smoothly for the last few days. Don’t just go about closing your business without getting the support you need.

Notify Your Employees

This is a tricky one, and you must use your best judgment when deciding to notify your employees. By now, you have determined a shutdown date for the company and after that date, no one will be required to work. If you tell your employees ahead of time, it gives them the opportunity to start looking for other work so they do not end up in a financially problematic situation, however with this information they might quit making the company much harder to run in the closing weeks.

If you do not tell them you are closing until the last minute, it ensures they stay working with you, however, you have severely damaged your connection with them and put them in a bad situation. Make sure to give all your employees their final paychecks and check to ensure that you have paid any outstanding out-of-pocket expenses that they may have incurred. Also make sure that you have collected all your company property from them, whether it be cars, computers, cell phones, or even stationary. When you feel you are ready, notify your employees of the upcoming situation

Collect Accounts Receivable or Sell Them Off

Your company probably has accounts receivables with several other companies owing you money. Once you have dissolved, it becomes impossible to collect that money because you as a company do not exist anymore. Therefore, you must make it a point to collect this money. Do not tell these companies that you are shutting down, however, as they will stall on their payments and try to wait you out. If you feel that you will be unable to collect the money before the company closes, you can sell them off to debt collectors. The main goal here is to collect whatever money you can. Do not be afraid to offer discounts on the collection. Collecting your money owed is a smart tip to ensure financial stability after closing a company

Selling Off Company Assets

Once that is all done, it is time to go about selling off as many company assets as possible. Certain assets are quite easy to turn into cash while others are not. View this the same way you would your accounts receivable. Try to get as much money as possible and when looking to sell off non-liquid assets, offer discounts or whatever possible to get these assets out of your hands. Any extra cash in this situation helps. Start listing all your assets, as that is the smartest thing to do when closing the company.

Closing a company is not the end of the world and sometimes it is mandatory based on the situation you are put into. Regardless, you should always make sure that you are closing your company in a smart way that looks out for you and your employees. Create yourself an exit strategy, notify your workers, and finally collect whatever money you can and sell whatever assets you can. Try to get all of this done as soon as possible. Once the business is closed, you are free to pursue your next job. What will be your next business venture?

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Dmitry Gusev: “Banks that ignore responsible banking principles are going to be left behind”

February 9, 2020

An Interview with the CEO of Sovcombank

At the end of September 2019, a number of international financial institutions launched the UNEP FI Principles for Responsible Banking. Sovcombank became the first Russian signatory to the document. Dmitry Gusev, CEO of Sovcombank, speaks about the significance of this milestone and its implications for Sovcombank going forward.

Sovcombank is the first Russian bank to commit to the Principles for Responsible Banking (PRB). Some experts see responsible finance practices mostly as a marketing and image-building tool, rather than a way to effect real change. Would you agree or disagree with them?

Sustainable development is a subject of great interest nowadays, for both financial institutions and our customers. Many market players are introducing various corporate social responsibility programmes, including this UN initiative.

We believe that we can only be successful in the long term if we share common values with our customers and society at large.

I don’t think that corporations and financial institutions can afford the luxury of sitting this one out. In the nearest future, we are going to find ourselves under immense pressure from society, partners, consumers, and, most importantly, our own employees. They want us to be committed to human values, instead of just chasing profit. One way or another, it is our customers and employees who drive change in our business. Those who don’t understand that are going to lose out in the long run.

Participating in the UN initiative will certainly improve our corporate image, but it’s not what it’s all about; we had sound reasons for doing it. We are not a charity. We seek to maximise profits. We believe that we can only be successful in the long term if we share common values with our customers and society at large.

Today, sustainable development and responsible banking are primarily associated with the climate agenda but, in fact, they go far beyond that. For us, these are not only about reducing our environmental footprint, but also about building honest and responsible relationships with our customers on a daily basis, especially in retail.

We know many examples when banks behave recklessly when dealing with retail customers. For instance, foreign currency mortgages were once very popular in Russia, but we all know about the dire consequences of those. That is why we prioritise providing financial education for our customers and place great value on responsibility in our loan products.

When and how are you going to restructure your business model to fit the sustainable development principles? What is going to come first?

There is no need for us to make any drastic changes to the business strategy, since we have always followed similar principles.

The first step for banks would involve assessing the status quo and identifying long-term goals and objectives. We have already undergone a third-party audit and approved some long-term goals, the key point of which is that they should be feasible. In the near future, we will announce our plans, and then report on their implementation as we go along.

As a signatory to the Principles, how are you going to integrate them with your work with retail customers and corporate clients?

As part of its corporate lending business, Sovcombank is already financing several long-term energy-saving, renewable-energy and waste-management projects. Currently, a large number of related government initiatives and programmes are underway in Russia, and we see ourselves as an active financial player in this market. Shortly, we plan to close the Russian market’s first transaction involving the securitisation of solar energy payments.

Moving forward, we will be very deliberate with our financing, paring down support for some projects and stopping it altogether for others. It’s going to be a balancing act between our goals and obligations as part of the Principles on the one hand, and the bank’s interests and prospects on the other. In particular, we will offer all possible help to our customers in relation to financing projects that aim to reduce their environmental impact.

As far as retail products are concerned, we create market products that are affordable for our customers and that foster so-called “smart spending”.

We want our customers to minimise interest expenses related to their daily needs, and save up that money to purchase or renovate housing, or buy a car. Here, our Halva instalment card is the product of choice.

We also make a point of educating our customers on all things credit, which is also our top priority as a responsible lender.

What was the Russian regulator’s reaction to your initiative? Are there going to be any concessions or additional requirements?

Amid the increasingly strict legislation and the ever-tightening reporting and disclosure standards, corporations the world over are moving towards business practices that take account of environmental, social and humanitarian issues.

Russian companies are currently at the start of their ESG journey, and Sovcombank is among the trailblazers that have implemented the environmental, social and sustainability principles.

There are currently no laws and regulations relating to this in Russia. Certain market players participate in ESG projects on a voluntary basis. As time passes, though, regulation is going to tighten and become more standardised.

What is your general view on ESG implementation in the global financial market? Is the “green” strategy viable today?

Globally, businesses are becoming the main driving force behind the climate agenda. It has already been noted that private investors are shifting to investment decisions that have ESG at their heart.

Today, if a company – any company – enters a capital market with a sensible CSR policy and a robust ESG platform, it is likely to succeed and attract investors.

Thank you Mr. Gusev. We learned a lot.

Sovcombank is one of the largest in terms of assets and most profitable banking groups in the Russian Federation. The Group identifies market niches with limited competition and focuses on achieving and maintaining strong competitive advantages in these niches. The Group believes that a disciplined execution of this strategy enables it to maintain high profitability and excess capital through the economic cycles and to take advantage of market opportunities as they occur.

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Executive Profile

Dmitry Gusev joined Sovcombank in 2007 where he was first as an advisor to Chairman of Management Board in 2007. In 2011, he was appointed CEO and Chairman of the

Management Board. Presently, he still holds the same position and is also one of the minority shareholders of the bank.

Dmitry graduated from the Finance Academy under the Government of the Russian Federation majoring in Finance and Credit in 1998 and received his Ph.D. degree in Economics in 2001. He also went to the Tax Academy under the Ministry of Finance of the Russian Federation in 2006 with a degree in Jurisprudence.

He also worked with various multinational companies like the Coopers & Lybrand before it merged with Pricewaterhouse, now PwC. He held various positions when he moved to Deloitte in Russia and joined the department of taxes and law in 2001. Prior joining Sovcombank in 2007, Dmitry held the position of partner and head of international tax advisory team in Russia and CIS at Deloitte Moscow office for two years

joined Sovcombank in 2007 where he was first as an advisor to Chairman of Management Board in 2007. In 2011, he was appointed CEO and Chairman of the

Management Board. Presently, he still holds the same position and is also one of the minority shareholders of the bank.

5 Ways to Improve Your Presentation Skills

February 7, 2020

Presidents, politicians, and teachers all have one thing in common: their uncanny ability to deliver effective presentations. For many, the mere mention of the word “presentation” can send them into a fit of panic. Let us be honest; presentations can truly be nerve-racking. In school, presentations are associated with grades; at work, they are related to selling your products and convincing clients. So, naturally, the higher the stakes are, the more nervous you will feel. Nonetheless, giving a rousing presentation does not have to be an ordeal. Thus, if you want to improve your presentation skills, but do not know how you have come to the right place. By just utilizing the next 5 tips, you are sure to get a round of applause!

1. Be Well Prepared

Granted, this is easier said than done. Stage fright can undermine all your efforts, but there is only one way to combat it: practicing. You need to write your main points and practice in front of the mirror or your friends until you perfect your delivery. Moreover, make sure you know the ins and outs of your topic; you do not want your audience to put you on the spot and ask you questions you cannot answer. Showing a deep understanding of your subject will help you retain better control over your presentation. Another tip is to record yourself to see whether or not you are using your voice effectively. It can be awful to hear your voice on record, but this can help you learn from your mistakes and avoid them when it is time to wow your audience. If you need more help you could get in touch with a presentation training company. There are many of them out there, so it’s really important that you know what to look for in a presentation training company.

2. Know Your Audience

To ensure that your presentation goes off without a hitch, you need to assess your audience first. Different audiences require various persuasion techniques. Consider their age, level of expertise, and goals. If you are giving a business presentation before your managers and potential clients, the experts from SlideHeroes.com recommend that you skip any jokes. Cracking a joke in a business setting will only make you seem unprofessional. You just need to be succinct and get to the meat of your presentation. On the other hand, if you are going to present in front of your colleagues in a more relaxed environment, you can include some jokes, but make sure they are actually funny. Lame jokes can be a huge turn-off and might make your audience lose interest. Also, you should avoid any specific jargon if you are not addressing experts. Your audience’s level of expertise should be reflected in your choice of words.

3. Rule Your Facial Expressions and Body Language

No one likes a presenter who seems aloof or, worse, panicky. You should practice to better control your facial expressions, as you want to look approachable yet professional at the same time. Avoid having a scrunched-up expression or a poker face. Alternatively, relax your muscles and smile. Yes, it is that simple! Smiling can put your audience at ease and prepare them to listen to whatever you are going to say. Moreover, your body language and hand gestures also play a huge role in making or breaking your presentation. For instance, crossing your arms can make you seem defensive. Maintain an open body language, and use your hand gestures to enhance your delivery. Just avoid using your hands too much because it can be distracting.

If you’re too nervous, you might want to consider taking cannabidiol or CBD oil at least 30 minutes before the presentation. This food supplement can help relax your mind and body to reduce anxiety, helping you ensure a smooth and well-delivered speaking session.

4. Make Sure Your Outfit Is Spot On

Your outfit is not an afterthought. Wearing the right clothes when giving your presentation can give you an edge. Evaluate your environment first, as it will determine your attire. If you are going to give a business or a serious academic presentation, stick to formal clothing. On the contrary, you can wear a casual outfit if your venue is not that formal. Generally, women must avoid bright nail polish colors because they can be distracting, while men need to wear polished shoes and wrinkle-free garments. Make sure your shoes are attractive but comfortable. Try using heel spur inserts for women and men to ensure foot pain isn’t a distraction while presenting.

When choosing the perfect outfit for your presentation, it’s best to pick one that won’t steer your audience’s attention away from what you’re saying. As much as possible, go with the basics and avoid too flattery clothing. You can buy formal or business casual clothes online or in physical clothing stores in preparation for your next presentation. To save money, check out available vouchers or discount codes on their homepage or once you sign-up (for new customers) that you can redeem online.

5. Arrive Early

A million things can go wrong during your presentation. Arriving early at your venue will help you avoid any embarrassing surprises. If you are using PowerPoint slides, check if the projector is functioning properly. Furthermore, do not forget to ensure that your mic is working well and making your voice sound crisp clear. Arriving early will also help you survey the size of the room, helping you find a good place to stand so that everyone can see you.

If you arrive early, you’ll have time to practice your self-introduction speech. It’s essential to make an excellent first impression when presenting. A self-introduction speech can make or break your presentation. So, make sure you don’t miss this part and give your best.

Early birds also get a chance to mingle with the participants in a presentation. For instance, if you’re a sales representative who will present a sales proposal to a panel of investors, you can meet and have small talks with them. It will help you reduce or eliminate your nervousness during your presentation. Hence, you’ll look more confident during your presentation.

Delivering a rousing presentation is not a walk in the park, but it does not have to be unnecessarily hard. By preparing well, knowing your audience, and perfecting your body language, your audience will be in awe of your presentation skills. Remember to not overcomplicate things; having a positive mindset can go a long way towards making you a great presenter.

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The Performance and Transformation Orchestrator: The CFO’s New Mandate in the Age of AI

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By Terence Tse CFOs are evolving into AI-driven transformation orchestrators, balancing finance, technology, and strategy while upskilling teams, managing risks, and driving measurable business value. A key insight from this year’s AI for CFOs event, organized...