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The Russia–Ukraine War and Japan – Challenges Now and in the Future

By Fumiaki Kubo

Russia’s invasion of Ukraine is a wake-up call to Japan. This is not just because Russia is Japan’s neighbour, but also because China is increasingly a threat to Japan’s disputed territories, as well as to Taiwan. From Japan’s viewpoint, Russia’s invasion must not succeed, in order to deter other countries in East Asia from trying to change the status quo unilaterally by force.

What Ukraine means for Japan

Although Japan and Ukraine are located far from each other, they have at least one thing in common: Russia as their neighbour. Besides Russia, Japan’s neighbours include China and North Korea. Chinese military spending is aboutover sfiveix times larger than that of Japan and growing at a pace of 7 per cent annually as of 2022. China is threatening the Senkaku Islands (the Diaoyu Islands, in Chinese), over which are an inherent part of Japan claims sovereignty and which are now under its administrative control. North Korea has already launched missiles over seventeen times this year.

Japanese people are deeply immersed in pacifism and self-complacency, so what happened to Ukraine on 24 February 2022 was truly shocking to them. Russia’s war on Ukraine was full-scale and President Vladimir Putin’s move was beyond imagination.

In light of Russia’s attack on Ukraine, the Kishida administration concluded that unity with the US, NATO, and Australia is paramount, given the existing tension in the Senkaku Islands and Taiwan.

For Japan, no country should attempt a unilateral change of the status quo by force. This has been the country’s most important principle regarding international relations since 1945, and it has done its best to observe it. Japan believes that the principle, shared by the US and European countries, is now being undermined not only by Russia but also by China, which has attempted to change the status quo unilaterally by force in the East and South China Sea, as well as in Taiwan.

Japan’s public response in 2014 and 2022

Japan’s responses to Russia’s invasion of Ukraine in 2022 and to its annexation of Crimea in 2014 are strikingly different. In particular, Japan’s approach in 2014 was largely different from that of the US and many European countries, in that it imposed weaker sanctions on Russia than these countries. The difference in approach was due to then Prime Minister Shinzo Abe’s concern about disrupting negotiations with Moscow over four Russian-held islands off eastern Hokkaido over which Japan has a claim. The country maintained the negotiations with Russia without success and received public criticism from the Obama administration’s senior officials.

In 2022, the impact on Japan of Russia’s full-scale invasion of Ukraine has been dramatically different. Nonetheless, many Japanese individuals, liberals and leftists in particular, tend to believe that Japan’s security and peace will remain guaranteed if the country continues to follow Article 9 of the Japanese constitution, i.e., the “peace clause”. They also believe that Japan must maintain peace by refraining from invading other countries. The watchword for them has been, “Do not repeat the mistakes of the 1930s and 40s.” They do not consider the possibility of Japan being attacked.

Their psyche is deeply entrenched in Japan’s postwar pacifist political culture, and they believe it is still the same world. In Japan, several experts in Russian politics have also criticised the United States and the NATO for their lack of generosity and kindness towards Russia after 1991. In particular, they have criticised NATO for expanding the organisation eastward.

Government Response

The Government’s response

For other Japanese individuals, Russia’s invasion of Ukraine was a wake-up call. Considering President Putin’s statement regarding the purpose of invading Ukraine, that Russia has to liberate the Ukrainians from neo-Nazi rulers, some Japanese surmised that President Putin might say that he must liberate the Japanese from the oppression at the hands of ultra-nationalistic neo-militarists.

Prime Minister Kishida moved quickly to divert liquefied natural gas to European countries, apply tough sanctions, and provide Ukraine with supplies such as bulletproof vests, helmets, and drones, financial aid, and humanitarian assistance, including measures to admit refugees to Japan. This resulted in over one thousand Ukrainians coming to Japan. However, Japan has not sent any weapons, because of legal constraints, and PM Kishida has stated that Japan will not abandon its stake in the Sakhalin project, because it is essential to the country’s energy security2. Nonetheless, Japan has worked towards keeping up with other G7 member countries in its response to the crisis in Ukraine.

Russia may have committed the same kind of mistake as China in assuming that the US is weak and incapable of standing up against it.

The Liberal Democratic Party (LDP), the larger party of the governing coalition, also responded quickly. On 26 April 2022, the LDP’s Research Commission on National Security presented to PM Kishida a set of groundbreaking recommendations to strengthen Japan’s defence capabilities. These recommendations included obtaining a “counterstrike capability” and aiming for a defence budget equivalent to 2 per cent of the GDP in five years. It is currently below 1 per cent.

The general public seems to support the LDP’s proposals. According to the Yomiuri Shimbun’s poll conducted on 3 to 5 June 2022, 19 per cent of respondents supported the idea to more than double defence expenditure, 34 per cent of them supported the proposal to increase it between 1 per cent to 2 percent, 35 per cent insisted that it be at the current level, while 6 per cent demanded to decrease it. Given the governing coalition’s resounding victory at the House of Councillors election on 10 July this year (the less powerful of the two Houses of the Diet, but still important), these recommendations will likely be realised, however gradually.

Nato Summit
Photo: during an extraordinary NATO summit at NATO headquarters in Brussels, Belgium, Thursday, March 24, 2022.

Underlying national security considerations in Japan
In light of Russia’s attack on Ukraine, PM Fumio Kishida’s cabinet concluded that unity with the US, NATO, and Australia is paramount, given the existing tension in the Senkaku Islands and Taiwan.

Japan has enjoyed peace since 1945. The country was at the periphery of the Cold War, in which the US almost single-handedly contained the Soviet Union in Asia. However, in the first two decades of this century, Japan’s security environment has deteriorated dramatically. The land that Japan has inherently regarded as its own has been threatened constantly since 2010, and the country is unsure whether it can defend it unassisted. Japan is now forced to recognise that it is at the forefront of the US–China rivalry and a direct party to it. It can neither escape confrontation nor just depend on the US. It has to actively work towards defending itself.

Following Russia’s invasion of Ukraine, transatlantic solidarity has been impressive, in that the US and many NATO-member countries in Europe, which had been divided during the Trump administration, achieved unity over how to respond to the crisis in Ukraine. However, what is more impressive is the solidarity between Atlantic countries and some Pacific countries, including Japan, Australia and, to some extent, South Korea.

Even before the invasion, the UK, France and, to a lesser degree, Germany expressed serious concerns about China. They took actions of significant military implications, such as sending a carrier, frigates, and other warships to Asia, and conducted joint exercises with the US and Japan. In 2021, the US, the UK, and Australia signed a trilateral security pact called AUKUS, which would allow Australia to own nuclear submarines and jointly develop supersonic missiles. The Quad, which is a security cooperation dialogue among Japan, the US, Australia, and India, held the second in-person summit meeting in Tokyo in May 2022. Although the Quad is not a military alliance, it has contributed to strengthening unity and cooperation among the member countries over the past five years, based on their common concerns about China’s growing assertiveness.

Since PM Abe advocated a Free and Open Indo-Pacific vision in 2016, PM Yoshihide Suga and PM Kishida inherited the idea, which has been supported by the Trump and Biden administrations, as well as other major democratic countries such as Australia and the UK. This is because they share the same misgivings.

Biden’s visit to Tokyo

President Biden and PM Kishida participated in an in-person meeting in Tokyo in May this year. This meeting was an epoch-making event in the history of US–Japan relations. The US reconfirmed its pledge to provide extended nuclear deterrence to Japan, while Japan announced that it would substantially increase the defence budget and acquire counterstrike missile capabilities. The second in-person Quad summit meeting was held the next day in Tokyo. In this meeting, President Biden announced the launch of a new international economic framework called the Indo-Pacific Economic Framework. Thirteen countries have joined it as initial members. Remarkably, although all participant countries were bearing in mind Russia’s invasion of Ukraine, the focus of discussion was largely China. These meetings were exceptional, in that they brought about substantial results.

In May 1951, Omar Bradley, the chairperson of the Joint Chiefs of Staff, testified before Congress that the Korean War was “a wrong war at a wrong place at a wrong time with a wrong enemy”. The US, Japan, and Australia’s understanding of the Ukrainian crisis might be similar, with China now being regarded as the more serious threat to the region and the entire world order.

The dangers of underestimating the US

Since the beginning of this century, China seems to have underestimated the US’s power and influence, as well as its willingness to stand up against China. In China’s view, the US made only some token protests regarding cyber-theft, human rights violations, and so on, particularly during the Obama administration, but no severe sanctions have been applied to China so far. The US began the Freedom of Navigation Operation in November 2015 but it seems that there has been no significant change in behaviour of China in the region. Ashton Carter, the fourth and last Secretary of Defence under President Obama, criticised the delay involved in commencing the operation3. Only after a year into the Trump administration did the US initiate substantial measures, including tariffs on imports from China, sanctions in response to human rights abuses in Uighur, and the provision of large-scale military assistance to Taiwan. This may have initially surprised China, but it soon detected the weakness in Trump’s approach, particularly in his lack of long-term and comprehensive strategic calculations, as well as his economic-based, and even ego-centred, bargaining mentality.

After President Biden unexpectedly announced the US’s tough approach toward China in early 2021, China finally realised that a new era of US–China relations was emerging. However, several of the US’s actions, such as the premature withdrawal of US troops from Afghanistan in 2021 and the outright refusal to send US troops to Ukraine, continue to contribute to China’s belief that the US is steadily weakening.
President Biden’s policy toward China is multifaceted, long-term, and more methodical than Trump’s in several ways. First, Biden is attempting to build a broad international coalition and consensus to send a strong message to China that the US-led international community will not accept its behaviour on the international scene. Second, the US will continue its military build-up and strengthen the economic security measures, in case the first approach is ineffective.

Russia may have committed the same kind of mistake as China in assuming that the US is weak and incapable of standing up against it. In fact, Russian and China are witnessing a more determined world posture by President Biden after 24 February, 2022.The US can overwhelm Russia if it fully mobilises its financial and military resources, although the task is not easy to achieve. Currently, there exists a rare bipartisanship in the US Congress. This bipartisanship has passed the Lend-Lease to Ukraine and provided $40 billion worth of financial assistance to that country.

However, both China and Russia may be accurate about the vulnerability in the US domestic politics, in that the country’s extension of support to Ukraine might gradually decline and that accelerating inflation might spur a strong backlash of an isolationist tendency.

In this regard, the outcome of the 2024 election in the US may be crucial, or even fatal. If Trump is re-elected, or a candidate with a similar viewpoint is elected, the US administration might no longer extend support to Ukraine, or its attitude toward the Russia–Ukraine war might become unpredictable at best. This is probably the concern that may countries share including Japan that now support Biden Administration’s posture toward Russian and China.

This concern has led Japan to augment its self-defence capabilities, strengthen relations with like-minded countries such as Australia and the UK, and tighten its alliance with the US irreversibly by overcoming the domestic opposition. Japan’s success in this regard will make a significant difference in terms of maintaining the current international order, not just in East Asia but also worldwide.

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About The Author

Kubo FumiakiFumiaki Kubo is the President of the National Defence Academy of Japan, as well as Emeritus Professor of the University of Tokyo. He has conducted research on US politics and US-Japan relations at Cornell University, Johns Hopkins University, and Georgetown University, and the Woodrow Wilson International Centre for Scholars. He has written and edited many books, including US-Japan Alliance of Hope: Asia-Pacific Maritime Security (2020, Tokyo).

References

  • Japan will not abandon Sakhalin-2 LNG stake, PM Kishida says | Reuters)
  • 防衛費増額に「賛成」５割超、中露への対抗姿勢「評価する」７４％…読売世論調査 : 読売新聞オンライン (yomiuri.co.jp)
  • Reflections on American Grand Strategy in Asia | Belfer Center for Science and International Affairs

Who Says Lone Working Can’t Be Fun? 5 Remote Working Spaces You Should Consider

Thanks to the COVID-19 pandemic, the way we work changed overnight into something totally unrecognisable. Gone were the long commutes, the waiting for your coffee before work, the laughs in the staff room or at your desk. For those who still had to go out to work, using PPE, avoiding people as much as possible, and covering ourselves in hand sanitiser all became second nature. For the rest of us, we became imprisoned in our own homes, our only connection with our colleagues coming from video calls, Zoom meetings, and emails.

However, as we gradually got used to this new way of life, we began to see new positives emerge. We could spend more time with our family. We didn’t have to pay for congestion charges, petrol, or train tickets. Gone were the rush hour traffic jams and packed public transport systems. Even better was the flexibility we now had—providing work was done on time, we could work at our own pace and take breaks when we needed.

As we look at this list of benefits, is it any wonder that a recent article from Forbes highlighted that 80% of us want to stick with flexible working from now on? In fact, according to the ONS, the number of hybrid workers has increased since the pandemic subsided: 13% of people were hybrid working in February 2022 but by May 2022, this had increased to 24%.

Despite the popularity of hybrid and remote working, there are still some downsides to being a digital nomad. Combating loneliness is one of the more prevalent problems facing hybrid workers today. One of the best ways to deal with this is to find an appropriate place to work. Here are some to get you started.

1. Coworking Spaces

Coworking spaces have been one of the more popular solutions for flexible working during the pandemic. In a coworking space, individuals get to work independently or as part of a team within an office space. These office spaces are often highly flexible and provide everything you need to ensure you can work efficiently. Coworking spaces let you be in an office environment when you want or need to be in one.  They also let you meet other people who are working in a similar way.

2. Coffee Shop

Coffee shops are another popular option for remote workers. Although they may not always provide all the facilities you need, they do have easy access to WiFi and caffeine, which is never a bad thing. If you are someone that doesn’t mind a little bit of noise as you work, then a coffee shop could be an excellent base for you.

3. Desk Rentals

Hot desking is where you rent a desk within an office somewhere for a set period, ensuring you have access to office facilities and services when you need them. This solution is particularly useful for short periods to deal with problems like your home internet going down or your home environment being too noisy for the task at hand.

4. Library

Libraries are quiet and relatively free from distractions, making them ideal for those times when you really need to concentrate. They also have access to free WiFi, let you photocopy and print things, and also provide endless scope for research. However, they are not suited for things like phone calls or virtual meetings, and some of them will not let you eat on the premises.

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Tips to Get the Best Car Title Loan

Car title loans can be time-consuming, considering all the physical and online options. Do your study before choosing a lender because there are many factors to consider. Some states don’t allow this form of loan, and those that do have different rules for loan agents. Consider this as you read these tips for getting a cheap car title loan.

Choose a Reputable Company

There are a few things to consider when choosing a car title loan company. Make sure the company is licensed and insured, check to see if the company has been in business for at least five years, and read online reviews to get an idea of ​​the company’s customer service. Finally, make sure that the company offers competitive interest rates.

Check for Prepayment or Late Penalties 

You’ll find that the payback term for a car title loan at competing establishments is less forgiving. Some of the terms include the borrower’s ability to repay the bad credit title loans and the lender’s repayment schedule. You won’t face any consequences if you fulfill your part of the bargain. Both the balloon payment and prepayment penalty provisions get waived. Any means necessary to get back on your feet are acceptable and when you do your part, we won’t hold it against you.

Is there a loan workplace near your home or office, or can you pay online? Do your loan provider’s office hours work if you can’t pay online? Late fees are likely if you can’t make payments on time. Before agreeing to a cat title loan, know your repayment options.

Consider the Company’s Requests

Many companies are eager to hide information to secure your loan. Car title loans have hidden fees, so ask what they need from you before committing. You should avoid companies that guarantee “pay now, get paid more lately.” Some vendors charge an upfront fee or application fees. You can also choose to refinance auto loan through SCCU.

Choose a Trustworthy Firm

Due to the many possibilities, finding a good provider might be difficult. Consider the company’s reputation when considering non-traditional lending. Make a list of loan-granting companies. Research each firm online. Search online and read consumer reviews. You’ll want a company with vehicle title loan expertise and flexible lending. Before making a decision, consider these factors.

Ask About Accepted Cars

Before filling out applications or documents, find out what kinds of cars the lender accepts. Most lenders allow 2000-plus automobiles. Ask about mileage restrictions as well. Some lenders impound your car, while others configure tracking devices to monitor where you drive. Even though it is less common as car title loans gain popularity, it still happens. Keep moving while paying off your loan.

While car title loans may prove useful for some, it is crucial to assess your financial situation before borrowing any. Always comprehend auto title loan costs before committing to one. It would help if you had an auto title loan lender with flexible terms. Check the professional image before seeking non-traditional financing.

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6 Excellent Career Options for People Who Love to Help Others

There is one old proverb attributed to the Chinese philosopher Confucius saying that if you choose the job you love you will never have to work a single day in your life. We have to give this one to Confucius.  We are spending roughly one-third of our lives at our workplaces – wouldn’t it be great if could spend this time doing something we actually care about?

Sure. But, what to do if you are simply an extremely altruistic person and you feel the happiest when you can help someone out?

No reason to worry – the modern world is so complex and hard to navigate there are more than plenty of opportunities to make a good living solving others’ problems. Let us take a look at some of the most promising options you have at your disposal.

Education and teaching

Passing knowledge to other people and preparing them for various challenges of life has to be one of the noblest options you can ever pick. And keeping in mind the vast number of public and private educational institutions out there you won’t be lacking any employment options. And if you are interested in something that will help people with more specific problems, it is good to know that education also deals with more focused activities like educating kids with disabilities, providing essential work training, and much more. Of course, to do this you need to possess a high level of education yourself.

Social work

If you feel that education doesn’t do enough to solve the problems of our society and you want to do something that will produce more immediate and tangible results, how about considering starting your career as a social worker? You will get to help people with disabilities become better integrated with their communities, tackle challenging child protection tasks, oversee adoption processes, and try to improve the lives of people who are facing various mental, social, or health challenges. In other words, you are there, on the ground, working to make our world a better and more optimistic place one step at a time.

Child care

This option is very similar to social work but since you are working primarily with children you will need to develop educational skills as well. So, you really get the best of both worlds. What are your options here? Well depending on your commitment you can tackle anything from basic nursing to enrolling in a local voluntary out of home care (voohc) center where you will work on more responsible tasks and with children who are, for a variety of reasons, forced to leave parental supervision and move to one of these institutions. In either case, you will be in a position to offer these kids help when they need it the most.

Nursing and basic medical care

Much like education, nursing is yet another career option that offers excellent prospects both in the public and private sectors. As we’ve seen over the last couple of years, health emergencies have become a part of our lives, and nursing and basic medical care services are no longer exclusively associated with the elderly. Taking short-term travel nursing jobs can be rewarding to contribute to the increasing demand for nursing and essential medical care services, especially considering the growing number of older citizens and the projected doubling of people over sixty by 2050. All these people will probably need some sort of basic assistance or medical care, including those taking short-term travel nursing jobs, and you can do so many good things by helping them deal with daily issues.

Emergency services

This is the closest you can go to becoming a real-life superhero without having to bother with the cape or a hood. Joking aside, first responders are true heroes of our society saving thousands of lives in the most literal and tangible manner all around the globe, 24/7. But, real-life heroism is not always as fun as glamorous as depicted in comic books, and working as a police officer, firefighter, paramedic, or EMT requires a high level of physical condition, iron nerves, and the will to constantly put your life on the line to save others. But, being a first responder is also one of the most gratifying careers in existence.

Civil service

Yeah, we know what you are thinking right now – pushing pens is not really what you thought when looking for ways to improve people’s lives. Be that as it may, though, all the options we have covered above are nothing more than fighting the symptoms. If you want to make a real difference, you need to remove the causes of these problems and zoning laws, pushing some sort of beneficial piece of legislation or even something as simple as putting a STOP sign can save much more lives than you would ever be able to do with your bare two hands. Not the most exciting pick, but it works in the long run.

We hope these few mentioned help you realize that helping other people doesn’t have to be some noble thing you are doing in your free time. You can turn your passion for making a positive change into a real career and, as we had an opportunity to see above, the options you have at your disposal are more than plentiful. Even if you don’t find yourself in any of the professions we have mentioned, they should give you a good starting point for coming up with your own picks. Do your best then to turn your dreams into reality.

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Why Digital Security Is Important for Finance Industry in 2022

It’s no secret that digital security is one of the most crucial aspects of a business. But how often do we consider the unique challenges faced by finance? In this blog post, we’ll explore some key risks involved in financial technology and how they can affect businesses worldwide. We’ll also look at some trends that could shape how companies approach security and what steps you can take to protect your finances.

Cybersecurity

The finance industry is an important sector of our economy, which is worth about $4.85 trillion and is also one of the most vulnerable to cybercrime. Cybersecurity is a topic that many in this field have only recently started to take seriously; however, security professionals are already beginning to see an uptick in attacks against their systems and networks.

For companies within the financial sector to perform as well as possible (and avoid losing money), they must be able to defend themselves from these threats by investing in cybersecurity measures. It means creating a strategy for how you will deal with phishing emails, securing your servers from malware attacks, and building firewalls around critical information; the list goes on.

Privacy

In 2021, the average number of data breaches and cybersecurity attacks increased by 15.1% and was expected to continue rising for the next two years. The privacy of your customers is an important issue to consider. In the finance industry, this means keeping customer data secure and private. However, there are also security measures that you can take to protect their privacy in other ways. For instance, it’s important to ensure that your employees don’t access databases of customer information without authorization or otherwise mishandling customer data.

In general, companies have recently been under increased scrutiny regarding their data privacy practices as more people become aware that they have rights regarding how companies use their personal information. As a result, laws governing how businesses handle personal data continue changing rapidly and will likely continue changing over the next few years.

Privacy is important for all industries, and protecting the privacy of your customer’s personal information will help you avoid potential fines down the road.

Regulations

Regulations are necessary for any industry, and the finance sector is no exception. Regulation can be challenging for businesses, but it’s important to remember that regulations exist for you and your customers to protect you from harm. Privacy regulations are designed to protect the rights of an individual with respect to the fair and lawful collection and use of their data.

Regulations help protect the public by ensuring financial institutions follow certain standards when operating their business. For example, some laws dictate how banks manage their assets and handle customer accounts. Without these laws, companies could mishandle funds or steal clients’ money.

Regulatory agencies also protect organizations like banks by enforcing certain standards of behavior among employees. If a bank doesn’t follow these rules (for instance, if an employee steals money), then regulators may revoke the institution’s license or impose fines on them as punishment for breaking regulations set forth by lawmakers across different jurisdictions worldwide (eastern Asia has its regulations governing digital security practices within its borders).

Electronic Signature in Finance Services

The finance industry has much to gain from taking advantage of digital security. The industry is one of the most affected by digital security breaches, with more than half of all attacks targeting banks, credit unions, and other financial institutions.

The best way for your company to take advantage of better online security is by using an electronic signature service. Electronic signatures are used to verify an individual’s identity on the internet to confirm that they are who they say they are. Using these electronic signatures ensures that only those with proper authorization can access sensitive data about your organization or its employees, which would otherwise be vulnerable to cyberattacks if left unsecured.

These are The Reasons Why Digital Security Is Important in Financial Industry

In the finance industry, security is a key concern. Financial institutions want to protect themselves from cyberattacks and data breaches. They also want to protect their employees, customers, and regulators. They also need to ensure that their public image is not damaged by negative publicity about cybersecurity or data protection issues.

Financial institutions have had a special responsibility for digital security ever since the advent of online banking in the 1990s and even before. The reason is simple; banking systems contain sensitive information about people’s finances and personal data that criminals would love to get hold of if they could get past the firewall and gain access.

Conclusion

It’s important to understand what your financial institution is doing with the money you entrust them with. While it may not be a pressing issue for many people right now, as more people use online banking and mobile payments, it becomes increasingly important that we stay informed about who has access to our information and how secure those channels are.

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4 Steps to Launch a Freight Brokerage Successfully

The freight brokerage industry can be an extremely lucrative career path for every entrepreneur. As things stand, this industry was valued at $48.1 billion, and that number is expected to rise to $90.7 billion dollars by 2030.

Freight brokerages act as the middlemen between shippers and carriers and ensure that through communication, the shipment tasks are done properly and error-free. Even though many shippers have established solid communication and work relationships with carriers, a broker is still needed.

With all this in mind, we can establish that freight brokerage is highly lucrative. For a successful start and seamless growth further down the line, follow these steps.

What Does a Freight Brokerage Do?

Launching a freight brokerage requires a few prerequisites and the most important one is industry knowledge. The duties of a freight broker are numerous but the most important one is to make sure that all freight arrives from point A to point B safely and timely.

A freight broker will: 

  • Carefully select reliable carriers;
  • Ensure shipment safety;
  • Timely arrival at the destination;
  • Establish better communication between shippers and freight transportation services.

If you are wondering which companies can possibly require your services as a freight brokerage, the answer is almost every single one that routes freight of some sort which ultimately means, higher chances of profit in comparison to other entrepreneurial ventures.

Create a Winning Business Plan

There is no success without a plan. Creating a solid business plan will serve you short-term and later on when you decide to expand. This plan will outline your service, the means by which you will achieve profit, your marketing strategy, and much more.

Writing a business plan is not everyone’s forte. But with a business plan template, you can write the perfect business plan. These templates will also help you get a tailored freight broker business plan that will ensure a successful start.

It’s not uncommon for entrepreneurs to start a business from scratch without a business plan. However, the problems they run into in the later stages of business management and operations can be easily avoided with this essential piece of paper. 

easily avoided with this essential piece of paperSelect Legal Structure and Register Your Business

Depending on your current needs, you might choose from a variety of legal structures for your newly founded business. You can pick sole proprietorship if you want to micromanage every facet of your business, but be aware, that if the business goes belly up and you secured loans, you will be responsible for paying them back.

On the other hand, if you want to protect yourself from any business-related risks, the LLC structure is the best option for you. That being said, before you opt for either of these two, consider talking to a legal expert that will explain how everything functions along with the benefits and drawbacks of each structure.

Furthermore, if you are short on start-up funds, you can always opt for a partnership structure. However, be aware that you won’t be the owner per se, but a co-owner and you won’t be able to make major business decisions on your own.

You will have to register your freight brokerage so that you can earn income legitimately. Nowadays, registering your business for taxes is as simple as opening your browser. You can find all the required information on the IRS website.

And lastly, you will have to register with the Unified Carrier Registration. The annual fees change each year, but you can expect to pay around $60 to $80 per year.

Secure Operating Authority

All freight brokers that operate in interstate commerce have to apply and obtain broker authority. This authority can be granted by Federal Motor Carrier Safety Administration (FMCSA). This is a division that regulates interstate commerce and safety rules.

Furthermore, a while ago federal authorities made it mandatory for all freight brokers to have a surety bond worth $75.000. To obtain this bond you can contact an insurance agency that will later collaborate with FMCSA and file the right paperwork for your business.file the right paperwork for your business

Grow Your Business

When all the legal hassles are done and dusted and your business is fully functional, it’s never too early to think about expansion and growth. Quality services will always bring in new customers to your office doors, but you can go the extra mile and incentivize them to work with you.

A strong social media presence and paid advertising can take your business to a whole new level. With the right digital marketing agency, you can establish a brand recognizable among the many freight brokerages in the USA.

Consider LinkedIn and Facebook as the main platforms where you will spread the word about your brand. Be sure to provide contact information and pricing on your website as well.

Final Thoughts

A freight brokerage can be an extremely lucrative business venture but, success won’t come without some difficulties. However, with a solid business plan, you will be prepared for any hurdles you come across in your business path. 

Furthermore, obtaining legal documents is crucial if you want to ensure your business operates properly. And lastly, when the time comes carefully review the right marketing options for your business and build a strong online presence.

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What To Look For In A Hybrid Or EV

As the automotive industry moves away from fossil fuels and adopts greener and more sustainable solutions, we can’t help but wonder if our shopping habits need to change, too. Are hybrids and electric vehicles really so different from their gas-powered forebears, or are there different things we need to be on the lookout for when buying one of these cars of the future? With many different body styles and configurations on offer, it is worth taking a look at what each has to offer and what you should be keeping an eye out for.

A Step In The Right Direction

Not quite as new and shiny as electric cars, hybrids have been around for a while now and have helped many car owners get over their reticence at abandoning the tried and true gas-powered automobile. Nowadays, when we refer to a hybrid, we usually mean the plug-in kind that has a battery pack and an electric motor. This is the common setup for all-wheel-drive hybrid cars, which are quite common in the USA. The hybrid powertrain helps to overcome many of the weaknesses of an AWD. These include a higher starting MSRP and a higher overall weight that can impact fuel economy. 

However, this kind of all-wheel drive should not be mistaken for proper all-terrain capabilities, as the motor becomes all but useless once the battery pack is exhausted. After the all-electric range has been exhausted, these vehicles are no different than their fossil fuel siblings. In fact, they actually get poorer gas mileage thanks to all the extra weight of their electrical components.

The Complete Bionic Treatment

After seeing how effective some electrical assistance could be for a combustion engine, the next logical step was complete electrification. Nowadays, we have AWD electric cars in sedan, coupe, crossover, and even pickup truck body styles. Furthermore, they are no longer the clunky and cramped vehicles they used to be. Advances in EV technology have seen the introduction of smaller and lighter batteries, which means back-seat passengers no longer have to sacrifice most of their legroom. There is a lot more room for cargo in the trunks, too, and with the addition of the frunk (front trunk), some of these cars far exceed the capacity you’ll find in gas-powered variants.

However, many shoppers are not impressed by this alone. The significantly better miles per gallon equivalent fuel economy is definitely appealing, but limited maximum range and long recharge times put many people off. The burgeoning fast-charge network has helped to mitigate some of these concerns, but it’s still advised that EV owners install advanced charging stations in their homes. In many cases, this requires updating your home’s electric systems, which can compound the already higher cost of electric vehicles. Therefore, if you want to get the most value for your investment, you really must ensure that you get an EV with excellent mileage figures and a solid track record that will last long enough to recoup its purchase price and ultimately save you money.

Jump-starting Performance

An electric powertrain isn’t only good for improving efficiency and lowering fuel bills. It can actually be tuned to deliver an amazing driving experience, which is why we are seeing many new electric sports cars hitting the market. These models boast extraordinary horsepower and torque figures, but it’s their 0-60 mph times that truly astound. Tesla may boast that it has cars that can make this sprint in under a second, but there are quite a few that can do it quicker than almost any gas-powered car out there.

While there is definitely a case to be made for the sheer performance delivered, true petrolheads are put off by the detached driving experience. This is largely due to the lack of a roar from a V8 engine or similar. Many automakers have tried to create a synthetic soundtrack to make up for this, but it just doesn’t have the same impact. Most EVs also have a very different aesthetic that can be divisive among shoppers. On the plus side, many of the advantages of EV technology see these sports cars serve as better daily drivers than their gas-fed siblings.

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How DBS Became the ‘World’s Best Bank’

By Dr Vinika D Rao and Robin Speculand

The Singapore titan’s tech-charged quest to take the banking out of banking has paid off handsomely.

The world’s best bank, it seems, has managed to outdo itself. For the fourth year in a row, Singapore-based DBS Bank has been named the “world’s best bank” by Euromoney, a leading industry publication. It also clinched the “world’s best digital bank” accolade, marking the first time the two titles are held by the same institution. While Southeast Asia’s largest bank owes its latest triumphs to bold initiatives1 launched during the pandemic, including new online exchanges for blockchain-based fundraising and carbon credit trading, its ascent to the top is built on a digital transformation years in the making.

To win over a new generation of customers, DBS saw that it needed to inhabit the same space as the tech upstarts, leveraging new technologies to take the hassle out of traditional banking. In short, it set out to make banking “joyful”.

That transformation was launched in 2014 by CEO Piyush Gupta and his leadership team. Their vision: Make Banking Joyful. An ambitious goal, considering the industry’s tarnished image after the global financial crisis as well as a growing shift towards online financial transactions. In fact, a survey2 in the United States showed that 71 percent of millennials would rather go to the dentist than their local bank branch, and three in four preferred financial services from the likes of Google and Amazon.

The threat from tech was impressed upon Gupta during a meeting he had earlier in 2014 with Jack Ma, then CEO of Alibaba. That one-hour meeting convinced Gupta of the disruptive forces emerging from China that would revolutionise banking.

To win over a new generation of customers, DBS saw that it needed to inhabit the same space as the tech upstarts, leveraging new technologies to take the hassle out of traditional banking. In short, it set out to make banking “joyful”. This vision would be built on three strategic principles: become digital to the core, make DBS “invisible” and create a “30,000 people start-up” culture.

Digital to the core

Becoming digital to the core

Part of DBS’s success is built on its creativity in overcoming digital transformation challenges that other organisations struggle with. Two out of three digital transformations fail3 at least in part because executives underestimate the project’s scope and impact. DBS’s top executives decided right from the start that emerging technologies and use of data had to be incorporated throughout the bank, with alignment across all divisions.

To encourage employees to think like techies, and not just any techie but Jeff Bezos, Amazon’s famously customer-focused boss, DBS adopted the phrase, “What would Jeff do?”

The transformation quickly bore fruit. First, DBS dramatically reduced the time-to-market of new products. For example, in 2016 it launched the first digital-only bank in India through a mobile app that it fed with weekly updates. By the following year, the digibank had added more than a million customers4.

DBS also built ecosystem partnerships5, an essential strategy in a hyper-connected world. Most recently, the bank teamed up with fintech firm Doxa6 to launch an automated payment solution for Singapore’s construction industry, which accounts for 4 percent of the country’s economy. It aims to help contractors improve cash flow management and cut costs by digitising paperwork and tracking payments automatically.

Transformations, however, are never easy. For DBS, an initial challenge was to start solving problems by thinking like “techies” rather than bankers. Its solution? Proclaim itself “a technology company delivering banking services” and benchmarking not against other banks but leading technology companies. To encourage employees to think like techies, and not just any techie but Jeff Bezos, Amazon’s famously customer-focused boss, DBS adopted the phrase, “What would Jeff do?”

It also distilled lessons from leading technology companies with the catchy mnemonic “GANDALF”, after the wizard of The Lord of the Rings fame: G — use open-source software like Google; A — run software on Amazon’s cloud platforms; N — use data and automation at scale and personalise recommendations like Netflix; A — design systems as Apple does; L — push for continuous learning in the footsteps of LinkedIn; and F — focus on building communities like Facebook.  What about ‘D’? That’s for DBS, of course.

GANDALF helped inspire a new mindset for DBS’s digital and core technology transformation. The bank identified and adopted five key initiatives:

  1. Shift from products to platform – substitute empowered teams with oversight of their own products for long-term projects replete with steering committees and bureaucracy
  2. Develop high-performing agile teams – in pre-transformation DBS, business departments set the goals and technology played a supporting role. Now, both sides come to the table as equal partners with shared goals and plans
  3. Automate everything – build, test and deploy systems faster
  4. Design for modern systems – engineer technologies and build systems that are scalable, elastic and ready for experimentation by using the cloud
  5. Organise for success – provide employees with the right tools and support to enable agility

Becoming ‘customer obsessed’

At DBS, customers come first, followed by employees, then other stakeholders. Gupta believes that putting the customer first provides a unifying purpose for employees. The bank adopted customer journey mapping – a method of visualising the customer’s interaction with the bank from his or her perspective –  and made it the default tool for solving customer issues. The bank also used hackathons and design thinking processes to help employees become customer-centric.

In 2017, DBS launched7 a developer platform of APIs, the software protocol that allows computers and apps to communicate with one another. The platform enables software developers to “communicate” with DBS and link up with the bank’s services, such as a peer-to-peer service payment and mortgage affordability assessments. Today the network has over 1,000 open APIs. For instance, cars can now be bought and sold on the bank’s platform, with DBS car loans integrated seamlessly into the system. The bank becomes “invisible” to its customers while meeting their needs.

StartupBecoming a start-up

A question DBS’s leadership asked early in the bank’s digital transformation was: “What is the biggest roadblock to adopting a start-up culture?” It turned out that it was the way meetings were conducted, a scourge common to many large, complex organisations. There were too many meetings, and too many of them were ineffective or had no stated purpose.

Part of DBS’s success is built on its creativity in overcoming digital transformation challenges that other organisations struggle with.

Enter “MOJO”, short for Meeting Owner Joyful Observer, a campaign to do away with meetings that went nowhere. It had a simple rule: Meetings must start and finish on time and have a fixed agenda. MOJO produced serious benefits, saving the bank more than 500,000 employee hours.

To develop a start-up culture, the leadership team cultivated five characteristics throughout the organisation: agility, continuous learning, customer obsession, data-driven experimentation and risk-taking. Last year, as the pandemic raged, the bank created a task force on the future of work. Today, employees have the flexibility to work from home up to 40 percent of the time. For those who need flexible work arrangements, the bank offers a job-sharing scheme that divides a typical full-time job between two employees.

Meanwhile the bank is accelerating its transition from conventional functional departments to project-specific, data-driven agile squads, made up of members from different functions with relevant areas of expertise. Workspaces are also being redesigned.

Along the way to becoming the “world’s best bank”, DBS’s revenue surged from S$9.6 billion in 2014, the year it launched its digital transformation, to S$14.6 billion last year. But it is not resting on its laurels. The bank has crafted a new vision: to be a better bank in a better world, focusing on continued digital transformation and sustainability. It aims to deliver products and services that promote sustainable development, to engage in sustainable procurement, support social enterprises and businesses with positive social impact and give back to the communities in which it operates.

This article is republished courtesy of INSEAD Knowledge.
Copyright INSEAD 2022.
The article was first published on INSEAD Knowledge website on 15 November 2021. It can be accessed here.

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About the Authors

Vinika Rao AuthorDr Vinika D Rao is the Executive Director, INSEAD Africa Initiative, INSEAD Emerging Markets Institute & Gender Initiative, and Asia Director, INSEAD Hoffman Global Institute for Business & Society. She also serves as Adjunct Professor, Singapore Management University.

Robin SpeculandRobin Speculand is CEO of Bridges Business Consultancy Int. and co-founder of the Strategy Implementation Institute and the Ticking Clock Guys. He has written five best-selling books including Excellence in Execution and World’s Best Bank: A Strategic Guide to Digital Transformation.

References

Google’s Myth of Losing Social Capital in Hybrid Work

By Gleb Tsipursky

Google recently announced1 its new post-pandemic hybrid work policy, requiring employees work in the office for at least three days a week. That policy goes against the desires of many rank-and-file Google employees. A survey2 of over 1,000 Google employees showed that two-thirds feel unhappy with being forced to be in the office three days a week, with many threatening to leave3 in internal meetings and public letters, and some already quitting4 to go to other companies with more flexible options.

Yet Google’s leadership is defending its requirement5 of mostly in-office work as necessary to protect the company’s social capital, meaning people’s connections to and trust in each other. In fact, according to6 the former head of HR at Google Laszlo Brock, three days a week is just a transition period. Google’s leadership intends to enforce full-time in-office work in the next couple of years. Ex-Google CEO Eric Schmidt supports this notion,7 saying that it’s “important that these people be at the office” to get the benefit of on-the-job training for junior team members.

One critically-important best practice is virtual coworking, which gives much of the social capital benefits of in-person coworking without the stress of the commute.

Google’s position on returning to the office for the sake of protecting social capital echoes that of Apple, which is requiring8 a three-day work week. Similarly, it is also facing9 employee discontent, with many intending10 to leave if forced to return.
By contrast, plenty11 of large tech companies, such as Amazon and Twitter, are offering employees much more flexibility with extensive remote work options. The same applies to many non-tech companies, such as Nationwide,12 Deloitte,13 3M,14 and Applied Materials.15 Are they giving up on social capital?

Not at all. What forward-looking companies discovered is that hybrid and even fully remote work arrangements don’t automatically lead to losing social capital.
However, you do lose social capital if you try to shoehorn traditional, office-centric methods of collaboration into hybrid and remote work. That’s why research findings16 highlight how companies that transposed their existing pre-pandemic work arrangement onto remote work during the lockdowns lost social capital. Yet studies show17 that by adopting best practices18 for hybrid and remote work, organizations can boost their social capital.

Why Have Organizations Failed to Appreciate Hybrid Work

Leaders often fail to adopt best practices because of dangerous judgment errors called cognitive biases.19 These mental blindspots impact decision making in all life areas, including business20 to relationships.21 Fortunately, recent research has shown effective strategies to defeat these dangerous judgment errors,22 such as by constraining our choices by focusing on the top available options, for example by using this comparison website.

One of these biases is called functional fixedness.23 When we have a certain perception of appropriate practices, we tend to disregard other more appropriate alternatives.

Trying to transpose existing ways of collaboration in “office-culture” to hybrid and remote work is a prime example of functional fixedness. That’s why leaders failed to address strategically24 the problems arising with the abrupt transition to telework in March 2020.

Another cognitive bias, related to functional fixedness, is called the not-invented-here syndrome.25 It’s a leader’s antipathy towards adopting practices not invented within their organization, no matter how useful, such as external best practices on hybrid and remote work.

Defeating these cognitive biases requires the use of research-based best practices.26 It means adopting27 a hybrid-first model, with most coming to the office at least once a week and a minority fully remote. To do so successfully requires creating a new work culture well-suited for the hybrid and remote future of work.

Virtual Coworking

Virtual Coworking for Hybrid Work Collaboration

One critically-important best practice is virtual coworking,28 which gives much of the social capital benefits of in-person coworking without the stress of the commute. Virtual coworking involves members of small teams working on their own individual tasks while on a video conference call together.

This experience replicates the benefit of a shared cubicle space, where you work alongside your team members, but on your own task. As team members have questions, they can ask them and get them quickly answered.

This technique offers a wonderful opportunity for on-the-job training: the essence of such training comes from coworkers answering questions and showing junior staff what to do. But it also benefits more experienced team members, who might need an answer to a question from another team member’s area of expertise.

Occasionally, issues might come up that would benefit from a brief discussion and clarification. Often, team members save up their more complex or confusing tasks to do during a coworking session, for just such assistance.

Sometimes team members will just share about themselves and chat about how things are going in work and life. That’s the benefit of a shared cubicle space, and virtual coworking replicates that experience.

The Virtual Water Cooler for Hybrid Work Social Cohesion

Another excellent technique for a hybrid or fully-remote format is the virtual water cooler.29 It aims to replace the social capital built by team members chatting in the break room or around the water cooler.

Each team established a channel in their collaboration software – such as Slack or Microsoft Teams – dedicated to personal, non-work discussions by team members. Every morning – whether they come to the office or work at home – all team members send a message answering the following questions:

  1. How are you doing overall?
  2. What’s been interesting in your life recently
    outside of work?
  3. What’s going on in your work: what’s going well,
    and what are some challenges?
  4. What is one thing about you or the world that most
    other team members do not know about?

Employees are encouraged to post photos or videos as part of their answers. They are also asked to respond to at least three other employees who made an update that day.

Most of these questions are about life outside of work, and aim to help people get to know each other. They humanize team members to each other, helping them get to know each other as human beings, and building up social capital.

There is also one work question, focusing on helping team members learn what others are working on right now. That question helps them collaborate together more effectively.

Then, during the day, team members use that same channel for personal sharing. Anyone who feels inspired can share about what’s going on in their life and respond to others who do so.

The combination of mandated morning updates combined with the autonomy of personal sharing provides a good balance for building relationships and cultivating trust. It fits the different preferences and personalities of the company’s employees.

Hybrid and even fully-remote work don’t have to mean the loss of social capital. These work arrangements only lead to weakened connections if stubborn, traditional-style leaders try to force old-school, office-centric methods of collaboration onto the new world of hybrid and remote work. No wonder Eric Schmidt says30 “I’m a traditionalist” when advocating for in-office work.

Stressed Employee

Conclusion

Google, Apple, and similar traditionalist companies are refusing to adopt best practices31 for hybrid and remote work such as virtual coworking and virtual water coolers, and then blaming hybrid and remote work arrangements for the loss of social capital. The people leaving Google and Apple due to their inflexible work arrangements are moving to more forward-thinking, progressive companies that use best practices for hybrid and remote work to build social capital and recruit excellent staff. Such companies will seize competitive advantage and old-school companies will be left in the dust in the war for talent.

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About the Author

AuthorGleb Tsipursky is a thought leader in cognitive bias risk management and the future of work, CEO of future-proofing consultancy Disaster Avoidance Experts, and the bestselling author of several books, including Returning to the Office and Leading Hybrid and Remote Teams: A Manual on Benchmarking to Best Practices for Competitive Advantage.

References

Should I Have a Credit Card? The Pros and Cons Unveiled 

Credit cards are the most common financial instrument among users worldwide. It allows paying for goods and services with borrowed money, maintaining a positive credit history, and improving your life quality. 

On the Internet, you will find tones of merchants and online casinos with credit card deposits which make spending extremely convenient and fast. But before you open a credit card, it is important to analyze your financial goals and habits and understand the pros and cons these cards might have. Remember that they are not something you can erase or forget about, as they always come with an interest rate. And below, we will try to help you make an informed decision.

Credit card pros

Credit cards occupy leading positions among other financial instruments and possess many advantages. In this section, we want to discuss the main of them.

1. Building the credit history

A credit score indicates your financial credibility and often becomes a decisive factor for approving a mortgage or any other loan. Building a solid credit history is a must if you plan to have one. To have success, your payments should be on time, and the credit utilization ratio remain under 10 percent. With time, you can move from a secured to an unsecured card after around a year of responsible usage.

1. Helping with large purchases or debts

While we have enough funds to cover the bills and sponsor our daily expenses, paying for a smartphone, car, or house at once might be difficult. That is when zero percent interest cards come in hand. It often goes with balance transfers, and introductory purchase offers help to avoid interest charges and allows for saving hundreds of dollars. These cards allow paying off the debt or loan in parts, and during a particular period, there won’t be any interest percentages at all.

2. Rewarding the expenses

Another great thing about credit cards is that they often come with rewards for loyal users. For example, travel points, cashback, groceries, and more. Think of the things you purchase the most and find an appropriate credit card. For example, the one that rewards petrol or other essentials. Many people can travel almost for free just because they have a credit card with travel rewards. Think of the opportunities that are unlocked! And all you need to do is to pick the right program and maintain a positive score.

3. Solid payment security

It is a well-known fact that debit cards are better for those who avoid loans and prefer sticking to their budget. You pay only with your own funds that are stored on a card. But if the account is stolen or hacked, it becomes a real challenge to return the money. This problem is almost absent for credit card owners because the money is not on the line. Moreover, many card issuers have small charges to ensure that if the funds are stolen, users can return them without any problems.

Credit card cons

While credit cards sound like a great option for each and everyone, there are still several pitfalls to consider. For example:

1. Difficult to manage several cards at the same time

Although owning more than one card is good for the credit utilization ratio, it makes it difficult to analyze the budget and make interest payments on time.

2. It may be hard to control expenses

Unlike credit cards, debit ones allow paying only with your own funds, so you can’t exceed the budget. Those who find it difficult to control their budget or have a shopping addiction, should stay away from credit cards or minimize their usage.

Wrap-up

There are around 2.8 billion credit cards in use and the number continues to grow exponentially. People appreciate this payment method for a bunch of advantages: building a credit history, paying off debts, receiving rewards, and more. But it is important to understand that credit cards come with several disadvantages that shouldn’t be ignored. And if you decide to open such an account, be very attentive and take one step at a time to see whether credit cards suit your needs and habits. 

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