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Online Business Ideas for Startups and Entrepreneurs

Online Business Ideas

Entrepreneurs and startups are emerging with each passing day. Have you noticed that the number is growing at a whopping level and compared to the past the era is best for startups and entrepreneurs?

If you link all the factors, you will come to know that most of them have come up with an idea that they developed was all because of the internet. For instance, you might find many affiliate websites generating thousands of dollars per month. Similarly, many apps and videos go viral within just a few hours after getting live.

All thanks to the internet, which has given several opportunities to people all over the globe. You can start working on your startup idea right now. All you need is an internet connection and a laptop/desktop. For a reliable connection, you can check Spectrum in your area for unlimited data, high-speed downloads, and a free modem. Even if you are of Hispanic descent, you can get assistance in Spanish, for this, contact spectrum servicio al cliente 24 horas.

Now let’s start with what business ideas you can work on to make a million-dollar empire within a year or two.

Start an Affiliate Website

Growing your income is not hard anymore as there are money-making techniques to help you start your business. One of the best models you can adopt is making an affiliate website. All it needs is a little investment in hosting and domain registration. Once your website is up and running, you can start promoting third-party products on your website.

Some of the affiliate websites you can start with are Clickbank, Amazon Associates, Rakuten, Commission Junction, Share a Sale, and many more. Make sure to update your website frequently at the start so that you can drive huge traffic. Once someone purchases a product or service from your website, you will earn a commission. The commission rates depend on the types of products you are promoting.

Start a YouTube Channel

YouTube holds great potential for earning and thousands of people are earning in million by monetizing their videos. You can also start making money by monetizing your channel after gaining a particular number of subscribers and views on your channel.

You can find many templates to create stunning videos. Moreover, if you know how to use Adobe Premier, you are good to go. Moreover, YouTube also provides you with a creator studio tool to help you create videos. If both of the options are not suitable, you can make a presentation on PowerPoint and save it as an MP4 file. A video will be created and you can upload it on YouTube.

Become a Freelancer

With the evolution of the internet, people prefer to quit their day job and start working as a freelancer. But if you don’t have the required skills, you need to develop first so that your profile does not get affected. Whether you join Fiverr or Upwork for offering your services, make sure to have a clear idea about what services are you going to offer.

There are plenty of highly-demanded skills on different freelancing platforms. Some of them include graphic designing, website development, programming, video creation, copywriting, social media management, virtual assistant, and many more. Once you know what you are going to offer, make sure to do proper research about what others are selling. If you want to be successful in a short time, you need to sell something unique that no one is offering.

Social Media Management

Social media is the core of any business’s success or failure. No matter, how big the store is, if it is not present on social media, the chances of business pack up is near. You can grab this opportunity to help different brands and companies maintain their social media campaigns.

You can check the websites of different service-oriented websites such as dentists, plumbing, carpenter, and restaurants. After visiting these websites, check whether they have any social media presence or not. Once you find they are not active on social media, try contacting them through email. Sending hundreds of emails daily would bring 5 to 6 high-paying clients. You can also create a website offering different packages related to social media management. In this way, you can place your trust in potential clients and get more in the future.

Place Advertisement on Your Website

If you are running a website for a while, you can also serve ads on it. One of the best ways to monetize your website is to apply for Google Adsense. Once someone clicks on the ad, you will generate revenue. Moreover, there are other programs as well that allow you to place advertisements on their behalf and offer you different rates depending on clicks.

If your website is gaining a huge amount of traffic, you can also approach webmasters working in your niche. Offering them ad space on your website will help them to advertise their product/service and allow you to earn a decent amount at the end of each month.

Sell Sponsored Posts

Building a website with lots of traffic can result in a huge amount of opportunities. If you are running a general website, you can sell sponsored posts to other bloggers and webmasters. All you need to do is give them a do-follow link to their website. Depending on the traffic of your website, you can earn anywhere around $20 per post to $500 per post.

Summing Up

When it comes to generating income and establishing a startup, you can find the aforementioned models to be useful. Quit your job as soon as you generate more than what you are earning. Moreover, if you want to quit a job to pay full attention to your business, it is recommended to have a backup in your bank account to meet all your day-to-day expenses.

How To Make Financial Presentations More Exciting

Financial Presentation

Financial presentations often have a reputation for being boring, mundane, or uninteresting in terms of content. At the same time, financial presentations are very important whether they are being given in an organization or for a business of any size. 

As financial presentations tend to revolve around numbers they can often be hard to keep track of and the audience may miss valuable chunks of information simply because of repetitive slides. Here is how you can make financial presentations a bit more exciting and interesting so that your goals are easier to achieve. 

Organization Counts

One of the key components of a well-made finance related presentation is the effective organization of information. If the audience cannot really tell one slide from the next or is not able to immediately deduce a pattern or sequence, they will lose interest very quickly. 

When handling data always organize it into a sequence, chapters, or some other form of organization. Having a clear structure such as starting with the objectives of a business regarding sales or profit and then going strategy by strategy is a better approach. 

You can also make an agenda and give it to the audience beforehand as a paper handout so that they know what to expect and the general sequence of the information. While financial presentations can seem formal and dull, you can definitely impart a dramatic and almost theatrical component to your presentation by unveiling certain ‘shocking’ figures at chosen moments. An element of surprise will keep the audience riveted and invested in your presentation. 

Some Facts Are More Important Than Others

When you were gathering the data for your financial presentation you will undoubtedly have realized certain figures are more important than others. Most businesses use the SWOT analysis technique among other analytical decision-making tools and this enables them to see the strengths, weaknesses, opportunities, and threats of any potential strategy, financial investment, or expansion goal. 

Isolate the main facts you are trying to communicate and make them stand out in your presentation by using design tools such as PowerPoint SWOT templates. This has an immediate effect of showing the audience the relevance of various types of data and figures but inside of a conceptual framework so they can process information and make decisions quicker. 

Depict Goals

Financial data and figures are useful because they can help business owners, managers, and other financial experts make decisions or accurate forecasts. If you model your financial presentation in a goal-oriented fashion showing the options that arise after a careful analysis of the data, your work is half done as your audience will already be more interested in hearing what you have to say. 

Use Visualization To Communicate Data

A great deal of financial data exists in Excel sheets or long documents filled with numbers or in digital versions of traditional bookkeeping formats but these forms are hard to communicate in a presentation. Rather than attempting to communicate large scores of data, make summarizing diagrams that effectively show the important figures as well as their forecasts. Using graphs, pie charts, bar charts, infographics or other types of tables can help the audience quickly make sense of the data being presented as well as later use it for problem-solving. 

Changing colors or fonts for certain icons or infographics depicting specific data can also communicate to the audience which information is more important and therefore requires more attention. There are many PowerPoint templates for various tables and other diagrams that can be used for financial presentations.

Allow For Discussion, Feedback, And Queries

When giving an effective financial presentation you need to invite interaction from your audience so that they feel it is a two-way conversation in which they can ask questions, seek solutions or discuss new ideas and possible strategies. Always have a slide or two designed for a group activity of sorts so that your audience is even further invested in your presentation. 

Communicate Length And Key Takeaways Early On 

Most masterful speakers communicate to their audiences early on how long their talk will be and what are the main points they will express. This has the effect of keeping the audience’s interest piqued because they have a clear idea of the beginning and end. Furthermore, make sure your key takeaways are mostly communicated verbally with only short phrases in slides or a single diagram at a time. If you write too much content on the slide regarding any important takeaway of the presentation, the listener will develop a deaf ear and will instead become busy reading the written content. 

Tadatoshi Akiba: “The Goal of The Treaty on the Prohibition of Nuclear Weapons is Survival”

The Treaty on the Prohibition of Nuclear Weapons

A conversation with the former mayor of Hiroshima on nuclear weapons By Joseph Mazur

The city of Hiroshima will forever live in the memory as the site of the first use of nuclear weapons in warfare. Since the end of the Second World War, peace has largely reigned between the nuclear-weapon-owning nations, perhaps because of the unthinkable consequences of a modern nuclear war. Tadatoshi Akiba is a former mayor of Hiroshima, active in the campaign for global nuclear disarmament. Here, he talks to American mathematician Joseph Mazur about the prospects for controlling the future use of these terrifying weapons. 

Some years ago, I had an exemplary existential dream. An iconic mushroom cloud rose from a nuclear bomb dropped close to my neighborhood. I sprinted around and over the embers of small fires and the debris of mangled steel like a flying spirit, looking for anyone who might impossibly be still alive. Nobody was. Why did I, a relatively young person in the presumed safety of America, have enough subconscious anxiety to have such an upsetting dream and still chillingly remember it decades later?  

I was just three when two atomic bombs were parachuted and detonated in mid-air over Hiroshima and Nagasaki. My generation grew up in the 1950s, that decade of extraordinary American prosperity when our biggest fear was that ICBMs might target some US cities. We learned to duck under our school desks when we heard the first wave of air-raid sirens. But that was seventy years ago, when time seemed to move slowly. In those giddy, post-hot-war days, when financial prosperity was booming and uncertainty governed thoughts of doom from Cold War threats, we were, for the most part, a unified country. The news was all about the day or the week. Anything older than a year was ancient history left for the almost unreadable textbooks that hardly made their way into the 1950s high school curriculum. We obediently got our polio shots and conformed to rules, when the truth was as good as it got from local newspapers and the television networks ABC, CBS, and NBC. Time always has ways of speeding up or slowing down, depending on the world outlook and personal anxieties, but in those mid-century decades, there was a sense of pride that we had conquered the biggest horrors of the century. By the end of the Korean War, my parents were under the impression that all terrors had ended.

Time always has ways of speeding up or slowing down, depending on the world outlook and personal anxieties, but in those mid-century decades, there was a sense of pride that we had conquered the biggest horrors of the century.

The unease of nuclear weapon proliferation is now in competition with troubling concerns over climate change. In our selfish present, we view climate change as something from which life will be difficult for some people but not for us, at least not in the immediate future. But we are already in that future when America is struggling with consequential crises. Not just one after another, but many, all at the same time. We are awash with worries, just one of which is the threat of nuclear weapons. Of all the world’s problems, the one involving nuclear proliferation is the most flexibly solvable.

We are at a time when a nuclear-weapons country is amassing troops and equipment at the border of a democratic country. When the Doomsday Clock, that metaphorical gauge of how close we are to destroying the world, was reset to 100 seconds to midnight,1 I spoke with my good friend Tadatoshi Akiba, Mayor of Hiroshima from 1999 to 2011, to discuss the status of nuclear weapons and his thoughts for the future. He received a Ramon Magsaysay Award, dubbed as the Asian Nobel Prize, in 2010 for his lifelong role as a world leader in the campaign to eliminate nuclear weapons. 

Our conversation has been edited for length. 

Joseph Mazur: You and I were born in the same year, just a few years before the bombing of Hiroshima and Nagasaki. At the age of three, we could not have understood what happened on August 6 and 9, 1945. You might have heard the word genbaku, while I heard “Enola Gay”. Being seven thousand miles away from each other, we got the news from our parents in different languages and very likely with different emotions. For me, I can remember that something big happened that day. Of course, I didn’t know quite what. I knew what a bomb was, because I was a war child, but nothing about the extent of the destruction and loss of life. Could you tell us where you were, whether you can remember anything that your parents told you at that time, and how memories of the event unfolded as you matured to adulthood?  

Tadatoshi Akiba: Joe, I did not know anything about Hiroshima and Nagasaki before ten years old. One of my oldest memories goes back to a hot summer day in 1945 when I waited for my mother to come back to the veranda where I was standing. An air-raid siren warned my mother to iskenderun escort rush to my younger brother, born in January, to carry him in a wicker basket to the bomb shelter dug in the front garden. I had to wait for her to come back, because the veranda opening of the house was too high for me to jump down. I was terrified. 

Later that summer, the city of Chiba, a suburb south-east of Tokyo, was the incendiary bombing target on July 7. A squadron of 129 B-29s devastated the central part of the city, killing and injuring more than one thousand residents and destroying close to nine thousand buildings.

My family lived in a safe area of the city, and only a few incendiary bombs reached there. However, I remember clearly the beautiful and, at the same time, horrifying sparks that the bombs created when they hit the road next to my house. 

These memories have been vivid in my mind and helped me imagine the tragedies of war everywhere in the world.               

Mazur: How did people in Japan learn about the extent of misery in Hiroshima and Nagasaki after the bombing? 

Akiba: We did not hear anything about Hiroshima and Nagasaki until much later, because the “Press Code” by the General Headquarters was in effect. As a result, no information about the atomic bombings reached us. Even the hibakusha (A-bomb survivors) had difficulties obtaining medical information about their injuries and other damages to their bodies. 

Finally, in 1952, when the peace treaty between Japan and the US went into effect, the Press Code lifted. That is when we learned about the indescribably tragic and catastrophic results of the atomic bombings.  

My neighbourhood bookstore carried the Asahi Graph, the Japanese equivalent of Life magazine, on August 6, 1952. When I picked up the volume and saw the inside, I was sickened by seeing a picture of a young woman lying on her back with her face entirely burned. I could not sleep that night. 

Mazur: Wow! I’m astonished to learn that most Japanese did not know about themisery and destruction in Hiroshima and Nagasaki until seven years after the bombings! In my high school days, we learned that the reasoning was that many more people from several countries would have died had the war continued. You spent a teenage year in Chicago on a high school exchange program in 1960. The topic of the bombing must have come up at some time during that year. How did you process an understanding of what happened from a US point of view?  

Akiba: On a Saturday in 1955, the entire elementary school I attended watched “The Children of the A-bomb”, a film based on essays written by school children in Hiroshima lucky enough to survive the bombing. One harrowing scene after another affected me so much that I could not get up to go to school for two days. I reacted to the noise of airplanes for more than a month. 

I started learning English in junior high school, and the first serious reading was John Hersey’s Hiroshima. I continued learning and thinking about war and peace, especially atomic bombs.

The most significant shock came when I sat in my American History class at Elmwood Park Community High School in 1960. I was an AFS foreign exchange student there and spent one school year enjoying every minute of it.

Japanese schools did not teach modern history. We did not learn about the Japanese responsibility for starting the Pacific War, nor what happened in Hiroshima and Nagasaki, in our formal education.

In the spring semester, we learned what happened to Hiroshima and Nagasaki. The emphasis was not on the tragic and heart-wrenching consequences, but the justification of the acts. Three points justified the atomic bombings. One was that Pearl Harbor was first. The second was that the bombings ended the war early. And the third was that they saved both American and Japanese lives. Had the war continued, a quarter of a million Americans would have died, and so would another quarter of a million Japanese.

I tried to persuade the teacher and the other twenty students – justification aside – that we need to look at unspeakable human tragedy and loss. For that, I was bullied. I was bullied for that, until my wrestling team buddy stood up to defend me: “It’s not fair to bully one person, Tad, by all of us.” 

At that time, Japanese schools did not teach modern history. We did not learn about the Japanese responsibility for starting the Pacific War, nor what happened in Hiroshima and Nagasaki, in our formal education. Omission of the vital part of history from the school syllabus continued for a long time.

Mazur: With SARS-CoV-2, climate concerns, and so many other world problems in the news and at dinner conversations, we seem to be in the stage of complacency concerning nuclear weapons. Do you see a way of replacing the complacence of nuclear weapons with critical thinking in the news and at dinner conversations? In other words, how can we educate the public and their leaders to be as engaged in a goal to abolish nuclear weapons, or at least de-escalate the number of nuclear weapons worldwide? 

Akiba: One factor behind complacency is the deterrence theory. We might understand the danger of nuclear weapons, but few among us have learned the truth from the testimonials of hibakusha who had gone through a living hell.

Deterrence theory supporters argue that nuclear weapons are necessary to deter the evil intentions of those countries adana escort that might otherwise attack us. They claim nuclear weapons offer protection with hopes they will not be used. Without knowing how to deter foreign aggression in realistic terms, most of us have no alternative but to accept that claim. So the half-truth spreads throughout the world to become solid faith in nuclear weapons and the deterrence theory: “Nuclear weapons are there for peace. Having nuclear weapons guarantees your safety and security.” 

I believe that the world will wake up and actively move toward peace if we succeed in conveying what happened in Hiroshima and Nagasaki, the scientific facts about the result of nuclear exchanges, 2, 3, 4, 5 and resolve nuclear weapons issues within the framework of rule of law. 

There are books, photographs, movies, music, paintings, and other means of expression that show and tell the realities of the bombings of Hiroshima and Nagasaki. In addition, I strongly recommend that everyone should visit Hiroshima or Nagasaki. World leaders, including President Biden and Chairman Kim, should visit the two cities. That would improve the understanding beyond imagination.

Major progress of nuclear disarmament took the form of treaties and court rulings. Now that the Treaty on the Prohibition of Nuclear Weapons is a legally binding international agreement, we should utilize it as a tool to create a world without nuclear weapons.6

Mazur: On 3 January, the five nuclear-weapon states, namely, the United States, Russia, China, France, and Great Britain, instead of ratifying the Treaty on the Prohibition of Nuclear Weapons, issued the Joint Statement of the Leaders of the Five Nuclear-Weapon States on Preventing Nuclear War and Avoiding Arms Races.7 What can you expect from this? 

Akiba: The main points of the joint statement are that the five nuclear-weapon states: (1) agree that a nuclear war cannot be won and must never happen; (2) remain committed to our UN Nuclear Non-Proliferation Treaty obligations, including the obligation to negotiate in good faith toward an effective international treaty for nuclear disarmament;7 (3) agree to maintain and further strengthen their national measures to prevent unauthorized or unintended use of nuclear weapons; (4) reaffirm that no nuclear weapons target each other or any other state; (5) intend to continue seeking bilateral and multilateral diplomatic approaches.

UN Secretary-General António Guterres welcomed the joint statement by the nuclear-weapon states on the prevention of nuclear war and avoidance of arms races. But in the end, he emphasized that the adıyaman escort only way to eliminate all nuclear risks is to eliminate all nuclear weapons. He reiterated his willingness to work with the nuclear-weapon states and all member states to achieve this goal as soon as possible. 

Issuing the statement is proof that the nuclear-weapon states cannot ignore the growing support for the UN Treaty on the Prohibition of Nuclear Weapons worldwide. It had to respect world public opinion by stating the principles they must acknowledge, even superficially. From past policies and announcements, we know that the signatories of the Joint Statement would contradict these principles in a claim that the survival of their countries is at stake.  

Mazur: The first Meeting of States Parties to the Treaty on the Prohibition of Nuclear Weapons will happen in Vienna next summer. What can we expect from this meeting? I hope that it will accomplish a great deal. At the same time, shouldn’t the world be doing more to tackle such an existential problem? 

Akiba: It should focus on practical and productive goals for civil society and urge non-ratifying countries, including the five nuclear-weapon states and nuclear-dependent countries, such as Japan, Canada, South Korea, and NATO member countries, to sign and ratify the treaty.  

In parallel, it should include the “no first use” policy, a pledge of not using nuclear weapons against non-nuclear-weapon states first (NFU).9 We have a good chance of success in persuading the relevant countries, because critical nations have already taken some positive steps or declared a partial agreement to the idea.

First, China has adopted the NFU policy since it first acquired nuclear weapons. Second, the US took concrete actions under the Obama administration to make NFU the UN policy and legislate the NFU policy domestically. Unfortunately, staunch opposition from the Abe administration of Japan succeeded in thwarting such a move. 

China has adopted the NFU policy since it first acquired nuclear weapons. Second, the US took concrete actions under the Obama administration to make NFU the UN policy and legislate the NFU policy domestically.

Third, nuclear-weapon-free zones treaties have already succeeded in having nuclear-weapon states adopt a no-first-use nuclear weapons policy, albeit within limited geographical regions. Such a zone is a particular group of countries that ratify a treaty promising no nuclear weapons on their soils. Ideally, nuclear-weapon states also promise not to attack this group with nuclear weapons.x (This condition is called “negative security assurance” or NSA.) Although nuclear-weapon states ratified only the Tlatelolco treaty, which covers Latin America and the Caribbean, the significance is that nuclear-weapon states did agree to the idea of NFU. The concept of NFU has the potential to spread. 

Mazur: Now that the entire Southern Hemisphere is nuclear-weapons-free and it is spreading to the Northern Hemisphere, where should the next region form such a zone?  

Akiba: The most probable candidate is North-East Asia. The six parties involved in this idea are the three core countries, Japan, North Korea, South Korea, and the three outer countries, the US, China, and Russia. The North-East Asia Nuclear-Weapon-Free Treaty, if it succeeds, stipulates that the three core countries agree to become or stay nuclear-weapon-free, and the outer three countries guarantee that they would not attack the core countries with nuclear weapons. 

Mazur: A plan to create nuclear-weapon-free zones in North-East Asia must be enormously challenging when North Korea is now repeatedly testing highly advanced launching devices. 

Akiba: The treaty we are discussing will make North-East Asia nuclear-weapon-free. The burden would be on North Korea, Russia, and the USA;  Japan and South Korea do not possess nuclear weapons. China has adhered to the no-first-use policy for some time. North Korea will have to renounce its nuclear arsenals, and both Russia and the US will have to guarantee NSA in this region. 

For Russia and the United States, a no-first-use policy is more negotiable than one insisting on outright renunciation of all nuclear weapons. And within the US, there is a large enough political force that endorses the no-first-use idea. North Korea must make the toughest concession, but the six-country agreement would also assure its continued existence in the international framework.  

Among the total of 13,000 or so nuclear warhead inventories of the world, the US and Russia possess 5,600 and 6,200, respectively, while North Korea has less than 50. Rogue organizations might succeed in obtaining a few if, any. Given such statistics, the first concern is with massive accumulations of the US and Russia. Then, what’s the argument that might convince those who have a few to abandon all development plans? 

Mazur: Would that come through reasonable dialogue? 

Akiba: The only possible means of resolving the most difficult challenges is dialogue. The rational strategy is to draw North Korea into an international arena where civil exchanges find mutually acceptable solutions, instead of threatening each other with inhumane nuclear weapons. 

Mazur: Talks are now underway in Vienna to revive the 2015 Iranian nuclear deal that then-President Trump withdrew from in 2018. In those three unhindered years, Iran has made significant advances in enriching enough uranium to build a nuclear bomb. How should we deal with countries working on future possession of nuclear weapons, countries under authoritarian rule that seek more power on the international stage? 

Akiba: The situation you describe makes us realize the importance of international political leadership. Civil society must create an environment in which responsible political leaders can exercise their influence effectively. We should also concentrate on changing domestic politics so that nuclear-weapon-states and nuclear-dependent countries would relish rather than reject the Treaty on the Prohibition of Nuclear Weapons.

After creating a North-East Asia nuclear-free zone, we hope to establish another nuclear-free zone in the Middle East. Accomplishing that might be more difficult, but the whole process of formulating a North-East Asia treaty would produce an atmosphere and competence that would help overcome the difficulties. It should become apparent that negotiations of this kind offer ample opportunities for neighbouring countries to enrich each other in trade, people and cultural exchanges, science and technology cooperation, and many more. 

Perhaps I should put the whole package as “2040 Vision: An Emergency Campaign to Ban Nuclear Weapons.”11 Its goal is to abolish nuclear weapons by 2040, with the interim goal of adopting NFU policy by nuclear-weapon states by 2030. 

My generation might not live until 2040, but we must start somewhere. The “2040 Vision” objective is a dream with a deadline, which I hope becomes a starting point for the younger generation to carry our legacy. 

Mazur: When my wife and I visited Hiroshima in 2009, we thought we could be fully prepared by reading everything we could about what happened during and after the bombings. The visit was overwhelming and emotionally far beyond what anyone can know from history books or films. Would ratification of the Treaty on the Prohibition of Nuclear Weapons be any easier if more influential government officials could visit Hiroshima?  

Akiba: Yes. When President Obama visited Hiroshima in 2016, he said, while laying wreaths at the cenotaph for the atomic bomb victims, “We have known the agony of war. Let us now find the courage, together, to spread peace and pursue a world without nuclear weapons.” He was the first sitting US president to visit the Peace Memorial.  

If more leaders of nuclear-weapon states visit Hiroshima, following President Obama’s courageous act, we can expect that the abolition of nuclear weapons will become a shared wish of the world. The reason is that practically everyone who visited Hiroshima told me the kind of emotion you have expressed. For example, when an Oscar-winning actor, Jack Lemmon, visited Hiroshima in 1985, he remarked that his knowledge about Hiroshima before the visit antalya escort was far above average. Still, after visiting Hiroshima, he, like you, felt that he did not know the extent of the damage and suffering until he came to the city. His remark was, “Everybody in the world should visit Hiroshima. One thing I must emphasize is that I did not see any feeling of hatred on the part of Hiroshima citizens toward the United States and Americans. That was a moving experience.” That is why I repeatedly extended invitations to world leaders to visit Hiroshima. A visit from President Biden when he comes to Japan this year would go far in spreading peace in pursuance of a world without nuclear weapons.  

About the Interviewer

Joseph Mazur

Joseph Mazur is a Professor Emeritus of Mathematics at Marlboro College, is a recipient of fellowships from the Guggenheim, Bogliasco, and Rockefeller Foundations, among others and the author of several acclaimed mathematics books that have been translated into more than a dozen languages. The Clock Mirage: Our Myth of Measured Time(Yale) is his latest book. 

About the Interviewee

Tadatoshi Akiba

Tadatoshi Akiba is former Mayor of Hiroshima and a former member of the Japanese Diet. He is also a mathematician with Ph.D. from MIT, but his lifelong commitment has been the abolition of nuclear weapons. He received the Ramon Magsaysay Award (subbed as the Asian Nobel Prize) in 2010.   

References:

6 Things to Know About Student Loans … and How You Can Save a Fortune On Yours 

student loans

Most graduates in the US take their first step into their careers weighted down by an average student loan debt of $37,113, which they can take 20 years to pay off. So, it is no wonder that you are looking for ways to save on your student loan!

Luckily, there is a lot that you can do to reduce this burden and walk into the professional environment with the confidence of actively working towards building long-term wealth. Here is what you need to know about student loans that can help you save a fortune.

There Are Student Loan Discounts Available – Take Advantage of Them!

Student loans are a powerful tool to help you pursue your education – and lenders often keep in mind the borrower’s goal. That is why many private student loan providers offer significant discounts that are worth taking advantage of.

If you benefit from a predictable and reliable income source, you might opt for AutoPay – also known as Auto-Debit. This recurring form of payment allows the lender to automatically charge a borrower’s bank account and grants some benefits such as 0.25-0.50% interest rate reductions and cash-back rewards.

If you have built healthy financial habits as a student, have a good credit score, and are never late with payments, you might also benefit from additional discounts and rebates.

Shop Around For The Best Rewards and Interest Rates

After the government-sponsored 0% interest rates Covid-19 relief ends in May 2022, federal student loans come with a 3.73% interest rate for undergraduates, and 5.28% for graduates.

However, if you are also looking to take advantage of the student loans offered by private lenders, it is recommendable to shop around for the ones that offer the lowest interest rates. These will vary on a case-by-case basis and will depend on your credit score and job history.

Keep Interest Capitalization At Bay By Paying It In-School and During Grace Periods

One of the biggest costs associated with student loans is interest – especially the one you are not paying while you are still at school or during the grace period. Unpaid interest is capitalized, which means that it is added to the loan balance, thus increasing the amount you owe.

While you might not start repaying your loan until after you have graduated and secured a job, you should consider keeping up with accrued interest repayments from day one, which will help you keep these costs down.

Before You Take Out a Loan, Figure Out Roughly What You’ll Be Paying Back Monthly

There are two main ways to save money on your student loan. You can keep the costs of debt down by shortening the length of your agreement and repaying larger amounts each month. Or, you can keep monthly costs low by increasing the life of the loan.

Unfortunately, these strategies are conflicting, and there is no “one-size-fits-all” solution to figure out what is most convenient in your specific situation.

However, using a student loan payment calculator and figuring out what you will be repaying before taking out a loan can help you find the right loan life, rates, and terms to keep costs down.

Accelerate Repayments and Access Lower Interest Rates Through Refinance

One of the greatest benefits of opting for a student loan to finance your education is that there are no penalties for prepayments. This means that if your salary has increased or you benefit from other financial help, you can repay your student loan earlier than planned, which can reduce the interest you’ll pay on it. 

Another option is to refinance your student loan to take advantage of lower interest rates and better terms – especially if you have been building your credit score.  

Extra tip: if you have multiple loans, consider repaying the ones with the highest interest rates early to keep the cost of debt to a minimum. 

Know How Much You Really Need to Borrow

Federal and private student loans are the most popular way to finance your higher education. However, it is important to keep debt down by only borrowing what you really need. 

This means making the most of your savings, grants, scholarships, and need-based aids. While the temptation to borrow the maximum amount available to you can be great, focus on just what you need. 

4 Things To Know When Filing For Social Security Disability

Social Security Disability

If you have a health condition that restricts you from working and earning a living, you may be eligible to file for Social Security disability insurance (SSDI) benefits. Generally, Social Security disability insurance is a program designed to compensate people who have become disabled, adversely affecting their ability to work.  

However, if you’re filing a disability claim, it’s essential to convince the Social Security Administration (SSA) that you’re permanently disabled and, as a result, can’t work anymore. Without proper knowledge and preparation, you may jeopardize your chances of getting a claim approval. As such, it’s crucial to educate yourself about the Social Security disability claim to ensure a more desirable outcome.  

Below are the four things to know when filing a Social Security disability claim: 

1. There Are Two Criteria To Qualify For Social Security Disability Benefits  

When filing for a Social Security disability insurance claim, you must satisfy specific eligibility requirements. Generally, there are two criteria you should meet to qualify for disability benefits. These can include: 

  • You should have worked long and recently enough under Social Security. It’s usually determined based on the number of work credits you’ve earned before the disability happened. Generally, Social Security requires 40 credits to be eligible for the benefits. You earn a certain number of credits when you work and settle your Social Security tax obligations.  
  • You have a medical condition covered by the Social Security Administration’s list of impairments or qualifying conditions. This includes musculoskeletal disorders, mental disorders, neurological diseases, and other similar impairments.  

2. Strong First Impression Matters  

Being eligible to file a Social Security disability claim isn’t enough to get approval. With the majority of applications getting denied, it can clearly indicate that SSA takes every claim seriously. In that case, it’s essential to establish a solid first impression to increase your chances of getting your claim approved.  

One of the ways you should do to increase your chances is gathering evidence to prove your disability. Having certain pieces of evidence would substantiate your disability diagnosis and other relevant documentation, such as medical records, to convince the examiner that your medical condition has completely impaired your ability to work. With this evidence in place, you may be able to make a strong impression on the Social Security disability examiner about your claim.  

On the other hand, if you want to understand better why first impression matters when applying for SSDI benefits, you can check this additional reading from a legal website and other resources online for more information.  

3. A Lot Of Paperwork Is Necessary When Filing For Social Security Disability  

Filing For Social Security Disability

Dealing with a Social Security disability claim is never easy, especially regarding the paperwork involved. The filing process is considered paper-intensive, so proper preparation and knowledge about the required documents is a must. For instance, you need to complete several forms to comply with the required paperwork. In doing this, you must ensure that all disability forms are accurately and correctly filled out to minimize discrepancies.

The Social Security disability examiner will examine the forms to determine the impact of your medical condition on your ability to work. If your documents lack the necessary information, they’ll more likely deny your claim based on that ground.  To avoid this, you should ensure all the paperwork is handled properly. Unless you’re an expert in handling SSDI claims, it can be a good idea to look for an attorney who can help you with the application. They know precisely how SSDI claims work so that they can guide you through the process properly.

4. Your Family Members May Also Be Entitled To The Disability Benefits  

It’s also crucial to know that Social Security disability benefits aren’t only for people with diminished earning capacity due to a disability. If you’re disabled and, in turn, can no longer earn some income, your family may also be entitled to some SSDI benefits under the following circumstances: 

  • Your spouse, who is at least 62 years old; 
  • Your spouse, regardless of age, who takes care of your child who is also disabled or under 16 years old; 
  • Your child, without disability, who is under 18 years old; 
  • Over 18 years old, your child became disabled, but such disability occurred before they reached the age of 22.  

On the other hand, it’s also essential to know that if many family members qualify for Social Security disability benefits, the amount of money to be paid out can be proportionally reduced if it exceeds the maximum amount under your record.  

Bottom Line

Realistically speaking, many Social Security disability claim applications get denied regularly based on specific grounds, such as inaccurate application forms, failure to prove a disability, and other related situations. This makes the entire filing process more complicated and overwhelming.  

Therefore, if you want to save yourself from the headaches associated with the procedure, it’s essential to keep the information mentioned above in mind. That way, you’ll know what to expect and how to handle your claim more efficiently to attain a favorable outcome.  

The Outlook For The Global Economy

outlook

By Graham Vanbergen

It really would be nice to think that Putin’s attack on Ukraine will be short-lived and the world begins its recovery from the global pandemic. But as Graham Vanbergen writes – whatever happens now, one thing we are assured of – this is nothing more than wishful thinking.

Whilst Ukraine sat at 57th in the global league of world economies and Russia still only accounts for 3 per cent of global GDP (even with its huge fossil fuel sales) the world order has changed overnight and there is a lot more bad news on the way, not just politically but economically. 

First of all, economies are very badly affected by a lack of confidence. Capital flight and moves to safe-haven assets is just one reaction and governments will divert budgets, quite probably from social safety-nets towards military defence spending. There is no escaping the fact that the Russia/Ukraine issue will have serious consequences for the world economy as a whole for years to come. (1) 

The reality is that Putin has not just re-kindled the Cold War. The Western-led international order that comprised the USA and its allies are now being challenged by Russia, China, Iran and North Korea. This fracturing of the world order as we knew it will plunge the world deeper into a geopolitical depression of finger-pointing and acts of aggression.  The years ahead now look far riskier now than they did even when Donald Trump kicked off a new and heated economic rivalry between the US and China. 

Geopolitically speaking, we know that China will be watching events in Europe very closely as Western values are being heavily tested. And although the tensions are different, it could be said that Taiwan is to China as Ukraine is to Russia. Economically though, the fracturing of globalisation will only speed up and capital will inevitably find a new home. In the West, that will be, for instance, the ratcheting up of new technologies to reduce reliance on fossil fuels. It goes without saying that in this more hostile environment the signs for the world economy look ominous. Inflationary pressures will continue and not be short-lived as many predicted – and there will likely be a period of recession in the near future. The spectre of stagflation now beckons. 

Predictions 

Nouriel Roubini – Professor Emeritus of Economics at New York University’s Stern School of Business, is a former senior economist for international affairs in the White House’s Council of Economic Advisers during the Clinton Administration and has worked for the IMF, the US Federal Reserve, and the World Bank. 

“In terms of the economy, a global stagflationary recession is now highly likely. Analysts are already asking themselves if the Fed and other major central banks can achieve a soft landing from this crisis and its fallout. Don’t count on it. The war in Ukraine will trigger a massive negative supply shock in a global economy that is still reeling from COVID-19 and a year-long build-up of inflationary pressures. The shock will reduce growth and further increase inflation at a time when inflation expectations are already becoming unanchored.” 

The Editorial Board of the Financial Times writes (2): 

“The Ukraine war amounts to a supply shock — reducing the capacity of the global economy to produce goods and services. Such crises hit growth while raising inflation. That is harder for central banks to deal with than a fall in aggregate demand when spending retrenches. Investors have long feared a return to the stagflation of the 1970s; few, however, anticipated that it would come alongside a return to war.” 

Jason Furman, is a former chair of President Barack Obama’s Council of Economic Advisers, is Professor of the Practice of Economic Policy at Harvard University’s John F. Kennedy School of Government and Senior Fellow at the Peterson Institute for International Economics. 

“The longer-term economic consequences for the rest of the world will be far less severe than they are for Russia, but they will still be a persistent challenge for policymakers. There is a risk, albeit a relatively unlikely one, that higher short-run inflation will become embedded in increasingly unanchored inflation expectations, and thus persist. If that happens, central banks’ already difficult job will become even more complicated.”   

Consequences 

In the immediate term, the consequences of the Ukraine invasion are plain to see. Stock markets are bouncing up and down – its overall trajectory is south. The result of the pandemic has seen global inflation rising, which it will continue to do. Energy prices will continue to rise as will the cost of food. Both can cause domestic problems for governments all around the world. Don’t forget a year of violent protests suddenly emerged in France over rising petrol/diesel prices and the Arab Spring was started originally because of rising food prices. Some of the signs of financial contagion and fear is that the usual safe-haven currencies such as the Swiss franc and USD will strengthen as will the price of gold. 

It is inevitable that both recession and inflation, commonly known as ‘stagflation’ will hit Russia very hard. But the same stagflationary effects (on a less severe scale) will also affect the European Union as a whole, as it will the USA. Both are energy-dependent on Russia. The former is a physical requirement, the latter is not in control of global pricing. As jobs get lost and inflation continues its northward trajectory, households will do the inevitable and tighten their belts in expectation of harder times. Interest rates will rise to combat inflation. This will result in banks tightening financial conditions – which will see businesses look at how to save cash and significantly reduce R&D. The effects of stagflation are awful – and dangerous. 

In its desperation to wrestle control over its self-induced economic spiral, Russia does have a card up its sleeve – it can reduce the sale of oil and gas merely to cause the price to spike and cause further economic pain to the West, whilst keeping income flowing.   

1970s oil and energy crisis 

The 1970s oil crisis and energy crisis caused global mayhem. That crisis led to stagnant economic growth in many countries as oil and gas prices surged. This is where the word ‘stagflation’ emanated from. And there were winners and losers as always. Fossil fuel producing nations do well, everyone else suffers. Both the 1973 oil crisis and the 1979 energy crisis were the result of some sort of conflict (3). 

In Britain, that crisis caused GDP to decline by nearly 4 per cent for over four years. It led to social unrest, we had the three-day week and a state of emergency enforced by the government. Inflation rocketed off to 20 per cent and the IMF was called upon to help Britain’s finances. In just six years, Britain had four Prime Ministers, a winter of discontent and unemployment reached nearly 12 per cent in the early 1980s. 

Whilst I am not predicting a renewed 1970s – what are facing today is potentially worse because geopolitical stability is threatened, not just a period of economic stagflation. But however we look at this, it is a cost we have no option but to absorb – it is the cost of defending Western values – of democracy and freedom. The alternative is a price too high to contemplate. We’ve already had conflicts on a global scale for these same reasons and one only has to look back to the real complications of geopolitical relationships that brought us WW1 and WW2 to see these dynamics playing out. (4)   

Dangerous moment 

Many think that central banks now have the ability to manipulate markets to ensure stability. This was evident with their actions during the very sobering moments of the bank-led financial crisis in 2008/09. However, stagflation offers a very difficult dilemma to central banks – increase interest rates to curb inflation – and the economy gets hurt. It is also not so that central banks will work in unison as they did in the financial crisis because each region will have different stresses (differing values of net imports/exports in differing regions). The other problem for central banks is that in saving the banks that caused the crisis, and household incomes during the pandemic, they in turn have largely run out of the financial clout needed to stave off another global economic event. 

In summary, Putin’s aggression has now sparked a new political and economic era – it is a pivotal moment. The geopolitical order is changing and the fight over political ideology is now becoming intense. The cost of the financial crisis was huge, the cost of the pandemic more so – and the axis of China/Russia/Iran and their allies has a renewed confidence. We are entering a global depression – economically and politically – and it may turn very nasty indeed. At the very least – all of this will be painful one way or another. 

About the Author 

Graham VanbergenGraham Vanbergen is a publisher, author (Brexit – A Corporate Coup D’Etat), communications strategist and journalist. Independent Media Association – ‘Political Reporter of the Year’ and ‘International Reporter of the Year’ 2022. 

References 

  1.  Ukraine Crisis: Stocks Plummet, Currency Crashes 
  2.  FT – Ukraine conflict and stagflation 
  3.  Wiki – 1970s oil and energy crisis 
  4.  The Week – How WW1 began  

Why Almost Every Business Needs Outsourced Accounting

Accounting

Outsourced accounting is a cost-effective solution to optimizing the financial aspects of your business, regardless of size and scale. Professional assistance with these key logistical tasks and planning processes takes a considerable weight off the shoulders of the business owner and allows for more time to focus on other aspects of the company. If you’re unfamiliar with what Outsourced Accounting Services entail, it’s essentially a process where businesses delegate their financial tasks to an external agency or expert to ensure accuracy, compliance, and efficiency.

In this article, we’ll dive into the essential reasons why an outsourced accounting professional might be a good fit for your business. In addition, we’ll discuss how an outsourced accountant can help reduce overhead costs, make payroll more efficient, and help prepare business owners to make critical financial decisions about their business’s future.

Hire Immediate Expertise

Outsourced accounting professionals from milwaukee accounting firms offer business owners unparalleled, cost-effective access to reliable financial services that can help to optimize several logistical aspects of the business. Many outsourcing companies or agencies have accounting specialists who already have experience working with companies in your industry. Whether you’re a small law firm or a hundred-person marketing agency, an outsourced accountant can boost the efficiency of your business processes with a level of expertise you won’t find anywhere else. 

Clean Up The Books

When you first bring on an outsourced accounting professional to assist your business, you’ll receive a full audit of your company’s books. This review process can lend considerable insight into what steps you can take to make your spending and budgeting operations more efficient. Whether you’re working with a CPA (certified public accountant) or a bookkeeper, you’ll typically get assistance with making your payroll process more efficient. If there are any errors with your current financial information, your outsourced accounting professional can help you get back on track as quickly as possible.  

Avoid Internal Hiring

No matter the size or scale of your business, hiring an accountant internally can be incredibly expensive. Hiring financial expertise internally means spending money on applications, time on interviews, and considerable hours on training. You’ll need to consider pay, insurance, and benefits that typically come attached to these roles. Unless you are a corporate or enterprise business, outsourced accounting usually makes more financial sense than bringing on a new person full-time. 

Improve Spending Efficiency

Accounting professionals can identify the areas of your business where you’re spending too much money or taking too many financial risks. They will then advise the business owner as to what they can do to improve spending efficiency. With more financial bandwidth on hand, the business owner can easily look towards improving other areas of the company. 

Cash flow, accounts payable, and accounts receivable are essential stats that mark the financial performance of your business can tune you into the risk factors or efficiency associated with your current business spending habits. However, they can sometimes be difficult to decode without professional accounting assistance

Prepare Your Business for Tax Season

It’s no secret that business taxes are a hassle for business owners to handle on their own. Unfortunately, it’s all too easy to make mistakes, the like of which can cost your company a considerable amount of money. An outsourced accounting professional can help you keep track of all the details, identify deductions and tax breaks that match your operations and scale, and process all the necessary documentation. When April comes around, you’ll have everything in order so that the entire process can be completed as efficiently as possible. Many accounting firms know who we serve for taxes and offer tax preparation services throughout the year, including end-of-year planning.

Scalable Service Offerings

Outsourced accounting firms offer services and professional expertise at a level that matches your business. If you’re a small business that’s just getting started, an outsourced bookkeeper might be the right option for you. If you’re a start-up that’s looking to scale upwards, a CPA, or certified public accountant, could be a good fit for your operations. 

For larger businesses looking into outsourcing their financial management, an outsourced CFO, or chief financial officer, might be a good fit. No matter the size or scale of your company’s operations, you’ll be sure to find an outsourcing solution that fits your budget and plans. As your business continues to grow, you can quickly bring on additional financial support, particularly as you face challenging decisions surrounding spending and investment risks. 

Make More Informed Financial Decisions

Outsourced accounting professionals usually offer monthly, quarterly, and annual reporting as a part of their services. These reports can help you dive into what’s working in your business and what needs to change. Sometimes, these reports are automated, with more general information. However, you can always ask about customizing these documents, so you start seeing the figures you want to know about in each report. The best accountants use reports as a means of showcasing where your business can improve, which allows you to make more informed decisions for the future of your company.

Free Up Your Time

Perhaps the most crucial benefit to outsourced accounting for business owners is the time you’ll save. Tasks such as tax preparation, payroll, and spending analysis are turned over to a professional who knows exactly what’s necessary to optimize this logistical aspect of your business. If accounting and financial planning take up less of your time, you can turn your focus towards other parts of your business instead of managing the back-end specifics. You can set new business goals and objectives that allow your business to continue improving operations and scaling upwards. 

Conclusion- Why Almost Every Business Needs Outsourced Accounting 

Outsourced accounting offers a range of benefits for many businesses, regardless of their current size and scale. The right financial metrics and reporting can make financial decisions more manageable, reduce overhead costs, and identify growth opportunities. If your business requires a new financial services provider, don’t hesitate to reach out to an outsourced accounting firm today.

Cryptoassets and Dispute Resolution: Four Things to Know

Cryptoassets and Dispute Resolution

By Kiran Nasir Gore and Charles H. Camp

With an increased interest in non-traditional financial transactions and record-high inflation rates, cryptoassets represent the next frontier for sophisticated and savvy investors. But as the number of such transactions increase, so do the quantity and variety of associated disputes. This article highlights four important issues for potential litigants to keep in mind. At all junctures, potential litigants would benefit from well-informed and experienced international dispute resolution counsel to avoid the pitfalls of an emerging and shifting regulatory landscape.

Introduction

Once considered novel, cryptoassets are now pervasive in the financial world. In a recent Forbes article, Professor Philipp Sandner and Jong-Chan Chung of the Frankfurt School Blockchain Center noted that in 2021 market capitalization of cryptocurrencies reached $3 trillion USD for the first time.1 They forecasted that in the coming year bitcoin will become increasingly attractive, while the overall cryptoassets market will continue to grow in breadth and depth.2

Exponential acceptance and growth are the result of twin phenomena: first, an increased interest in financial transactions that operate outside the confines of traditional banking transactions to provide privacy and pseudonymity; and second, record-high rates of inflation that render cryptoassets potentially more stable financial investments than traditional currencies.3

Of course, as the number of cryptoasset transactions increases, we can expect a proportionate increase in related commercial disputes. This includes straightforward contract disputes over the transfer of cryptoassets and more complicated commercial disputes concerning the operation of smart contracts. Meanwhile, pseudonymity within the cryptoassets market creates risks of other kinds of claims, including fraud, violations of sanctions regimes, money laundering, and violation of terrorist financing regulations. This article highlights four important issues for potential litigants to keep in mind.

Issue 1: Cryptoassets Are Inherently Multi-jurisdictional

At their simplest, cryptoassets are records of transactions (blockchains) maintained on a decentralized ledger or database which can be accessed by all of its members. That ledger is updated whenever a new transaction (ie, the next block in the chain) is verified by a consensus mechanism. Some blockchains allow simple transfers, while others are more complex arrangements that automate transfers of cryptocurrency on the occurrence of specified triggers (also known as smart contracts).

The blockchain transaction (and any related dispute) could raise legal issues under different systems of law, each of which may have different levels of preparedness to engage with cryptoassets.

The blockchain (or smart contract) has no specific physical location. It can be accessed anywhere in the world and simultaneously by multiple users in different jurisdictions. Moreover, cryptoassets can move freely between accounts held by individuals across jurisdictions. Thus, any cryptoasset tracing, information gathering exercise, or enforcement process will very likely cross jurisdictional boundaries. This means that the blockchain transaction (and any related dispute) could raise legal issues under different systems of law, each of which may have different levels of preparedness to engage with cryptoassets. At the moment, there is no predictability in how regulators may treat cryptoassets, even within a single jurisdiction. In the United States, for example, whether a particular token or digital asset is an ‘investment contract’ determines whether it will be regulated as a ‘security’ by the U.S. Securities and Exchange Commission (‘SEC’). But even this is not a fixed concept: in June 2018 William Hinman, the SEC’s Director of Corporate Finance, explained that even the regulation of a single specific asset may change over time as its characterization changes.4

Issue 2: Courts May Not be the Best Venue for Cryptoasset Disputes

Disputes involving cryptoassets are often technically complicated, multi-jurisdictional, and raise novel legal issues. These circumstances support the inclusion of arbitration agreements in contracts concerning cryptoassets. Arbitration provides autonomy for parties to tailor the dispute resolution process for their mutual benefit. Parties may select the forum, tribunal, language and procedure governing the arbitration. In particular, the parties’ ability to choose the composition of their tribunal ensures that the dispute will be heard by individuals that the parties trust and consider competent to adjudicate complex disputes that sit at the intersection of emerging law and shifting regulatory environments. This greater level of confidence in the dispute resolution process supports its success. The option to resolve a dispute confidentially may be another reason for parties to choose arbitration as their dispute resolution method.

Importantly, arbitration agreements and awards enjoy enforceability around the world through the power of the United Nations’ New York Convention, to which 169 countries are party. In sum, the Convention requires the courts of party states to give effect to arbitration agreements and recognize and enforce international arbitration awards rendered in other party states, save for some narrow exceptions. This provides a streamlined enforcement process as compared to foreign judgments that do not benefit from a unified enforcement mechanism.

However, the biggest factor in favor of dispute resolution through arbitration may be based in national public policy. Many global jurisdictions are seeing the emergence of anti-cryptoasset rhetoric. In September 2021, the People’s Bank of China banned all cryptocurrency transactions, citing their role in facilitating financial crimes and economic instability.5 Many speculate that their true concerns may be the risk of capital flight and a policy decision to ensure domestic circulation of the public’s wealth.6 Today, Russia’s Central Bank continues to push for an outright ban on all cryptocurrency trading by seeking to amend the Russian 2020 digital assets law.7 At the same time, the Central Bank continues to advance its own digital currency, a ‘digital ruble’, for which trials began in mid-February.8 With the February 24, 2022 invasion of Ukraine by Russia the situation surrounding the digital ruble has become more complex. The traditional ruble has fallen in value, Russia has faced severe economic sanctions, and the nation’s banking institutions have been cutoff the global SWIFT system. The latest news reports claim that Russia’s economic viability depends on the digital ruble and the opportunities this alternate cashless payment system presents.9

While national courts could be susceptible to the rhetoric and policy objectives of regulators and legislators, private arbitral tribunals present a comparatively neutral forum for dispute resolution. This alone could enhance parties’ confidence in the dispute resolution process and its outcome.   

Issue 3: Know Your Customer or Accept the Risks

Blockchains may be desirable to investors because they offer the ability to engage in financial transactions without disclosing one’s identity. Each individual blockchain user is identified only by its personal blockchain wallet address, which is similar to a bank account number. In this sense, blockchains are especially unique because they are decentralized. Wallet addresses allow users to interact with other users of the blockchain to send and receive cryptoassets, without identifying the real person behind the transaction.

blockchain

Unlike traditional financial transactions, they are not implemented by large institutions such as banks (which are required to identify their customers), but instead are implemented through the consensus of the users of the blockchain according to the coding that guides the blockchain. This means blockchain users can protect their transactions and ownership status from appearing in public records. However, blockchain transactions are far from fully anonymous. It may be that the ‘rules’ of a blockchain cause transactions to operate in manner that mirrors traditional banking transactions (which may also require users to disclose their identities).

In 2020, the Financial Action Task Force (FATF), an independent inter-governmental body that aims to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, issued Recommendations on the regulation of cryptoassets.10 The Recommendations provide standards to address global anti-money laundering and counter-terrorist financing. While many countries have become ‘members’ and implemented the Guidelines, others merely maintain ‘observer’ status with further follow up steps still required.

The outcome is that, in many Asian states, despite recognition of a need to regulate cryptoassets transactions, the focus remains on monitoring conventional financial channels.11 This failure and/or delay has created loopholes for local terrorist groups to raise funds or launder money.12 Unwittingly acting as a transaction counterparty to such an organization can result in unnecessary and protracted litigation or civil and criminal penalties. Similarly, cryptoassets transactions could result in violation of sanction regimes or unintended tax evasion, which also can result in civil and criminal penalties. One solution to these risks may be to only participate in blockchains with rules that mimic traditional banking transactions.

Issue 4: Despite Pseudonymity, Ownership of Cryptoassets Can be Traced

Experienced international dispute resolution counsel already know how to leverage contempt of court and other strategies to increase pressure and ensure compliance. These same strategies can be adapted to the cryptoassets context.

Even if the individual users of a blockchain are anonymous, the blockchain itself will not be. In many cases, the blockchain is publicly accessible, free of charge, and in real time. This means that it is possible to view the transaction history of individual users, as well as their respective balances. In theory, with the right specialized support, each transfer of cryptoassets can be traced from one user to another. Thus, in a litigation context, not only is a user’s asset holding public information, but the related transaction history (ie, sources of those holdings) can also be traced.

This is crucial information should a litigant wish to enforce a judgment against cryptoassets. This said, blockchain users are often sophisticated players who are capable of covering up their tracks if so desired (the same as traditional banking transactions) and it is common for blockchain users to ‘mix’ and ‘peel’ transactions to render their transactions less traceable.

Despite these novel circumstances, traditional approaches to award compliance and enforcement remain useful. Experienced international dispute resolution counsel already know how to leverage contempt of court and other strategies to increase pressure and ensure compliance. These same strategies can be adapted to the cryptoassets context.

Conclusion

While cryptoassets continue to change the face of fruitful financial transactions, in many ways digital transactions are comparable to traditional banking transactions. A key challenge, however, is the murky and shifting patchwork of global regulatory schemes. It is therefore crucial for parties to secure expert legal advice to ensure that transactions do not have unintended consequences and that any related disputes are effectively and efficiently resolved.

About the Authors

Charles H. Camp

Charles H. Camp is an international lawyer with over thirty years of experience representing foreign and domestic clients in international litigation, arbitration, negotiation, and international debt recovery, with specialized expertise in international banking disputes. In 2001, Mr. Camp opened the Law Offices of Charles H. Camp, P.C. in Washington, D.C. to focus on effective, personalized representation in complex, international matters. Mr. Camp teaches international negotiations at the George Washington University Law School.

Kiran Nasir Gore

Kiran Nasir Gore is Counsel at the Law Offices of Charles H. Camp, P.C.  Her expertise is in international dispute resolution, including advocacy before U.S. courts, commercial and investment arbitration tribunals, and investigative authorities. Ms. Gore has experience representing globally renowned clients in the banking and finance sector. She also draws on her professional experiences as an educator at the George Washington University Law School and New York University’s Global Study Center in Washington, D.C.

References

  1. Prof. Dr. Philipp Sandner, Jong-Chan Chung, ‘10 Predictions For Blockchain, Crypto Assets, DeFi, And NFTs For 2022,’ Forbes, 13 January 2021, available at: https://www.forbes.com/sites/philippsandner/2022/01/13/10-predictions-for-blockchain-crypto-assets-defi-and-nfts-for-2022/?sh=34eceeca4911.
  2. Id. 
  3. Anneken Tappe, ‘Surging prices: Key inflation measure hits a 39-year high’, CNN, 12 January 2021, available at: https://www.cnn.com/2022/01/12/economy/inflation-consumer-price-index-december/index.html.
  4. Remarks by William Hinman at the Yahoo Finance All Markets Summit: Crypto (June 14, 2018), available at: https://www.sec.gov/news/speech/speech-hinman-061418.
  5. Francis Shin, ‘What’s Behind China’s Cryptocurrency Ban?’, World Economic Forum (January 31, 2022), available at: https://www.weforum.org/agenda/2022/01/what-s-behind-china-s-cryptocurrency-ban/.
  6. Id.
  7. Anna Baydakova, ‘Bank of Russia Proceeds With Digital Ruble, Renews Push for Crypto Ban, CoinDesk (February 16, 2022), available at: https://www.coindesk.com/policy/2022/02/16/bank-of-russia-proceeds-with-digital-ruble-renews-push-for-crypto-ban/.
  8. Helen Partz, ‘Digital ruble trial goes live as Bank of Russia insists on Bitcoin ban, CoinTelegraph (February 15, 2022), available at: https://cointelegraph.com/news/digital-ruble-trial-goes-live-as-bank-of-russia-insists-on-bitcoin-ban.
  9. Casey Wagner, ‘Digital Ruble Likely To Help Russia Move Away From US Dollar, Economists Say,’ Blockworks (1 March 2022), available at https://blockworks.co/digital-ruble-likely-to-help-russia-move-away-from-us-dollar-economists-say/
  10. The Recommendations are available at: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/fatf-recommendations.html.
  11. Asif Muztaba Hassan and Shamsul Nawed Nafees, ‘Cryptocurrency and Terrorist Financing in Asia’, The Diplomat (February 4, 2022), available at: https://thediplomat.com/2022/02/cryptocurrency – and – terrorist – financing – in – asia/.
  12. Id. 

6 Tried & Tested Tips To Secure Ecommerce Websites From Cyberattacks

Secure Ecommerce Websites From Cyberattacks

Hackers smell easy money from a distance like a shark smells blood. And ecommerce websites where transactions happen like crazy serve as an open invitation for those with malicious intentions. Therefore, ecommerce website security is imperative for all webshop owners.

According to a study, USD 3.86 million is the average total cost owing to data breaches globally. Any business wouldn’t want to contribute to this burgeoning figure! If ensuring ecommerce website security is giving you sleepless nights, we have your back.

Read on to know six practical and doable ways to secure your ecommerce website from the prying eyes of hackers and scammers.

1. Switch to the more reliable HTTPS protocol

One thing that is sure to stand as a solid wall between your precious communications with valued consumers and hackers hungry for their credit card details is the HTTPS protocol!

Wondering what in the world is that? Well, simply put, HTTPS is the secure version of the HTTP protocol. Yes, you guessed it right, the S in HTTPS stands for secure.

To enable the HTTPS protocol, you need to invest in an SSL certificate. SSL or Secure Socket Layer offers an encrypted and secure channel for in-transit communication between your web browser and the customer server.

This seemingly simple step will keep away hackers and MITM attacks effectively from accessing your customers’ PII (Personally Identifiable Information) like credit card details, SSN, etc. Customers nowadays are incredibly tech-savvy and look for the secure padlock symbol before parting with their sensitive details. To activate the secure padlock and garner more customer trust, one must invest in the right kind of SSL certificate.

For ecommerce webshop owners with multiple level-one subdomains to secure such as product pages, about us, blog, and payment gateway page, under the main domain, invest in Wildcard SSL certificate to secure all the pages quickly.

It is highly recommended to invest in a cost-effective and cheap SSL certificate like Wildcard for such business ventures. With this single cert, you can afford unmatched protection to an unlimited number of first-level subdomains under the chosen primary domain at no extra cost! This not only saves a lot of your hard-earned money but also eliminates certificate management hassles. From the cloud penetration test you can directly access the cyber security gaps in cloud applications and deploy relevant protection measures.

2. Employ the powers of Multi-Factor Authentication (MFA)

It is always advisable to deploy additional layers of security to reduce the chances of penetration by malicious elements. One such method is to use MFA, 2FA, or 2SV. Though used interchangeably, they have minute differences between them. Let’s have a look!

  • 2 Step Verification (2SV): Where 2SV is employed, the user must submit an OTP delivered by SMS, mail, or phone call to log in.
  • 2 Factor Authentication(2FA): The user is required to confirm their login attempt on a separate device, such as by opening a specific app or clicking on a code on a smartphone.
  • Multi-Factor Authentication (MFA): As the name goes, MFA can refer to more than two layers of authentication.

3. Ensure that your webshop is PCI DSS compliant

It is essential for websites involved in financial transactions to comply with PCI DSS (Payment Card Industry Data Security Standard) regulations. Being PCI DSS compliant helps reduce incidences of data theft by securing online customer transactions.

To meet their standards, the business must have a proper firewall installed, with an updated antivirus and valid SSL certification in addition to other requirements.

4. Ensure limited access allocation to employees

The principle of least privilege applies here as well. With BYOD policy gaining prevalence in work cultures worldwide, it is imperative to give only the relevant access to the employee in question.

For instance, a content writer wouldn’t need access to the admin page or the payments page. Giving the right level of access to the right employee can save you from a lot of trouble!

5. Remember to carry out periodic security audits

Engage your blue team and red team in a cyberbattle of sorts to give your online business the level of cybersecurity it deserves. This will help ensure that your cybersecurity remains up to the mark.

Regular security audits help businesses amp up their cybersecurity game and stay a step or two ahead of hackers and scammers.

6. Store only relevant customer information

Employ the simple principle that you wouldn’t have to worry about data you don’t have! So stick to collecting and storing only relevant customer information.

If you need their credit card credentials for completing a purchase, you don’t need to ask for their birthdates!

Conclusion

Creating and launching a web business is incomplete without ensuring its cybersecurity. With hackers prowling and scouring the web for landing a juicy loot, you need to be extra cautious as an ecommerce website owner! Begin installing the right SSL certificate and enabling HTTPS protocol on your website, ensuring good password hygiene, antivirus software, and a regularly updated backup for all your site data.

How to Master Online Adult Dating in 2022?

Online dating

Planet Earth has moved out. It packed almost every single item and went online. If you find that hard to believe, try finding someone who is not using their phone or laptop as if they are technology freaks. You see them scrolling, surfing the internet, or looking for one-nighters online. We developed a more suitable way to meet others, which matches our lifestyles and serves us better. Hooking up online is one of these ways. It is not a new trend, though. It has been around for some good time now. Lately, it has been trying to grow as fast as the pace of our lives, and it seems like it is succeeding. Enough with the excitement. Let’s find out how to master online adult dating. Before getting into it see the list of best sugar daddy sites. 

Profile

First things first, let’s talk profile. It is your online identity, and it must represent who you say you are. Take extra good care of pictures. They are super-duper essential, even more, critical than your bio and the information you share. The importance of pictures comes from the fact that they are the first thing people notice when they come across your profile, that’s why you must share what is yours, and that is non-negotiable. It should reflect your individuality. For example, share glimpses that tell more about your daily routine, hobbies, or your favorite spots in the city. Let it express some facts about you rather than faking it.

Honesty is key

You made it to stage number two, where honesty is key. Your bio and other information you jot down in your profile should be honest. Honesty can get you to the texting phase, and then it is on you whether you can get an actual date or not. On the other hand, writing false information and pretending to be someone else might get you further than the texting phase, but it will be in vain since you have been lying all along. So stick to your age, name, hobbies, and job. It will be better than saying that you are a young, professional diving tutor or you have a traveling agency because that won’t get you more dates as you think.

Do not make your first text you’re last

Once you set your profile, make sure you wrote an honest, sincere Bio and interests. It is time for texting. The first message is as important as the rest of the process, do not underestimate what it could mean for the person at the receiving end. You should write an appealing, still respectful text to get a text back. A text has so many checkpoints to go through, timing is one of them. It is a significant factor, just as spelling and grammar. People tend to like others who take their language and time seriously. Make sure your message is short, polite, and straight to the point.

How to keep the conversation going

As you unlock the texting phase, things start to get a little hard for some people. For instance, they might not know how to keep the conversation going, and they tend to lie out of stress. It should not be that hard or that complicated. The idea of online hookup apps is to help people come closer virtually, and it does not mean that you should fake your personality. One of the basic ground rules is no lying included. Tell them about yourself, share your thoughts and ideas, and remember it is not just about you. Ask them questions, let them know that you care about them by remembering what they tell you and asking about their lives or everyday routine.

You need to set some boundaries

The answer to a more exciting question does not only include any lying rule. Yes, sticking to who you are doing the trick, but you also need to set some lines that can’t be crossed, like not sharing whatever comes to your mind at the beginning of a conversation. It is not recommended to share unwanted topics like stories about your family traumas when you have just started texting someone. Keep it casual, learn how they think, what they aspire to be, and if you are lucky enough, you will get to the place where sharing is on the table and is acceptable.

Conclusion

Online adult dating is sticky, just like ordinary hookups. You have to prepare yourself to go through almost everything, and you won’t find the love of your life as effortlessly as people would reckon. Try to enjoy the process and of course, do not forget to give what we advised in this article a chance.

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