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Melinda Messenger

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World

Pakistan acknowledges Qatar’s request for security during FIFA world cup

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Pakistan on Friday tacitly acknowledged about a request by the Qatari government to provide security during the FIFA world cup.

Foreign Office spokesman Asim Iftikhar Ahmed was asked at the weekly briefing about reports that Pakistan has been requested by the Qatari authorities to provide security for the event.

Well, I can say that as is evident from the PM’s visit also, Pakistan and Qatar enjoy strong bilateral ties. We maintain close cooperation in various fields and this also includes security and defense, he said.

The spokesperson also said Pakistanis have made important contributions in building the World Cup infrastructure in Qatar.

Prime Minister Shehbaz Sharif visited Qatar from August 23-24.

Leaderships from both sides also agreed to encourage Qatar’s investment in the fields of renewable energy, tourism and hospitality sectors. Prime Minister Sharif thanked the Emir of Qatar for Qatar Investment Authority’s readiness to invest USD 3 billion in various commercial and investment sectors in Pakistan, Ahmed said.

Shehbaz also visited FIFA World Cup Stadium where he appreciated the sports facilities as well as the unique building design.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Travel

Amazon Shoppers Love This Travel Umbrella

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We can triple-check when, exactly, the rainy season is ahead of booking a once-in-a-lifetime trip, but mother nature has a tendency to do as she pleases. When storms strike, travelers need to be prepared to carry on with their plans or risk wasting time sitting around a hotel room, staring at the sky. Carrying a sturdy golf umbrella everywhere you go may keep you dry, but it is entirely impractical. Luckily, nearly 13,000 Amazon shoppers found a compact and “tough as nails” solution — and it’s on sale.


The Eez-Y Windproof Travel Umbrella comes in 15 colors, and right now, each and every one of them is on sale for up to 70 percent off. The umbrella typically goes for $40 at Amazon, but this sale brings the price down on this top-seller to as little as just $12.


EEZ-Y Windproof Travel Umbrella.

Amazon



To buy: amazon.com, $12 (originally $40)


The umbrella features a stainless steel frame and is “windproof,” according to the brand, thanks to its unique dual-canopy design that prevents damage from gusts by allowing air to pass through without letting water in. The umbrella’s water-repellent polyester canopy rests on nine strong fiberglass rods that prevent it from flipping inside out, no matter how blustery it is outside. When the umbrella is open, it provides up to 42 inches of rain coverage and measures 22 inches tall, which the brand says can comfortably keep two people out of the rain. It also has an easy open and close system that operates at the push of a button on the ergonomic handle. Plus, the umbrella folds down to a neat and easily packable 11 inches and weighs just under a pound — the perfect size for a carry-on, backpack, or tote bag.


Shoppers have put this umbrella to the test and say that it keeps them “bone dry” and add that the “quality feels great, and it’s “very sturdy.” One shopper shared that they received their umbrella “just in time for Florida monsoons.” They added that this “fabulous umbrella,” which comes in “great colors,” is withstanding the “tropical depressions that include strong winds” that Florida experiences. Another reviewer described this travel necessity as a “great, sturdy umbrella” that is “staying tough” against Chicago’s “strong winds of the Windy City.”


Now’s your chance to get this shopper-loved umbrella at a huge discount. Shop the Eez-Y Windproof Travel Umbrella for up to 70 percent off this weekend only at Amazon.


Love a great deal? Sign up for our T+L Recommends newsletter and we’ll send you our favorite travel products each week.

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Business

Business owners breathe easier following serial burglar’s arrest

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ALBUQUERQUE, NM — Albuquerque police’s arrest of Kellie Shugart has business owners breathing a sigh of relief.

Shugart is connected to at least seventeen burglaries this summer, and detectives are working on more charges.

Jessica Carothers, the owner of Blo Blow Dry Bar and Waxing the City in the Northeast Heights, said Shugart targeted both of her businesses within two weeks in July.

“It’s frightening to walk into a business in the morning that’s had windows removed and has been ransacked and burglarized,” said Carothers. “It definitely gives people a very unsteady feeling.”

Her surveillance cameras caught Shugart and another person cutting out the entire window pane and crawling into the living room. Police noted that technique in several other robberies. Surveillance videos from multiple boutique businesses also showed a Silver Subaru and a woman with dyed red hair.

Shugart is now facing 69 charges, ranging from conspiracy to larceny.

“It seems very clear to me that that’s someone that would remain in custody,” said Carothers. But she knows there’s a chance that won’t happen.

“Just as a common sense individual, I can’t wrap my mind around why we would allow the police to work so hard to grab some of these folks and then they’re out a couple of days later,” said Carothers. “I cannot understand that and I am pleading with people to please help us figure this out because it is extremely discouraging.”

She said the discouragement is bleeding into Albuquerque’s small business community, especially since some believe Shugart hasn’t been working alone.

“I want everyone to have a safe work environment and when people come in and take what’s not theirs and it seems like there’s no repercussions for that, that feels incredibly discouraging,” said Carothers.

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Crypto

What is the importance of KYC in cryptocurrency user information security

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By Johnny Liu

As the world increasingly moves towards a digital future, more and more businesses are beginning to adopt cryptocurrency as a form of payment. However, with the rise in popularity of digital currencies comes an increase in the number of scams and frauds being perpetrated against unsuspecting users. In order to protect themselves and their customers, businesses must implement effective know-your-customer (KYC) policies and procedures.

This article will try to bring the concept of KYC verification closer to you, as well as explain the benefits of KYC compliance as a whole. Let’s get into it!

What is KYC?

KYC process is the process of verifying the identity of a customer or client. This can be done through the use of government-issued identification documents, such as a passport or driver’s license, or by other means, such as utility bills or bank statements. The goal of KYC is to ensure that the customer or client is who they say they are, and to prevent money laundering and other illicit activities.

What Are the Benefits of KYC?

There are many benefits to crypto firms implementing KYC policies and procedures, both for businesses and customers or clients.

From a business perspective, implementing KYC processes can help crypto companies by protecting them against fraud and money laundering. This is especially important in crypto, where scams are not that rare. It can also help businesses to build trust with their customers or clients, as it shows that the business is taking steps to verify the identity of those who are using its services.

From a customer or client perspective, know-your-customer can help protect their crypto assets against fraud. It can also make it easier for customers or clients to do business with a company, as they will not need to provide their personal information each time they interact with the company.

What Are the Risks of Not Implementing KYC?

There are several risks associated with not implementing KYC regulations in the crypto world.

Financial Crime Risk

First, crypto firms that do not verify the identity of their customers or clients run the risk of being used for money laundering or other illegal activities. This could lead to criminal charges being brought against the business, as well as reputational damage.

Scams and Fraud Risk

Second, businesses that do not verify the identity of their customers or clients run the risk of being taken advantage of by scammers and fraudsters. This could lead to financial losses for the business, as well as damage to its reputation.

Failing to Establish Trust

Third, businesses that do not verify the identity of their customers or clients may have difficulty building trust with their customers or clients. This could lead to a loss of business, as customers or clients may take their business elsewhere.

Overall, it is important for businesses to carefully consider the risks and benefits of KYC before deciding whether or not to implement such policies and procedures.

Reduced Functionality and Lower Limits

Most crypto firms entice users into completing the KYC procedure by enabling additional functionalities or increasing withdrawal limits once the procedure is complete. Therefore, if the KYC is not complete, users may suffer from certain platform-induced limitations.

What Does KYC Mean for Crypto Exchanges?

Cryptocurrency exchanges are businesses that allow customers to buy and sell cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. In order to comply with anti-money laundering (AML) and countering-the-financing-of-terrorism (CFT) regulations, crypto exchanges must implement know-your-customer (KYC) policies and procedures.

KYC requirements do not apply to decentralized exchanges (DEXs), which organize trades through smart contracts instead of a central trading desk. Therefore, users are not required to disclose their identities. However, centralized exchanges are regarded as financial institutions, and, therefore, must comply with financial regulations if they want to conduct business in certain countries.

You Shouldn’t be Afraid of KYC

Even though it may seem like a hassle, you shouldn’t be afraid of KYC. It is important to remember that KYC is designed to protect you, as well as the businesses that you do business with – especially when you are dealing with an industry as vulnerable as crypto. When implemented properly, KYC can help prevent fraud and money laundering, and can also make it easier for you to do business with a company.

If you are asked to provide your personal information to a company, you should make sure that the company is legitimate and that you feel comfortable providing your information. You should also make sure that you understand how the company will use your information, and what steps they will take to protect it.

Why Does Crypto Need KYC?

Cryptocurrency exchanges, as well as other non-decentralized entities in the space, are subject to the similar AML and CFT regulations as traditional financial institutions. As such, they must take steps to prevent their services from being used for money laundering or other illegal activities.

One of the most effective ways to do this is to implement proper regulatory compliance. By collecting certain identifying information from their customers, exchanges can screen out those who may be attempting to use the exchange for illegal purposes.

In addition, KYC can help to build trust between an exchange and its customers. By showing that it is taking steps to verify the identity of its users, an exchange can create a sense of safety and security that may attract new customers.

Final Word

Overall, KYC is an important tool that can help create a safer and more secure business environment. However, businesses must carefully consider the risks and benefits of KYC before deciding whether or not to implement such policies and procedures.

The author is CEO, KuCoin exchange

Also Read: Japan might ease tax burdens on cryptocurrency startups in 2023

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Economy

Japan aims to expand size of circular economy to 80 tril. yen by 2030

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Japan aims to boost the size of its domestic circular economy, which focuses on reducing carbon emissions through reuse of products and resources, to 80 trillion yen ($583.7 billion) by 2030, government sources said.

The move to promote its circular economy, currently worth 50 trillion yen and intended to foster sustainable economic practices by reusing and recycling goods and materials, comes as Prime Minister Fumio Kishida’s government is stepping up efforts to achieve a carbon neutral society by 2050.

File photo of factories in an industrial belt in Ichihara, Chiba Prefecture, in May 2007. (Kyodo)

Initiatives will include recycling raw materials and distributing used goods, which are intended to reduce carbon dioxide emissions, a major culprit of global warming, the sources said.

New businesses emerging from the circular economy include apps where individuals can sell used goods and monthly subscription services for clothing rentals.

The Environment Ministry plans to request related costs in the government’s initial budget for fiscal 2023, and the ministry will craft a timetable for the project in the near future.

According to the sources, the timetable will call for doubling the amount of recycling of waste electronic substrates and waste storage batteries — parts contained in used small household appliances — to use precious and rare metals sustainably.

Demand is surging for lithium and other rare metals necessary for batteries in electric vehicles as countries phase out gas-powered automobiles.

To this end, the ministry will seek to promote imports of waste home appliances from countries, including those in Southeast Asia, a region that lacks the technology to recycle products for rare metals and other resources.

The ministry’s envisaged budget request also includes financial aid for capital spending by Japanese companies.

The timetable will spell out measures to deal with solar panels that are expected to reach the end of their lifespan in the late 2030s.

It will also call for establishing legal measures to promote reusing and recycling solar panels, which have come to cover large parts of Japan since the March 2011 earthquake that rocked northeastern Japan and the ensuing meltdown at a Fukushima nuclear power plant.

The ministry will seek to secure funds in the fiscal 2023 budget for substantiating recycling technology that would curb CO2 emissions.

Additionally, the timetable will include plans to review the mass production and consumption of clothing, as well as goals to promote reusing, repairing and other sustainable uses of garments.



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Business

5 Questions to Ask Before Diversifying Your Business

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Opinions expressed by entrepreneur contributors are their own.

Companies often invest in growth when they hit their financial milestones. When there is consistent demand over supply, it allows riskier opportunities to arise. One of these risks is diversifying your income streams through moving new products. Although popular and with a potential for greater reward, this does not always work out as planned, and the new product presents unique challenges to overcome. If your company isn’t ready for a serious change, you will experience deep losses. This is why you must be prepared to ask yourself five crucial questions before diversifying your product.

Related: Why Diversifying Business Revenue Streams Is Crucial To Your Success (And How To Do It)

1. Is there a proof of concept?

Ask yourself questions like: Has your new product been in any industry research or trials? Does it already exist, and do you believe your company can improve it with a competitive price? If you’re in a position to diversify, chances are you have generated enough revenue to invest in product testing. It’s a good idea to develop and refer to a proof of concept before going all in on a new product.

This may mean reallocating some of your financial resources to research and development. Having the product in a discreet and controlled pilot phase will allow you to thoroughly experiment and explore the full spectrum of pros and cons. It’s better to learn whether your product “has legs” in the testing phase than after mass production. If all goes well and you’ve identified an attractive target market, you’ll be better positioned to attract support to move forward and make public announcements. In your worst-case scenario, you may lose a sleeve, but you’ll keep the shirt.

2. Have you developed a consensus?

If your team isn’t motivated to change its work model, it will make no difference whether your new product is revolutionary or not. It would help if you understood within your team that the next step is the right step for the company and employees. Otherwise, you’ll end up with low productivity and lower morale. Remember that your staff knows your business a lot better than you do. You are responsible for being transparent about the path ahead, whether there will be adequate hiring and what type of support will be available. You also have a responsibility to take feedback. If a substantial majority of employees are in doubt, you may want to think twice before moving forward.

Related: 4 Ways an Entrepreneur Should Diversify Their Income

3. Are you equipped to handle the change?

Conduct a complete evaluation of your organization and plan for what infrastructural growth is necessary for you to continue producing your proven product while developing a new one. What departments will need to expand? What technology will you need to source for production? What does marketing look like? You will essentially be doubling the workload, which means having an actionable timeline to account for the change management.

To do this effectively, you’ll want a strong business plan and an acquisition plan for the resources to back it. If you’re not in a position to grow smart, your chances for success are not great. It takes a well-oiled machine to operate in the long term. If you don’t address the whole machine, it will rust and eventually break. It’s always harder to correct your course midstream. You are better off being proactive in your planning and realistic about what, how and when you can enact your change.

4. Does the change adhere to your brand?

I don’t know about you, but I’m not going to purchase a medical device from a bakery. You chose an industry when you got into the business. While I’m not discouraging anyone from expanding into different sectors, I’m saying it should make sense.

There are very few Yamaha’s in this world, and they only got to be that way after making a series of logical product diversifications. First established as a piano and organ manufacturer, Yamaha branded music as an essential part of life to segue into the general lifestyle market. From there, it expanded into the sports lifestyles market while simultaneously evolving its acoustic pianos into electronic keyboards, and then it designed instrument audio support intended for the electronic keyboard. They followed this by widening their musical instrument product scope while diversifying their electronics capabilities. Shortly afterwards, they moved into the general electronics space and entered the communications solutions field. Today the branding ties all of these things together in a very clever way, with the one thing they all have in common: Yamaha-make waves.

You will confuse your customers if your new product is not on brand. They know you by the success of your original product. Introducing a new product so far removed from your business will likely lead to questions about qualifications and expertise. Consumers will still question your move even if you make all the suitable hires and bring in top authorities.

If you’re a public company, this could tank your stock value. You risk losing more customers than you’ll gain if you’re not on brand. Be sure the narratives you’re crafting around the new product tie into your company and its original product in a credible way. Remember that the new product is a boon for your company’s mission, vision and overarching goals.

5. Can you survive failure?

When businesses diversify their products, failure is par for the course. Ensure your business has a healthy reserve intact if you brace stormy waters during manufacturing, distribution and sales. You should always have some sort of safety net available to offset your losses — and enough of one to ensure the business can continue should you pull the plug on your new product.

Risk management is a big part of growth. Indeed, you cannot account for everything, but you surely can minimize losses and plan for contingencies. If you’re not able to meet forecasted profit targets or if there is a need for a public recall of the product or if competition undercuts your markets, you need to be able to remain standing when the dust settles, embrace the setback and focus on the future.

You can only do this if you’re financially ahead of the game and have planned for victory and defeat. If you can live another day, that alone proves the success and sustainability of your company as a whole, even if you can’t risk another attempt at diversifying income streams for some time. You may need the time to build back any consumer confidence you’ve lost.

Related: How to Diversify Your Business Interests

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Crypto

Bitcoin and Ethereum Down, QLC Chain (QLC) Most Trending Crypto

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The global crypto market was trading with losses this morning. The most trending coin today was QLC Chain (QLC), and the top gainer was Chiliz (CHZ) for the second consecutive day.

The global crypto market capitalization went down by 0.63 percent to $1.02 trillion as of 8.50 am. The global crypto volume was down by 0.29 percent to $70.46 billion, according to Coinmarketcap data.

The trading volume in the decentralized finance coins section is about $5.35 billion, or 7.59 percent of the total crypto market 24-hour volume. The volume of all stable coins is $64.31 billion, or about 91.28 percent of the total crypto market volume in the last 24 hours.
Today’s top gainer was Chiliz, which was up by 11.55 percent at $0.2496. The top loser was Celsius (CEL), which was down by 13.87 percent at $1.49.

Cryptocurrency Prices

Bitcoin

Bitcoin fell 0.7 percent to $21,204.44.

Regarding price analysis, BTC’s price made the trend reversal sometime around 1.39 pm on August 23 by jumping in the green territory and above the $21,300 level. From here on, it was a volatile trading session with wild price swings, but the price was never too low to be in the red territory. However, after around 7.14 am on August 24, BTC’s price came straight into the red territory and is, hence, trading near its day’s low with losses.

The lowest price for BTC today was $20,955.14 and its trading volume was up by 0.21 percent at $32,226,521,120.

Ethereum

The price of Ethereum this morning was $1,617.06, which is a loss of 0.78 percent in the last 24 hours.

Like BTC, ETH too managed to break out from the red territory to trade with gains sometime around 7.14 pm on August 23. With each passing hour since then ETH made new highs, but ultimately succumbed to selling pressure and fell right into the red territory sometime around 7.59 am on August 24.


The lowest price for ETH today was $1,569.43. ETH’s trading volume was up by 0.21 percent at $18,655,445,443.

Other Altcoins

Solana’s price was down by 0.95 percent at $34.83 today.

Cardano (ADA) fell 1.07 percent to $0.4553. The 24-hour trading volume for ADA decreased by 20.65 percent to $575,486,546.

Binance (BNB) was down by 0.66 percent at $295.93. Its 24-hour trading volume was down by 31 percent at $1,004,771,727.

Meme Coins

Dogecoin (DOGE) was down by 1.69 percent at $0.06746. Its 24-hour trading volume was down by 25.74 percent at $337,941,784.

Shiba Inu (SHIB) was down by 0.74 percent at $0.00001309.

Decentralized Finance (DeFi)

Yearn.Finance (YFI) fell 1.84 percent to $9,102.51. Its 24-hour trading volume was up by 12.61 percent at $218,533,533.

Avalanche (AVAX) was up by 0.84 percent at $22.99 and its 24-hour trading volume was up by 17.89 percent at $432,047,531.

Aave (AAVE) was trading with a loss of 1.99 percent at $87.27 and its 24-hour trading volume was up by 12.72 percent at $219,109,577.

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