Financial Basic – Amiya Sahu http://amiyasahu.com/ Fri, 24 Sep 2021 23:38:42 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Basic – Amiya Sahu http://amiyasahu.com/ 32 32 Huawei Meng CFO free to return to China after reaching deal with US to end extradition https://amiyasahu.com/huawei-meng-cfo-free-to-return-to-china-after-reaching-deal-with-us-to-end-extradition/ https://amiyasahu.com/huawei-meng-cfo-free-to-return-to-china-after-reaching-deal-with-us-to-end-extradition/#respond Fri, 24 Sep 2021 22:45:09 +0000 https://amiyasahu.com/huawei-meng-cfo-free-to-return-to-china-after-reaching-deal-with-us-to-end-extradition/ Meng’s deal with the Justice Department resolved charges underlying a US extradition request amid international tensions between the West and Beijing. Later Friday in Vancouver, British Columbia Supreme Court Justice Heather Holmes approved the request to withdraw the extradition order. Lawyer John Gibb-Carsley, who made the request, called it the “final chapter” of the case. […]]]>

Meng’s deal with the Justice Department resolved charges underlying a US extradition request amid international tensions between the West and Beijing.

Later Friday in Vancouver, British Columbia Supreme Court Justice Heather Holmes approved the request to withdraw the extradition order. Lawyer John Gibb-Carsley, who made the request, called it the “final chapter” of the case.

Outside the Vancouver courthouse, after his release, Meng thanked Holmes, the Crown and Canada for “upholding the rule of law.”

“Over the past three years, my life has been turned upside down,” Meng said, reading a statement. “It was a disruptive time for me as a mother, wife and business owner. But I believe every cloud has a silver lining. It was truly an invaluable experience in my life … As the saying goes, more the difficulty is greater. the greater the growth. “

Earlier, Holmes thanked the legal teams and Meng.

“Ms. Meng, you have been cooperative and courteous throughout the process, and the court appreciates and thanks you,” said Holmes.

The Canadian Department of Justice released a statement after the hearing that Meng is now free to leave the country.

Canadian police arrested Meng in December 2018 at the Vancouver airport under a US warrant. She is accused of fraud in the United States related to her alleged violation of US sanctions against Iran.

“Not guilty,” Meng told Brooklyn court through an interpreter after Judge Ann Donnelly read the charges against her, which include a conspiracy to commit wire fraud, wire fraud. wire, a conspiracy to commit bank fraud and bank fraud.

Under the deal, prosecutors will defer charges until December 1, 2022, four years from the day of his arrest. After that date, the government will dismiss the charges as long as it sticks to the agreement.

As part of the deal, Meng admitted the basic facts behind the charges. Her obligations also include that neither she nor her lawyers can publicly challenge the agreed facts. If they do, the case is canceled.

Donnelly ordered his release on personal bail. Once Meng returns to China, it will likely be very difficult for US authorities to get a hold of her or influence her behavior, even if at some point she tries to deny responsibility or say that she does. was forced to make the deal.

The DOJ issued a statement after Meng’s hearing.

Nicole Boeckmann, acting US attorney for the Eastern District of New York, said in a statement that Meng’s confession confirms that she made “multiple false statements” regarding Huawei’s business operations in Iran in a bid to preserve the company’s banking relationship with a financial institution.

“Meng’s confession confirms the gist of the government’s allegations in the prosecution of this financial fraud – that Meng and his fellow Huawei employees are engaged in a concerted effort to deceive global financial institutions, the US government, and the public about Huawei’s activities in Iran, ”Boeckmann mentioned.

In the statement, the DOJ said the prosecutor’s team continues to prepare for the lawsuit against Huawei.

“We are eager to prove our case against the company in court,” said Kenneth Polite, deputy attorney general of the criminal division.

Meng’s struggle against extradition from Canada to the United States, which began with his arrest more than 1,000 days ago, has become a key part of the tensions between the West and Beijing.

Beijing’s arrest angered Beijing, which demanded his release. If Meng gets his freedom, it could be seen as a big victory for Chinese President Xi Jinping.

In a July meeting between Assistant Secretary of State Wendy Sherman and Chinese Vice Foreign Minister Xie Feng, Beijing’s list of requests included a request for the United States to unconditionally revoke the extradition request. by Meng.

His legal team and representatives from the Department of Justice have been discussing a possible deferred prosecution agreement since last winter.

Meng, the daughter of Huawei founder Ren Zhengfei, previously denied any wrongdoing.

His case angered Beijing. The Chinese government has called the US accusations politically motivated and called Canada an accomplice.

A few days after his arrest, then-President Donald Trump said in an interview that he would be ready to step in in his case whether it would help the United States achieve a trade deal with China or serve other US national security interests.

John Bolton, Trump’s former national security adviser, has since rejected the idea of ​​politics being involved in the case of Meng.

Meanwhile, other individuals were caught in the middle.

Nine days after his arrest, Chinese authorities arrested two Canadians – Michael Kovrig and Michael Spavor – for espionage.

Spavor, an entrepreneur who introduced Basketball legend Dennis Rodman to North Korean leader Kim Jong Un, was sentenced to 11 years in prison and a date for Kovrig’s verdict has yet to be set.

Prime Minister Justin Trudeau called the arrests of Canadians “arbitrary” and pushed for their release by rallying allies, including President Joe Biden. The president pledged earlier this year to work to free the men, known colloquially in Canada as “Two Michaels”.

According to the readings, Biden and Trudeau discussed Kovrig and Spavor in their conversations and meetings – including on a call this week.

“Human beings don’t trade chips,” Biden said in February after a virtual summit with Trudeau. “We will work together until we get them back safe and sound.”

The trials of the Two Michael have caught the attention of diplomatic circles around the world. As a sign of solidarity, representatives from more than 25 foreign missions joined Canadians at the Ottawa embassy in Beijing last month as the Spavor court ruling was handed down.

Kovrig, a Canadian diplomat on leave, has a direct connection to powerful figures close to Biden.

Prior to his appointment, Presidential National Security Advisor Jake Sullivan was on the board of the International Crisis Group, which employed Kovrig. And Robert Malley headed the ICG before becoming Biden’s special envoy to Iran; he campaigned publicly for the release of Kovrig.

The Globe and Mail reported on Friday that Meng’s plea deal does not include a deal to release the two Michaels. It remains to be seen whether Canada has its own deal with China that could lead to their eventual release.

A few weeks after their arrests, a Chinese court toughened his sentence for another Canadian, Robert Schellenberg. The court changed his original 15-year sentence for drug trafficking to a death sentence.

Canada has asked for clemency for Schellenberg.

John Kamm, founder and chairman of the Dui Hua Foundation, told POLITICO that his discussions with Chinese officials as late as Thursday evening indicated that the Chinese government would respond to Meng’s release by releasing Spavor and Kovrig and removing Schellenberg from the death corridor.

“I think there will be a decent gap between Meng’s return and the deportations [of the Two Michaels], lest it be given the impression that hostage diplomacy was actually practiced, ”said Kamm, who has spent the past 50 years engaging with the Chinese government to free prisoners of conscience in China . “There is a good chance that Schellenberg’s sentence will be reduced by the Supreme Court to a long fixed sentence or a two-year suspended death sentence, which is essentially life imprisonment.”

The cases of the Canadians have damaged Ottawa’s diplomatic relations with Beijing – and have long been Trudeau’s main foreign policy challenge.

The courtroom development on Friday came days after Trudeau’s re-election.

Since Meng’s arrest, Trudeau has pledged to honor Canada’s extradition treaty with the United States and has spoken about the importance of upholding the rule of law and respecting independent justice.

The Prime Minister has be under national pressure from prominent Canadians release Meng in order to get Kovrig and Spavor out of detention in China. He firmly rejected the calls, saying it would put other Canadians at risk.

Trudeau has avoided an open confrontation with Beijing in a delicate effort to free Spavor and Kovrig. In dealing with China, Trudeau had to consider how much trade-dependent Canada relies on China, its second-largest partner, to purchase products ranging from iron ore to canola to lobster.

The statement from the Department of Justice of Canada declared Friday evening that it was a “country of law”.

“Meng Wanzhou has benefited from a fair trial process in accordance with Canadian law,” the statement said. “This speaks to the independence of the Canadian justice system. “

Josh Gerstein, Phelim Kine and Leah Nylen contributed to this report.


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10 mistakes people make when trying to get out of debt – Forbes Advisor https://amiyasahu.com/10-mistakes-people-make-when-trying-to-get-out-of-debt-forbes-advisor/ https://amiyasahu.com/10-mistakes-people-make-when-trying-to-get-out-of-debt-forbes-advisor/#respond Fri, 24 Sep 2021 11:00:58 +0000 https://amiyasahu.com/10-mistakes-people-make-when-trying-to-get-out-of-debt-forbes-advisor/ Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors. Find out if you qualify for debt relief Free estimate without obligation Keeping debt under control and taking on debt responsibly makes possible a world of […]]]>

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

Find out if you qualify for debt relief

Free estimate without obligation

Keeping debt under control and taking on debt responsibly makes possible a world of rewarding and interesting activities and acquisitions. Buying a house, going to college, covering unforeseen expenses like a new roof, even buying a car, all of that and more would be much more difficult without the ability to buy now and pay later.

But when personal and family debts become excessive, they can invoke powerful forces of unhappiness and frustration. According to recent research, those who go into debt have lower life satisfaction and emotional well-being, as well as poorer health and quality of sleep. This is why having the ability to repay debts is essential to personal financial growth and general happiness.

Paying off debt, however, is not always easy. There are many ways for a borrower to go astray from the burden of debt to getting off debt. Here are 10 of the most common mistakes people make when trying to pay off debt.

1. Being too hard on yourself

Over-indebtedness has a bad reputation. If you are overloaded with monthly credit payments, you might be tempted to take this as evidence of shameful personal weakness. But household finance specialists say the inability to resist indulgences is just one factor that can cause you to borrow more than you can repay quickly. And decades of research suggest that low income and lack of financial resources may be even more important factors than unwillingness.

In any case, it is a general problem. In May 2019, more than two in five U.S. consumers reported pollsters for the Office of Consumer Financial Protection (CFPB) they had difficulty paying a bill or an expense during the previous year. Those with lower incomes and lower credit scores have a harder time, and nearly one in five six-figure earners also struggled. So don’t spend too much energy putting yourself down. Instead, use that energy to avoid these other mistakes.

2. Do not take advantage of help

You don’t have to tackle the task of paying off your debts on your own. A nationwide network of nonprofit credit counseling services exists to provide people in your situation with one-on-one, one-on-one assistance to take control of your debt and finances. For a small fee, they can help you put in place a plan for managing and eliminating your debt.

The National Foundation for Credit Counseling (CNFC) can provide a reference to a local service.

3. Neglecting Financial Literacy

Being in debt isn’t just a lack of self-control. Knowledge of finance is also important. Research in the UK has found that low-income people with superior money management skills have lower debt-to-income ratios. Financial literacy, they discovered, leads to better borrowing decisions. For example, those who understood the effects of compound interest were less likely to engage in high-cost borrowing.

You can improve your financial literacy by studying books, magazines, and online personal finance information sources like Forbes Advisor. In addition, the non-profit association National Foundation for Financial Education has funded the development of several research-based financial literacy improvement programs.

4. Not respecting the budget

No debt repayment plan can be successful if your spending habits stay the same. To help you control your expenses, establish a budget.

All you need to do is track your income and expenses and spend less than you earn to stay in the dark. By following a few simple steps, even the most budget-conscious can come up with a practical plan to control expenses and balance them with income.

5. Not tracking your progress or rewarding your successes

You can harness human nature to help you achieve your debt reduction goals by invoking one word: gamification. Gamification uses your brain’s reward circuitry to help you reach your savings and other personal financial goals. The basic idea is to create challenges, competitions and rewards related to your debt reduction goals.

Key elements include tracking progress and, when milestones are met, rewarding yourself. For example, when paying off a high rate credit card, you can afford to buy an item of clothing you’ve always dreamed of. Personal finance apps like Digit and Qapital use gamification-like techniques to help get you started on the path to financial growth.

6. Fall into scams that prey on debt

Both for-profit and non-profit debt relief programs can be a boon to hard-pressed borrowers. They help debtors with credit counseling, debt management, and assistance by applying debt settlement techniques such as negotiating interest rate reductions, changing repayment terms, reducing amounts debt, debt consolidation and refinancing.

But crooks are also preying on vulnerable people with debt relief programs that charge excessive fees, have opaque terms and make unrealistic promises. The CFPB has an online database of complaints about debt relief programs. The NFCC and the Financial Advisory Association of America can provide references to legitimate programs.

7. Unnecessary filing for bankruptcy

Seeking creditors protection under Chapter 7 or Chapter 13 of the bankruptcy law offers a proven way to pay off your debts and gives you the opportunity to start from scratch. However, bankruptcy has its limitations as well as significant drawbacks, including a lasting impact on your credit report. While it definitely has its place, bankruptcy isn’t the best option for all overwhelmed borrowers. It is a good idea to study other approaches, including credit counseling, before playing the bankruptcy card.

8. Set unrealistic goals

While you can probably get out of debt, you may not be able to do it immediately or without sacrifice. For example, rather than trying to pay off all your debts at once, it is often better to settle them one at a time.

The debt avalanche method is one approach. This involves paying off your most expensive and dearest debts first, and then focusing on the most expensive debt until you’ve paid them all off. It’s going to take time, focus, and discipline, but it’s a more realistic strategy than somehow planning to get out of debt all at once. Other borrowers find the incentive they need by using the debt snowball method, in which you first pay off your smallest debts to build momentum toward your debt-free goal.

9. Neglecting the savings

It can be tempting to take every penny of income that isn’t otherwise spent on essential bills and spend it on debt repayment. However, it usually makes more sense to spend some of your available dollars and cents on building and maintaining an emergency fund.

If you have a viable fund for rainy days (for years the advice has been to store the equivalent of three to six months of basic expenses as a ballpark figure) then you are more likely to avoid d ” being forced to borrow to cover an unforeseen expense such as a medical bill, a car repair or an unemployment crisis. Since three months of spending can add up to several thousand dollars, saving even $ 1,000 is a good start. If you only set aside $ 100 per month, you can reach that level of emergency savings in less than a year.

10. Don’t increase your income

Paying off debt and avoiding debt goes beyond controlling spending. You also need sufficient income to support your lifestyle while reducing your debt. With that in mind, increasing your income can be an important part of paying off debt.

Research going back decades has shown that the amount of disposable income consumers have is a key, if not the most important, factor in determining how well they have paid off their debts. You may be able to increase your income by making your savings work harder. Another way to increase your income is to start working in parallel. Regardless of the source, earning more means having more money to pay off debt faster and being less likely to fall back into debt later.

Final result

These 10 mistakes aren’t the only mistakes you can make when trying to get out of debt. For example, another mistake could be taking out a loan secured by your home or other assets to pay off unsecured debt, due to the risk of losing your collateral if you don’t pay on time. But these are some of the most common debt repayment mistakes. Avoid them and you will probably find it much easier to reduce your debt and increase your happiness.

Find out if you qualify for debt relief

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Digital transformation is essential, but for MSPs, it is a risky opportunity – Promoted Content https://amiyasahu.com/digital-transformation-is-essential-but-for-msps-it-is-a-risky-opportunity-promoted-content/ https://amiyasahu.com/digital-transformation-is-essential-but-for-msps-it-is-a-risky-opportunity-promoted-content/#respond Thu, 23 Sep 2021 01:03:00 +0000 https://amiyasahu.com/digital-transformation-is-essential-but-for-msps-it-is-a-risky-opportunity-promoted-content/ Although digital transformation remains the priority for companies, finding the right partner to seize the opportunity remains a challenge. Socoro study shows that 91% of MSPs have had discussions with their clients about the transformation strategy, however, 66% of them lack the financial capacity to build teams to provide a transformation service full. Additionally, most […]]]>

Although digital transformation remains the priority for companies, finding the right partner to seize the opportunity remains a challenge. Socoro study shows that 91% of MSPs have had discussions with their clients about the transformation strategy, however, 66% of them lack the financial capacity to build teams to provide a transformation service full.

Additionally, most of them do not have a comprehensive understanding of what they can offer their customers through transformation. For example, only 28% of MSPs even have a basic understanding of the data available through Microsoft 365.

“This lack of awareness is more of a concern than simply representing a difficulty to perform,” said Socoro director Rebecca Kennedy. Many PSMs that Socoro does business with are not even aware of their legal obligations regarding proper documentation of the extent of advice they provide to their clients.

“Most MSPs simply cannot afford the massive cost of a team of business analysts, data engineers, UI / UX designers and developers needed to reach the level of digitization and volume of automation required to stay relevant and ahead of the technology curve, “Kennedy said.

Meanwhile, the majority of companies lack the internal capabilities to implement the vision of digital transformation. Gartner Research shows that “53% of organizations have not yet been tested to face the digital challenge and that their readiness for digital transformation is therefore uncertain. “

One of the main obstacles is the lack of available skills. “It is not an easy task for this cohort to identify and acquire the digital skills that their organization needs to continue the digital transformation imagined after COVID-19”, Gartner analyst Scott Engler noted.

It should be the MSP who is responsible for filling these gaps and assisting its clients in the transformation process. To do this, PSMs also need help.

Exposure to risk

“MSP’s ability to execute the digital transformation strategy and the risk that this entails has been the driving force behind the development of the Fusion MSP system by Socoro,” said Kennedy.

Fusion MSP is a modular system that operates from a secure cloud platform, capturing critical business data flows and facilitating a range of dynamic reporting capabilities. It provides administrative support, using automation to reduce labor intensive tasks and the risks created by double administrative management.

The system also improves transparency in IT environments and can reduce the legal exposure of MSPs – for example, by streamlining and securing interactions to reduce the risk of someone adding unauthorized users to customer environments.

Fusion MSP modules include device management and monitoring, user management, license management, ticket reporting, and ticketing using information imported from standard ticketing apps such as Datto’s Autotask and ConnectWise, as well as a notification center; with contracts and invoices in the coming months.

Kennedy said that “the solution is capable of addressing the biggest challenges MSPs face in implementing transformation, namely their ability to properly resource, monitor and document transformation projects.”

“We have found our research alarming in that so few PSMs are aware of their current risks and knowledge gaps, and the majority are at risk of falling behind as they are unable to overcome significant financial barriers to their business. take their business to the next level and stay competitive in the market, ”she said.

MSP fusion in action

One of the early adopters of Fusion MSP is VTS IT, a Sydney-based MSP founded in 2008 to provide transformative and managed solutions to businesses. According to CFO Sharon Lindsay, the system is essential. “Fusion MSP has integrated and automated our main business processes; improved customer service and trust through full visibility and transparency; improved data and system security; and generated very significant cost savings, ”said Lindsay.

“Our new Fusion MSP system has reduced duplication of team management and time spent on tasks; enabled more efficient and profitable customer onboarding and relationship management; additional layers of enhanced data reporting and more, resulting in overhead reductions exceeding 23.5% in the first eight months of operation.

“Fusion MSP has dramatically streamlined our business processes; allowing us to increase our customer base without increasing labor resources. We further minimized business risk with the introduction of secure online digital signatures and approvals. “

Transformation is the big motivator for companies, but with limited internal capacities, they look to trusted partners like MSPs. For PSMs, the continued health of their business depends on their ability to better understand and manage both the risk and the scope of these projects.

This requires that MSPs have the right data and tools within their processes to support the projects they deliver – which is exactly why Socoro partners exclusively with MSPs to help them achieve their digital transformation goals.

For more information on what the Fusion MSP product brings to the business of an MSP, Click here.


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Gujarat government to establish bulk drug park in Jambusar https://amiyasahu.com/gujarat-government-to-establish-bulk-drug-park-in-jambusar/ https://amiyasahu.com/gujarat-government-to-establish-bulk-drug-park-in-jambusar/#respond Tue, 21 Sep 2021 20:27:00 +0000 https://amiyasahu.com/gujarat-government-to-establish-bulk-drug-park-in-jambusar/ The government is working to overcome three major challenges, including the availability of quality basic inputs, the price of oil and gas, the lack of extensive R&D facilities and the limitation of world-class infrastructure. (Representative image) The government of Gujarat is in the process of establishing a world-class bulk drug park in Jambusar in Bharuch […]]]>
The government is working to overcome three major challenges, including the availability of quality basic inputs, the price of oil and gas, the lack of extensive R&D facilities and the limitation of world-class infrastructure. (Representative image)

The government of Gujarat is in the process of establishing a world-class bulk drug park in Jambusar in Bharuch district with the aim of making the state a global hub for chemicals and related industries, a said Pankaj Joshi, additional chief secretary to the chief minister of state. .

Speaking on the sidelines of a book launch function, Joshi said the state government is in constant contact with the Union government to bring one of the three bulk drug parks to Gujarat, because many manufacturers of basic chemicals and APIs have expressed interest in installing their units. in the proposed bulk drug park.

“The government is working to overcome three major challenges, including the availability of quality basic inputs, the price of oil and gas, the lack of extensive R&D facilities and the limitation of world-class infrastructure. These blockages can be lifted through cohesive efforts at government, industry, institutional and individual levels, ”he said, adding that recently the government of Gujarat has proposed a new industrial policy in which chemicals have been concentrated as basic sector.

Joshi, who is also in charge of the finance department, said that compared to just 3.4% of the compound annual growth rate of basic chemicals production over the past eight years in India, demand is increasing at a rate of 5 , 5%. This means that the country is not keeping up with the growth in demand and that due to its chemical industries it depends on imports of important basic chemicals, he added.

India’s trade (import-export) deficit in the chemical sector is a staggering 8,500 crore rupees, he said, adding: “The country produces 8,000 different chemicals. The market size of the sector in the country is set at $ 178 billion and by 2025 it is expected to reach $ 300 billion. Gujarat contributes nearly 30% ($ 55 billion) in chemical production, followed by Maharashtra 16% and Tamil Nadu 7%.

Gujarat has become the chemical, petrochemical and pharmaceutical center of the country owing to the favorable industrial atmosphere, the favorable industry policy of the state government, the good infrastructure compared to other states, the main – of skilled work, the strategic geographical location of the state, the entrepreneurial quality of the people in Gujarat and many other advantages, he said. These advantages would not prevent Gujarat from becoming a global hub for the chemical and allied industry, he said.

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The solution to the gaps in Au Pairs health coverage can be simple: ACA plans https://amiyasahu.com/the-solution-to-the-gaps-in-au-pairs-health-coverage-can-be-simple-aca-plans/ https://amiyasahu.com/the-solution-to-the-gaps-in-au-pairs-health-coverage-can-be-simple-aca-plans/#respond Tue, 21 Sep 2021 09:00:00 +0000 https://amiyasahu.com/the-solution-to-the-gaps-in-au-pairs-health-coverage-can-be-simple-aca-plans/ In 2016, Isis Mabel from Mexico wanted to improve her English. On the advice of an aunt, she signed up with an au pair agency to come to the United States to live with a family and take care of the children. The job typically pays around $ 200 per week in addition to accommodation […]]]>

In 2016, Isis Mabel from Mexico wanted to improve her English. On the advice of an aunt, she signed up with an au pair agency to come to the United States to live with a family and take care of the children. The job typically pays around $ 200 per week in addition to accommodation and meals. She said she gave the agency $ 360 and was told it would cover costs such as visa fees and health insurance.

It was all explained “super fast,” she said, without any details on what the insurance would cover. When she arrived in the United States, she recalls, a representative of the au pair agency recommended that she take out additional sports coverage, as even an accident caused by jumping can be considered sports-related. Mabel chose to purchase the additional policy for an additional $ 180.

Isis Mabel came to the United States in 2016 to work as an au pair. She got basic health coverage through her au pair agency, but was unaware that she could buy full health coverage on the Affordable Care Act market. (Kenneth Sipin)

In August 2017, her contraceptive implant was removed because it had expired, which she assumed was covered by her insurance, given that birth control coverage is part from Mexico universal health system. Instead, she said, she received a bill for about $ 4,500. Her insurance did not cover contraception or other reproductive health care, she said.

According to the State Department, 14 au pair agencies operate in the United States. These private companies are required to provide their au pairs with basic health coverage under State Department regulations. But some of the plans are for emergency or travel insurance, excluding many types of necessary care, according to Natalia Friedlander, staff lawyer at the Rhode Island Center for Justice, a non-profit public interest law center. After an au pair she employed had problems with health coverage, Friedlander looked at the insurance offered by around half of these agencies in 2020 and her center posted online information to help au pairs find full coverage.

She found that agencies might not mention that au pairs are eligible to register for full coverage in the Affordable Care Act markets or that many au pairs are eligible for grants to help them out. pay their premiums. By not registering au pairs could end up with huge medical bills if they need care.

A State Department spokesperson said these 14 agencies are subject to same regulation that other groups which sponsor visitor exchange programs and must require that au pairs “have insurance in force which covers exchange visitors in the event of illness or accident during the period they are participating in the sponsor visitor exchange program ”. Criteria set out in federal regulations include medical benefits of at least $ 100,000 per accident or illness, a deductible limit of $ 500 per accident or illness, and a maximum coinsurance limit of 25% of the cost of covered benefits – but they don’t. state that the full coverage required for Americans must be provided.

The regulations also do not suggest that au pairs or other exchange visitors be informed about access to ACA market plans. Mabel and two other former au pairs, who worked in the program from 2014 to June this year, told KHN that no one ever mentioned ACA to them when they signed up for work or after they arrived at the United States.

KHN has contacted each of the 14 State Department au pair agencies about the insurance plans they offer to their employees. Only one responded.

Terence Burke, spokesperson for Cultural Care Au Pair, said the insurance offered to his au pairs exceeds regulations put in place by the State Department to cover medical expenses and other travel cover, and provides for a emergency evacuation of the country if necessary, another State Department requirement. .

“Au pairs with Cultural Care receive detailed information on what is and what is not covered by their insurance coverage. Knowing this information, au pairs are always free to supplement or add to the insurance coverage they must have in accordance with US Department of State regulations and may choose to enroll in an ACA exchange to complete. their medical coverage, ”he wrote in an email.

At least two of the agencies offering some of the oldest programs in the United States are owned by companies that also offer insurance. Cultural care provides through Erika Insurance, and the two companies are part of EF Education First, a Swedish company. Au Pair in America provides through Cultural Insurance Services International, both owned by the British company American Institute for Foreign Study.

Friedlander found that the insurance plans offered to many au pairs prior to their arrival excluded certain categories of care deemed essential under the ACA. Many did not cover routine or preventive services, or care for pre-existing conditions, mental health, and maternal and reproductive health, she said. Some plans are advertised as “comprehensive,” “exceptional” or “worry-free,” although they do note the exclusions of coverage.

Also, she said, the insurance coverage summaries or guidance documents she reviewed did not mention ACA market plans as an option.

Au pairs with J-1 visas are classified as foreign nationals living in the United States on nonimmigrant visas because they are not on the path to citizenship. AC covers these non-immigrants. According to a spokesperson for the Centers for Medicare & Medicaid Services, the federal agency that oversees ACA markets, “We encourage organizations that facilitate J-1 visa exchange programs to communicate the opportunity to s ” enroll in quality and affordable health care through the market. Holders of a J-1 visa are considered legally present and are therefore eligible to enroll in a qualified health plan through the market, and for financial assistance, if they are otherwise eligible.

CMS noted, however, that anyone seeking grants to help cover the cost of the premiums should plan to file a federal income tax return for this year.

If the insurance that au pairs have purchased through their agencies does not meet the minimum coverage requirements under the ACA, Friedlander said, they are free to enroll.

But the registration window is strict: people have 60 days after arrival in the United States to subscribe to ACA plans outside of the annual open enrollment period.

Friedlander said that when she first looked at insurance for her au pair, “I assumed she would have full coverage.” She said she was surprised to see great limitations.

Having previously worked in a non-profit organization related to health insurance, Friedlander first investigated whether the au pair could enroll in ACA coverage. It took some effort as ACA market navigators did not know J-1 visa holders, but she managed to get her au pair enrolled. She has since enrolled two of her other au pairs.

But for many au pairs, ACA coverage is not an obvious option. They are generally not English speaking, very young and live with their employers, which makes them dependent on their host families. “It’s a situation where they really depend on agencies to provide them with the information they need to know while in the United States,” Friedlander said.

For Mabel, her medical bills changed her experience in the United States. What she owed to the hospital and doctor, she noted, would have been enough to purchase return tickets to Mexico to have her implant removed. To save money to pay off her debt, she said, she stopped doing anything outside of work. “Basically, the goal of the exchange, to go around, it stopped there, it’s over, because I have acquired this responsibility,” she said. She was able to pay it back in two years, she said.

“It was my biggest mistake, financially speaking, of my entire life,” she said.

Estefania Weinbach, from Colombia, said that in 2016, two years after arriving in the United States to work as an au pair, she experienced a sharp pain in her abdomen that made her feel like she was stabbed. In an emergency room, she was diagnosed with endometriosis and told she needed surgery in a few weeks, she recalls.

She said that a representative from her au pair agency told her that the operation would be covered in her home country and that she was advised to return immediately. Weinbach refused. The agency told her the insurance would cover surgery costs up to $ 7,000, she said, and she found a doctor willing to perform the operation for that payment. But it was a “very traumatic experience”, an experience that made her feel “everything is against you”.

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Reduced FP&L Rate Hike Still Sparks Opposition | Florida https://amiyasahu.com/reduced-fpl-rate-hike-still-sparks-opposition-florida/ https://amiyasahu.com/reduced-fpl-rate-hike-still-sparks-opposition-florida/#respond Mon, 20 Sep 2021 21:32:00 +0000 https://amiyasahu.com/reduced-fpl-rate-hike-still-sparks-opposition-florida/ (The Center Square) – The Florida Power & Light Company (FP&L) ‘s proposed four-year rate hike of $ 1.53 billion is justified by the “superior performance” it offers, the largest said Monday public service from Sunshine State to state regulators. But a multitude of opposition groups say the opposite. Representatives of Floridians Against Raised Tariffs […]]]>

(The Center Square) – The Florida Power & Light Company (FP&L) ‘s proposed four-year rate hike of $ 1.53 billion is justified by the “superior performance” it offers, the largest said Monday public service from Sunshine State to state regulators.

But a multitude of opposition groups say the opposite. Representatives of Floridians Against Raised Tariffs (FAIR), the League of United Latin American Citizens of Florida, the Southwest Florida Environmental Confederation and Florida Rising say that as part of the deal, residential customers and small businesses “will subsidize the tariffs of large commercial and industrial enterprises.” customers.”

Opponents want the Florida Public Utilities Commission (PUC) to reject a proposed regulation allowing a base rate hike of $ 692 million in January, an increase of $ 560 million in January 2023 and another increase of $ 428 million. additional base rate dollars in 2024 and 2025 payable for solar projects.

Under the proposal, the base rate for a typical FP&L monthly residential bill for a customer using 1,000 kilowatt-hours of electricity would be $ 13.64 over four years.

FP&L is the state’s largest electric utility with 5.6 million accounts serving over 11 million Floridians.

The PUC heard testimony on Monday in what could be a three-day hearing on the plan proposed by FP&L. The parties have until the end of September to file briefs. The PUC must take a decision before October 26.

FP&L initially proposed a rate hike that would cost its 5.6 million account holders up to $ 6.5 billion in increased utility bills over four years – the largest in Florida history .

The proposal has met opposition from AARP, Florida Industrial Power Users Group (FlPUG), Florida Retail Federation (FRF), Earthjustice, Southwest Florida Environmental Confederation, Southern Alliance for Clean Energy (SACE), the Florida Consumer Action Network and Vote Solar.

In August, FP&L negotiated an agreement with the state’s public council office, which represents consumers, which was subsequently approved by the FRF, FlPUG and SACE.

The deal before the PUC expands solar power development, pulls a coal-fired power station out of Georgia, and continues FP&L’s merger with Gulf Power.

FP&L vice president of finance Robert Barrett told the PUC that the rate hike was justified by the “superior performance” provided to consumers.

Barrett said that the acquisition of Gulf Energy by FP&L “demonstrated a significant improvement in operations and costs, demonstrating this superior performance in terms of culture and financial strength. (FP&L) has shown that, for all the metrics that matter most to customers, we are the best performers and have been for many years. “

Opponents “choose to argue… that superior performance is to be expected because of our obligation to serve. This is patently absurd, otherwise all the other companies that do not meet our level of performance are failing in their fundamental obligation to their customers, ”he continued, stating that the approval“ would send a strong message to other companies. that superior performance will be rewarded ”.

Florida Rising representative Bradley Marshall said opponents are not just opposing rate hikes, but pushing for “fairness and fairness and a just transition” to clean, renewable energy.

“In total, for the four-year term of the settlement, residential and small business customers will subsidize the rates of large commercial and industrial customers in excess of $ 1 billion,” he said. “That’s a lot of money. It’s hundreds of dollars per residential customer that they shouldn’t be paying to subsidize the rates of a few large companies.

FAIR attorney Robert Wright said that in 2012 FP&L requested a base rate hike of $ 528 million but settled for $ 350 million. In 2016, he said, FP&L requested a $ 1.3 billion three-year base rate hike and PUC granted it $ 811 million.

This hike is inappropriate, Wright said, adding, “FP&L has asked you to approve the largest rate increases in the history of utility regulation in Florida” in the event of a pandemic.


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More data sought for South Park housing development | Local https://amiyasahu.com/more-data-sought-for-south-park-housing-development-local/ https://amiyasahu.com/more-data-sought-for-south-park-housing-development-local/#respond Mon, 20 Sep 2021 10:30:00 +0000 https://amiyasahu.com/more-data-sought-for-south-park-housing-development-local/ Landowners and some county commissioners want to see a better explanation of the financial assumptions the consultants used to draft preliminary options for building 100 to over 2,000 homes in North South Park. “$ 400,000 in public money, and we can’t do the math? Said Commissioner Mark Barron at a recent county meeting. He cited […]]]>

Landowners and some county commissioners want to see a better explanation of the financial assumptions the consultants used to draft preliminary options for building 100 to over 2,000 homes in North South Park.

“$ 400,000 in public money, and we can’t do the math? Said Commissioner Mark Barron at a recent county meeting. He cited the price the city and county paid for the planning effort and lamented the decision of consultant Opticos Design Inc. and its subcontractor, Cascadia Partners, not to publish a spreadsheet of the financial models behind the alternatives.

The consultant had said the spreadsheet was “proprietary” but released a PDF version of the document.

After weeks of debate, Teton County Planning and Construction Manager Chris Neubecker said in an email to the Jackson Hole Daily on Friday that more details of the financial analysis in question should be provided. But he said he didn’t know when it would be released to the public. Commissioners requested that new information be made available to the public for comment.

“Our consultants provide more information and documentation on where they got the data and other assumptions used in the model, and why they think this data is appropriate for this planning process,” Neubecker wrote.

The Gill family, one of two landowner families in the area, lobbied for the release of the Excel spreadsheet, which would contain the formulas underlying the math and information on “basic assumptions, methodology, calculations and source data ”used in models that underpin the territorial development alternatives.

Their lawyer, Amberley Baker, criticized the pace of the response when asked where she thought the process was.

Baker said in an emailed statement to The Daily that he “was not up at all.”

Instead, she wrote, “he’s crawling over to that county planning shelf (where 30 years of other workforce proposals are) because in this case, the process is now being held to the ransom by Californian consultants “- the consultants’ zip code has been a consistent whip for critics of the process -” who will not disclose the basic public financial information behind their calculations. Transparency apparently requires an add-on to the consulting contract of almost half a million dollars and a longer public process – and that’s not true. “

Neubecker did not directly answer the question of whether acquiring the information the Gills demanded would cost more money. In his email, he wrote that the county’s goal is to get information “appropriate for this planning project, under the existing contract”.

He said the County of Teton and the City of Jackson have already paid Opticos $ 198,746 of the $ 400,000 budget for the project.

Les Gill argue that understanding the assumptions and calculations underlying financial models is essential to understanding values ​​such as the public subsidy that the models project would require to build affordable housing: a projection that ranges from $ 100 million. dollars to $ 500 million as density increases in alternatives.

These proposals were released in August and public comments were officially closed on September 7. Teton County is currently compiling these comments into a neighborhood map for public review.

Landowner Nikki Gill criticized the process in a September 9 email to county commissioners.

“Withholding detailed information from the two Northern South Park landowners on how the financial analyzes were derived is contrary to how the process is supposed to work,” she wrote in a letter sent by the team. Gills Development Center.

Gill referred to the 2012 Jackson / Teton County Comprehensive Plan which says the area should be planned in consultation with the landowners: the Gills and Lockharts.

“Let’s face it, without the buy-in from the landowners, this plan will never work,” she wrote.

Teton County, Opticos and the sub-consultant who developed the models, Cascadia, released a PDF spreadsheet of the analysis supporting the alternatives before the public comments closed. And they released slides on some of the model’s assumptions that show, among other things, how the government subsidy would be allocated to land values ​​above $ 100,000 an acre. That’s why the models say a developer would buy the land, and some observers of the process have said it’s way too low.

These documents do not appear to answer all of the Gill’s questions, which relate to park development costs, infrastructure costs and land prices, including the land value of $ 100,000 per acre.

The Gills also generally ask for a better explanation of how the consultants got the numbers they used.

Alex Joyce, a Cascadia partner, has said in emails that the Excel spreadsheet behind the models – something the Gills requested – cannot be released because it is “owned.”

Deputy County Chief Prosecutor Keith Gingery told The Daily last Tuesday that after a meeting between the Gills, County and Consultants, Neubecker was speaking with the Consultants to answer questions from the family.

“A lot of the questions raised by the Gills also apply to the county,” Gingery said. “If there are questions about the product, we have to ask the question.

Barron wasn’t the only commissioner interested in seeing more numbers.

Commissioner Greg Epstein called for an “open audit” of the models, and Commissioner Luther Propst asked about legal options for obtaining the information at a meeting on September 7.

Commissioners have not asked public questions about the situation since that meeting, where Gingery said he was trying to work things out and get information without legal action.

But the commissioners asked planning staff to give the public an opportunity to comment on any new information obtained and published. Calls to Opticos and Cascadia were not returned.


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Protect your business against ransomware and other cyber attacks https://amiyasahu.com/protect-your-business-against-ransomware-and-other-cyber-attacks/ https://amiyasahu.com/protect-your-business-against-ransomware-and-other-cyber-attacks/#respond Sun, 19 Sep 2021 21:55:17 +0000 https://amiyasahu.com/protect-your-business-against-ransomware-and-other-cyber-attacks/ By Terry Ingram and Michael Evans What can a business owner do to mitigate the risk of a ransomware attack? getty In the first six months of 2019 alone, data breaches exposed more than 4.1 billion records. Average 28% of small businesses experience data breaches every year, and up to 10% of these businesses are […]]]>

By Terry Ingram and Michael Evans

In the first six months of 2019 alone, data breaches exposed more than 4.1 billion records. Average 28% of small businesses experience data breaches every year, and up to 10% of these businesses are forced to shut down as a result of the breach.

The cost of a data breach can have a substantial impact on businesses of any size, and understanding the potential cost of this breach is critical for businesses as they consider the cybersecurity measures they need to take to protect their businesses from. ransomware and other cyber attacks.

Financial cost of cybersecurity breaches

When a cybersecurity breach occurs, financial costs are the number one concern for many businesses, and the costs of many of these types of attacks, including ransomware, have skyrocketed in recent years. According to cybersecurity company OSIbeyond, ransomware attacks alone cost small businesses an average of $ 84,000. Large organizations, or those hardest hit in an attack, can face even higher costs. In many cases, you can incur both immediate financial costs and ongoing financial costs as you work to restore your data and restore trust with your customers.

Within the groups of people who talk about cybercrime, there are thousands of conversations going on about specific cases (Cybersecurity Ventures estimates that globally, a ransomware attack occurs every 11 seconds). These discussions rarely make the news or the informational dashboards of small and medium business owners. However, sometimes a cybersecurity breach is so big that it makes the headlines, as was the case with the Colonial Pipeline ransomware attack. Were you ready if you lived in the Southeastern United States? People panicked, and depending on your region, it likely had a real impact on your business – and your personal life – by cutting back on energy.

If you were a specialist contractor and a key supplier was attacked, what would you do? It is almost impossible to be fully prepared for a cyber attack as it can be focused directly on your business or come through a vendor, customer or even your bank. We live in a connected economy linked through the Internet, and hackers are professionals who attack businesses large and small.

The dangers of a ransomware attack

There are three basic entry points where ransomware can disrupt your business operations: your technological connection with your customer, your own messaging system, and your technological connection with your suppliers. If you have customer-facing web servers for your e-commerce or VPN, you have a direct entry point through your customers for ransomware attacks. Second, ransomware can also arrive via spam email with attached Word or Excel files or Remote Desktop Protocol (RDP) brute force attacks. Third, there are companies in your supply chain who, due to their carelessness, may suddenly become unable to properly supply or reconcile with you due to a ransomware attack on their systems.

More articles by AllBusiness.com:

Frequently, a ransomware attack goes beyond locking down your data with the encryption in place. More often than not, the ransomware extracts the data and stores it in hacked cloud servers, then adds it to data from other sources (legal and illegal), then resells it to criminal groups who bid on those chunks of data. You can imagine that your payment and banking data resides on the providers’ servers and that your financial data will then be sold to other criminal parties. It is worrying to imagine all the sensitive data of your customers posted somewhere on the internet.

Until relatively recently, you’d think that just being disciplined with regular software updates, patches, and the latest antivirus software would adequately protect your business against ransomware and other threats. It was until December 2020 when, as the world focused on other things, we learned of a new source of infection from third-party vendors. Security experts discovered a highly sophisticated cyber intrusion that relied on commercial system management software. The Advanced Persistent Threats (APT) players put a backdoor into the SolarWinds application during vendor development, which means installing the product to defend and manage against technology downtime actually created a ability to interrupt by threat actors.

The persistent threat of ransomware and other cyber attacks is a clear and current danger to our business, financial and government systems. What can a small or medium business owner do to mitigate the risk?

1. Protect your entry points

Security and intrusion into websites, emails, user clicks, and malware (by many means, including insider threats) are all risky. Make sure your IT team, whether internal or external to your organization, takes security seriously. Provide employees with ongoing and active training on data security best practices, such as frequently changing passwords, knowing about spam and hacking practices, checking the validity of email messages. sender and never open an attachment unless you expect it to.

2. Discuss cyber threats with suppliers

Your business is your responsibility and protecting it sometimes requires you to have uncomfortable conversations with business partners. Ask your vendors what their cybersecurity protocols are and ask them to explain how they protect your data and what the plan is in the event of a cyber attack. Additionally, make sure you have a backup plan in place in case your major vendors are unable to function normally.

3. Publicly discuss cybersecurity

There is no doubt that your business has security procedures in place, but educating your employees on how to be on the lookout for spam, hacks, and ransomware is essential. Be active with your local, state, and federal political lawmakers and representatives when it comes to cybersecurity legislation. And if you are compromised by a cyber attack, always contact the FBI. This is the first question your cyber insurer will ask you if you are hacked.

To protect your business, be prepared

Our digital networks connect us all, but they also make us vulnerable to bad actors from all over the world. Prepare your business for the possibility of cybercrime as you would any other disaster or unforeseen event.

RELATED: How to Protect Your Small Business From Today’s Cyber ​​Security Threats

about the authors

Terry J. Ingram is a partner at Newport, LLC, as a corporate advisor in global expansion, repatriation of products and services, chaired by acquisitions and turnarounds with a particular focus on revenue growth, path engineering review and sales; reach him by email at terry.ingram@newportllc.com. Michael Evans has been with Newport LLC since 2012, where he is a member of the board of directors and CEO, and writes and reports on a variety of business topics for emerging growth companies. See Michael’s articles and full biography at AllBusiness.com and LinkedIn.

This article was originally published on AllBusiness.com.


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Labor codes are unlikely to be implemented this fiscal year https://amiyasahu.com/labor-codes-are-unlikely-to-be-implemented-this-fiscal-year/ https://amiyasahu.com/labor-codes-are-unlikely-to-be-implemented-this-fiscal-year/#respond Sun, 19 Sep 2021 05:21:00 +0000 https://amiyasahu.com/labor-codes-are-unlikely-to-be-implemented-this-fiscal-year/ Once implemented, employers are expected to restructure their employees’ wages in accordance with the new wage code. It is unlikely that the four labor codes will be implemented this taxation given the slow progress in rule making by states and also for political reasons like elections in Uttar Pradesh, said a source. The implementation of […]]]>
Once implemented, employers are expected to restructure their employees’ wages in accordance with the new wage code.

It is unlikely that the four labor codes will be implemented this taxation given the slow progress in rule making by states and also for political reasons like elections in Uttar Pradesh, said a source.

The implementation of these laws is gaining in importance because once they are implemented there would be a reduction in the take-home pay of the employees and the companies would have to bear a higher liability of the provident funds.

“The Ministry of Labor is ready with the rules of the four labor codes. But states have been slow to draft and finalize these under the new codes. In addition, the government does not wish to implement the four codes for political reasons, which are mainly elections in Uttar Pradesh (scheduled from February 2022), ”said the source.

All four codes have been adopted by Parliament. But for the implementation of these codes, the rules under them must be notified by the central governments as well as by the state governments to enforce those in the respective jurisdictions.

“It is likely that the implementation of the four labor codes can be dragged beyond this exercise,” said the source.

Once the wage code goes into effect, there will be significant changes in how the base salary and employee contingency fund are calculated.

The Ministry of Labor had planned to implement the four codes on industrial relations, wages, social security and occupational health, safety and working conditions from April 1, 2021. These four labor codes will streamline 44 central labor laws.

The ministry had even finalized the rules of the four codes. But these could not be implemented because many states were unable to notify rules under these codes in their jurisdictions.

Labor is a competing subject under the Constitution of India and therefore the Center and the States must notify the rules under these four codes to make them the laws of the land in their respective jurisdictions.

According to the source, some states have been working on draft rules for four labor codes. These states are Uttar Pradesh, Bihar, Madhya Pradesh, Haryana, Odisha, Punjab, Gujarat, Karnataka and Uttarakhand.

Under the new wage code, allowances are capped at 50 percent. This means that half of an employee’s gross salary would be the base salary. The contribution to the provident fund is calculated as a percentage of the base salary, which includes the base salary and the cost allowance.

Employers have split wages into numerous allowances to keep base wages low in order to reduce provident funds and income taxes. The new salary code provides for a contribution to the provident fund as a prescribed proportion of 50 percent of gross salary.

After the implementation of new codes, the take-home pay of employees would decrease while employers’ liability for provident funds would increase in many cases.

Once implemented, employers are expected to restructure their employees’ wages in accordance with the new wage code.

In addition, the new industrial relations code would also improve the ease of doing business by allowing companies with up to 300 workers to carry out layoffs, layoffs and closures without government permission.

Currently, all businesses with up to 100 employees are exempt from government authorization for layoffs, layoffs and closures.


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Beijing demolishes digital “walled gardens” https://amiyasahu.com/beijing-demolishes-digital-walled-gardens/ https://amiyasahu.com/beijing-demolishes-digital-walled-gardens/#respond Sat, 18 Sep 2021 16:07:02 +0000 https://amiyasahu.com/beijing-demolishes-digital-walled-gardens/ Hello and welcome to TechCrunch’s roundup in China, a compendium of recent events shaping the Chinese tech landscape and what they mean to people around the world. This week, China takes seriously the destruction of the walled gardens that its internet giants have shaped for decades. Two major funding rounds have been announced, from new […]]]>

Hello and welcome to TechCrunch’s roundup in China, a compendium of recent events shaping the Chinese tech landscape and what they mean to people around the world.

This week, China takes seriously the destruction of the walled gardens that its internet giants have shaped for decades. Two major funding rounds have been announced, from new standalone unicorn Deeproute.ai and fast-growing cross-border financial service provider XTransfer.

Knock down the walls

The Chinese Internet is infamous, with a handful of “super apps” each occupying protective, cozy territory that try to lock up users and keep their rivals out. On Tencent’s WeChat messaging, for example, links to Alibaba’s Taobao Marketplace and ByteDance’s Douyin short video service cannot be viewed or even redirected. It’s different from WhatsApp, Telegram, or Signal which offer user-friendly URL previews in chats.

Ecommerce platforms repel competition in different ways. Taobao uses Alipay, a subsidiary of Alibaba, as the default payment option, omitting its big rival WeChat Pay. JD.com, an Alibaba rival, backed by Tencent, encourages its users to pay through its own payment system or WeChat Pay.

But changes are underway. “Ensuring normal access to legal URLs is the basic condition for developing the Internet,” said a senior official from China’s Ministry of Industry and Information Technology. noted at a press conference this week. He added that unwarranted blocking of web links “affects user experience, infringes user rights and disrupts market orders.”

There is some merit in filtering out third party links when it comes to preventing pornography, misinformation, and violent content. Content distributors in China also strictly adhere to censorship rules, silencing politically sensitive discussions. These principles will remain in place, and MIIT’s new order is really to break down anti-competitive practices and diminish the power of the bloated internet giants.

Call to end digital walled gardens is part of MIIT campaign, launched in July, to restore “orders” on the Chinese internet. While crackdowns on internet businesses are common, the slew of new policies announced in recent months – new data security rules To increased play restrictions – signifies Beijing’s resolution to limit the influence of Chinese Internet companies of all kinds.

The deadline for online platforms to unblock URLs is September 17, MIIT noted earlier. Virtually all of the major Internet companies promptly issued statements claiming that they would firmly adhere to the requirements of MIIT and help promote the healthy development of the Chinese Internet.

Internet users will inevitably benefit from the dismantling of the walled gardens. They will be able to browse third-party content smoothly on WeChat without having to switch between apps. They can share Taobao product links directly in the messenger instead of asking their friends to copy and paste a string of cryptic codes that Taobao automatically generates for WeChat sharing.

Dream Robotaxi

Autonomous driving startup Deeproute.ai announced this week that it has closed a $ 300 million Series B funding round from investors such as Alibaba, Jeneration Capital and Chinese automaker Geely. The rating for this tour was not disclosed.

We’ve seen a lot of advertising from Pony.ai, WeRide, Momenta, and AutoX but not so much Deeproute.ai. This is partly due to the fact that the company is relatively young, founded only in 2019 by Zhou Guang after being “fired” by its promising co-founders. Roadstar.ai in the midst of corporate infighting.

Investors in Roadstar.ai would have saw Zhou’s dismissal as damaging to the startup, which had raised at least $ 140 million so far, and then sought to dissolve the company. It appears that Zhou, former chief scientist at Roadstar, still enjoys the trust of some investors to support his resurgent autonomous driving business.

Like Pony.ai and WeRide, Deeproute tries to exploit its own robotaxi fleets. While the business model gives it control over tons of driving data, it takes a lot of research and money. As such, the major Chinese robotaxi startups are all considering faster commercial deployments, like self-driving buses and trucks, to ease their financial stress.

Cross-border trade boom

The other big funding news this week comes from Shanghai-based XTransfer, which helps small and medium Chinese exporters collect payments from overseas. The Series C round, led by D1 Partners, grossed $ 138 million and catapulted Xtransfer’s valuation to over $ 1 billion. Profits will go towards product development, hiring and global expansion.

Founded by former Ant Group executives, XTransfer attempts to solve a problem faced by small and medium exporters: opening and maintaining bank accounts in different countries can be difficult and costly. As such, XTransfer functions as a payment gateway between its SME client, the paying party, and their respective banks.

By July, the number of XTransfer customers had exceeded 150,000, most of whom are in mainland China. The company with more than 1,000 employees is also expanding in Southeast Asia.

As business-to-business exports are booming in China, more and more products are also sold directly by Chinese brands to consumers around the world. Some of the more successful examples, like Shein and Anker, use a different set of payment processors for their direct-to-consumer sales, which tend to be bulkier but smaller in average value.


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