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Tag: money

  • Top 5 Mistakes Entrepreneurs Make When Scaling Their Business To 7 Figures

    Top 5 Mistakes Entrepreneurs Make When Scaling Their Business To 7 Figures

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    Opinions expressed by Entrepreneur contributors are their own.

    Scaling your business to seven figures is not that hard. But it also isn’t easy. At least, it’s not easy to maintain a seven-figure business and continue to scale it.

    I’ve learned this the hard way after building and growing several businesses to seven figures and beyond — as well as mentoring and investing in dozens more. It’s strange how easy it can feel once you build some momentum. Growth leads to growth and everything seems to be okay. Until all of a sudden, it isn’t.

    Having gone through this cycle myself, I’ve discovered a few common mistakes most of us make when in a period of growth. I share these in the hope they not only inspire you to scale your own business to new heights but maintain these levels so you can continue to smash through one glass ceiling after another.

    Related: 4 Ways to Build a Seven-Figure Brand and Sellable Business

    1. You hire too fast

    No matter what industry you’re in, it’s important to expand your team when growing your business. You can only do so much. You must delegate and work on the business instead of trying to do everything on your own. However, the timing around all this has to be right. If you push too hard too soon, you can overwhelm and halt all momentum.

    So although you need to grow your team — and constantly think about the different types of roles you need — it’s essential that you get clear on your priorities. By honing in on the roles that offer the most return, you ensure you maintain your momentum without putting too main strain on yourself, your existing team members, and, most important of all, your cash flow.

    2. You create too many offers

    I see this mistake all the time, often because an entrepreneur gets caught up comparing themselves to other business owners. You’ve heard the advice before, to diversify your portfolio and add multiple income streams. It’s good advice, in part. Yet you have to tread carefully because launching too many offers too soon places far too much pressure on your shoulders. Worse than that, it creates a disconnect between you and your audience because they don’t know what they should do next.

    Should they buy your course? Maybe hire you to coach them? How about that membership they can subscribe to? Or that other course, program or product?

    The last thing you want to do is overwhelm and confuse. Adding new income streams is important, but you don’t have to do it all now. Make sure you become a “go-to” authority in one or two areas and provide huge value to those you serve.

    Related: Meet the Mother Of Three Making 7-figure Income Working Part-time From the Beach

    3. You increase your expenses

    This mistake is a byproduct of the previous two because as you grow your team and add new income streams, your expenses rise exponentially. It can seem manageable at first, but before long it can spiral out of control. I’ve experienced this firsthand as my monthly expenses practically doubled month-on-month. It’s a disaster waiting to happen unless you get crystal clear on your finances.

    This is a continuous habit you need to nurture, ensuring you check in on your revenue and expenditure each month. It’s not that you shouldn’t spend more as you make more, but you have to give everything you invest in purpose. Whether that’s a new team member, improving your lifestyle or placing new resources into the business, you always have to have a reason for spending your money. If not, you can quickly run out of it.

    4. You don’t reinvest in your business

    This is a huge mistake and once again it’s one I used to make. There’s so much advice out there about how to invest your money. The problem is, most of it isn’t relevant to an entrepreneur because most of it encourages you to take money out of your business and place it somewhere else (stocks, shares, bonds, pensions, etc.). That makes sense for someone with a predictable income. But for an entrepreneur? No way! The best thing you can invest in is your business because this is what you have the most control over. So before you give your money to someone else to invest, make sure you fully support your business with the time, money and resources it needs.

    Related: 4 Ways to Invest More Deeply in Your Business

    5. You don’t take money out of your business

    It’s important to constantly invest in your business, but you have to continue to invest in your own life, lifestyle and personal growth. In the early days, I also recommend entrepreneurs take as little as they can and reinvest as much of it into their business. Yet this can only last so long. Once you build momentum and step into a period of growth, you have to embrace this yourself — not just as a business owner, but as a human being.

    I see this mistake play out too often as successful entrepreneurs struggle to step back and enjoy life. It’s a fine balance, yet it’s an important one if you want to find harmony. The alternative soon turns toxic as you begin to resent your business. It’s an easy fix because all you have to do is to commit to growing as a person as you grow your business. This means you too require (and deserve) investment: money, time, energy and attention.

    The rollercoaster ride you’re on is full of ups and downs. Just because you’re scaling and on the fast track to seven figures and beyond doesn’t mean there aren’t obstacles in your way. Avoid and overcoming these five mistakes will help you navigate your way to success.

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    Scott Oldford

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  • What is the Significance of an SEO Checker on Digital Marketing?

    What is the Significance of an SEO Checker on Digital Marketing?

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    Image by Ray Alexander from Pixabay

    An SEO checker is a powerful tool to analyze and improve the health of your website. This tool can help you to understand and improve your Page Authority (PA), Domain authority (DA), Page speed, and other SEO issues. The SEO checker also helps you fix mistakes on your website and improve your SEO.

    A seo checker online is a tool that provides a logical and comprehensive analysis of a website. It can provide screenshots of data and offers 24/7 customer support. It also allows you to compare your website to millions of other websites. It is free to use and can be installed in Google Chrome. It is a useful tool for businesses and individuals.

    Page Authority (PA)

    You should know Page Authority (PA) and Domain Authority (DA). Both metrics are based on a holistic score that incorporates several factors. Increasing your Page Authority is best accomplished by improving your link profile. This involves adding more backlinks from external sources. The information on your web page should be relevant and focused on your target audience. This means that your content should be based on proper research. Concentrating on your target audience’s wants and needs will help you achieve a higher PA score. In addition, relevant content is easy to read and digest. People will not engage with your content if it does not apply to them.

    A machine learning algorithm calculates page Authority. Because of this, it fluctuates. This is why you should consider the metric a relative and not an absolute value.

    Domain authority (DA)

    For digital marketers, DA is an important metric to consider. It represents how well your website performs in the search engine. It can also help you determine how your website ranks against your competitors. A website with a high DA is likely to be seen as credible, and it may also be more likely to be visible. To boost your DA, you should focus on backlinking. Getting backlinks from quality sites with a high Domain Authority (DA) is essential. But if you’re trying to increase your DA, you should take the time to improve your on-page content. You can do this by writing articles, guest blogging, and creating valuable resources.

    Page speed

    Page speed is an important ranking factor that Google considers, and increasing page speed can help your website rise in search engine results pages. A fast website will also provide a better user experience, which improves user retention and conversion rates. A page that takes too long to load will also cause users to leave a site sooner than they would otherwise. This means increasing page speed to maximize your ranking is essential.

    Although many web admins are hesitant to increase page speed, optimizing your site’s performance is essential. Google considers page speed one of the most important ranking factors and has even updated its policy to include this metric. Page speed is measured by measuring the time it takes to receive the first byte of content from the web server. If your website is too slow, your visitors will leave your site faster, impacting your conversion rate.

    HTML issues

    Regarding digital marketing, paying attention to your site’s header tags and meta information is essential. These elements will help search engines understand your website’s content. However, your campaign could be at risk if these elements are not optimized. For example, duplicated title tags can damage your SEO performance. To fix this problem, you can use the same procedure that you would use to improve duplicate URLs. This method includes checking the Search Appearance report for duplicate title tags.

    Competitor analysis

    Competitor analysis is the process of identifying the strengths and weaknesses of your competitors in the digital marketing industry. This can make or break your marketing efforts. Fortunately, specialized tools are available to help you keep track of your competitors. These tools can also help you create compelling content to boost your website’s SEO ranking. While it might seem obvious, the results from competitor analysis can be surprising. It’s essential to anticipate surprises when researching competitor sites, so you can take appropriate action to make your campaigns more effective.

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    Mark John

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  • China’s yuan tumbles to all-time low amid fears about Xi’s third term | CNN Business

    China’s yuan tumbles to all-time low amid fears about Xi’s third term | CNN Business

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    Hong Kong
    CNN Business
     — 

    China’s yuan tumbled to an all-time low on international markets on Tuesday, as investors fled Chinese assets amid fears about Xi Jinping’s shocking move to tighten his grip on power at a major leadership reshuffle.

    In trading outside of mainland China, the yuan briefly plunged to around 7.36 per dollar early Tuesday, the lowest level on record, according Refinitiv, which has data going back to 2010. It then pared losses, trading at 7.33 by 1 pm Hong Kong time.

    On the tightly managed domestic market, the yuan also dropped sharply on Tuesday, hitting the weakest level in nearly 15 years.

    The declines came alongside a historic market rout for Chinese assets worldwide. On Monday, Chinese stocks plummeted in Hong Kong and New York, wiping out billions of dollars in their market value. Hong Kong’s benchmark Hang Seng

    (HSI)     Index closed down 6.4%. The Nasdaq Golden Dragon China Index also dived more than 14%. On Tuesday, the Hang Seng

    (HSI)     rebounded slightly, up 0.8% by noon.

    The huge sell-offs came just days after the ruling Communist Party unveiled its new leadership for the next five years. In addition to securing an unprecedented third term as party chief, Xi packed his new leadership team with staunch loyalists.

    A number of senior officials who have backed market reforms and opening up the economy were missing from the new top team, stirring concerns about the future direction of the country and its relations with the United States.

    International investors spooked by the outcome of the Communist Party’s leadership reshuffle dumped Chinese assets despite the release of stronger-than-expected GDP data. They’re worried that Xi’s tightening grip on power will lead to the continuation of Beijing’s existing policies and further dent the economy.

    China’s leadership reshuffle “sparked worries about the continuation of market-unfavourable policies and increasing risk of policy mistakes under President Xi’s power domination in coming years,” said Ken Cheung, chief Asian forex strategist at Mizuho Bank.

    “Foreign investors took action to cut their exposure on Chinese assets,” he said, adding that the Chinese currency was faced with mounting capital outflow pressure.

    The Chinese yuan, together with other major global currencies, has weakened rapidly against the dollar in recent months. The greenback has surged to the highest level in two decades against a basket of major counterparts, boosted by a hawkish Fed that attempts to contain runaway inflation.

    So far this year, the yuan has slumped more than 15% against the dollar, on track to log its worst year since 1994 — when China devalued its currency by 33% overnight as part of market reforms.

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  • Hong Kong stocks plunge 6% as fears about Xi’s third term trump China GDP data | CNN Business

    Hong Kong stocks plunge 6% as fears about Xi’s third term trump China GDP data | CNN Business

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    Hong Kong
    CNN Business
     — 

    Hong Kong stocks had their worst day since the 2008 global financial crisis, just a day after Chinese leader Xi Jinping secured his iron grip on power at a major political gathering.

    Foreign investors spooked by the outcome of the Communist Party’s leadership reshuffle dumped Chinese equities and the yuan despite the release of stronger-than-expected GDP data. They’re worried that Xi’s tightening grip on power will lead to the continuation of Beijing’s existing policies and further dent the economy.

    Hong Kong’s benchmark Hang Seng

    (HSI)     Index plunged 6.4% on Monday, marking its biggest daily drop since November 2008. The index closed at its lowest level since April 2009.

    The Chinese yuan weakened sharply, hitting a fresh 14-year low against the US dollar on the onshore market. On the offshore market, where it can trade more freely, the currency tumbled 0.8%, hovering near its weakest level on record, even as the Chinese economy grew 3.9% in the third quarter from a year ago, according to the National Bureau of Statistics. Economists polled by Reuters had expected growth of 3.4%.

    The sharp sell-off came one day after the ruling Communist Party unveiled its new leadership for the next five years. In addition to securing an unprecedented third term as party chief, Xi packed his new leadership team with staunch loyalists.

    A number of senior officials who have backed market reforms and opening up the economy were missing from the new top team, stirring concerns about the future direction of the country and its relations with the United States. Those pushed aside included Premier Li Keqiang, Vice Premier Liu He, and central bank governor Yi Gang.

    “It appears that the leadership reshuffle spooked foreign investors to offload their Chinese investment, sparking heavy sell-offs in Hong Kong-listed Chinese equities,” said Ken Cheung, chief Asian forex strategist at Mizuho bank.

    The GDP data marked a pick-up from the 0.4% increase in the second quarter, when China’s economy was battered by widespread Covid lockdowns. Shanghai, the nation’s financial center and a key global trade hub, was shut down for two months in April and May. But the growth rate was still below the annual official target that the government set earlier this year.

    “The outlook remains gloomy,” said Julian Evans-Pritchard, senior China economist for Capital Economics, in a research report on Monday.

    “There is no prospect of China lifting its zero-Covid policy in the near future, and we don’t expect any meaningful relaxation before 2024,” he added.

    Coupled with a further weakening in the global economy and a persistent slump in China’s real estate, all the headwinds will continue to pressure the Chinese economy, he said.

    Evans-Pritchard expected China’s official GDP to grow by only 2.5% this year and by 3.5% in 2023.

    Monday’s GDP data were initially scheduled for release on October 18 during the Chinese Communist Party’s congress, but were postponed without explanation.

    The possibility that policies such as zero-Covid, which has resulted in sweeping lockdowns to contain the virus, and “Common Prosperity” — Xi’s bid to redistribute wealth — could be escalated was causing concern, Cheung said.

    “With the Politburo Standing Committee composed of President Xi’s close allies, market participants read the implications as President Xi’s power consolidation and the policy continuation,” he added.

    Mitul Kotecha, head of emerging markets strategy at TD Securities, also pointed out that the disappearance of pro-reform officials from the new leadership bodes ill for the future of China’s private sector.

    “The departure of perceived pro-stimulus officials and reformers from the Politburo Standing Committee and replacement with allies of Xi, suggests that ‘Common Prosperity’ will be the overriding push of officials,” Kotecha said.

    Under the banner of the “Common Prosperity” campaign, Beijing launched a sweeping crackdown on the country’s private enterprise, which shook almost every industry to its core.

    “The [market] reaction in our view is consistent with the reduced prospects of significant stimulus or changes to zero-Covid policy. Overall, prospects of a re-acceleration of growth are limited,” Kotecha said.

    On the tightly controlled domestic market in China, the benchmark Shanghai Composite Index dropped 2%. The tech-heavy Shenzhen Component Index lost 2.1%.

    The Hang Seng Tech Index, which tracks the 30 largest technology firms listed in Hong Kong, plunged 9.7%.

    Shares of Alibaba

    (BABA)     and Tencent

    (TCEHY)     — the crown jewels of China’s technology sector — both plummeted more than 11%, wiping a combined $54 billion off their stock market value.

    The sell-off spilled over into the United States as well. Shares of Alibaba and several other leading Chinese stocks trading in New York, such as EV companies Nio

    (NIO)     and Xpeng, Alibaba rivals JD.com

    (JD)     and Pinduoduo

    (PDD)     and search engine Baidu

    (BIDU)    , were all down sharply Thursday afternoon.

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  • Flash PMI data show U.S. economic downturn ‘gathering significant momentum’ in October, says S&P Global

    Flash PMI data show U.S. economic downturn ‘gathering significant momentum’ in October, says S&P Global

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    The numbers: The S&P Global U.S. manufacturing sector rose slightly to 50.7 in October from 50.6 in the prior month, based on a “flash” survey.

    The flash U.S. services sector index, meanwhile, fell to 46.6 from 49.3.

    Readings above 50 signify expansion; below that, contraction.

    Economists polled by the Wall Street Journal had expected manufacturing to rise to 51.8 in October and for the service sector to rise to 49.7.

    Key details: In the service sector, the downturn was fueled by the rising cost of living and tightening financial conditions.

    New orders in the manufacturing sector fell back into contraction territory in October. Output remained resilient due to firms eating into backlogs of previously placed orders, S&P Global said.

    While price pressures picked up a bit in the service sector, the pace of the gain in inflation in the manufacturing sector was the slowest in almost two years.

    Big picture: Talk of a recession sometime in 2023 has picked up in the last week. Many economists are sounding more bearish on the outlook, especially since the Federal Reserve is now seen raising its benchmark rate to 5%. However, on Monday, economists at Goldman Sachs said that talk over a recession was overblown.

    What S&P Global said: “The US economic downturn gathered significant
    momentum in October, while confidence in the outlook also deteriorated sharply,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.

    “Although price pressures picked up slightly in the service sector due to high food, energy and staff costs, as well as rising borrowing costs, increased competitive forces meant average prices charged for services grew at only a fractionally faster rate. Combined with the easing of price pressures in the goods-producing sector, this adds to evidence that consumer price inflation should cool in coming months,” he added.

    Market reaction: Stocks
    DJIA,
    +0.88%

    SPX,
    +0.58%
    were higher in early trading on Monday, while the yield on the 10-year Treasury note
    TMUBMUSD10Y,
    4.236%
    inched up to 4.24%.

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  • 6 Rules to Improve Your Financial Health

    6 Rules to Improve Your Financial Health

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    Photo by Dany Kurniawan from Pexels

    Tired of being the pay check-to-pay check person? You’re not alone. There are many people out there who could really use some help with their finances. The term “personal finance” is referring to the way you manage and plan your finances for your future.

    Your financial decisions have an effect on your financial well-being, which is why it’s crucial to always be considering what we should do-in general-to help improve our financial health and habits. When we take care of our personal finances, we are setting ourselves up for a bright future. And to do that better here are six rules to improve your financial health. These six rules have really worked for me, and I’m confident that they can work for you too.

    1. Do the Math: Net Worth and Personal Budgets

    It’s important to understand both your net worth and your personal budget. Your net worth is your assets minus your liabilities. In other words, it’s what you own minus what you owe. Your personal budget is a plan that shows how you will spend your money over a period of time.

    You can use these two concepts to help you make financial decisions. For example, if you want to buy a house, you’ll need to know how much it will cost and whether you can afford it. To do this, you’ll need to know your net worth and create a budget that includes the cost of the house.

    By understanding both your net worth and your personal budget, you can make sound financial decisions that will help you reach your goals.

    2. Recognize and Manage Lifestyle Inflation

    Lifestyle inflation is the tendency for people to want more and more as they experience success. It’s natural to want more things, but it can be dangerous if you don’t recognize it and manage it.

    This is one of the biggest barriers to financial success, because lifestyle inflation can make it difficult for you to save for retirement or other goals. You may think that buying a new car will make you happy, but if your income doesn’t support the purchase, then all that happiness will fade quickly when you have to start cutting back on other things to pay off your new car loan.

    Lifestyle inflation can lead to overextending yourself financially – which can put you in debt – so it’s important to stay focused on your long-term goals instead of just enjoying the moment.

    3. Recognize Needs vs. Wants – and Spend Mindfully

    “I need this!” is a common phrase we use to justify our purchases. But do you really need that new car? Or that pair of shoes? Or that big-screen TV?

    Needs are things you need for physical and emotional well-being, such as food and shelter. Want is anything that makes us happy, regardless of its cost.

    Sometimes we don’t realize how much money we spend on things we want, or need to do something, because we want them so bad. If you’re craving a new TV set, or new clothes, or new shoes – get it! But don’t let yourself get carried away by your desires to the point that you don’t think about the cost of those items and whether or not they’ll make you happy in the long run.

    There are two ways to approach this issue:

    1. Take stock of your spending habits and see where you could be living more frugally without sacrificing your overall quality of life. This can be a little scary at first, but once you realize how little money is really changing hands in terms of what you really need versus what you think is a real need, then your outlook will change for the better.

    2. Make a budget each month and stick with it, even if it means not getting some things that are on your wish list; just focus on those things that are truly necessary for survival.

    4. Get Rid of Your Debt and Start Saving Early

    6 Rules to Improve Your Financial Health

    Photo by Karolina Grabowska from Pexels

    Saving money can be a difficult task for many people, but it’s an essential step that you should take if you want to improve your financial health. The first thing that you need to do is get rid of your debt and start saving early. If you have more than one credit card, it’s time to pay them all off. This will not only help with the debt, but it will also give you more money to put towards your savings account.

    Set up an automatic payment plan with your creditors so that you can make regular payments on time each month. Doing this ensures that there are no late fees or additional penalties for not paying on time, resulting in less available funds for investing in the stock market or other investments that require large amounts of cash reserves.

    5. Check your CIBIL Score and Credit Report

    Credit scores are used by lenders to determine whether you qualify for a loan and what interest rate you’ll pay. The higher your score, the better your chances of getting approved and of getting a low-interest rate.

    A good CIBIL score is important because it indicates to lenders that you’re a low-risk borrower. That means you’re more likely to get approved for a loan and to get a lower interest rate. A high credit score can save you thousands of rupees over the life of a loan.

    A good credit score can also help you get discounts on insurance premiums and save money on utility deposits. And if you’re ever in the market for a job, some employers will pull your credit report as part of the screening process. Therefore, keeping a check on your CIBIL Score and credit report becomes important.

    6. Build and Maintain an Emergency Fund

    An emergency fund is a crucial part of any financial plan. It’s important to have enough money set aside to cover unexpected expenses, like a car repair or medical bill.

    Building an emergency fund can seem daunting, but it doesn’t have to be. Start by setting aside a small amount of money each month. Then, as your income grows, you can increase the amount you’re putting into your emergency fund.

    Once you’ve built up your emergency fund, it’s important to keep it well-stocked. Review your budget regularly to make sure you’re still on track. And if you have any extra money left over at the end of the month, consider adding it to your emergency fund.

    Final Thoughts

    Following personal finance rules can help you achieve financial success, but it’s also important to develop habits that will lead to better financial health. Making smart financial choices starts with understanding your own finances and knowing what you can afford. From there, you can develop budgeting and saving habits that will help you make the most of your money.

    When it comes to spending, it’s important to be mindful of your choices and only purchase what you need. Finally, staying on top of your finances by regularly checking in on your accounts and monitoring your credit report will help you make smart financial choices that lead to long-term success.

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    Shiv Nanda

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  • Billionaire dumps Australia netball team in dispute over father’s racist comments | CNN

    Billionaire dumps Australia netball team in dispute over father’s racist comments | CNN

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    Brisbane, Australia
    CNN
     — 

    When Australia’s richest woman Gina Rinehart threw a financial lifeline to Netball Australia, she triggered a debate about sponsorships and the role of social and political issues in the sporting sphere. Then she walked away.

    Rinehart’s bombshell decision to withdraw a 14 million Australian dollar ($8.9 million) sponsorship deal for the Diamonds, Australia’s national netball team, caught the players off-guard and struck a blow to the future of Netball Australia – a sporting body mired in debt.

    The drama engulfing the Diamonds is not new, but experts say disputes could become more common as athletes and fans take a stronger stance on the source of sponsorship money.

    Last week, high-profile fans of the AFL’s Fremantle Dockers urged management to sever ties with long-term sponsor, fossil fuel company Woodside, over its carbon emissions.

    Meanwhile, Australian test cricket captain Pat Cummins reportedly raised issues with Cricket Australia’s deal with Alinta Energy, for the same reasons.

    For members of the Diamonds, the objections focused on racist comments made almost 40 years ago by Rinehart’s father, Lang Hancock, the founder of her company Hancock Prospecting.

    Rinehart is a prolific supporter of Australian sports teams and typically earns praise for her sponsorship deals. Last year, Olympic swimmer Cate Campbell reportedly said that Rinehart had “saved swimming.”

    But Kevin Argus, a lecturer in marketing from RMIT University, said Rinehart’s decision on Saturday to pull funding from Netball Australia was a “lost opportunity” to “embrace the national mood.”

    “In Australia, we have witnessed many large powerful companies benefit enormously from positive associations with sport and withdraw their funding support as soon as an issue arises with athletes,” he told CNN Sport.

    “The Diamonds athletes raised concerns about being seen to be supporting a legacy of Aboriginal discrimination. Some have expressed concerns about the environment.

    “These are major issues today that won’t go away,” he said.

    At the center of the controversy is Noongar woman Donnell Wallam, a rising star who is set to make her debut this week as only the third Indigenous netball player to represent Australia.

    Wallam had reportedly expressed reservations about wearing the Hancock logo due to comments Rinehart’s father made about Australia’s First Nations people.

    During a televised interview in 1984, Hancock said he’d “dope the water up so they were sterile and breed themselves out.”

    His words are a dark reminder of racist attitudes toward Indigenous people, and though Rinehart promotes her longstanding support of Aboriginal communities through mining royalties and charities, she has never publicly condemned her father’s statements.

    Wallam’s teammates have rallied around her, and when the team ran onto the court to play New Zealand in the Constellation Cup last week, they wore their old uniforms, without the Hancock logo.

    In the statement on Saturday, Rinehart and Hancock Prospecting said there was no requirement for the Diamonds to wear the logo during the New Zealand games and they did not refuse to wear it.

    The statement said Hancock’s majority-owned mining company Roy Hill would also pull its support of Netball WA, a state netball body, as the two companies “do not wish to add to Netball’s disunity problems.”

    Both Netball Australia and Netball WA would be offered four months of funding while they find new partners, the statement added.

    Separately, Rinehart and Hancock seemed to take a swipe at the players by saying they consider it “unnecessary for sports organisations to be used as a vehicle for social or political causes.”

    “There are more targeted and genuine ways to progress social or political causes without virtue signalling or for self-publicity,” the statement added.

    On Monday, Kathryn Harby-Williams, CEO of the Australian Netball Players’ Association told the Australian Broadcasting Corporation that Wallam had asked for an exemption not to wear the logo and was refused.

    “In the end, unfortunately, Donnell found the pressure too much and decided that she would wear the logo.”

    But it was too late.

    Gina Rinehart poses in Western Australia in this undated handout photo obtained in January, 2018.

    Netball Australia has made no secret of its financial difficulties. Despite being the most popular team sport in Australia with 1.2 million players, it made a loss last year of 4.4 million Australian dollars ($2.8 million).

    Netball Australia CEO Kelly Ryan told Nine News the loss of Hancock sponsorship was “disappointing” but a “strong balance” needs to be struck between social issues and funding.

    “There is a really important role that sporting organizations do play from grassroots right through to the elite to create a safe environment to have really strong social conversations,” Ryan said.

    “But there also needs to be a balance in terms of the commercial realities of that as well.”

    In a statement, the players said they were “disappointed” with Hancock’s decision to withdraw sponsorship and thanked other sponsors for their ongoing support.

    The statement added: “Reports of a protest on behalf of the players, on environmental grounds, and a split within the playing group are incorrect. The singular issue of concern to the players was one of support for our only Indigenous team member.”

    Vickie Saunders, founder of The Brand Builders, says Wallam’s objection to wearing the Hancock logo was deeply personal, and not a matter of a player using their public profile to promote a political cause.

    “Her 60,000-year-old culture will tell you that it’s important. Her 200 years of survival, and her fellow Indigenous people will tell you it’s important,” Saunders said.

    “She has a very personal reason for not wanting to wear a logo that represents a person who said that her people should be sterilized or bred out,” she said. “This isn’t a new issue for her. This is her life.”

    A truck drives past machinery at Hancock Prospecting Pty's Roy Hill Mine operations in the Pilbara region, Western Australia.

    Hancock Prospecting was founded in 1955 and retains interests in iron ore, coal, and mineral exploration, as well as beef and dairy.

    The company also funds services for remote and rural Aboriginal communities, including health and education programs, and Rinehart is a familiar face in elite sporting circles.

    The billionaire sponsors Swimming WA, Swimming Queensland, Volleyball Australia, Rowing Australia and Artistic Swimming Australia, and recently struck a deal to sponsor the Australian Olympic Team until 2026.

    This week, in response to debate surrounding the Diamonds, many of those sporting bodies released statements lauding Rinehart’s dedication to sport.

    “Mrs Rinehart’s selfless commitment to women’s sport deserves the accolades of our great sporting nation,” said Craig Carracher, president of Volleyball Australia. Swimming Queensland CEO Kevin Hasemann said he found “the negative characterization in some quarters of Mrs Rinehart’s new sponsorship of another sport regrettable.”

    The Australian newspaper also weighed in with an editorial saying there was no room for “cancel culture” – “to sacrifice Mrs Rinehart because of comments made decades ago by her father, Lang Hancock, is a bridge too far.”

    The Netball Australia sponsorship deal would have been worth 3.5 million Australian dollars ($2.2 million) per year for four years – an almost negligible amount for a company that posted a 7.3 billion Australian dollar ($4.6 billion) profit in 2021 on the back of soaring iron ore prices.

    Kim Toffoletti, an associate professor of sociology at Melbourne’s Deakin University, said for less established sports, it can be difficult to say no to any offer of sponsorship.

    “Their livelihoods are on the line … it’s very hard to turn that down that kind of money because that keeps your sport viable,” Toffoletti told CNN Sport.

    “I don’t see it as a failure of the sport but maybe a system in which certain sports are economically and culturally rewarded over others, which means that there are many that do miss out.”

    Today’s up and coming sports stars are members of Gen Z, born in the late 1990s to around 2010, whose attitudes may differ from the executives running established sporting bodies and big name brands.

    Experts say sponsors can’t expect young athletes to align themselves with their values.

    “Some of these sports have got very old-fashioned business models, which are built probably around 30-40 years ago in a different era,” Andrew Hughes, a marketing expert from the Australian National University, told CNN Sport.

    “But now we put a lot of value on what brands stand for, what they represent. I think we see that reflected in how the athletes themselves think.”

    Saunders, from The Brand Builders, said athletes are realizing that protecting their personal brand is more important than falling into line with the values of their sponsors.

    “Your brand is actually your most valuable asset because after the game, or after your career, that’s the thing that you get to take with you into employment or other opportunities in life,” she said.

    And that’s especially important for players who aren’t earning big money – like netballers – who need to find another source of income when their sports career is over, Saunders added.

    Kevin Argus from RMIT University said Rinehart’s response to the debate – to cancel the contract – demonstrates “reactive decision making” that’s counterproductive for a company seeking to win public support.

    He said a better option would have been to engage with the players, as a mentor would in a workplace, to better understand their values and how they can work together for the benefit of both parties.

    “Exiting sponsorships when athletes behave as normal functioning human beings demonstrates reactive decision making and shines a light on the need for bolder, transformative leadership,” he said.

    “When done well, sport sponsorship is brand transforming for both the sport and sponsor.”

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  • Healthy Lifestyle Habits To Start Now

    Healthy Lifestyle Habits To Start Now

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    Image by ArtPhoto_studio on Freepik

    It’s never too late to start living a healthy lifestyle. Healthy choices can help you prevent or manage many health conditions and improve your overall well-being.

    Did you have a busy and stressful week? Are you trying to find ways to reduce stress in your life? If so, you’re not alone. A hectic schedule and stress-inducing activities can take their toll on anyone.

    Luckily, there are simple, everyday habits that can reduce stress in your life, so it doesn’t feel like an uphill battle all the time. Read these tips for living a healthy lifestyle and reducing your stress simultaneously.

    Whether you’re just starting on your journey to wellness or looking for new ideas for how to be more active and mindful throughout the day, these suggestions will give you the boost you need.

    Go To Sleep Early And Wake Up Feeling Refreshed

    Getting enough sleep is the number one thing you can do to stay healthy and reduce stress. A lack of sleep has been linked to health issues ranging from weight gain to diabetes, heart disease, and even premature death.

    Sleep deprivation has also been shown to increase stress levels. If you get enough rest, your stress levels will be reduced. You’ll be able to focus better at work and in your daily life without as much mental fog. You’ll also have more energy to get through your day.

    If you’re not getting enough sleep, aim to go to bed earlier. This allows your body to begin the process of healing and restoring itself while you’re asleep.

    Meditate Every Day

    Healthy Lifestyle Habits

    Photo by Karolina Grabowska from Pexels

    Studies have shown that meditation reduces stress. When you meditate, you are giving yourself the gift of time to disconnect from the rest of the world. No phone calls or emails. No social media scrolling. Just you and your thoughts.

    Allowing yourself to be in the moment and accepting your positive and negative feelings can be extremely liberating.

    Get Active And Stay Active

    Regular physical activity is one of the best things you can do for your health. It can help control your weight, reduce your risk of heart disease and stroke, improve your mental health and mood, and increase your chances of living a longer, healthier life.

    Exercising regularly has been found to reduce stress levels significantly. It can also help you sleep better, improve your concentration, and boost your mood.

    Regular exercise can reduce your risk for many illnesses, including diabetes, heart disease, and certain cancers. There are many different exercises you can do to reduce stress.

    Try yoga, Pilates, walking, running, cycling, swimming, or even dancing. You don’t have to do something extreme. Find something you enjoy, then make it a part of your daily routine. Exercising can help you feel better about yourself and reduce stress levels.

    Exercising regularly can help you sleep better, improve your mood and concentration, and reduce your risk for certain illnesses.

    Eat Healthy Foods

    Healthy Lifestyle Habits - healthy foods

    Photo by Anna Shvets from Pexels

    Eating healthy food is important for good health. Make sure to eat plenty of fruits, vegetables, whole grains, lean protein, and healthy fats. Avoid processed foods, sugary drinks, and excessive amounts of saturated and unhealthy fats.

    Eating a balanced diet rich in whole foods is essential for overall health and wellness. It can reduce stress, improve your mental health, and make you feel better. You don’t have to become a vegan or vegetarian to enjoy the benefits of a healthy diet.

    Choose foods that are fresh, unprocessed, and as natural as possible. Focus on unrefined carbohydrates, proteins, and healthy fats for the lunch break.

    Avoid foods that are high in sugar, high in fat, and processed. They will only make you feel worse. A healthy diet rich in whole foods is essential for overall health and wellness.

    Healthy snacks like fruits, vegetables, whole-grain crackers, yogurt, nuts, and seeds are all great choices. They’re easy to grab and go, and they’ll give you the energy you need to get through your day.

    Healthy eating habits will lead to a healthy lifestyle and a healthy weight. A healthy diet can help you reduce stress, improve your mental health, and make you feel better.

    Don’t Smoke

    If you smoke, quitting is the best thing you can do for your health. It’s never too late to reap the benefits of quitting smoking. Quitting can help you live a longer, healthier life and avoid costly medical bills down the road.

    This new healthy habit can reduce your risk of heart disease, stroke, lung cancer, and other diseases. It can also save you money and improve your overall health.

    Limit Alcohol Consumption

    If you drink alcohol, do so in moderation. That means no more than two drinks per day for men and one for women. Drinking too much alcohol can lead to health problems such as liver disease, cancer, heart disease, and stroke.

    New healthy habits are essential for a healthy lifestyle. To improve your overall health, quitting smoking and drinking alcohol are two of the best things you can do.

    Get Enough Sleep

    healthy lifestyle habits for good health

    Photo by Andrea Piacquadio from Pexels

    Getting enough sleep is important for good health. Most adults need seven to eight hours of sleep each night. If you have trouble sleeping, there are several things you can do to improve your sleep habits.

    A good night’s sleep will surely improve your everyday life. It can help you focus better, reduce stress, and improve your mood. Not to mention, it can also help you stay healthy by reducing your risk for certain diseases.

    Reduce Stress

    Healthy living habits include reducing stress. Stress can take a toll on your mental and physical health. It can make you more likely to get sick, cause anxiety and depression, and make it difficult to concentrate.

    Chronic stress can take a toll on your health. It can cause physical and mental health problems, such as anxiety, depression, and insomnia. Try healthy coping methods such as exercise, relaxation techniques, and healthy eating to reduce stress.

    A happy life includes healthy lifestyle habits. Reducing stress is an important part of leading a healthy life.

    Don’t Forget To Breathe

    How often do you take a moment to breathe and focus on your breath? If you’re like most people, probably not often enough. When we’re stressed, we tend to breathe in a very rapid and shallow way. Breathing exercises are a great way to help restore your calm.

    The health benefits of deep breathing are well-documented. It can help lower blood pressure, improve heart health, and reduce stress.

    Fresh air is good for you. It can help reduce stress, improve mood, and give you more energy. When you can, take a few minutes to step outside and get some fresh air.

    Stay In Touch With Friends And Family

    Having a support network is crucial to your well-being. When stressed, reach out to the people who love you and want to help you. Tell them what you’re going through and ask for their support.

    Having people you can talk to about your worries and concerns is extremely helpful. It can help you helpfully release your stress. It can also remind you of why you’re going through your current situation. Having a support network is crucial to your well-being.

    When stressed, reach out to the people who love you and want to help you. Tell them what you’re going through and ask for their support.

    Try New Activities

    healthy lifestyle habits - Try New Activities

    Photo by Andrea Piacquadio from Pexels

    If you’re feeling stressed, try something new. Whether it’s a new sport, hobby, or creative activity, you never know what positive effect it can have on your life. Getting involved in something new can help you change your mindset and reduce stress.

    It can also help you meet new people and enjoy new experiences. If you’re feeling stressed, try something new. Getting involved in something new can help you change your mindset and reduce stress.

    IV Therapy

    IV therapy is becoming increasingly popular as people look for ways to boost their health and improve their appearance. While IV therapy can be used to treat a wide range of medical conditions, it is also being used as a way to improve overall health and wellness. IV therapy can help to improve hydration levels, increase energy levels, and reduce stress.

    In addition, IV therapy can also help to detoxify the body and boost the immune system. IV therapy is a safe and effective way to improve your health and well-being. If you are looking for a way to feel better and look better, IV therapy may be right for you.

    Spend Time With Friends And Family

    healthy lifestyle habits - Spend Time With Friends And Family

    Photo by Emma Bauso from Pexels

    One of the best things you can do is to spend time with the people you love. Whether going on a walk with your spouse or playing with your kids, quality time with loved ones can help reduce stress and improve your mood.

    One of the good habits for healthy living you can start doing today. So, make time for your loved ones and enjoy the benefits of good company.

    Choose Happiness: Be Mindful And Grateful

    The happier you are, the less stressed you will be. When you feel grateful for everything in your life, you won’t have as many things to worry about.

    Also, being mindful of the present moment can be extremely helpful. Focus on the positives in your life, and you will see how stress begins to fade away.

    Conclusion

    A hectic schedule and stress-inducing activities can take their toll on anyone. It’s important to take time for yourself and focus on healthy living habits. If you make healthy living a priority, you will see an improvement in your mood and overall well-being.

    Making healthy choices is an important step in living a long and healthier lifestyle. So start making these healthy habits part of your life today!

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    Jessica

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  • Online creators hit with IP and copyright lawsuits | CNN Business

    Online creators hit with IP and copyright lawsuits | CNN Business

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    New York
    Business
     — 

    It’s weird when wrestling superstar Randy Orton, Netflix’s romance “Bridgerton,” TikTok, a tattoo artist, Instagram, NFTs and Andy Warhol’s portrait of Prince all show up in the same law school textbook.

    A series of hot-button lawsuits have linked all those unlikely creators and platforms in litigation that goes as high as the US Supreme Court. The litigation deals with issues of intellectual property, copyright infringement and fair use in a rapidly changing new-media landscape.

    For decades, so-called “copycat” lawsuits boiled down to ‘you stole my song/book/idea.’ Now, as the number of platforms to showcase artistic content have multiplied, these court cases are testing the rights of fans, creators and rivals to reinterpret other people’s intellectual property.

    At issue, particularly in social media or new technology, is exactly how much you have to transform something to profit and get credit for it, literally, to make it your business.

    Three weeks ago, in a first-of-its-kind case, a jury in an Illinois federal court ruled that tattoo artist Catherine Alexander’s copyright was violated when the likeness of her client, World Wrestling Entertainment star Randy Orton, was depicted in a video game. Alexander has tattooed Orton’s arms from his shoulders to his wrists.

    She won, but not much: $3,750, because the court ruled that, though her copyright had been violated, her tattoos didn’t impact game profits. Nonetheless, it set a precedent.

    The ruling calls into question the abilities of people with tattoos “to control the right to make or license realistic depictions of their own likenesses,” said Aaron J. Moss, a Hollywood litigation attorney specializing in copyright matters.

    Blame the rise of remix culture. For most of the twentieth century, mass content was created and distributed by professionals,” said Moss. “Individuals were consumers. Legal issues were pretty straightforward. But, now, most of the time, the content is being repurposed, remixed or repackaged.”

    “It’s all new and it’s all a mess,” said Victor Wiener, a fine-art appraiser who’s consulted for Lloyd’s of London and serves as an expert witness in art-valuation court cases. Over the past several decades, the distinctions between professionals and amateurs, artists and copycats and between production and consumption have blurred. In such gray areas, said Wiener, “it can come down to who the judge, or the tryer of fact, believes.”

    Streaming service Netflix late last month settled a copyright lawsuit against fans of their Regency romance “Bridgerton” who wrote and workshopped an “Unofficial Bridgerton Musical” on TikTok.

    In January 2021, a month after the Netflix show premiered, singer Abigail Barlow teamed up with musician Emily Bear to create their own interpretation of the hit series. In a souped-up version of fan fiction, the two women began to write and to perform songs they had written, often using exact dialogue from the series.

    It was a huge hit on TikTok, in part because the duo invited feedback and participation, making it a crowd-sourced artwork.

    At first Netflix applauded the effort and even okayed the recording of an album of songs. But when the creators took their show on the road and sold tickets, Netflix sued.

    Producer and series creator Shondra Rhimes, in a statement released when the suit was filed in July, said “what started as a fun celebration by [fans] on social media has turned into the blatant taking of intellectual property.”

    Cases like this turn on “fair use,” matters such as how much of another work someone appropriates. Or whether it dents the original creator’s ability to profit. In the case of “Bridgerton,” neither side has commented on the resolution of the suit, but a planned performance of the musical at Royal Albert Hall scheduled for last month was cancelled.

    Uncontrolled misappropriation is particularly common in the relatively new NFT art field.

    “Today, a 15-year-old can copy your work and spread it across the Internet like feral cat pee at no cost and with little effort. The intellectual capital of an artist can be appropriated on a massive, global scale unimaginable by the people who wrote copyright laws,” said John Wolpert, co-founder of the IBM blockchain and of several blockchain projects.

    And the relatively new phenomenon of trading art NFTs with cryptocurrency “has created a perverse new incentive to misappropriate an artist’s work and to claim it as your own and charge people to purchase it,” he added.

    In one of several NFT suits finding their way to the courts, fashion giant Hermes sued L.A. artist Mason Rothschild after he created 100 NFT’s that depicted Hermes Birkin bags wrapped in fake fur.

    Hermes filed a lawsuit in January in the court of the Southern District in New York charging trademark infringement and injury to business reputation, not to mention “rip off,” with Hermes requesting a quick summary judgment.

    But in the past, courts have often bent over backward to give an artist leeway in critique and parody. Rebecca Tushnet, a Harvard Law professor and expert on copyright and trademark law who represents the artist, has argued his “MetaBirkins” art project is essentially protected as it comments on the relationship between consumerism and the value of art.

    Last month, the Central District court of California ruled on a doozy of a copyright lawsuit that arose via Instagram: Carlos Vila v. Deadly Doll.

    In 2020, the photographer had taken an image of model Irina Shayk. She was wearing sweatpants from fashion company Deadly Doll that featured a large illustration of a woman carrying a skull. The photographer subsequently licensed his image of the model for reproduction. Deadly Doll posted Vila’s photo on their Instagram account and he sued. They counter-sued, arguing he was the infringer. The suit, detailed by litigator Moss in his Copyright Lately blog, is moving forward in California.

    Perhaps the most important case has nothing to do with new media – it concerns Andy Warhol’s altered photograph of the late artist Prince that ran in Vanity Fair magazine years ago. But it is expected to set a precedent.

    Right now, the US Supreme Court is hearing this landmark case regarding Warhol’s alleged misappropriation of photographer Lynn Goldsmith’s work in his silkscreens of Prince. The court is set to determine how, and how much, an artist or creator must transform a work to make it their own – guidelines that will surely create as much of a buzz as the intellectual property itself.

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  • Which Home Exercise Equipment Is Best For Getting Ripped?

    Which Home Exercise Equipment Is Best For Getting Ripped?

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    Image by Henryk Niestrój from Pixabay

    If you’ve decided that having a home gym is the right option for you, that’s a great start to your fitness. But it’s not the end of your decision-making. In fact, it’s only the beginning. Once you know that you prefer the idea of a home gym over a gym membership, you’ll need to decide exactly which equipment you’re going to have and make the best use of.

    Firstly, you need to think about your goals. If you’re working out to build muscle and get ripped, you may need different equipment – at least in part – to someone who’s main goal is to lose weight. With that in mind, here are some of the best pieces of home exercise equipment for those who want to build muscle.

    Dumbbells

    Dumbbells, somewhat unsurprisingly, are the first thing you should buy when stocking a home gym. One of the best ways to improve strength and muscle definition, they may be used in a seemingly endless variety of workouts for the upper body, lower body and core.

    If you want to buy them new, they can be pricey, but there are used options out there. You can also find a great online retailer like mirafit.co.uk where you can find everything you need for a home gym at an excellent price. No matter what you choose, even if you only have one piece of equipment to use, dumbbells are the best choice.

    Adjustable Bench

    The adjustable bench is an important part of the training equipment and is needed by anyone who wants to get in shape and reduce the risk of getting hurt. Compared to the classic flat bench, it can be used to work out a wider range of muscle groups because it can be used in different ways.

    When combined with other equipment, like the dumbbells we mentioned above, the adjustable bench can become even more versatile, and it can help you no matter which muscles you might want to build and strengthen.

    Pull-Up Bar

    The pull-up bar is without a doubt one of the best investments you can make in home gym equipment. That’s because the pull-up has a strong case for being the best upper-body bodyweight exercise there is.

    Even though it’s hard at first – so hard that beginners might think it’s impossible – a good plan will help you get strong enough to do pull-ups on a bar much more easily over time. Once you start, you’ll find that it’s a great way to build muscle in your arms, back, and shoulders, and it will also help you strengthen your core.

    Resistance Bands

    Resistance bands have become a regular feature of workout routines for both experienced gym-goers and people who are new to fitness training. This is because they are easy to use, can be used in many different ways, and are very effective. They are also ideal to have in a home gym because they take up hardly any room at all.

    In resistance band training, you don’t use big exercise machines. Instead, you stretch out rubber resistance bands. The pressure it takes to extend the bands works your muscles just like lifting weights or using machines.

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    Mark John

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  • ‘Bad Situation’: Soaring U.S. Dollar Spreads Pain Worldwide

    ‘Bad Situation’: Soaring U.S. Dollar Spreads Pain Worldwide

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    The cost of living in Cairo has soared so much that security guard Mustafa Gamal had to send his wife and year-old daughter to live with his parents in a village 70 miles south of the Egyptian capital to save money.

    Gamal, 28, stayed behind, working two jobs, sharing an apartment with other young people and eliminating meat from his diet. “The prices of everything have been doubled,” he said. “There was no alternative.″

    Around the world, people are sharing Gamal’s pain and frustration. An auto parts dealer in Nairobi, a seller of baby clothes in Istanbul and a wine importer in Manchester, England, have the same complaint: A surging U.S. dollar makes their local currencies weaker, contributing to skyrocketing prices for everyday goods and services. This is compounding financial distress at a time when families are already facing food and energy crunches tied to Russia’s invasion of Ukraine.

    “A strong dollar makes a bad situation worse in the rest of the world,’’ says Eswar Prasad, a professor of trade policy at Cornell University. Many economists worry that the sharp rise of the dollar is increasing the likelihood of a global recession sometime next year.

    The dollar is up 18% this year and last month hit a 20-year high, according to the benchmark ICE U.S. Dollar Index, which measures the dollar against a basket of key currencies.

    The reasons for the dollar’s rise are no mystery. To combat soaring U.S. inflation, the Federal Reserve has raised its benchmark short-term interest rate five times this year and is signaling more hikes are likely. That has led to higher rates on a wide range of U.S. government and corporate bonds, luring investors and driving up the U.S. currency.

    Most other currencies are much weaker by comparison, especially in poor countries. The Indian rupee has dropped nearly 10% this year against the dollar, the Egyptian pound 20%, the Turkish lira an astounding 28%.

    Celal Kaleli, 60, sells infant clothing and diaper bags in Istanbul. Because he needs more lira to buy imported zippers and liners priced in dollars, he has to raise prices for the Turkish customers who struggle to pay him in the much-diminished local currency.

    “We’re waiting for the new year,” he said. “We’ll look into our finances, and we’ll downsize accordingly. There’s nothing else we can do.″

    Rich countries aren’t immune. In Europe, which was already teetering toward recession amid soaring energy prices, one euro is worth less than a $1 for the first time in 20 years, and the British pound has plunged 18% from a year ago. The pound recently flirted with dollar parity after Britain’s new prime minister, Liz Truss, announced huge tax cuts that roiled financial markets and led to the ouster of her Treasury secretary.

    Ordinarily, countries could get some benefit from falling currencies because it makes their products cheaper and more competitive overseas. But at the moment, any gain from higher exports is muted because economic growth is sputtering almost everywhere.

    A rising dollar is causing pain overseas in a number of ways:

    — It makes other countries’ imports more expensive, adding to existing inflationary pressures.

    — It squeezes companies, consumers and governments that borrowed in dollars. That’s because more local currency is needed to convert into dollars when making loan payments.

    — It forces central banks in other countries to raise interest rates to try and prop up their currencies and keep money from fleeing their borders. But those higher rates also weaken economic growth and drive up unemployment.

    Put simply: “The dollar’s appreciation is bad news for the global economy,’’ says Capital Economics’ Ariane Curtis. “It is another reason why we expect the global economy to fall into recession next year.’’

    In a gritty neighborhood of Nairobi known for fixing cars and selling auto parts, businesses are struggling and customers unhappy. With the Kenyan shilling down 6% this year, the cost of fuel and imported spare parts is soaring so much that some people are choosing to ditch their cars and take public transportation.

    “This has been the worst,” said Michael Gachie, purchasing manager with Shamas Auto Parts. “Customers are complaining a lot.’’

    Gyrating currencies have caused economic pain around the world many times before. During the Asian financial crisis of the late 1990s, for instance, Indonesian companies borrowed heavily in dollars during boom times — then were wiped out when the Indonesian rupiah crashed against the dollar. A few years earlier, a plunging peso delivered similar pain to Mexican businesses and consumers.

    The soaring dollar in 2022 is uniquely painful, however. It is adding to global inflationary pressures at a time when prices were already soaring. Disruptions to energy and agriculture markets caused by the Ukraine war magnified supply constraints stemming from the COVID-19 recession and recovery.

    In Manila, Raymond Manaog, 29, who drives the colorful Philippine mini-bus known as a jeepney, complains that inflation — and especially the rising price of diesel — is forcing him to work more to get by.

    “What we have to do to earn enough for our daily expenses,” he said. “If before we traveled our routes five times, now we do it six times.”

    In the Indian capital New Delhi, Ravindra Mehta has thrived for decades as a broker for American almond and pistachio exporters. But a record drop in the rupee — on top of higher raw material and shipping costs — has made the nuts much costlier for Indian consumers.

    In August, India imported 400 containers of almonds, down from 1,250 containers a year earlier, Mehta said.

    “If the consumer is not buying, it affects the entire supply chain, including people like me,’’ he said.

    Kingsland Drinks, one of the United Kingdom’s biggest wine bottlers, was already getting squeezed by higher costs for shipping containers, bottles, caps and energy. Now, the rocketing dollar is driving up the price of the wine it buys from vineyards in the United States — and even from Chile and Argentina, which like many countries rely on the dollar for global trade.

    Kingsland has offset some of its currency costs by taking out contracts to buy dollars at a fixed price. But at some point, “those hedges run out and you have to reflect the reality of a weaker sterling against the U.S. dollar,” said Ed Baker, the company’s managing director.

    Translation: Soon customers will just have to pay more for their wine.

    Wiseman reported from Washington, Chan from London, Magdy from Cairo and Wieting from Istanbul. Cara Anna and Desmond Tiro in Nairobi; Mehmet Guzel in Istanbul; Krutika Pathi in New Delhi; and Joeal Calupitan in Manila contributed to this story.

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  • Stocks are rallying now, but the 9 painful stages of this bear market are not even halfway done

    Stocks are rallying now, but the 9 painful stages of this bear market are not even halfway done

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    The official definition of a bear market is a 20% or greater decline from an index’s previous high. Accordingly, the three major U.S. stock-market benchmarks — the Nasdaq
    COMP,
    +0.90%    ,
    the S&P 500
    SPX,
    +1.14%
    and the Dow Jones Industrial Average
    DJIA,
    +1.12%
    — are currently all in a bear market.

    Based on my work with stock market strategist Mark D. Cook, a typical bear market goes through nine stages. Right now we are in Stage 4. Keep in mind that a bear market does not always follow these stages in the exact order. 

    1. Failed rallies: Failed rallies represent the first clue that a bear market is here. Failed rallies often appear before the market “officially” becomes a bear market. If the rally doesn’t have legs and cannot go higher for the next few days or weeks, it confirms that the bear’s claws have sunk in. Along the way, many failed rallies will fool bulls into thinking the worst is over. Watch the rallies for bear-market clues. The rally so far this week is an example. Now in its second day, a failure of this rally would confirm that stocks are not yet out of a bear market.

    2. Low-volume rallies: Another bear market clue is that stocks move higher on low volume. This is a clue the major financial institutions aren’t buying, although algos and hedge funds might be. It’s easy for the algos to push prices higher in a low-volume environment, one of the reasons for monster rallies that go nowhere the following day (i.e. a “one-day wonder”). 

    3. Terrible-looking charts: The easiest way to identify a bear market is by looking at a stock chart. It goes without saying that the charts look dreadful, both the daily and the weekly. While rallies help relieve some of the pressure, they typically don’t last long.

    4. Strong selloffs: It’s been a couple of years since markets have experienced extremely strong selloffs, but that record was broken the week of September 26 when the S&P 500 hit a new low for 2022. These strong selloffs are typical of a bear market, followed by rallies that don’t last (a roller-coaster that so far has played out during October).

    5. Mutual-fund redemptions: During this stage, after looking at their quarterly and monthly statements, horrified investors throw in the towel and sell their mutual funds (also, some investors refuse to look at those reports). As a result, mutual fund companies are forced to sell (which negatively affects the stock market). Typically, when the indexes fall more than 20%, mutual fund redemptions increase. 

    6. Complacency turns to panic: As more investor money leaves the market, many investors panic. The most bullish investors are holding on for dear life but are buying fewer stocks. The most nervous investors sell to avoid risking precious gains. 

    7. All news is bad news: As the bear market pushes stock prices lower, it seems as if most economic data and financial news is negative. Many people become skeptical of the bullish predictions from market professionals, who earlier had promised the market would keep going up. In the depths of the worst bear markets, some bullish professionals are jeered or ignored. Even die-hard bulls are increasingly nervous as the market heads lower and lower (with occasional rallies along the way). 

    8. Bulls throw in the towel: As trading volume increases on down days, and some investors experience 30% or higher losses, they give up hope and sell. The market turns into a free-for-all as even the Fed appears to have lost control. Many in the media admit that a bear market has arrived. 

    9. Capitulation: After weeks and months of selloffs (and occasional rallies), many investors are panicked. Investors realize that it may take years before their portfolios will return to breakeven, and some stocks never will. In the final stage of a bear market, trading volume is more than three times higher than normal. Even some of true believers liquidate positions, as many portfolios are down by 40% or 50% and more. Almost every financial asset has fallen, with the exception of fixed income such as CDs and T-bills. Traders or investors who trade on margin feel the most pain.

    Read: ‘Material risk’ looms over stocks as investors face bear market’s ‘second act,’ warns Morgan Stanley

    Take action

    This bear market is fairly young, but already there have been so many failed rallies that many investors are too afraid to buy. Some investors with cash are looking for bargains, but it takes nerves of steel to buy when everyone is selling.

    One of the keys to success in the market is to buy what people don’t want. Here are several ideas of what to do (and it is not too late to act): 

    1. During bear markets, a key to survival is diversification. If you are patient and are willing to hold positions for years, dollar-cost average into index funds on the way down. 

    2. In the early stages of a bear market, consider moving to the sidelines with CDs or Treasury bills. 

    3. Consider building a strong cash position, although inflation will cut into some of those gains. Nevertheless, losing to inflation is better than losing 30% in the stock market. The goal is not to lose money; in a bear market, cash is king. 

    The length and volatility of every bear market is different. No one can predict how this one will turn out, but based on previous bear markets, there’s still a long way to go before it’s over. 

    Michael Sincere (michaelsincere.com) is the author of “Understanding Options” and “Understanding Stocks.” His latest book, “How to Profit in the Stock Market” (McGraw Hill, 2022), explores bull -and bear market investing strategies. 

    More: Could there be a stock market rally? Probably. Would it be the end of the bear market? Probably not.

    Also read: Whatever you’re feeling now about stocks is normal bear-market grief — and the worst is yet to come

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  • September Inflation Figures Are No Cause For Alarm

    September Inflation Figures Are No Cause For Alarm

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    The headlines for last week’s inflation figures look very familiar. The Federal Reserve is “losing the war against inflation” and it can’t let up in the face of the “alarming US inflation figures.”

    These kinds of headlines are great for grabbing people’s attention, but otherwise they are not very helpful. As I (and others) have pointed out repeatedly, the year-to-year inflation rates will remain elevated for many more months even if the price level stays perfectly flat. That’s simply the math that we’re stuck with because the initial spike in prices was so high.

    But those year-to-year rates say little about whether the Fed is currently failing to tame inflation or if the current rate of inflation is alarming.

    To get a handle on these questions, one must look at the month-to-month inflation trends. The year-to-year changes reveal more about how the price level behaved earlier in the year. So, let’s check out those month-to-month changes that were released on October 13th.

    From August to September, the Consumer Price Index rose 0.4 percent.

    Is that figure alarming? Is inflation out of control? Those terms are rather subjective, but the monthly rate is well shy of the 8.2 percent annual rate reported for September.

    As for the monthly trend, starting with July, the previous three rate increases were zero, 0.1, and 0.4 percent. So, the September rate is a bit higher than August when the monthly change was just 0.1 percent. Still, the last three months look better than the previous four, when the CPI increased by 1.2 percent (March), 0.3 percent (April), 1.0 percent (May), and 1.3 percent (June).

    For the last three months, the rate of inflation averaged 0.17 percent. It averaged almost one percent for the previous four months.

    Then, there’s the bigger question of what should the Fed do? To answer that question, let’s take a closer look at the details underlying the last two monthly CPI releases.

    Many of the individual categories driving the overall inflation rate (i.e., driving the full CPI) were essentially unchanged from September to August. Changes in both major food categories and shelter, for example, were identical. New vehicle prices were only 0.1 percentage point different.

    One of the main reasons the overall CPI rate was up a bit is that transportation services increased 1.9 percent in September, while it had only increased 0.5 percent in August. Moreover, energy prices fell just 2.1 percent in September after declining five percent in August. (Gasoline prices fell 4.9 percent in September after falling 10.6 percent in August, and fuel oil fell 2.7 percent in September versus 5.9 percent in August.)

    A deeper look at those transportation numbers reveals what caused the 1.9 percent spike in September. The transportation services category includes the following three smaller items: (1) Motor vehicle maintenance and repair; (2) Motor vehicle insurance; and (3) Airline fares. From August to September, the first two items changed very little. However, airline fires increased 0.8 percent in September after having declined 4.6 percent in August.

    Given that so many of the other CPI categories were essentially unchanged from August, if airline fares had declined at the same rate as the previous month, the overall CPI would have been flat. In that case, the average rate for the last three months would have been very close to zero.

    Either way, there’s not much cause for alarm in the September numbers compared to the last few months. When the overall CPI barely moves for two consecutive months, and only increases by 0.3 percentage points because airline ticket prices rose (after having declined in the previous month), it’s hard to say the United States is experiencing runaway inflation.

    This finer level of detail also has broader implications for the Fed and the way that it conducts monetary policy. The Fed adjusts its rate targets based on the overall rate of inflation to either slow down the overall flow of credit or boost it. For the last year or so, the Fed has been tightening, trying to slow down the overall flow of credit to slow down the economy and, therefore, the rate of inflation.

    Whatever the Fed does right now with rates, it will likely have very little effect on airline fares. The Fed has poor price setting powers regarding specific categories of goods. Monetary policy is a very blunt instrument, and the past year has been a textbook case for why a central bank should not target prices at all.

    So, while it makes sense for the Fed to stay its current course–talking tough on inflation and raising its targets if market rates continue to rise–it must avoid the clickbait.

    Put differently, the Fed can ignore the dire headlines and avoid tightening so much that it causes a recession. If inflation expectations stay anchored–and there are indications that the Fed has succeeded on this front–the Fed won’t have to go crazy.

    As I’ve argued before, journalists can help the Fed manage these inflation expectations. Just give more weight to the recent direction of the price level and stop fixating on the “record” annual rates. Those are going to stay high for many more months unless the Fed engineers a massive, rapid price deflation. And nobody, least of all the Fed, wants that outcome.

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    Norbert Michel, Contributor

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  • Bitcoiners Have Cassandra’s Curse

    Bitcoiners Have Cassandra’s Curse

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    This is an opinion editorial by Mark Maraia, an entrepreneur, author of “Rainmaking Made Simple” and Bitcoiner.

    Legend has it that there was once a princess of Troy named Cassandra, the daughter of King Priam and Queen Hecuba, sister to Hector, the prince of Troy who famously fought Achilles (of heel-related fame). The god Apollo fell in love with her and in an attempt to woo her, he gave her the gift of being able to see the future. Unimpressed, she rejected his love. A god could not take back a divine gift once it had been given, so in his anger Apollo could only give her something more — this time a curse. Cassandra was fated always to see the truth of the future, but never to be believed by anyone who she told her vision to.

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    Mark Maraia

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  • 3 Easy Ways to Gain Confidence

    3 Easy Ways to Gain Confidence

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    Opinions expressed by Entrepreneur contributors are their own.

    As inflation rises, financial confidence declines. According to a recent New York Life survey, 62% of Americans are financially confident, down from 69% in January. Given the current period of high inflation, Americans are faced with more financial uncertainty than ever before. But how can we combat this?

    “Instead of worrying about what you cannot control, shift your energy to what you can create.” – Roy T Bennett.

    This quote is easier to read than follow! However, in the spirit of regaining power in an economic market that can leave us feeling powerless, here are three great steps that can orient us toward a greater sense of personal and financial confidence:

    1. Make efficient decisions
    2. Follow through with a realistic plan
    3. Have the willpower to take control

    As an investor, you cannot control the stock market or the rising gas prices. But you are in the driver’s seat with your self-awareness, self-assurance and self-determination. Confidence is about acceptance and belief in your strengths, skills and abilities. It is not innate; it can be grown and refined over time.

    Here are three guiding attributes that are foundational to confidence. Building insight into these concepts can empower you to strive for financial freedom and help you thrive in all aspects of your life.

    1. Self-awareness

    Personal

    Setbacks and obstacles are why we stop in our tracks, as we often focus on the negative outcomes which stunt us. To feel growth, we need to see and believe in our abilities to succeed and progress.

    One technique to help attain self-awareness is journaling. I know journaling feels like such an unrealistic task, but it doesn’t have to be an elaborate process if you don’t want it to be. It can be as simple as reaching for your phone to take notes when you see, hear or think about something that moves and inspires you. It really can be as easy as taking a screenshot of something that elicits deep emotion for you or jotting down a memory or reflection. The goal is to connect with thoughts and emotions within us that we would typically move on from. When we journal, we give them space to develop. I keep a notes tab on my phone, a physical journal on my nightstand and a photo folder on my phone that has stored quotes, photos or videos that inspire confidence and motivation in me.

    Another technique can be as simple as setting a time every morning, even just one minute, to be reflective and set an intention for yourself for the day. There is no wrong way to start. You have to give yourself the chance to create this growth by taking proactive steps toward building your self-awareness.

    Related: Why It’s Time to Dust Off That Journal

    Financial

    As you gather more information on a topic, you acquire more knowledge. Still, when it comes to Financial Self-Awareness (FSA), it is a little less about financial literacy in general and more about your financial situation. Many people can recite personal finance books or the ratios and formulas for excellent investment advice, but if you don’t know what your net worth is today, how can you make decisions about your future?

    Take some time to jot down your past successes and failures with money; this will give you clarity on your “why.” Once you have reviewed and developed a deeper understanding of your financial history, you can move forward with making the necessary decisions to reach your present and future goals. This clarity and intentionality will assist you in building more confidence.

    2. Self-assurance

    Personal

    This level of self-esteem is not built around knowing you are always right; it’s about being able to get up after you fall and still move forward. We all have strengths, so leverage them and ensure you are implementing them daily. We also all have moments of doubt, and we can move forward by harnessing the moments of assurance from revisiting our accomplishments. When was your last moment of success? Think of anything from gathering the courage to have a difficult conversation with someone in your life to finishing a painting, a book or a degree. Accomplishments come in all sizes, so celebrate them and often remind yourself of your successes.

    Financial

    Historically, money has been a taboo subject, especially for women. I grew up thinking it was rude or inappropriate to talk about money. As I got older, I (thankfully) stopped following that rule, which made me look for more information and continue to learn and understand it. Most people don’t talk about it enough, which is one of the reasons why most people have poor money management skills. This then turns into shame and embarrassment, which can keep us from being honest about money and seeking the right help. The more you talk about money, the more comfortable you’ll feel; consistency is essential. Having a financial plan might sound like a hassle at first, but it will save you from multiple headaches in the future. A financial plan gives you a goal that you can track and ultimately increase your economic confidence.

    Related: 12 Ways to Boost Your Confidence in 2022

    3. Self-determination

    Personal

    Determination is usually tied to actions like “I am determined to learn another language, ” which requires steps to accomplish. This is precisely what self-determination is: building a set of skills to reach those goals.

    What skills do you need to build on most? Here are a few to think about: Decision-making, problem-solving, goal-setting and self-advocacy. Psychologists Edward Deci and Richard Ryan developed a theory of motivation that suggested that people tend to be driven by a need to grow and gain fulfillment. Building life skills that escalate your knowledge allows for the independence you seek, and also increased relationships and interactions with others will lead to high self-determination.

    Related: How Resilience Led Me to Success

    Financial

    Take control of your financial journey by allowing yourself flexibility. Confidence is about understanding your strengths and weaknesses, which change over time. It is okay not to be an expert in all things finance; there are experts in the field who outsource help from others. Stay on top of your finances using financial tools like apps and calendar reminders.

    Looking to save more money? Use a budgeting app like Mint and schedule a time to revisit your budget regularly. A visual representation of your goals and progress will help you stay on track and motivated.

    According to a National Bureau of Economic Research study, nearly 80% of women struggle with low self-esteem and shy away from self-advocacy at work. This means four in five women may be held back in their career advancement by a lack of confidence and visibility. Let’s change these statistics and help each other increase our confidence. Remember that applying these steps takes practice. Start with what feels most comfortable and move on to the next. Becoming financially and personally confident will enable you to trust your abilities to manage your wealth and life fruitfully. Once you deepen your self-awareness, self-assurance and self-determination, it will become phenomenally easier to make efficient decisions, follow them with a plan of action and move with conviction. While inflation creates uncertainty for many, your financial confidence need not be wavered by outside factors.

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    Vanessa N. Martinez

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  • Biden vows “consequences” for Saudis’ oil output cut

    Biden vows “consequences” for Saudis’ oil output cut

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    Biden vows “consequences” for Saudis’ oil output cut – CBS News


    Watch CBS News



    President Biden is facing mounting pressure from his own party to punish the Saudis for cutting oil production. Nancy Cordes takes a look.

    Be the first to know

    Get browser notifications for breaking news, live events, and exclusive reporting.


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  • Binance-linked blockchain hit by $570 million crypto theft | CNN Business

    Binance-linked blockchain hit by $570 million crypto theft | CNN Business

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    New York
    CNN Business
     — 

    Binance, which describes itself as the largest crypto exchange by trading volume, is the latest company to be impacted by a major theft this year.

    A Binance-linked blockchain was involved in a $570 million hack late Thursday, a company spokesperson confirmed to CNN Business on Friday.

    Binance temporarily suspended its blockchain network, BNB Smart Chain, “due to irregular activity,” the company tweeted Thursday. The company said Friday that hackers had stolen two million BNB cryptocurrency tokens – which are issued by Binance – worth about $570 million at the time.

    Binance CEO Changpeng Zhao initially tweeted that an estimated $100 million worth of crypto had been stolen.

    “Your funds are safe,” Zhao tweeted on Thursday night. “We apologize for the inconvenience.”

    The company said $100 million worth of tokens remain “unrecovered” and moved off chain by the hacker. The remaining funds have been frozen on the BNB Chain.

    In order to carry out the theft, the hackers targeted what’s called a cross-chain bridge. Bridges, increasingly the targets of hackers in recent months, are the infrastructure that allow users to exchange crypto assets between different blockchains.

    Bridge services typically hold large reserves of various coins. These coin reserves are attracting the attention of hackers and turning blockchain bridges into prime targets for heists, according to blockchain analysis firm Elliptic.

    Some $1.83 billion has been stolen from bridges as of August, with the majority of that ($1.21 billion) taking place just this year, according to Elliptic. Some of the largest thefts this year include $190 million stolen from cryptocurrency bridge provider Nomad in August, California-based firm Harmony’s $100 million loss in late June, and Axie Infinity’s Ronin bridge $625 million hack in March.

    This latest attack put the BNB blockchain offline for about nine hours. In order “to stop the incident from spreading,” the chain ecosystem contacted each of the chain’s validators, who verify transactions on the blockchain as legitimate, BNB wrote in a company post.

    The chain was back up and running around 2:30 a.m. ET. according to a company tweet.

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  • Asian stocks moving lower in wake of latest volatile session on Wall Street

    Asian stocks moving lower in wake of latest volatile session on Wall Street

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    TOKYO (AP) — Asian shares were mostly lower on Wednesday following another volatile day on Wall Street, as traders braced for updates on inflation and corporate earnings.

    Benchmarks fell in Tokyo
    NIY00,
    +0.09%    ,
    Shanghai
    SHCOMP,
    -1.12%
    and Hong Kong
    HSI00,
    -2.90%
    but rose in Sydney.

    South Korea’s Kospi
    180721,
    +0.34%
    lost 0.1% to 2,189.86 after the Bank of Korea raised its key rate by 0.5 percentage point, amid the backdrop of Fed rate hikes in the U.S. and growing inflation risks from the weak won and rebounding global oil prices.

    In currency trading the Japanese yen declined to a 24-year low against the U.S. dollar
    JPYUSD,
    -0.24
    at 146 yen-levels, raising expectations of another intervention by Tokyo to prop up the yen. By midday the dollar
    USDJPY,
    +0.24%
    was at 146.17 yen, up from 145.80 late Tuesday. The euro
    EURUSD,
    +0.12%
    cost 96.96 cents, inching down from 97.07 yen.

    The weaker yen raises costs for both consumers and businesses who rely on imports of food, fuel and other needs, but the bigger purchasing power for foreign currencies is expected to boost tourism. Japan reopened fully to individual tourist travel this week after being closed for more than two years because of the pandemic.

    Japan’s benchmark Nikkei 225 lost 0.2% to 26,348.73 in morning trading. Australia’s S&P/ASX 200
    ASX10000,
    -1.54%
    gained nearly 0.2% to 6,656.00. Hong Kong’s Hang Seng slipped 2% to 16,491.39, while the Shanghai Composite shed 1.2% to 2,943.24.

    On Tuesday, the S&P 500
    SPX,
    -0.65%
    fell 0.7%, marking its fifth straight loss, closing at 3,588.84. The Nasdaq
    COMP,
    -1.10%
    dropped 1.1% to 10,426.19. The Dow Jones Industrial Average
    DJIA,
    +0.12%
    added 0.1% to 29,239.19, while the Russell 2000 index
    RUT,
    +0.06%
    rose 1 point, or about 0.1%, to 1,692.92.

    Recession fears have been weighing heavily on markets as stubbornly hot inflation burns businesses and consumers. Economic growth has been slowing as consumers temper spending and the Federal Reserve and other central banks raise interest rates.

    The International Monetary Fund on Tuesday cut its forecast for global economic growth in 2023 to 2.7%, down from the 2.9% it had estimated in July. The cut comes as Europe faces a particularly high risk of a recession with energy costs soaring amid Russia’s invasion of Ukraine.

    See: Global economy most vulnerable since COVID crisis, with housing market at potential ‘tipping point,’ IMF warns

    Wall Street is closely watching the Federal Reserve as it continues to aggressively raise its benchmark interest rate to make borrowing more expensive and slow economic growth. The goal is to cool inflation, but the strategy carries the risk of slowing the economy too much and pushing it into a recession.

    “The market desperately wants a reason for the Fed to be able to stop tightening and the data recently hasn’t given them that opening with respect to inflation,” said Willie Delwiche, investment strategist at All Star Charts.

    Computer-chip manufacturers continued slipping in the wake of the U.S. government’s decision to tighten export controls on semiconductors and chip manufacturing equipment to China. Qualcomm
    QCOM,
    -3.99%
    fell 4%.

    See: Intel reportedly plans to lay off thousands of workers, with details potentially emerging alongside quarterly earnings

    Uber
    UBER,
    -10.42%
    fell 10.4% and Lyft
    LYFT,
    -12.02%
    slumped 12% following a proposal by the U.S. government that could give contract workers at ride-hailing and other gig economy companies full status as employees.

    The Fed will release minutes from its last meeting on Wednesday, possibly giving Wall Street more insight into its views on inflation and next steps.

    Investors still expect the Fed to raise its overnight rate by three-quarters of a percentage point next month, the fourth such increase. That’s triple the usual amount, and would bring the rate up to a range of 3.75% to 4%. It started the year at virtually zero.

    Rex Nutting: Leading indicators show inflation is slowing, but Fed policy makers are too busy looking in rearview mirror to notice

    The government will also release its report on wholesale prices Wednesday, providing an update on how inflation is hitting businesses. The closely watched report on consumer prices will be released on Thursday, and a report on retail sales is due Friday.

    “Everyone is still hoping that every inflation report will be the one that shows that pressure is alleviating,” Delwiche said.

    Wall Street is also gearing up for the start of the latest corporate earnings reporting season, which could provide a clearer picture of inflation’s impact.

    Among the companies reporting quarterly results this week: PepsiCo
    PEP,
    +0.48%    ,
    Delta Air Lines
    DAL,
    -1.97%
    and Domino’s Pizza
    DPZ,
    -1.99%    .
    Banks including Citigroup
    C,
    -2.76%
    and JPMorgan Chase
    JPM,
    -2.89%
    will also report results.

    In energy trading, benchmark U.S. crude
    CL00,
    -0.75%
    lost 82 cents to $88.53 a barrel in electronic trading on the New York Mercantile Exchange. U.S. crude-oil prices fell 2% Tuesday. Brent crude
    BRN00,
    -0.56%    ,
    the international pricing standard, fell 62 cents to $93.67 a barrel.

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  • 3 Essential Steps for Startups to Keep Enough Cash in the Bank

    3 Essential Steps for Startups to Keep Enough Cash in the Bank

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    Opinions expressed by Entrepreneur contributors are their own.

    Until your startup is profitable and generating positive cash flow, there is one fundamental question you should be able to answer at any time: How much runway do you have left? Many founders think this question refers to when their cash balance hits zero. Unfortunately, you’ll be in trouble well before then.

    As your cash balance approaches the danger zone, your auditors may issue a “going concern” memo. Your bank might get nervous, restricting access to critical debt facilities. Key vendors will become worried when you start stretching out payments, tightening credit terms or even requiring cash up front before they ship that next order.

    You need to know the point at which your cash balance gets so low that you risk losing control of your company. Here are three essential steps to ensure you always have enough cash in the bank:

    Related: 10 Expert Tips on Managing Cash Flow as a New Business

    1. Calculate how many months of cash you have

    From the early days of Microsoft, Bill Gates insisted on having at least enough cash in the bank to keep the company alive for 12 months if revenue dropped to zero. Gates understood that cash equals control, and he never wanted to find himself in a position where he NEEDED money from someone else to ensure the company’s survival.

    When considering how much of a cash balance you need to maintain, use your forward-looking monthly forecast for operating expenses, inventory purchases and capital expenditures. Don’t rely on historical spending patterns. Most startups are on a growth trajectory that regularly ramps costs and investments, which means your forward-looking targets will be higher.

    2. Review these two simple ratios each month

    Just looking at your cash balance as an indication of financial health ignores the state of the rest of your balance sheet. Most importantly, how do your current assets compare to your current liabilities, defined as liabilities that must be settled in the next 12 months? Two simple ratios should be a consistent part of your monthly reporting: the quick and current ratios.

    The quick ratio measures your company’s ability to cover current liabilities with your most liquid assets, such as cash, marketable securities and net accounts receivable (“quick assets”). The formula for the quick ratio is: Quick Assets / Current Liabilities.

    The current ratio, a less conservative measure, compares all of your current assets, including inventory and prepaid expenses, to your current liabilities. The formula for the current ratio is: Current Assets / Current Liabilities.

    These ratios help uncover hidden problems that a seemingly healthy cash balance might mask. For example, when your business starts to miss sales targets, you will likely begin to stretch out payments to vendors to maintain your target cash balance. The current and quick ratios can let you know when those deferred payments are creating a risk level in current liabilities that could soon get out of hand.

    The target for these ratios will vary from company to company. Big red warning lights should flash if you have a ratio under 1.0. Your Board of Directors might want you to maintain a certain ratio to avoid triggering a fundraise or sale process. There might be industry averages that you can use to benchmark your company against peers.

    Assuming you have debt facilities in place, your bank might also have a point of view — which leads us to the third step.

    Related: Long-Term Success Starts With Managing Your Startup’s Runway

    3. Keep an eye on your bank covenants and “Events of Default”

    Another reason that simply relying on your monthly cash balance is a mistake is that you likely have debt facilities that you’ve used to strengthen your cash position. Triggering a default with your lenders can leave your company in a precarious position.

    First, be aware of your financial bank covenants. Often these covenants include a quick or current ratio target that you must maintain throughout the term of the loan. This is the bank’s way of ensuring you have enough liquidity to stay current on payments and eventually pay off your debt.

    Also, be aware that insolvency can trigger a default condition, which allows your bank to call your debt and demand full repayment. This provision is usually tucked away deep in your loan agreement, under the section called “Events of Default.” Insolvency is a technical term meaning that your total liabilities exceed your total assets. You can have cash in the bank, make your debt payments on time and still be technically insolvent.

    Maintaining adequate cash and liquidity levels is the key to always staying in control of your company’s prospects. With so much to think about as a founder, it’s easy to get lost in the weeds of weekly reporting and performance metrics. When all is said and done, spend a little extra time each month taking these steps to reassess your company’s financial health, and you’ll avoid nasty surprises that suddenly narrow your future options.

    Related: 5 Ways to Keep Your Business Finances Healthy

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    Eric Ashman

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  • How Elon Musk could change Twitter | CNN Business

    How Elon Musk could change Twitter | CNN Business

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    New York
    CNN Business
     — 

    Nearly three months after Elon Musk told Twitter he wanted out of his $44 billion agreement to buy the social media company, the Tesla CEO now once again wants to move forward with the deal.

    The reversal, if finalized, not only has the potential to create upheaval for Twitter employees but also for the hundreds of millions of people around the world who use the platform daily.

    In the first weeks after agreeing to buy the company in April, and before his move to bail on the deal, Musk repeatedly stressed that his goal was to bolster “free speech” on the platform and work to “unlock” Twitter’s “extraordinary potential.” He suggested he would rethink Twitter’s approach to content moderation and permanent bans on the platform, with potential impacts on civil discourse and the political landscape. He also talked about his desire to rid the platform of bots, even as he later made the number of bots central to his argument to abandon the deal.

    In private and public statements over the past six months, Musk has tossed out a wide range of other possible changes for the platform, from enabling end-to-end encryption for Twitter’s direct messaging feature to suggesting this week that Twitter become part of an “everything” app called x, possibly in the style of popular Chinese app WeChat.

    There have been more far-fetched suggestions, too. In one text exchange with his brother Kimbal Musk, revealed last week in court documents, the two appeared to discuss the possibility of asking users to pay for each tweet they post with small amounts of the cryptocurrency DogeCoin.

    Perhaps the biggest immediate impact if the deal goes through: Musk has indicated that he would restore former President Donald Trump’s account on the platform, which could be a huge advantage if Trump decides to make another bid for the White House in 2024.

    Now, with a deal that has long been in doubt appearing to be closer than ever to completion, some of those theoretical changes could soon become reality.

    Here’s what users should know:

    For years under former CEO and co-founder Jack Dorsey, Twitter emphasized its work to bolster “healthy conversations.” The company banned many accounts promoting abuse and spam, added labels for false or misleading information and banned the misgendering of transgender people.

    Under Musk’s ownership, Twitter could unwind steps taken to make the platform more palatable for its most vulnerable users, typically women, members of the LGBTQ community and people of color, according to safety experts.

    Musk has said Twitter, under his leadership, would have more lenient content moderation policies. “If in doubt, let the speech exist,” Musk said in one on-stage interview in April. “If it’s a gray area, I would say, let the tweet exist. But obviously in the case where there’s perhaps a lot of controversy, you would not necessarily want to promote that tweet.”

    Musk has also said he wants to make Twitter’s algorithm open source and make it more transparent to users when, for example, a tweet has been emphasized or demoted in their feed. (Leaders at Twitter have previously expressed support for moving in that direction, and the company often makes clear when it is demoting certain tweets or types of content.)

    But the most striking early change could come from who is and is not allowed on a Musk-owned Twitter.

    Musk has said he thinks Twitter should be more “reluctant to delete things” and “very cautious with permanent bans.” That could mean a long list of controversial far right figures and conspiracy theorists, among others, soon find their way back on the platform.

    Musk, for his part, has focused on bringing back one of Twitter’s most prominent former users: Trump.

    “I do think it was not correct to ban Donald Trump, I think that was a mistake,” Musk said in May. “I would reverse the perma-ban. … But my opinion, and Jack Dorsey, I want to be clear, shares this opinion, is that we should not have perma-bans.”

    Dorsey tweeted following Musk’s May remarks that he does “agree” there shouldn’t be permanent bans on Twitter users. “There are exceptions … but generally permanent bans are a failure of ours and don’t work,” he said.

    Trump has said he does not want to rejoin Twitter and will instead remain on his own social media platform, Truth Social.

    But if Trump were to accept a Musk offer to return to Twitter, it could restore a significant following he hasn’t had since being banned from the platform in January 2021, just as the 2024 US Presidential race ramps up. On Truth Social, Trump has only 4 million followers; on Twitter, he reached an audience of more than 88 million followers.

    Another notable change is simply who may be making these sensitive decisions.

    Musk has a mixed reputation in the tech industry. He is undoubtedly one of the most ambitious and successful innovators and entrepreneurs of this era, but he is also someone who has courted controversy, often from his own Twitter profile, where he has more than 100 million followers.

    Over the years, Musk has used Twitter to make misleading claims about the Covid-19 pandemic, to make a baseless accusation that a man who helped rescue children from a cave in Thailand is a sexual predator, to mock people who display their gender pronouns on the platform and to make countless jokes involving the numbers 420 and 69. He has also tweeted a (since deleted) photo comparing Canadian Prime Minister Justin Trudeau to Adolf Hitler and has compared Twitter’s new CEO Parag Agrawal to Joseph Stalin.

    Musk also previously sought to remove a Twitter account dedicated to tracking the movements of his private jet by offering to pay off the college freshman running the account (the account owner declined).

    The same day he sent his letter to Twitter attempting to revive the deal, Musk was widely panned for comments he made on the platform about Russia’s invasion of Ukraine. He suggested making Crimea, a region Russia invaded and annexed from Ukraine in 2014, “formally part of Russia.” Most followers responded “no” to his poll and Ukraine’s Ambassador to Germany Andrij Melnyk replied in a tweet: “F— off is my very diplomatic reply to you.” In a follow-up tweet, an apparently frustrated Musk seemed to blame the results of his poll on a “bot attack.”

    Until now, Twitter has, at least to some extent, been accountable for its policy decisions to advertisers, shareholders and its board. But those guardrails won’t necessarily exist under Musk’s leadership.

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