Finbold.com has launched the Coronavirus
Research Index (CRI) to identify countries that are putting in the most
effort in finding ways to manage the COVID-19 disease.
The index ranks the countries based on the number of active medical
coronavirus studies that show which countries are actually executing the most
research related to COVID-19 to understand the virus to find the effective
means of managing the disease. According to the Index, China, the United
States, and France are the top three countries leading in the number of active
studies related to coronavirus.
China leads in
studying coronavirus
The CRI shows that China has 60 active studies, with the United States
having 49 ongoing studies. On the other hand, France has 26 active studies.
Idas Keb, a co-founder at Finbold, on the findings commented:
“Interestingly, the index also reveals that while there is some correlation
between countries that have the most COVID-19 cases and the number of medical
studies, the majority of the countries are still far behind on coronavirus
research. For example, Spain, which is second by the number of confirmed
coronavirus cases, is not within the top 5 countries in the research index.”
The report features studies that are labeled as ‘Active’ on the
ClinicalTrials.gov database. The studies have a different status like
Recruiting, Not yet recruiting, Active not recruiting and Enrolling by
invitation.
The research index also highlights the study title, the status of the study,
the institutions carrying out the study and the interventions placed into
managing the condition.
Currently, the Finbold.com Coronavirus Research Index identifies 39
countries with ongoing studies on COVID-19. All listed countries have confirmed
cases of the novel coronavirus.
While trading, every
trader uses a unique trading strategies to navigate in the Forex market.
Strategies are used by traders to help them to trade in a profitable way. You
need to understand the fact that not all the strategies will work for every
trader. A simple trend trading strategy can help you to secure profit, but still,
you might not be able to make a decent profit after a few months. The market is
always changing its nature and it’s your duty to keep pace with this dynamic
market.
The market allows a
trader to work as per their skills and strategies. If you have good and
effective skills and strategies you will be able to make profits but if you
have a lack of skills and strategies then you will find it difficult to make
profit. Although there are some important principles that are common in the
entire market for all traders to achieve their goals.
Pay attention to the indicators
It’s important for all
traders to understand what is happening and what might happen in the market.
Through the analysis of Forex indicators, you can understand the market better. Indicators play a crucial role in the market, so all
traders should learn their uses. When you learn the use of the indicators, open
a demo account with Rakuten so that you don’t have to lose too much money.
You can find out the
economic situation of the market’s currency by using the indicators. The
indicators also help traders to identify the best time for entry and exit in a
profitable way. If you can identify the best times then it will maximize your
profits by reducing your losses.
Keep a personal trading record
Many traders fail to
keep accurate and faithful trading records and thus can’t identify their
previous mistakes or rectify them. Trading records can enhance a trader’s
entire trading system, as it allows you to trade by thinking twice to find out
whether you will make profit or not. Once you develop the habit of keeping the
record, you can execute quality
trades in the fx trading account. Most importantly, you will start building up
confidence which is the most crucial component of trading.
You can make better
strategies and skills in your trades by keeping trading records. A trading record
acts as a guideline for traders as it helps them to rectify their previous
mistakes and to trade with better strategies in the next move.
Embrace the risk management
If you want to become
a successful trader, you should never avoid risk management in your trades.
Risk management is essential for all the traders as they can lower the
percentage of losses in the trades by setting proper risk management. Never
break the rules of risk management as it can blow up the trading account. Stick
to the safe method so that you can earn big amount of money. Analyze the losing
orders and learn from your mistakes. Once you become good at trading, start
placing trades with confidence.
You should never risk
more than 2% of your trading capital and never change your risk management out
of greed. Many new traders set higher risk management in their trades and thus
end up losing their capital. It is also known that proper risk management is a
savior for traders as it reduces the percentage of losses.
Conclusion
You can have your own
rules for trading in the Forex market but don’t ever avoid the principle
trading methods. The above points will help you to trade in a profitable way,
you also need to pay attention to all the terms and conditions of the market.
The entire trading system may become easier for you if you learn and understand
the market more precisely. Mastering the Forex market is a never-ending
learning process.
Mining has become a very lucrative business. Due to
the rising demand for cryptocurrency, thousands of people are trying to earn
their living by mining it. In the past, mining Bitcoin was extensively popular.
But things are getting much better. People are mining different types of crypto
to compete with giant mining companies. Though you could have once made a
decent amount of money as a solo miner, nowadays it has become way more
difficult.
Does that mean, we the individual miners have no
place? Well, it’s a bit of a tricky question as the answer is related to the
actions of miners. If a person knows the ins and outs of the mining business,
it can be a life-changing profession. Let’s learn some of the key steps which miners
are using to make big profit from this market.
Return over
investment
The professional miners have a clear knowledge of ROI which is often known as a return over investment. You
don’t want to spend a huge amount of money setting up a personal mining rig
without knowing the ROI. You have to consider mining as a business and only
then will you be able to come up with a unique idea that will tell you how much
money might get from per month. Once you know your monthly income from mining,
it’s just basic math to find out how long it will take to cover the investment.
In the past, the mining process was much easier but things are extremely
difficult now. Unless you have a super-powerful mining rig, you should not
expect to get a full return from your investment within a short time. So,
consider the ROI factor whiling mining cryptocurrencies.
Selection of the
digital asset
Selecting a digital asset is the most complicated
task. It’s more like knowing what cryptocurrency to buy. Those who think Bitcoin mining is the
only way to make money have a lot to learn about the crypto mining industry.
People are mining Ethereum, Litecoin, Dash, etc. which is relatively easy. So,
how do you find the best digital asset to mine?
Pro miners use the real-time market data from bigX and they find the
cryptocurrencies which are most likely to go in up the near future. So, it’s obvious
you can’t make a big profit by mining one specific set of the asset. Try to
diversify your mining rigs so that it increases your win rate. It might be
tough for new miners but they must educate themselves to become pros.
The cost associated
with mining
Setting up the mining rig is not the only cost by
which you can make a decent profit from this market. You have to know about the
associated cost in mining. In most cases, electricity consumption becomes the
killers. But the
professional miners use alternative solar power to mitigate the mining cost. Setting up a solar
power hub for the mining rigs might be a very expensive process. Unless you are
going to commit to this business in the long run, you should not entertain this
idea. At times, you will also have technical faults in the mining rigs. To fix
these problems, you have to spend a good amount of money. Include those costs
in your mining business and find out how much money you can make from this
industry. This data will help you to scale the business.
Conclusion
Mining can be a very profitable business for those who
know the perfect way to run a rig. It requires constant supervision and
adjustments to the strategy so that you can efficiently mine cryptocurrencies.
Though new miners might not understand the importance of focusing on the minor
details, it plays a crucial role in the ROI factor. So, follow the tips of this
article very carefully.
Very few traders pay attention to the size of their
trading account. In most cases, the traders are biased in favor of leverage and
they are enjoying the high-risk trading environment. But leverage is only for
the expert Singaporean traders who know the risk management policy from the
core. They often find it hard to manage the leverage trading account. The best
practice is to use 1:10 leverage (maximum) while trading the real market. You
can say that without using the leverage, you won’t be able to support your
family. Well, it depends on the size of your account. If you invest $1000, it’s
very obvious you are not going to make a significant profit from this market.
This content is not going to be like a traditional
article. We are going to give you some key metrics that will allow you to manage the risk in trading.
Most importantly, it will help you to find the amount of money which you must
have to live your life with trading business.
Your family needs
First of all identity your family needs. Calculate the
basic costs of your family life so that you know the minimum amount of money
you need to make per month. In most cases, rookies don’t believe in such an
approach. They become fairly aggressive with the trading method and try to earn
money without having any goal. But such things are not going to work. This is not
how the professionals place their trade in real life. They have specific sets
of goals and for this reason, they can make a decent profit from this market.
Being a new trader in the Forex market, it will be tough to trade with goals. Without
developing these skills, you won’t be able to know the amount of money which
you must invest in trading.
Depends on your win
rate
The success rate of retail traders in the exchange traded funds greatly varies. You have to know your
success rate by using the demo account. Those who have a high success rate can
effectively use leverage. So, they will require a small amount of money. On the
contrary, those who don’t have a high success rate must trade with a low leverage
account. For them, leverage is like a time bomb. They will never know when it
costs them a fortune. So, work hard on your trading strategy so that you can
have a great win rate in trading. Never try to deal with the market with a low
win rate as it makes the trading process much more complicated.
Profit factors
You might be thinking about how much money you can
earn from this market. The professional usually makes 5-10%+ profit per month.
So, use the simple mathematical calculation and find out how much money you
need to support your family. If the number of too big, you must increase the
size of your capital. But this should be done professionally. Borrowing money
from other people to trade the market is a very big mistake. This is one of the most common reasons why
rookies are losing money in trading.
The rookies might not be able to earn so much profit
for the first few years. They should be happy with a 2-3% profit per month.
Once they become good at analyzing the profit factor, they can easily scale up
the size of their account balance.
Conclusion
There is no fixed rule to investing money at trading.
But stop investing money that you can’t lose in trading. If we talk about the rule
of thumb, it is imperative to invest at least $2000 at the initial stage.
Anything less than that will force you to overtrade. Once you start
overtrading, you are going to have a very long journey towards success.
DLM Capital Group – a developmental investment bank that supports economic and social infrastructure projects with the aim of driving GDP growth and improving lives.
Founding chairman and group CEO of investment firm DLM Capital Group, Sonnie Ayere
DLM Advisory Partners (DLMAP), formerly Dunn Loren Merrifield Advisory Partners, is the advisory and capital-raising arm of DLM Capital group. The principal services provided by DLMAP include financial advisory, debt capital-raising, equity capital raising, mergers and acquisitions, and company set-up advisory.
DLMAP has played a leading role in structured finance and securitisation within Nigeria. “We have acted as sole arranger to more than 80 percent of structured finance transactions in Nigeria, and 100 percent of all securitisation transactions in the market,” says CEO Sonnie Ayere.
Most
Innovative Transaction of 2019
In 2019, DLM executed the first Bus Rapid Transit (BRT) securitisation in Nigeria, working with the sponsor, Primero Transport Services Limited (PTSL). The system caters to residents of the country’s most densely populated city, Lagos. DLM raised ₦16.50bn ($45.8m) through the securitisation of the company’s BRT tickets receivables. The sponsor is licensed to operate the longest BRT route in West Africa, 35.3km, with its 434-bus fleet.
DLM Capital Group
A feasibility study conducted put the daily passenger carriage at about 226,300 passengers per day. Due to working capital pressures, the company was only able to serve an average of 135,000 daily passengers before the securitisation transaction in 2019.
The ₦16.5bn 17 percent Series 1 Fixed Rate Bonds issued were primarily used to refinance all pre-existing commercial banking loan facilities on the books of the sponsor. The transaction provided the company with savings in interest, shaving the cost of funds from 27 percent per annum to 17 percent. At the same time, it extended the tenor of the company’s debt from three years to seven.
With this transaction, DLM was able to provide the company with up to 10 percent savings in interest, reducing the cash required to service debt and improving the company’s working capital. DLM also advised on the restructuring of the company’s balance sheet by moving the operating assets into a new vehicle and eliminated the strain of depreciation charges.
Focus for
2020
DLM is in discussions with industry stakeholders and umbrella bodies to establish proprietary funding conduits across key sectors of the Nigerian economy. It intends to include microfinance, agriculture, education, health care and a continuation of other funding programmes for the mortgage, real estate and transportation sectors.
Working with a DFI partner, the company recently concluded the design of an aggregation vehicle aimed at providing local currency, wholesale funding solutions to micro-lenders in Nigeria by way of loan book securitisation.
A similar platform to provide financing to primary users of agriculture commodities is currently being developed.
Traveling for work is a complex issue
when it comes to your eligibility for workers’ compensation. The general rule
is that workers’ compensation doesn’t cover your commute to and from work.
Does Workers’ Comp Cover
Travel for Business?
Yes, workers’ comp covers travel for
business. When you’re traveling because of your work, you can claim workers’
compensation in the event of an injury. The workers’ compensation system
operates the same way whether you’re actively on the job or traveling for your
employer.
Personal errands during work travel are
not covered; however, the travel itself and incidental activities like the
hotel and meals still fall under the workers’ compensation system. Workers’
compensation covers travel for business except for strictly personal activities
during the trip.
Does Workers’ Comp Cover
Travel to and From Work?
Workers’ comp does not cover travel to
and from work. However, there may be situations when you are traveling related
to work that are actually covered. Travel to and from work is generally not
included. Still, if you are running errands for your employer or on a
work-related travel assignment, you may actually be classified as working.
It depends on whether you’re serving the
interests of your employer during the travel. Although the general rule is that
workers’ comp does not include travel to and from work, there may be situations
where your traveling counts as being on the job.
Workers’ Compensation and
Travel
The purpose of workers’ compensation is
to provide employees easy access to financial compensation when they’re hurt at
work. The general rule is that you can claim workers’ compensation for
work-related injuries. If you’re on the job and you get hurt, you can access
the workers’ compensation system to pay for your medical bills and provide
replacement income.
However, workers’ compensation doesn’t
cover the risks of daily life. For that reason, the employee’s personal commute
doesn’t fall under the workers’ compensation system. If you get hurt going to
or from work, you have to look to your own car insurance or personal insurance
to pay your expenses. You may also bring a third-party claim for financial
compensation, but the person or entity that caused your injury is responsible
for your damages, not your employer.
Traveling for Work
However, even if you’re traveling at the
time of your injury, you’re not necessarily out of the workers’ compensation
system. You may be traveling for work and not realize it. When you’re traveling
on company business, you’re still covered by workers’ compensation.
Even things that are incidental to the
travel itself, like staying at a hotel or eating meals while away from home,
can classify you as working for the purposes of workers’ compensation. It’s
essential to evaluate the entire circumstances present when the accident
occurs.
Buma vs. Providence Corp.
Development – Nevada Supreme Court
In theBuma v.
Providence Corp. Development case, the Nevada Supreme Court
recently clarified the rules when it comes to what counts as work-related travel.Nevada Revised Statutes 616C.150(1) states
that a person must show their injury arises out of the course of employment.
The court said that a person might be in the course of their employment even if
they’re not directly on the route of travel at the time of the injury.
In the Buma v. Providence Corp. case, the
victim was the vice president of sales for his company. He worked from home and
made his own travel arrangements. The victim traveled out of state for a
conference. He stayed at a ranch with a friend and affiliate of the company.
Together, the two prepared joint presentations to give on behalf of the
company. The victim died while riding an ATV on the ranch.
The third-party workers’ comp insurer,
and the lower court, denied the victim’s family workers’ compensation benefits.
They said that the accident did not arise out of work duties. However, the
Nevada Supreme Court vacated the lower court’s decision.
When Does an Injury Arise out
of the Course of Employment for Workers’ Compensation Purposes?
The Nevada Supreme Court said that an
injury arises out of the scope of employment when there is a causal connection
between the victim’s injury and the nature of the employee’s duties. UnderNevada Revised Statutes 616B.612(3), all
travel that an employee gets paid for is part of the course of employment.
However, even if part of the travel isn’t
compensated hourly, it may still be work-related travel. Generally, workers’ compensation
covers business trips. It covers the actual business part of the trip, but it
also includes staying in hotels, sleeping, eating, and other navigation that
has to happen for the trip.
Does the “Coming and Going”
Workers’ Compensation Rule Apply During Business Travel?
In the Buma case, the lower court applied
the “going and coming” rule. The rule prohibits compensation for injuries that
occur during the commute. The Supreme Court explained that the employer is not
liable for the daily dangers of the employee; however, the commuting rule isn’t
applicable when a person travels for work. Under Nevada law 616B.612(3),
traveling employees are covered, including acts that are incidental to
traveling.
The court said that work travel doesn’t
cover social and recreational activities that a traveling employee chooses to
pursue. These are things that occur for strictly personal amusement. To be a
personal activity, the employee must show an intent to abandon the job
temporarily. It’s a very fact-dependent question that depends on the unique
situation in each case.
Conclusion
The workers’ compensation commuting rule is complicated. There are times that work travel is covered, and you are eligible for benefits. Sometimes it can be a difficult question of whether you’re traveling for business. The Las Vegas workers’ compensation attorneys at Adam S. Kutner, Attorney at Law explain travel, and the 2019 Nevada Supreme Court case of Buma vs. Providence Corp. Development.
The best way to know if you qualify for
workers’ compensation is by getting a personal review of your claim by a
qualified and experienced attorney.
Just under half of firms in the UK (46%) and US (45%) predict their country will go into recession in 2020, according to research by trade finance provider Stenn
The poll of over 700 senior executives at medium-large sized businesses across the UK, US and China, also revealed that well over a third (37%) of UK firms and one in three (35%) US firms expect to see a global recession or international global crisis in 2020
In the UK, a third (33%) of firms expect the economy to shrink in 2020, with well over a tenth (14%) expecting it to contract by 1-3%
A further 6% expect the UK economy to stay flat with no growth
In the US, almost one in five (16%) expect the economy to shrink in 2020, most likely by 1-3% (7%)
In addition, 6% also expect it to stay flat with no growth.
Dr. Kerstin Braun, President of Stenn Group, commented: “2019 was
weaker than expected and the stakes are only higher for 2020.
Governments around the world are having to act forcefully to prevent the
economic hit from Covid-19 deepening, taking a coordinated approach
and opening the liquidity pipe for both fiscal and monetary support.
While a low interest rate provides an important cut in borrowing
costs for businesses and consumers at this delicate moment, the
coronavirus outbreak will be a real test of the health of the UK and US
economies. Lowering rates alone isn’t enough to be effective in offsetting the
economic impact of Covid-19. We already know the Chinese economy is going to be
hit in the first and second quarter.
“For us, the plunge in oil coupled with the economic damage of Covid-19 marked the beginning of a global recession. Our research showed that at the beginning of the year, half of UK and US businesses predicted a recession and a third predicted an international global crisis, and just three months into 2020 and we’re starting to see this play out.”
Methodology
The survey
was conducted by Atomik Research among 706 senior decision makers at
medium-large sized businesses, across the UK, US, and Chinese markets. The
research fieldwork took place on the 18th – 28th November
2019. Atomik Research is an independent creative market research agency that
employs MRS-certified researchers and abides to MRS code.
About Stenn
Stenn
International Ltd. is a UK-based, non-bank trade finance provider specialising
in cross-border trade. Stenn’s trade finance solutions are comprehensive and
can be combined to cover the entire supply chain from purchase order to
delivery of goods. Innovative practices allow Stenn to finance in sectors and
geographic regions currently underserved in global trade. The company
operates globally with offices in Buenos Aires, Los Angeles, Dallas, New
York, Miami, London, Amsterdam, Dusseldorf, Berlin, Mumbai, Chennai, Singapore,
Hong Kong, Guangzhou, Hangzhou, Suzhou, Shanghai and Qingdao.
The outbreak of the
coronavirus disease, COVID-19 continues to pose a significant threat to
businesses in the UK. The impact on supply chains, transport and international
travel is causing businesses to consider the impact of coronavirus on their
current or future contractual agreements. Here Julie Hunter a
commercial solicitor at Stephensons Solicitors LLP, discusses why it’s
important for businesses to understand their legal rights and obligations in
light of this global pandemic.
The outbreak of the coronavirus disease COVID-19
continues to cause severe disruption and uncertainty to global trade. Now
categorised as a global pandemic by the World Health Organisation, businesses
must consider whether the impact of the coronavirus could cause them to default
on their contractual obligations, whether this may be an inability to supply
goods due to the effect on the supply chain, an inability to provide services
due to travel restrictions or the cancellation of planned public events due to
quarantine. Many larger businesses have already started to issue statements to
their customers and suppliers in advance of any potential disruption caused by
the outbreak.
Can your business delay performance or fail to
fulfil its obligations under a commercial contract due to the coronavirus
outbreak without facing liability? The often-standard force majeure clause
contained in commercial contracts may mitigate risks and help parties navigate
the difficulties caused by the outbreak.
What
is Force Majeure?
A force majeure clause may relieve a party from
performing its obligations under a commercial contract due to the occurrence of
events which are unforeseeable or outside of its control. You can only rely on
a force majeure clause if it has been drafted into your contract. A force
majeure clause cannot be implied.
As force majeure has no defined meaning in
English law, the effect of a force majeure clause will depend upon the way it
has been drafted into each individual contract. Typically, force majeure
clauses can cover:
acts of God, such as natural disasters and extreme weather events
terrorist attacks, civil war and breaking off diplomatic relations
compliance with a law or order, rule or direction of the government
embargos
epidemics or pandemics
Your force majeure clause may give you the right
to suspend performance of the contract for a certain period of time or allow
either you or your counterparty to terminate the contract entirely on the
occurrence of a force majeure event.
COVID-19
as a Force Majeure
On 11 March 2020, the World Health Organisation
classified the coronavirus as a global pandemic. If your force majeure clause
covers the occurrence of a pandemic, then the coronavirus outbreak is likely to
constitute a force majeure event.
If your force majeure clause does not cover
pandemics, you must carefully consider whether the outbreak or its effects
could fall into any of the other force majeure events specified in your
contract. For example, you may find it possible to argue that the quarantine or
isolation restrictions effecting your supply chain constitute a ‘work stoppage’,
or that any international travel restrictions imposed in the UK and other
countries which restrict performance could constitute ‘compliance with an order
of a government’.
The court often interprets the precise wording of
force majeure clauses strictly. If the situation is unclear, you should seek
specialist legal advice on whether the coronavirus would constitute a force
majeure event under your contract.
Invoking
the clause
Even if the coronavirus qualifies as a force
majeure event under your contract, you may not necessarily be able to invoke
your rights under the force majeure clause.
Most force majeure clauses require you to
demonstrate that the event itself has prevented performance of your contract.
This means that if the coronavirus outbreak is simply causing performance to be
more difficult, costly or time-consuming for your business, this may not
necessarily be enough to invoke the clause.
Additionally, it may not always be desirable to
invoke your force majeure clause for commercial reasons. You may need to
consider the following matters:
Is the force majeure clause / event open to interpretation? Your counterparty may dispute your entitlement to any force majeure remedies and seek to enforce performance of the contract.
Could your insurance policy cover any losses or business interruption instead?
Will other parties / business be facing similar problems with supply or performance? Could you negotiate new terms to navigate the issues?
Would exercising the force majeure clause damage your ongoing relationship with the counterparty? Is there a reputational risk if the matter became public?
Breach
of contract
It is possible that the effects of the outbreak
on your business may not be covered by the force majeure clause as drafted or
you may not have the option of relying on a force majeure contract at all.
If this is the case, any failure to perform your
obligations under the contract (even if the failure is attributable to the
coronavirus) may constitute a breach of contract which you could be liable to
the counterparty for. However, there may be other mechanisms in the contract or
under English contract law generally which may assist you and it is imperative
to obtain legal advice should you find yourself in this situation.
Seeking
a legal specialist
If you are currently considering entering into
new contracts or are reviewing your contracts in light of the coronavirus, you
should seek legal advice on strengthening your force majeure clause.
If you are currently facing threats of litigation over failed performance caused by the coronavirus or are considering invoking your force majeure clause, it is important to seek legal advice on your rights of termination and breach of contract.
About
Stephensons
Stephensons Solicitors LLP is a full-service law
firm with offices in Bolton, London, Manchester, St Helens and Wigan.
AMID all the uncertainty caused by the coronavirus outbreak business
owners may feel their fate isn’t in their own hands – but in fact there’s lots
that they can do to help them take control.
David Tew
“These are uncertain times. No-one knows exactly how this is going to play
out. But there are certain things you can do to protect your business,” said
David Tew, a dispute resolution specialist with Cartmell Shepherd Solicitors.
“A bit like the advice across society about taking sensible steps such as
washing your hands, there are steps you can take as a business to protect
yourself,” said David.
Here David shares half a dozen simple steps aimed at helping you and your business to be prepared and to focus on what you can control.
1. Check your ongoing contracts
“Check your contracts. What are your obligations and your rights?
“Will coronavirus allow a contracting party to pull out of its obligations
on an existing contract? It depends very much on what is the exact wording in
the contract.
“In particular you should be checking is there a force majeure clause in
your contracts which allows a party to suspend or terminate the performance of
its obligations when certain circumstances beyond their control arise.
“If there is not a force majeure clause then it is possible to look at the legal doctrine of ‘frustration’ where it is impossible to complete a contract because of a change of circumstances outside your control. But this is open to different interpretations and may be difficult to rely on, highlighting the importance of ensuring that your contracts are fit for purpose.”
2. Check your insurance policies
“Have a close look at your business insurance policy to see if you have any business interruption coverage and check exactly what those terms are.”
3. Carry out a risk assessment
“Carry out a general risk assessment on all parts of your business to identify exactly what is at risk, and then focus on controlling those areas which are within your control.”
4. Take practical steps
“So far much of the focus has been on the international aspect of
coronavirus. But that is set to move to a more domestic level and it is
important as a business owner that you do everything you can now to make sure
you, your employees, your supply chain and your clients are as prepared as
possible.
“If we are moving towards a situation where the advice will be for more
people to self-isolate, or if there are restrictions of movement, then there
are practical steps that you can take now to mitigate those risks.
“If you want to move to more remote working, then check the practical issues
that will involve. Do the business processes and procedures work remotely?
Check employee policies – do they cover working from home? Is it practical for
all employees to work from home? Do they have a safe environment to work in?
“Review your supply chain. Have a discussion with those in your supply chain and discuss action plans with them.”
“Identify ways you can work together. There will be cases where because of
the way a contract has been worded, it is within your legal right to ensure
that those obligations are met. But that might not be the best approach when it
comes to long-term business relationships.
“You are likely to want those relationships to be positive in the long term.
And while the temptation might be to jump on the specific wording in a
contract, remember that your clients and customers will still be here long
after this situation has come and gone. How you act now, is likely to affect
those business relationships in the future.
“By showing flexibility and understanding and being willing to restructure that arrangement in the short term, is likely to be of benefit in the long term.”
6. Ensure you have good legal advice
“A good solicitor will help you with your concerns and give you the advice
on how you can best protect your business. We have a six-strong team in dispute
resolution at Cartmell Shepherd led by director Mark Aspin. If you are unsure
about anything it is always best to ask.”
The Institute for Family Business (IFB) is calling on the Chancellor to use his Budget on Wednesday to create an environment that gives family businesses the confidence to invest in future growth.
Reports
that the Chancellor intends to review the Business Property Relief (BPR) in the
upcoming Budget, are deeply concerning to the UK’s family run businesses.
Family businesses employ over 13 million people and generate 28% of the UK’s
GDP. Family firms continue to exist for generation after generation by innovating,
adapting and looking for new markets and opportunities. They make investment
decisions for the long term.
Every
year 85,000 family SMEs are expected to transfer ownership of their businesses
to the next generation. Removing BPR would force family run firms to pay a tax
penalty on transfer, which others don’t have to.
Fiona
Graham from the Institute for Family Business said:
“Family
firms are the driving force across all regions, communities and sectors of the
UK. Well over 80% of businesses in Yorkshire, the North West and the East and
West Midlands are family owned. In those four regions alone family firms employ
nearly four and a half million people.
“Inheritance
tax relief is essential to their future prosperity. Scrapping it would
have a catastrophic impact on family firms. It would lead to family run
businesses being sold or broken up to pay an Inheritance Tax bill, with knock
on effects on employment. It will also damage confidence in the sector,
where families would reduce investment and always plan for the worst.
“The
introduction of BPR positively impacted the health of family businesses and the
wider economy by giving business owners the confidence to invest and expand.
“The
majority of British businesses are family businesses. They are dependent
upon BPR for their current and future prosperity. Any change to it would
inevitably result in a decline in growth and investment coupled with stagnation
in the number of new jobs being created.
“As the UK seeks to level up nationally in the coming years, the success of family businesses will be a crucial factor in doing so. In order to succeed and grow, they require a stable tax system and an economic environment. The future of the family business sector – and ultimately the Government’s ambitions for regional growth and investment – rely on maintaining BPR.”
The Institute for Family Business is the UK’s family business organisation, supporting and promoting the UK family-owned business sector through events, networking, representation, and thought leadership.
Two-thirds of British businesses are family businesses – ranging from multinational, multibillion-pound businesses to micro start-ups, the sector employs over 13 million people and contributes £182 billion in taxes.
