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The Tyranny Of Algorithms

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They live with us, even though we don’t see them. They are there, every minute, without us repairing them. Wherever the eye can see. They have more influence on us than our mother.

Which is saying. The economy of algorithms has permeated in recent years a business culture that seeks to constantly monitor the steps of Internet users. Subjected under an iron fist in the form of complex mathematical sequences and operations. They are behind the digital services that we consult on a daily basis, but they are increasingly being extended to all businesses.

They are among us. There are algorithms to predict the weather, traffic jams and even love. There are those who compose music and paint pictures as if it were Van Gogh . Others, on the other hand, are behind the creation of fake news and are able to predict who will win in an election.

As citizens cede power to machines, the more concerned is what is beyond their control. Are algorithms useful? Should they be auditable? They are sometimes thought of as the Coca-Cola formula:secret, opaque, lucrative. In reality, they are still instructions that serve the machines their power of decision.

They feed on data given by users, adjusting and personalizing user experiences. Yes, they have a lot of potential for decision making. An entrepreneur of the future will have (if he does not already have it) a machine at his disposal that will offer him the most optimal results when faced with a problem.

No, no, machines will not rise up against humans, but there is, in a way, a tyranny of algorithms in today’s societies as they are present around us. That also wants to put a stop to regulatory bodies and authorities. The goal of today’s visionaries is to equip it with ethics so that it does not disengage from social justice for decades to come.

That is, reducing gaps rather than opening them further. «An algorithm is an information system. Information generates knowledge that, by definition, is positive for us: you know more about things.

Another thing is how you use it. The technology is not good or bad, it depends on its use, ”says Xavier Ferràs, professor in the Department of Operations, Innovation and Data Sciences at Esade in a telephone conversation with ABC .

Those famous algorithms are the instruction book of the great digital services that have conquered society in recent times. Netflix, the multimedia content “streaming” platform, knows perfectly at all times the programs that best suit a given consumer .

And the implemented software itself encourages, precisely, to take out that television thirst. He changes captures of his series when one has given the lug. ” Lady’s Gambit, ” for example, stars the stunning actress Anya Taylor-Joy .

Now, one of his (minor) appearances has been reinforced with his image to capture interest: “Peaky Blinders.” Its algorithm is capable of recommending some series and not others.

The same happens on other platforms like Spotify. The most earthly example is Facebook: what you see is the product of your imagination. Edgerank, as it is called, decides the content that appears on your profile.

Any modification, no matter how small, has an impact. If not that they tell the media, they have suffered a notable loss of traffic due to the decision to give more visibility to the publications of friends. “Many of the things that happen to us do not escape the control of algorithms.

And, no matter how much they come to us from intelligent machines, there are always incredible things, “says Marta García Aller , author of” The Unpredictable: Everything that technology wants and cannot control by video call.»(Planet, 2020).

Advances in the field of Artificial Intelligence are reaping great achievements for the economy and, by extension, humanity. There are countless examples of how companies and businesses apply it on a daily basis to improve their industrial processes.

And they achieve harmony with efficiency. An AI, without going any further, is helping African farmers in Zambia get instant information on plant diseases and weather patterns, previously only sourced from agricultural experts and meteorologists.

There are also systems that indicate the fastest route to a certain point. Thanks to these computer resources, new exoplanets have been discovered. There is an endless stream of examples of the opportunities this emerging technology has provided. “There is a new generation of information systems that are capable of learning about themselves, which is a matter inherent to the human being,” says Ferràs.

In this sense, experts consider that machines should be seen more as companions than as natural substitutes. It will always take intuition and creativity, something inherent in the human condition. The machines, from what they can provide us, is information.

That otherwise would be impossible to profess, but “artificial intelligences” can. Whoever decides what is fair or good or bad has to be a human. “That algorithms turn society into a more just, democratic or authoritarian society does not have to portray algorithms as a dictatorship.

We need electricity, but we do not say that it is a dictatorship», Adds García Aller. Ferràs wonders, in that sense, if technology creates or destroys jobs. His argument: “It depends on whether you do it or you consume it. If you are a mere consumer, you may be a passive element of the economy.

AI is going to permeate all aspects of everyday life. We do not realize how necessary it is. García Aller makes it clear: «He is going to transform human relationships, love, work; Little by little it is transforming everything, but what we have to ask is that the companies that design them, which are corporations, be more transparent in their calculations.

Because they are not neutral, they have an end And we know that machines lack ambition. What these algorithms are looking for is what a human has wanted. For Ferràs, this technology has impressive applications in all areas. Now machines can recognize voices, faces, images. They can understand the patterns of word meaning, strategic movements in a game,

What Drives Companies To Use Low Code?

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Low-code represents complicated software with a simple user interface that even the unskilled line-of-business employees can easily understand, modify and even use. They make it possible for any unskilled user with no IT experience to develop and customize business software and make them directly usable in business.

Because the cost of hiring IT experts remain high, small companies that are not in a position to pay hire levies for application development use low-code platforms. These allow business and tech professionals without any coding experience to seamlessly build and deploy apps. According to creatio, nearly 60% of custom applications are currently built without involvement of the IT department with 30% of the work done by workers with no technical skills in coding or app development.

A number of companies are therefore considering migration into low-code development platforms and other new business innovation alternatives. Some of the main reasons for this migration are discussed below.

Faster Speeds In Development

Study shows that nearly half of software development projects are late. This may be attributed to the general thought that requirements of IT projects usually grow longer as the project grows. While it will take almost equal amount of time to gather project requirements, low-code platforms use pre-built templates that appreciably shorten the time taken in app building. This is one of the key reasons why companies use new technologies.

Lower IT Costs

In 2018, software developers received an average salary of over 105,000 dollars, not mentioning other expenses such as the cost of hiring, training, onboarding, healthcare and 401(k) contributions.

This kind of budget makes it very costly to hire a software developer particularly for smaller companies with low budget muscle and lack IT expertise. In addition, it may not be cost effective in the long term for companies that intend to build applications on needs basis only to hire full time IT staff.

Low-code leverages these problems by lowering demands on internal IT departments and giving more power to non-tech users as to be able to automate a bigger percentage of the building process.

Generally, a high-quality low code platform is much cheaper than the cost of hiring a single professional software developer. This helps smaller companies to save and be able to re-direct budgets into more demanding departments for accelerated growth.

High Agility In Business

Want to use low code to grow your company? Increase the efficiency of developers using this platform.

Engineers are able to work faster on projects and spare more time for other assignments while working with these tools. By making app development quicker, business processes are executed much faster making businesses more flexible and agile.

On the other hand, if your company works in a project with a third party, it becomes more difficult and takes longer time to finalize or even make changes to the project. This process is equally more expensive as additional hidden costs may be involved in the process of engaging your partner. Low-code however makes the process of developing applications easier and cheaper as you can easily adjust your projects, save time, money and effort.

User Experience

Companies want platforms that deliver unbeatable user experience to their workforce. This is why they queue for low code development platforms.

It is true that enterprise software can get the job done. However, a greater percentage of users say that they do not deliver a thrilling experience as compared to consumer software. Remember, a deprived user experience can badly impact the productivity, motivation and efficiency of workers.

On the other hand, with low code, users have full control of the experience they get on their own hands. Employees therefore have more power to utilize low-code features as well as customize inbuilt user interfaces for enhanced user experience and increased productivity.

Enhanced IT Governance

Gaps in IT governance leads to “shadow IT” among employees. Shadow IT occurs in cases where employees develop a feeling that the tools provided are inferior and may not be very effective in getting the jobs executed effectively.

Low-code development improves IT governance by eliminating shadow IT within an organization. Employees can therefore use low code platform to develop the software they need instead of depending on third party solutions. This delivers more insight, IT visibility and improves oversight into your employees’ work.

Organizations must however take precaution that the push for low code does not undermine IT governance by ensuring that things remain in control.

German Startups Receive Less Money From Investors

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Emerging companies received, for the first time in a long time, less money from investors during the crisis generated by the coronavirus pandemic (COVID-19), revealed a study carried out by Comdirect bank with the consulting firm Barkow Consulting and the investor from Commerzbank Main Incubator.

According to the study, financial technology or Fintech startups received 953 million euros (about $ 1.1 billion) in venture capital from January to September, which was almost a third less (29%) than in the first nine months of last year , when funds and business groups invested around 1,300 million euros in this sector.

The report shows that the crisis triggered by COVID-19 halted the financing phases in the third quarter and forecasts a decline in investments by the end of the year compared to the strong quarter of the previous year.

“Although 2020 will be the second best year for investments made in the Fintech sector in Germany , the lower number of investments with a volume of more than 100 million euros is having a clearly negative impact,” said Matthias Hach, member of the board of directors of Comdirect.

The fall in financing represents a turning point for Fintech companies , who want to use intuitive technology to make savings, investment, insurance or real estate services faster and more convenient.

Since the study began in 2012, investments in startups were on the rise every year, even in 2018 and 2019 there were growth rates of more than 50% compared to the previous year.

During the long economic boom and in view of low interest rates, investors did not notice money, and start- ups received record amounts for their business ideas.

According to the study, more than 6,000 million euros in venture capital flowed into this sector since 2012, to which must be added investments for acquisitions and debt capital.

In the current year, the industry continued to grow to 946 fintech companies at the end of September, although fewer were created.

In Hach’s view, innovation in the financial sector remains high: “In times of low interest rates, there is a greater trend for simple and mobile investment opportunities.”

The Fintech are benefiting from the digitization of the financial industry. However, according to a study by the consulting firm PwC, in recent years, a series of bankruptcies and acquisitions revealed that relatively few survive.

Among the most successful financial start-ups are interest rate portals, which allow savers to choose the banks that offer the best terms from among the many offers.

Some robots have also grown that invest their capital in a diversified way in the stock market, as well as the N26 bank in mobile banking.

China and Panama are destined to be natural partners

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For Wei Qiang, Ambassador of the People’s Republic of China in Panama , October 21 is a memorable day.

Three years ago on a day like today, “I got up early for the first time in Panama as the ambassador of China, accredited to this beautiful country.”

Four months earlier, in June 2017, Panama established diplomatic relations “with the vehement desire to build a relationship of association, cooperation and win in pursuit of the goal of common development,” he said.

Ambassador Wei Qiang highlighted that a second reason for satisfaction, regarding this day, was the possibility of participating, and opening the Forum organized by Capital Financiero and Connectax, China and the business opportunities in the post-COVID-19 economy .

The event took place this Wednesday, October 21, moderated by Hitler Cigarruista, director of Capital Financiero and with the sponsorship of the Embassy of the People’s Republic of China in the Republic of Panama.

The ambassador said he was convinced that China and Panama “are destined to be natural partners to carry out good business with each other, and generate benefits for both parties, given the extraordinary geographical position of Panama that radiates to the rest of the region.”

When carrying out an evaluation of these three years, he said that “the commercial flow has registered continuous and very strong growth between China and Panama.”

He points out that in terms of volume, and according to statistical data from the United Nations (UN), China was “Panama’s first commercial partner.”

It is worth mentioning, he added, that this upward trend in our bilateral trade has a favorable connotation from the point of view of the trade balance, with the increase in Panamanian exports : meat, aquatic products or copper ore.

In this way, he argued, the traditional direction and sense of this bilateral exchange was reversed, still with a modest margin.

“The Chinese market is dynamic and above all large, broad, and of increasing depth in terms of purchasing power, as the number of middle-class consumers increases,” he explained.

He analyzed that this scenario is further strengthened “by the resolute policy of openness with which the Chinese government is committed, in line with its effort to promote economic globalization in a direction of more equity, inclusion and general benefits, always advocating for in favor of trade liberalization and facilitation ”.

The Ambassador Wei Qiang admitted that the world faces difficult times of economic crisis and unprecedented socio economic circumstances.

He said that China , even though it was the first victim of the pandemic, as the second global economy, and with its resilience capacity, can impact the rest of the world.

He argued that the Chinese reaction to COVID-19 has been based on the philosophy “of the Chinese State to put human life and security in the most sacred place, by adopting the corresponding public policies, whatever the cost in economic terms.”

He said they were the most drastic measures “and never seen in the 70 years of life of the ROC”, with hermetic closures of the borders, the discipline of its citizens and the investment of resources “without sparing that effort in terms of providing human and material resources to save lives ”.

The first semester closed in China with a contraction in its economy of -6.8% , “the first fall in more than 40 years.

“Faced with this bleak picture, the Chinese government was not discouraged; he was optimistic and confident in the post- covid recovery ”, the ambassador said.

In fact, in the second quarter the Chinese economy rebounded to 3.2% and at the end of the third quarter, it reflected a rate of 4.9%, “thus reversing Chinese growth from negative to positive. I think it is the first case among the main economies of the world ”, he explained.

He commented that the food sector always maintained a positive trend, with positive growth even in the first quarter, reflecting 3.5%.

” China’s food reserves look robust and this has significance for the social and economic stability of the world’s most populous nation,” said the ambassador.

He noted that the financial sector remains in a strong position, as well as the so-called emerging sectors, “with the new engines of electronic commerce and high-tech manufacturing .”

Also, “the optimistic business expectations, domestic and foreign, are improving with respect to China.”

In summary, he stressed that the Chinese economy maintains good prospects for continuous development and presents good viability for growth in consumption, under conditions of the new normal.

He announced that “the Chinese government has adopted measures designed to promote exchange and cooperation with the rest of the world, including Latin America and the Caribbean.”

In the case of Panama , he highlighted the opening to quality products such as pineapple, coffee, meat and coiba, “with a good perspective regarding poultry and pork.”

He reiterated that confidence in human resilience cannot be lost as a condition for overcoming the crisis.

Any Lam Chong, former permanent representative in the Office of Commercial Development of Panama in the People’s Republic of China and who participated directly in the process of establishing diplomatic relations between Panama and China, offered, in a personal capacity and based on materials that They are for public consultation, a general look at the current trade agreements between Panama and the People’s Republic of China.

He detailed the current memoranda that have allowed to sponsor trade, investment, exchange information regarding fairs, deepen agricultural cooperation, promote cooperation in Economic and Commercial Zones, as well as Panama as an Approved Tourist Destination.

In the same way, these memoranda have allowed the development of sanitary and phytosanitary measures and requirements for the export or import of products of animal and plant origin.

In relation to the Free Trade Agreement (FTA), the international analyst recalled that on January 16, 2018, the feasibility study began to explore the possibility of negotiating it.

It is on June 12, 2018 when the negotiation of a trade agreement is officially launched, resulting in five rounds of negotiations, the last one held from April 24 to 26, 2019 in Beijing.

He acknowledged that “the negotiating table has new players and has been hit by the pandemic and the priority is now not a trade agreement.”

In my personal opinion, he reflected, the government is focused on seeking mutual cooperation with China on health, agriculture, education and technology issues.

In this regard, it considers that there are business opportunities using other agreements, even if it is not the FTA, in addition to taking advantage of the approval of current health protocols.

He also stressed that Chinese technology platforms open up new business opportunities that must be explored.

The future of exports
Rosmer Jurado, former president of the Panamanian Association of Exporters (Apex), when offering an overview of Panamanian exports during 2019 (See: Panama Exports table , main products ), highlighted that last year bananas were the big winner by leading shipments.

Items such as coffee, with niche products and differentials, have also made it possible to consolidate the country brand.

He recalled that the official statistics do not include re-exports through free zones , even when these platforms are used to generate exports to other markets.

In 2019, a record figure of $ 1.2 billion in exports was achieved, mainly associated with the export of copper concentrate, destined for the Chinese market.

“The export of services has been our strength, but now we are seeing that there is a potential for the export of goods,” he said.

The former Apex president acknowledges that 2020 was forecast as a spectacular year for exports, but the pandemic reversed this scenario.

In the case of exports to China, fishmeal led ( See: Exports to PR China by item ).

However, Panama’s entry into mining, and specifically copper concentrate exports, triggered exports to the Asian nation ( See: Exports to the People’s Republic of China with copper ).

In fact, he stressed, the traditional participation of the United States, the Netherlands and the European Union were in second and third place at the time that Panama incorporates the sale of copper.

In perspective, Jurado points out that in trade with China, food will be in wide demand.

The protocols for beef, fish (cobia and skipjack), pineapple, banana and pork are already approved.

In process are aquatic products (the plants need to be certified) and birds (by signing the protocol).

Similarly, the former president of Apex reiterated an ever-current issue on the agenda of the Panamanian producer and industrial sector: position the country as a regional food hub and thus emulate successful experiences such as those of the logistics, air and banking hub.

This idea is connected with the Special Regime for the Establishment of Agropark Operators and Developers, which aspires to use local and regional inputs, add value and take advantage of the strength of the Panamanian logistics sector as an export platform to different markets.

José González, specialist in financial and investment issues , acknowledged that China’s results for the third quarter show resilience.

“China could grow almost 2% this year. It is the only country that grows in the world ”, he affirmed.

He warned that the global economy will decrease 4.4%

In the case of Latin America, he reasoned, the impact of the crisis shows that it is not just what he did or did not do; it is actually a reflection of preconditions and means bigger challenges ahead.

In the case of Panama, he said that in the relationship with China the issue of agribusiness is key for Panama, as well as its strategic location in the context of the new Silk Road.

The Digital Tax Is An Act Of Justice

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The income generated by the digital economy leads to the debate of why and how companies should pay taxes in countries that allow them to profit from their citizens.

Publio De Gracia , director of the General Directorate of Income (DGI) of the Ministry of Economy and Finance (MEF), points out in this regard that he has managed to hold meetings with representatives of platforms such as Google, Amazon and Facebook to listen to them and, in the same way, share the point of view of the Panamanian tax administration , according to which “the important thing is that the digital economy contributes to the collection of our countries as an act of justice .”

In this sense, De Gracia shares the appreciation of Pascal Saint-Amans , director of the Center for Fiscal Policy and Administration of the Organization for Economic Cooperation and Development (OECD), who has just said that the digital rate carries this vision implicitly of equity, in relation to those who carry out their work from a physical headquarters.

The director of the DGI shared his insights during the virtual forum Digital Economy: Tax challenges and opportunities , organized by Connectax, Iesa and Capital Financiero .

The forum, moderated by Reynaldo Díaz , director of Connectax, also featured the intervention of Marcio Ferreira Verdi, executive secretary of the Inter-American Center of Tax Administrations (CIAT); of Gerardo Herrera Martínez, adviser to the office of the DGI; by Raúl Zambrano , Ciat’s technology director and José L. Galíndez , partner at Galíndez, Medrano y Asociados.

De Gracia also made reference to the participation of the body in the discussions of the subcommittee of the National Assembly that debates Bill 299 “that creates the law of tax and labor regulation for companies that operate through digital platforms “, proposed by Deputy Raúl Pineda.

In the explanatory memorandum of the law it is explained that it is the interest to examine what would be the tax regulations to apply in each of the taxes generated by digital platforms.

Also cited in the bill is the report “Fiscal Panorama of Latin America and the Caribbean 2019”, of the Economic Commission for Latin America and the Caribbean (ECLAC), organizations that “suggested to Latin American regions to modify their laws to collect taxes to foreign digital service providers.

Currently, only 3 out of 16 countries apply taxes to digital services: Argentina (21%), Colombia (19%) and Uruguay (18%). Another three are in the process of doing so: Chile. Costa Rica and Paraguay ”.

The director of the DGI indicates that most of the participants in the discussion (users, consumers and platforms) agree that the digital economy must contribute, “the issue is how.”

In this sense, the DGI is looking for alternatives, with an advisory team, because “we must guarantee legal certainty.”

He argued that the tax administration understands that it is necessary to do teaching because at a time of pandemic talking about taxes can “generate noise in citizens”, but reiterates that “it is the duty of an institution such as the DGI to seek that collection from everyone” and this It includes companies that are based in the physical territory and those that without being so also participate in the economy and receive benefits.

Similarly, he clarified that seeking tax justice does not mean wanting to reduce the competitiveness of activities related to the digital economy.

He said that countries must reach a comprehensive and multilateral solution so that tax burdens are balanced and competition between the digital and formal economies is stimulated.

He also pointed out that there is a reality: without income we cannot fulfill our obligations to citizens.

Recent figures provided by the director of the DGI himself, confirm that “the effective accumulated collection of the Tax Revenues accumulated until August 2020, reached the figure of $ 2,332.4 million , showing a decrease of $ 1,087.5 million compared to what was collected in the same period of the year 2019. Direct taxes decreased by $ 442.9 million , while indirect taxes resulted in 644.6 million less than the previous year ”.

It recognizes that it is necessary to address the issue of taxation of digital companies in a responsible manner.

“We know that it is not the magic recipe to achieve the income not obtained in the covid-19 , rather they come to be integrated into the regular economy. We bet on multilateral agreements that help us to collect within this economy, with respect to legal security and international agreements ”.

Gerardo Herrera Martínez, advisor to the DGI office, insisted on the need for how to collect, incentivize and not create a lack of incentives for this sector.

He highlighted that for the year 2019, the digital economy moved $ 199,000 million in Latam and the video game industry was the most important segment.

From this perspective, he considers it important to know the business models and then to know what fiscal policy will be applied (a game is not the same as a sale of products).

You can watch the webinar again here

Digital Economy: Tax Challenges and Opportunities
He reiterated that the tax administration has conversations with important actors in the digital economy , “not to seek approval and yes because a rule that does not have a level of consensus, may result in a null and inappropriate aspect.”

He announced that the DGI is also participating together with Ciat, OECD, International Monetary Fund (IMF), Latin American countries and Europe in the design of tools and norms that allow generating “long-term and sustainable markets.”

Specifically, Ciat is working on the voluntary registration of the different platforms that work in Panama and these are steps to develop a collection model.

In the same way, he clarified that there are activities that transit in the digital economy and are obliged to pay taxes, they do not do so and, in this case, a control task is imposed.

Raúl Zambrano , Ciat’s chief technology officer, acknowledges that payment systems that incorporate cards or generally go through the banking system are mechanisms to achieve tax from the digital economy.

The problem occurs when banking does not mediate or instead of buying a product, “superpowers” are acquired as in the case of games.

On the other hand, it is inclined to simplify processes and establish modifications that allow companies, without the need to be in the territory where the income is generated, to pay taxes.

Many companies that are creating new models and are innovative, he said, will want to comply with the law because it is also a matter of reputation.

José L. Galíndez , partner at Galíndez, Medrano y Asociados, explained that the OECD, with pillars 1 and 2, wanted to give a nuance to the digital economy.

Pillar 1 seeks to provide an answer to how to tax if the company is not in the jurisdiction of the tax administration and Pillar 2 to generate a minimum taxation “and, when it is not taxed, that the parent company of the group can tax the income of that entity”.

It recognizes that the taxes to large technology companies, called the GAFA , will not cover the fiscal deficit of the countries, but it is certain that the tax administrations will be quite active to be able to tax the digital economy.

Marcio Ferreira Verdi, executive secretary of the Inter-American Center of Tax Administrations (CIAT), recalled that Brazil was the first country in the world to receive a statement online.

He said that tax policy is alive and must accompany the progress of societies, although “the best model does not exist.”

He commented that the future is today and it is about the pre-made declaration that the Treasury will send, “because if it has all your data, why ask for the self-declaration? That is the big change ”.

Ferreira Verdi argued that the digital economy is a reality that countries must face.

In the field of digital taxation , he considers that it is not necessary to wait for a rule or an international agreement to start collecting consumption taxes, because each country has that power and it is “a matter of equity with local companies.”

Make sure your Christmas spending doesn’t get you an IVA

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We may tell ourselves that we’re not going to spend too much this Christmas, but by the time the lights start sparkling on the streets, and our friends start posting on Facebook about trips to Santa’s Grotto and what they’ve bought their kids, it is really hard not to get sucked in.

December is the worst month for going into debt, with 7.9 million Britons falling behind in their finances due to Christmas in 2018. Credit cards often lure us in with low interest deals, only for us to see interest rates skyrocket because we didn’t read the fine print.

It is shockingly easy to find yourself in a mountain of debt that you can’t pay off, having to resort to an Individual Voluntary Arrangement (IVA) to protect you from bankruptcy. While IVAs are helpful if you’re deep in debt, they affect your credit score and, obviously, it is better to avoid debt in the first place.

So how can you make sure that your Christmas spending this year doesn’t get you an IVA or worse, court action and bankruptcy? In this article, we’ll cover how exactly to avoid debt and the pressure to spend over the Christmas period

How can you make sure your Christmas spending doesn’t get you an IVA?

You can make sure your Christmas spending doesn’t get you an IVA, by refusing to take out loans or use credit to pay for Christmas, and starting to budget and save for Christmas from January.

If you are already in debt, you should try to pay this off as quickly as you can and consider consolidating your debt on a 0% interest balance transfer card.

Beware of ‘buy now, pay later’ deals

‘Buy now, pay later’ deals are booming, and they are a dangerous and unregulated industry. ‘Buy now, pay later’ (BNPL) providers such as Klarna, Clearpay and Laybuy tempt customers into spreading the cost of something over a few weeks.

BNPLs are tempting because of their promises of interest and free-fee borrowing.However, unlike a 0% credit card, you will have to repay the balance within six weeks or less, or risk accruing late fines that could increase to much more than you originally paid for the product. As BNPLs don’t do any credit checks, it is up to you to decide whether you can afford what you’re borrowing, and could put you at great risk if you are wrong in your calculations.

‘Buy now, pay later’ schemes are unregulated by the Financial Conduct Authority (FCA), which means they don’t have to warn you about what happens if you don’t pay, or do any checks to see if you can afford repayments. This makes BNPLs an easy route into unaffordable debt. You can’t take any complaints to the Financial Ombudsman, which leaves you at risk. Making late payments through a BNPL could negatively affect your credit score, and your ability to buy a house or other important assets in the future.

If you’re already in debt

If you’re already struggling with debt, don’t worry, you’re not the only one. The best thing to do to protect your credit score and avoid an IVA is to pay off your debt as soon as you can. According to Money Advice Service if you borrow £2,000 on a 19% APR and only pay the minimum payment every month, it will take you 24 years and 2 months to repay it and you’ll pay back £4,731 in total. The total interest you would have to repay will be a £2,731, more than double what you borrowed.

You could consider consolidating any debts into a 0% or low interest balance transfer card. This means that more money will go towards paying the debt off rather than on paying interest, allowing you to clear the debt faster. Whatever happens, always make paying off your debt a priority.

Start budgeting for Christmas in January

When is the best time to start saving for Christmas? You might think: October or November, but it is actually January. Yes, I know, you’ve just got the decorations down from last Christmas, and everyone is feeling a bit low and the last thing you want to think about is budgeting. But starting to think about Christmas costs as early as January, is a great opportunity to structure your saving and spending for the year, and protect yourself from getting into a debt spiral. When it comes to next December, and you draw out the Christmas money that you’ve saved yourself, you will feel truly amazing. Putting away money each month helps you during the year too, as you’ll feel more balanced and in control.

Three Accounts Budgeting System

A great way to budget and gain the security of knowing exactly where your money is going, is through the ‘three accounts budgeting system’. This budgeting system helps people in debt to make their repayments as well as save money, and protects people from going into debt in the first place. Designed by Christians Against Poverty, the system encourages you to have three accounts: a direct debit account, a weekly spending account and a savings account. Each month that you get paid either your salary or benefits, you divide your money according to your budget. Money that comes out automatically (for example, your rent, car insurance and bills) goes into the direct debit account. Any money that you want to save (including for Christmas) goes into the savings account. What you have left over, is your weekly spending money. It is important to save a little extra each month for emergencies or unexpected payments.

Buy discounted gifts or cards in January

Another good way to save money for Christmas from January, is to buy gifts and cards in the January sales. A lot of Christmas-related items will be going for half-price as shops just want to shift them. Of course, you should never feel pressured to buy gifts or cards if you can’t afford them, even if they are half-price. You and your family’s financial well-being is so much more important. Christmas is still Christmas without all the extra trimmings we think are so necessary, and a loving text or a note slipped through the door will be just as meaningful as a gift you’ve bought.

Give yourself a debt-free January for Christmas

The best present you can give yourself for Christmas is a debt-free January. That might not sound like so much fun in December, when Christmas decorations are gleaming from every window and everyone around us is splurging on gifts and food, but if it guarantees a peaceful January, it is worth it. You’ll spend the new year enjoying a fresh start, rather than worrying about debt collectors or paying the bills.

Have the Christmas that is right for you

It doesn’t matter what everyone else is doing (or says they are doing). Your priority is protecting the finances of yourself and your family, and it is entirely possible to enjoy Christmas on your budget, whatever it is. Every time someone posts about a horse-drawn carriage ride with Santa and you get a surge of panic and think, ‘maybe I should do that’, remind yourself that all you have to stick to is your budget, and let the worry go.

Make a plan for how much you’re going to spend early on, and stick to it

In 2017, the average person borrowed £452 to cover the cost of Christmas – that is £8.5 billion on credit cards for the whole of the UK. It’s very hard to avoid spending a little more at Christmas, but you can definitely avoid debt. As well as saving a little for Christmas each month, you should also make a budget for what you’re going to spend in December and stick to it. Think of every possible cost – presents, food, decoration and trips out – and allocate a number for it. Then, look at the list and see which parts you can save on with discounts, for example, or even do without.

Saving on Christmas expenses

Some great ideas for saving on Christmas expenses include:

  • Swapping decorations and ornaments with friends or family, rather than buying new ones.
  • Skipping the cards, and sending free e-cards or meaningful texts and letters instead.
  • If you are having family over for Christmas, asking each one of them to bring a dish or contribute to the cost of the meal
  • Arranging Secret Santa, so that everyone only buys one gift each. Many online shops such as Etsy have a list of high-quality gifts for £5 or less, and you don’t even need to spend this much. You could bake them a cupcake, write them a letter or poem, or knit or draw something if you enjoy craft.
  • Paying with cash or limiting what’s in your bank account for each spend. Once you’ve set a budget for Christmas, make sure you take out the exact amount of cash for each thing when you’re shopping for it. This will ensure you won’t spend more than you have, as once it’s gone, it’s gone. If you’re worried about using cash due to Covid-19, you could move money temporarily to your savings account, leaving only what you need for a specific purchase in your current account, as long as you don’t risk going into an overdraft. Some supermarkets offer ‘scan as you shop’, which is a good way for keeping your shop within budget.

Watch out for the early December payday

The early December payday often trips us up in our attempts to stay debt free over Christmas. Many companies will pay their employees early, because of the high number of bank holidays in December and to ensure that staff are paid in time for Christmas. If you are on Universal Credit, you may be paid twice in one assessment period. This means that it is often six weeks or more, rather than four, before you will be paid anything again, and you must be extra careful to budget for January, as well as December.

Plan for extra costs over Christmas

Christmas almost always ends up costing more. Even without all the extra Christmas trimmings, such as presents and food, we may end up spending more on electricity, especially during Covid-19 restrictions, when there are more of us at home.

Cut down your household bills

Some people in the UK are being overcharged by as much as £360 a year by their energy suppliers, by being stuck on expensive Standard Variable Tariffs (SRVs). Switching your energy company is simple, and comparison sites like MoneySuperMarket or Energyhelpline can help you see what cheaper deals are available. Saving up to £360 on energy bills over Christmas will help hugely when it comes to January.

Cut down on your food spend

If you’re having a traditional Christmas dinner, you’ll inevitably end up spending more than usual. For many of us, meat is a luxury, and Christmas may be one of the few times we want to enjoy it. The good news is, you can use supermarket price comparison tools and websites, for example, Which.co.uk, to work out the cheapest place to buy food for your Christmas lunch.

Why an IVA can be a good thing, if you’re already deep in debt

Although it is a good idea to avoid debt in the first place, the truth is that many of are struggling with debt at the moment. It has been a harder year than usual for finances, and 1 in 8 Brits has been pushed into further debt due to Covid-19.

If you are deep in debt, an Individual Involuntary Arrangement, is one of the ways you can deal with your debt for good, and see some or all of it written off. If you are in an IVA, we put together a list of things you can do to protect your IVA repayments over Christmas, and even save for Christmas or other things during the year.

How to protect your IVA payments over Christmas

If you have money especially put aside for Christmas, you will be able to enjoy Christmas while making your IVA payments on time, and protecting yourself from further debt.

Saving for Christmas during an IVA

There is nothing to stop you saving money during an IVA, for Christmas or anything else, and in fact, it is a great way to improve your finances for the future, while clearing your debt through your IVA. As long as the money you save is out of your living expenses allowance each month, you won’t have to put this money towards your IVA repayments.

Your living expenses allowance is the amount that you and your Insolvency Practitioner (IP) agree that you need for day-to-day living, including your mortgage or rent, utility bills, food, shopping and transport. While you might think it is better to put any extra savings towards your IVA, the truth is that this will probably just increase your IVA payments.

It is a good idea to have a second basic bank account, with a bank that you don’t owe money to and with no overdraft, for savings and costs you don’t need to cover every month, such as birthdays, Christmas, or yearly tax bills such as road tax.

If you can’t afford a Christmas gift for your child

Struggling with debt can be a really painful and isolating experience. Many people will be in the position of being unable to spare anything at all for Christmas. If you can’t afford a Christmas gift for your child, you’re not alone. There are many charities that will help you with Christmas gifts for your child, including Stripey Stork and the Salvation Army.

We’ve now covered several ways that you can make sure your Christmas spending doesn’t get you an IVA, and we hope you’ve found it an illuminating read. Debt destroys lives, but there are many ways you can enjoy Christmas in a way which honours your budget and your dreams of a debt-free and financially secure future.

The Top 5 Most Lucrative Languages For UK Workers To Learn

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There are many reasons to learn a second language, both professionally and personally. In fact, according to Preply – the online education platform that connects private language tutors with students across the globe – almost 40% of users learn a new language to grow professionally. Developing and improving your skills or learning a new language can open many doors for job candidates looking for a new role overseas, or for those looking to diversify their income on the side.

As a result of the pandemic, many workers across the UK have found themselves applying for new jobs and planning the next steps in their careers. Language skills are a great way to stand out from the crowd on the job market and developing a new language opens possibilities and well-paid positions.

Preply offers classes in over 27 languages from tutors based around the world, empowering students and professionals to learn a new language at a time that suits their lifestyle. With Preply’s virtual classroom, students can immerse themselves in a new culture and connect with language experts from around the world in over 185 countries.

To help multilingual workers in the UK looking to enter a new field as a result of the pandemic, or inspire those debating on which language to learn for work purposes, Preply has released a list of the most lucrative languages to learn across the UK. The online tutoring platform has created an interactive map showcasing the languages that will earn workers the most money, including the average wage, top sectors and locations.

With the average UK salary currently at £30,420, learning a second language can help boost your income considerably in 2021. If you have a dream career in mind, or want to know how you can get the most out of your second language, then take a look at this list of the most lucrative languages in the UK!

  • Arabic

Arabic takes the lead as the top money-making language in the UK, with an average salary of £52,806. The sectors with the highest demand for Arabic skills are teaching, finance, IT, sales, and marketing.

  • Mandarin

Those looking to boost their income in 2021 may want to brush up their Mandarin skills, which will earn workers in average salary of £44,664. Sectors such as teaching, hospitality, logistics, IT, and engineering have the highest demand for Mandarin in the UK.

  • Dutch

The third most lucrative language in the UK is Dutch, with an average salary of £44,157. Those looking to learn Dutch in the new year can expect to be in the highest demand in the finance, IT, sales, social work and teaching sectors.

  • German

Next on the list is German, which will earn workers an average salary of £41,227. Job candidates with German language skills will not be spoiled for choice, with a high demand for workers across the teaching, IT, engineering, sales, and finance sectors.

  • French

Finally, for those looking to put their French skills to good use in 2021, the average salary for a French-speaking candidate is £40,894. Sectors such as engineering, teaching, IT, finance, and sales have the highest demand for French-speaking candidates in the UK.

For professionals who are considering learning one of the most sought-after languages in the UK, Preply is currently running a 50% discount ahead of Christmas. Preply is perfect for those who are looking to make more money in 2021 by upgrading their resumé and switching up their career. If you have a dream job in mind and want to stand out from the crowd, discover which language is best for you at http://www.preply.com.

Complete Guide for Hair Transplantation Treatment

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The hair transplantation industry has grown in leaps and bounds over the years. Yet, millions of people across the world continue to suffer from hair loss, thinning hair, and receding hairlines. While there’s no natural remedy to stop age-old related hair problems, you can rest assured that a simple hair transplant will bring back the vitality that you desperately wish to attain.

This guide is for you who’s looking to get a hair transplant treatment;

Basic information

A hair transplant is a restorative surgery that takes hair from a donor section to an affected area. The donor section is mostly the back of the scalp. That is a non-intrusive procedure; hence patients expect to have minimal use of the scalpel during the surgery.

Hair transplant treatment is extensive and involves the replacement of hair on or increase in all body sections. One can have a hair transplant on the scalp, eyelashes, a beard transplant, facial hair transplant surgery, among others. The most common hair transplant surgery is hair grafting is that of the scalp. Hair transplant in Turkey by Cosmeticium is the best choice for you if you are planning to undergo hair transplantation.

Hair Grafting Technologies

Your hair transplant experience and the success rate can be influenced by the method of hair transplant. There are two main methods of hair transplant one can choose. Each method has its merits and demerits.

Follicular Unit Transplants

FUE was the first hair transplant technique that has been in use in Japan over the years. Further improvements in technology have made it a viable option for anyone who needs to regenerate hair growth. It has been the leading hair transplant technology for years, and it has good results. This technique’s success rate is above 80%, and so anyone who uses FUT is assured of permanent results.

FUT or Strip Harvesting involves extracting strips of skin with hair from the back of the head extracting the hair follicles before transplant. The strips are thin; hence it will not be visible once the hair grows back.

There are microscopic dissection tools that ensure the grafts are not affected by the extraction. After preparing the individual hair follicles, the surgeon drills hair canals. The physician places the hair follicles in the canals and closes them up.

The technique can be used on male and female baldness with at least 80% of the grafted hair growing. The surgery takes a short time of four to eight hours to complete, and the patient can go back to their routine since it’s an outpatient procedure.

Apart from a few precautions in the first few weeks after the surgery, patients can see permanent results after six to nine months.

Follicular Unit Extraction

FUE is a surgical hair restoration technique that helps reduce scarring as compared to FUT. Here each hair follicle is extracted from the donor site by NeoGraft technology rather than removing a whole strip of hair. The hair follicles are extracted either individually or in groups of four. The extraction method ensures the hair follicles remain viable and hygienic hence a high success rate.

The hair is grafted in the same way as in FUT. This technique does not use a scalpel, so there is minimal pain during the procedure since each patient is sterilized with local anesthesia.

Direct Hair Implant

DHI transcends FUT and FUE, so the surgeons do not have to scar the patient either at the donor section or the target area. While in FUE and FUT have the surgeon drill canal to fit the hair follicles manually, DHI – https://cosmeticium.com/dhi-hair-transplant/ uses a hair implanter tool to graft the hair on the target area.

 Due to the use of the device, no canal opening is necessary for the transplant. Some experts regard DHI as an advanced form of FUE. Although they are more expensive and take a more extended period per session than FUT, they have the same advantages.

Advantages of Hair Transplant

  • It is a one-time procedure due to permanent results.
  • The hair restoration sessions are short and typically take between four to 12 hours.
  • The results are natural-looking due to the use of one own hair and surgeons aligning hair.
  • The hair transplant is has a high success rate of 80% to 90% for most people hence a worthwhile investment.
  • The results are permanent.

Conclusion

A hair transplant is a necessary cosmetic surgery that instantly restores youth and a natural look. However, it is a costly investment that can cost 3,000 € to 1500 €, and in rare circumstances, the patients experience side effects like bleeding. One should be patient after the surgery and not be alarmed by the hair shock loss

Combining Creativity And Tech To Boost Business

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Technology and the way in which we use it in business is moving at a faster pace than ever before. It would be very difficult to get a business off the ground now without the bare minimum technology in place. Even then, it’s essential to keep up to speed with the latest software, sales and payment options, as well as the various tools you need for marketing.

But when we think about technology, we often think of the logistical and practical side of things, and by doing so we often forget how tech can be helpful in our creative roles too. Here are some ways in which businesses of all sizes are using tech as a way to move their businesses forward by combining it with creativity.

Design

One of the first things the public, your potential and existing customers will see are your product and media surrounding your advertising campaigns. So simply creating a logo and running with it is not going to be useful. This is where creativity and technology are best suited to each other.

There are plenty of pieces of software that you can use, and even Animated Video Production services, that will help you get your message across clearly and creatively every single time. Animated video is eye-catching and helps businesses stand out from the crowd. This is why when designing media and branding there should be no expense spared.

Tools

The tools that we use in our business can quite often be overlooked, but when it comes to creativity, you can find many tools to help you create something special. Your graphic designer will be more than grateful if you provide them with the latest tech tools to speed up their workflow, and not only does this make things easier for the people working for you, but it makes good business sense since the work you receive will always be higher quality and done a lot faster than it would be normally.

Management

When it comes to managing your business a little creativity will be worth the effort. Being able to use social media accounts to share your business, what it stands for and sometimes just the fun things that you experience in your day to day office life can be absolutely amazing for your marketing efforts but also for team morale.

Giving your team tools and incentives to be creative, and have fun is proven to be useful for the work environment, it encourages closer working relationships and healthy competition. Using tech to hold creative competitions, or even communicate in various different formats is one of the best ways to build a strong team.

Whatever you chose to do, there are so many options when it comes to tech, and creativity by definition is flexible, fun and interesting, so applying these two things to various areas could be exactly what your business needs. Working out what your business can do with creative tech rather than following a rule book, can boost business significantly.

Myths About Adult Braces & Invisalign Debunked

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As people realise the benefits of having braces or Invisalign, the number of people requesting them has increased. Braces and Invisalign remain one of the best options when it comes to straightening the teeth, and it is easy to see why a lot of people who want a better smile would want to get them. However, if you are looking to get braces or Invisalign from your dentist, you are likely to come across some myths that might seem true but that are not. Below, we are going to look at some of the most common braces and Invisalign myths and help you understand whether there is any truth to them.

Orthodontic Treatment Takes a Long Time

This used to be true, but it no longer is. There are so many innovations and improvements that have been made in the world of orthodontics that braces and aligners are not only more comfortable and effective, but the treatments are also shorter. The clear advantage is that you do not have to wear Invisalign or braces forever but will instead have them removed within six months to two years.

If you already had braces or Invisalign but need help after a relapse from your previous treatment, a dentist can create a limited plan to get you back on track instead of starting all over again.

One thing to be aware of is that everybody is different, which makes every treatment plan different. You should be aware of products that promise to get you the results you sell in a shorter time. Your teeth will never know what types of braces or materials were used during the alignment, they will only adhere to the pressure placed on them, which is determined by the dentist depending on your goals, state of your teeth, and other factors.

Braces and Invisalign Only Offer Cosmetic Benefits

There are indeed lots of cosmetic benefits that come from getting braces or Invisalign. These include a straighter, gorgeous smile, and improved facial appearance. However, braces and Invisalign have other benefits beyond their cosmetic benefits.

One of the benefits of getting braces or Invisalign is that they both can help reduce the risk of tooth decay. When the teeth are overlapping, crooked or spaces too far apart, they become harder to clean, which can make it harder to remove debris, plaque, and bacteria when brushing. Plaque directly leads to tooth decay, cavities, and sensitivity in some cases. By moving teeth into ideal positions, braces and Invisalign make it easy to clean them, thereby helping reduce the risk of tooth decay.

Getting your teeth straightened using braces and Invisalign also leads to clearer speech. Remember that the teeth direct the flow of air and influence the movement of the tongues as we speak, which means they are largely responsible for how clear we sound. Orthodontic treatment that places your teeth in the right position can make airflow easier through and out the mouth as we speak, and also allow the tongue to move freely so we can speak better.

The breakdown of food starts in the mouth meaning that we should chew our food properly if we want to get the most out of it. By ensuring your jaw is well aligned and your teeth are where they are supposed to be, braces and Invisalign make it easier to chew food effectively and properly.

An uneven bite can put stress on teeth, leading to discomfort and even pain if the issue is severe enough. By straightening the teeth and aligning the jaws properly, your dentist can ensure you get an even bite, thereby reducing discomfort when you eat.

The undue stress placed on teeth due to misalignment does not only cause the teeth to wear unevenly but it also leads to the bone supporting the teeth to break down over time, which can lead to tooth loss and pain. By getting braces or Invisalign, you can keep the supporting bone and surround tissue strong and healthy.

The most common mouth injury for kids is injury to the front teeth. The risk of these injuries happening is further increased if their front teeth are sticking out. Braces can help realign the teeth, put them back in their proper place and keep them safe.

When a tooth is lost for whatever reason, the rest of the teeth will usually shift to occupy the space left. This can make it a lot harder to get dental implants placed. In these cases, braces and Invisalign are recommended to move the teeth back to their correct positions before the implants are placed.

Studies have shown that people with straight teeth are perceived to be smarter, more successful and a lot more likely to get hired. Unfortunately, a lot of importance is placed on how we look and present ourselves but that is the reality. A better smile can also give you the confidence to face the world. The biggest benefit of getting braces or Invisalign is that you will end up with a smile you will love, which will drastically improve your confidence.

Adult Braces and Invisalign Are Expensive

The cost of adult braces and Invisalign will depend on several factors. To get an answer to the question, “how much do braces cost UK?”, it is important to look at a few things. Two of the most important ones include how severe your case is and how long you will have the braces or Invisalign. Both of these questions can be answered by your dentist after a thorough examination and a consultation. The material and type of brace will also impact the cost of treatment so talk to your dentist about the different types of braces.

Additionally, you can get aligners and braces affordably from companies like Straight My Teeth, which partner with manufacturers of clear braces to keep the cost of your treatment low. Straight My Teeth also has a plan that allows you to pay in instalments, so you can get the braces you need without emptying your bank account or being held back by the one-time treatment cost. The answer to the question, “how much do braces cost in the UK?” is it depends on several factors including where you get the braces.

Getting Braces Means Wearing Metal Braces

Again, this used to be true, but it no longer is. There are now lots of different options and types of braces, so you can get ones that work and look best for you. Traditional metal braces are still popular, but their modern versions are a lot more low profile and are much more comfortable. Ceramic or clear braces have become very popular. Like metal braces, they also consist of wires and brackets, but the braces are made out of ceramic which blends with your smile and makes them almost invisible.

Gold braces are similar to metal braces but the stainless steel braces and wires are coated in cold. Lingual braces are bonded to the back of the lower teeth and cannot be seen when you smile. They require a lot more attention than other braces, and this is why they are usually used on adults and teens.

If you decide to get braces, you might come across some myths that may put you off. Many of these myths have been debunked meaning there is no reason why you should not go out, get some braces or Invisalign, and smile confidently.

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