Archive for Business

America Fist Protectionism Backfires On The US

Even if the business has only one employee, it is required to obtain Tax ID in Ohio so that IRs can track the business and ensure that it pays the payroll tax. Even if you have not yet hired an employee, it is suggested to apply for EIN because it is very likely that your business will grow in the future and you will need additional manpower to help you run the business.

Meanwhile, let us hear the story of Bill Adler the owner of metal parts maker Stripmatic Products. Last year, Adler was invited to bid on a contract that will make commercial sausage stuffers. The company wanted to replace its Chinese supplier and is looking for a bidder that can match China’s price. Adler believed that his company can win the bid.

However, while Adler was preparing his proposal, US President Trump announced the steel tariffs. This resulted into an increase in price of Stripmatic’s main raw material. In short, Adler lost the bid because his costs were too high. Adler is optimistic that the ugly scenario is short term; otherwise, he has to find another way to make a living.

The plight of Stripmatic is one example of the hidden costs of the America First protectionism. As the president seeks to unwind globalization, his logic of protectionism is operating in reverse. On the other hand, there were gains in protectionism if you will look at new solar plants and reopened steel mills. Protectionism might backfire on the US and undermine the president’s goal of reclaiming manufacturing from China.

US steel producers will benefit if metal imports were discouraged but it can lead to a surplus of steel markets outside the US. This means lower prices for the US competitors. An increase in steel in prices will force Adler to reduce employee bonuses and profit sharing checks.

However, threat of tariffs does not affect all types of businesses in Ohio. If you planning to be an entrepreneur, make sure to apply for Tax ID in Ohio to facilitate business licenses, business bank accounts, financing and loans. Aside from the IRS website, there are also 3rd party designees that can provide assistance.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Bangladesh Minister Asks Thailand For Duty Free Benefits For Garments 

 

Due to innovations in technology, the modern embroidery machine was introduced for mass production. Whether the embroidery is done by hand or through machine, there is still a need for embroider supplies in Thailand to meet the demands for quality in the industry. The trend in the garments industry right now is for high quality products which require quality embroidery supplies.

Commerce Minister Tofail Ahmed made a demand for duty free benefit from Thailand for 36 products that include garments and medicine. Tofail made the demand during a meeting with KobsakPootrakool, a minister that is attached to the Thai Prime Minister’s office because Thailand is providing duty free access to 6,998 items from Bangladesh but garments is not on the list. At least 81% of Bangladesh’s total exports are garments.

Ahmed has also called the attention of Thai investors to encourage them to make investments in Bangladesh’s pharmaceutical sector. Thai investors will be given cash incentives while exporting products should they consider an investment in the pharmaceutical sector. Total investments that Thailand has made to Bangladesh amount to $1.5 billion. Investors from Thailand will also be given allocations in the special economic zone.

In 2016-17, Bangladesh was able to export products worth $48.57 million to Thailand. Total imports from the country amounted to $781.6 million. Meanwhile, Pootrakool has expressed his interest to make investments in Bangladesh’s infrastructure, power, energy and other potential sectors. He announced the interest during the “Bangladesh-Thailand Business Dialogue” that was organized by the Federation of Bangladesh Chamber of Commerce and Industry.

In order for Thailand to import more goods from Bangladesh, it is important to have a deep sea port including the establishment of road connectivity between the two countries. Should plans push through, expect a significant boost to the trade and economic ties between Thailand and Bangladesh.

Embroidery is an important sector in the garments industry which requires quality embroider supplies in Thailand to be competitive with other countries. Embroidery is no longer the domain of a few experts because it has become a widespread and popular technique of applying decorations to garments. You can see elaborate embroideries in many items not just clothing and hats.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Eric Cheng Of Singapore Acquired Crypto Currency From Japan

We do bank transaction everyday with real cash such as currency exchange Vancouver but with the rise of crypto currency, the future of monetary exchange is no longer the same. One major news in the industry is the acquisition of Eric Cheng, a real estate entrepreneur form Singapore, of the two companies in Japan that were legally authorized to manage a foreign exchange as well as trade crypto currency. The deal was 100 per cent of the stake which is worth 67 million Singapore dollar or equal to $50 million in the United States currency.

Cheng is Upper Joyful Ltd’s CEO and because of the purchase, he is now the owner of the two companies namely FX Trade Financial Co Ltd also known as FX Trade and its affiliate firm called BitTrade Co Ltd. the former was established in 2006 to serve as a forex trading platform for Japan while the latter is among the 16 companies that is under the regulation of the government of Japan as a platform for trading crypto currency. These companies aim to serve the increasing demand of those who are dabbling with crypto currency.

According to the government of Japan, as of 2017, all platforms used for crypto currency trading are already legal. The expansion in the platform will have better results as the demand continues to increases in terms of crypto currencies as well as forex trading. This is not only happening in Japan but in other parts of the world as well. Furthermore, about a third of the transactions made internationally using bitcoin until December of 2017 were led by Japan’s currency, yen.

Another crypto currency acquisition has been making waves initiated by Yahoo Japan as it purchased 40 per cent of the stake from the crypto currency exchange known as BitARG. The investment was estimated to be from $18.5 to $27.8 million. Just like regular companies operating currency exchange Vancouver, BitARG has also received the legal authorization from the Financial Service Agency in order to operate a trading platform dealing with crypto currency on the domestic level.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Government Of Thailand To Reduce Red Tape Required From Foreign Entrepreneurs

Bangkok’s chambers of commerce for foreign businesses is currently feeling the struggle that Apple, a giant tech firm from the United States, has to go through the government in order to launch its very first store in the metropolitan city of Thailand. According to experts in the industry, it is easier to get company registration in Thailand but the project relies greatly on the number of work visas that the country will grant in order for foreign experts working under Apple to come and work while in country.

The issue all started during the job announcement made by Apple regarding their 13 vacant positions that needed filling. The employees will be assigned to the very first physical store of the company in Southeast Asia.The store is unlike any other that can be found in other countries in the region. Apple chose Thailand for this endeavour because of its standing as the second country with the largest economy in Southeast Asia.

Many officials are not sure about the positions posted by the company as it uses terms like genius and creative – common language employed by the company when looking for applicants.

A retail analyst specializing in foreign business said that the authorities are looking for ways to break through but the main decision will depend on Apple as they can choose to stay on track or they can leave the country and pursue the project somewhere else.

The decision for the company will be crucial because it was only the previous month that the military government launched its National Competitive Enhancement Act for Targeted Industries. It aims to welcome at least 10 investments from foreign companies including existing company and those that are just starting up in the tech industry. These companies must dabble in research and development that will impact the world such as logistics, biotechnology, digital devices and smart gadgets as well as robotics.

This is all a part, including the easier company registration in Thailand, of the bigger initiative being constructed by the government known as Thailand 4.0 which is to help improve the booming economy of the country.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Packaging On Heinz Product Deemed Misleading By AU Federal Court

One of the imperatives of packaging, whether you’re a homeowner using Packing Supplies in Adelaide to mark boxes or a major company packaging an international product, is to ensure that your packaging is accurate and honest. In the case of the latter, failing to ensure proper packaging can have wide-reaching consequences.

As was the case with international food giant, Heinz, when the Australian Federal Court deemed the packaging for their Little Kids Shredz range, which implied that the snack was a healthy consumable for children when it wasn’t, to be misleading.

The legal battle began in 2017 when a consumer advocacy group accused Heinz of placing deliberately misleading labelling regarding the Shredz range’s nutritional content, which comprises products made with concentrates, fruit pastes, purees and the like. This was big news for Packing Supplies in Adelaide and the local shoppers as the court proceedings were held there, with the counsel for the Australian Competition and Consumer Commission (ACCC) assessing the packaging.

In the judgment of the ACCC, made by Justice Richard White, said that that the packaging on the Shredz product range was misleading, falsely implying that the products were healthy to toddlers, as well as making the labelling’s statement that the Shredz product line was “99% fruit and veg”, when, in fact, it was about 60% sugar. The ACCC had decided that Heinz had breached Australian Consumer Law by engaging in “misleading or deceptive” behaviour.

According to the ACCC, each product should have openly stated their sugar content and the effects of consumption as per the WHO’s guidelines.

The rest of the ACCC’s claims, however, were dismissed, saying that consumers should be very much aware that the product would undergo processing; understanding that the products on the labelling would not be in their fresh form, but would, at the very least, be the source for the product itself.

Managing Director Bruno Lino, Heinz, expresses the company’s disappointment with the verdict, but also stated that they respect the outcome. He says that Heinz did not have any intention to mislead their customers regarding the labelling of the Shredz product, which has been unavailable to Aussies since May 2016.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

Google Plans ForAustralian Landmark Headquarters Still Uncertain

Mould scan be removed from a property in just one day by using non-toxic chemicals that would eliminate moulds and bacteria from all surfaces. The professional task can only be handled properly through mould removal in Sydney that has extensive experience in the task. When mould removal is done the right way, a home or business saves a lot of money in repairs and downtime.

Sydney has become very interesting to foreign investors. In fact, US tech giant Google is looking for a landmark headquarters in Australia after its plan to set up a headquarters in a disused railway yard located on the edge of Sydney’s CBD was turned down by New South Wales government. The proposal was to redevelop a land adjacent to Carriageworks rail sheds at Eveleigh where Google can build its tech hub. However, the proposal was rejected after it failed the “uniqueness test.”

In order to pass the “uniqueness test” the plan must not be replicated by a competitor. Unfortunately, the unsolicited proposal of developer Mirvac was the same method used by James Parker’s Crown when it built its casino in Barangaroo. It was also the plan used by Macquarie Bank in its massive integrated office development in Martin Place.

In the later part of 2015, Mirvac managed to win a bid for the redevelopment of an adjacent 14 hectare Redfern site including the Australian Technology Park. At the same time, Australian tech giant Atlassian was backing up the proposal of Walker Corporation for a technology hub in the area.

Google has pulled out the plans of building an Australian headquarters on the disused White Bay power station which is 2 kilometres west of CBD because the government failed to deliver the important transport infrastructure to ensure that the site will be feasible. Google has not made a comment on any proposed projects.

Meanwhile, if you notice signs of mould infestation in your home or business in Sydney, make sure to call mould removal in Sydney for an immediate solution to the problem. Besides being unbecoming, moulds on home surfaces can cause health problems particularly to those who are prone to respiratory problems.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.

What To Consider When Finding A Sydney Painter

It may not be a regular thing to paint or renovate your home or office space. But once you pursue with the decision, you prefer the best job done on it. This is when you need a professional to do its finishing to have a desired look. But before you choose a Sydney painter to do the job, you need to ask some questions on how right they are for the job.

Knowing their Expertise

It’s not saying that young companies can’t do a great job on your home or office space. However, if they have someone who has many years of experience in the job and has a great reputation, he should be your choice. New companies will always be looking for the right people to man their business. And to choose a Sydney painter, you can verify their portfolio and seek testimonials from current and previous clients.

Do they Have Warranty and Insurance?

After work is completed, many painters provide a warranty to ensure their clients that they will return should they find faults on their jobs. A great painter can be easily contacted, will respond to their clients and look after their concern, even if it’s weeks after or months later from their work.

Insurance is also important when a painter does painting jobs for his clients. This will assure customers that the painters are covered especially when an accident happens while working. The customers are not held liable for the instance; hence insurance takes over the problem.

Checking their Schedules

Most reputed painting contractors in Sydney are usually busy during summer months. In some instances, you may need to wait for weeks before your painting or renovation task is done. There are even those who refuse to accept the job if it’s really small. If you think your Sydney painter cannot handle this task, you need to find other providers who can cater to your needs.

Home and business owners may need to ask more questions before they get to choose a Sydney painter for their space. And when they find one, ensure that they can get a quote that is amenable to their needs.

About Patient Atcho

Patient Atcho started with The eBeninois Mag and his vision to have an avenue where all the different business industries will meet. Admit it or not, different industries have their own focus.