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Finance Financial Market U.S

Revealing the Top 10 Credit Report Platforms: Unveiling the Comprehensive Guide to Mastering Credit Scores

[New York, NY] – Top Credit Report Site is pleased to announce the launch of our comprehensive guide to understanding credit scores. Our site is dedicated to providing consumers with the tools and resources they need to take control of their finances and make informed decisions about their credit.

Our team of experts has analyzed and reviewed the top credit report sites on the market, and we’ve compiled our findings into a comprehensive guide. Our guide includes detailed reviews of the top 10 credit report sites, as well as a wealth of information about credit scores, credit reports, and credit monitoring.

At [Top 10 Credit Report Site], we understand that your credit score can have a major impact on your financial well-being. That’s why we’ve made it our mission to provide consumers with the information they need to make informed decisions about their credit. Whether you’re looking to improve your credit score, monitor your credit report for fraud, or just learn more about how credit works, we’ve got you covered.

Our site features easy-to-understand articles, guides, and tutorials that are designed to help consumers navigate the complex world of credit. We’ve also included a variety of tools and resources, such as credit score calculators and credit monitoring services, to help consumers stay on top of their credit.

“We’re excited to launch Top 10 Credit Report Site and provide consumers with the resources they need to take control of their credit,” said Mario, CEO of Top Credit Report Site. “With our comprehensive guide and easy-to-use tools, consumers can feel confident about their credit and make informed decisions about their financial future.”

Visit Top 10 Credit Report Site today to access our comprehensive guide to understanding credit scores and start taking control of your credit.

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Finance Financial Market Services Technology World

PerkinElmer Completes Divestiture of its Applied, Food and Enterprise Services Businesses; Aims to Accelerate Scientific Innovation

Right on schedule, PerkinElmer has successfully divested its applied science, food, and enterprise services units to American private equity firm New Mountain Capital, and merged the remaining life sciences and diagnostics entities into a standalone business.

“Today marks the culmination of the hard work and dedication from PerkinElmer teams around the world to ensure that both new companies are in a position to succeed on day one,” said Prahlad Singh, president, and CEO of the PerkinElmer Life Sciences and Diagnostics company. “As we look ahead, our new Life Sciences and Diagnostics organisation has an immense opportunity to continue to lead with science to redefine human health.”

Fleshing Out the Spin-Off

Under the terms and conditions of the spin-off drafted in August 2022, New Mountain Capital—a private equity firm—offered USD 2.3B in cash as part of its effort to acquire the trio of PerkinElmer businesses, according to Yahoo Finance.

According to PerkinElmer’s annual earnings report, in 2022, the divested equities generated just under $1.3B ROI and constituted one-third of the company’s total workforce. Altogether, the firm represented roughly 5% year-on-year/YOY growth last year. 

On the other hand, PerkinElmer’s core businesses generated over $3.3B in revenue in 2022—a slip of around 13% from $3.8B in 2021. The plunge in revenue has an obvious reason: as COVID-19 responses are winding down, the demand for diagnostics worldwide has plummeted. 

However, the company expects the completed spin-off to boost its revenue by 10% each year.

PerkinElmer underscored this spin-off as part of its long-term effort to slim down its focus solely on its two core businesses—life sciences and diagnostics research.

The company expects the influx of cash from the transaction to help it evolve into a high-margin, high-growth company with a unique scale.

“Today’s announcement is a pivotal step in the significant portfolio transformation we have been executing over the last several years,” stated Singh while announcing the divestment last August, and added that the funding will help support “accelerated investment into attractive end markets across science and disease.”

The entities taken over by New Mountain Capital will work on producing novel scientific breakthroughs. The plan is to retain PerkinElmer’s name with the applied, food, and enterprise services businesses until a new appellation, logo, and stock ticker is finalised. PerkinElmer announced at the execution of the sell-off that the newly formed business expects to receive a new moniker by the second quarter of the year, which is yet to be approved by the shareholders.

A Successful Divestiture Needs an Effort in Coordination

The strategic process of selling an asset or a business unit, a divestment is a highly intricate transaction in the M&A industry that needs a coordinated effort to be successful. 

For future-focus companies looking to ensure successful spin-off or carve-out of their business entities, leveraging a high-end M&A and IT service provider like Fission Consulting is a sensible business investment. 

Industry-leading IT transformation services help private equity firms and enterprise-level clients navigate complex transactions while ensuring minimal business disruption. 

Wrapping Up

Regardless of the reason behind the divestment, PerkinElmer expects this transaction project to act as a step-change in helping the company accelerate diagnostic and life sciences research.

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Finance Financial Market Living Real Estate World

Dubai’s Luxury Home Sale Booming; Ranked Fourth Globally

Dubai’s prime residential market has been ranked fourth globally as sales of ultra-luxury residences continue to soar amid a resilient economic recovery. 

Citing a 2023 Wealth Report, Middle East Eye reported that this year, Dubai is poised to lead the world’s luxury property market, with prices rising by a whopping 13.5%.

Dubai’s Luxury Property

With the meteoric increase in ultra-luxury home sales, Dubai has landed just behind New York with 244 home sales, Los Angeles with 225, and London with 223 (in terms of the $10M-home sales).

For $25M-home sales, Dubai ranked fifth, just behind London with the highest number of 43 sales, New York with 43, Los Angeles with 39, and Hong Kong with 28.

In 2022, Dubai racked up around 219 sales worth roughly $10 million or above, compared to 93 in 2021—a jump of a staggering 135%. 

The collective transaction is predicted to be over $3.8B. 

The sale of luxury properties—more specifically, villas and “trophy” apartments—has witnessed a massive boom in Dubai, with the city’s upmarket neighbourhoods recording the best performance.

For example, despite the price for opulent residences spiralling upward, the uber-luxury neighbourhood of Palm Jumeirah is cementing its iconic status in the luxury residential market, chalking up the highest home sale in 2022.

The price of a villa in the city’s exclusive enclaves has soared by almost 80% on average since the onset of the COVID-19 pandemic.

Emirates Hills, Palm Jumeirah, and Jumeirah Bay Island are marked as the prime residential neighbourhoods of Dubai.

With the Dubai luxury market seeing a massive influx of elites preferring contemporary interior designs, the demand for high-end interior design studios like Accouter is getting a push in Dubai. 

By bringing out the best of both worlds—interior architecture and design—a high-end interior design company can turn a space into a unique, timeless environment. 

Reasons Behind Dubai’s Luxury Home Sale Boom

Even though the increasing inflation rate and tough economic headwinds have caused a massive downturn in the residential market in the West, the Emirate’s luxury market is poised to see substantial growth this year.

Awash with luxury villas, penthouses, and exclusive hotels combined with excellent safety, climate, and unparalleled sun-sea-sand lifestyle—Dubai has now become the preference of ultra-high-net-worth buyers.

The city has long been synonymous with opulence, thus making a reputation for itself as the stomping ground of the ultrarich.

Additionally, the city has been marked as one of the world’s most ‘affordable’ luxury residential markets, with most prime homes transacting for only $870/sq. ft on an average.

UAE’s affordable mortgage plans, a tax-free regime, and ease-of-doing business are the key incentives for wealthy buyers around the globe to snap up properties in Dubai.

Additionally, the country’s excellent management of the COVID-19 pandemic has sparked a tremendous comeback making luxury property sales skyrocket.

More recently, the city’s prime residential market is witnessing wealthy buyers from Russia flocking to Emirates as sanctions drive oligarchs out of Europe. 

Property agents predict at least 100,000 Russians have settled down in the UAE since the onset of the Russian invasion of Ukraine, which has almost doubled the size of the community there. 

Wrapping Up

Dubai’s luxury property market is witnessing substantial growth, buoyed by a large number of ultrarich snapping up properties in the prime neighbourhoods.

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Building & Construction Energy & Environment Finance Stock Market News World

Intrakat’s successful €100 million share capital increase

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Intrakat’s vice-president and managing director talks to Vima about the next day for the group, following its successful €100 million share capital increase. He announces acquisitions, dynamic activities in renewable energy and does not neglect to mention large projects such as the concession of the Attica Road.

Mr. Exarchou also emphasizes the excellent relationship that exists among Intrakat’s main shareholders, noting that “it is the strongest card for the company’s course”.

Mr. Exarchou, you took the helm of Intrakat at a difficult time for the construction company. What was the (listed) company’s image when Winex went public?

  • “Intrakat has always been a company with significant growth potential and great know-how and experience in the construction industry. Our decision to invest was based on the company’s track record and the prospects we saw for it with the right strategy and support. Indeed, when we joined the company as a major shareholder, it was a period where Intrakat was falling short of its targets and its operating results had been compressed. Let’s not forget that the significant price increases in raw materials and energy, as well as, the cost of accelerating projects that had been delayed during the pandemic, affected the group’s results, as well as the industry in general. As a new shareholder and new management, we made a quick decision and swiftly implemented a comprehensive operational and management restructuring plan, which unlocked the value that the company had inside and gave it the breath, support and strategic direction it needed, in order to advance dynamically”.

The increase of 100 million euros in the share capital was successfully completed, since it was approved by the General Assembly of Shareholders. Where will the raised funds be allocated?

  • “We are particularly satisfied with the successful increase of the share capital by 100 million euros and for the trust and support of our shareholders. We carried out one of the largest IPOs that have been done in recent years and not only in this particular industry, and I warmly thank -once again- all the shareholders who participated in our development plan. We are building a new Intrakat, which is extroverted in its investments and competitive in modern terms in all areas of its activity. We want to build a strong foundation at Intrakat, and that’s what we’re doing now, relying on our own engineers (we’re already hiring), our own machinery and know-how, and less on subcontractors, which are certainly important, but they have to play a supporting role. The relationship among the shareholders is an essential component of the company’s progress and it is certainly one of Intrakat’s strengths – the excellent relations between the main shareholders. As the new main shareholder and new management, we have envisioned Intrakat as a leading group in SE Europe and this is the strategic goal that we support and serve. Now, following the share capital increase, the company has more than 140 million in equity and proportionately very little debt, which allows it to access financing, should it be required, in order to participate in large infrastructure development projects. Very soon you will hear from us on the acquisition front, as we evaluate investment opportunities in construction – infrastructure, in RES, in PPPs and concessions, but also in the sectors of waste management and real estate, which we have entered dynamically. Of the 100 million euros of the increase, we estimate that 50 million will be invested in acquisitions, while the rest will be used as working capital.”

One of the sectors which Intrakat attaches special importance to, is the ‘Renewable Energy Sources’ sector. You have announced the preparation of a bond issue of 120 million euros. How is this process going?

  • “RES already play an important role in energy self-sufficiency, as well as in sustainable development. We see this as an area where Intrakat can grow strategically and create a strong footprint with stable cash flows, both in clean energy generation and storage, and is -therefore- our investment priority. We already have a portfolio of 1.8GW (1,000MW wind farms and 800MW solar) and 0.7GW electricity storage projects, which we expect to generate positive cash flows by 2023. As far as the bond issue is concerned, we are at an advanced stage of negotiations with the cooperating banks, our goal is to proceed with a dynamic investment plan until 2024 and we believe that it will have the appropriate financing”.

In our country, the procedures for the development of offshore wind farms are also opening. Your company, along with the Belgian Parkwind has announced its participation in the upcoming tenders. How many Megawatts will you claim?

  • “Offshore wind farms are a great opportunity for Greece to increase its production of ‘green’ energy and we are glad that the state has worked in this direction by facilitating the procedures for their development. It is possible to achieve the national target of producing at least 2 GW of offshore wind power by 2030 and Intrakat’s goal is to claim a leadership position in this sector. Our strategic partner Parkwind has extensive experience in similar projects and will soon have a capacity of more than 1 GW. Accordingly, Intrakat has significant expertise in local infrastructure and we already have 1,000 MW of capacity from wind farm projects.”

Participation in the Attica Road competition is one of Intrakat’s biggest bets. How is the process going when it comes to preparing investors for the final phase of the competition?

  • “As you know, we are participating in the tender as part of a 30% joint venture with Portugal’s BRISA, a European giant with vast experience in managing road networks and motorways. In fact, BRISA’s strength and expertise is mainly in the modernization of highways based on digital technology, which is of utmost importance for the future of highways in our country. Given that the deadline for submission of offers is set for May 29, we are in the final stages of preparation.”

And one last question…

A large ‘pie’ of construction projects is opening up in Greece. What size could Intrakat claim?

“Major construction projects and infrastructure are a priority for us, as we believe that there is no development without modern infrastructure, roads, trains, ports, airports. Our goal is to claim even more projects that will improve public infrastructure and the daily life of citizens, but also the image of Greece as an attractive investment destination. We are planning our participation in projects that will be announced in the period 2023-2024 and will concern our areas of interest. Projects that we can execute well and within the predetermined timeframes and which will contribute to strengthening our position in the sector”.

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Business Computers & Software Finance Financial Market Technology

Managing API Security Is Essential For the Banking Sector

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I recently saw a headline that reported multiple branch closures by Lloyds, Halifax, and TSB. Personally, it didn’t affect me so I didn’t read the article. 

Why would it? I do my banking on my phone.

And, that’s mainly the reason why banks are closing their seldom used branches—people are banking online and not physically walking into banks.

As someone who prefers living online, I am not here to debate the benefits of high streets and banks. What I do want to talk about is the role of Application Programming Interfaces (APIs) in modern banking.

According to Express Computer, an Indian IT publication, APIs are spearheading the banking sector’s evolution.

These software programs allow banks to share their data and services with third parties. Third parties, as a result, can improve their services and customer experience.

APIs in Banking

According to the article, banks use APIs both as consumers and publishers.

As consumers, APIs help banks:

  • Automate the customer onboarding process, making it smoother
  • Get real-time information on customer credit-worthiness
  • Make better decisions for loan applications
  • Add value to their core business with investment and financial planning advice
  • Integrate with other services, such as e-commerce stores, and make online payments easier
  • Add other financial products into their range of offerings

As publishers, banks use APIs to reach more customers and diversify their services.

So, yes, the banking sector can thank APIs for a great deal.

However, that brings me to my next point. Since APIs are now an integral part of the banking sector, API security also becomes a larger issue.

I’ve discussed how re-evaluating your cybersecurity stack could help stop API breaches earlier. Then, I came across this post that discusses how identity distribution is essential for modern API security.

What Is Identity Distribution?

APIs enable a network of services that users can access. Once a user is inside that network, from any access point, they can get to any and all information within that network.

Identity distribution is the process of ensuring that the user is authorised to access information, at every point instead of just when they enter.

If you want to think of it in terms of your home security, once a person has entered your house—whether through the front door, back door, or window—they can go through the contents of all your rooms.

Identity distribution is the process of vetting their access and authorization in each room. If they are only allowed to enter the living room, they can’t be let into the master bedroom.

Identity Distribution For API Security in Banking

Identity distribution shouldn’t just take into account who is asking for access. It should also consider the origin of the request, the external application through which the request was sent, and an allow-list of callers.

Unfortunately, this brings up two other issues. 

One, sharing the credentials across the network means everyone who receives those credentials could use them to get the same level of access.

Two, It means distributing the user’s credentials across the network when some of the information might be sensitive. 

In effect, you’re sharing the user’s authorisation credentials (thereby making them available to other services on the network), which also means you’re sharing their information (which could be sensitive).

To mitigate this issue, you’d need proper identity distribution techniques. The technology you use will play a role in how secure the implementation is—that means having a detailed understanding of how your services interact with others and the pathways your users will have to take.

That, in turn, would help determine which services would need what identity data to complete the request.

Additionally, you’d also need to determine what piece of data these services would need to take the authorisation decisions.

Identity Distribution Techniques

Once you know the data that needs to be delivered to other services and who needs it, you can choose from a selection of identity distribution solutions. These can be:

  • Using Transport Layer Security (TLS) end-to-end, even with services within your network, instead of only at the perimeter
  • A locked-down infrastructure, where you control all communications within the network through encrypted connections, and using mutual TLS (mTLS) and frameworks (SPIFFE, Kubernetes) to manage service calls
  • Using established standards like OAuth and JSON web tokens (JWTs) instead of developing your own solutions
  • Using claim-based authorisation instead of using API keys or scopes (because, remember broken authorisation is listed as OWASP’s no.1 API vulnerability, and discussed in an article on API Security Solution by Gravitee.io, the leading API management platform)
  • Using opaque tokens instead of JWTs (which can reveal information to the frontend application or threat actors)
  • Using token-sharing techniques, such as token embedding or token exchanging

As you can see, API security is important across the board, but the banking sector is a bit more high-stakes than others. Whilst a security breach can be devastating regardless, banks are responsible for people’s money and savings. 

Investing in better cybersecurity is not just for them but also for their customers. And, API security is going to be a huge part of it.

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Computers & Software Finance Law & Legal Services Technology

Legalese Decoder Launches Latest Upgrade to LLM, Doubling Usage Credits on Paid Plans

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FOR IMMEDIATE RELEASE

Vancouver, Canada – Legalese Decoder, the industry leader in legal language translation and analysis, is excited to announce the latest upgrade to its Legalese Language Model (LLM). The upgraded LLM features faster response times and enhanced accuracy in deciphering complex legal language.

In addition to the LLM upgrade, Legalese Decoder is doubling the usage credits on both the Home and Pro paid plans at no extra charge to users. This means that users can now access twice as many credits to simplify and translate their legal documents.

“The latest upgrade to our Legalese Language Model is a testament to our commitment to providing our users with the most advanced and accurate legal language analysis tool available,” said William Tsui, founder at Legalese Decoder. “We understand the challenges that everyday people face when dealing with legal jargon and we are dedicated to empowering them with the tools they need to navigate the legal landscape with confidence.”

The LLM upgrade features a faster response time, enabling users to receive near real-time translations and analysis of complex legal documents. The tool utilizes advanced algorithms and machine learning techniques to identify key terms and concepts and provide plain language definitions.

With the doubling of usage credits on both the Home and Pro paid plans, users can now access even more features and functionality to simplify and translate their legal documents. The Home Plan now includes 40,000 characters credits per month, while the Pro Plan offers 800,000 characters credits per month.

“We are excited to offer our users even more value with the doubling of usage credits on our paid plans,” said Tsui. “Our mission is to provide all the tools needed for everyday people to tackle their legal needs, and this upgrade is just one more way we’re fulfilling that mission.”

Legalese Decoder continues to lead the way in legal language translation and analysis, providing users with the tools they need to simplify complex legal language. With the latest upgrade to the LLM and the doubling of usage credits on paid plans, Legalese Decoder remains committed to empowering everyday people to navigate the legal landscape with confidence.

For more information about Legalese Decoder and its legal language translation and analysis tools, please visit https://legalesedecoder.com/.

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Automotive Computers & Software Finance Technology

How AI Helps Insurance Companies Deliver a Better Experience

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I recently wrote a post about why insurance companies should consider data consolidation. In that article, I discussed how having your business data in one place could help you make better decisions for your business. 

And, at the same time, create a better experience for your customers.

Of course, one might argue that all of that data being streamed into this central “vault” would need to be assessed and analysed to get any value from it.

That’s where artificial intelligence (AI) and machine learning (ML) come into the picture.

Repairer Driven News, a news site for collision repairers, very recently discussed how technology—specifically AI—makes it easier for insurance companies to produce quotes.

Whilst this article discusses auto insurance specifically (given the nature of the publication), what it says is just as easily applicable to other parts of life that require insurance.

Using AI to Calculate Risk

In the past, risk calculations were done manually, based on information provided by the customer. With AI, however, risk calculations can be automated. And, they tend to be more accurate.

Accuracy, as it turns out, is extremely desirable in the world of insurance. That leads to a more logical premium for the customer, which is good for them and the insurance provider.

At the same time, AI is much better at detecting fraud. 

Fraud detection requires pattern detection. And, if the fraud is sophisticated enough, humans might not be able to see that pattern. AI, on the other hand, can and will. 

According to this article by Business News Daily, machine learning algorithms can detect fraudulent claims with a 75% accuracy rate. Of course, as technology evolves, fraudulent schemes will as well. However, all that means is that data scientists will need to keep up so that AI/ML can keep up as well.

Using AI to Calculate Cost

The article discusses how predictive analysis can determine if a vehicle can be repaired or if it should be written off. It can do that based on information such as the year and model of the vehicle, the type of impact, whether the airbags deployed, and so on.

It also talks about how AI heat mapping technologies can identify which areas of the vehicle were damaged.

With all this information at its “fingertips”, AI can very quickly complete an estimate with no additional help.

In the same way, AI could be used to predict risk and come up with personalised quotes for health and medical insurance, home insurance, pet insurance, and more.

Again, with a better understanding of the cost of treatment or reparations, insurance companies can service their customers better.

Using AI to Mitigate Risk

Safety technology in vehicles is reaching a point where cars can safely (well, more or less) drive themselves. While not all vehicles are autonomous, they do have features that can help human drivers operate a little more safely.

Some of these features, such as parking sensors, rear-facing cameras, and lane detection, can also gather information. This information, in turn, can be processed by AI to help drivers make better decisions; better decisions that lead to fewer collisions.

Helping Insurance Companies Harness the Power of AI and Data

Insurance software providers like Zinnia are offering solutions that help businesses make the most of their data. At the same time, these solutions also help them design better products for their customers, giving them the best experience as well.

For example, Zinnia’s life insurance solutions include data consolidation as well as management. This secure “source of truth” can be used by AI to generate better outcomes for everyone.

And, isn’t that what you want for your insurance business?

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Business Finance Financial Market Technology U.S

Kroger and Albertsons Zero in on Store Divestitures Amid Deal Review

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The Kroger Co. and Albertsons Companies Inc are still on track to divest 250 to 300 stores as part of their effort to dispel antitrust issues regarding their proposed merger plan.

The stores slated for sale are valued at USD 1B or above, and are located all across different regions of the US—such as Chicago, Phoenix, Southern California, and the Pacific Northwest—reported Reuters, citing unnamed sources.

Kroger-Albertsons Cos. Merger Deal

In a move to reshape the U.S. supermarket landscape, Kroger and Albertsons Cos.—The US’s two biggest grocery store chains—announced plans to join forces in mid-October.

The retailers hope that this merger, if approved by regulators, would help create a corporate behemoth generating around $200 billion in sales per year.

Combined, Kroger and Albertsons Cos. would operate around 5,000 stores across the country.

Reasons Behind the Divestiture

The retailers have decided to prepare for the store divestiture as the Federal Trade Commission (FTC) is reassessing Kroger’s proposed USD $24.6B investment in Albertsons Cos. 

Since the retailers declared the merger strategy, there has been a flurry of movements from American consumer advocates and lawmakers against it. 

They are pressuring the FTC to hit the brakes on the deal, or at least hold it for some time, over concerns that this merger, if executed, could cause significant hikes in grocery prices amid the current spiralling inflation rates.

While declaring their merger, the retailers stated that the plan was to sell around 100 to 375 stores to win regulatory approval faster. However, Kroger mentioned that up to 650 stores could be divested.

As per the agreement, if the deal falls apart over antitrust issues, Kroger would be required to pay Albertsons Cos. $600M as a breakup fee to walk away from the contract.

The retailers are trying to sound out long-sought buyers for their stores and address the antitrust issue of FTC over their merging. 

Both Kroger and Albertsons Cos. expect these stores to be spun off into a subsidiary dubbed SpinCo by Albertsons Cos. or directly acquired by competitor supermarkets trying to extend their footprint in the USA. 

FTC to Monitor the Financial Viability of the Stores Divested

FTC will closely monitor any sale of the stores coming from this divestment, reported Reuters, citing antitrust experts at FTC. 

The current FTC chair Lina Khan marked the failed AlbertsonsCos./Safeway settlement behind FTC’s scepticism about the Kroger-Albertsons deal. 

The result: The agency is strictly scrutinising the potential impact of the Kroger–Albertsons merger deal.

Navigating Divestiture Challenges to Success

Brian Concklin, an antitrust expert and partner at global law firm Clifford Chance has advised Kroger and Albertsons Cos. to ensure that the stores they have decided to divest can act as formidable players in the industry. Thus the retailers can keep the FTC from blocking their merger deal.

“The Albertsons-Safeway deal will loom large over how these assets are viewed and how the FTC evaluates whether these divestiture packages being offered are viable,” commented Brian Concklin.

As a complex process, divestiture requires a coordinated effort to be successful.

For any dynamic enterprise looking to maximise the transaction value while divesting its business, investing in a consulting service like Fission Consulting is a sensible decision.

Such a high-end service streamlines the process while significantly reducing business disruptions.

Wrapping up

Kroger and Albertsons Cos. hope their plan to spin off the stores as part of the merger deal will help overcome challenges while paving the way to get FTC approval. 

“We believe we have a clear path to achieve regulatory approval with divestitures,” said Gary Millerchip, Chief Financial Officer at Kroger in a Bloomberg news.

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Business Education Finance Services U.S

Boris Musheyev Disrupts The Tax Industry By Changing The Way Business Owners Do Their Taxes

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Queens, NY – February 8th, 2023 – Boris Musheyev founder of Boris M Tax Inc. new tax strategy e-book earns the Click Funnels 2-Comma Club award. The S-Corp Tax Book teaches entrepreneurs how to legally pay less in taxes using your S-Corporation. 

This ebook was created to educate entrepreneurs on how the United States tax code is designed and how they can use it to their advantage. Inside the book are tax strategies, deductions, and benefits that any profitable business owner can use to save money on taxes using S-Corporation.

The book also teaches business owners that accounting is more about being correct and putting the right numbers in the right boxes. It’s being strategic, and proactive and maximizing tax savings with tax planning.

Tax planning is not the same as tax preparation. Most people think that tax planning is just for the ultra-mega-rich, and it’s extremely underutilized by small business owners. 

Imagine you’re going on a road trip. Tax planning is like mapping out your route before you leave. You look at the big picture and decide the best way to get to your destination. You take into account things like traffic, construction, and road closures, so you can make adjustments and arrive at your destination on time.

Tax preparation, on the other hand, is like packing your bags and getting in the car. Once you’ve mapped out your route, you gather all the necessary items (documents, forms, etc.) and make sure they’re in order before you hit the road. You double-check that you have your driver’s license, registration, and insurance and that your gas tank is full. You’re ready to go.

Proactive tax planning is the only way to pay less in taxes. Tax planning is the process of looking at your life and business, and identifying strategic ways to minimize your tax liability with proactive tax planning strategies. It’s all about being proactive and taking advantage of opportunities to seriously save money on taxes.

Tax preparation, on the other hand, is the process of gathering all the necessary documents and information, and putting the right numbers in the right boxes. It’s all about being organized and making sure everything is in order before the deadline.

Just like a road trip, it’s important to start planning early and not wait until the last minute. If you wait until the last minute to map out your route, you’re going to miss out on tax-saving opportunities and overpay in taxes. Which is 100% avoidable.

In short, tax planning is all about using proactive tax strategies to pay less in taxes. Tax preparation is simply putting the right numbers in the right boxes. It’s important to start planning early and not wait until the last minute, just like a road trip.

As of today, over 20,000 copies of this book have been downloaded and more and more entrepreneurs learn about the power of tax planning and how S-Corporation can help them save money on taxes.

For more information on tax planning for your business visit www.borismtax.com.

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Business Finance Financial Market Technology U.S

NYSE Disaster Recovery Blunder Triggered Major Trading Glitch

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The NYSE (New York Stock Exchange) is beleaguered by criticism after an unexpected outage and IT error caused drastic price fluctuations in blue-chip stocks and billions worth of trades to be called off.

The NYSE blamed the ‘technical’ glitch on a manual error with its disaster recovery (DR) system, according to The Register. 

Let’s Flesh out the Reasons Behind the “Mayhem”

The exchange’s secondary Chicago data centre is supposed to protect US stock markets in the event of an outage or when a natural disaster strikes the venue.

As part of regular maintenance activities, the DR system should be tested daily and shut down manually after the closing bell.

However, on Monday, January 23rd, after the market was closed, an NYSE staffer failed to turn off the disaster recovery system correctly.

The result: the backup system, which is meant to be turned on in the event of a disaster incident only, was left operating overnight. 

It means that the exchange’s trading acted as if Tuesday’s trades were being carried on with the prices of Monday’s trade. 

The consequence: at 9:30 am on Tuesday, as trading started, the NYSE software malfunctioned, and skipped the day’s opening auctions which set prices incorrectly and unfortunately, led to a debacle.

The NYSE, in a statement, said, “The root cause was determined to be a manual error involving the exchange’s disaster recovery configuration at system start of day.“

What Was the Consequence?

The technical error triggered a string of events with catastrophic repercussions.

What NYSE addressed as a “system error” caused shares in over 250 firms to go haywire, with some firms encountering fluctuations in their stock prices by around 25%. 

As reported, a total of 84 stocks saw their valuations drastically plunge or surge until they had reached the limits set to thwart securities from trading at extreme prices.

According to a statement released on Wednesday morning, due to the system disruption, 81 stocks had short-sale restrictions (SSR) implemented “erroneously,” with Snap and Morgan Stanley being badly affected. 

While Morgan’s share price dropped by 13%, Walmart saw an increase of 12% in its share price due to the error.

Soon after NYSE halted the most egregious transactions, it stated: “Approximately 4,341 trades in 251 symbols should be busted (canceled).”

NYSE Fielding Claims

NYSE officials spent hours hunting down the reason behind the turmoil until it was confirmed that no such trading chaos would occur again.

“The issues around our market open on Tuesday are our collective responsibility, and we have moved swiftly and decisively to resolve them as a team,” explained a spokesperson from NYSE to Bloomberg. “A core value of ICE (Intercontinental Exchange, NYSE’s parent company) and the NYSE is our commitment to collaboration.”

NYSE is evaluating the financial losses stemming from this “wreck” and is fielding claims from the affected businesses as per exchange regulations.

Automated DR Systems Can Decrease System Failure Risks

Analysts unanimously agreed that automation could help avoid such system errors entirely.

“Automation eliminates human error,” according to Dennis Hahn, an analyst at Omdia. “If this [DR system] required to be manually shutdown, this is ridiculous and asking for trouble.”

In short, when it comes to disaster planning for data centres, one of the key elements is deploying an automated DR framework. 

Future-focused DR solutions like Protera enable customisable and automated backup scheduling. Plus, it frees users from manually configuring each device while also allowing them to back up their business-critical data in multiple locations. 

The result: significantly minimised human intervention, ensuring business continuity.

With customisable RPO and RTO objectives, users can set their systems for backup—every day, every hour, or even every few minutes—based on their backup policies.

Wrapping Up

Unfortunately, the NYSE backup blunder is not the only high-profile operation disruption occurring in January due to manual errors. The recent massive system crash in NYSE raises concern among US retail investors. The occurrence indicates that NYSE should “come up with something better” and implement automation and best practices for disaster recovery management.