Businesses

U.K. Insurance Ruling; Businesses Make Deeper Cuts: Virus Update

(Bloomberg) — Citigroup Inc., Qantas Airways Ltd. and Singapore’s United Overseas Bank Ltd. joined companies worldwide making deeper cost cuts, from property and equipment to staff and pay, as the pandemic persists.

A U.K. court ruling in a landmark insurance case could lead to tens of millions of payouts related to Covid-19. Britain’s labor market took a turn for the worse in July, taking total job losses during the crisis to almost 700,000, fresh data showed.

In India, where infections trail only the U.S., total cases approached 5 million. Hong Kong reported no locally transmitted infections for the first time since early July. The city injected its struggling economy with fresh stimulus and lifted some social distancing measures, including temporarily reopening bars.

A vaccine may be available for “ordinary Chinese” as soon as November, the state-owned Global Times newspaper said.

Key Developments:

Global Tracker: Cases pass 29.2 million; deaths exceed

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Businesses Make Deeper Cuts; Hong Kong Stimulus: Virus Update

(Bloomberg) — Citigroup Inc., Qantas Airways Ltd. and Singapore’s United Overseas Bank Ltd. joined companies worldwide making deeper cost cuts, from property and equipment to staff and pay, as the pandemic persist. U.K. job losses during the crisis reached almost 700,000, fresh data showed.

In India, where infections trail only the U.S., total cases approached 5 million. Hong Kong reported no locally transmitted infections for the first time since early July. The city injected its struggling economy with fresh stimulus and lifted some social distancing measures, including temporarily reopening bars.

A vaccine may be available for “ordinary Chinese” as soon as November, the state-owned Global Times newspaper said. In the U.K., researchers are beginning the first study of whether two experimental vaccines can be inhaled.

Key Developments:

Global Tracker: Cases pass 29.2 million; deaths exceed 928,500Lockdowns halt Europe’s air-travel recovery, threaten jobsLagarde leverages virus to push for greener monetary policyThis

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Businesses You Can Start for Under $1,000

If you’re trying to figure out how to start a business without a big infusion of cash from angel investors or your own savings, don’t despair. There are plenty of cheap businesses you can start that can turn into thriving enterprises.

In fact, you can get a business up and running for less than $1,000. If you’re looking to begin a business without a hefty investment, keep reading to find out how these entrepreneurs turned their business ideas into reality on shoestring budgets.

Blog

  • Initial Investment: $3 a month

Blogging can be the best business to start with little money. Some bloggers actually launch their websites for $0.

Kelan and Brittany Kline started their blog, The Savvy Couple, in 2016 for less than $3 a month. “That cost covered our domain name and hosting at the time,” Kelan said. “From there, we grew our blog into a thriving six-figure online

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Businesses were not prepared for the pandemic, warns IBM chief executive

The Treasury is reportedly considering tax hikes to deal with the mounting cost of the Covid-19 crisis: REUTERS
The Treasury is reportedly considering tax hikes to deal with the mounting cost of the Covid-19 crisis: REUTERS

Sreeram Visvanathan is the new chief executive of IBM UK and Ireland. The 53 year-old is from Bangalore in India and previously led IBM’s global Public Sector team.

In the middle of London Tech Week, he talked to the Evening Standard about the future – and admits many businesses simply were not prepared for the pandemic.

You’re in the first week of your new role. How does it feel to be the chief executive of IBM?

It’s a real privilege to be appointed. IBM has been a strong voice in the business and technology community for decades and I look forward to continuing that legacy. I spent a number of my formative years in the UK and have since worked with clients around the world. This has enriched my perspectives on the

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Fall semester brings no relief to struggling college towns and the businesses that rely on students

Freshman Sarah Anne Cook carries her belongings as she packs to leave campus following a cluster of COVID-19 cases at the University of North Carolina in Chapel Hill, North Carolina. <p class="copyright">AP Photo/Gerry Broome</p>
Freshman Sarah Anne Cook carries her belongings as she packs to leave campus following a cluster of COVID-19 cases at the University of North Carolina in Chapel Hill, North Carolina.
  • Businesses in college towns in the US are still reeling from the mass exodus of students that began in the spring and has now remained into the fall.

  • Many schools have adopted online-only approaches to learning or implemented a hybrid approach that brings only some students back to campus.

  • As their primary clientele — students, their families, and other members of university communities — diminishes, some business owners face a difficult decision: temporarily shut down again or close forever.

  • Visit Business Insider’s homepage for more stories.

For nearly a decade, Chris Carini has owned Linda’s Bar & Grill in Chapel Hill, North Carolina. The restaurant has been serving the college town for nearly five times as long.

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Governance, the G in ESG, is critical to businesses seeking capital to survive coronavirus crisis and US-China conflict

Companies that actively communicate with stakeholders, such as shareholders and employees, are more likely to survive and even emerge stronger from economic turmoil than those who run and hide from the unfolding crisis caused by the coronavirus pandemic and worsening US-China relations, according to a panel of governance experts.

Corporate-governance scandals have proliferated across the region as companies have fallen into financial difficulties and sought a quick way out, including Chinese Starbucks’ challenger Luckin Coffee that faked its financial accounts. Investors and creditors are making hard choices over which companies to back, and sound governance will be a deciding factor, the experts said.

“In such an environment, stakeholder engagement is clearly very important,” said Loh Boon Chye, CEO of Singapore Exchange, during a webinar this week organised by the South China Morning Post and independent think tank, the California-based Milken Institute.

Singapore Exchange’s CEO Loh, Boon Chye is pushing companies

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5 businesses that pivoted to new business models creatively during the pandemic

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Innovating the business model is a skill that every company needs from time to time, but changing the model near-instantly and perhaps radically is something else. Whether tweaking the model or transforming it, virtually all companies have had to make changes during the pandemic. Here are a few that have done it creatively and well.

Mandarin Oriental Hotel Group

Do you desperately need a break with plenty of pampering, but you aren’t ready to get on a plane? No problem. Mandarin Oriental is telling customers that if they live in a city with an M.O. hotel, they should just drive over and check in for the “Staycation at M.O.” program. In Boston, for example, they’ll get early check-in and late checkout, breakfast included, a bottle of wine, and

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Small businesses in college towns struggle without students

pandemic sent his best customers — University of Michigan students — back home in mid-March.” data-reactid=”32″ANN ARBOR, Mich. (AP) — Perry Porikos sat in the street outside one of his five businesses, in a makeshift patio area that didn’t exist before the COVID-19 pandemic sent his best customers — University of Michigan students — back home in mid-March.

The Greek immigrant arrived here more than four decades ago as a 20-year-old soccer player for the Wolverines and part-time dishwasher at The Brown Jug Restaurant, which he now owns. He nonchalantly dropped names of sports stars like Tom Brady and Michael Phelps, two of the many former Michigan students he counts as friends, and recalled hustling enough to own more than 10 businesses at one time.

“Living the dream that people talk about, especially if you live in Europe and you come here,” Porikos said, “I am the dream.”

Lately,

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Many small businesses rely on the US Postal Service to compete, stay afloat

An attack on the U.S. Postal Service is an attack on America’s small businesses.

cuts made to the agency by President Donald Trump-appointee Postmaster General Louis DeJoy has focused on potential effects on the upcoming election, it’s important to note the effect these reductions will have on the health of our country’s small businesses.” data-reactid=”27″While media attention on cuts made to the agency by President Donald Trump-appointee Postmaster General Louis DeJoy has focused on potential effects on the upcoming election, it’s important to note the effect these reductions will have on the health of our country’s small businesses.

overwhelmingly depend on the Postal Service for their shipping, and in a world of online shopping, intensified by the pandemic, the USPS is even more important for small businesses. Indeed, many small businesses would go out of business if it weren’t for USPS.” data-reactid=”28″Small businesses overwhelmingly depend on the

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Pesky forwards aside, WhatsApp is now a lifeline for many small businesses in India

In March when coronavirus started spreading in India, Abhishek Sayam was forced to close his two Books By Kilo stores on the outskirts of Mumbai. The company, which sells books by weight and not by printed cost, also had to stop holding exhibitions to avoid putting customers and teammates at risk. “Due to (the) uncertain nature of lockdowns and curfews we can not confirm the date of delivery,” reads a popup on Books By Kilo’s website.

This situation could have led Sayam’s two-year-old venture to collapse. But like for many other entrepreneurs, technology came to his rescue.

Books By Kilo has seen a 40% increase in sales and customer interactions since March thanks to WhatsApp Business, a free-to-download mobile app that acts as a storefront for small businesses on the world’s largest instant messaging app. Sayam has been using the app since 2018, but during the lockdown, the app was

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