When you first started your business, you were practically doing everything on your own. You had a small workspace and no employees to worry about. You only had a few clients and not much paperwork to deal with. In other words, you did not have much going on as far as productivity is concerned. But once the business got bigger over time, that all changed.
Nowadays, you have an office filled with employees who are busy working towards a single goal: making your company more successful than it already is. Of course, this means that things can get pretty hectic at times. With so many people running around doing their own thing, it can be hard for you to keep track of everything that’s going on in the workplace.
That’s why it is so important for businesses to find ways to improve their productivity. It will help you work together efficiently without getting overwhelmed by too many tasks at once or having difficulty communicating with each other about what needs to be done next!
Can Help Your Business Be More Productive
Blockchain technology is a distributed ledger, which means that it can be used to securely store and share information. This allows businesses to transfer data transparently without having to worry about security issues or privacy concerns.
In the past, most companies have been forced to use third-party providers for some types of shared storage and processing power. This has made them vulnerable because they are reliant on these external providers, to be honest, and trustworthy with their data. With blockchain technology, however, there is no need for this kind of arrangement because it provides an immutable way for businesses to store their information.
Boost Your Bottom Line
By now you've heard about how blockchain technology can improve your business. And we're sure you've also heard how important it is to improve productivity, efficiency, and profitability in your company. But how exactly do you achieve these goals?
The way to go about improving productivity, efficiency, and profitability is by implementing blockchain solutions into your company's operations.
Here are a few ways that blockchain can help increase profits:
Make more money from customers' purchases - If customers are paying for goods with cryptocurrency, they'll be paying more than if they were using traditional forms of currency like credit cards and debit cards—which means more money for the seller!
Get new customers - By providing discounts or other incentives only available through crypto payments (Bitcoin), merchants have an opportunity to attract new customers who may not have shopped with them before—and those new shoppers might become repeat customers as well!
Here’s How It Can Make It Happen
Blockchain is a distributed database that uses cryptography to maintain a publicly accessible, decentralized data structure. It’s often referred to as a “digital ledger.”
It stores the history of transactions and records them in “blocks.” Each block contains a timestamp and an encrypted link to the previous block in the chain – hence its name: blockchain!
If you want your business to benefit from blockchain technology, then you need to learn about what it is and how it works.
Reduce Unnecessary Costs
In addition to reducing the need for middlemen, blockchain also reduces the need for manual processes. When you use a traditional ledger system, it's common for your product or service provider to require that you check off every step of the process manually. Blockchain removes this need by automating it. This can be done through smart contracts (more on them in a later section).
Make Better Use of Your Resources
Making better use of your resources is another way to improve productivity. You can accomplish this by using blockchain technology to improve resource allocation, management, planning and scheduling, optimization, and forecasting.
In addition to making the most of any asset you have in your organization (manpower or machines), you also need to make sure that those assets are used effectively. This means accounting for all factors when deciding where and how an employee should be working.
Adopt an Agile, Responsive Approach
An agile, responsive approach to operations will help you achieve increased business productivity. This means that you need to be able to respond to change quickly and efficiently.
This can be achieved through the following:
A flexible workforce who understands the value of changing their tasks and methods to get results faster. Employees will have the freedom and flexibility they need to deliver on short-term projects as well as long-term goals.
Cross-functional collaboration between departments so that all members of your team know how each other's work affects their performance levels, which helps ensure that there are no bottlenecks or delays in communication between departments (or even within one department). For example, if someone needs information from another department before they can complete their task list then this should be made clear at the beginning so everyone knows what's happening next so there isn't any confusion later down the road when time is running out.
Equip Yourself for Future Changes
If you're looking for a way to increase your business's agility, blockchain can be an effective tool. By developing an innovative product or service using blockchain technology and implementing it on a global scale, you'll be able to bring about change in the way people do business. In this way, you'll create a "new normal," one that is more agile and adaptable than ever before.
The importance of being agile cannot be overstated. This is true whether you're looking at large corporations such as Amazon or small businesses like yours. It's important because when times are changing rapidly (as they always are), we need to find ways to adapt quickly without compromising quality or performance standards. Otherwise, we risk falling behind our competition.
Organizations have responded by creating processes that allow them to react quickly when necessary. However, what if these processes could respond automatically? This would make them even more efficient than before!
Conclusion
We hope you now have a clearer vision of how blockchain and the Internet of Things can improve business productivity. You may be wondering how to implement these technologies within your organization.
We recommend starting with a feasibility study that identifies areas within your organization where blockchain technology could be implemented. It also outlines potential benefits and costs associated with each of those implementations.
Funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds.
INDIAN money in Swiss banks more than trebled in 2024 to 3.5 billion Swiss francs (£3.1bn), attributed to a rise in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday (19).
However, funds held in customer accounts by Indian clients rose by 11 per cent in the year to 346 million Swiss francs (£3.14m) and accounted for about one-tenth of overall funds, the report showed.
The increase in the overall funds follows a 70 per cent decline in funds by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, in 2023 to a four-year low of 1.04 billion Swiss francs.
This is the highest since 2021, when the total Indian money in Swiss banks hit a 14-year high of CHF 3.83 billion.
These are official figures reported by banks to the Swiss National Bank (SNB) and do not include money that Indians, non-resident Indians or others might have in Swiss banks in the names of third-country entities.
According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.
The total amount of CHF 3,545.54 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2023, included • CHF 346 million in customer deposits (up from CHF 310 million at 2023-end), • CHF 3.02 billion held via other banks (up from CHF 427 million), • CHF 41 million (up from CHF 10 million) through fiduciaries or trusts, and • CHF 135 million as 'other amounts' due to customers in form of bonds, securities and various other financial instruments (down from CHF 293 million).
The total amount stood at a record high of nearly 6.5 billion Swiss francs in 2006.
However, the 'locational banking statistics' of the Bank for International Settlement (BIS), described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, showed an increase of nearly six per cent during 2024 in such funds to $74.8m (£55.7m).
An exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is being followed every year.
Swiss authorities have maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
The UK topped the charts for money deposited by foreign clients in Swiss banks at CHF 222 billion, followed by the US (CHF 89 billion) and West Indies (CHF 68 billion).
Germany, France, Hong Kong, Luxembourg, Singapore, Guernsey and the UAE completed the top ten countries.
India was in 48th place, up from 67th at the end of 2023, but below 46th place at the end of 2022.
Pakistan also saw a dip to CHF 272 million (from CHF 286 million), while Bangladesh witnessed a sharp increase from CHF 18 million to CHF 589 million.
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In a statement, the central bank pointed to a recent rise in energy prices, citing the 'escalation of the conflict in the Middle East' as a factor.
THE BANK OF ENGLAND (BoE) kept its key interest rate at 4.25 per cent on Thursday, citing persistent inflation and rising risks from US tariffs and the conflict between Israel and Iran.
The decision, which was widely expected, came a day after the US Federal Reserve also left its interest rates unchanged, pointing to continued inflation and slowing growth in the United States.
BoE governor Andrew Bailey said the UK economy remained weak but signalled that rate cuts were possible later this year.
“Interest rates remain on a gradual downward path, although we’ve left them on hold today,” Bailey said. He added, “The world is highly unpredictable.”
Official figures released Wednesday showed that UK annual inflation eased to 3.4 per cent in May, less than expected. It remains well above the BoE’s 2 per cent target.
In a statement, the central bank pointed to a recent rise in energy prices, citing the “escalation of the conflict in the Middle East” as a factor.
Despite holding rates steady, analysts expect the BoE to cut at its next meeting in August.
“The Bank of England opens the door for a cut in August as it keeps one eye on energy prices,” said Yael Selfin, chief economist at KPMG UK.
The Bank of Japan also kept its interest rate unchanged this week.
Earlier on Thursday, Norway’s central bank unexpectedly cut rates, and the Swiss National Bank reduced its rate to zero per cent. Both cited uncertainty in the global economic outlook.
Last month, the Bank of England cut its rate by 0.25 percentage points as early signs emerged that US tariffs were beginning to affect growth.
The UK economy shrank more than expected in April, partly due to a tax rise on domestic businesses.
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FILE PHOTO: Passengers board a Pakistan International Airlines (PIA) flight at the airport in Kabul on September 13, 2021. (Photo by AAMIR QURESHI/AFP via Getty Images)
TWO of Pakistan's leading business groups and a company backed by the powerful military will bid for the country's ailing national carrier, a divestment the government hopes will kickstart the privatisations of state-owned enterprises.
The sale of Pakistan International Airlines will be the first major privatisation for around two decades, with the sale of loss-making state-owned enterprises a condition of last year's $7 billion (£5.5bn) bailout by the International Monetary Fund.
The government tried unsuccessfully to last year offload a stake in PIA, which is a major burden on its budget, but the sale was aborted because of the poor state of the airline and the conditions attached to any purchase.
Expressions of interest are due by Thursday (19) for an up to 100 per cent stake in the airline, with industry insiders expecting more bidders to emerge. They say the deal has been sweetened with a tax incentive and bolstered by signs of a turnaround in PIA's fortunes.
The Ministry of Privatisation did not respond to a request for comment.
Among those planning bids are the Yunus Brothers Group, owners of the Lucky Cement and energy companies; and a consortium led by Arif Habib Limited that includes Fatima Fertiliser, Lake City, and The City School, sources within the companies said.
Fauji Fertilizer Company, which is part-owned by the military, said it will be making an expression of interest, in a notice to the Pakistan Stock Exchange. Fertiliser production is a lucrative sector in Pakistan.
A group of PIA employees has also come forward to bid.
"The employees will use their provident fund and pension, in addition to finding an investor to place a bid. We're doing this to save jobs and turn around the company," said Hidayatullah Khan, president of the airline's Senior Staff Association.
The airline was restructured last year, offloading approximately 80 per cent of its legacy debt to the government to make it more attractive to investors. But bidders remain concerned about overstaffing and the ability to fire employees.
Last year's sale effort failed when the sole bid of $36 million (£28m) fell far short of a $305m (£240m) floor price.
Interested parties walked away before bidding, partly because the government was not willing to give up 100 per cent of the company, with bidders saying they did not want the government to remain involved.
Since then, PIA has posted its first operating profit in 21 years, driven by cost-cutting reforms, after making cumulative losses of $2.5bn (£2bn).
This success of the current process will depend on whether the government is willing to give up a 100 per cent stake, industry insiders said.
They added that a government decision this month to remove the requirement of paying sales tax upfront on the lease of new aircraft, which had been an impediment, will make the deal more attractive.
PIA resumed flights to Europe in January after the European Union lifted a four-year safety ban. The airline has also approached UK authorities for permission to resume services to London and Manchester.
The restoration of international routes is vital to future growth opportunities and successful bidders are likely to bring in foreign airlines as operators.
(Reuters)
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Choksi, accused in a bank fraud case in India, has been arrested in Belgium and plans to appeal for release, citing medical grounds. (Photo: Getty Images)
FUGITIVE jeweller Mehul Choksi accused India of orchestrating his kidnapping to extradite him on fraud allegations, with his lawyers telling London's High Court on Monday (16) that only India had the motivation and resources to do so.
Choksi – who was arrested in Belgium in April – is wanted in India over his alleged involvement in one of India's biggest bank frauds at Punjab National Bank, which in 2018 announced it had discovered alleged fraud worth $1.8 billion (£1.29bn).
Choksi is separately suing the Indian government in London, arguing that the state was responsible for his kidnapping in Antigua in 2021, when he says he was abducted and taken to Dominica in an attempt to extradite him to India.
India's lawyer Harish Salve said in court filings that "there is no evidence of India having anything to do with the alleged events".
Choksi alleges he was beaten in a failed attempt to extort a false confession and implicate India's political opposition, which he says points to state involvement in the incident.
Choksi's lawyer Edward Fitzgerald told the court: "The evidence points inevitably to India being behind this – they had the motivation, they had the resources."
Monday's hearing, the first since Choksi filed his case last year, was held to decide when India's application to throw out Choksi's lawsuit on state immunity should be held.
(Reuters)
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The Consumer Prices Index (CPI) stood at 2.6 per cent in March, down from 2.8 per cent in February, the Office for National Statistics (ONS) said. (Representational image: iStock)
UK INFLATION eased slightly in May but remained above expectations, according to official figures released on Wednesday, adding to speculation that the Bank of England will keep interest rates unchanged this week.
The Consumer Prices Index fell to 3.4 per cent in May from 3.5 per cent in April, which had marked a 15-month high, the Office for National Statistics (ONS) said.
Analysts had expected a bigger drop to 3.3 per cent.
The release came after separate data last week showed that the UK economy contracted more than expected in April.
Gross domestic product fell by 0.3 per cent, driven by a tax increase on UK businesses and a sharp decline in exports to the United States linked to president Donald Trump's tariffs.
Political responses
Chancellor Rachel Reeves said, "Our number one mission is to put more money in the pockets of working people."
Mel Stride, the finance spokesperson for the opposition Conservatives, said inflation staying "well above" the Bank of England's 2 per cent target "is deeply worrying for families".
The Bank of England is expected to leave its key interest rate unchanged at 4.25 per cent when it announces its decision on Thursday.
Mixed price movements
"A variety of counteracting price movements meant inflation was little changed in May," said Richard Heys, acting chief economist at the ONS.
"Air fares fell this month, compared with a large rise at the same time last year," he said. However, higher prices for chocolate and meat helped to offset the fall in motor fuel costs.
Danni Hewson, head of financial analysis at AJ Bell, said, "The escalating conflict between Israel and Iran has impacted the oil price in the past week, with UK motorists already bracing themselves for hikes and airfares also expected to soar."
Interest rate outlook
The Bank of England cut interest rates last month by a quarter point, its fourth reduction in nine months, as tariffs continued to weigh on economic growth.
Analysts expect the central bank to maintain that pace of easing until at least early next year.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said, "The fact that inflation has fallen back slightly... should bring some comfort to the Bank of England as it considers the next move for interest rates."
"They were expecting inflation to remain well above target at this point in the year, so it won't necessarily spark a rethink on rates.
"Before the announcement, the markets were expecting two more cuts by the end of the year, and there's a reasonable chance this won't move significantly on the back of today's news," she added.