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Dissecting market failures: from root to fallout

From mining coal to mining Bitcoin, a market is always prone to collapse, triggering all types of questions, including: What were the warning signs? How will you know when it has hit bottom? At what point will investors look to capitalize? Is a subsequent upswing temporary or sustainable long-term? NJIT’s Michael Ehrlich speaks authoritatively on market failures, as director of the university’s Henry J. and Erna D. Leir Research Institute for Business, Technology and Society. He also brings real-world expertise, having run his own business and managed units of Salomon Brothers and Bear Stearns. Moreover, Ehrlich excels at explaining the most complex financial issues in plain English. To interview him, simply click on the button below.

Aston University cyber expert to appear at FinTech event in Birmingham

'FinTech Secured – Next Generation' will showcase the work of leading stakeholders in the research and development of financial technology (FinTech) and security Professor Vladlena Benson will offer insight on illicit money flows and trends in Financial Security Registrations are now open for the event on 7 June 2022 at The Compound, Birmingham. The director of the Cyber Security Innovation (CSI) Centre at Aston University is set to appear at a networking event around financial technology (FinTech). Following the success of their first flagship event of 2022 ‘Secure by Design, Advanced Manufacturing’, Midlands Cyber will launch 'FinTech Secured – Next Generation' on the 7 June 2022. The event will be the first face to face event after the pandemic in Birmingham, bringing together thought leaders and service applications specialists for an evening of industry networking. Professor Vladlena Benson, who also serves on the EU’s Agency for Cybersecurity (ENISA) task force defining the Cybersecurity Skills Framework at the European level, will be joined by contacts from within the cryptocurrency sector and offer insight on illicit money flows and trends in financial security. The event will also showcase the work of leading stakeholders in the research and development of FinTech and financial security. FinTech’s academic innovators, CEOs and company founders, entrepreneurs, contractors, investors and policymakers are encouraged to register now to discuss, participate, network and put their questions to our panel of industry experts. Professor Vladlena Benson, an industry-recognised expert in cybersecurity risk management and director of CSI Centre at Aston Business School, said: “Financial services are core to the UK economy and continue to be a common target for cyber criminals. Challenges to the insurance sector and cyber crime prosecution when crypto assets are involved are emerging and at the CSI we are working to provide forensic and data integrity solutions which help secure the FinTech sector.” User of contactless Europay, Mastercard, and Visa (EMV) may be interested in the insights of Tom Chothia, reader in cyber security at the University of Birmingham, on how the vulnerabilities of Apple Pay and Visa could enable hackers to ’Take £1000 from a locked iPhone’. Registrations are now open to join the cluster at 18:00 hrs on the 7 June 2022 at The Compound, Birmingham.

Aston University helps celebrate Apprenticeship Levy Transfer scheme success

• Celebration to recognise 2,500 apprentices who started work across the region • Aston University worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices • Levy scheme benefitted nearly 800 local SMEs who have been able to take on apprentices thanks to the funding. Staff from the Aston University degree apprenticeship team attended a celebratory event hosted by West Midlands Combined Authority on 11 May to recognise how a pioneering funding scheme has helped nearly 2,500 apprentices start work within businesses across the region. The Apprenticeship Levy Transfer Scheme, which was set up by the WMCA three years ago, covers small and medium-sized enterprises’ (SMEs) training and assessment costs of taking on an apprentice. It uses money pledged by big business from their own unspent Apprenticeship Levy – a Government charge on all employers with a payroll of over £3 million to pay for apprenticeship training. This unspent money would normally go back to Government but under the initiative it is transferred via partnership with the WMCA to fund apprenticeships at smaller local firms. At the event, which was hosted at The Eastside Rooms in Birmingham and attended by levy transfer employer partners, apprentices and businesses from across the West Midlands, attendees had the chance to hear from SME employers and apprentices about how they have benefited from levy transfer. Over the past three years, the levy scheme has funded apprenticeship training for close to 800 local SMEs and nearly 2500 learners, keeping levy money within the region to help local businesses grow and upskill their staff. Degree apprenticeship development manager, Sheila Rattu, from Aston University, said: “Aston University has always supported its SME community and this has been another great way for us to celebrate our non-levy employers and champion a more diverse set of learners whether through Aston University pledging its own surplus funds or utilising the scheme for our own apprentices.” Aston University has worked with the WMCA to increase the number of apprenticeships that SMEs can offer by using levy transfer to help fund apprentices. This has resulted in securing £381,355 for local businesses. The impact from Aston University’s £200,000 levy pledge has also led to: • 23 apprentices having their training and assessments costs covered • 11 local businesses benefitting from our apprenticeship levy donation • increased job opportunities and a boost in skills and productivity across the region. The WMCA set up the Apprenticeship Levy Transfer Scheme to cover 100% of the training and assessment costs of apprentices at SMEs in the West Midlands, using the unspent levy pledged by big employers. During the celebration event David Gaughan, head of employer services at WMCA, shared the current economic situation in the West Midlands highlighting that employment rates are up to a record high, and unemployment rates have returned to pre-pandemic levels. Mayor of West Midlands, Andy Street, also attended the event to celebrate and highlight the commitment for Levy Transfer investment within the West Midlands. Qualification level in West Midlands remains below national average, however apprenticeships actively act as a bridge to support residents with skills and generate a skilled workforce ready for growth. Andy Street, Mayor of the West Midlands and chair of the WMCA, said:  “The Apprenticeship Levy Transfer Scheme has been a resounding success for our region – improving skills, providing jobs, and changing lives. I’m pleased therefore we have been able to take a moment to celebrate what we have achieved around apprenticeships in the West Midlands. “Linking up our local talent with the plentiful opportunities on offer in industry is central to my 100k jobs plan as we bounce back from Covid. We must provide routes into high-quality well-paid employment so that the young people in our region have prospects ahead to excite them and keep them and their families here in the years ahead.” The transfer deal agreed with the Government in 2018 was the first of its kind in the country helping to boost skills, job opportunities and productivity by supporting more young people and adults of all ages into work. For more information about degree apprenticeships at Aston University please visit our webpages. For media inquiries, contact Rebecca Hume, Press and Communications Manager: r.hume@aston.ac.uk

Will out of this world ideas be the next big thing for Florida's tourism industry?

Look up. That's where you may find the next billion-dollar tourism idea in America. Space tourism seems to be the next frontier for the industry to conquer. With a price tag of at least $50,000 per customer, the potential is huge. With companies like World View test launching in Florida and Space Perspective already headquartered in the Sunshine State, Florida is on the verge of being a destination for tourists looking to go out of this world. The concept sounds impressive, but there still are questions: • Will customers line up for a $50,000 price-point? • How big (or small) is the market for potential customers? • Is it safe and what are the liabilities? • And, if it takes off, what will the ripple effect be for Florida with an influx of high-end tourists? If you are a journalist covering the potential impact of space tourism in Florida, let us help. Peter Ricci, Ph.D., is a clinical associate professor and director of the Hospitality and Tourism Management program in Florida Atlantic University’s College of Business. He is a hospitality industry veteran with more than 20 years of managerial experience in segments including food service, lodging, incentive travel and destination marketing. Peter is available to speak with the media about space-travel tourism as well as other topics such as the labor shortage in hospitality and tourism. Simply click on his icon to arrange an interview.

New Aston University report sets out blueprint for advancing the growth potential of ethnic minority businesses in the UK

The Centre for Research in Ethnic Minority Entrepreneurship (CREME) has partnered with NatWest for the Time to Change report It sets out ten evidence-based recommendations for advancing the growth potential of ethnic minority businesses (EMBs) including increasing their GVA contribution from the current £25 billion a year to £100 billion The report is being launched at a special event on 10 May at NatWest Conference Centre in London with keynote speaker Sir Trevor Philips OBE. A new report from Aston University has set out a plan for advancing the growth potential of ethnic minority businesses (EMBs) in the UK. The Centre for Research in Ethnic Minority Entrepreneurship (CREME) has partnered with NatWest for the Time to Change report which sets out ten evidence-based recommendations to promote greater success and inclusion of ethnic minority businesses (EMBs) in finance and business support in the UK. Experts say the implementation of the recommendations could help tackle the multiple barriers faced by EMBs, particularly in accessing finance, markets and quality business support, and could increase their GVA contribution from the current £25 billion a year to £100 billion, highlighting the significant potential of EMBs to the UK economy. The report says that to combat racial inequality, there should be a UK-wide support for ethnic led businesses should be a standard feature of all future plans. This includes integrating them into broader policy agendas of inclusive growth, productivity and innovation. A more inclusive approach to enterprise is key to tackling wider social structural barriers such as unequal access to employment opportunities and product markets, and gender and ethnicity pay gaps. Concerted action is needed to support the growth ambitions of EMBs, particularly in light of damaging consequences of the pandemic for ethnic minority communities. The report calls for a strong action to eliminate the longstanding challenge of discouragement of ethnic minority entrepreneurs from seeking finance and business support. It found EMBs have been particularly hit hard by the Covid-19 pandemic due to the sectors in which they tend to operate and recommends recovery support is focussed on the businesses that need it most. The report also highlights the need for greater accountability of organisations across public, private and third sectors, including business support agencies, finance providers and large purchasing organisations, for their business engagement with EMBs. Professor Monder Ram, director of the Centre for Research in Ethnic Minority Entrepreneurship at Aston Business School, said: “This major report sets out an ambitious yet practical agenda to realise the potential of UK’s ethnic minority businesses. “The entrepreneurial ambition of ethnic minorities can play a crucial role in the UK Government’s vision of ‘Levelling Up’ prosperity across regions, promoting trade opportunities of ‘Global Britain’ and creating a more cohesive society. “Drawing on the latest research and examples of international best practice, the report presents a comprehensive approach to tackling the barriers faced by firms owned by ethnic minority communities. “We pinpoint key challenges and present recommendations – informed by extensive consultation with business support practitioners and entrepreneurs – that invite policy-makers, corporations and entrepreneurs to collaborate in a new partnership to advance entrepreneurial activities and the UK’s diverse communities.” The report calls for central government and local decision makers to develop clear objectives for inclusive entrepreneurship, informed by evidence, and ensure that EMBs can access quality business support that helps them grow. Dr Eva Kašperová, a research fellow at CREME, said: “To address the barriers faced by EMBs and help them realise their entrepreneurial potential will require commitment and leadership from the government as well as local business support ecosystem actors. “The current lack of an explicit UK-wide policy on inclusive entrepreneurship could mean that some parts of the country are left behind in terms of tackling structural inequalities and enabling entrepreneurs from ethnic minority communities and other under-represented or disadvantaged groups to access finance, wider markets and quality business support. “If past experience is a guide, ensuring commitment from key stakeholders may be the biggest challenge.” Andrew Harrison, head of Business Banking at NatWest Group, said: “As the UK’s biggest bank for business, we’re committed to championing small businesses and supporting growth, but we know that there are barriers which disproportionately affect Ethnic Minority Businesses (EMBs). “This is why we aim for at least 20% of the places on our 13 nationwide accelerator hubs to be for ethnic minority entrepreneurs. In 2021, 26% of businesses in our hubs were EMBs. “Only close collaboration can deliver meaningful change to ensure EMBs get the support they need to reach their full potential. Now is the time to accelerate action, and at NatWest we commit to playing an integral role in the change that is required.” The Centre for Research in Ethnic Minority Entrepreneurship (CREME) will share this report, inviting policy-makers, corporations and entrepreneurs to come together in a collaborative and strategic partnership to champion enterprise and advance entrepreneurial activities and the UKs diverse communities, further building an inclusive entrepreneurial eco-system supporting businesses to thrive at a launch event at NatWest Conference Centre in London on 10 May.

#Expert Insight: Practice sound business practices, especially amid high inflation

Understanding your market is of the utmost importance in a time with high inflation. Dr. Richard Franza, dean of the Hull College of Business at Augusta University, said business owners should always be examining processes to make sure they are as cost-effective as possible. But also, make sure to keep the customer in mind. “You have to understand where your price fits in with all the other components of your products,” said Franza. “You mustn’t spend money on elements that are not important to your customer. Cut your costs in a way that doesn’t affect the customer experience.” Being aware of everything when business is on an uptick is as important when times aren’t the best. “If you look at the processes when times are good, then you have a lot more flexibility with your margins. Understanding your market is important. Understand how you compete – is it through cost, quality, speed or customization? Understand where you’re better or worse than your competitors." When it comes to the service industry, businesses need to pay special attention to those dealing with the customers. “Understand that while you have to run your back room efficiently, you have to concentrate on your front room where you do interact with customers. Be focused on the experience of the customer. You may want to spend a little extra on the people you hire to interact with your customers; they’re your ‘face,’” added Franza. While inflation may be affecting everyone and every business, it’s important to remember one thing. “Be true to your brand. Your loyal customers are coming to you because of that.” If you're looking to know more about this important topic, then let us help. Franza is available to speak with media about trending issues like inflation, small business and the economy – simply click on his icon now to arrange an interview today.

MEDIA RELEASE: Driven by Good™: CAA South Central Ontario announces brand platform, new tagline

It’s a brand platform and tagline that tells the story of who we are and what we stand for as an organization. CAA South Central Ontario (CAA SCO) today announced a new tagline – Driven by Good™. Accompanied by a new brand platform, this will create a sustained and consistent approach for marketing the CAA club brand moving forward. It will also help to express CAA values and a commitment to always doing the right thing as an organization. The new brand platform was created in partnership with BIMM and reinforces why CAA was named the most trusted brand in Canada for the third year in a row in the annual Gustavson Brand Trust Index, released last week. “This new marketing approach will help CAA Members create a deeper, more emotional connection to our brand,” said Rhonda English, chief marketing officer, CAA Club Group of Companies. “For over 115 years, we have been helping people through advocacy and roadside assistance and for decades with travel and insurance. CAA has been approaching business in a positive and impactful way since its inception and it is time to align our marketing and communications accordingly.” Driven by Good™ was inspired by the people who work at CAA SCO and how they strive to do the right thing for Members and customers every day. It was inspired by a vision of a world where people who, when faced with a choice to do the easy thing, the reactionary thing, the thing that best serves them, pause, and make a choice to do good. As the platform and tagline were developed, CAA collected more than 250 stories of Associates going above and beyond to do the right thing in their day-to-day lives. Stories like the colleague who cleared all the vehicles of snow in her apartment parking lot after a nasty snowfall. Or the Associate, an amateur photographer, who set up his garage like a photo studio so he could take photos of his neighbour's ill child and her father. Or the co-worker who scrambled to find a coat and warm clothing to help someone in distress. “All of these stories, big and small, show how CAA is made up of Associates who are truly driven by doing good in the world. We are proud that our Associates bring this same approach to their work, showing that as an organization we aren’t driven by profit, we are focused on keeping Members safe and adding value to their day-to-day lives,” continued English. “We are inspired by these kind and courageous acts, which represent a world that we want to be a part of and contribute to.” The first campaign that is part of the new brand platform launches today, to begin to tell CAA's story in this new way. It is focused on inviting our audience into the ‘World of Good’ that we all want to live in. It showcases the good choices that people make that we at CAA are inspired by every day. It also draws on stories and experiences from Associates across the organization focused on how we are Driven by Good™. For more information and to see CAA’s newest brand spot, go to https://www.caasco.com/campaigns/brand/driven-by-good.

In a post-COVID workplace, do employees hold the cards when it comes to work-life balance?

For the most part, COVID-19 is in the rearview mirror for the businesses, restaurants and workplaces it played havoc with for the better part of two years. As Americans pivot back to normal, there are a few things the pandemic may have changed for good. How we work and the dynamics of the traditional American workplace are likely among those permanent changes. For some Americans, the novelty of working from home may shift back to the traditional workplace, but experts say that is dependent on industry, job roles and location. Meanwhile, some employers are now realizing the benefits and efficiencies of working from home with less rigid 9-5, Monday-to-Friday schedules. Employees are working more, costing less and still delivering. The new workplace is a topic that is top of mind. Work-life integration is quickly becoming part of policy and procedure for employers as it remains a priority for employees. "Some employers simply don’t have a choice," said Melissa Furman, a leading management consultant and lecturer in the James M. Hull College of Business at Augusta University.  "If they are not recognizing the needs of their employees, they are going to have a hard time recruiting and retaining employees. 'Work-life balance' is a dated term that is recognized by the older generations.  "The younger generations are seeking 'work-life integration' and in some cases view their jobs as 'side hustles' to support their career of 'life.'" There are many different mindsets present in the workplace and employers need to better understand the needs and preferences of their employees and “one size does not fit all,” adds Furman. "This environment has created some new/unique challenges for organizational leaders." There are a lot of questions to consider when it comes to how America adapts to the new working environment, and if you are a journalist covering this topic, that’s where Augusta University can help. Furman is a respected leader in management with over 20 years of business coaching, mentoring and higher education administration. She's available to speak with media; simply click on her icon to schedule an interview today.

Levity Aside, the 2022 White House Correspondents Dinner Reminded Us of Our Mission

As expected, Trevor Noah, host of Comedy Central’s “The Daily Show” did a fantastic job presiding over last Saturday night’s White House Correspondents’ Association dinner. True to form, Noah didn’t hold back, delivering some clever comedy that poked fun at everyone - both on the right and left. No one, including President Biden, was spared. What’s notable is that it’s been a long time since the WHCA event was attended by the President. Six years to be exact. And while it provided a great platform to lighten the mood and share some laughs, it was the message on the role that a free press plays in a civil society that Noah spoke to that stood out. His speech also reminded us of the important role our university and corporate clients have in helping national and local media find and connect with credible experts for their stories. Here are some highlights of the speech: Noah reminded us just how fortunate we are to live in a society where the media plays a critical role in our democracy. “So as we sit in this room tonight, I really hope we all remember what the real purpose of this evening is. Yes, it’s fun. Yes, we dress nice. Yes, the people eat, they drink, and have fun. But the reason we are here is to honor and celebrate the Fourth Estate and what you stand for — an additional check and balance that holds power to account. And gives voice to those who otherwise wouldn’t have one." Noah went on to focus on the importance of local media: "I’m not just talking about CNN or Fox or any of the other major organizations. I’m talking about everyone.” “Every single one of you, whether you like it or not, is a bastion of democracy,” Then, Noah went on to underscore the importance of a free press by addressing the Ukrainian invasion and the way Russia has violently suppressed its media outlets and free speech. Noah said: “If you ever begin to doubt your responsibilities — how meaningful it is — look no further than what’s happening in Ukraine. Journalists are risking and even losing their lives to show the world what’s really happening. In America, you have the right to seek the truth and speak the truth even if it makes people in power uncomfortable. Even if it makes your viewers or your readers uncomfortable. You understand how amazing that is? I stood here tonight and I made fun of the president of the United States and I’m going to be fine. Do you really understand what a blessing it is? Maybe it’s happened for so long, it might slip your mind. It’s a blessing.” Noah then reminded us that we all have responsibilities by asking everyone in the room this important question: “Ask yourself this question. If Russian journalists who are losing their livelihoods and their freedom for daring to report on what their own government is doing — if they had the freedom to write any words, to show any stories, or to ask any questions, if they had basically what you have, would they be using it in the same that you do? Ask yourself that question every day because you have one of the most important roles in the world.” It was a very fitting end to an event that has in a lighthearted way since 1920 allowed us to laugh at our differences and come together across the aisle. I hope as you begin your week, you will remember that while the news is a business, our role in educating the public, countering mis/disinformation and speaking truth to power is something we can’t take for granted. President Biden in his WHCD remarks said it best: “I mean this from the bottom of my heart, that you, the free press, matter more than you ever did in the last century,” he said. “You are the guardians of the truth.” A link to the full broadcast of Trevor Noah’s remarks at the 2022 White House Correspondents Association is here: 

VANCOUVER IMAGING TO IMPLEMENT REALTIME MEDICAL AI

ORIGINALLY PUBLISHED IN CHT MAGAZINE VANCOUVER – Vancouver Imaging, a group of over 70 radiologists, has signed on to use RealTime Medical’s smart workload-balancing, physician skills development and error-avoidance platform. Vancouver Imaging, which provides reading services for hospital and out-of-hospital imaging centres, will implement the system in the first half of 2020 at its non-hospital clinics. Vancouver Imaging offers a wide variety of sub-specialty readings across all disciplines, including specialized expertise in emergency trauma radiology. The organization is the only group of radiologists in Canada offering around-the-clock, on-site, sub-specialty emergency reading services. “Emergency radiology is itself a sub-specialty and requires a unique set of skills,” said Dr. Savvas Nicolaou (pictured), the CEO of Vancouver Imaging and director of Emergency & Trauma Imaging at Vancouver General Hospital. “It’s unpredictable, with frequent interruptions. You often have to work with a limited amount of information from clinicians, and it can include everything from head-to-toe, including mass casualty situations that require proactive decision-making.” He added, “You’re always on, and never off.” The Emergency & Trauma sub-specialty requires “appropriate, patient-centered judgement in a matter of seconds.” Vancouver Imaging will deploy RealTime Medical’s AICloudWorks and AICloudQA platforms within their clinics. Collectively, the offerings encompass several AI applications, including high throughput workload balancing. RealTime Medical holds the U.S. and Canadian patents for its workload balancing algorithms and is one of only two patent holders for diagnostic workload balancing, along with the U.S. company, Virtual Radiologic. The cases are assigned to the appropriate radiologists based on sub-specialty, current workload and other parameters, creating an intelligent, diagnostic operations platform that is “context-aware,” a term originally coined by RealTime Medical to describe the capabilities of the platform. For example, radiologists with expertise in neurology will be the first to receive neuro cases, while thoracic or pediatric experts will be the first to receive cases of that type. The system also “balances” the work, to ensure that radiologists are receiving equal caseloads, subject to the case-specific service levels and business parameters established by the group. “The AI additions to this proven platform make it even more advantageous for us as a group as we pursue the delivery of Emergency Radiology services globally,” said Dr. Nicolaou, a world-renowned expert in Emergency & Trauma radiology, often referred to as the Founder and Pioneer of Emergency/Trauma Radiology in Canada. Dr. Nicolaou noted that AICloudWorks is vendor-neutral and can work with any HL7 and DICOM-based HIS, RIS and PACS solutions. “PACS integration can be very problematic,” said Dr. Nicolaou. “Being vendor-neutral is important to our flexibility as a group.” Vendor neutrality is important to Vancouver Imaging as their current environment includes workflows across multiple PACS solutions. Download CHT Reprint of Full Article