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Japan House: Fifty Years Ago Today
Joshua W. Walker, Ph.D., President and CEO, Japan Society This September we're celebrating the 50th anniversary of Japan House, Japan Society's landmarked headquarters building. Let's jump in our time machine and go back to 1971, when Japan Society was only 64 years old. At that time, U.S.-Japan relations were deeply embroiled in trade frictions while the ending of the U.S. embargo of China had just begun to impact East Asia. 1971 snapshots In the United States: Richard M. Nixon is President; Apollo 14 lands on the moon; massive protests are held throughout America against the Vietnam War; Walt Disney World opens in Orlando, Florida; Joe Frazier defeats Muhammad Ali in 15 rounds at Madison Square Garden; the first Starbucks opens in Pike Place Market, Seattle. In Japan: Eisaku Sato is Prime Minister; the U.S. and Japan sign an accord to return Okinawa to Japan; NHK TV implements colorization of all programs; Kamen Rider TV series begins broadcasting; the 48th reigning Sumo champion Yokozuna Taihō announces his retirement; McDonald's opens its first store in Ginza, Tokyo; Nissin creates the first "cup noodle." Japan House Meanwhile in New York City, Japan Society had occupied eight different locations since its founding in 1907, and by the mid-1960s, a dedicated building had become necessary to house the Society's rapidly expanding initiatives. Japan Society President John D. Rockefeller 3rd made a very generous pledge by donating the land for the building site and Japanese modernist architect Junzo Yoshimura was confirmed to design the building. On September 16, 1969, John D. Rockefeller 3rd and Japanese Foreign Minister Kiichi Aichi broke ground at a formal ceremony. Construction proceeded on schedule and staff moved in during the spring of 1971, with Executive Director Douglas Overton noting, "Each day we have found some new and delightful feature which has come off the drawing board as an unexpectedly brilliant success. Japan House will be a national important building worthy of its high purposes." Opening Week—five star-studded days of celebratory events—began on September 13, 1971 with Their Imperial Highnesses Prince and Princess Hitachi at the ceremonies. The Prince brought Japan's best wishes to the Society "for a new chapter, both rich in content and wide in scope." The Gallery opened its first exhibition, Rimpa: Masterworks of the Japanese Decorative School and the Tokyo String Quartet performed in the new auditorium. Junzo Yoshimura wrote about Japan House, "People the world over used to build their houses with local and traditional materials. Today, however, contemporary buildings all over the world use the same basic materials—concrete, steel and glass—yet different characters and nationalities can still be perceived among them. In designing Japan House I have tried to express in contemporary architecture the spirit of Japan." With the formal opening of the Society's headquarters a new era had begun. Their Imperial Highnesses Prince and Princess Hitachi and Japan Society chairman John D. Rockefeller 3rd view the first Japan Society Gallery exhibition Rimpa: Masterworks of the Japanese Decorative School. Photo © Thomas Haar. The next 50 years Fifty years later, we are at another inflection point. The novel coronavirus pandemic has taught us just how interconnected we are as a global community while placing new importance on our homes and transforming the nature of work. This unprecedented global crisis has also illuminated the strengths and weaknesses of our organization, providing new opportunities for envisioning the future. Just as the opening of Japan House shaped the Society's last 50 years, today we are reimagining how we use our space, from the physical to the digital, forging broader connections or kizuna for U.S.-Japan and for the world. We embrace our mission for the years to come, reaching out far beyond our building, to our city, country, and world as we seek to connect American and Japanese people, cultures, and societies through a global lens. Like a hike up Mt. Fuji, Japan Society’s nearly 115-year-long journey itself defines us far more than our current destination. Beginning in 1907, the first iteration of Japan Society focused on business relations between the U.S. and Japan. For its 1952 post-Occupation reconstitution under the leadership of John D. Rockefeller 3rd, the Society dedicated itself to arts, culture, and education, with an emphasis on supporting Japanese students in New York as well as spreading the word about Japan through significant cultural milestones such as partnerships with The Metropolitan Museum of Art and Lincoln Center, with traveling exhibitions and outreach on both sides of the Pacific. With the opening of Japan House in 1971, politics was reintroduced into the mix, the business and policy communities energized, and Japanese popular culture landed large—nearly 50,000 people came to the Grand Sumo Tournament at Madison Square Garden co-sponsored by Japan Society and the Asia Society in 1985! Today at Japan House we present Japan and U.S.-Japan as a way to engage with history and tradition, on the one hand, and innovation and the future on the other. As in 1971, the time to act is now and our opportunities are as great as the challenges of 2021. It's up to us to work together on new, critical connections to take us through the next 50 years. I'll be there with you. Joshua Walker (@drjwalk) is president and CEO of Japan Society. Follow Japan Society on Twitter, Instagram, Facebook, and LinkedIn. The views expressed in this article are the writer's own.
Social media ‘likes’ found to positively influence healthy food choices – new research
Social media users who view images of healthy foods that have been heavily endorsed with ‘likes’ are more likely to make healthier food choices, a new study has found. The research, by psychologists from Aston University’s College of Health and Life Sciences, found that study participants who viewed highly liked mock Instagram posts of fruit and vegetables ate a significantly higher proportion of grapes than cookies, with consumption of grapes increasing by 14 per cent more calories, compared to those who viewed highly liked high calorie foods. The study, which is published in the scientific journal Appetite, investigated the acute effect of socially endorsed social media posts on participants’ eating behaviour. The 169 participants, who had an average age of 21 years old (but total ages across the group ranged from 18 to 48), were asked to look at mock Instagram posts of different types of food, that either had a few or a lot of ‘likes’, and later given access to grapes and cookies to consume. As well as viewing images of fruit and vegetables, participants also looked at less nutritious foods such as cakes and biscuits, and non-food images such as stylish interior designs. However, the researchers found that the participants went on to consume a larger proportion of grapes after viewing highly liked images of fruit and vegetables, compared to the other images. Aston University psychology PhD student Lily Hawkins, who led the study alongside supervisor Dr Jason Thomas, said: “The findings of the study suggest that not only exposure to healthy food images on social media, but those that are also heavily endorsed with ‘likes’, may nudge people to choose to eat more healthy foods, in place of less nutritious foods.” “What we see others approve of eating and post about eating on social media can affect our actual eating behaviour and could result in a greater consumption of healthier meals and snacks.” “One reason for this may be because thinking that others ‘like’ and eat fruit and vegetables nudges participants to alter their behaviour in order to fit in with what they perceive to be the norm.” The most recent figures from the NHS’s Health Survey for England showed that in 2018 only 28 per cent of adults were eating the recommended five portions of fruit and vegetables per day. In Wales, this was 24 per cent, in Scotland 22 per cent and in Northern Ireland around 20 per cent. Children and young people across the UK had even lower levels of fruit and vegetable consumption. The study findings suggest that social media could be used in future as a way to encourage healthier eating - by encouraging users to follow more social media accounts which have highly liked nutritionally balanced posts, also containing healthier foods. The researchers said the next stage of their work will trial an intervention using real Instagram accounts, to test whether asking people to actively follow more social media accounts posting images of highly liked nutritionally rich foods, can encourage people to consume more fruit and vegetables over a sustained period of time. Professor Claire Farrow, Director of Aston University’s Applied Health Research Group, whose work has contributed to the national Child Feeding Guide resource, added: “We know that social interactions can strongly shape what, when and how much we eat. These findings highlight the important role that social media has in shaping those influences online.” “The findings suggest that people do not simply passively view information about what other people are eating online, but that this digital information can shape our food preferences and choices, particularly when we think lots of other people like certain foods. It is promising that exposure to healthy foods, and likes of those foods, was related to greater intake of healthy foods.” “Further research is needed to explore whether and how these findings can be translated into digital interventions to help support individuals who want to make healthier food choices, and to understand how social media platforms can be used as a tool to support healthy eating behaviour.”
IDC Quarterly Tech Brief: Your Guide For The Digital-First World
September 2021 Editor's Comments Happy September! We hope you got a chance to recharge and enjoy the summer. Now that we’re looking into the last half of 2021, our experts agree that we’re not going back to the pre-pandemic normal, but we can’t help but be optimistic with recent news on vaccinations, lifting of restrictions, kids going back to school, and some of us returning to the office. As the world slowly moves from a pandemic to a digital-first state, we will see permanent shifts in the way we live, work, play and learn. IDC expects the next 3 years to remain highly fluid due to the growing range of global challenges. And now, more than ever, business and government leaders will need to operate and invest in increasingly digital-first markets, while building digital infrastructures, enabled by an intelligent, empowered, and a well-connected workforce. In this edition of IDC Canada's Quarterly Tech Brief, we’ll explore insights on the digital-first world, best practices, and digital transformation stories from Canadian tech leaders at our upcoming IDC CIO Series webinar on September 22, and as usual, we also reveal the latest research, survey results and market forecasts. And last but not least, we're happy to announce IDC Canada's biggest technology event of the year, IDC Connections 2021 is coming up on November 4th. Save your seat today! FEATURED IDC CIO Panel Series – Part 2: Building Resiliency & Innovation into Your Canadian Journey Join us on Wednesday, September 22 at 2 p.m. ET for the latest session of our IDC CIO Panel webinar series where we will dive into what digital resiliency means for you, and how to leverage the latest Digital Infrastructure and Digital Innovation trends to your advantage. Hear from industry-leading tech executives, Antoine Haroun, CIO at the Peel District School Board, Irene Zaguskin, CTO at The Printing House, and Michael Kurek, VP of Sales & Operations, Data Center Solutions at Dell Technologies as they unpack how the pandemic accelerated their digital transformation journey, and their best practices for planning and managing IT during uncertain times. Our experts will also host 3 sessions around how the Future Enterprise operates in a Digital-First World, a look ahead at the forces of change heading into 2022, the Future of Digital Infrastructure, and the need to strive for a balance between digital innovation and resiliency to remain relevant and competitive. Your Canadian Research Checklist Here are some of our most popular Canadian reports of the quarter to help you understand changing market conditions and succeed in 2021. ✓ IDC Market Glance: Service Providers in Canada, 2Q21 ✓ The Rise of Canadian Cloud Ecosystems ✓ Canadian Cybersecurity Market Snapshot, 2Q21 ✓ Canadian Cybersecurity Buyer Persona: Managed Security Services Benefits ✓ Canadian Managed Cloud Services Adoption, 2021 Forecast Highlights ✓ Canadian Wireless Services Forecast, 2021–2025: Wireless Wars 18 ✓ Canadian Internet of Things Forecast, 2021–2025 ✓ Outlook for Canadian SaaS Applications, 2021 ✓ Worldwide Managed Cloud Services Forecast, 2021-2025 ✓ IDC's Forecast Scenario Assumptions for the Canadian ICT Market, April 2021 IDC THOUGHT LEADERSHIP: DIGITAL RESILIENCY SCORECARD Explore IDC's new Digital Resiliency Scorecard Does resiliency still matter in a "post-pandemic" world? Quite simply, it does. In IDC's recent Digital Resiliency Benchmark Survey, we found that 65% of U.S. buyers and 55% of Worldwide buyers have plans to invest in resiliency over the April 2021-April 2022 timeframe. Watch The Digital Resiliency Scorecard webinar to learn more ICYMI: BLOG HIGHLIGHTS FROM THIS QUARTER Future of Customer - More Human Experience - Over 34% of executives point to transforming the customer experience as the top business function. Learn more about the Future of Customer framework with IDC’s Keyoor Adavani. Read More → Major Smartwatch Market Consolidation: A Canadian Take - In May Google announced a new unified smartwatch platform in partnership with Samsung. Learn how this partnership is expected to shake up the market dynamics in Canada with Shahd ElAshri. Read More → Telesat Vying For LEO Constellation Leadership - A new commercial space race has begun and among the entrants for Low Earth Orbit (LEO) satellite constellations, Telesat is an emerging leader in this multi-billion-dollar market. Learn more from IDC's Lawrence Surtees. Read More → Federal Budget Innovation Goals and What’s Next for Recovery - COVID-19 fast-tracked innovation and digitization. See how the federal budget plans to support digital transformation, and learn how customer centricity and AI can set you apart from the competition with IDC's Mark Schrutt. Read More → UPCOMING VIRTUAL EVENT IDC Connections 2021 Canada: Accelerating Your Path to a Digital-First Enterprise Mark your calendars! IDC Connections is back this year and we can't wait for you to take a front-row seat. Don't miss an afternoon full of IDC experts' insights, special guests, networking, and hear from the tech leaders who are driving this new era of rapid transformation. This year's highlights include: A special closing keynote on the Future of Sports and Entertainment with Humza Teherany, Chief Technology & Digital Officer at Maple Leaf Sports & Entertainment Creating digital innovation & experiences at your organization, with IDC's Chief Research Officer, Meredith Whalen Embracing digital infrastructure, with IDC Canada's Dave Pearson Leveraging new industry ecosystems, with IDC Canada's Nigel Wallis Guidance from our popular CIO Best Practices Panelists PODCASTS WORTH A LISTEN Find out why clients are raving about our new podcast series! In an era seemingly filled with uncertainty, the Future Enterprise podcast is a must-listen. It's a podcast for business and tech executives, aimed at helping you leverage technology to achieve innovative, disruptive, and productive business outcomes. Listen in as IDC host, Joseph Pucciarelli, Group Vice President & IT Executive Advisor interviews C-level executives from around the world on their digital transformation initiatives touching on each of the "Future of X" digital initiatives. Senior IDC research leaders often join in the conversation. Listen Now → Thanks for being a part of our IDC Quarterly Tech Brief Newsletter community! Don’t forget to subscribe to be notified quarterly when the next issue comes out.
The Case for Career Advocates: An Organization Is Not a Meritocracy
This blog post is the first in a three-part series by Renee Dye 94PhD, associate professor in the practice of Organization & Management that summarizes the key messages she delivers to students in the hopes that it can catalyze and support the career success of a broader group of ambitious employees who aspire to make it to the C-Suite One of the paradoxes of the GenZs and Generation Alphas is their intuitive understanding of the phenomenon of social media…at the same time they maintain an almost ideological conviction that the workplace – apart from systemic biases – is otherwise a meritocracy, where talent is perfectly and objectively evaluated – and the best and most deserving rise to the top. Surely a cursory exploration of Instagram and TikTok would convince even the most skeptical of the fundamentally idiosyncratic nature of success in a networked world? The Real World is likewise characterized by outcomes in which success is imperfectly correlated with capability level. Someone whose capability level is less than yours may lap you in the race to the top of the organization. That may seem unfair, but that’s because you’re making the mistake of assuming that career success is predicated purely on capability. A survey of MBA graduates from Emory University's Goizueta Business School a few years ago produced a startling insight: of all the skills that we provided to our students during their MBA tenures, our students felt most unprepared to navigate “organizational politics” in their careers. The reason that I found this fact so astonishing is that today’s students, who are Digital Natives and in part Social Media Natives, are the most connected and self-promoting generation the world has ever seen. Yet today I find that my students continue to exhibit little practical understanding of how career success is forged…so much so that I now devote an entire class session in my core Strategy class to demonstrating the importance of relationship management and advocacy cultivation. Capability is not unimportant; far from it. As I tell my students, though, capability is table stakes these days as the level of education and skill sets continues to advance among individuals. If you’re not smart and capable you’re not getting in the door. But once you’re in, your career path and ultimate career success will be more determined by (1) your level of aspiration and unflagging commitment to achieving your goals; (2) your performance outcomes in your individual roles; (3) your work ethic and conscientiousness; and (4) the relationships you have with other people within your organization. And the relationships that matter the most are the individuals with influence and power over your future career opportunities. Let me put it starkly: without career advocates (notice the plural), it will be much, much harder to make it to the senior management ranks. Full stop. Some facts to bear this assertion out: • People with advocates are 23% more likely to move up in the careers • Women with advocates are 22% more likely to ask for a stretch assignment to build their reputations as leaders Ultimately, having an advocate confers a career benefit of 22-30%, depending on who’s doing the asking and what they’re asking for. That’s increasing your odds of making it to the C-Suite by nearly a third! If anecdotal evidence is more your thing, here are a couple of quotations for you: • A lot of decisions are made when you are not in the room, so you need someone to advocate for you, bring up the important reasons you should advance” (Catalyst Survey, as quoted in Elizabeth McDaid, “Mentor vs. Sponsor,” September 3, 2019) • When you get to the level in your career when decisions are not just being made by an individual manager, feedback from other leaders becomes crucial. Rosalind Hudnell, Chief Diversity Officer, Intel. As quoted in Hewlett, Sylvia Ann, Melinda Marshall, and Laura Sherbin. “The Relationship You Need to Get Right,” HBR 2011) • “I was great at building businesses and had tons of cheerleaders, but I had that typical Asian keep-your-head-down-and-you’ll-get-taken-care-of mindset.” My boss had to take me aside and tell me that if I didn’t actively cultivate her as my sponsor, I would never progress beyond senior associate” (quoted in Hewlett, Sylvia Ann, Melinda Marshall, and Laura Sherbin. “The Relationship You Need to Get Right,” HBR 2011) To reiterate: an organization is not purely a meritocracy where talent and hard work speak for themselves; and it’s much, much harder to advance within an organization without effective advocates. "This blog post is the first in a three-part series that summarizes the key messages I deliver to my students, in the hopes that it can catalyze and support the career success of a broader group of ambitious employees who aspire to make it to the C-Suite,” writes Renee Dye 94PhD, associate professor in the practice of Organization & Management. “Most of my lessons are derived from my own unlikely personal journey from literary scholar to top-tier management consultant to C-suite executive for a publicly traded company, but they are also heavily informed by leading researchers like Sylvia Anne Hewlett. In the final blog, I discuss the impact of remote work on career success.” For more insight and to continue reading this article and series, please visit Dye’s blog. To arrange an interview – simply click on Dye’s icon now to book a time today.
Early-stage entrepreneurial activity in 2020 had fallen sharply from its pre-pandemic high in the UK as the economy was essentially shut down for long periods due to COVID-19 This decline was due to fewer nascent entrepreneurs than normal – that is, individuals in the first three months of starting their new business venture Nevertheless, around two-thirds of working-age adults looking to set up a business within three years said the pandemic had influenced their decision to re-assess their future engagement with the labour market As in previous economic downturns it is the small business community that drives the recovery across all sectors of the economy. UK entrepreneurs once again stand ready to rise to the challenges and opportunities created by the Coronavirus pandemic and the economic fallout from Brexit, a new report says. The latest Global Entrepreneurship Team (GEM) UK report found that although around of half budding entrepreneurs said that the UK government had so far dealt effectively with the economic consequences of the pandemic, there must be improved programmes, financial support and advice to start-ups and scale-ups through different stages of the business life cycle. GEM is the world’s largest survey of entrepreneurship and is the only global research source that collects data on entrepreneurship directly from individual entrepreneurs. It measures various rates of entrepreneurship in 43 countries in 2020. GEM’s UK team – which is led by Professor Mark Hart of Aston University – compared attitudes, activity and aspirations in the UK, Germany and the United States as well as the four home nations of the UK. Access to finance remained one of the major obstacles to entrepreneurial activity in the UK. Enhanced tax benefits for entrepreneurs, such as tax breaks for start-ups and businesses in difficulty to reduce early exits and better tax incentives for recruitment, investment in managerial and digital practices and skills were also highlighted1. The report also called for more entrepreneurial education, especially at school age as well as improved technical education and improved links between the educational system and industry to boost growth post-COVID and post-Brexit. It found that the UK still lags behind many comparable economies in this respect. Mark Hart, professor of small business and entrepreneurship at Aston Business School and deputy director of the UK’s Enterprise Research Centre, said: “The GEM survey undertaken in the last few months of 2020 showed a sharp fall in the number of individuals in the early stages of setting up a new business compared to the pre-pandemic high in 2019. “This is hardly surprising, but the analysis has also shown that the entrepreneurial foundations of the economy and society are still strong and these will be crucial for the recovery after the pandemic and in dealing with the ongoing economic fallout from Brexit. “Those ethnic-minority communities that have borne the brunt of the pandemic in terms of infection, hospitalisation and sadly deaths demonstrated their resilience by maintaining their previous levels of early-stage entrepreneurial activity (TEA rate) which were significantly higher than for the non-ethnic minority population. “Clearly, the pandemic has had no damaging impact on the level of entrepreneurial activity by immigrants and ethnic-minorities although it has depressed it for life-long residents and the non-ethnic population. “There is undoubtedly an appetite for people to start their own businesses in the next three years and many report new opportunities because of the pandemic but they are delaying the actual decision to get the business operational.” The full GEM UK impact report, sponsored by NatWest, is available for download here.
The Olympics have come and gone. As the world watched top athletes from across the globe compete, one key takeaway was not a new world record or a perfect 10 on the floor – but that Black female athletes faced unfair scrutiny and an obvious double standard when it came to issues of stress and mental health, policies and protocol, uniforms and hair, and more. UMW Assistant Professor of Communication Emily Deering Crosby's previous research has focused on how the media has portrayed Black female Olympians like Lolo Jones and Gabby Douglas. Here's what she had to say: There were numerous instances this summer of world class women athletes being sexualized, penalized, mocked and dismissed for a variety of issues from uniforms to motherhood to naturally occurring testosterone levels to mental health to archaic policy. This was particularly salient for Black women athletes, which is worth highlighting, since racism and sexism often function in tandem ways that many people misunderstand as “normal” or “insignificant” since it can be pervasive. My work aims to root out, point out and amplify why these practices are wrong, why they keep women from being appropriately valued, and how sports culture can be better and thus enhance communication scholarship and everyday practices by media, fans and athletes themselves. The silver lining in the most recent Games is how digital culture, particularly social media, gives athletes themselves a voice. Further, fans and athletes alike are becoming more knowledgeable of these problematic policies and are bravely and creatively calling them out. Thus, athletes such as Simone Biles, Naomi Osaka, Sha’Carri Richardson, Allyson Felix, Norway’s women’s beach handball team, etc. are key case studies to understand these communication and structural phenomena more deeply and ultimately bring more critical awareness and justice to women’s sports.” If you’re a journalist looking to know more about this important topic – then let our experts help with your questions and coverage. Assistant Professor of Communication Emily Deering Crosby is a rhetorical critic of popular culture with research concentrations in feminist criticism – and she’s a go-to expert on this topic for national media. Dr. Crosby is available, simply click on her icon now to arrange an interview today.
Three Aston University STEM pioneers shortlisted for Women in Tech Awards
• Three finalists from Aston University shortlisted for prestigious Women in Tech Awards • Two academics are up for the award which will be announced in October • A degree apprentice has also been nominated in the category Three STEM pioneers from Aston University are celebrating after being shortlisted for the prestigious Midlands Women In Tech Awards. Aston University’s Reham Badawy and Lucy Bastin have picked up nominations for the academic category while Jessica Morgan has been put forward for the apprentice category for the awards. The Midlands Women in Tech Awards are an opportunity to highlight and recognise the ongoing contribution of women in the tech sector. The aim of the awards is to raise the visibility of women in the tech space and enable the next generation to ‘see it and therefore aspire to it’. Jessica Morgan is studying a Digital Technology Solutions apprenticeship with Cap Gemini and Aston University, with experience working on projects within the public sector. She is in the final year of her degree apprenticeship and has been balancing work, studying and volunteering, while being on track for a first class honours. Reham Badawy is part of the Undergraduate Teaching Team at Aston University. Her research work has used smart tech to detect and monitor symptoms of Parkinson’s disease. She is a strong advocate for women in STEM and is a UK Ambassador for Women are Boring. Lucy Bastin has a Masters in GIS and a PhD in Urban Ecology. She is a senior lecturer in Computer Science and was recently on secondment to the Joint Research Centre of the European Commission. She developed web-based biodiversity information systems that support accessible and user-friendly reporting by the international community against policy and conservation targets such as the Sustainable Development Goals. Professor Kate Sugden, deputy dean for the College of Engineering and Physical Sciences at Aston University said: “We are delighted to see so many Aston University shortlisted candidates for the Women in Tech Awards. “In our eyes they are all winners and are great examples of our ongoing commitment to making significant contributions to the region and wider society.” Voting closes on August 20 and more details about the finalists can be found here: www.womenintechawards.co.uk The ceremony takes place on 7 October where the winners will be announced.
Canadian finances 101: What you should know as a newcomer
Canada’s financial ecosystem is made up of banks, credit unions, trusts, and other financial and insurance companies and it is considered to be one of the most sound and safest in the world. According to the Global Competitiveness Report 2019, published by the World Economic Forum, Canada ranked 9th globally for its financial system, showcasing stability and reliability. As you plan your move, familiarizing yourself with the Canadian banking and financial landscape can help provide context to key tasks like opening bank accounts, building credit history, borrowing money, and filing taxes. In this article: Types of financial institutions in Canada Getting started with taxes: The Canada Revenue Agency (CRA) Canada: A credit-based economy Banking, investments, and money transfers What are the types of financial institutions in Canada? Financial institutions in Canada can be classified into three main categories: 1. Banking institutions These are places where you can deposit, withdraw and borrow money. Examples of such institutions include banks, online-only banks, credit unions, trust companies, mortgage companies, etc. Banks A bank is licensed to receive deposits and make loans. Most banks are managed by the national government. The five largest banks in Canada are often referred to as the “big five” in banking. They are: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). Sometimes, you may hear the term “big six,” including the National Bank of Canada – although, note that its operations are primarily focused in the provinces of Quebec and New Brunswick. Digital-only banks In addition to these banks, there are a few digital-only banks, such as Tangerine (a subsidiary of Scotiabank), Simplii Financial (a subsidiary of CIBC), and EQ Bank. They provide all services online only and do not have any physical branches. Credit unions A credit union is a smaller financial institution that is owned by its members, who are also typically account holders. They operate under provincial legislation and regulations and provide similar services as banks. The main difference between a credit union and a bank is their structure; credit unions are owned by anyone with money in the credit union. The operations are supervised by a democratically elected board of directors made up of local community members. Due to their scale of operations, note that credit unions may have fewer branches and ATMs than a big bank would. Tip: As a newcomer to Canada, you can choose any financial institution of your choice. However, it is helpful to know that the big five banks (like RBC) have newcomer banking packages that specifically cater to permanent residents and international students and are thus better positioned to assist you in your unique situation. Trust companies Trust companies are legal entities similar to banks that act as an agent (on behalf of a person or business) for the purpose of administration, management and the eventual transfer of assets to a party. Mortgage companies Money lending entities such as mortgage finance companies (MFCs) and mortgage investment corporations (MICs) provide real estate financing. MFCs are non-depository financial institutions that underwrite and administer mortgages sourced through brokers. Their lending is funded mainly through securitization or direct sales to third parties, primarily the big six banks. MICs and other private investors typically deal in uninsured, customized mortgage products that are not available through traditional channels. These products include non-prime loans, second mortgages and very short-term mortgages. Key financial authority: The Bank of Canada The Bank of Canada is the nation’s central bank. Its principal role is to promote the economic and financial welfare of Canada. The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable. It promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives. Additionally, the Bank of Canada also designs, issues and distributes Canada’s bank notes and acts as the “fiscal agent” for the government of Canada, managing its public debt programs and foreign exchange reserves. It also sets the interest rates in Canada. 2. Insurance companies These are entities that sell insurance to cover the risk of loss in various situations, caused due to a variety of factors. They include homeowner or renter’s insurance, health insurance, car insurance, life insurance, and more. They compensate you for any loss that’s covered by your insurance policy. Once you purchase a specific type of insurance, you are required to make periodic payments, called premiums, to the insurance company to avail of the agreed-upon coverage. 3. Investment companies These are organizations that focus on investing, administering or managing funds or money on behalf of other persons. Examples of such companies are investment banks, hedge funds, underwriters, and brokerage firms. Note: There might be an overlap in the services provided by financial institutions. For instance, a leading bank like RBC offers banking services, mortgages, a wide variety of insurance options, investment solutions, and more. Tip: Beware of predatory lenders offering payday, instalment, and other types of loans with very high interest rates. These lenders often prey upon people who need cash quickly and who have run out of all other options. They usually have exorbitant interest rates, confusing and misleading representations, and a lack of transparency and documentation. Therefore, always double-check money lending claims that seem too good to be true. Note that payday loans are provincially regulated while instalment loans are unregulated. What this means is – while interest rates cannot exceed 60 per cent, lenders are effectively free to change terms and add fees and other charges almost at will. Getting started with taxes: The Canada Revenue Agency (CRA) The CRA administers tax laws for the Government of Canada and for most provinces and territories. It administers various social and economic benefit and incentive programs delivered through the tax system. The CRA website is the go-to place for everything related to your taxes: filing annual tax returns, checking receipt of Government benefits and subsidies, viewing tax documents, etc. Important: To register for CRA’s “My Account,” you must have filed a tax return for the current or a previous year. Download Arrive’s free tax guide for newcomers for insights on how to file your taxes and to make sure you’re prepared to manage the expectations that come with paying taxes in Canada. Note: Beware of a long-running CRA scam with callers posing as representatives of the CRA. The CRA will never use threatening language nor ask for information about your passport, health card, driver’s license, or demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon. Canada: A credit-based economy North American countries such as the U.S. and Canada are known to be credit-based economies. This essentially means that most people use their credit cards (instead of debit cards or using cash) to make purchases and then repay the entire amount owed either at the end of their credit card billing cycle or in installments. You will need to build your own credit history, since this is essential to many aspects of life in Canada. Once you receive your first credit card, start by making payments for small expenses such as phone bills or groceries, and be sure you pay the balance in full by the end of the billing cycle. Tip: Keep in mind that credit cards have limits and do not offer free money. They can carry very high-interest rates, so your balance should be managed and paid down promptly – this will help you maintain a good credit rating. A credit score is a way for financial institutions to measure your ability to repay loans. Some scenarios where you may be asked for a credit report are while renting accommodation, applying to certain jobs, and obtaining mortgages or other loans from the bank. Additional resources Download Arrive’s free Credit guide to learn more about credit cards, credit scores, and credit ratings in Canada. For tips on staying debt-free and building your credit history in Canada, read How to build a good credit score from scratch as a newcomer. Banking, investments, and money transfers in Canada Banking Like many other countries, in Canada, you can conduct all your banking and money transfer transactions by walking into a branch or online, through internet banking. See How to open a bank account in Canada as a newcomer to know the process of opening a newcomer account. The article will also provide tips and resources to help you learn more about credit and direct deposits. Investments There are many financial products available to save and invest your money in Canada. They can be broadly classified into savings accounts, registered savings plans and investment products. Depending on your goals and your appetite for risk, you can choose one or a combination of several of these. Read Savings and investments for newcomers in Canada for deeper insights into all available investment products. Money transfers For domestic peer-to-peer payments (think: sending money to a friend, relative, co-worker, or acquaintance in Canada), there are a couple of ways to send and receive money online: Interac and Paypal. Interac is a bank-based tool, while Paypal is a non-bank, third party service. Among these, Interac e-transfers are the most popular and widely used form of peer-to-peer payments in Canada. You can send money overseas through online or mobile banking, by telephone, by email, or in-person. Banks like RBC have a simplified, affordable, and convenient process for international money transfer through online banking. If you have the recipient’s banking information handy, all it takes is a few clicks! Some popular options for international remittances are: Banks Credit unions Money transfer operators like Western Union, MoneyGram, WorldRemit, etc. Peer-to-peer transfer providers such as Transferwise (now, Wise), CurrencyFair, Paypal, etc. Currency exchange businesses When sending money overseas, the Canadian federal government tracks large sums (over $10,000 CAD) through Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money-laundering, terrorism funding, and related crimes. Understanding financial products and regulatory agencies in Canada can make you feel overwhelmed. Start with the basics so you can build awareness and a strong foundation to manage your finances in Canada. Original article located here, published by Arrive.
Ask the Expert: How to make agriculture more sustainable
MSU’s Bruno Basso outlines key steps the grain industry can take — with public support — to reduce its greenhouse gas emissions by more than 70% over the next decade Michigan State University Foundation Professor Bruno Basso has long been a believer in the power of digital agriculture. For years, he’s worked to show how emerging digital tools and technologies — things like drones, robotics, satellite imagery and computer models of soil and plant growth — can help farmers promote sustainability without sacrificing profits. Now, in addition to belief, he also has concrete numbers. Basso, an ecosystems scientist in the College of Natural Science and the W.K. Kellogg Biological Station, has helped outline how America’s grain industry can shrink its carbon footprint by 71% by 2030. The team — which included researchers at Duke University, the U.S. Department of Energy’s Argonne National Laboratory and Benson Hill, a sustainable food technology company — published its findings online on June 21 in the journal the Proceedings of the National Academy of Sciences. Basso, who recently won a $250,000 award for sustainability innovations, sat down with MSUToday to talk about how farmers can achieve those reductions and how the public can help. The full article is attached and well worth the read. Basso tackles tough questions such as: How big is this problem? How much of our greenhouse gas emissions come from agriculture? Your new paper focuses on grains in particular. How big of an emitter is grain production, especially compared to other ag sectors such as livestock, which tends to get more attention? You talked about getting a 23% reduction by better management of fertilizer. How do we get to a 70% reduction by 2030? What are the obstacles that we need to overcome by 2030? Are you a journalist looking to cover this topic - then let us help. Bruno Basso is available to speak with media, simply click on his icon now to arrange an interview today.
Aston University celebrates launch of first wave of Institutes of Technology
"There remains a significant national skills shortage for engineering and we are pleased to be helping to address this through the provision of courses for young people wanting to progress to higher technical education, adult learners and people who want to develop their engineering skills." Professor Sarah Hainsworth Pro-Vice Chancellor and Executive Dean of the College of Engineering & Physical Sciences Aston University Institutes of Technology (IoTs) are collaborations between further education (FE) providers, universities and employers IoTs focus on the specific technical skills needs required in their local area They provide employers with a skilled workforce and students with a clear route to technical employment Aston University is joining in a nationwide celebration to mark the launch of the first wave of 12 Institutes of Technology on Thursday 8 July. Institutes of Technology (IoTs) are collaborations between further education (FE) providers, universities and employers. They specialise in delivering higher technical education (at Levels 4 and 5 – equivalent to the first and second year of a degree) with a focus on STEM (science, technology, engineering and mathematics) subjects, such as engineering, digital and construction. IoTs focus on the specific technical skills required in their local area. They will provide employers with a skilled workforce and students with a clear route to technical employment. By bridging skills gaps, these new institutions will drive growth and widen opportunity. Gillian Keegan, minister for apprenticeships and skills, said: “Institutes of Technology are the pinnacle of technical education, helping to develop the highly-skilled talent pipeline employers will need for the future. “By bringing together Further Education colleges, universities and businesses, Institutes of Technology are unique partnerships which will help to tackle skills shortages in vital sectors, from marine engineering to healthcare, cyber security to agri-tech. “Institutes of Technology are also playing a vital role in our multi-billion Plan for Jobs, which is helping to level up opportunities and support people to get the skills they need to get good jobs as we recover from the pandemic.” The Greater Birmingham and Solihull IoT has brought together the most innovative education providers within the Greater Birmingham and Solihull Local Enterprise Partnership area with leading industry stakeholders to create a powerhouse for advanced manufacturing and engineering. The consortium is led by Solihull College & University Centre, Aston University and Birmingham City University, working alongside South and City College Birmingham as a core partner and supported by BMET College, University College Birmingham and the University of Birmingham. The partnership will jointly design, develop and widen education and training opportunities aligned to the latest skills needs of leading-edge employers and the local, regional and national economy. The group will target under-represented learners, facilitating clear opportunities for progression from school to high-level occupations. In this new video, partners and employers explain what the IoT means to them: The following passage was included in the recent Government Skills for Jobs white paper, with the GBS Institute of Technology highlighted as an example of good practice: Government Skills for Jobs white paper Building work has started on the GBSIoT Hub at Aston University. It will be completed at the end of 2021 and will be an innovative hub, providing a fabulous resource for students and learners from across the region. Andy Street, mayor of the West Midlands, said: “The Greater Birmingham and Solihull Institute of Technology is all about two things: economic growth and prosperity. The Greater Birmingham and Solihull Institute of Technology is going to give us wonderful new skills in the sectors of the economy that are really growing fast here.” Professor Sarah Hainsworth, pro-vice chancellor and executive dean of the College of Engineering & Physical Sciences at Aston University, said: “We are delighted to be working with our partners on the Greater Birmingham and Solihull IOT for Advanced Manufacturing. It has been really exciting to see the work progressing on delivering the new Hub for students and learners on the campus at Aston University. "There remains a significant national skills shortage for engineering and we are pleased to be helping to address this through the provision of courses for young people wanting to progress to higher technical education, adult learners and people who want to develop their engineering skills. "The Hub will be home to a new cyber physical manufacturing rig which will create a simulated working environment linked to advancing Industry 4.0 technology and state of the art digital facilities and I really look forward to when it becomes the new home for our IoT students.” Find out more about the Greater Birmingham and Solihull Institute of Technology at www.gbsiot.ac.uk