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Expansion of Wealth Connect scheme gets Chinese funds flowing

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China’s Wealth Management Connect — an investment initiative connecting mainland China to Hong Kong, and viewed by many as a liberalisation of China’s strict capital controls — attracted a surge of inflows into high-interest-rate deposits earlier this year. These flows from China came after regulators broadened the range of products that could be offered, following years of underwhelming take-up of the Connect initiative.

However, the programme has begun to lose momentum again, as the US Federal Reserve embarks on a cycle of interest rate cuts — causing market participants to urge a further relaxation of the rules, to boost its appeal.

Launched in 2021 as a pilot scheme, Wealth Management Connect allows residents of Hong Kong, Macau, and nine cities in the southern Guangdong province — a population of more than 86mn — to invest directly in wealth management products across borders.

It is an addition to existing schemes that connect bond and equity markets in Hong Kong and the mainland, and was aimed at helping large numbers of mainland Chinese investors to build up more global asset exposures. Typically, mainland investors are subject to strict quota controls governing the movement of funds in or out of the country.

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For the first few years, the response to the scheme was slow, according to banks and industry insiders. Therefore, in February, regulators rolled out an enhanced version called Wealth Management Connect 2.0, which tripled individual investor quotas: from Rmb1mn ($142,000) to Rmb3mn ($427,000), and expanded the range of offerings to mutual funds and deposits.

It had a marked effect. The southbound flow of funds — ie, mainland Chinese investors’ inflows into the scheme — reached more than Rmb68bn ($9.7bn) between March and July this year, according to official data, which is more than 4.5 times the total southbound flow from the launch of the scheme in 2021 up to the end of February this year.

These enhancements to Wealth Management Connect also supercharged the proportion of the southbound flow limit — which is Rmb150bn at any given time — actually used by investors: it rose from less than 2 per cent to about 10 per cent after the changes were made. But interest in northbound investments — where Hong Kong and overseas investors are allowed to buy mainland products — remained lacklustre.

Bank of China (Hong Kong), the territory’s leading player in scheme — which now makes more than 350 financial products available via the southbound scheme — says client numbers have surged by more than 50 per cent in the first half of this year

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Joyce Leung, assistant general manager of the bank’s personal digital banking product department, believes the enhanced measures are having a positive impact: the bank has found that the proportion of fund transactions with value over Rmb1mn via the southbound scheme has increased.

At China Asset Management, one of the leading Chinese mutual fund houses, investors have shown significant interest in offerings ranging from multi-currency money market funds to bond funds, equity funds, and exchange traded funds, according to the company.

Investor numbers and usage surged for the Wealth Management Connect
this yea

However, while China initially aimed to open up cross border investment channels, market participants highlight the growth limitations of the Wealth Management Connect scheme — for example, its over-reliance on foreign currency denominated deposits.

“That tells you two things,” explains Ajay Mathur, head of the consumer banking group and wealth management at DBS Bank Hong Kong. “First, it’s clearly driven by rate arbitrage, and second, there’s a lack of active investment advice.”

Mathur warns that this reliance on arbitrage opportunities is unsustainable because they only last for a short period of time. “Now, with the [interest] rates coming down, and with the Fed rate changes . . . the arbitrage might drop,” he says. 

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A drop in rate arbitrage transactions could push investors into other solutions, though. For example, they may seek bonds or multi asset products after their current fixed-term deposits mature, suggests Freeman Tsang, head of Intermediaries at Asia ex-Japan of Pictet Asset Management.

“In the short run, you won’t see too much of the flows to go back into [rate arbitrage],” he says. “But what we do see is that, if the interest rate continues to come down to a certain level, people will start to think about diversification into other investments to achieve their expected returns.” It will, however, take time for that to mature into reality, Tsang adds.

Restrictions on the way banks can sell products through their branches still draw criticism, however, as they limit active marketing and the provision of active investment advice to clients in mainland China.

Standard Chartered, one of the participating banks in the Wealth Management Connect scheme, says that while many Greater Bay Area clients are interested in the products on offer — with a lot of them keen on overseas investment funds — a substantial number lack knowledge of overseas markets.

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“A typical investment portfolio structuring involves a two-way conversation,” stresses Mathur. “The current restrictions prevent banks from interacting proactively, which is why most of the funds end up in deposits.”

Nevertheless, there is optimism about the program’s future. A further increase in inflows could be triggered by the forthcoming expansion of distributors — a group of at least five to six Chinese securities firms with presence in Hong Kong that have a wider client profile and will be better able to identify suitable clients for *investment products*, according to Tsang.

“I hope they can continue to expand into bigger cities like Shanghai and Beijing,” he says. “We always want to tap into the bigger cities and we do see demand from them. Having said that, there’s a lot more work to be done.” 

Authorities have been considering further relaxations for a possible Wealth Connect 3.0. A Hong Kong government spokesperson says local officials and regulators have been in close communication with the industry and China’s regulatory authorities on the implementation of the wealth link.

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The spokesperson adds that it would “continue to work with the industry to step up investor education in the Greater Bay Area . . . so as to enhance investors’ knowledge” and explore further enhancement measures to increase investors’ choices.

Industry leaders are in favour. Speaking at a Bloomberg event in June, senior executives from UBS and HSBC called for deeper ties between Hong Kong and mainland China to meet the evolving needs of private banking clients.

China’s macroeconomic slowdown could lead to more “people to consider moving money out”, warns Mathur, “and that is where it gets difficult . . . [In terms of] how the regulator perceives the Wealth Connect.”

But, importantly, the Wealth Management Connect scheme operates as a so-called “closed-loop” system — meaning the scheme will not allow investors to eventually move cash out of China to other countries.

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“If money comes into Hong Kong, the pipe at Hong Kong does not open and does not allow money to suddenly move to Japan, America, Switzerland, or into different products than what it was intended to cover,” points out Mathur. “From a capital control point of view, there is much less fear that money is going to exit the country.”

“Open up it will — it’s not a matter of ‘if’, it’s a question of ‘when’,” he says. “With each incremental enhancement, you will see an opening up of the sales process, [of] the product suites . . . of marketing rules and marketing processes — these are [the] things that play a [big] part.”

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Google files Brussels complaint against Microsoft cloud business

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Google has filed an antitrust complaint in Brussels against Microsoft, alleging its Big Tech rival engages in unfair cloud computing practices that has led to a reduction in choice and an increase in prices.

The US search giant has accused Microsoft of leveraging its Windows software to lock customers into its Azure cloud services, preventing them from easily switching to alternatives. 

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In a complaint sent to the European Commission, seen by the Financial Times, Google said Microsoft is “exploiting” its customers’ reliance on products such as its Windows software by imposing “steep penalties” on using rival cloud providers.

Writing to antitrust investigators, Google said that a Microsoft customer who wants to move Windows software to Azure cloud “can do so essentially for nothing”, while a customer who wants to do the same to a cloud competitor “must pay a 400 per cent mark-up to buy new Windows server licenses”.

Amit Zavery, vice-president for Google Cloud, told reporters in Brussels on Wednesday that the search giant wants EU regulators to force Microsoft to remove restrictions on using cloud services from rivals. “If I already paid for these licenses, I should be able to use it where I choose to,” he said.

A complaint does not guarantee a formal probe, which would then take years to be resolved. The move comes as Google lags behind Microsoft and Amazon Web Services in a fierce battle over the global cloud computing market.

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Google’s complaint comes after Microsoft successfully clinched a multimillion dollar deal with a group of rival cloud providers in July to avoid a formal investigation in Brussels over its dominance in the market.

Microsoft’s president, Brad Smith, said his company’s deal resolved past concerns and brought even more competition to the sector.

Microsoft said that it has “settled amicably similar concerns raised by European cloud providers, even after Google hoped they would keep litigating. Having failed to persuade European companies, we expect Google similarly will fail to persuade the European Commission.”

Google also said in its complaint, which was sent on Tuesday to the EU’s powerful competition unit, that it was concerned that Microsoft was degrading the user experience of those customers that were moving their Windows software to competing cloud providers.

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It also accused Microsoft of discriminatory practices as the financial penalties only apply to Azure’s main rivals, AWS, Google Cloud Platform and Alibaba Cloud.

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Iconic fizzy drink brand to be ‘retired’ leaving fans fearing it will be discontinued

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Iconic fizzy drink brand to be ‘retired’ leaving fans fearing it will be discontinued

FANS have been left fearing an iconic fizzy drink brand is set to be axed following a huge social media campaign.

Old Jamaica has uploaded a series of cryptic posts and videos online appearing to announce the end of its famous ginger beer beverage.

Old Jamaica is set to "retire" its Ginger Beer drink in the UK

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Old Jamaica is set to “retire” its Ginger Beer drink in the UKCredit: Oliver Dixon – The Sun

A clip on the brand’s website shows an actor pretending to be a shelf-stacker revealing “it’s time for our beloved Old Jamaica Ginger Beer to bid farewell to its beloved drinkers”.

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Multiple posts on its Instagram account also call on shoppers to “enjoy it before it’s gone” and stating “farewell Old Jamaica”.

The series of mysterious posts has left some customers convinced the classic fizzy drink is set to axed imminently.

One said on X: “They’re apparently discontinuing the Old Jamaica Ginger Beer… haven’t we suffered enough as a people?!”

“Old Jamaica discontinuing their Ginger Beer? I have nothing left to live for,” said another.

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A third commented: “Old Jamaica ginger beer is being discontinued??? This is criminal.”

However, others have taken to X questioning whether the social media campaign is all a ruse to gain the brand some traction.

“So this Old Jamaica Ginger Beer farewell thing is just some fancy clickbait marketing campaign right?”, said one fan.

Another added: “‘Old Jamaica ginger beer ending better be some marketing gimmick thing because I can not go the rest of my life without the number one top tier soft drink!

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“Worst thing to ever happen on this date if so.”

Which chocolate bars have been discontinued in the UK?

The Sun has approached Refresco, which manufactures the beverage in the UK, and Beliv Company, which owns the brand, for comment.

We have asked both companies to confirm whether the Old Jamaica brand will indeed stop being sold in the UK or whether it is undergoing a rebrand.

However, Hernán Cerdeiro, chief coordinating officer and campaign lead from SAMY Alliance, the creative agency behind the social media Old Jamaica campaign, told Media Shotz: “The chance to ‘retire a brand’ was something that we relished, simply because as far as we can work out, it had never been done before so publicly.

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“We wanted to give Old Jamaica’s loyal customers one last chance to say goodbye, to take that final sip, and see the can ride off into the sunset.”

Multiple supermarkets are still selling the classic 330ml can of Old Jamaica Ginger Beer so it doesn’t appear the product has been axed yet.

Asda, Morrisons and Sainsbury’s all have the can available to buy, although Tesco says it has run out of stock.

Old Jamaica Ginger Beer first launched in the UK in 1988 and is currently available in a range of flavours including Pineapple Soda and Grape Soda.

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Old Jamaica joins list of axed drinks

Old Jamaica Ginger Beer is not the first drink to bid farewell to customers in recent months.

Brands and retailers often discontinue products if they aren’t selling well or to freshen up their ranges.

Ribena fans were left distraught last month after finding out it had axed sparkling blackcurrant drinks.

A spokesperson for Ribena said it was “always reviewing and evolving our drinks to make sure our range is right for our consumers”.

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In Spring, Lidl confirmed it had axed popular sparkling mixer Freeway from shelves much to the disappointment of customers.

One said on X: “Why on earth have you discontinued the best drink EVER?!?! I am beyond gutted.”

And Tesco fans were left “gutted” after finding out a popular boozy drink was to be culled from shelves.

Fans posted on X disgruntled upon discovering the Finest salted caramel liqueur had been discontinued, with one saying “this really upsets me”.

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In March, fans were left begging for the return of Pepsi Max Raspberry after it was discontinued to make way for other flavours at the end of 2023.

One said: “Why have you stopped doing the Raspberry Pepsi Max!? That was the best flavour!”

Meanwhile, another added: “After you discontinued Pepsi Raspberry, I stopped drinking Pepsi. I’m drinking Aldi’s Twisted Fruits.”

Why are products axed or recipes changed?

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ANALYSIS by chief consumer reporter James Flanders.

Food and drinks makers have been known to tweak their recipes or axe items altogether.

They often say that this is down to the changing tastes of customers.

There are several reasons why this could be done.

For example, government regulation, like the “sugar tax,” forces firms to change their recipes.

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Some manufacturers might choose to tweak ingredients to cut costs.

They may opt for a cheaper alternative, especially when costs are rising to keep prices stable.

For example, Tango Cherry disappeared from shelves in 2018.

It has recently returned after six years away but as a sugar-free version.

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Fanta removed sweetener from its sugar-free alternative earlier this year.

Suntory tweaked the flavour of its flagship Lucozade Original and Orange energy drinks.

While the amount of sugar in every bottle remains unchanged, the supplier swapped out the sweetener aspartame for sucralose.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Provence’s renewed cultural cachet lures homebuyers

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“I have seen some splendid red stretches of soil planted with vines, with a background of mountains of the most delicate lilac. And the landscapes in the snow, with the summits white against a sky as luminous as the snow, were just like the winter landscapes that the Japanese have painted . . . ”

Vincent van Gogh was writing to his brother Theo days after his arrival in Provence in February 1888. Inspired by his surroundings, he produced some 300 drawings and paintings during his more than two-year stay, many of which are on show in the National Gallery’s exhibition, Poets and Lovers.

“In Provence, Van Gogh was liberated,” says Christopher Riopelle, co-curator of the London exhibition. “He underwent a self-conscious process of transformation and found a visual aesthetic that made his work truly modern.” 

The “land of blue tones and gay colours” that drew the penniless artist away from the gloomy skies of northern Europe continues to hold magnetic appeal for those seeking unhurried calm. And it is being boosted by a new cultural energy. Average prices for prime property in the region increased by 22.5 per cent between early 2020 and 2023, says Kate Everett-Allen, head of European residential research at Knight Frank. “The price growth has now moved from stellar to sustainable, but stock levels remain tight.” Limited supply supports prices, she adds.

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A late 19th-century painting by Vincent Van Gogh showing a farmhouse, lane and fields
Vincent van Gogh’s ‘Farmhouse in Provence’ (1888) © Look and Learn/Bridgeman Images

Provence is now officially categorised as part of Provence-Alpes-Côte-d’Azur, a départment encompassing a long stretch of the Mediterranean coast and its hinterland. Van Gogh’s Provence — the Provence most sought after by international buyers — was more circumscribed. He largely worked in the Roman town of Arles and its immediate surroundings. Then, after a mental health crisis, near Saint-Rémy-de-Provence, where he painted “The Starry Night”.

“The target for most buyers,” says Rudi Janssens, founder of Janssens Immobilier/Knight Frank, “are the Luberon natural park [where the Golden Triangle stretches from Gordes to Bonnieux and Ménerbes], and Les Alpilles, a low mountain range which includes Saint-Rémy, Eygalières and Maussanne-les-Alpilles.”

Van Gogh’s “Yellow House” in Arles, backdrop to “The Bedroom” and to “Chair”, is one of the world’s most famous interiors. The town house, where he rented four rooms, was the setting for an artist’s colony, and his Sunflowers paintings were created to decorate the spare room in anticipation of Paul Gauguin’s visit in October 1888.

Arles’s cobbled streets and medieval ramparts have more recently become one of France’s most important centres for art and photography. The arrival of the Luma Foundation’s creative campus and its Frank Gehry-designed The Tower, completed in 2021, have attracted a new wave of contemporary artists through an exciting programme of exhibitions, which this year has included Judy Chicago, William Kentridge and Theaster Gates.

A street in a southern French town featuring traditional buildings with wooden shutters and people sitting in the sun or under parasols outside cafés
Arles is home to a growing arts scene, not least its annual Rencontres d’Arles festival of photography © doleesi/Alamy

“Arles has always been a popular tourist destination but it had no real estate market, certainly not at the luxury end,” says Janssens. “Since Luma launched [in 2021] French buyers drawn by the art scene have bought here, and prices have gone up by almost 24 per cent over the past four years.”

Prices in Arles are around €350,000-€400,000 for a two or three-bedroom apartment or terraced house, though larger homes on the outskirts sell for more than €1mn. A 5.8 hectare estate, in the countryside on the threshold of the Camargue, with two houses, a swimming pool, tennis and pétanque courts, is on the market with Knight Frank for €1.98mn.

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In Provence, international buyers — many from Belgium and the UK — account for more than half of purchasers at the top of the market (where prime property starts from €1mn, “super-prime” homes sell for between €3mn and €8mn). These incomers are mainly seeking the grand bastides (manor houses originally built by prosperous farmers from the end of the 17th century), or the red-roofed mas, vernacular stone farmhouses whose origins date back to Roman times (one such six-bedroom house in Ménerbes is on the market at €2.85mn through Knight Frank). Even in Van Gogh’s time the bastides were used as summer houses by wealthy Marseillais. Today, a nine-bedroom house near Cadenet is listed for €1.995mn (Savills).

International buyers are mostly looking for properties that have been modernised, with heated swimming pools, summer kitchens, and, most importantly, climate control. “Air conditioning is now mandatory,” says Valérie d’André of Actuel Immobilier in Aix-en Provence. “Buyers also want a garden and trees to keep the temperature down.” People are willing to pay a premium for an easier life too, she adds: “There can be a 20-25 per cent difference in price between a renovated property and one which needs work, largely due to the high cost of renovation.”

A stone hillside village overlooking a green landscape under a blue sky
The village of Gordes overlooks the Luberon natural park © Joshua Windsor/Alamy

Janssens sees a difference in demand from domestic and overseas house-hunters. “International buyers are looking for something ‘authentic’, where they don’t want to do any work; the French are more likely to be interested in a village house from the 1960s, 1970s or 1980s close to towns like Saint-Rémy, which are lively all year round.” 

English interior designer Lorraine Goble, who has lived in Provence for nearly a decade, cites its wide-ranging attractions. “We’re spoilt with events, from the traditional Camargue bulls paraded in the streets to jazz, pop and classical concerts set in arenas and vineyards. You can be as busy or as restful as you like.” She is now selling the third house she has renovated in Saint-Rémy.

Transport improvements since Van Gogh arrived by steam train are accelerating still: Marseille Provence Airport aims to become France’s second airport. A recently completed extension was designed by Foster + Partners and it is taking in new destinations, including plans for direct flights to the US. There is also the no-fly option of Eurostar to Avignon. Other forms of communication are also faster: during his stay, Van Gogh wrote more than 200 letters, but most villages in the Luberon and Les Alpilles now have access to fibre broadband.

All of which is bolstering property prices. “Though the pace of growth has moderated this year, prices have risen by 5 per cent,” says Everett-Allen, “making Provence France’s second best-performing market after Chamonix.”

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Hidden Costs of Remote Work: What New Business Owners Overlook – Finance Monthly

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What is the Average Credit Score in the UK

Remote work offers an undeniable appeal for new business owners, including benefits like flexibility, access to endless markets, and virtually no overhead.

But as many new entrepreneurs quickly discover, running a remote business comes with its own set of hidden costs. And if you don’t plan for them, they can quickly drain your budget and disrupt your operations.

Let’s take a closer look at the hidden costs of remote work that new business owners tend to miss, and how you can plan for them upfront.

Business formation costs

As a new business owner, one of the first things you need to consider is how to structure your business. 

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A common choice for remote startups is an LLC (Limited Liability Company) — but forming one (or choosing another business entity) comes with a range of state-specific requirements and costs.

For example, setting up an Illinois LLC involves more than just filing paperwork. While Illinois has one of the largest economies in the world (with a GDP of approximately $3.5 trillion), it also imposes relatively high taxes and fees. 

As an aspiring business owner, it’s essential to factor these in before planning your launch date.

Learning about business formation costs and details also helps you fully understand your tax obligations so you can remain compliant with state regulations. This is a foundational step that can save you from unexpected expenses down the line.

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Website creation and maintenance fees 

A commonly overlooked cost of remote work is the fees involved when creating your own website

As a new business owner, your website will help you establish an online presence, showcase your products or services, and facilitate customer interactions.

But your expenses don’t stop at domain registration and initial design. 

Ongoing costs include website hosting, regular updates, security measures, and SEO optimization.

It’s also important to factor in the costs of hiring professionals for technical support and content creation. Since you’ll depend on your online presence to attract and retain customers, investing in these services is an invaluable routine expense. 

SaaS subscription fees 

You’ll also need a tech stack to help you run your remote business operations.

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But endless SaaS (software-as-a-service) options are available on the market — from communication tools to team collaboration software to time trackers and beyond. This makes it easy to overspend on options you may not need.

That’s why it’s important to be mindful when building your tech stack. Choose tools that make the most sense for your specific business. 

For instance, if you are hosting or attending virtual meetings often, investing in AI meeting note-takers could help you record what’s discussed so you’re always on the same page with your clients and employees. 

Or, if you are running a remote team, having employee monitoring software can help you understand your employees’ work patterns so you can help them level up where needed.

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Our advice? 

Outline your core work activities and operational scaling goals — and then find tools that can help you manage them as efficiently as possible. 

From there, look to G2 or Capterra for product reviews and ratings. Then, sign up for free trials to see how these SaaS products work in the “real world.” This can help you ensure they’re worth the cost before signing up for a monthly or annual plan.

Cybersecurity fees  

You may not have a large office building with equipment to protect, but as a remote entrepreneur, a lot of your sensitive company data will live online. 

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Plus, if you’re running a team, your remote workers will also access sensitive company data from personal devices in various locations. This setup increases your exposure to cyber threats, data breaches, and system vulnerabilities. 

And cybersecurity breaches can be incredibly costly to resolve.

Enter Cloud Security Posture Management (CSPM). CSPM helps secure cloud environments by automatically scanning for security vulnerabilities and misconfigurations. 

For startups, this tool is a lifesaver. By catching and fixing security issues before they escalate, you can prevent costly breaches that can result in both financial losses and reputational damage.

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Unfortunately, many startups fail to set aside money in the budget for cybersecurity from the start — mistakenly thinking they’ll deal with it later. However, proper cybersecurity measures are essential for any remote business, and neglecting them can lead to bigger and more expensive problems down the line.

Consider these from the get-go so you can start your business with peace of mind.

Home office setup costs

Finally, don’t forget about your home office setup costs. 

You’ll need to set aside funds for a comfortable and functional workstation at home (or pay for a setup at a coworking station or private office). The costs for a quality chair, large desk, and computer can quickly add up — and you don’t want to skimp on these and create a setup that’s not comfortable. Or have a laptop that doesn’t give you what you need. 

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Be sure to also factor in the cost of reliable high-speed internet and any upgrades you might need if you’re in an ultra-remote area. 

If you travel often, you may also need to consider paying for portable WiFi so you can work from anywhere worldwide.

Wrap up 

While remote work offers many advantages, it also comes with a series of hidden costs that a new business owner may overlook. 

The costs can stack up from business formation fees to cybersecurity expenses if you’re not careful.

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Planning for these upfront and making strategic investments in the right tools and services is key to creating a more sustainable remote business model.

To get ahead of these hidden costs, list them out, review your initial business budget, and decide if you need to set aside more money beore launching. Be realistic about what you can afford. 

*Pro Tip: Set up informational interviews with other entrepreneurs in your target industry. Ask them how much their costs were when they first got started. (And what their monthly, quarterly, and annual expenses look like now.)

And if you find that you need to build up more of a savings first — that’s okay! 

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It’s better to start your business when you have all of the cash you need to set it up just right. 

For more money resources, check out finance-monthly.com

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Seaside theme park in the UK is home to Europe’s best water ride

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Valhalla at Blackpool Pleasure beach has been named the best water ride in Europe

A THEME park in the UK right by the beach is now home to a ride named the best in Europe.

Blackpool Pleasure Beach’s Valhalla won the accolade of Europe’s Best Water Ride in the 2024 European Star Awards.

Valhalla at Blackpool Pleasure beach has been named the best water ride in Europe

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Valhalla at Blackpool Pleasure beach has been named the best water ride in EuropeCredit: Blackpool Pleasure Beach
The theme park reopened the ride last year

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The theme park reopened the ride last yearCredit: Alamy
It also claims to be one of the wettest rides

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It also claims to be one of the wettest ridesCredit: Blackpool Pleasure Beach

The ride, which first opened in 2000, reopened last year after a £4million revamp which took four years.

Claiming to be the UK’s “wettest rollercoaster,” it won big at the annual awards ceremony.

It comes after it was also named the Best Water Ride in the World at the 2023 Golden Ticket Awards last year – for the seventh time.

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The ride sees passengers board a longboat before being taken to Valhalla by Ivar the Viking.

The website states: “Brave the adventure as the rider embarks on a thrilling journey on the best water ride in the world, experience all the elements through state-of-the-art special effects and immersive storytelling.

“Those adventurous enough to ride will be rewarded with more than four minutes of high-speed action thrills including multiple dramatic drops and real fire as they complete half a mile journey seated in a Viking longboat.”

You can even buy merch from the ride, including hoodies, t shirts, socks, cups and belts.

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The park’s director of operations Andy Hygate said: “Valhalla is an incredible ride, and after its £4 million re-imagining last season we know that guests travel from near and far to experience it.”

The theme park has won a number of other awards this year too.

It won the gold award in the Best Seaside Park category at the UK Theme Park awards, as well as a bronze award for Best Theme Park for Thrills.

UK seaside hotspot named as best holiday destination on a budget – with cheap hotels, transport and thriving nightlife

And both Big Dipper and the Grand National were awarded Rollercoaster Landmark Plaques, the only two in the UK.

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Also new this year are two new live-action “scare zones” during their Halloween events.

This includes the Alice in Wonderland-themed ‘Down the Rabbit Hole’ and an unusual ‘Cabinet of Curiosities.’

Otherwise the theme park is now home to 10 rollercoasters and the country;’s only Nickelodeon land.

Having first opened in Blackpool in 1896, The Big One rollercoaster was once the world’s tallest rollercoaster.

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It is now the UK’s second tallest and fastest ride, missing out to Thorpe Park’s new Hyperia, which opened this year.

One mum has revealed why Blackpool should be on your staycation bucket list.

And we’ve rounded up five coastal theme parks that have new rides and attractions this year.

What is it like to ride Valhalla?

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The Sun’s Graeme Bryce recently tried Valhalla – here’s his verdict.

After four minutes of high-speed thrills on a Viking longboat, my family and I were absolutely DRENCHED.

I’ll certainly vouch for it being the wettest.

As we hurtled towards the finale, we passed through a fiery hell – nearly hot enough to melt our plastic ponchos – and even that couldn’t dry us out.

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But fun? You better believe it.

Feeling a little soggy, we were relieved that The Boulevard Hotel was within walking, or squelching, distance of here.

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Ludwig TV review — David Mitchell solves puzzles and crimes in BBC comedy-mystery

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There are times when it’s handy to have a doctor in the family, and others that make you glad to be related to a professional puzzle setter. When Lucy’s husband suddenly disappears leaving behind only a coded message, she calls on her reclusive brother-in-law to help make sense of it all. But John is something of an enigma himself. He is so confounded by the world outside crossword grids and sudoku cells that he can barely be convinced to leave his home, let alone delve into a potential police conspiracy.

Yet that’s precisely what’s required of John in Ludwig, a new BBC comedy-mystery series starring David Mitchell. Working well within his comfort zone, he plays John like a not-so distant relative of Mark Corrigan, the nerdy, neurotic loan manager with whom he made his name in Peep Show. John meanwhile finds himself having to play his identical twin James (a Cambridge detective) in order to infiltrate the station and gather information about what his brother was investigating before vanishing.

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Though he reluctantly goes undercover at the behest of Lucy (Anna Maxwell Martin), John soon discovers that he has a knack for solving crimes with his logic-based approach. In addition to the main story, each episode introduces a standalone case from the apparent murder hotspot that is picturesque Cambridge.

A throwback to the kind of “mystery-of-the-week” shows that were once a small screen staple, Ludwig is as old-fashioned as its Nokia-wielding, jalopy-driving protagonist. But cosiness becomes stifling and dull in a show that offers little else. Poorly served by a 60-minute format, it is surprisingly laborious despite never displaying any ambition beyond being easy, anodyne viewing.

Too often the humour feels lacklustre as it pokes gentle fun at John’s awkwardness — or else is lacking entirely. The mystery component meanwhile is encumbered with clunky exposition and resolutions that demonstrate John’s smarts without inviting us to test our own. Instead, Ludwig makes incongruous attempts to pull on our heartstrings with a flimsy back-story about John’s unhappy childhood. The result is a series that’s more like a jumbled word search than a well-constructed cryptic.

★★☆☆☆

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On BBC1 from September 25 at 9pm with new episodes weekly, and on iPlayer now

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