The Director of Liberia’s Drug Enforcement Agency (DEA), Anthony K. Souh, has decried what he termed as “impediments to the fight against illicit drugs in the country.” Since its creation by an Act of Legislature, the DEA has been struggling to gain traction due to the lack of a proper legal framework and logistical support to the agency, says Mr. Souh. DEA needs the required logistics and trained manpower if it is to meet public expectations in terms of limiting the power of those engaged in the illicit drug trade against our national security, health and economic interests, Director Souh explained. Souh made those comments in a statement of appreciation to authorities of the United Nations Organization on Drugs and Crimes (UNODC) in Monrovia who recently donated several vehicles and equipment to the DEA. UNODC Representative to Liberia, Jesus Agvilar Cereno, on making the presentations said the donations to the DEA signify a strong dedication and collective commitment to building a modern, efficient internal security and criminal investigation system. The equipment and two vehicles, valued at US$80,000, are to further empower the DEA to cope with challenges of transnational crime, organized crime, and drug trafficking that are taking advantage of the country’s vulnerabilities, which can undermine the country’s stability and development efforts, said Mr. Cereno. The donation has added impetus to the work of the agency, said Director Souh, declaring that fighting drug- related crimes is critical to the stability and security of the country. He said drug abuse is deadly and needs to be addressed decisively to prevent obstruction to national security interests.UNODC is an agency of the UN that is leading in the fight against illicit drugs and international crime with the mandate to assist member states in their struggle against illicit drugs, crime and terrorism jointly with international partners, notably the US State Department and the US Embassy accredited near Monrovia. The US has committed to enhancing the security sector, including the DEA and the Trans International Crime Unit (TCU) to be efficient and reliable antinarcotics and anti-organized crime agencies. The presentation was witnessed by several government officials including the Assistant Justice Minister for Administration, Wheatonia Dixon Barnes, who received the keys to the donated vehicles and later presented them to DEA Director Souh. She admonished that the donations, particularly the vehicles, should be maintained and used for the intended purposes.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)
He insisted he wasn’t ready to make any announcements on Leno’s couch, but made a point to mention the Web site for his political committee. Fred Thompson didn’t enter the 2008 presidential race Tuesday, but he talked like he was getting close to jumping in. Asked by Jay Leno on “The Tonight Show” if he’d like the nation’s top job, the former Tennessee senator said, “I’ve never craved the job of president, but I want to do some things that only a president can do. “So,” Thompson added, “the answer is yes.” Thompson – a Republican best known for playing a prosecutor on NBC’s “Law & Order” – has formed a presidential exploratory committee and is expected to join the GOP race this summer. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
Each week a leading band or musician takes our Starting XI Q&A. In the hot-seat this week, Theo Ellis (above, far left) from Wolf Alice…What was the first football match you went to?Arsenal v Panathinaikos in the Champions League, in 1998. I can’t remember if it was the group stages, or not. [It was. Arsenal won, 2-1, at the old Wembley Stadium – Ed]. What was the first gig you went to?Red Hot Chili Peppers at Hyde Park, London.Which was better – the match or the gig?The football match was way better, because the gig was Red Hot Chili Peppers at Hyde Park!Who was your childhood hero?Thierry Henry and, simultaneously, Josh Homme [from Queens of the Stone Age].Who has been your club’s best signing, and why?For me, Arsenal’s best signing was Robert Pires. I was the perfect age for Arsenal’s ‘Invincibles’ and it felt like Pires was instrumental to that team. Who has been your club’s worst signing, and why?Pascal Cygan. I remember him constantly being the wrong side of his man whenever he was playing. Sell out concert at Wembley Stadium, or your team to win the league?Sell out concert at Wembley Stadium please. Arsenal will win the league again one day (you hope! – Ed).Which footballer would you refuse to do a karaoke duet with?I’ll duet with anyone. Maybe not Joey Barton!What’s the best terrace chant you’ve ever heard?‘What do you think of Tottenham?’What song do you think your team should run out to?‘Visions of a Life’, by Wolf Alice. Or ‘Clartin’, by J Hus. If you had to support a different team, which one would it be and why?I’m Arsenal ’til I die. Check out new album New Visions Of Life at wolfalice.co.uk and listen to new single Beautifully Unconventional on the talkSPORT Spotify Playlist 1 Wolf Alice
Here are the top transfer-related stories in Monday’s newspapers…Paris Saint-Germain have made Liverpool star Philippe Coutinho their No 1 target for next summer. The Brazilian is wanted in the French capital to link up with compatriot Neymar. PSG spent a world-record £190million on the former Barcelona star last summer but have no plans to slow down with their ambitious spending. (The Sun)Manchester City are looking to sign Real Madrid star Isco, despite the Spain international only just signing a mammoth contract with the club. Pep Guardiola is still intent on adding to his squad and the former Barcelona boss feels he can land playmaker Isco. (Daily Express)Arsenal are ready to reward superkid Eddie Nketiah with a massive 650 per cent pay hike. The 18-year-old striker could see his current £2,000-a-week contract replaced by a bumper new £15k-a-week, five-year deal. (The Sun)David Moyes will be targeted by Burnley if Sean Dyche gets lured from Turf Moor. The ex-Everton and Manchester United chief lives locally and started his managerial career at nearby Preston. (The Sun)Manchester United, Real Madrid and Juventus are all interested in Paris Saint-Germain ace Thomas Meunier. (The Sun)Liverpool’s chances of signing Iker Casillas are rated as “crazy” by the former Real Madrid keeper’s agent. The Reds and Newcastle are thought to be keen on Casillas – even though he is 36. But Carlo Cutropia insists there is ‘no truth’ to rumours that his client will be coming to the Premier League. (The Sun)Crystal Palace have already started on their strategy for January with Roy Hodgson believing it will be vital if they are to pull themselves out of the Premier League abyss. Turkish striker Cenk Tosun of Besiktas is among their top targets with the 26-year-old valued at around £20million. (Daily Mail)Sunderland boss Simon Grayson faces the axe if his struggling side fail to beat Bolton at the Stadium of Light tomorrow. (Daily Star)
Top Reasons to Go With Managed WordPress Hosting This is one post/chapter in a serialized book called Startup 101. For the introduction and table of contents, please click here.Should you set up an LLC, C Corp, or S Corp. And in what state should you register? These are some of the questions we’ll consider in our overview of company registration choices for your startup.Three warning notices. The first is the obligatory IANAL (I Am Not A Lawyer) statement, with “Be sure to seek legal advice” advice tacked on, which ensures that no lawyer will sue me for bad advice. The second is that this is considered a boring subject by most engineers and entrepreneurs. If this is your instinctive reaction, note that the only thing more boring and time- and money-consuming than getting this right at the start is the nasty mess you’ll find if you get it wrong. The third is that this is US-specific. We don’t have the time to explore legal and tax options in other countries. However, if you are currently not based in the US, we look at the pros, cons, and constraints of setting up your company in the US versus where you live.Turn Boring into LearningHere is advice from Alex Iskold, an engineer and entrepreneur:“You have to take care of legal and financial aspects of the startup, so why not turn it into a learning experience? The legal and financial aspects of your company are important and interesting, and there are a lot of new things and ideas that you will encounter that will likely impress you.”Learning these aspects also saves you legal fees. If you understand the basics and have a clear set of objectives, you end up only having to say to the lawyer, “Check this.” That is way, way cheaper than asking, “What should I do?”Breaking Down the DecisionWhen you have more than two options, a decision gets complex. The way to simplify is to reduce dependencies and break them down into a choice of two, with a subsequent set of additional decisions — a decision tree, in other words:Step 1: LLC or Inc?Step 2: If Inc, then C Corp or S Corp?Step 3: Which state?Step 4: All of the other pieces of information you’ll need to fill in when registering a company.LLC or Inc?When you see CoolSite Inc, it is usually referred to as a Corp (corporation); the “Inc” is short for Incorporated. Otherwise, you’ll see CoolSite LLC, which stands for Limited Liability Corporation. So, an LLC is also a Corp. Confused already? You wouldn’t be the first!Many lawyers advise startups to go for LLC for two important reasons:It is much simpler to administer; less paperwork. This may sound minor, until you find that you’re the one doing the paperwork at the expense of real work (building your product, selling to and serving clients, etc.).No double taxation. Profits for an Inc are taxed twice, first for the corporation, and then the dividends are taxed at the individual level. The members of an LLC (the equivalent of shareholders in an Inc) are treated by the IRS as individuals.An LLC provides the liability protection of an Inc corporation. In plain English, if someone is owed money by your company, he or she would be able to go after the company’s assets, but not the personal assets of the company’s owners.An LLC incurs one cost that an Inc does not: the annual franchise tax (about $800 annually in California). But that should be minor compared to the advantages noted above.LLC Is Better for an Asset SaleIf you bootstrap and sell the company quickly, your buyer may want to buy your assets (the website, users, technology, etc.) rather than buy the whole company by buying all the shares. Buying the shares is more complex for the buyer. This really matters if you are selling to a big company. Managers of large companies have to follow rules, and the rules for acquiring companies are very, very lengthy. This can be a real deal-stopper. They may simply say, “Asset sale or no deal.”Here is why this matters if you have an Inc: double taxation. Say the buyer is willing to spend $1 million. If the Inc sells the assets, that money is regarded as revenue. So, if you had $100,000 in costs, then $900,000 would be taxed at the corporation level (around 35%). Then the after-tax amount would be given to shareholders (you and your partners) as dividends, and you would pay tax on the dividends (currently 15%, but historically the same rate as income tax: i.e. higher). In other words, ouch!So, setting up an LLC makes sense, right? Not so fast. Venture investors (VC funds and most angels) need an Inc before they can invest.For Most Investors, You Need to Be an IncYou can get investors with an LLC, but they will need to become members, which is a bit like what common shareholders are in an Inc. You won’t be able to sell “preferential shares,” and you will need to sell preferential shares if you want to get venture capital. Don’t worry for now what preferential shares are: we’ll cover that in a later chapter.Okay, still simple. If you plan to bootstrap with only money from friends and family, go for an LLC. If you want venture capital, set up an Inc. But what if:You want to bootstrap for a couple of years and then raise money? Then an LLC is probably the right choice. You can convert from LLC to Inc later. It is not as easy as some people will tell you, but it can be done. By that time you will be making money and can afford a lawyer to get it done right.You don’t know whether you will be able to raise money. You can set up an Inc very fast, much faster than you can convert from LLC to Inc. So maybe you should defer incorporation until you are close to raising money.In these gray areas, when you are not totally sure whether you will be bootstrapping or raising venture capital, the choice of Corps (C Corp or S Corp) may help.C Corp or S Corp?There are two types of corporations:C Corp: This entity pays a corporate tax, and the shareholders pay income tax on the distributed profits/dividends. This is called double taxation.S Corp: This entity does not pay a corporate tax. As in an LLC, earnings and losses are passed on to the shareholders, and then they pay personal income tax. The drawbacks (for some people) are the limits on shareholders: no more than 100 of them, they must be individual US citizens or residents, and only one class of stock is allowed.At first glance, S Corp sounds like the ideal solution: no trade-off required. But remember that only one class of stock is allowed. That means no preferential shares and no venture investors.So, the choice is really back to Inc versus LLC. Keeping it simple, if you aim to bootstrap with only simple debt or common equity from friends and family, go the LLC route. If you plan to raise venture capital, set up an Inc.Which State?The choices here are:The state you live in,Delaware,Another state like Delaware that allows out-of-state shareholders to set up companies. Nevada is an alternative.Brick and mortar startups (retailers, for example) set up in the state where the owners live and do business. For Web startups that do business nationwide and globally, location is less relevant. What matters is which states make it easier to set up and administer a company, and which states are better if you have to go to court.Delaware is the most logical choice. If you want to explore this issue further, check out the differences between Delaware and Nevada. But most entrepreneurs are probably saying by now, “Enough already! Let me get back to the real work of building my venture.”Converting from LLC to IncLet’s say you decide to bootstrap with only simple debt or common equity from friends and family. But a couple of years into your venture, you find that you do want VC funding after all, and a VC wants you. You will need to convert from LLC to Inc. Presumably, by then you will be a bit more established and able to hire legal help to get it done right. So the only considerations now are:Is it possible to convert from LLC to Inc? Short answer: yes. How hard is it to do? Not very hard.What can you do now while setting up and running your LLC to make this process simpler.How hard really is this conversion? The answer is, it depends, and you should consult a tax professional. Converting from LLC to C Corp can usually be accomplished without triggering any income tax for the owners or the company, but issues may arise.If the conversion keeps ownership exactly the same — five LLC Members becoming five Inc shareholders with the same ownership percentage — then the conversion will be quite simple. If you intend to do “a little restructuring,” then you’ll need to speak with a tax professional.But these are issues to think about closer to when it happens. You cannot really plan for it now. We’ll revisit this in the chapter on “Planning Your Exit.”Company Administration BasicsThis list assumes your company is an Inc. An LLC is similar, but a bit simpler and with different terminology.You can do this online for a few hundred dollars. You would be wise to have a lawyer check that nothing specific to your venture requires a change. But this is almost always an off-the-shelf job, not a custom project.Find online firms that do this by Googling “Incorporate your business.” Do a dry run, print out all the forms, and make sure you know how you will be filling in the details. You will be asked for such information as the number of shareholders, their names and addresses, and who will take jobs such as Company Secretary (you or your buddy: who is better at performing boring admin tasks?).You will get standard forms for:Corporate bylaws and maintaining board minutes,Shareholder agreement.Give these to your lawyer for a quick once-over. If you don’t have a lawyer buddy who will give you a couple of hours of free time, find a lawyer who specializes in tech startups. Most will do a bit of basic work for deferred compensation.More important are the:Employment agreements,Stock options plan.Again, the forms are standard; get a lawyer to quickly review. But read Building Your Team Pre-Financing to make sure you’re clear on what you want to do first.Get an Accountant and BookkeeperThe legal stuff is mostly a one-time deal, but finances are ongoing and require continual attention. Being attentive to these details will make money-raising and exiting a lot easier. And if you never raise money or sell the business, it will make tax preparation easier.You’ll need two types of people:Accountant. You’ll need this expensive expert once a year (like a lawyer) for an audit and tax preparation.Bookkeeper. This lower-cost clerical person makes sure your basic income and expenses are recorded properly every month, making the accountant’s job simple (and inexpensive).What If I Am Not in the US?Then you have two choices:Set up your company locally. The process is different, and you will need a manual on how to do this. Many concepts are similar, but the forms, terms, and details are different.Set up your company in the US, probably in Delaware.So, how do you choose? Look at these parameters:Are you based in a big country that has plenty of local customers, VCs, and angels? If so, you may want to register your company locally.Are you based in a small country that has very few prospective customers, VCs or angels? Cross-border deals scare off most investors, certainly American ones. Check that the laws of your country allow you to own a foreign company. US companies can have foreign shareholders, so no problem on that count.Don’t even think about complex structures, with the parent company in one location and subsidiaries in other locations, unless you already have a lot of capital and can get proper advice.Photo credit: Gregory James Walsh. 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You may be exhausted from hearing all the bad news regarding organized retail crime (ORC). Sure, we hear about large arrests made on organized retail crime rings, but we all know that as soon as one ring is dismantled, the power vacuum sucks in the next in line to open up shop in its place. Are we truly making the level of progress that we have all hoped?A 2011 article in the Star Tribune stated, “While retailers spend $12 billion a year to battle organized retail crime, thieves pilfer $30 billion annually, a huge blow to businesses and, ultimately, their customers.” If these data are correct, then it’s official—we are losing the war against organized retail crime.This is perplexing given that our profession has never had more resources available to it than it does today. We have vendor partners who have diligently sought to acquire, develop, and improve upon technologies to help us do our jobs more efficiently. We continue to invest in state-of-the-art equipment and technology, specialized personnel for undercover operations, training seminars, books, meetings, and committees. We are even seeing legislation enacted all across the country that addresses organized retail crime, thanks to the lobbying efforts of LP professionals.- Sponsor – Armed with these resources, we have collectively taken up arms, mounted our horses, and staged an all-out assault on criminals who use Internet sites, flea markets, cleaning houses, warehouses, and even illegitimate brick-and-mortar storefronts to move the stolen goods. All of this with one objective in mind—stopping professional thieves from removing mass quantities of merchandise from our stores. With all of these deployed resources, how can we still be losing this war on organized retail crime?It is possible that while we are all focused on preventing our merchandise from leaving through the front doors of our respective castles of commerce, we never once considered what was coming in through our back doors. Could it be that we have been hitting the bulls-eye of the wrong target?Economics of Organized Retail CrimeBefore we answer this question, let’s first consider the “economics of organized retail crime.” We all understand that boosters are part of a complex business enterprise. But even though these are illegitimate businesses, they still operate under the same indiscriminate economic principle of supply and demand. No retailer or wholesaler can stock their shelves with merchandise no one wants and expect to be successful. Similarly, no retailer or wholesaler can sell merchandise they don’t have. Said differently, the supply of a product and the demand for that same product must have a synchronized relationship in order for an enterprise to profitably function.So how does supply and demand play a role in our fight against organized retail crime? If we as loss prevention professionals were asked where stolen merchandise was being sold, the majority of us might tend to say Internet sites, flea markets, and a whole host of other locations. And why not? Every ORC ring that has ever been conquered has been identified as using one or more of these venues. However what if we, as retailers, are unknowingly purchasing the very merchandise that was stolen from our shelves just a few weeks earlier? What if we are actually causing the “demand” needed for the supply-and-demand principle to work?Consider for a moment what is occurring right under our noses. Boosters steal our merchandise and sell it to a fence. The fence cleans and organizes the cache into two categories—pristine and damaged. The damaged, or marked, merchandise goes to the all-too-familiar flea markets and Internet sites, but the pristine items are sent up the chain where they eventually land in a repack operation. Once there, our stolen merchandise is packed in boxes labeled with the same quality names of the manufacturers with whom we do business.The stolen merchandise, now packed neatly into branded boxes, is sent to wholesalers. Some wholesalers may be aware the merchandise is suspect and others may not, but either way they have plausible deniability. These wholesalers accept this merchandise into their inventory waiting for a buyer to place an order. If that buyer happens to be a broker representing your company, then your company just created the demand for more merchandise to be stolen. The chart above will help demonstrate this point.Anti-ORC Buying ProgramThe only way to stop organized retail crime is to stop the demand. As loss prevention professionals, we have a duty to build an anti-ORC buying program for our organizations. Here are suggestions for approaching this challenge:Step 1—Meet with your executives and explain how buying stolen product creates demand for more stolen product.Step 2—Get a commitment that your company will not purchase stolen product, which may entail revamping incentive structure for buyers.Step 3—Communicate expectations to suppliers by establishing procedures for violations and sending vendors detailed letters.Step 4—Create a “right to audit” clause in all supplier contracts that allows unannounced visits to supply warehouses.Step 5—Audit for compliance by inspecting lot numbers after you receive product.If retailers only purchased merchandise from legitimate suppliers, then wholesalers will be forced to stop buying stolen product. If the illegitimate sources lose the customers to whom they’ve been selling stolen product, then the stolen merchandise will no longer have value.We will always be fighting the sale of stolen merchandise at flea markets and the like, but if we all ban together and build an effective anti-ORC buying program for our respective organizations, the losses will drastically decrease to such a level that we can finally use our progress and resources on more profitable challenges.For more on the subject, check out “How NOT to Investigate Organized Retail Crime.”This article was first published in 2012 and updated August 11, 2016. Stay UpdatedGet critical information for loss prevention professionals, security and retail management delivered right to your inbox. Sign up now
IT + Project Management: A Love Affair 3 Areas of Your Business that Need Tech Now Last week the latest viral craze brought about the end of an experiment by a programmer, Jonathan Stark, who works for Mobiquity, who wanted to make it easier for folks to get free coffee. Over the course of several weeks, Stark shared a scanned image of his Starbucks stored-value card online, so that anyone could download the image and use it to pay for coffee at most Starbucks. He also set up a Twitter feed to report on the current value of the card, and showed the processes that he used to set the entire experiment up. Let’s look closer at the whole situation, examine some lessons learned for corporate app developers, and also try to set the record straight. We have a Storify page that puts all the links in context if you would rather go there.During this time, thousands of dollars were loaded to the card, and spent by numerous unrelated people. Andy Matthews wrote a short program to track the withdrawals and deposits on the card, saying “The fact [is] that thousands of people stepped up to pay-it-forward. Thousands of complete strangers chose to collectively contribute thousands of dollars to help out someone else.”Then last week things started getting interesting. Another programmer, Sam Odio, wrote some more code to scrape funds out of Jonathan’s card and move to his own Starbuck’s card. He would sit in a Starbucks and go to the counter when the value climbed to make the transfer. He even published his code online so that others could do it. Odio eventually collected $700 from his hack, and is selling his card on eBay. This eventually led to Starbucks cancelling the card. Since then, others have stepped up to offer their own pay-it-forward experiments. And the conversation over whether Odio or Stark were right or wrong to offer up their programs continues on many sites across the Internet. Some commentators feel that Odio “ruined a great social experiment” or that his “arrogance represents a side of humanity which I find terrifying; I have decided that your approach sucks so I will take it from you without your consent because I can do better with it.” Others said that “I don’t know why people come up with all these social experiments when the conclusions are always the same, simple equation:” where the number of bad actors is always greater than the number of nice people. So what are some lessons that corporate developers can learn from this experiment?You can never be too transparent. Stark was accused of being in Starbucks’ employ because his firm once did some work for the coffee company. All parties denied any current connection and made it clear that Stark was acting on his own. But rumors of collusion still floated around the Internet. Stark and Starbucks acted quickly to counter them, which was key. If you are going to participate in social media experiments, you have to be online constantly to make sure you nip these issues in the bud.The most interesting reactions could be seen on Stark’s Facebook page, for example.The notion that greed will always win isn’t always true. Thousands of dollars were donated over the course of the experiment, mostly in $50 or less increments. Yes, some folks took advantage of the free coffee but most acted responsibly.The original idea doesn’t always get the most traffic. Stark’s card gained more attention once Odio produced his “hack” to drain its value quickly, which was what ultimately led to its demise. A quick Google search shows “Sam Odio Starbucks” has many more hits than “Jonathan’s Card Starbucks.” And as we mentioned, since Starbucks ended Stark’s experiment, several others have cropped up.It is still about the API, not the app.As we wrote about earlier this summer, what made the experiment work was an interface between Twitter and the stored value of the card. Mathews and Odio were just two of the folks who jumped on board and wrote their own programs. And really, you didn’t need to scan the card number itself: the whole operation could have been accomplished with publishing a phone number that is tied to the card, since many vendors accept this when you don’t even want to bring your card with you.Finally, it is a cautionary tale for app developers, to be sure. What if someone figures out the coding for your airline boarding pass to allow you entry to any local airport? Certainly, if you are responsible for running a stored value program at your company, you might want to examine whether this experiment is something you want to encourage or not. david strom Related Posts Tags:#Analysis#enterprise#Trends Massive Non-Desk Workforce is an Opportunity fo… Cognitive Automation is the Immediate Future of…
The brother of the injured fiance of Indian-American woman allegedly molested by Royal Challengers Bangalore (RCB) player Luke Pomersbach on Friday said he would not let the accused go scot-free and get him punished under the law.Feroze Peerzada, whose brother Sahil Peerzada has been undergoing treatment in a city hospital since the incident, told Headlines Today: “We want to teach Luke a lesson from India… We will not tolerate that a foreigner comes and gets away with this.”An agitated Peerzada said had he have got the right under the law, he would have “tore him (accused) apart”.Upset over RCB co-owner Sidhartha Mallya’s derogatory remarks, Peerzada said, “Sidhartha Mallya can say whatever he wants… Anyone can ask for his BBM pin.”
Hyundai Motor India Ltd (HMIL) will increase car prices across all models, excluding that of sports utility vehicle Creta, by up to Rs 30,000 from next month in view of rising input costs. The price increase would come into effect from August 1, HMIL said in a statement.The company sells a range of cars, including small cars– Eon, i10, sedans Verna and Sonata- and premium sports utility vehicle Santa Fe in India, priced between Rs 3.08 lakh and Rs 30.21 lakh (ex-showroom Delhi).Rakesh Srivastava, HMIL, Senior Vice President, Sales and Marketing said, “The hike has been necessitated by increase of input costs. We have been absorbing most of the costs but now we are constrained to consider the price rise in these challenging market environment.”Earlier this week, the company launched Creta at an introductory price range of Rs 8.59 lakh and 13.6 lakh (ex-showroom Delhi).