Bitcoin has shown a large disconnect from the stock market over the last few days, signaling a disruption of positive correlation. Fed Chair Jerome Powell will be testifying in front of congress regarding the economic conditions of the US, among other things. Non-farm Payrolls will be announced after an unusually high uptick in the last jobs report, which will play a pivotal role in Fed’s next interest rate decision. Cryptocurrency markets saw a sudden sell-off on March 2 as a slew of companies, including Coinbase, Paxos, Galaxy and others, dropped Silvergate as their banking partner. As a result, the banking giant’s stock price fell by 66% between March 1 and March 3. As Bitcoin and Ethereum price trade aimlessly, there is no directional bias whatsoever for the general cryptocurrency markets after the Silvergate crisis. While looking at this event through a keyhole might reveal an obvious bearish outlook, taking a step back shows that this nosedive could potentially have an unintended yet bullish effect on the crypto markets for the long term. Also read: First mover Asia: Bitcoin is stuck between Silvergate and China Crypto markets disconnect from traditional Due to the Silvergate fiasco, things have changed drastically for […]

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With precious few exceptions, it looks to be a neatly regional phenomenon. We spent hundreds of hours scraping Airbnb listings to determine the true extent of the American South , but we could have saved a lot of time if we’d just drawn a line around the contiguous places with low credit scores. Department of Data The researchers behind the map — Sumit Agarwal of the National University of Singapore, Andrea Presbitero of the International Monetary Fund, and André Silva and Carlo Wix of the Federal Reserve — examined 2019 data from 238 million credit cards and found that rewards programs such as American Express Gold effectively siphon billions of dollars a year from lower-income counties, many of them in the South, and transfer the cash to well-heeled enclaves loaded with professionals who tend to take advantage of such programs. Our first guess about what might be happening here involves race. Almost 3 out of every 5 Black Americans live in the South, and they make up almost 20 percent of the region’s population. Centuries of slavery, sharecropping, apartheid and exclusion from many elite educational institutions left some Southern Black folks with little credit and even less collateral. But […]

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Philip Morris chief Jacek Olczak said: ‘When I say I’m leaving or not leaving, it’s completely irrelevant because I tried last year and the reality is I’m [stuck] with this whole thing’ © Leigh Vogel/Getty Images for Concordia Summit Philip Morris International has admitted it would “rather keep” its business in Russia than sell on stringent Kremlin terms, highlighting the challenges for companies trying to leave the country without taking a huge financial hit. Chief executive Jacek Olczak told the Financial Times the tobacco group, which sells Marlboro cigarettes outside the US, had been in discussions with at least three “serious” potential buyers but “the talks have stalled because nobody knows how I can make it work”. Many western companies vowed to exit Russia immediately after last year’s invasion of Ukraine , but less than 9 per cent of EU and G7 groups in the country had left by the end of December, according to research by the International Institute for Management Development, a business school. Olczak’s comments underscore the bureaucratic difficulties for companies now seeking to divest their Russian assets and the potential cost of giving up on the country’s market, a highly lucrative one for tobacco groups […]

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Walmart increasing its minimum wage to $14 per hour was followed by an avalanche of similar moves from other retailers. As companies of all stripes tighten their budgets, retailers are still spending big on hourly workers. Big hourly wage increases of the past three years are here to stay, and more are in the works. Kroger is the latest to join other major brands like Walmart and Target in the "labor hoarding" war. There’s a quiet war being waged among America’s largest retailers, and the winner might be the previously under-appreciated hourly worker. Slower sales growth, rising interest rates, and increased uncertainty are compelling companies of all stripes to tighten their operations and hunt for cost savings. Tech employers have shed more than 120,000 workers this year alone – per a count maintained by Layoffs.fyi – in order to boost profitability and satisfy investors, but the word coming out of retail C-suites this past earning season paints a strikingly different picture. Retail executives are saying that the substantial investment in their front-line workforce of recent years is here to stay, and that any cost savings will have to be found elsewhere. Many are even doubling down with billions of […]

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In this photo from last June, veterinarian Virginia Gill poses with Ivy, a 7-year-old greyhound, at Maine Veterinary Medical Center in Scarborough. The animal hospital is owned and operated by Rarebreed Veterinary Partners. Derek Davis/Staff Photographer, file photo A Portland startup ranks No. 1 on a prestigious list of fast-growing companies compiled by one of the country’s most widely read business publications, Inc. magazine. Rarebreed Veterinary Partners topped Inc.’s ranking of private companies in the Northeast that have grown the most from 2019 to 2021, with the company’s revenue soaring 4,691% during that period. Founded in 2018, Rarebreed invests in veterinary clinics and hospitals, providing technology, staff, operational support and other help. The company works with over 100 animal-health care sites across 11 states, including 20 Maine locations from Arundel to Houlton. Only one other Maine business was included on this year’s list, released last week: Scott & Jon’s, a frozen-food manufacturer specializing in shrimp dishes. The Auburn-based company ranked No. 102 after seeing two-year revenue growth of 160%. The Inc. Regionals are an offshoot of the Inc. 500 and Inc. 5000 lists, which have ranked high-growth companies annually since 1982. Over the years, the lists have flagged the […]

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$1 Nasi Lemak (Photos: 1dollarnasilemak/Instagram) SINGAPORE — The hunt for cheap local food in Singapore is getting harder with rising inflation and cost of living. Which is why a home-based food business in Woodlands is going viral on social media with its offer of nasi lemak for just $1. The business, aptly called "1 Dollar Nasi Lemak", has already sold out its basic packet of nasi lemak – rice, an egg omelette, fried peanuts and ikan bilis, and a generous serving of sambal – for the entire month of March. It has since branched out to sell variations of its nasi lemak, with additional ingredients such as a chicken drumstick or popcorn chicken. Customers can also opt to eat their nasi lemak from a tub packaging instead of the traditional paper wrapping. The business’ TikTok account has garnered close to 10,000 followers and their most viral video has raked in over 200,000 views. Customers can place their orders via WhatsApp. Texts and calls are not recommended, with ordering slots only available on weekends with a minimum order of 10 packets. Selling out due to high demand and managing disgruntled customers Due to high demand, netizens have expressed their dissatisfaction, […]

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HR leaders must support employees who survive layoffs, or risk low morale, high turnover and other side effects “Most employees have no idea that workplace survivor syndrome exists.” So says Dr. Anthony Silard, director of the Center for Sustainable Leadership at Luiss Business School in Rome, as well as distinguished visiting professor of leadership at Tecnológico de Monterrey. But the phenomenon is real and spreading as high-profile employers across the United States, especially in Silicon Valley, announce mass layoffs ahead of an anticipated recession. Dr. Silard says “workplace survivor syndrome is a conflation of guilt, betrayal and remorse” in employees who’ve witnessed their colleagues lose their jobs through no fault of their own. Fellow academics have compared the emotional rollercoaster to what people diagnosed with post-traumatic stress disorder (PTSD) experience. “Employers must be aware of workplace survivor syndrome and create an emotion processing culture in which employees can identify what they’re experiencing,” Dr. Silard told HRD. “Whenever people feel trauma, being able to share it helps to mitigate it. If they’re not to express their emotions, we’ll see them psychosomatize in unhealthy ways, just as we see with loneliness, depression and other challenging emotions.” Low morale, potential turnover and […]

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Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Dubai-based Majid Al Futtaim Holding LLC plans to grow its residential real estate business as the property and retail conglomerate taps a boom in the city’s housing market. “Our property business had a strong year. Not just on the malls side, but our portfolio of property has become diversified and balanced,” Chief Executive Officer Ahmed Galal Ismail said in an interview with Bloomberg TV. “For the first time, almost one third of revenue in our property business came from the residential and communities business. That may increase to almost 50% of revenue on our property side next year.” Your guide to living wellTreat yourself to the Pursuits Weekly newsletter. By submitting my information, I agree to the Privacy Policy and Terms of Service and to receive offers and promotions from Bloomberg. Ismail, who recently took over as CEO after running the the group’s property unit since 2018, was speaking after the group reported higher full-year revenue following a regional boom in tourism bolstered footfall at its malls, hotels and entertainment venues. Demand for Dubai property is also growing as the government’s handling of […]

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Thanks to technological innovation, consumers can rent virtually anything with a tap of their finger, from cars to homes to movies. It’s simple, it’s fast, and it provides a sense of instant gratification. It’s also sustainable. As many consumers look to be more green, it only makes sense to, so to speak, share the wealth. After all, how many pairs of Jimmy Choos does a girl need? Capitalizing on the sustainability trend, Brentwood-based children’s clothing rental platform Stylette is giving parents a way to dress their kids (aged 6 months to 10 years) in the latest fashion while avoiding the guilt that can come with overconsumption. A recent study from market research company Research and Markets forecast the retail rental industry to rise at a rate of about 11% between now and 2031. Rent the Runway, Style Lend, and Lending Luxury are some of the major players in the online clothing rental industry targeting adults. But what about clothing for children? In 2020, health and wellness entrepreneur Sheena Jongeneel was pursuing her master’s degree in business administration at Pepperdine University. At the time, she was dealing with the challenge of her toddler growing faster than her budget. She was […]

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LEICHLINGEN, Germany, March 6, 2023 /PRNewswire/ — As of 01.03.2023, the Dutch family office BOELS & Partners has taken over the business operations ‘Retail Lighting’ of the insolvent BÄRO GmbH & Co KG (BÄRO). Continue Reading From left to right: Oliver Steelant (Sales Manager BeLux), Ester Boer (CFO), Yvonne Boels (Chairman Bäro and CEO Boels & Partners), Peter Renders (Manager Team International Business) and Mariana Ferreira (Architect and Light Planner). BOELS & Partners’ CEO Yvonne Boels states: "Especially the tradition of BÄRO, as well as the high-quality products, have aroused our interest in the company. We are confident that we will find the right strategic direction to bring BÄRO back to its former strength. The feedback we have received from customers is positive. We will use our years of restructuring experience to restore the BÄRO brand to its former glory. In doing so, we must and will work hard to justify the trust of customers, suppliers and employees". Following the preliminary insolvency proceedings against the assets of BARO in January this year, the team led by insolvency administrator Marion Rodine from the German law firm RUNKEL Rechtsanwälte has been working to find a restructuring solution. At the beginning of […]

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