Feb 2 (Reuters) – Alphabet Inc (GOOGL.O) on Thursday fell short of Wall Street’s expectations for quarterly profit and revenue as the Google parent’s digital ad business struggled with an economic slowdown that has choked corporate spending and triggered mass layoffs. Shares of Alphabet, were down about 4% in after-hours trading, after losing about 40% of their value in 2022. Revenue from Google advertising, which includes Search and YouTube, fell 3.6% to $59.04 billion. "We’re on an important journey to re-engineer our cost structure in a durable way," Alphabet Chief Executive Sundar Pichai said in a statement, echoing Meta Platforms (META.O) boss Mark Zuckerberg’s emphasis on Wednesday on cost efficiencies . Advertisers, who contribute the bulk of Alphabet’s sales, pulled back on spending as rising inflation and interest rates fueled concern over consumer spending. Consumers had flocked to the internet for everyday purchases during the height of the pandemic but have returned to in-person shopping as restrictions have eased. "Despite being seen as one of the most insulated companies in the advertising space relative to peers, Alphabet’s poor quarter is the latest sign that worsening fundamentals and a tough macroeconomic environment are prompting advertisers to cut back on spending," […]

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SACRAMENTO, Calif. — The downtown Sacramento business community is reacting to the state’s plan to turn some of its office buildings near the Capitol into housing. Many businesses have been hurting since employees started working from home during the COVID-19 pandemic. The Downtown Sacramento Partnership said there were about 100,000 people working in the area before the pandemic. Now, it estimates about half have returned. "Are we gonna get back to Monday through Friday, five days a week, 100,000 employees? Probably not," said Executive Director Michael Ault. Addressing the issue earlier this week, Mayor Darrell Steinberg joined state leaders to announce a new plan that they hope will help. The state is looking to see if developers can transform three office buildings on the Capitol Mall near 8th Street into housing: The Employment Development Department’s headquarters at 800 Capitol Mall, the EDD Solar Building at 751 North St. and the State Personnel Board Building at 801 Capitol Mall. "The more development opportunities, the better," Ault said in response to the idea. Recommended VIDEO: Texas police officer runs out mid-tornado to help rescue his K9 partner The proposal could be a small piece of the bigger picture in revitalizing downtown. […]

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Tourists rest at the Habtoor Grand Resort, in Dubai, United Arab Emirates, February 1, 2022. REUTERS/Abdel Hadi Ramahi/Files DUBAI, Feb 3 (Reuters) – Growth in the United Arab Emirates’ (UAE) non-oil private sector slipped to a 12-month low in January, with weaker global economic conditions weighing on sentiment towards future activity, a survey showed on Friday. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) fell to 54.1 in January, easing slightly from 54.2 in December, and the lowest since January 2022. The output sub-index remained unchanged from December at 58.8 but indicates continued strong expansion in non-oil private sector activity. "The results showed that the non-oil sector remains in good health and in particular compares positively against a global economic slowdown towards the end of 2022," said David Owen, senior economist at S&P Global Market Intelligence. "That said, weak global conditions weighed on export demand in January, as firms saw foreign sales decrease at the fastest rate since June 2021," Owen added. New orders increased over the previous month, hitting a three-month high, with the sub-index rising to 56.0 from 55.5 in December. However, growth in new export orders continued to weaken, with the index under the […]

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Bellevue-based launch management company Spaceflight Inc. on Thursday appointed former United Launch Alliance executive Tiphaine Louradour as its CEO. Spaceflight produces satellite orbital delivery vehicles and provides launch management and satellite rideshare services. “My goal in leading this organization is to build on its ground-breaking achievements and expand the launch and on-orbit service offerings beyond (low earth orbit),” Louradour said in a news release. “I’m very much looking forward to working with the team, as well as its customers and partners, to continue to evolve Spaceflight and especially its Sherpa OTV program, into its next phase of growth.” Spaceflight, which has around 70 employees based in the Puget Sound region, has conducted 55 missions for its customers to date, with more than 450 payloads delivered to orbit. Louradour most recently served as president of Virginia-based International Launch Services after spending 14 years at United Launch Alliance, a joint venture between The Boeing Co. (NYSE: BA) and Lockheed Martin (NSE: LMT). She managed commercial sales and business development at United Launch Alliance. Prior to that, she had roles at Lockheed Martin Commercial Launch Services and consulted for the telecommunications, health care and publishing industries. Louradour attained degrees in economics and […]

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TOOLS AND EDUCATION: The North Dakota Farm Management Education Program provides the tools and education to help farmers operate and manage their farm businesses. Helen King/Getty Images As we continue to transition to a new year, there are a few important things to keep in mind. Taxes will need to be completed, operating loans obtained and a solid plan for the year developed. Although it may seem daunting, the North Dakota Farm Management Education Program at various colleges across the state can assist you in setting yourself up to succeed. Learning how to keep accurate records and finding useful tools to run a successful ag-related business are just a couple things you can learn from this program. Each year, several questions are raised. How can I be prepared for tax season? How can I get more organized with my receipts? Let’s find some of the answers to those questions. Throughout the year, it is good to keep the following items for your records: When looking at recording income, it is helpful to document crop, livestock and personal income. When recording expenses, it is good practice to record all expenses for both the farm and the family. These expenses can […]

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Sydney Montgomery, founder of Barrier Breakers and Outline It J’nae Antoinette / IG @naerock4real Sydney Montgomery, the 29-year-old founder of education non-profit Barrier Breakers and ed tech company Outline It , has dedicated her career to helping students from diverse backgrounds pursue new opportunities. She’s been an entrepreneur from an early age, having taught piano to her neighbors at the age of 10 years old and later becoming a tutor. Both of Montgomery’s parents received their degrees only after joining the military. She herself was the first person in her own high school to go to Princeton, where she studied English. Later she attended Harvard Law School. In 2018, she launched S. Montgomery Admissions Consulting (now part of Barrier Breakers) with a mission to increase access to, and success in, higher education, for marginalized students. In this Q&A, Montgomery discusses purpose, social impact, and the most important leadership lessons she’s ever learned. Sally Percy: What stops underrepresented groups from applying to law school in the US? Sydney Montgomery: I would say the biggest blockers are finances, lack of information, and imposter syndrome. Applying to law school can require a tremendous investment of time and money. Some of the financial […]

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A pandemic-born catering business has expanded into a sit-down café in Tonawanda. Espo’s held a soft opening in December, followed by a full opening Jan. 19 at 365 Somerville Ave., formerly home to Donut Craze. The venture’s roots go back to spring 2020, when Caitlin Esposito was laid off and started selling pierogi to friends and family, then started doing meal prep. Once things took off, she was joined by her husband, Brent, who has a culinary degree and restaurant experience with Rowhouse and Wegmans. The menu includes sandwiches like portobello caprese, bacon jam burgers and turkey wraps, as well as salads (with chicken or salmon as add-ins) and soups. When the church they had been leasing was sold, they signed a lease in August for the space on Somerville, where they have flexible seating for 55 plus room for community events and private parties. “It fit perfect,” she said. “The kitchen is wonderful and we have space here. … We have plans for pop-ups and classes and want to involve the community as well so it won’t be just a dine-in space.” While this is her first restaurant, Caitlin – who has a business marketing degree – also […]

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Tucker Matheson is a co-founder and Managing Partner at Markacy , a digital marketing strategy firm headquartered in New York City. getty It’s hard to get through a business day without hearing poor economic news and forecasts of rising inflation, interest rates, energy costs and an impending recession in 2023. According to a 2022 McKinsey & Company survey , consumers are feeling twice as pessimistic about the economy as they’ve been throughout the pandemic. In response, many brands are evaluating what this change in consumer sentiment will mean for their business models, revenue and overall growth strategies. However, is planning for another Great Recession the best strategy based on history? According to historical economic data , if you only consider the post-World War II period, the average U.S. recession has only lasted about 10 months. With that in mind, brands that have sound business models should view tough times as an opportunity to come out stronger than before. One area I think all brands should be focused on in 2023 is customer retention. New customer acquisition often requires more capital investment and resources than getting an existing customer to make repeat purchases. One study found that loyal customers account […]

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getty With 2023 just beginning, business leaders are reevaluating the critical priorities and strategies that will drive success in the next twelve months and beyond. Faced with several looming factors that threaten to derail operations—including labor shortages , inflation and economic uncertainty—business leaders will need to remain diligent about focusing on their organizations’ missions, refining current strengths and identifying ways to fortify weak points. Throughout this process, I believe leaders will need to prioritize innovation in the form of digital transformation to remain at the cutting edge and continue delivering value to customers, partners and employees. This year, we should continue to see organizations use technology for increased productivity, seamless information sharing, improved customer satisfaction and more. From modernizing technology to reach new audiences to developing processes for increased resiliency, we need to remain focused on the strategies that will continue to elevate our organizations in 2023 and beyond. Digital tools can expand reach and unlock new opportunities. The adoption of emerging digitization and online tools can help businesses expand their reach and access previously untapped audiences. There are several avenues through which technology can reach new individuals. Take recruitment, for example. Digital advancement can be used as a […]

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According to NFIB’s monthly jobs report , 57 percent of owners reported hiring or trying to hire in January, up two points. Of those hiring or trying to hire, 91 percent of owners reported few or no qualified applicants for the positions they were trying to fill. Twenty-seven percent of owners reported few qualified applicants for their open positions and 25 percent reported none. “The labor shortage continues to be a major concern for small businesses in the New Year as nearly all owners trying to hire are reporting no or few qualified applicants,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses’ sales opportunities are limited because of the staffing shortage but owners continue to make changes in business operations to compensate.” State-specific data is not available, but NFIB State Director Rosemary Elebash said: “The Alabama unemployment rate remains at record lows with the December rate at 2.8 percent. Hiring employees across all business entities remains a challenge for business owners. The lingering problem is the Alabama labor force participation rate of 56.8 percent, well below the national average of 62 percent. Forty-three percent of Alabamians ages 16-64 are not participating in the Alabama labor force. Our members are […]

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