Market Watch

More than 1,400 business leaders from across industries will come together in Davos for the World Economic Forum’s Annual Meeting 2023. The theme is ‘Cooperation in a Fragmented World’ and it’s never been more important for private-public cooperation to find solutions to the myriad challenges facing the world today. Here’s what you need to know about the sessions at Davos that will look at the balancing act businesses face between managing risks and making a positive impact. In the heat-laden months of 2022, it became abundantly clear the health of the planet is deteriorating. Companies are increasingly expected by investors and the wider public to be part of the multistakeholder, collaborative effort to restore it – and be transparent. As more than 1,500 business leaders come together in Davos for the World Economic Forum’s Annual Meeting 2023 – the highest ever business participation – the future of non-financial reporting and investment will be on the agenda. But so too will the prevailing economic conditions and the risks businesses face today. A global recession is considered to be extremely or somewhat likely this year by 63% of the economists surveyed for the Forum’s latest Chief Economists Outlook . It finds […]

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European data center firm Penta Infra has acquired Sungard’s data center and colocation business in Paris, France. The company this week announced it had acquired the data center campus in the Lognes area of the French capital. Terms of the deal were not disclosed. – Google Maps Penta Infra said it will also acquire the colocation business and continue to deliver data center services ‘to the majority’ of the existing client base. The three-building campus, located at 93 Cr des Petites Écuries and consisting of two data centers and a workplace facility, covers more than 16,000 sqm (172,000 sq ft) and reportedly has “significant opportunities” for expansion. Penta said the site will be developed into a 10MW data center. Patrick van der Wilt, Chief Commercial Officer at Penta Infra, said: “We are very excited to announce that we’re expanding our footprint into France, one of the leading European markets. Acquisition of the Lognes data center campus is a new chapter in our ambition to increase our data center footprint in Europe. The high-profile customer base, a dense partner ecosystem that provides a wide range of connectivity and public cloud options, combined with the ability to scale on the Lognes […]

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Columbus’ elected leaders want to help female entrepreneurs and minority-owned businesses set up shop in brick-and-mortar downtown spaces. To achieve that goal, Columbus City Council is taking steps to open a new downtown marketplace, Councilman Nick Bankston said. The marketplace program would include graduated rent support, a tenant renovation fund and technical assistance. Plans are still in the early stages and an exact location for the market has yet to be selected. But Bankston said the goal is to find an area that already has retail activity, and serve as a "catalyst" for continued growth of both the tenants and downtown Columbus. At the end of this quarter, the city will begin seeking an entity to offer the technical assistance. That entity could also serve as the master leaseholder for the facility, or two different organizations could be involved. Once responses come in, Columbus City Council would need to vote on the contract recipient. The program is one of a few ongoing efforts to spur downtown’s growth and development, particularly in the wake of the Covid-19 pandemic. "We want to take the risk away from locating your business downtown," Bankston said. Rent support and technical help Bankston expects the […]

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More state lawmakers are introducing bills to keep their state governments from doing business with financial institutions that take environmental, social or corporate governance into consideration when making investment decisions. Critics say these bills are designed to boost fossil fuel companies and will end up costing taxpayers. (Photo by Joe Raedle/Getty Images) Republican state policymakers’ efforts to boost fossil fuels by prohibiting their governments from doing business with companies that take sustainability into consideration has the potential to cost states millions, according to a study released Thursday. Researchers looked specifically at the possible effects on Florida, Kentucky, Louisiana, Missouri, Oklahoma and West Virginia if they passed Texas-like legislation limiting investment options on municipal bonds and found it could cost them between $264 and $708 million in additional interest payments. The study noted that the states had not passed such broad legislation. The six states are among two dozen that last year issued proposed or passed legislation prohibiting state government entities from doing business with financial firms that take environmental, social and corporate governance (ESG) into consideration when making investment decisions as anti-ESG efforts spread from state treasurers and attorneys general to governors and lawmakers. Republican policymakers refer to ESG […]

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Jake Judd/KNSI News (KNSI) – Two existing Waite Park businesses are hoping to open new locations soon within the city. Banfield Pet Hospital could soon get the okay for a standalone facility. The issue was expected to come before the city council on January 3rd, but weather canceled the session. Instead, it is set for debate this Wednesday. The veterinary clinic is currently located inside PetsMart. The business wants to open in the Marketplace Shopping Center on 2nd Street South. The new site is zoned B-2 for commercial and general business, which requires a conditional use permit for an animal hospital. The details have already been recommended by the city’s planning commission. It has not been decided if the PetsMart location would remain open. Exterior signage for the new site would have to be approved through a permit in the future. A possible kennel run for the dogs is not included in the upcoming hearing and would need to go before the city council at a later date. Schulte Transmission is attempting to move into the Poganski Auto site on 3rd Street North. Schulte would operate a major automotive repair business there. Poganski Auto had a Conditional Use Permit […]

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Good morning, everyone. The Business Journal’s offices are closed today, but here is an abbreviated version of the five things you need to know in Boston business news today. We’ll be back in full swing in this space tomorrow. ‘The Embrace’ unveiled Unless you’ve been trapped under a large piece of living room furniture for the past couple of weeks, you know the 22-foot-high sculpture called “The Embrace” has now been installed and unveiled on Boston Common. Scroll down for more, plus photos from Friday. The cost of cannabis Despite a widespread perception that cannabis entrepreneurs rake in the profits, the industry faces plenty of unique burdens. In the latest Weekly Edition , Cassie McGrath takes a closer look at the restrictions and obstacles such businesses endure , from curbs on advertising to prohibitively high taxes and real estate costs. Join the BBJ for a discussion on the economy at our Economic Outlook luncheon, Jan. 26 at Seaport Hotel Boston. Register here. Holiday sales slog Local small businesses saw the dollar amount in holiday sales increase by just over 1% compared with the 2021 holiday shopping season — a far cry from the 4% annual increase that the Retailers […]

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Davos 2023 Digital technology can make business more efficient and profitable, but also smarter and more agile. Crowdsource Innovation Businesses need to undergo digital and sustainable transformations in parallel. They can use digital technology for everything from product development to manufacturing and operations, making use of vast amounts of data. To become a truly sustainable business requires a fundamental redesign of systems and processes. The next era of industrial transformation, enabled by technology and data, will impact all sectors and reshape the way we operate, interact, and consume. It will present an opportunity for business leaders to transform their business models and value chains in a sustainable way. This will involve navigating numerous risks and navigating a complicated context. We need to undergo two major transformations in parallel: digital transformation and sustainability transformation. Digital can not only make business more efficient and profitable but also more agile and smarter, adjusting to consumer needs and changing market conditions. The advent of smart products will give consumers a much stronger ability to take control based on accurate insights for their everyday lives. At the same time, business leaders need to play their part in our collective decarbonization and transition to a […]

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The 2023 EY and University of St.Gallen Family Business Index reveals the largest family enterprises are growing faster than the global economy. In brief The largest 500 family enterprises generate US$8.02 trillion in revenue – up 10% from 2021. The inflow of new entrants, mainly from Europe (35%), is mostly public (64%). Almost half (47%) are from manufacturing, reflecting recovery in the sector. Women hold only 23% of board seats, indicating more needs to be done to close the gap. Collectively, the family enterprises that were included in the 2023 EY and University of St.Gallen Family Business Index generated $US8.02 trillion in revenue – a 10% increase on the 2021 Index 1 . According to the International Monetary Fund 2 , the global economy grew by 6% in 2021, and is forecast to grow by 3.2% in 2022 and 2.7% in 2023. This means family enterprises have been growing at nearly twice the rate of advanced economies and around one and a half times the rate of emerging market and developing economies. Between them, the 500 companies on the Index employ 24.52 million people, up 1.4% from 2021, and are distributed across 47 different jurisdictions. The Index highlights, once […]

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Owner Patty Wolfe takes a phone call last week inside Yesterday’s RAVE Antiques in Greensburg. The rapid growth of Yesterday’s RAVE in Greensburg has been a surprise to co-owner Patty Wolfe. The store that specializes in antique and vintage items with 15 vendors in a renovated space at the former Schaller’s Bakery building on Highland Avenue opened in November 2021. As more sections of the building opened in the ensuing months, the number of vendors quickly increased. “We went from 15 dealers to 115 dealers in one year,” she said. Now, Wolfe shares a commonality with other similar stores around the area: a waiting list for vendors to get in. The popularity of antique and vintage stores that provide space to vendors to sell their unique items seems to have been growing in recent years. An annual survey conducted by the Asheford Institute of Antiques found that in 2021 anything art deco style had strong sales among buyers between 20 and 40 years old. Young people or couples has been an increasing age group visiting Diamond Antiques and Gifts in Tarentum, owner Dianna Roney said. “We’re not stuffy old grandma stuff,” she said. Textiles, such as clothing, scarves and […]

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True teamwork begins to take shape with a recognizable culture of collaboration within your … [+] Getty Images While there are many factors that can play a role in creating the ideal office culture, few things can prove more important than building a culture of collaboration. In fact, research from Stanford reveals that working in a collaborative setting makes employees 50% more effective at task completion, while also boosting their engagement and motivation. It may sound cliche, but it’s true: your team is the lifeblood of your business. No matter what your industry, building a healthy office culture driven by collaboration is key to driving outcomes for your company. Positive work cultures have been found to boost productivity, engagement, retention and other vital statistics. Building a collaborative culture within your business is well worth the effort — and with the right practices, you can quickly strengthen this aspect of your work. 1. Establish a Foundation of Trust and Communication As a leader, you set the tone for how collaboration can be carried out within your organization. Similar to establishing strong partnerships with other businesses, an internal collaborative culture needs a solid foundation of consistent communication and transparency. This doesn’t […]

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