Market Watch

A “store for rent” sign hangs in an empty storefront in Somerville, Massachusetts, September 1, 2022. A “store for rent” sign hangs in an empty storefront in Somerville, Massachusetts, September 1, 2022. Brian Snyder | Reuters Stocks have posted sizable gains to start the year, with the S&P 500 up 8%, on hopes that a soft landing for the economy is in the cards. On Wall Street, Goldman Sachs just lowered its recession odds. The 500,000-plus jobs added by employers last month helped improved that outlook. Meanwhile, the Federal Reserve signaled last week that the “disinflationary process has begun.” But the latest wave of optimism, ranging from unbridled retail investors to revision-mode CEOs and more guarded central bankers, has not reached Main Street, where fears of a recession and frustration with high inflation remain the norm. Nearly half of small business owners (47%) say the economy is in a recession already, with an almost equal percentage (48%) describing the economy as “poor.” That’s according to the CNBC|SurveyMonkey Small Business Survey for the first quarter of 2023. Notably, the data is virtually unchanged from Q4 even as sentiment about the economy and in the markets has improved. One reason given […]

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Small businesses fights back against ‘swipe fees’ watch now Sol Dias Ice Cream, in the Dallas metro area, draws in customers with its award-winning mango sorbet and flavors with a Mexican twist like “tequila” and “queso.” The unique flavors may be what put Sol Dias, with its two locations, on the map, but it’s a small placard on the front register that’s calling attention. “We have a nice little sign in front of our register that says ‘Hey, credit card fees, they cost us a lot of money,’” Victor Garcia, longtime owner of Sol Dias, told CNBC. “Last year they cost us $25,000. This year, they’re going to cost us close to $30,000. We’re just simply informing the consumer.” Every time a customer pays for their cup or cone with a debit or credit card, companies like Visa or Mastercard charge a processing fee, also known as a swipe fee, amounting to a percentage of each transaction. The fees have more than doubled over the last decade, leading some business owners to look for new and creative ways to claw back their profits. They’re also stirring debate in Washington, pitting payments giants against the small business masses. A swipe […]

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Curtis Barton entered the insurance industry after college in 1996, thinking he would stay for two years just to please his father, an insurance executive. This traditional path would lead to a fulfilling 24-year career and the creation of his own company, Alkeme Insurance Services. Driven by the purpose of “shaping the future of insurance one partner at a time,” Alkeme’s chief executive has been named one of Insurance Business America’s Hot 100 for 2022 . In this conversation with Insurance Business , Barton said “timing is everything” when it comes to setting up an enterprise. Alkeme was formed in 2020 – in the middle of the COVID-19 pandemic – through the merger of seven agencies run by Barton’s friends. The consolidation made sense as the businesses had a combined revenue of around $32 million. Alkeme has since become one of the fastest-growing consolidated entities in the US insurance industry, and it supports the growth of other brokerages through acquisition, optimization, and scaling. Barton defines Alkeme as a “people business” that delivers an improved customer service platform by using technology. “There’s been a lot of pressure points on the business from technology, and that’s fallen off lately because of […]

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Photo: Darrel Hunter Tapestry said revenue fell 5 per cent to $2.03 billion in the second quarter of 2023 ended 31 December 2022, but stronger-than-expected gross margins and less exposure to wholesale in the US prompted the company to raise its full-year outlook, outperforming analyst expectations. Shares rose 9.93 per cent in pre-market trading on Thursday, following a 4.47 per cent dip in after-hours trading on Wednesday night, after rival Capri Holdings revealed a “disappointing” quarter due to weak wholesale demand. Tapestry, which owns Coach, Kate Spade and Stuart Weitzman, said it now expects revenue to reach $6.6 billion, at the top end of its previous guidance of $6.5-$6.6 billion. The updated outlook assumes, among other things, that the US dollar does not further appreciate; that Greater China will continue to gradually recover; and that inflationary pressures and consumer confidence don’t worsen materially. Tapestry had lowered its forecast in the first quarter after currency pressures and China-related disruptions weighed on results. Tapestry CEO Joanne Crevoiserat said the company’s omnichannel strategy and focus on its direct-to-consumer channel has paid off. DTC sales increased by the low-single digits during the quarter (excluding Greater China), and now make up 90 per cent […]

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The VIP hospitality industry still conducts most sales via isolated analog channels. DAIMANI solves this by offering a single cloud-based marketplace for live-event VIP hospitality packages. There’s a big problem in the hospitality industry: It’s not connected enough, according to DAIMANI CEO Max Mueller. His company is solving that issue with cloud technology that makes the entire process easy, from beginning to end. When booking a trip to a live event, customers typically begin with an event website for tickets, then browse online travel agencies for hotel rooms, and then peruse airline websites for their flights. That’s at least three tedious steps — not counting comparison shopping, or follow-ups to make changes. “We want to challenge this,” said Mueller, whose Zürich-based VIP hospitality provider DAMINAI offers tickets, flights, accommodation and more — all in one place. “Our mission is to create these connected services.” Eventgoers can seamlessly find and buy their tickets, flights and hotel rooms for banner events running on DAIMANI’s platform, including Wimbledon, Formula 1 and the entire German Fußball-Bundesliga. Indeed, DAIMANI digitalizes pretty much everything the hosting event will allow, while also ensuring that someone is always available by phone, email or chat — from seven […]

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Fresenius headquarters in Bad Homburg near Frankfurt, Germany, February 27, 2018. REUTERS/Ralph Orlowski FRANKFURT, Feb 9 (Reuters) – German healthcare group Fresenius SE (FREG.DE) said on Thursday it was potentially ready to cede control over Fresenius Medical Care (FMC) (FMEG.DE) , after a fall in earnings at the world’s largest dialysis company. Shares in FMC were down 3.4% at 1538 GMT, while Fresenius stock surged 4.3% after it said it was considering de-consolidating the subsidiary, meaning its sales would no longer be fully integrated into its financial reports. Elliott Investment Management took a stake in Fresenius SE in October, a person familiar with the matter told Reuters at the time, sparking speculation the activist investor might push for a break up of the diversified healthcare company. FMC, which has been hit hard by U.S. staff shortages and cost inflation this year, slashed its annual outlook twice last year, also pulling down Fresenius’ forecasts. Confirming an earlier report by business magazine WirtschaftsWoche, Fresenius said in a statement that it was also looking into abandoning FMC’s legal form of AG & Co. KGaA, which gives it strategic control and the right to appoint leadership positions even though it only holds 32% […]

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Ready to build your freelance business? Here are 3 steps to launch with success. getty The etiology of the word “freelance” comes from Sir Walter Scott’s novel Ivanhoe . It’s two words combined to refer to medieval mercenaries who would fight for whichever nation paid them the most—mercenaries yielding a lance. Today the word is used to describe pursuing a career free of long-term commitment, and not unlike its origin, many freelancers work for the highest bidder. Freelancing as a career is growing. A Fiverr study reported that 73% of US workers plan to freelance in 2023, and 31% of full-time freelancers make more than $75,000 per year. In fact, Google hires more freelancers than permanent workers. As companies tighten the reins to prepare for a potential recession, more will turn to freelancers to avoid the costs of hiring full-time staff—one employee typically costs 1.25 to 1.4 times base salary , according to the Small Business Association. But what is the most successful way to launch a freelance business? In the simplest terms: decide on a niche, get the word out, and ask for reviews. 1. Find your niche . Begin with a list of 10 to 15 of […]

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Jordan Dené Ellis poses with a copy of Sartorial Geek. Jordan Dené Ellis Jordan Dené Ellis is the giant nerd behind Jordandené , a geeky fashion brand started in 2011. In 2018, Ellis also co-founded The Sartorial Geek, a nerdy print magazine, podcast, and online community. “When someone is able to be themselves, love what they love, and help bring other people together around the things that they love, it’s total magic” says Mallory Shoemaker, Content Strategist at Adobe Express. Jordan Dené Ellis poses with a book that contains the quote on her specially-branded shirt. Jordan Dené Ellis She has since taken her enthusiasm for community to work at Adobe, showing small business owners and brands how to level up their creative workflows with Adobe Express. Goldie Chan: Hello Jordan, thanks for joining us. What has your career path been? Jordan Dené Ellis: My career path has taken me through a pretty untraditional route. In college, I thought I would be a teacher, and I graduated with an elementary education degree. Before even finishing school, I realized that teaching is an incredibly challenging and underpaid career (to all the teachers out there, you are saints), so I opted into […]

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In honor of Black History Month, CEO and co-founder Tracey Richardson shares the “secret sauce” behind the success of her Black-owned small business, Lillie’s of Charleston. "May you never feel unwanted, unloved, or hungry." That’s the motto of Lillie’s of Charleston , a Black-owned, family business that makes barbecue sauces, hot sauces, and spice mixes with flavors from home cooks and ancestors from the coastal South that date back generations. Tracey Richardson, CEO and co-founder of Lillie’s of Charleston. CEO and co-founder Tracey Richardson said it began in the early 1950s in Charleston, South Carolina, where her father spent his summers in the kitchen with his grandma and Aunt Lillie. No matter who came to visit, the women never let guests leave feeling unwanted, unloved, or hungry. Channeling the mantra, Richardson’s dad went on to own The Rib Shack in downtown Charleston, where he introduced his sauces in 1985. This was the genesis for the family bottling the sauces named after their beloved aunt, who represented a generation that taught their kin how to cook with love. But the "special sauce" behind Lillie’s of Charleston goes further than that. What some people don’t know is these flavors date back […]

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The Connecticut state flag.(portal.ct.gov) Mr. President, Mr. Speaker, Senator Kelly, Representative Candelora, Lieutenant Governor Bysiewicz, members of the General Assembly, since I last joined you here in the people’s chamber, we lost a champion for Connecticut, Representative Quentin “Q” Williams. Q fought for a more equal and just Connecticut. Let us all dedicate ourselves to that work. My primary focus for the next two years, and beyond, will be economic growth and inclusive opportunity. That is what my proposed budget will deliver. For the first time in over a generation, Connecticut has enjoyed strong economic and population growth – more taxpayers, a growing economy, coupled with our shared fiscal discipline, has resulted in four consecutive balanced budgets – soon to be five. Building off this momentum, my budget continues to grow the economy through a middle-class tax cut, investments in our young families, education, workforce training, workforce housing, and helping families eliminate medical debt. We continue to move from rescue to recovery, lifelines to ladders to opportunity. None of this would be possible if not for our collective hard work over the last four years which is the foundation of which our next chapter of growth and opportunity for […]

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