Market Watch

February 27, 2023 These State Small Business Credit Initiative funds are awarded to Delaware, Kentucky, Tennessee, and Wyoming to support local small business financing and investment programs WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of four additional state plans for up to $353.4 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden’s American Rescue Plan. Treasury has now announced the approval of state and territory plans corresponding to over $7 billion in SSBCI funding to support small business and entrepreneurship and expand access to capital. “This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” said Secretary of the Treasury Janet L. Yellen. “These SSBCI funds will promote equitable economic growth across the country.” President Biden’s American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to […]

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Photo: ©STOCKPHOTOMAN – STOCK.ADOBE.COM MONTERREY, MEXICO — Demand for new products in the company’s “better-for-you” line helped drive Gruma USA’s performance in the fourth quarter and full fiscal year. In the year ended Dec. 31, 2022, Gruma USA had operating income of $440.9 million, up 20% from $368.9 million in fiscal 2021. For the fourth quarter ended Dec. 31, operating income increased 31% to $140.7 million from $107.3 million. Net sales at Gruma USA increased 23% in fiscal 2022 to $3.2 billion, up from $2.6 billion a year ago. Net sales in the fourth quarter increased 29% to $890.7 million from $690.4 million. Gruma said sales volume increased 8% in the fourth quarter to 418,000 tonnes, driven by both the tortilla and corn flour businesses. “The tortilla business grew 12.8% in volume in 4Q22,” Gruma said. “Excluding the effect from the additional week, tortilla volume would have grown 5% and benefited from higher consumption of corn products in light of inflation pressures, in addition to stable ongoing growth from Gruma’s ‘better-for-you’ product line. Demand for new products in that market continues to contribute to volume performance. “In corn flour, volumes rose 2% during the quarter; excluding the additional week […]

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WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans, from the mortgage lending industry by prohibiting RMK from engaging in any mortgage lending activities or receiving remuneration from mortgage lending. In 2015, the CFPB issued an agency order against RMK for, among other things, sending advertisements to military families that led the recipients to believe the company was affiliated with the United States government. Despite the 2015 order’s prohibition on these and other actions, the company engaged in a series of repeat offenses, including disseminating millions of mortgage advertisements to military families that deceptively used fake U.S. Department of Veterans Affairs (VA) seals, the Federal Housing Administration (FHA) logo, and other language or design elements to falsely imply that RMK was affiliated with the government. In addition to the ban, RMK will also pay a $1 million penalty that will be deposited into the CFPB’s victims relief fund. “Even after the 2015 law enforcement order, RMK continued to lie to military families by falsely implying government endorsement of its home loans,” said CFPB Director Rohit Chopra. “Our action reflects our commitment to weed out repeat offenders, […]

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The New Alliance Between the MBDA and the NABB Aims to Amplify Black Business Development and Global Competitiveness as Part of a Growing Movement to Form a Nationally Unified Black Business Agenda WASHINGTON, Feb. 27, 2023 /PRNewswire/ — On Wednesday, February 22, 2023, the U.S. Department of Commerce Minority Business Development Agency (MBDA), and the National Alliance for Black Business (NABB) signed a historic MOU during the NABB’s first annual National Black Business Policy Conference in Washington, D.C. The NABB was co-founded by the National Business League (NBL) and the National Black Chamber of Commerce (NBCC), which represent a combined 153 years of service to Black businesses and are now collectively working to organize a unified national black economic agenda. Continue Reading National Alliance for Black Business (NBAA) and Minority Business Development Agency (MBDA) Sign Historic MOU Agreement Tweet this Pictured [L-R] Charles H. DeBow, III, President/CEO, National Black Chamber of Commerce (Founded 1993), Donald R. Cravins, Jr., Under Secretary, U.S. Department of Commerce, Minority Business Development Agency (Founded 1969) and Dr. Ken L. Harris, Ph.D., President/CEO, The National Business League (Founded 1900) The National Business League Official Logo " This historic agreement between MBDA and the NABB will […]

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In this era of constant innovation and transformation, the implementation of DevOps has become a game-changer for many organizations. DevOps has been playing a pivotal role in enabling organizations to accelerate their digital transformation journey by providing a faster and more efficient way to deliver products and services. In fact, it has become a crucial ingredient for successful digital transformation. But what exactly is DevOps, and why is it so important? DevOps is a set of practices that emphasizes collaboration, communication, and automation between development and operations teams to streamline the software development and delivery process. With the help of DevOps, organizations can break down silos, reduce cycle times, and enhance customer experience. In this blog, we’ll delve deeper into the role of DevOps in digital transformation and explore the emerging trends that are shaping the digital transformation journey with DevOps. So, get ready to learn, laugh, and be inspired by the power of DevOps in the digital world! What is DevOps? DevOps is a software development methodology that combines the development (Dev) and operations (Ops) teams to work together seamlessly throughout the software development lifecycle. It focuses on communication, collaboration, and automation to enable organizations to deliver high-quality […]

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Frost & Sullivan whitepaper reveals why cloud-based software creates an ideal platform for agility and adaptiveness BRUSSELS, Feb. 22, 2023 /PRNewswire/ — Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, has announced the availability of a whitepaper from Frost & Sullivan that explains the value of cloud-based software, especially in light of digital transformation. The whitepaper looks at the challenges and opportunities from multiple perspectives – industry, customer, technology and operations – and explains why agility and adaptiveness across all facets are essential in the face of increasing adversity and industry disruptions. Key to its findings is the need for tools that support highly flexible ways of working, with cloud-based software being singled out as offering the most operational value. The report goes on to cite the Plex smart manufacturing platform – a modular, multi-tenant SaaS solution from Rockwell Automation, which is available via Microsoft Azure, public cloud. Suitable for operations of all sizes, Plex is an industry-proven platform for companies looking to undertake a digital transformation. According to Sachin Mathur, EMEA director of software and control at Rockwell Automation: "Agility in the real world requires agility in the digital world […]

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University of Utah Campus in Salt Lake on Oct. 11, 2020. (Photo by Jake Stranzl | The Daily Utah Chronicle) For students who want to contribute to their community or conduct research on new topics, the University of Utah Study Locator provides a gateway to do so. With over 10 categories of studies, students can participate in and generate research that ranges from COVID-19 surveys to in-person heart research. Joni Pierce, a fifth-year doctorate student studying biomedical informatics, said many of these studies revolve around answering new questions either through surveys or through active experimental research with participants. “Generally when we’re conducting research studies, we’re trying to produce original research to advance the knowledge levels that we have,” Pierce said. The research conducted at the U is also very innovative, said Aaron Fischer, an endowed professor of school psychology. This is because the U is a Research 1 institution , so they receive federal funding for their research. This classification allows for there to be a larger amount of opportunities for students to conduct their own research, Fischer said. “What’s so great about our university being a Research 1 institution is that there are so many great chances for […]

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2nd District Supervisor Zack Scrivner TBC California has historically been a state of opportunity — where anyone could start a business, work hard and reap the rewards of their labor. In recent years, thanks to misguided policies coming from Sacramento, the opportunity of California has been destroyed by a "litigation explosion.” More lawsuits are being filed in California than any other state and many of these cases are solely to extract settlements from businesses. This "lawsuit abuse" is costing California businesses billions of dollars every year. Predatory lawsuits are largely spurred by three pieces of policy: PAGA, ADA and Proposition 65. Each one puts businesses in the same position: pay up or lawyer up. PAGA lawsuits are those filed under the Private Attorneys General Act of 2004. This law allows private citizens to act on behalf of the state in cases where they believe there has been a violation of the state’s Labor Code. While this law intended to give employees a way to enforce their rights, it has become a favorite of trial lawyers looking to shake down businesses for quick settlements. In fact, a significant amount of PAGA settlements in California are for $10,000 or less. And […]

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Signs of community development are all around us. From empty warehouses turned into apartments and mixed-use facilities, to craft breweries nestled in trendy neighborhoods, the region’s resurgence still has steam. Now, as private and public funding continue to flow into the area, conversation about Buffalo’s growth and development has morphed into an important discussion about expanding opportunities for a larger portion of the region. Simply put: What will it take to ensure that the area’s revival includes communities that have not been an integral part of community growth and development to date? The Forge on Broadway is planning to begin an expansion this year. In Prospectus 2023, we capture the region’s conversation about expanding opportunities. We asked area business and community leaders to share their views on progress made, opportunities ahead and the steps needed to ensure that more people are part of the community’s growth. Along with shining a light on the necessity and challenge of expanding opportunities, Prospectus spotlights the progress made and opportunities on the horizon in sectors including banking and finance, higher education, real estate and development and health care. Area business and community leaders are embracing the opportunity to innovate for a better tomorrow. […]

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andresr/E+ via Getty Images Investment Thesis Since my last coverage on Zoom Video Communications (NASDAQ: ZM ) in June, the company’s share price has fallen over 28% and is now trading near its 52-week low. While I certainly do not think ARK Innovation ETF ( ARKK ) target price of $1,500 is viable, the company does look pretty de-risked right now. The hype for Zoom has died down but its products are still used by some of the largest companies in the world. The company changed its strategy and shifted its focus to enterprise, which should drive growth and improve retention rates. Despite tough headwinds, it is still growing revenue and continues to be very profitable. The current valuation is attractive with multiples extremely compressed. A lot of pessimism is likely priced in already and should offer some downside protection. If the shift to enterprise customers is successful and growth reaccelerates, there should be meaningful potential upsides. Therefore I rate the company as a buy. Data by YCharts The Shift To Enterprise The pandemic is behind us but hybrid work is likely to stay, as it is much more flexible and cost-effective for both employers and employees. According to […]

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