Market Watch

Xan Myburgh is the CEO + Co-Founder of Backd Business Funding , a leading alternative financing solution. getty Technology has changed how we function. It has rapidly expanded the nature of how we connect and work together globally. Businesses and business financing aren’t the exceptions to this. Financial technology has changed the way small- to medium-sized businesses access capital that, before now, they traditionally had less access to, opening doors for these businesses to further grow. Fintech’s influence will continue to ripple in the finance world as technology advances, but here are four key impacts our industry has had so far. Providing More Access To Capital The stringent and often rigorous requirements traditional lenders have can unintentionally close the door on business owners seeking to expand via a business loan. The terms entrepreneurs are often offered can make accessing the capital they need to grow a more arduous task than it really needs to be. The existence of so many digital lenders levels the playing field giving small-business owners more access to capital. Making Bill Pay Easier Long gone are the days of hardcopy bills and daunting stacks that need sorting through to ensure business owners stay on top […]

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BBE Certification and Scorecard to be Piloted in Historic Black Towns, and Cities with Black Mayors, Then on National Scale, to Address the Fact That: Less than 1% of nation’s 3.2 million Black-owned businesses are certified as minority-owned The vast wealth gap between Black and White communities not changed since 1968 More than 1,100 pledges totaling $200 Billion to Black equity in 2020 are mostly unfulfilled ORLANDO, Fla., Jan. 27, 2023 /PRNewswire/ — The National Alliance for Black Business (NABB), co-founded by the National Business League (NBL) and National Black Chamber of Commerce (NBCC), in partnership with the World Conference of Mayors (WCM) and the Historic Black Towns and Settlements Alliance (HBTSA) today announced the nation’s first-ever Black Business Enterprise (BBE) certification and scorecard program at the WCM Black Business Breakfast and Press Conference presented by Comerica Bank. Continue Reading The landmark BBE certification and scorecard program, designed and trademarked by the NBL, will certify businesses that are at least 51% Black-owned to be eligible for mainstream public, private, and philanthropic contracting and procurement opportunities. 59 years after the 1964 Civil Rights Act, less than 1% of the nation’s 3.2 million Black-owned businesses are certified. Tweet this The BBE […]

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Alicia Anderson Submitted photo BROOKFIELD — Alicia Anderson has been promoted to vice president – Treasury Management at First Business Bank. Anderson has helped First Business Bank’s local business and nonprofit clients in the Southeastern Wisconsin market for more than eight years. She holds more than 20 years of financial services experience and works to achieve a comprehensive understanding of each company’s cash flow cycle, receivables collection, payables process and how they can reduce the risk of fraud, according to a statement. Anderson received a Bachelor of Arts degree from the University of Wisconsin-Milwaukee and has a General Banking & Small Business Banking diploma from the American Institute of Banking. She is a graduate of Leadership Waukesha County. In addition, Anderson is immediate past president of Women for Midwest Athletes Against Childhood Cancer (MACC), director of the MACC Fund and treasurer of Our Next Generation (ONG). She is also the ambassador for the United Performing Arts Fund (UPAF) and the Vince Lombardi Cancer Foundation.

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Photo: ©JETCITYIMAGE – STOCK.ADOBE.COM CHICAGO — Key strategic accomplishments across the business, particularly the company’s progress on productivity and innovation objectives, lifted fiscal 2022 earnings and revenues at ADM, said company executives. Net income at ADM in the year ended Dec. 31, 2022, totaled $4.34 billion, equal to $7.71 per share on the common stock, up 60% from $2.71 billion, or $4.79 per share, in fiscal 2021. In the fourth quarter, earnings totaled $1.02 billion, or $1.84 per share, up 30% from $782 million, or $1.38 per share, in the same period a year ago. Revenues in fiscal 2022 increased 19% to $101.85 billion from $85.25 billion. The year-over-year increase was driven by a strong fourth quarter in which sales climbed 14% to $26.23 billion from $23.09 billion a year ago. “When I examine 2022, our ability to drive structural growth in earnings and improvement in ROIC was supported by key strategic accomplishments across the enterprise, particularly the progress we made on our productivity and innovation objectives,” Juan Luciano, president and chief executive officer, said during a Jan. 26 conference call with analysts. “Our productivity work in 2022 included enhancing our operational resilience, including through stabilizing our plant operations […]

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As a cofounder at Innowise Group with 20-year experience in IT, Pavel loves helping businesses grow through data analytics . getty Data analytics has become a common thing for both large-scale corporations and local businesses that want to succeed at designing and promoting their products. It can help perform the magic of defining the needs and wishes of a target audience, show the path to optimized production and distribution and much more. When used incorrectly, though, data analytics can lead to poor decision making based on wrong assumptions. Data analytics is a powerful tool, but there are several major mistakes businesses can make while using it that can lead to severe failures instead of overwhelming success. Here are nine things to watch out for while making data-based decisions. 1. Refusing To Create Data Lakes Data lakes are the type of storage used for keeping raw, totally unprocessed data. Keeping such information allows businesses to build precise and retrospective predictive models based on historical data. It also enables the use of the original data with new processing and analytical tools. Without raw data stored, businesses have to rely on third-party data brokers that may share unsuitable data or the needed […]

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Effective January 1, 2023, Veteran-Owned Small Business Concerns (VOSBs) and Service-Disabled Veteran-Owned Small Business Concerns (SDVOSBs) will be required to obtain Small Business Administration (SBA) certification to participate in any federal government agency VOSB or SDVOSB sole source or set-aside prime contracts. This change originated from a Final Rule (87 FR 73400) published by the SBA on November 29, 2022. As a result of this Final Rule, not only will VOSBs and SDVOSBs be required to re-visit, and in some cases re-apply for various certifications, but these new regulations will also impact joint ventures that rely on their member’s VOSB or SDVOSB status to bid public work. New Regulation Previously, a VOSB and SDVOSB could self-certify to perform set-aside and sole source projects on non-U.S. Department of Veteran Affairs (VA) procurements—a VOSB and SDVOSB only needed to be certified by the VA Center for Verification and Evaluation (CVE) when bidding on VA procurements contingent on its status. As of January 1, 2023, the requirement that VOSBs and SDVOSBs be certified will extend to all federal prime contracts, regardless of the overseeing agency. The Final Rule implements the 2021 National Defense Authorization Act (NDAA 2021), changing the certification process for […]

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When we have something to tell someone, invariably our first instinct is to reach for our mobile phone. Not to call – but to make contact in written form. An SMS, an email, a WhatsApp, a social media post. Everyone has their favourite and, in today’s ‘always-on’ omnichannel world, enterprises and brands for whom frictionless communication with customers is key must make every channel accessible. Smooth, slick interaction enhances the customer experience, deepens brand loyalty, and enables customer service representatives to deliver the best possible 24/7 support. Here, Sandro Stupar, Director of Product at leading provider of global omnichannel communications solutions Mitto – whose direct and wholesale offerings help do just that – details the top five benefits of business messaging… 1. Return on Investment According to our recent ‘State of the Customer Experience’ report, customer demand for digital communications are rising. Brands that take an omnichannel business messaging approach will meet these expectations while simultaneously driving revenue. Our report showed that brands that implemented unified omnichannel strategies were four times more likely to report extremely loyal customers, three times more likely to report a customer experience that deserves an “A”, and three times more likely to report a […]

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Tsim Sha Tsui, Hong Kong–(Newsfile Corp. – January 27, 2023) – Hong Kong based Raja Fashions has announced the launch of a new range of suits for men that offer a modern take on classic tailoring. Catering to the more relaxed work environment in the post-pandemic era, these suits offer the perfect blend of casual and relaxed tailoring. Raja Fashions is a family-run tailoring business in Hong Kong that has built a reputation for its range of bespoke men’s formalwear. Prashant Daswani, the company’s Director of Business Operations, representing the third generation of the family business, goes to great lengths to ensure that he is building on his grandfather’s and father’s reputation for fine craftsmanship. He is also steering the firm into the modern era with the development of new products and forays into e-commerce and social media marketing. Prashant played a key role in the design of this new range comprising hooded blazers and athleisure suits that caters to the requirements of upwardly mobile professionals belonging to his generation. Prashant said, "The pandemic marked the advent of the virtual and hybrid work culture. Even the most conservative companies like banks and investment firms have stopped expecting their employees […]

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The luxury retailer has unveiled a new men’s shopping destination in New York City and launched its first-ever men’s brand ambassador program, The Saks Man NEW YORK, Jan. 27, 2023 /PRNewswire/ — Saks has unveiled a new men’s shopping experience on the seventh floor of the iconic Saks Fifth Avenue New York flagship and expanded its menswear assortment online as part of the luxury retailer’s ongoing commitment to its men’s business. The 40,000-square-foot advanced designer and contemporary ready-to-wear department offers more than 70 brands – 23 of which are new to the store – and features shop-in-shops by key men’s brands including CELINE, Dior Men, Gucci, Louis Vuitton, and more. Continue Reading The new Men’s Seventh Floor at Saks Fifth Avenue New York James Harden at The Saks Man celebratory cocktail party on January 26. "Our men’s business has experienced significant growth over the past several years, and Saks continues to be the destination that shoppers look to for the latest in men’s luxury fashion," said Tracy Margolies, Chief Merchandising Officer at Saks. "While we remain focused on expanding our online offering and creating an unparalleled assortment of men’s fashion and accessories on Saks.com, our stores remain a crucial […]

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New York CNN — Newly unsealed bankruptcy documents revealed thousands of creditors to whom FTX owes money after the once-mighty crypto exchange collapsed in November. Wall Street heavyweights including Goldman Sachs and JPMorgan were named in the creditor list, which includes businesses, charities, individuals and other entities in a 116-page document filed late Wednesday. FTX is now at the center of a massive fraud investigation. Also included in the creditors list are media companies, such as the New York Times and Wall Street Journal, commercial airliners, including American, United, Southwest and Spirit, as well as several Big Tech players, including Netflix, Apple and Meta. In a statement, Goldman Sachs said that it has not filed a claim against FTX. “This type of creditor matrix is prepared by the debtors for the purpose of providing notice to interested parties in a bankruptcy proceeding and is not necessarily evidence of a creditor relationship,” a spokesperson for the bank said. The document doesn’t disclose the amount or nature of the debt, and names of individual creditors — mostly customers who deposited funds on FTX — remain redacted at FTX’s request. Inclusion on the creditor list doesn’t necessarily mean the parties had an […]

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