The editor of the socialist policy-loving Financial Times Roula Khalaf thinks that capitalism needs to change.
British Vogue did a puffy interview headlined “‘Capitalism Needs A Reset’: The First Female Editor Of The Financial Times Is A Level-Headed Radical.” Author Zoe Williams fawned over how Khalaf was now “at the helm of capitalism’s biggest cheerleader. Though that isn’t how she would necessarily describe the Financial Times.” No kidding.
Khalaf said of FT, of which she was appointed as editor in November, 2019:
[T]he FT is not unquestioningly pro-market and pro- business. We want to hold business to account and we’ve always held business to account. The excesses of the financial crisis, the political impact, whether populism or nationalism, the widening of inequality: it is plain that capitalism needs a reset, [emphasis added.]
British Vogue referred to Khalaf as a “level-headed radical.”
Khalaf told British Vogue that “Nobody saw the coronavirus coming, and that’s had a massive impact on business and the economy, a massive impact on everything that we write about.”
Recent work from FT puts perspective on the kind of “impact” the coronavirus has had on the paper’s journalism.
FT’s Editorial Board speculated in April whether the “current feelings of common purpose will shape society after the [coronavirus] crisis,” and suggested that “Radical reforms — reversing the prevailing policy direction of the last four decades — will need to be put on the table.” [Emphasis added.]
The “radical reforms” suggested by FT reeked of socialist propaganda:
Governments will have to accept a more active role in the economy. They must see public services as investments rather than liabilities, and look for ways to make labour markets less insecure. Redistribution will again be on the agenda; the privileges of the elderly and wealthy in question. Policies until recently considered eccentric, such as basic income and wealth taxes, will have to be in the mix, [emphasis added].
Such “reforms” suggested by FT seem to coincide with its editor’s recently revealed “radical” leftist perspective that “capitalism needs a reset.”
MRC Business Reader,
– The MRC Business Team
Author: Joseph Vazquez
Farmers markets under financial strain due to COVID-19 outbreak
MOUNT PLEASANT, S.C. — Summer may not officially start for a few more weeks, but a different season is now in full swing: Farmers Market season.
“Our season is April through September,” said Tracy Richter, who oversees the Farmers Market in Mount Pleasant, South Carolina.
Just when it was about to open this year, the coronavirus pandemic sprouted up, forcing a temporary closure and then requiring changes to comply with social distancing.
“We had them set up booth with an entrance and an exit,” Richter said. “So, only one way in, one way out. We restricted the number of shoppers they could have in those booths to two.”
Normally, there would be 45 vendors at the farmers market, but they had to reduce that number down to 10 because of the coronavirus. They are slowly trying to get back to normal, though, and plan to add 10 more next week.
Richter is lucky – the local municipality funds this market. For other market operators around the country, however, the financial picture is much more dire.
“For them, this is a very challenging situation,” said Ben Feldman of the Farmers Market Coalition.
He said coronavirus relief funds have bypassed these nonprofit markets, at a time when operators are having to limit the number of vendors and shoppers, as well as spend additional money on virus-related expenses, like personal protective equipment.
“Unfortunately, much of the relief to date has left farmers markets out of the equation, even as there have been direct payments for many businesses,” Feldman said.
Now, some are in danger of closing – nearly 20-percent of those recently surveyed in California alone. Feldman said the next coronavirus stimulus bill needs to include these markets, which are often a crucial food source and livelihood.
“If these farmers markets aren’t able to remain in business, then farmers and consumers are the ones who lose here – because farmers lose their livelihood, consumers lose their access to fresh fruits and vegetables,” he said.
Back in South Carolina, Tracy Richter is focused on getting the market through the reality of now and looking forward to later.
“Hopefully by next April,” she said, “everything will be more back to normal.”
Copyright 2020 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Why Workhorse Group Stock Just Galloped 13% Higher
Shares of Workhorse Group (NASDAQ:WKHS), a tiny automotive start-up focused on building electric delivery vans and drones for transportation companies, saw its stock surge higher in Tuesday morning trading. As of 1:30 p.m. EDT, Workhorse Group stock is up a healthy 13%.
But on a day in which Workhorse had no news to report — no earnings, press releases, or even an analyst upgrade — the question that presents itself to investors is: Why?
Image source: Getty Images.
It’s all a function of Tesla (NASDAQ:TSLA)… and Nikola (NASDAQ:NKLA). Over the past year, shares of the first of these two electric-vehicle makers named after famed electrical inventor Nikola Tesla (Tesla) have more than tripled in value. The other (Nikola), has seen a just-as-impressive surge of 160% over the last three months.
After seeing performance like that out of two “electric-car companies,” is it any wonder that investors might be looking around for a third such stock to invest in?
With its stock up 22% over the past year and outperforming the S&P 500, Workhorse Group already shows some evidence of fitting the bill. And while Workhorse is currently unprofitable and has almost no sales to its name, neither is or does Nikola — and that hasn’t stopped its stock from soaring.
Meanwhile, Workhorse has its eye on a big $6 billion contract that the U.S. Postal Service (USPS) is planning to award later this year. While success isn’t assured, the mere potential that Workhorse could win work from the USPS provides the possibility of a catalyst that could send this stock galloping off to the races.
No wonder some investors are already placing their bets now.
Author: Rich Smith
Flatfile scores $7.6M seed investment to simplify data onboarding – TechCrunch
One of the huge challenges companies like enterprise SaaS vendors face with new customers is getting customer data into their service. It’s a problem that Flatfile founders faced first hand in their jobs, and they decided to solve it. Today, the company announced a healthy $7.6 million seed investment to expand on that vision.
The company also announced the release of its latest product called Concierge.
Two Sigma Ventures led the investment with participation from previous investors Afore Capital, Designer Fund and Gradient Ventures (Google’s AI- focused venture fund).
As Boskovic points out, if you have thousands of existing customers that can be a real problem, often involving days or even weeks to prepare the data, depending on the size of your customer base. It typically includes importing your data from an existing source, then manually moving it to an Excel spreadsheet.
“What we’re trying to solve for at Flatfile is automating that entire process. You can drop in any data that you have and get it into a new product, and what that solves from a market perspective is the speed of adopting new software,” Boskovic told TechCrunch.
He says they have automated the process to the point it usually takes just a few minutes to process the data, If there are problems that Flatfile can’t solve, it presents the issue to the user who can fix it and move on.
The founders realized that not every use case is going to involve a simple one-to-one data transfer, so they created their new product called Concierge to help companies manage more complex data integration scenarios for their customers
“What we do is we provide a bridge between disparate data formats that are a little bit more complex and let our customers collaborate with their new customers that they are onboarding to bring the data to the right state to use it in the new system,” Boskovic explained.
Whatever they are doing it seems to be working. The company launched in 2018 and today it has 160 customers with 300 sitting on a waiting list. It has increased that customer count by 5x since the beginning of the year in the middle of a pandemic.
Any product that reduces labor and increases efficiency and collaboration in a digital context is going to get the attention of customers right now, and Flatfile is seeing huge spike in interest in spite of the current economy. “We’re helping onboard customers quickly and more efficiently. And our Concierge service can also help reduce in-person touch points by reducing this long, typical data onboarding process,” Boskovic said.
The company has not had to change the way it’s worked because of the pandemic as it has been a distributed workforce from day one. In fact, Boskovic is in Denver and co-founder Eric Crane is based in Atlanta. The startup currently has 14 employees, but plans to fill at least 10 roles this year.
“We’ve got a pretty aggressive hiring map. Our pipeline is bigger than we can handle from a sales perspective,” he said. That means they will be looking to fill sales, marketing and product jobs.
Author: Ron Miller
XpresSpa Announces 1-for-3 Reverse Stock Split
NEW YORK, June 10, 2020 (GLOBE NEWSWIRE) — XpresSpa Group, Inc. (Nasdaq: XSPA) (the “Company”), a health and wellness company, today announced that it filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-3 reverse stock split of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”). Such amendment and ratio were previously approved by the Company’s stockholders and board of directors, respectively. The reverse stock split does not have any impact on the voting and other rights of stockholders and will have no impact on the Company’s business operations or any of its outstanding indebtedness.
The reverse stock split is scheduled to take effect after the market closes on June 10, 2020 (the “Effective Time”). Shares of the Common Stock are expected to begin trading on a split-adjusted basis on June 11, 2020. As a result of the reverse stock split, every three (3) shares of the Company’s pre-reverse split Common Stock will be combined and reclassified into one (1) share of Common Stock. Trading in the Common Stock will continue on the Nasdaq Capital Market under the ticker symbol “XSPA,” but the security will be assigned a new CUSIP number (CUSIP No. 98420U 703).
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the Company’s Common Stock will receive payment in cash in lieu of any such resulting fractional shares of Common Stock as the post-reverse split amounts of Common Stock will be rounded down to the nearest full share. Such cash payment in lieu of a fractional share of Common Stock will be calculated by multiplying such fractional interest in one share of Common Stock by the closing trading price of the Company’s Common Stock on the trading day immediately following the effective date of the reverse stock split, and rounded to the nearest cent.
Stockholders of record will be receiving information from the Company’s transfer agent, American Stock Transfer & Trust Company, regarding their share ownership following the reverse stock split and any payments in cash in lieu of fractional shares, if applicable.
About XpresSpa Group, Inc.
XpresSpa Group, Inc. (Nasdaq: XSPA) is a health and wellness holding company. XpresSpa Group’s core asset, XpresSpa, is a leading airport retailer of spa services and related health and wellness products, with 51 locations in 25 airports globally. XpresSpa offers services that are tailored specifically to the busy travel customer. XpresSpa is committed to providing exceptional customer experiences with its innovative premium spa services, as well as luxury travel products and accessories. XpresSpa provides almost one million services to customers per year at its locations in the United States, Netherlands, and the United Arab Emirates. To learn more about XpresSpa Group, visit www.XpresSpaGroup.com. To learn more about XpresSpa, visit www.XpresSpa.com.
New York, New York, UNITED STATES
Author: XpresSpa Group, Inc.
Utility Stock Powers Down Amid Relocation Buzz – Schaeffer’s Investment Research
After over 100 years in San Francisco, CA, PG&E Corporation (NYSE:PCG) is moving to Oakland, CA to cut costs. The utility company is hoping to emerge from the bankruptcy filing it entered over a year ago, amid massive liabilities from deadly wildfires in 2017 and 2018. In addition, Mizuho raised its price target to $14.50 from $13.50. Despite the bull note, today’s broader market downturn, plus yesterday’s news that the company was planning equity raises to fund its bankruptcy exit, have PCG down 5.6% at $11.85.
A steady riser on the charts since a mid-March foray into the $7 area, PG&E stock is still hanging on to its 10% year-to-date level. If you’re looking for an additional explainer to today’s pullback, the security’s 14-Day Relative Strength Index (RSI) closed yesterday at 63– on the cusp of overbought territory — indicating a short-term breather was already in the cards. Nevertheless, today’s dip appears to have been caught by the shares’ 20-day moving average, which has served as close support in the last month. Longer term, PCG remains down 39% in the last 12 months.
Analysts are split on PCG, with four out of eight analysts sporting a “strong buy,” and the other four sitting with a tepid “hold.” Meanwhile, the 12-month consensus target price of $14.06 is a 19.8% premium to current levels.
The options pits are looking more bullish, however, with 4.64 calls bought for every put in the last 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 82% of readings from the past year, indicating that such a preference for calls is rare in the past 12 months.
Also worth noting is PCG’s Schaeffer’s Volatility Index (SVI) of 81%, which stands higher than all but 7% of readings in its annual range. This implies that options players are pricing in relatively low volatility expectations at the moment, a potential boon for premium buyers.
Author: by Laura McCandless