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Copy article link Save Robert L. Johnson, co-founder of BET and the first Black billionaire in the United States, says few Black workers and entrepreneurs are reaping the benefits of the billions of dollars companies pledged following 2020's Black Lives Matter protests. "I can tell you, the Black community, entrepreneurs I know, are very disappointed with these, what I call, press release announcements with no results," Johnson said on "The David Rubenstein Show" in an interview that aired Wednesday. In the wake of George Floyd's murder, dozens of major U.S. companies promised money to racial-equity causes such as promoting Black businesses or improving diversity and representation within their own ranks. One analysis from The Washington Post found that about 90% of the almost $50 billion in funds pledged by 44 large public U.S. companies came in the form of loans and investments from which the firms could profit. Just around $4 billion - or around 8% - came in the form of outright grants. "The sad secret of that is companies - White companies - have announced that they're going to put millions of dollars into diversity, in terms of Black investment and business," said Johnson, the chairman of RLJ Cos., an asset management firm. "But among the people I know it's really not happening." Johnson stressed the need for an audit and for companies to be transparent with their progress. More firms have started to share data on workforce demographics, and some have reported making progress in hiring and promoting Black employees. But even in the places where there has been measurable progress, there's risk of plateauing or even backsliding. Layoffs in the tech industry are hitting diversity, equity and inclusion departments hard. And venture capital funding for start-ups with Black founders slowed in the second quarter of 2022, after a record-setting year in 2021. "It's just not easy" for Black entrepreneurs trying to start businesses today, Johnson said. "It is correct to say people think about it more. But do they do more? That's the problem." The Washington Post

Reuters Jan 26 (Reuters) - Fevertree (FEVR.L) on Thursday forecast a rise in its 2023 revenue as the tonic maker expects its business to continue expanding in the United States and a return to growth in its established market in the UK. Still, the London-based company said inflationary cost pressures are expected to remain in 2023 with further double-digit percentage hikes across its key input costs including filling fees, ingredients and packaging. Soaring inflation in the UK has induced a cost-of-living crisis and a nationwide rail strike over wages disrupted sales for hospitality firms and weighed down on market demand. The company, whose full-year revenue in the UK dropped 2% from a year ago, saw a notable impact from the rail strikes in Britain in the run-up to Christmas, a period that is traditionally a very strong trading period. Elevated European energy prices are expected to materially impact glass bottle pricing in 2023, the tonic maker said. Fevertree expects revenue for 2023 to be between 390 million pounds and 405 million pounds ($483.41 million - $502.00 million), higher than the 344.3 million pounds it reported a year ago. ($1 = 0.8068 pounds) Reporting by Radhika Anilkumar and Raechel Thankam Job in Bengaluru; Editing by Sherry Jacob-Phillips Our Standards:

MarketersMedia Jan 26, 2023 The cookbook The True Natives of Cape Cod Massachusetts and Their Food Ways by Angela C. Marcellino is now available at Amazon.com, Barnesandnoble.com and other online retailers worldwide. Portsmouth, New Hampshire, United States - January 26, 2023 The True Natives of Cape Cod Massachusetts and Their Food Ways: Recipes with Stories of Food, History, Culture and Identity by Angela C. Marcellino has been released worldwide. This 118-page cookbook goes beyond recipes and instructions to dig deep into the ancestral history of the Cape Cod region of New England. Inspired by a familial connection to the areas turn of the century whaling industry and her roots as a descendent of the Wampanoag People, Marcellino not only presents fantastic traditional recipes, but also provides historical context that help readers understand how each dish came to be. The authors family history, including prominent members of the Cape Cod community over multiple generations, plays a major role in framing the book. She includes a detailed overview of the regions history and her connection to it, tying the food to the real lives of the people that defined the communitys cultural identity. A cookbook at heart, including the ingredient lists and prep instructions readers expect, the recipes also serve as a window into the authors journey of cultural and ethnic identity. The recipes follow a path through changing times, representing eras of Cape Cod society, Native American history, the authors family legacy, and the impact these cultures have on New England and the world beyond. With familiar New England staples like oyster stew and traditional native fare like roasted sunchokes, Marcellino covers recipes for seafood, game, regional vegetables, and beyond, including essential history in each section so readers not only understand how to make the food, but the cultural intersections and practices that led to its development. The book is uniquely educational, personal, and deeply historical. It serves as an inroad to the background and how to of Cape Cod food, but offers so much more in the way of cultural depth and a journey toward connecting with origins of the nation. The True Natives of Cape Cod Massachusetts and Their Food Ways (ISBN: 9781958729229) can be purchased through retailers worldwide, including Barnes and Noble and Amazon. The paperback retails for $19.99. Hardcover copies will be available soon through retailers at the price of $28.99. Wholesale orders are available through Ingram. Review copies and interviews are available upon request. From the back cover: The recipes tell the story of America from the beginning, when the authors ancestors, the People of the First Light, who walked the land now known as Cape Cod and its islands over 10,000 years ago, encountered the English settlers. The author presents stories of her ancestors of the Portuguese Diaspora and Seychelle Islands, compelled by the whaling industry to the shores of New Bedford and Cape Cod, Massachusetts. The recipes are a map of historical events that formulated the beginning of this nation from the Native American perspective. The recipes are used as a metaphor to examine the authors own cultural and ethnic identity and personal journey. The author tells the story of Mashpee, one of the last and largest declared Indian districts of the Commonwealth of Massachusetts, later incorporated into a town in 1870. Angela shares stories of her legacy as a member of the Peters family, including her grandfather, who represented the Indian town for over thirty-seven years, and their ties to the Kennedy family and the familys deep commitment to the survival of this unique community. About the author: Angela C. Marcellino is a member of the present-day Mashpee Wampanoag federally recognized tribe who still live on their ancestral lands, where they walk, speak their language, and continue to celebrate their culture. Angela is the granddaughter of Steven A. Peters, a prominent selectman who served the town of Mashpee from 1927-1954. Angela has strong ties to her Mashpee tribal community and her indigenous culture. She has worked as a program administrator for over twenty years for federally recognized Tribes and Native American nonprofit organizations. She has served on several boards and commissions, including eight years on the Mashpee Wampanoag Economic Development Corporation Commission as well as the Mashpee Wampanoag Museum Committee and Mashpee Wampanoag Housing Commission. Angela has had the privilege of cooking and serving traditional meals for her friends in her community. Angela is the proud daughter of John P. Marcellino, Jr., a member of the Harwich, Massachusetts, Cabo Verde community. He is the son of Lucile Laport Ramos and John P. Marcellino, Sr. Nicknamed Jake, John Jr. was an athletic legend in high school. He was a draftee of the Boston Braves, a Korean War Veteran, and a Mashpee policeman. About NH book publisher Seacoast Press: NH book publisher Seacoast Press provides authors with traditional-quality book publishing services while allowing authors to retain publishing rights and 100% royalties. Seacoast Press wide variety of publishing services includes book design; editorial; printing; distribution; publicity; and marketing. Seacoast Press books are available through retailers and booksellers worldwide. All Seacoast Press books can be purchased wholesale through Ingram. To learn more about Seacoast Press, the premier book publisher in NH, visit

Jan 26, 2023 Content Marketing Media announces strategic AI integration as part of its content marketing and hyper-local advertising solutions. Phoenix, United States - January 26, 2023 Content Marketing Media, a digital marketing agency specializing in content-driven solutions, has expanded its services following the growing popularity of Chat GPT and other AI-based solutions. More details can be found at https://contentmarketingmedia.org With OpenAIs chatbot continuing to make waves, Content Marketing Media sees a valuable opportunity for businesses looking to leverage smart AI assistants to drive growth in 2023. The company has developed a proprietary system that combines a team of expert content writers with strategic deployment of AI solutions to improve efficiency and reduce final costs for its clients. The incorporation of AI in the agencys marketing services also allows for real-time adjustments and optimization, ensuring that campaigns and reputation management strategies are always up-to-date and effective, explains CEO, founder, and marketing specialist Josh Whitfield. Client businesses can access detailed analytics and performance metrics to measure the success of their campaigns and make data-driven decisions. The core of the Content Marketing Media service remains unchanged: getting quality content written and published to promote its client businesses. The agency creates six types of digital content - from articles to infographics and videos - and promotes them on hundreds of sites, allowing local businesses to massively improve their brand visibility and authority. At Content Marketing Media, we understand that getting seen by potential new clients can be difficult, said Josh. That's why we use our connections, expert writers, and the latest AI solutions to help businesses get the visibility they need. We cover businesses in a variety of industries on topics ranging from how they have responded to the current crisis to the quality of their services, and publish hyper local ads on major platforms. This helps businesses get more clients in an efficient and stress-free way, he added. With the integration of AI technologies into its services, Content Marketing Media aims to keep its solutions adapted to the latest industry innovations, providing higher service quality at lower costs for its clients. Interested parties can find more information at

Copy article link Save A full-blown debt ceiling crisis has the potential to stop the US economy in its tracks, according to the top economist at Goldman Sachs. "If there were any doubt about the US government's ability or willingness to make interest and principal payments on time, that could have very, very adverse consequences," Jan Hatzius, the chief economist at Goldman Sachs, told CNN in an interview. The United States hit the debt ceiling last week, forcing Treasury Secretary Janet Yellen to make accounting maneuvers to avoid breaching that $31 trillion borrowing limit. If Congress fails to lift the debt ceiling in time, Hatzius said investors will worry there is a chance of a missed payment on US Treasuries -- which are "maybe the most important asset in the global economy." Unlike many of its peers on Wall Street, Goldman Sachs is relatively bullish on the US economy, with Hatzius telling CNN that America will likely avoid a recession through the 2024 presidential election. However, a debt ceiling crisis is a key risk to that optimistic outlook. Asked if a default or even a near default could cause a recession, Hatzius said yes. "That is the worry: That you get turmoil in financial markets, a big tightening in financial conditions and that adds to downward pressure on economic activity," he said. "That is certainly the worry. It's not our expectation." Economists and US officials have previously warned of dire consequences if the federal government exhausts the extraordinary measures being used to avoid a default. Yellen told CNN's Christiane Amanpour last week that a "global financial crisis" could result if Washington fails to make payments. Economist Mark Zandi once described an actual default as "financial Armageddon." 'Ultimately a solution will be found' History shows Congress eventually reaches a deal to raise the debt ceiling, although there have been close calls in the past. In 2011, the United States had its perfect AAA credit rating downgraded by S&P Global Ratings as lawmakers struggled to find a compromise. That episode helped set off turbulence on Wall Street and dented business confidence. Leaders on Wall Street and Washington have warned that this debt ceiling negotiation could be especially challenging. The historic dysfunction that preceded House Speaker Kevin McCarthy's election earlier this month underscored how hard it will be to get contentious legislation through the House of Representative. Not only is McCarthy presiding over a razor-thin majority, but he agreed to concessions that give the most extreme corner of the GOP considerable influence. Still, Goldman Sachs is expecting a deal on the debt ceiling will be reached, eventually. "We think ultimately a solution will be found," Hatzius said. "These solutions are often found at the very last moment." Why Goldman Sachs says a recession isn't coming Assuming the United States gets through the debt ceiling episode, Goldman Sachs is optimistic about the prospects for the US economy. "We don't expect a recession," Hatzius said, noting his firm sees a still-significant 35% chance of a recession, compared with the consensus on Wall Street of roughly 65%. "Our baseline is a soft-landing." And yet a wave of major companies have announced layoffs in recent weeks, including tech giants such as Microsoft and Amazon as well as financial firms like BlackRock and Goldman Sachs itself. Goldman Sachs expects the red-hot labor market will continue to cool down, but only gradually. Hatzius does not see the economy losing jobs on a monthly basis at all this year, though he said monthly payroll growth could slip below 100,000. Inflation has 'pretty clearly peaked' That deceleration, combined with the housing slowdown, unwinding of supply chain turmoil and impact from the war in Ukraine should help bring down inflation without causing a downturn. Hatzius expects inflation will go from 9.1% last summer to the 2% to 3% range by late this year or 2024. "I think inflation has pretty clearly peaked," Hatzius said, adding that he has "relatively high confidence" on that call. The Goldman Sachs economist said his forecast is for the US economic expansion to continue through the 2024 presidential election, though that's not a slam-dunk. "The further out you go in time...the bigger the risk that something bad hits you along the way and you do get a recession," Hatzius said. "By the time you get to November 2024, it becomes a closer call." The-CNN-Wire & 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Recommended for you By Dave WilliamsCapitol Beat News Service Updated By Dave WilliamsCapitol Beat News Service Updated

Amazon workers at a warehouse in central England went on strike Wednesday, the first time employees of the US tech giant have walked out in the country. About 300 of 1,000 workers at the Coventry fulfillment center are protesting Amazons 5% pay increase last year, which is well below the rise in the cost of living. The price of food and energy has surged in the United Kingdom, pushing consumer prices up 10.5% in the 12 months to December. Thats unleashed the biggest wave of industrial action in the country in decades as workers across the economy see their living standards plunge. The average UK wage this year is set to drop to 2006 levels once inflation is taken into account. Amazons pay increase lifted the hourly rate for workers at Coventry to 10.50 ($12.92). That leaves it just a shade above the national minimum wage for people aged 23 and over of 10.42 ($12.83) starting in April. Workers are asking for 15 ($18.49) an hour, which the GMB union said would be in line with pay at Amazon in the United States. Starting pay for warehouse workers in the United States averages over $19 an hour after the companys latest raise in September. Theyre taking on one of the worlds biggest companies to fight for a decent standard of living, GMB senior organizer Stuart Richards said in a statement. After six months of ignoring all requests to listen to workers concerns, GMB urges Amazon UK bosses to do the right thing and give workers a proper pay rise. A spokesperson for Amazon, which does not expect the strike to impact deliveries, said the company is proud to offer competitive pay, which starts at 10.50 to 11.45 ($12.92 to $14.09) per hour depending on location. Employees are also offered comprehensive benefits that are worth thousands more, including private medical insurance, subsidized meals and an employee discount, the spokesperson said. The strike comes as employees in the United States continue to organize and push for collective bargaining rights. Amazon employees at a warehouse in Staten Island, New York, made history last year when they voted to form the first-ever labor union at one of the companys US facilities. Amazon has refused to formally recognize or bargain with the Amazon Labor Union, which was recently certified by regulators. Amazon, like other large tech companies, has been trying to reduce its labor costs, pointing to the darkening global economic outlook. After going on a hiring spree during the pandemic, the company announced earlier this month that it will lay off more than 18,000 employees. Companies that last a long time go through different phases, CEO Andy Jassy said in a memo to workers. Theyre not in heavy people expansion mode every year. Catherine Thorbecke and Hanna Ziady contributed reporting.

Local Business Close President of the T&T Energy Chamber, Dr Thackwray Driver, centre, kicks off the T&T Energy Conference as the facilitator of the Platinum Sponsors CEO panel on Monday at the Hyatt Regency in Port of Spain. From left is Juan Vasquez, the country manager of Woodside Energy, T&Ts Energy Minister, Stuart Young, NGC president Mark Loquan and bpTT president David Campbell. @Biz Body No Ind:Photo: Robert Taylor Facebook

Print Businesses in the United States are set to face a bigger federal tax burden in 2023 due to Democrat policies and the phasing out of Republican tax overhauls, combined with an expected raise in corporate minimum tax for billion-dollar companies. The Inflation Reduction Act (IRA) included several changes due to which businesses will face higher taxes. In addition, some of the temporary provisions in the 2017 Tax Cuts and Jobs Act (TCJA) enacted under the Trump administration are set to get phased out in 2023. The Joint Committee on Taxation estimates that the total effect of these two developments would result in additional tax increases of $115 billion for businesses. On the impact of tax increases in a recessionary period, we are highly concerned, Chris Netram, the managing vice president of tax and domestic economic policy at the National Association of Manufacturers (NAM), said to Fox. Some of the items that have already taken effect, that Congress failed to reverse at the end of last year, are causing a lot of pain for our members. Two tax policies under the IRA are expected to hit businesses hard: the stock buyback tax and the new corporate minimum tax. Both these provisions came into effect at the beginning of 2023. Democrat Tax Burdens The new corporate minimum tax charges a 15 percent levy on American businesses that make more than $1 billion in book income in a year for three consecutive years. As a result, the average effective tax rate on corporate income is expected to rise from 18.7 percent to 19.3 percent. Around 200 of Americas biggest companies with more than $1 billion in profits are likely to be affected by the corporate minimum tax. They usually pay less than the 21 percent tax typically charged on firms. In addition, the minimum tax rule will also apply to foreign firms that generate over $100 billion in book income in the United States. Companies that meet the conditions under this new tax policy must calculate their taxes in two ways: under the 15 percent corporate minimum tax rule and the 21 percent income tax rule. They must then pay the higher tax. Businesses operating in sectors like mining and real estate are expected to be the hardest hit by this change. The stock buyback tax levies a 1 percent charge on publicly traded firms when they repurchase stocks. Some experts estimate that this tax will end up forcing businesses to maintain more cash on their company books when the money could have gone for investment. Strategists at UBS calculate the two taxes will be a drag on company earnings this year, estimating a 1.5 percent decrease per share in firms listed on the benchmark S&P 500 Index. Epoch Share

Opinions expressed by Entrepreneur contributors are their own. Takeaways: Rethinking How We Get Food - A traditional restaurant is one brand under one roof. With a commissary kitchen you can have multiple brands under one roof. But with CookUnity it's different. Their "roof" is an app that connects chef with consumer. Technology is helping food get around easier, which is a win for cooks and eaters alike. Helping Chefs Scale - While the average chef might feed hundreds a day, CookUnity helps them reach thousands with a scalable model that includes kitchen space, ingredients, and essential services for running a food business. This model has helped their chefs make lots more money than they would just cooking at one restaurant. Customers Want Variety - In the food industry the customer wants choice. Mateo Marietti points out that even the biggest burger brands don't reach a majority of customers because the market demands options. CookUnity helps provide eaters with a bevy of choices by partnering with dozens of chefs from around the United States. *** CookUnity CEO Mateo Marietti is on a mission to reconnect farmer to chef to eater. Mateo Marietti co-founded the CookUnity meal subscription service with a belief in the power of great food. And great food comes from great chefs. But far too often it's hard for cooks even the best to expand outside the walls of their restaurants. That's where CookUnity comes in to help. "We want thousands of people per day to enjoy your recipes, not just hundreds," said Mateo Marietti to Restaurant Influencers host Shawn Walchef of CaliBBQ Media. CookUnity is an innovative "chef collective" that sells personalized meal subscription plans with an emphasis on quality, health, and sustainability. It connects top chefs from top restaurants directly with thousands of diners all over the United States. The New York-based company provides kitchen space, ingredients, and other vital services for their large line-up of chefs. Then the meal magic can be scaled much easier. "The problem that we are trying to solve primarily is the access problem. So if you're a successful restaurateur or chef, your impact is not that big. Your reach is not that big, even the successful ones." Being a chef with CookUnity means being able to tap into a pre-existing customer base, scalability potential, and far less headaches than it takes to operate a restaurant location. "We have two chefs doing more than $2 million a year in income, while more than 20 percent of our chefs are making more than a million," the company co-founder said. CookUnity meals have included such specialities like Miso Roasted Brisket by Maiko Kyogoku, Parmigiana Chicken by Pat LaFrieda, and Asiago-stuffed Gnocchi by previous Restaurant Influencers Guest Fabio Viviani. Mateo Marietti has been connected with food his whole life. He was born on a farm in Argentina and has worked in the business for a long time at the intersection of food, logistics, and technology. Mateo estimates that the brands he has built have delivered more than 25 million meals combined. The Pandemic of 2020 took CookUnity to another level due to an increase in people wanting to eat at home. "It was an inflection point. And we continue growing steadily since then," he said. Even though CookUnity is operating in an emerging space in the food industry, Mateo knows in a few years people will get used to the idea of ordering their meals online directly from amazing chefs. After all, there was a time when it was still new to rent a stranger's house through a website, or get a ride from a stranger with a cell phone app. "I will argue that customers are always looking for new things and not necessarily satisfied," said Mateo Marietti. "Even the biggest brands, companies become a tiny fraction (of the market). And to me, that is a sign that consumers always want to try new things." *** ABOUT RESTAURANT INFLUENCERS: Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience. Toast Powering Successful Restaurants. Learn more about Toast. Read More 60 Second Business Tip: How to Stop Getting Ghosted Business development consultant Terry Rice shares simple ways to win deals. Watch now Play Business News This Entrepreneur Created an Index to Help You Measure The True Value of The Real Estate Market The CEO of Empowered Investor sits down with Jessica Abo to discuss the Hartman Comparison Index and his predictions for 2023. Watch now Growing a Business David "Rev" Ciancio on How To Master Restaurant Marketing Marketing Expert David "Rev" Ciancio discusses the importance of publishing honest social media video content, simple branding strategies, and creating a new type of restaurant conference that actually helps you grow your business. Watch now 60-Second Business Tips: Three Ways to Boost Your Productivity Business development consultant Terry Rice shares simple ways to get more done. Watch now Growing a Business Ryan Peters of Peters Pasta on Making Content Creation into a Business Interview with content creator and Peters Pasta founder Ryan Peters about going viral on TikTok, transitioning to full-time content creation, and picking the right brand partners for collaboration. Watch now Employee Experience & Recruiting How This Entrepreneur Went From Broke to $2.3 Million in Sales He used the '3 E Method' to turn around a failing business in a few short months. Watch now Leadership Chef Joe Isidori of Arthur & Sons NY Italian on Finding Your Authentic Voice Interview with restaurateur Joe Isidori about opening Arthur & Sons NY Italian, modern restaurant culture, and leveraging social media as a wellness tool. Watch now Growing a Business The No.1 Most Bankable Skill You Must Have to Succeed in 2023 If you don't foster this skill, you'll fall behind the pack financially and professionally in 2023. Watch now Leadership We Need to Talk About This Forgotten Human Skill to Win at Sales The founder of Make Money Your Honey is teaching people the skills they need to close future deals and she's starting with having face-to-face conversations. Watch now Money & Finance This Web3 Data Warehouse Wants to Bring Big Data Analytics to the Blockchain The co-founder and CEO of Space and Time talks about his company and why blockchains matter. Watch now Science & Technology Kabbage from American Express CMO Brett Sussman on Supporting Small Businesses with TikTok Interview with Brett Sussman of Kabbage from American Express about helping small businesses with a new TikTok collaboration, branding and marketing online, and the future of shopping on social media. Watch now Discover Entrepreneur Series Whether you need advice on how to get your business off the ground or youre just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests. Carousel Skip to pre

Top U.S. Transportation and Software Companies Deliver Over 1,000,000 Loads Together Oxford, Alabama, United States - January 24, 2023 *Pictured starting on left: Tom McLeod, McLeod CEO, and Greg Brown, BR Williams CEO On December 15th, 1993, trucking, fulfillment, and logistics company BR Williams formalized its tie-up with trucking software firm McLeod Software. Later this year, the two industry leaders will officially celebrate their 30 years of partnership. Since BR Williams delivered its first load to Boston, Massachusetts, in 1958, the company has always valued exceptional customer service. Founder Bill Williams and his wife and successor Ruth grew their business from one truck because of their desire to serve their community. After two decades of operations, the team behind BR Williams discovered they needed a reliable partner for trucking software. After all, such a technology can help streamline the pickup, delivery, and analytics processes. The moment the two organizations started working together, there was nowhere for BR Williams to go but up. Today, the organization boasts 625 air-ride van trailers and 165 satellite-equipped tractors servicing the U.S. and Canada. With McLeod Software as its trucking software, the team can foresee predictable growth in the coming years. When asked about the decades-long partnership, McLeod Software President and CEO Tom McLeod replied, This is a great milestone for one of the finest transportation companies in the U.S.A. We are honored to be serving Greg Brown and his company. BR Williams observes three core values: Honesty, Integrity, and Service. Working with the McLead Software team enables them to practice these principles across all their systems. The partnership between the top transportation companies in the country has redefined customer service for the industry. As the tie-up continues, both firms look forward to delivering their next 1,000,000 loads. About McLeod Software: Since 1985, the organization has provided trucking, freight brokerage, and third-party logistics companies with custom internally developed software solutions. The firm boasts an active customer base of 1,200 members. About BR Williams: BR Williams is a family-owned Trucking, Warehousing, Fulfillment & Logistics Company serving customers since 1958. They offer nationwide transportation services through their fleet and logistics division. The company aims to provide its customers with top-notch supply chain services. Clients, business partners, and employees can trust the BR Williams team to honor this commitment in all transactions. On July 20th, BR Williams will celebrate its 65th year of operations. For more information, visit

Email This About 70,000 metric tonnes of pork and pork products have been imported into Ghana over 6 years Local pig farmers are in danger of being pushed out of business as the country officially opens its borders to large quantities of imported pork and meat products from the United States of America. Per a market access report from the United States Department of Agriculture (USDA), the Ministry of Food and Agriculture (MoFA) has sealed a deal with USDAs Food Safety and Inspection Service (FSIS) by which the two parties have agreed to allow the products into the Ghanaian market. The report, which is available to the B&FT, indicates that MoFA acknowledged receipt of the FSIS proposed certificate of export for pork and pork products, and confirmed its acceptance, adding: The Ghanaian market is now officially open to US exports of pork and pork products in addition to other meat products from the United States. The agreement was reached as a result of a request made by the USDAs FSIS on October 24, 2022 for Ghana to allow pork products to be imported into the country in huge quantities. The deal has however sparked concerns among stakeholders of possible dumping and the risk it poses to local meat production and the cedi. Livestock industry players are also worried over whether there are designated laboratories in place to check the wholesomeness of these impending imports. For instance, the Chamber of Agribusiness Ghana (CAG) has expressed worry over the deal, saying it does not augur well for local piggeries and the economy at large. As it stands, pig farmers are finding difficulties in sustaining the industry due to high feed and operational costs, and now an undue advantage is being offered to American producers who have subsidies from their country as well as cheap technology to produce more, lamented CAGs CEO, Anthony Selorm Morrison. According to the report, the Chief Veterinary Officer of the Veterinary Services Directorate of MoFA signed and responded to the request on January 12, 2023 that the country will not only accept pork products onto its market but also other meat products including beef, goat, lamb and poultry, among others. Pork products have become a major delicacy for many Ghanaians in recent years, with some piggeries in the country, according to CAG, exporting the commodity to the Chinese market the largest pork consuming nation in the world. CAG however disclosed that lack of data on the livestock industry, particularly pork production, has been a major problem in the country: Data would have informed government about the gains being made, and whether we need to import in large quantities or rely on government for funding in order to expand production. The Chamber also lamented the lack of consultation with stakeholders by government before entering into the pact. Pork import Ghanas imported pork and pork products market was valued at US$16million in 2021, according to the USDA. Total imports have increased progressively from 2017, hitting 15,000 metric tonnes in 2021 as the market is dominated by the EU, with the United States not being a significant player not even counted among the top-ten importers into the country. The USDA has however noted that opening the market to US pork and pork products is an opportunity that will be exploited by businesses from that country. About 70,000 metric tonnes of pork and pork products have been imported into the country in the last six years from 2017 to 2022 according to Trade Data Monitor LLC, with the top-ten countries being Belgium, Poland, Germany, Netherlands, Ireland, Romania, Spain, Ukraine, the UK and France.

* Subscribe The National Association for Business Economics released its most recent pulse check on the economy on Monday. The quarterly survey of economists at businesses or industry associations shows some green shoots of optimism. Yet a slim majority of economists still expect a recession, so its far too early to pop the champagne cork. Theres a game economists love to play. Its called on the one hand and on the other. On the one hand, more economistsin Mondays survey expect the price of materials that go into their products to fall, according to Sara Rutledge, an economist with the private equity firm StepStone Group. The outlook for materials costs is the most favorable that its been since the pandemic, she said. Two-thirds of the survey respondents expect their firms to increase wages for the workers theyre going to keep, Rutledge added. On the other hand, there will be layoffs. For the first time since 2020, we had more firms say they expect a decrease in their head count than expect an increase, said Ken Simonson, chief economist for the Associated General Contractors of America. And this is pretty rare. Weve only seen this in the past during periods of recession. More than half of the economists surveyed by NABE think the United States is either already in a recession or expect a downturn in the next year. Joseph Brusuelas, chief economist at tax and consulting company RSM,is one of them. He doesnt think the Federal Reserves interest rate hikes, meant to slow the economy, have really hit yet. So thats why Im in the camp that says were likely to see economic contraction this year, he said. Brusuelas thinks the economy will start to contract this summer, as consumer demand slows and companies profitmargins shrink because they wont be able to pass on higher costs to their inflation-weary customers. My sense is theresa 65% probability by the second half of the year well be in a very mild recession, he said. But on the third hand? The number of economists in the survey who agree with Brusuelas is shrinking. Remember, about 50% said they expect a recession in Mondays survey. But last October, almost two-thirds were in the recession camp. Stories You Might Like

Ford plans to cut 3,200 jobs across Europe and move some product development work to the United States, Germanys IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Ford (F) wants to axe 2,500 jobs in product development and a further 700 in administrative roles, with German locations most affected, IG Metall said. Workers at the US carmakers Cologne site, which employs around 14,000 people including 3,800 working at a development center in the neighborhood of Merkenich were informed at works council meetings on Monday of the plans. Ford declined to comment, referring to a statement on Friday in which it said that shifting to electric vehicle production required structural changes but that it would not say more until plans were finalized. The company announced last year a $2 billion investment in expanding production at its Cologne plant which currently produces the Ford Fiesta as well as engines and transmissions to make a mass-market all-electric model. Ford is planning seven new electric models in Europe, a battery-assembly site in Germany and a nickel cell manufacturing joint venture in Turkey as part of a major electric vehicle (EV) push on the continent. It also has a partnership with Volkswagen (VLKAF) to produce 1.2 million vehicles on the German carmakers MEB electric platform over six years. But it warned in June last year of significant job cuts to come in the near term at its factory in Spain and its plant in Saarlouis, Germany, as the shift to EV production meant it would require fewer labor hours to assemble cars. Ford of Europe produces, sells and services Ford brand vehicles in 50 markets, employing around 45,000 people at its own facilities and consolidated joint ventures, according to its website. If negotiations between the works council and management in coming weeks do not ensure the future of workers, we will join the process. We will not hold back from measures that could seriously impact the company not just in Germany but Europe-wide, IG Metall said.

23 Jan 2023 It takes two to tango The arrest of Richard Masters and Vladislav Osipov for facilitating sanctions evasion has sent shockwaves through the industry On Friday, the 20th of January, the United States Department of Justice announced that they had arrested well-known industry figure Richard Masters, Founder of Master Yachts, and Russian businessman Vladislav Osipov, for facilitating a sanctions evasion and money laundering scheme. The allegations are in relation to the 77m M/Y Tango which is reportedly owned by the Russian Oligarch Viktor Vekselberg. The United States requested that the Kingdom of Spain provisionally arrest Masters for purposes of extradition. The defendants are charged with conspiracy to defraud the United States and to commit offences against the United States, violating the International Emergency Economic Powers Act (IEEPA), and money laundering. However, it should also be noted that an indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. According to various sources, The Guardia Civil arrested Masters in the early hours of Friday morning and was flown to Madrid where he underwent questioning. Richard Masters is yet to be extradited to the US and his company Master Yachts has not yet offered a statement to the press. The news all but confirms that the great yacht hunt is far from over. The FBI appear to be relentless in their pursuit of anyone who appears to be in business with any high net-worth Russian individuals, regardless of how many degrees of separation lie between them and Vladamir Putin. With that being said, the yachting industry has continued to deal with sanctioned individuals despite numerous warnings from Western governments. The political messaging of the sanction fallout has not just been about sanctioning Russians because of the war in Ukraine - this is merely a smaller part of the story wrapped up in a bigger conversation about kleptocrats and their ties with the West. The US Justice Departments special task force Kleptocapture implies that they are seeking to bring justice to anyone who uses their power to steal countries' resources. However, so far, the task force has been primarily focused on those who are involved with high-profile, wealthy Russians. Many of those operating in the sphere of the industry are arguing that politicians are turning a blind eye to struggling businesses and blue-collar workers in favour of positive PR and self-interest. The sanction fallout is morally correct, but its execution has been strategically flawed and incredibly fast-paced. Rumours have circulated about various renowned businesses continuing to work with Oligarch clients and going as far as relocating to places such as The Middle East under a new name in order to continue to operate. While Masters and Osipov are amongst the first to be arrested, it is unlikely that they will be the last. FBI Deputy Director Paul Abbate. The FBI, along with our international partners, will continue to aggressively investigate and pursue anyone who facilitates the corrupt practices of others, placing our institutions at risk. According to the indictment, despite U.S. sanctions issued against Vekselberg in April 2018, Osipov and Masters facilitated the operation of Tango through the use of U.S. companies and the U.S. financial system, attempting to obfuscate Vekselbergs involvement in the vessel. Spanish law enforcement executed a Spanish court order freezing Tango until April 4, 2022 Masters boldly used the name the Fanta, in order to hide from financial institutions. This resulted in the U.S. financial institutions processing hundreds of thousands of dollars of transactions for Tango that they otherwise would not have permitted had they known of Vekselbergs involvement in the financial transaction. Additionally, according to the indictment, Osipov and Masters advised and enabled Tango employees to continue to do business with numerous U.S. companies, using various workarounds to avoid sanctions, such as payments in other currencies and through third parties. As a result of these schemes, the working mechanisms of Tango, including its internet, technology, weather forecasting and computing systems, as well as the trappings of Tango, including its satellite television, luxury goods, and teleconferencing software, were all U.S.-origin products and services supplied by U.S. companies, for the benefit of Vekselberg. Whatever an individual's moral stance is on the fairness of these arrests, it appears that the department of justice is using a relatively black-and-white interpretation of the sanctions law, and are not unwilling to exercise the full might of the FBI. The ultimate outcome of Richard Masters and Vladislav Osipovs court case is yet to be realised, however, it's fair to say that a warning shot has been fired across the bow of the industry. According to The Mallorca Daily Bulletin, The US authorities had asked the court for his immediate extradition, but the judge, Alejandro Abascal, has not granted this. The prosecutor in the case requested that he be ordered to prison, however, the judge didn't accept this either, so around 2 pm on Saturday his release was decreed. Profile links

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in your Inbox: email The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! points out Dr Shreekant Sambrani. Illustration: Dominic Xavier/ Rediff.com Inflation is the leading topic on people's mind, from the suits in pristine snow-bound Davos to sweating toilers in fetid Dharavi. All sorts of reasons are proffered to explain the cancer affecting our pocketbooks, from the war in Ukraine to broken supply lines in Covid-affected China to the ever-present climate change. Bilawal Bhutto Zardari, the Pakistani foreign minister, used all these and some more to glibly 'explain' why the price of wheat flour in Pakistan is 65 US cents a kg, evading the real culprit, the complete mismanagement of the Pakistani economy by successive governments. Inflation in India has been a major concern lately, but appears at present to be under control. Government figures show retail price inflation falling to about 5 per cent. That seems to be borne out by visits to local markets. Vegetable prices are now the lowest they have been in a year. That normally happens every winter, but not in the last two years. Prices of the grocery staples -- grains, sugar, edible oils -- are all stable. That provides relief to the average householder, but worries about rising prices are never too far below the surface in India. A group of former members of the faculty of Indian Institute of Management, Ahmedabad, to which this writer belongs, recently attempted to answer an interesting question: "What is the worth of Rs 100 fifty years ago in today's purchasing power? One attempt was to compare the rupee-dollar parity: YEAR 82.00 So, Rs 100 in 1972 would be worth Rs 1,025. This is obviously not right. A popular belief is that the rupee was valued higher than the US dollar in the early years of the twentieth century, some estimates being the rupee fetching $ 13. This is wrong, but so popular it is that Janamejay Sinha, Chairman, BCG India, even wrote an article based on it. The fact is that in the colonial days, the rupee was linked only to the pound sterling, and that too, from 1917 onwards as clarified by the Reserve Bank of India. The exchange rate was fixed at 1 s 6 d to the rupee or approximately Rs 13.33 to the pound, which is where it remained until 1947. The pound was worth about $4 then, which would make the 1917 exchange rate of about Rs 3.35 to $ 1. In 1947 it was about Rs 3 and after Breton Woods it became Rs 4.76, where it remained until the devaluation of 1967. It became Rs 7.50 to the dollar then. The major problem, however, is that comparing nominal values of the two currencies does not actually compare their relative purchasing powers, as is well-known and accepted. Another attempt was to use official price indices: On this basis, Rs 100 in 1972-1973 was equivalent to roughly Rs 4,000 in urban areas and Rs 2,850 in rural areas in 2021-2022. This, too, is not quite correct, although the results of such an exercise should be broadly in a realistic range. The reason for this is that over this long period, the consumption mix and the weights assigned to the various items would change, some quite drastically. For example, the weight for white goods, especially electronic items, would be substantially lower in 1973 than what it is today. Similarly, cars would command a higher weight today as compared to 1973. In consumables, kerosene would have had a higher weight in 1973, which is today perhaps occupied by LPG. The quality would also vary. A car in 2023 is vastly different from the Fiats and Ambassadors of 50 years ago. Therefore, a like-for-like comparison becomes difficult, almost impossible. What is possible is a comparison between what Rs 100 could buy in 1973 and how much the same package would cost today. This is the Big Mac index approach made famous by The Economist. I have done this for a few items below. The figures are from my memory, but I believe they are pretty accurate. Item Rs 4,000 - Rs 5,000 Another relevant comparison would be of transport costs. The Ahmedabad railway station -- the IIMA campus one way auto fare was Rs 6 in 1972. I have no clue as to what it is today. But the minimum fare was 37 paise then, which is now Rs 20, or about 54 times higher. A Fiat car would cost Rs 11,000 then, if you could get one at all. At Rs 550,000 you would easily get an entry level sedan today, which would be far superior to the old crates! Hence, it appears that Rs 100 in 1973 would be worth Rs 5,000 or thereabouts today. This would be an excellent rule of thumb! There are, of course, some exceptions. Gold, housing (and rentals), salaries, have all gone up by more than 50 times in this period. The ever-astute Ravi Matthai, Director of Indian Institute of Management, Ahmedabad in 1971, offered me a basic salary of Rs 1,000 per month on my return from the United States. It had become Rs 1,100 per month in 1973. I doubt if IIMA could hire a faculty member at Rs 55,000 per month today! Dr Shreekant Sambrani trained as an engineer at the Indian Institute of Technology- Bombay and Northwestern University, then as an economist at Cornell University. He served as a Professor at the Indian Institute of Management-Ahmedabad, Chief of the Research Bureau, before becoming the Founder-Director, Institute of Rural Management, Anand. Get Rediff News

Comment Synopsis The likelihood that the United States is already in recession or will fall into one this year has dropped over the past three months to 56% from a nearly two-thirds possibility, according to a survey on business conditions released on Monday. Reuters Federal Reserve Chair Jerome Powell The likelihood that the United States is already in recession or will fall into one this year has dropped over the past three months to 56% from a nearly two-thirds possibility, according to a survey on business conditions released on Monday. Approximately 53% of those polled by the National Association of Business Economics ( NABE ) said they had a more than-even expectation the United States would enter a recession over the next 12 months, while 3% indicated they thought the country was already in one. In the NABE's previous poll released in October, 64% of respondents indicated that the U.S. economy was either already in a recession or had a more-than-even likelihood of entering one in the next 12 months. A total of 60 NABE members who work for private-sector firms or industry trade associations responded to the latest survey, which was conducted from Jan. 4-11. The poll also showed respondents expected inflation to ease within their companies and industries, with a forward-looking gauge for prices charged falling by 10 percentage points since the last survey to the lowest reading since October 2020. The Federal Reserve is expected to raise interest rates by a quarter of a percentage point at its Jan. 31-Feb. 1 policy meeting as it nears a stopping point in its hiking cycle now that high inflation is on the wane. The U.S. central bank raised rates last year at the fastest pace since the early 1980s in a bid to quell inflation that was running at 40-year highs. Inflation, based on the Fed 's preferred measure, is still nearly three times the central bank's 2% target. Recent economic data has shown inflation continuing to ebb and consumer and producer prices, profits, and wages all growing more slowly, raising hopes that inflation can be brought to heel without causing a recession. Dont miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. Less than half a million taxpayers have opted for the new exemption-less income tax regime since its rollout, prompting a review to see if measures are needed in the budget to promote its adoption, people familiar with the matter said. Read More News on

Walter Morales, Baton Rouge Educator and Entrepreneur, Gives Back With Funding For Urban Educators Baton Rouge, LA, United States - January 23, 2023 The Walter Morales Grant for Future Educators is a $5,000 grant opportunity for students for a chance to win a $3,000 grant and a $2,000 grant to the winners of an essay contest answering the question Discuss some of the biggest challenges/issues facing the urban education system, and how you would use your role as an educator to improve the urban education system. Walter Morales is offering this grant opportunity in order to help address the need for high quality education in the United States. The funds from this grant will be used to help students pay for their education and provide them with the opportunity to become the next generation of educators. Students interested in applying for the Urban Education Grant can apply by entering the essay contest. The deadline for submission is August 15, 2023 and the winners will be announced on September15, 2023. Grant funds are an important source of funding for educators, allowing them to access resources that may otherwise be out of reach. Grants provide a reliable source of financial support for educational projects and initiatives, enabling teachers and administrators to develop innovative approaches in their classrooms and schools. By giving educators the necessary resources to explore new ideas, grant funds can help foster creativity and facilitate meaningful learning experiences for students. In addition, grants can also fund technology upgrades or other equipment purchases which could have a significant impact on student success. Ultimately, grant funds are essential in helping educators create enriching learning environments where students can flourish. Walter is very involved with the education system in the Baton Rouge area, with a focus on urban education, which is why he would like to give back to a future educator who has the passion to improve upon the some of the issues facing urban education. Urban education systems are often plagued by a variety of issues that can impede student success. Limited resources, overcrowded classrooms, and outdated technology are just some of the challenges facing urban schools. In addition, many urban school districts lack access to additional funding sources such as grants or other forms of financial aid which could be used to purchase new equipment or provide students with additional educational opportunities. This lack of resources means that students in urban areas often struggle academically due to inadequate facilities and limited access to learning materials. Without adequate funds for improvement projects or technological upgrades, it can be difficult for teachers and administrators in these settings to create meaningful learning experiences for their students. Walter Morales is an entrepreneur, educator and philanthropist who has been involved in both the finance and education sectors throughout his career. Walter founded Louisiana Achievement Charter Academies, a charter school system that includes five campuses in Baton Rouge, Louisiana. He is also a retired professor of finance from Louisiana State University. As a student, Walter graduated from Louisiana State University with a Bachelor of Science in Chemistry and Master of Business Administration also from LSU. Walter is highly active in the Baton Rouge community and enjoys giving back. Students studying education who have a passion for urban education are encouraged to apply for the Walter Morales Grant. All information about details and how to apply can be found at the official website. Contact Info:

Treasury is taking 'extraordinary measures' because of the debt limit. Here's what that means But some fear this fight may be tougher than those in the past, a concern reinforced by the fact it took 15 ballots to elect the Speaker of the House in what is normally the easiest vote taken by a new Congress. The economy nearly 13 years ago was different, as well. At the time, the Fed was in an easy monetary policy mode and the economy in a weaker position, as it was still recovering from the Great Recession of 2008, Pugliese said. Unemployment was north of 9% in July 2011. That same year, Treasury projected the X date the date on which it would be unable to pay its obligations on time would fall on August 2, 2011. That ultimately was the date when Congress passed, and President Barack Obama enacted, a law increasing the ceiling. The actual economic impact of the debt ceiling run-up in 2011 is hard to isolate and quantify, Pugliese said, noting how the sluggish US economic recovery also experienced spillover effects from global events, notably Europes sovereign debt crisis. Still, there were some indications that the protracted congressional battle contributed to a shake-up in the economy then, he said. Real GDP growth was a weak -0.1% on a quarter-over-quarter annualized basis in the third quarter of 2011. Financial markets were roiled, consumer confidence weakened, the US economic policy uncertainty index set a new high and Standard & Poors credit rating agency downgraded the United States to AA+ from AAA. I think you would be hard pressed to say [the debt ceiling debacle] was a positive thing, he said. I think of it more as one other hurdle among a lot of other hurdles for the economy as it emerged from 9% unemployment at the time. The X date and its ripple effects This time, if the X date were to come without a resolution, there is speculation that the Treasury could prioritize principal and interest payments to prevent a technical default, Pugliese said. There are potentially other break the glass options from the Treasury and Federal Reserve, but those are untested and short-term solutions, he added. Someone, somewhere is going to get shortchanged if the government doesnt have all of its money, whether thats Social Security beneficiaries, defense contractors, civil service employees, veterans, [etc.], he said. Joggers run past the Treasury Department on January 18, 2023, in Washington, DC. Anna Moneymaker/Getty Images Adding to the uncertainty is the current economic climate, Daco said. We are going into this delicate period at a time when the US economy is clearly slowing down and at a time when the global economic backdrop is also weakening so the economic environment against which this debt ceiling debacle is unfolding is one of increased economic softening. While a self-inflicted recession would be likely after the point when an X date is hit, some upheaval could come sooner, Daco said. Financial markets and private sector actors tend to react ahead of that date, he said. If there is the anticipation that we will get very close to that drop-dead date, then financial market volatility generally tends to increase, stock prices tend to react adversely. A Treasury default would undermine the global financial system, said Louise Sheiner, policy director at the Hutchins Center on Fiscal and Monetary Policy and former senior economist with the Fed and the Council of Economic Advisers. If Treasuries become something that people are worried about holding, then that has ripple effects throughout capital markets throughout the world, in ways that are really difficult to predict, she said. Considering the potential consequences in the United States and abroad, Sheiner believes the debt ceiling will be lifted or suspended eventually. Theres no other way around it, she said. Theres no way that Congress is going to cut spending 20% in the middle of the year. It would plunge the economy into a recession. It would be a terrible policy. She added: If you care about the long-term debt, you have to actually change different laws, Social Security law, Medicare, or the tax law you want to do that in the appropriate process, you want to do it well thought out. Its not the kind of thing that should be done under duress. CNNs Maegan Vazquez, Matt Egan and Tami Luhby contributed to this report. Related