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Ford expects to lose $3 billion on its electric vehicle department this year, the company announced Thursday. The company will be reorganizing its financial reporting into three distinct branches, Ford Blue, Ford Model e and Ford Pro, which will develop gas-powered, electric and commercial vehicles respectively, according to a press release. In the three years starting 2021, Ford Model e is expected to report a $3 billion loss. (RELATED: ‘Sustainable’ Electric Cars Are Getting Junked Over Minor Damage) “We’ve essentially ‘refounded’ Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford+ plan for growth and value,” CFO John Lawler said.  “It’s not only about changing how we report financial results; we’re transforming how we think, make decisions and run the company, and allocate capital for highest returns.” Ford’s new structure and way of reporting earnings gives new insight into its EV business (which CFO … [Read more...] about Major Automaker Expects It Will Hemorrhage Billions From Its Electric Vehicle Business

Share to Twitter Share to Linkedin I am the CEO of MEBO International ; the leader of Skingenix; and co-founder of the Human Heritage Project. When inflation begins to rise, for-profit businesses have an easier time mitigating the adverse effects. For instance, an online apparel brand may raise prices or shipping rates to cover economic fluctuations. However, it can be more challenging for nonprofit leaders to figure out how to navigate a world of increasing costs while still achieving their mission. What specifically makes nonprofits particularly vulnerable to inflation? For one, many nonprofits focus on meeting with their supporters and donors in person. Even if those meetings occur locally, they can be logistically and financially demanding. And if the meeting is a large event, like a 5K race or gala, it can end up being more expensive as inflation grows. Another point of vulnerability is that though nonprofits can ask for bigger … [Read more...] about 3 Ways Your Nonprofit Can Mitigate Inflation Challenges

Key Takeaways U.S. equities indexes fell on March 22, 2023, as the Fed hiked interest rates even though markets remained concerned about issues in the banking sector. The Dow, Nasdaq, and S&P 500 all posted losses of approximately 1.6% during Wednesday's session. Bank stocks saw significant declines, with First Republic (FRC) turning in the worst performance among S&P 500 stocks on uneasiness about its risk of failure. U.S. equities sank after the Federal Reserve raised interest rates another 25 basis points (bps) in its effort to bring down inflation. The decision came despite expectations by some that policymakers might pause hikes because of concerns about the banking sector in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. Fed Chair Jerome Powell noted that the banking stress will likely cause tighter credit conditions that will impact the economy. The Dow, S&P 500, and Nasdaq all dropped about 1.6%. Bank stocks tumbled, … [Read more...] about Markets Dip as Fed Raises Rates Despite Banking Concerns

LONDON  – Nearly half of emerging market investors are bullish on prospects for developing markets in the second quarter, a survey by HSBC showed on Thursday, thanks to rising optimism following the reopening of the Chinese economy. Some two thirds of the respondents expected emerging equities to outperform those of the developed economies in the next three months, the survey of 138 investors from 133 institutions, conducted between Jan. 24 and March 6, found. More than two thirds of the respondents expected emerging currencies to beat those of developed markets in the same period. Those surveyed represent $547 billion in assets under management. “Asia has seen the largest improvement in sentiment, largely reflecting the expectations of a strong rebound of Chinese economic activity,” said Murat Ulgen, Global Head of Emerging Markets Research at HSBC. The MSCI emerging market equity index has risen 2 percent since the start of the year, though those gains come in the wake of a … [Read more...] about Emerging market investors turn increasingly bullish for Q2, HSBC survey shows

LONDON – A year of tests run by central banks in Italy, Malaysia and Singapore have spurred hopes for a global instant payments network accessible at the tap of a mobile phone. The ability to send money quickly and cheaply around the world has long been seen as something of a holy grail for policymakers due to the advantages it would bring for both people and companies. Current transfers are slowed by the patchwork of more than 60 different instant payment networks, so central banks involved in the new tests have been working on ways to improve the process. The Bank for International Settlements (BIS), the central bank umbrella body, which helped oversee the “Nexus” trials, said the three countries involved had successfully sent payments between themselves using only mobile phone numbers. Looking ahead, the BIS said further trials would be run by Indonesia, Malaysia, the Philippines, Singapore and Thailand with the hope that “Nexus could eventually be implemented globally.” … [Read more...] about Central bank tests spur global instant payment hopes

Democratic New Orleans Mayor LaToya Cantrell was reportedly caught in several videos without a mask at an indoor Mardis Gras ball on Friday, according to Fox News, just weeks after reinstating mask requirements for the city. Cantrell, along with other partygoers at the Mayor’s Mardi Gras Ball at Gallier Hall on Friday, was pictured maskless in 100 short videos that were posted online depicting scenes from the party, Fox News reported . The videos were deleted shortly after Fox News contacted Cantrell’s office, but reportedly show the Democrat singing karaoke. Not a single partygoer was wearing a mask during the event, according to Fox News. (RELATED: California Gov. Newsom, Mayors Caught Maskless With Magic Johnson At Rams Game) Cantrell had reinstated New Orleans’ mask mandate on Jan. 11, 2022, amid a surge in COVID-19 cases due to the emergence of the Omicron variant. Jan 11, 2022: City of New Orleans Announces Reinstatement of Indoor Mask Mandate Mayor’s Ball … [Read more...] about New Orleans Mayor LaToya Cantrell Caught Partying Maskless Weeks After Reinstating Mask Mandate: REPORT

Share to Twitter Share to Linkedin Topline Amid growing global concern over the social media platform, TikTok CEO Shou Zi Chew will testify before the House Energy and Commerce Committee Thursday, where U.S. lawmakers are expected to question Chew over safety concerns for minors and preventing U.S. user data from foreign access. Key Facts In Chew’s first appearance before Congress, he’s expected to discuss the company’s privacy and data security practices, as well as the company’s relationship with the Chinese government, which has come under increased scrutiny in recent months. Prepared Remarks Chair Rodgers, Ranking Member Pallone, and Members of the Committee: Thank you for the opportunity to appear before you today to talk about TikTok and our mission to inspire creativity and bring joy to more than 1 billion people worldwide. I look forward to discussing what makes TikTok so special to the diverse audiences it serves, as well as our … [Read more...] about TikTok CEO Shou Zi Chew’s Prepared Comments Before Congress

Share to Twitter Share to Linkedin Topline A group of progressive Democrats led by Rep. Jamaal Bowman (D-N.Y.) are among the first lawmakers in Congress to express their support for TikTok, despite growing bipartisan efforts to ban the popular social media app, amid concerns that an outright ban could lead to a backlash from the app’s most prominent users—Gen Z. Key Facts Bowman was the first major lawmaker in Congress to speak out in support of TikTok earlier this week, criticizing efforts to ban the app as “fear mongering” and suggesting it was fueled by “xenophobia around China.” In a recent video posted to his nearly 160,000 followers on TikTok, Bowman argued that banning the platform won’t solve any problem and said “comprehensive legislation” was instead needed to ensure social media user data is kept safe. The New York Democrat, who is a member of the progressive coalition known as the “Squad,” has since been joined by two other … [Read more...] about TikTok’s Potential Ban Faces Opposition From Some Democrats Amid Concerns It Could Cost Them Gen Z’s Support

Share to Twitter Share to Linkedin Miami-Dade county taxpayers must be wishing Miami Marlins owner Jeffrey Loria had stuck with his original game plan. MIAMI, FL - MARCH 06: A general view of the new Marlins Ballpark shot throught a fishtank behind ... [+] home plate during a game between the Miami Marlins and the University of Miami Hurricanes at Marlins Park on March 6, 2012 in Miami, Florida. (Image credit: Getty Images via @daylife) For years Loria ran a low-budget baseball franchises and made a fortune by successfully maneuvering through Major League Baseball's financial system. Loria's strategy: rely on welfare from richer baseball teams and every now and then spend enough to have a contender (the Marlins defeated the New York Yankees in the 2003 World Series ) so fans stay at least somewhat interested. During the five years through the 2011 season the Marlins posted a staggering $153 million in aggregate operating income. But … [Read more...] about Miami Marlins Have Become Baseball’s Most Expensive Stadium Disaster

Share to Twitter Share to Linkedin Fran Rosch is the CEO of ForgeRock , a global leader in digital identity. Passwords have become an obstacle that hinders nearly all organizations—whether you’re an employee or user accessing an application, everyone has experienced the frustration of not being able to log in. Whether they’re forgotten, weak or outdated, passwords create friction in the user journey, causing lost business revenue, exasperated customers and a decrease in workforce productivity. Forrester researchers found that the typical cost of a single password reset is $70, with the average large enterprise allocating over $1 million annually to password-related support costs. Organizations try to balance strong security with convenience but often fail to achieve either. Stronger security frustrates users and hinders their productivity. Passwords were meant to increase security, but as the attack surface has expanded with a hybrid workforce, … [Read more...] about Embracing The End Of The Password Here And Now