Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Disaster assistance for those affected by Hurricane Helene
The U.S. Small Business Administration (SBA) offers disaster assistance in the form of low-interest loans to businesses, homeowners, and renters affected by natural disasters. This financial aid is designed to help with repairs and rebuilding efforts, and to cover the loss of property and assets. Contact us if you need anything.
Dockworkers on the East and Gulf Coasts have agreed to suspend the strike after reaching a deal for better pay
More than 45,000 striking port workers at docks from Maine to Texas have suspended their strike until January 15, 2025, and will return to work on Friday while contract negotiations continue, the union and organization that represents the ports said in a Thursday statement.
Your phones and computers rely on this remote mine in North Carolina. Helene just drowned it.
Virtually all of the world’s supply of high-purity quartz, a mineral required to produce semiconductors, comes from a tiny North Carolina town that was devastated by Hurricane Helene.
Michigan Businesses Encouraged to Apply for Employee Training Grant Fund
The Michigan Works! Association is offering a Going PRO Talent Fund for small businesses to apply for employee training grants. The grants are designed to support skill development and competitiveness. Applications open soon, and businesses are encouraged to contact local Michigan Works! Service Centers for assistance.
Nationwide Survey Reveals One-Quarter of Small Business Owners Targeted by AI-Driven Scams
A Nationwide survey found that 20% of small business owners have fallen victim to AI scams, with 69% of those not reporting the incident. These scams include phishing, fake invoice scams, and tech support fraud. The survey highlights the need for better cybersecurity awareness among small businesses.
Are Business Cards Still Worth It?
Business cards remain valuable despite the digital age, offering a personal touch and convenience in networking. They facilitate easy sharing of contact information and can make a lasting impression with unique designs. However, it’s essential to ensure they reflect current information and are used alongside digital tools.
China’s stimulus rally has already sent stocks up 25%. And there could be more to come
Investors began returning last week after the announcement of the most aggressive stimulus measures since the pandemic, mostly targeting the property sector and triggering a rally in the offshore bonds of property developers.
Spirit Airlines Explores Bankruptcy Filing
Spirit Airlines is negotiating with bondholders regarding the terms of a possible bankruptcy filing, as the company faces financial challenges exacerbated by the pandemic, higher fuel costs, and competition. The discussions are part of Spirit’s efforts to strengthen its balance sheet and ensure long-term viability.
America’s small businesses: Time to think big
The McKinsey report discusses the importance of small businesses in America, emphasizing their potential for growth and innovation. It suggests that with the right support and strategies, such as digitization and access to capital, these businesses can scale up, boosting the economy and creating jobs.
Understanding America’s Labor Shortage: The Most Impacted Industries
The U.S. is experiencing a labor shortage, significantly affecting industries like leisure and hospitality, education, healthcare, and trucking. Contributing factors include an aging population, pandemic disruptions, and changing work preferences. The shortage hampers economic recovery, with businesses struggling to fill positions and meet consumer demand.
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