This virtual panel session from MIT Technology Review's EmTech Next conference takes an in-depth look at Deloitte and MIT Sloan Management Review's recently released research on Opportunity Marketplaces.
This content was produced by Deloitte. It was not written by MIT Technology Review's editorial staff.
Right now, businesses are facing a three-dimensional challenge—survival while remaining competitive, re-engagement of the workforce, and continuous cultivation of the customer base—coupled with rapidly adopting new technologies like 5G, AI, cloud, and blockchain. In this "new normal" should organizations stay the course or chart a new path? Going back to business-as-usual is not an option, and organizations must embrace technology to empower workers and create new opportunities.
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St. Pete Pier Marketplace opens as vendors seek return from coronavirus closures
So it's fitting that the next step for his handmade sign business was setting up shop at a city landmark, the new St. Pete Pier. Crew's wooden plaques are miniature versions of the city's most iconic signs and scenes. He even has one with a photo of the last pier before it was torn down.
On Friday morning, Crew and 16 other vendors unpacked tubs of inventory at the new St. Pete Pier Marketplace for their first day of sales. For many, it was the first time they have set up for an outdoor market since the start of the pandemic.
Today's Numbers: The COVID Economy - Marketplace
"The leading economic indicator is … the virus." More than one analyst has put it to us this way. As we try to understand and quantify this unprecedented global economic collapse — and now the attempted restart — we're following key metrics for COVID-19 and the broader economy.
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The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare .
Puerto Rico wagers on privatizing power grid - Marketplace
A full year after 2017's Hurricane Maria, some municipal buildings in Mayagüez, a town on the west coast of Puerto Rico, were still without power.
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"After Maria, people have started to develop their PV systems with batteries and separating that load from the grid," he said.
Orama is in a unique position to upgrade his household's power situation as he’s professor of electrical engineering at the University of Puerto Rico.
In case you are keeping track:
Menswear store Brooks Brothers files for bankruptcy - Marketplace
The men’s retailer Brooks Brothers filed for bankruptcy Wednesday, seeking Chapter 11 protection.
Lockdowns and working from home haven't been great for the men’s formalwear industry. But coronavirus isn't the only thing that Brooks Brothers has been dealing with. Its mainstay product — the suit — has been losing popularity for years.
Brooks Brothers opened its first store in lower Manhattan in 1818 when the U.S. was made up of 20 states. Future customer Abraham Lincoln was only 9 years old. When the suit as we know it today started becoming popular in the late 19th century, Brooks Brothers cashed in.
Pandemic leads to unexpected price jump in lumber - Marketplace
Lumber is a commodity, kinda like soybeans. Greg Kuta, president of Westline Capital Strategies, calls his job trading lumber futures risk management.
"You quote stuff 30, 60, 90, 120 days out, and you need to quantify that risk because you’re not going to deliver that wood until the job starts to come due,” he said. “So they need to lock in the risk and quantify that risk moving forward."
There are a couple of reasons the price of lumber is at a 2½ year high. First, hardware stores are selling a lot more of it than brokers expected, as folks stuck at home tackle those long-postponed projects. And although home construction paused for a bit in March and April, it never went away. The saw mills, however, slowed down drastically.
Parents hold off on back-to-school shopping - Marketplace
There's 13-year-old Madeleine, 11-year-old Eleanor, 9-year-old Oliver, 7-year-old Theodore, 5-year-old Ameleia, 3-year-old Julian and 3-month-old Penelope.
If this were a normal year, the family would pile into the van — a 12-seater — and head to the Kohl's near their town in Wisconsin.
"They would walk around and say, I want to get this, this, and this, and then we’d make them try it on," said Paul Heritsch, their dad. "It's a big event."
How meaningful are CEO pay cuts? - Marketplace
Companies across a wide range of industries have decided to slash CEO and executive pay amid the COVID-19 crisis, with some top leaders seeing their pay reduced from 10%, all the way down to zero.
Walt Disney Executive Chairman Bob Iger , whose annual base salary last fiscal year was $3 million , had his salary reduced to zero. Southwest Airlines CEO Gary Kelly, who had a base salary of $750,000 in 2018, had his pay cut by 10%. And General Electric CEO Larry Culp, who had a base salary of $2.5 million last year , is forgoing his salary for the remainder of the year.
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