Category: Business News Today

Posted on

How organized networking helps your business | News, Sports, Jobs

How organized networking helps your business | News, Sports, Jobs
&#13
&#13

Organized networking has been around for decades, and although it has modified in quite a few strategies the premise remains the identical: placing individuals in the exact same place jointly is just very good for organization and for occupation-building.

The Chamber of Commerce has long been in the small business of developing alternatives for businesspeople to network with just one a further. The style of networking we facilitate is generally business-to-organization, but it also creates customer interactions when just one company might discover another small business that could potentially acquire their solutions.

Only mentioned, networking suggests creating connections. People connections can assistance expand your enterprise in a range of ways: generating referrals, gaining publicity for your products and solutions or companies, and elevating your total small business profile. On a personalized level, networking can strengthen your specialist skillsets and self-confidence.

On a new sunny and nice evening in Lakewood, the Chamber of Commerce was delighted to existing a networking event at Group Ther-Delighted exactly where guests relished special appetizers and a hard cash bar and mingled with just one an additional in a relaxed following-perform placing. Thatás the whole idea driving our Company Right after Hours situations. We make it possible for each and every business to current a tiny anything about who they are and what they do, and we are normally content to enable make introductions among the businesspeople current.

Thereás a further Chamber networking occasion coming up this 7 days as we current the Organization After Hours Beach Bash. Held at the Sunset Bay Beach Club in Irving, this function will involve appetizers, satisfied hour bar pricing, are living music, and a single of the most remarkable sights of Lake Erie in Chautauqua County. We hope youáll be part of us for this networking prospect on the beach, Thursday, June 9. Bring your small business playing cards and seize the opportunity to learn about other neighborhood organizations when also promoting your individual.

Chamber member enterprises can send out two men and women to just about every Enterprise Soon after Several hours occasion at no cost. The price tag is just $10 for non-members or for more member attendees higher than the initial two. Be sure to deliver organization playing cards and come ready to give a speedy overview about your organization so some others can get to know you.

The Company After Hrs Beach front Bash is sponsored by Brooks-TLC Clinic System, AW Farrell & Son, LaBella Associates, M & T Bank, R. Mackowiak Funeral Household, Media One Radio Group, OBSERVER, and The Put up-Journal. Sign up online now via the Chamberás functions calendar.

To sign-up for the Chamberás Enterprise Soon after Hours Seaside Bash pay a visit to our website calendar on-line at www.chautauquachamber.org.

NOMINATIONS FOR Annual AWARDS ARE NOW Open up

Each yr the Chautauqua County Chamber of Commerce offers its Economic Advancement Award and Human being of the 12 months Award in the course of our Yearly Awards Banquet held in Oct. More than the two many years that these awards have been given they have long gone to a wide range of firms, organizations, and folks from all components of Chautauqua County.

The Financial Improvement Award is offered to a company or corporation that has contributed most to the economic development, high quality of everyday living and steadiness of our area. This represents 1 award for the total location.

The Individual of the Calendar year award is introduced to an individual who fulfills the adhering to conditions: recognized by the entire region for his/her superb achievements and contributions either in the earlier calendar year or all over their full lifetime. This is a specific particular person who naturally âstands-outã and would be promptly regarded by the area as a chief. Their contribution can be via their attempts in organization, group support, political management, charitable service or other areas of desire.

You do not have to be a Chamber member to nominate for possibly of these awards. Nomination varieties are accessible on-line now via the Chamberás Yearly Awards Banquet calendar item, on our net calendar for October 6. Download the fillable kinds, enter the information and facts essential, and then return the concluded type to Carrie Swanson at the Chautauqua County Chamber of Commerce at cswanson@chautauquachamber.org.

If an personal or corporation is nominated but not chosen, the Chamberás Board of Directors will hold these programs for reconsideration in subsequent many years.

And help you save the day now ­ October 6 ­ for the Chamberás Once-a-year Awards Banquet. Itás usually a wonderful function!

GET Completely ready TO Golf WITH THE CHAMBER AUGUST 18

The once-a-year Chautauqua County Chamber of Commerce Golf Tournament is scheduled for August 18 at Peekán Peak. Early hen pricing attributes a $10 discount per participant when you sign up by July 15.

The Chamber Golfing Tournament is a fantastic prospect to entertain clientele, reward workers, community with fellow golfers, and take pleasure in a round of golfing on a wonderful pro-degree study course.

The Chamberás 2022 Golfing Tournament is sponsored by AES/Empire Photo voltaic, Chautauqua Patrons Insurance policy Organization, Local community Bank, Dahlstrom Roll Type, Lake Shore Price savings Bank, Jamestown Container Organization, Jamestown Mattress Firm, LaBella Associates, Lawley Insurance plan, and Shults Vehicle Team.

Sign-up on the net now via the Chamberás world-wide-web calendar event at www.chautauquachamber.org.

&#13 &#13
&#13

&#13
&#13

Today’s breaking news and extra in your inbox

&#13
&#13

&#13
&#13
&#13
&#13
&#13

Posted on

The world may be careening toward a 1970s-style energy crisis — or worse

The world may be careening toward a 1970s-style energy crisis — or worse

Contrary to these infamous episodes, this a person is not contained to oil.

“Now we have an oil crisis, a gasoline disaster and an electrical power disaster at the similar time,” Fatih Birol, head of the Global Electricity Agency watchdog group, explained to Der Spiegel in an job interview released this week. “This electrical power crisis is significantly bigger than the oil crises of the 1970s and 1980s. And it will most likely final extended.”

The world economic climate has mostly been in a position to withstand surging vitality costs so much. But charges could continue on to rise to unsustainable degrees as Europe tries to wean itself off Russian oil and, likely, gas. Supply shortages could direct to some tricky selections in Europe, such as rationing.

Joe McMonigle, secretary general of the Global Strength Discussion board, explained he agrees with this depressing forecast from the IEA.

“We have a really serious difficulty all over the globe that I consider policymakers are just waking up to. It truly is variety of a ideal storm,” McMonigle, whose group serves as a go-involving for power creating and consuming nations, informed CNN in a mobile phone interview.

'I wouldn't trust them.' Energy Secretary blasts Russia for 'weaponizing' energy
The extent of that best storm — underinvestment, powerful demand from customers and provide disruptions from the war — will have large-achieving effects, potentially threatening the economic recovery from Covid-19, exacerbating inflation, fueling social unrest and undermining initiatives to preserve the planet from global warming.

Birol warned of offer bottlenecks of gasoline and diesel, especially in Europe, as effectively as rationing of organic fuel future winter in Europe.

“It is a disaster for which the world is woefully unprepared,” reported Robert McNally, who served as a top rated electrical power adviser to previous US President George W. Bush.

Not only are strength selling prices extremely higher, but the dependability of the electricity grid is currently being challenged by intense temperatures and severe drought. A US electrical power grid regulator warned last month that parts of the place could experience energy shortages and even blackouts this summer months.

‘Our fears have borne out’

Former Obama power adviser Jason Bordoff and Harvard College professor Meghan O’Sullivan wrote a piece in the Economist in late March warning that the entire world was on the cusp of “what may perhaps turn into the worst electricity crisis considering that the 1970s.”

“Due to the fact we wrote that, our fears have borne out,” Bordoff, co-founding dean of the Columbia Climate Faculty, advised CNN.

Of class, there are important variances among nowadays and the 1970s. Selling prices have not spiked nearly as a lot as they did then and policymakers have not resorted to excessive measures like value controls.

“Were we to vacation resort to price tag controls and selling price caps, then we could have shortages,” McNally stated.

When the war started off, the West sought to keep away from focusing on Russia’s energy provides instantly for the reason that it was simply way too crucial to world wide markets. Russia is not just the world’s largest oil exporter, but it is the most significant normal gas exporter and a key supplier of coal.

But as the brutality of the war grew to become distinct to the globe, that arms-off tactic did not past, with the United States and other international locations banning Russian strength imports.

Russia retaliated from Western sanctions by proscribing or even halting its cargo of pure fuel to multiple European countries.

The European Union declared designs this week to section out 90{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of Russian oil imports by the conclusion of the yr. That go has lifted the specter of even further retaliation from Russia.

Energy experts sound alarm about US electric grid: 'Not designed to withstand the impacts of climate change'

This tit-for-tat scenario has only worsened the offer shortfall in energy markets that were previously limited.

“We have not however viewed how lousy this electricity disaster is heading to get,” Bordoff mentioned.

Already, US gasoline rates have surged by 52{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} over the past year to document highs, angering the general public and contributing to the nation’s inflation disaster.

Rates for all-natural gas, a very important gasoline for heating properties and powering the electrical grid, have practically tripled more than the previous year in the United States. All-natural gas costs have skyrocketed even more in Europe, while they are very well off their worst amounts.

‘Putin just introduced us there faster’

Present-day electrical power turmoil is not simply just the final result of the war in Ukraine. It is also the byproduct of cratering financial investment in oil and pure gas, which are depleting means that involve enormous sums of funds just to preserve their generation, enable by yourself raise it.

Upstream expenditure in the oil and gas sector stood at just $341 billion in 2021, 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} beneath the pre-Covid amount of $525 billion and nicely down below the modern peak in 2014 of $700 billion, according to the IEF.

This expenditure shortfall has been introduced on by a series of elements, which include a press between traders and governments to wager on clean up strength, the uncertain long run of fossil fuels and many years of weak and unstable oil rates.

California drought could cut state's hydropower in half this summer

“Mainly because of the want to bring down carbon emissions, we have a lot significantly less urge for food to devote in hydrocarbons. And that exacerbates the cost volatility and will make it much more tough to resolve the source side,” claimed Francisco Blanch, head of worldwide commodities at Lender of The united states.

Europe was now grappling with an electricity disaster previous yr and prices for pure gasoline, coal and oil had been high prolonged ahead of the initially Russian tanks commenced rolling into Ukraine.

“We had been heading to a crisis in any case. Putin just introduced us there speedier and sharper,” explained McNally, who is now the president of consulting firm Rapidan Electrical power Group.

Shortages and fuel lines?

The 1973 oil crisis was marked by hrs-lengthy lines at gas stations, fuel shortages and worry.

Gurus reported they fear about gas shortages yet again now, although they watch that as a bigger danger in Europe than in the United States.

“Gasoline shortages are a world wide problem. You are going to see that incredibly quickly, while it’s possible not in the US,” said Lender of America’s Blanch.

'I wouldn't trust them.' Energy Secretary blasts Russia for 'weaponizing' energy

Blanch mentioned he thinks this possibility is lower in the United States simply because the state stays a single of the largest oil producers on the world and is a main exporter of strength. Europe, on the other hand, is far more reliant on international oil and organic gasoline — specifically from Russia.

The IEA chief warned of purely natural gasoline rationing in Europe, which is greatly dependent on Russia for gasoline.

Blanch famous that sky-significant natural gasoline selling prices have currently shut down factories in Europe.

“Europe is by now in organic gasoline rationing method,” he said.

‘We have to be careful here’

Electrical power experts informed CNN they worry international policymakers are mismanaging the weather disaster, focusing as well a lot on lessening provide and not more than enough on cutting the world’s urge for food for fossil fuels.

“We are not undertaking approximately plenty of to lessen hydrocarbon need steady with our climate goals,” stated Bordoff.

Concentrating on just one facet of the equation threats not only price spikes but social unrest and turning the public off to climate motion.

“We have to be cautious here because if we permit the general public to equate large strength price ranges with the electricity changeover, we are doomed,” stated McMonigle. “You will effectively drop public guidance, probably forever.”

McMonigle urged governments to send indicators to traders that not only is it alright to continue to spend in fossil fuels, but it can be “vital” for the planet financial system and development in the vitality changeover.

But even if policymakers influence buyers to ramp up expense, that would consider appreciable time to final result in a lot more offer.

What could conclusion the electrical power crisis

Of class, no just one can say with certainty particularly how all of this will enjoy out. And there could be surprises that simplicity the supply crunch.

For instance, a diplomatic breakthrough that finishes the war in Ukraine and will allow sanctions to get lifted from Russia would be a gamechanger.

Birol reported other surprises that would simplicity the electricity crisis consist of an Iranian nuclear deal, a further economic slowdown in China or an settlement by Saudi Arabia and other OPEC producers to ramp up oil output.

Inflation worries are real but this isn't the 1970s

He also reiterated that governments stand ready to launch further crisis stockpiles of oil. However, even the record-setting release of US crisis stockpiles experienced just a modest and fleeting effect on gasoline rates.

In March, the IEA also urged governments all-around the globe to think about drastic steps to slash oil need, like lowering pace limits on highways, operating from house up to a few times a week wherever achievable and car or truck-no cost Sundays in cities.
And there is at least just one other growth that has been front-and-center lately and would relieve the electrical power crisis: An economic economic downturn, or at least one particular that is deep plenty of to cause desire to collapse.
Posted on

Biden administration will cancel student debt for half a million students from Corinthian Colleges

Biden administration will cancel student debt for half a million students from Corinthian Colleges

Academics line up to enter Everest Higher education, one particular of the Corinthian Schools that shut, for a conference and option to accumulate their private merchandise, in Town of Field, California, April 27, 2015.

Al Seib | Los Angeles Occasions | Getty Visuals

The Biden administration designs to cancel all fantastic scholar financial loans for all those who attended educational institutions operated by Corinthian Faculties, formerly a person of the major for-profit instruction corporations, the U.S. Department of Education declared Wednesday.

The faculties have been accused of predatory and unlawful techniques, and faced lawsuits from the Purchaser Financial Security Bureau as very well as Vice President Kamala Harris when she was legal professional normal of California. The firm filed for Chapter 11 personal bankruptcy in 2015.

About 560,000 debtors stand to advantage from the credit card debt cancellation, which will occur out to around $5.8 billion. That’s the largest one personal debt forgiveness motion taken by the authorities to day. 

Extra from Own Finance:
What new graduates have to have to know about dollars and work opportunities
These bachelor’s levels from community faculties spend extra than $100,000
25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of Americans are delaying retirement thanks to inflation 

“As of these days, each and every pupil deceived, defrauded, and driven into financial debt by Corinthian Colleges can rest assured that the Biden-Harris administration has their back and will discharge their federal student loans,” U.S. Secretary of Education and learning Miguel Cardona said in a assertion.

Corinthian was founded in 1995, and by 2010, it had enrolled extra than 100,000 college students across 100 campuses.

Previous students of the faculties who still have a pupil bank loan equilibrium need to be refunded for earlier payments designed on their credit card debt, senior administration officers stated Wednesday.

The reduction ought to be automatic, they additional, which means borrowers would not need to have to navigate any paperwork or utilize. Qualifying borrowers are expected to be notified within months.

“Several borrowers have been waiting around for years and several years for their purposes to be processed,” said larger education pro Mark Kantrowitz. “They will no for a longer time be waiting around in limbo.”

To day, the Biden administration has authorised $25 billion in mortgage forgiveness for 1.3 million debtors.

The news arrives as the White Household is mulling no matter if to shift forward with broad-based mostly scholar mortgage forgiveness. Most recently, officials were being leaning towards wiping out $10,000 for all debtors who receive under $150,000, but a spokesperson for the administration said they have have not occur to any final decision still.

Posted on

The stock market ‘casino’ is closed

The stock market ‘casino’ is closed

But this just isn’t automatically the worst information for the markets. Buyers just require to as soon as once more do much more homework to obtain fantastic bargains.

“The casino is closed,” claimed Peter Mallouk, president and CEO of Resourceful Preparing, a wealth administration organization.

“The days of stimulus are above. This is now extra of a pondering person’s sector. Complete speculation is dead,” Mallouk reported, including that traders can no for a longer time go close to blank look at SPAC stocks, cryptocurrencies, unprofitable tech corporations and other risky investments like warm potatoes and hope somebody else will want to capture them.

Inventory finding appeared a ton much easier when the Fed was doing all the things in its electricity to consider to promote the economic climate. Quite a few investors do not have expertise navigating the market when the central bank is jacking up premiums in a bid to awesome items down.

“The environment is waking up to the point that zero percent interest fees are carried out,” stated Max Wasserman, co-founder of Miramar Capital. “Costs had been authentic small and folks took on extra danger since anytime the stock marketplace pulled again, the Fed lower rates. The message was to invest in the dips for the reason that the Fed has your back. But the party’s about.”

Forget the memes and aim on fundamentals

Some traders who have been flush with Covid stimulus dollars very last yr and chased meme shares like GameStop (GME) and AMC (AMC) may perhaps now be much less bullish on unique shares.

“The exhilaration of stock-choosing and the lively investing procedures technique attained new levels of popularity all through the meme inventory investing phenomenon in early 2021,” Lindsey Bell, main marketplaces and cash strategist for Ally, said in a report late very last 7 days. “Now, stock marketplace losses have manufactured some investors sour on the approach.”

But Bell observed that investors who do their homework can still “make sensible investing decisions” as very long as they retain “a extremely fingers-on type of investing” and never panic.

“When shares are declining, a bear marketplace is in close proximity to and volatility is higher, second-guessing investments is standard,” she wrote.

Wasserman claimed that inventory picking just isn’t useless for every se. It can be just that now is a time for buyers to glimpse for top quality providers that can carry out nicely even as fascination prices go up and the economy likely slows as a outcome.

Social media stocks plunge on Snapchat warning
That suggests carrying out additional than just buying the tech-weighty S&P 500, which is dominated by the likes of large Nasdaq leaders Apple (AAPL), Tesla (TSLA), Google proprietor Alphabet (GOOGL) and Facebook mother or father Meta Platforms (FB).

“You won’t be able to just preserve throwing revenue in the air and anticipate anything to go up. When you get an ETF, you might be just buying a basket of shares and anyone is purchasing that identical basket” Wasserman claimed. “We’re not chasing the identical points all people else is chasing. There is a lot more volatility to arrive and we hope to just take gain of that.”

Wasserman exclusively endorses blue chip shares that pay back constant dividends and thinks investors need to have their portfolios diversified all over a assortment of sectors.

With that in brain, he owns shares ranging from brand name title giants UPS (UPS), Coca-Cola (KO) and Pepsi (PEP) to dividend-paying techs this kind of as Corning (GLW), Microsoft (MSFT) and Texas Instruments (TXN). Wasserman mentioned Timberland, The North Experience and Vans operator VF Corp. (VFC), clinical devices chief Medtronic (MDT) and gold miner Newmont (NEM) are also reliable values.

The fantastic information — if you want to get in touch with it that — is that the existing market turbulence doesn’t imply that a extended bear current market necessarily lies in advance.

“This could be bumpy, but not a crash. This entire turmoil may last much less than a yr and it truly is presently underway,” Mallouk said. “This is not like 2000 or 2009. This is a ordinary bear market place.”

“The greatest location to make very long-time period wealth is continue to the stock marketplace,” Mallouk extra. “You may well just have to keep your nose if you get nowadays.”

Posted on

MeaTech Reports Financial Results for Q1 2022 and Provides Business Update

MeaTech Reports Financial Results for Q1 2022 and Provides Business Update

The company continued to develop the technology, R&D and marketing infrastructure necessary to accelerate toward commercialization of cultured meat

REHOVOT, Israel, May 31, 2022 /PRNewswire/ — MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”) today reported its financial results for Q1 2022 and provided a business update. MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat industry. MeaTech Group uses science and technology to develop high-quality real meat products made from cells rather than farm-raised animals that are delicious, nutritious and safer than conventional meat.

Q1 2022 Financial Results Summary

  • Research and development expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $1.1 million in the same period in 2021. The 90{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly due to the addition of the company’s Belgian subsidiary and reflects MeaTech Group’s growing investment in research and development as it achieves its milestones and expands its cultured meat technology capabilities.
        
  • General and administrative expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $2.7 million in the same period in 2021. The 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease is driven by lower share-based payment expenses, partially offset by higher D&O insurance expenses in the three months ending March 31, 2022. 
        
  • Marketing expenses totaled $1.1 million in the three months ending March 31, 2022, compared to $0.3 million in the same period in 2021. The 228{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly the result of share-based payment expenses of $0.5 million, and the company’s growing investment in marketing activities.
        
  • Operating loss totaled $5.3 million in the three months ending March 31, 2022, compared to $4.2 million in the same period in 2021. The 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase in the operating loss reflects the growing investment of MeaTech Group in research and development as well as marketing activities.
        
  • Total comprehensive loss totaled $5.7 million in the three months ending March 31, 2022, or 40 cents per ordinary share ($4.00 per ADS), compared to $4.4 million, or 40 cents per ordinary share ($4.00 per ADS), in the same period in 2021.
        
  • Cash flow used in operating activities totaled $2.8 million in the three months ending March 31, 2022, compared to $1.2 million in the same period in 2021, reflecting a 137{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase, driven mainly by increased research and development expenditures of MeaTech Group.
        
  • Cash flow used in investment activities totaled $1.0 million in the three months ending March 31, 2022, compared to $5.4 million in the same period in 2021, reflecting an 81{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease. This resulted mainly from the $4.8 million cash component paid in the acquisition of Peace of Meat in Q1 2021.  
        
  • Cash flow from financing activities was $0.0 million in the three months ending March 31, 2022, compared to $28.2 million in the same period in 2021, during which the company completed its Nasdaq initial public offering. 
        
  • Cash and cash equivalents were $15.3 million on March 31, 2022, compared to $19.2 million at year-end 2021, a decrease of 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The decrease was mainly due to the company’s ongoing operations.
        
  • Current assets decreased by 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $16.9 million on March 31, 2022 from $22.1 million at year-end 2021, as a result of ongoing operations.
        
  • Non-current assets increased by 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $23.2 million on March 31, 2022 from $18.5 million at year-end 2021, due mainly to a $4.1 million long-term lease asset of its new premises, offset by the recognition of a lease liability in the same amount in accordance with IFRS requirements.
        
  • Total capital decreased 13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $32.6 million on March 31, 2022, down from $37.6 million at year-end 2021. The decrease was mainly the result of ongoing operations.

Arik Kaufman, MeaTech’s Chief Executive Officer: “In just the first quarter of 2022, we have shown our rapid pace of progress toward commercialization. Our recent technological and scientific advancements and business activities have put us firmly on a path toward scaling our unique solution for the sustainable production of a wide variety of cultured meat products.” 

Business highlights and developments during Q1 2022

  • Promising results with muscle stem cell differentiation: In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibers that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fiber density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
      
  • New headquarters to widen R&D activity: In March, the company moved to new, more spacious headquarters with state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country’s food-tech sector. The new space allows the company to enhance its cultured meat R&D and 3D bioprinting technology and continue growing the biology and engineering teams with a more expansive lab facility. The new headquarters also features a tasting kitchen.
        
  • Expansion of cultivated meat operation into the US to accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be opening a US office. The new space will include activities in research and development, investor relations, and business development. MeaTech US will be another indication of the company’s rapid growth and scaling efforts.
        
  • Peace of Meat pilot plant and R&D facility in Belgium: In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group’s cultured avian technology and R&D capabilities and help propel the company’s market entry.
        
  • First-of-its-kind tasting event with Israeli anchor investors: In March, MeaTech hosted a tasting event at the company’s headquarters with its Israeli anchor investors, including prominent food industry investors. Guests toured the labs and R&D facilities, observed the company’s 3D printing capabilities, and tasted hybrid chicken nuggets made with plant protein combined with cultured chicken developed by Peace of Meat.
        
  • Breakthrough in 3D bioprinting capabilities: In May, MeaTech announced the development of a unique, multi-nozzle 3D bioprinting system for industrial scale production of complex cultured meat products without impacting cell viability. The company plans to offer the technology to third parties via a wholly owned private MeaTech subsidiary as an additional revenue stream and to accelerate commercialization.
        
  • Strategic agreement between Peace of Meat and ENOUGH: In May, Peace of Meat signed a strategic agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient, to accelerate commercialization. This innovative initiative is expected to create game-changing hybrid alternative meat products that better resemble the flavor, aroma, texture, and even nutritional value of conventional meat.
        
  • MeaTech joins the United Nations Global Compact: In May, the company joined the UN Global Compact initiative, committing to ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption and to act in support of UN goals and issues embodied in the UN’s Sustainable Development Goals (SDGs).

Unaudited Condensed Consolidated Interim Information on the Financial Position




As of
March 31

As of
March 31

As of
December 31



2022

2021

2021



USD
thousands

USD
thousands

USD
thousands

Current assets




















Cash and cash equivalents

15,257


35,971


19,176

Other investment

151


144


154

Receivables and prepaid expenses

1,513


391


2,782

Total current assets

16,921


36,506


22,112















Non-current assets


























Restricted deposits

415


50


405

Other investment

1,333


1,259


1,355

Right-of-use asset

4,050


294


407

Intangible assets

13,196


9,805


13,453

Fixed assets, net

4,183


1,797


2,922















Total non-current assets

23,177


13,205


18,542















Total Assets

40,098


49,711


40,654















Current liabilities


























Trade payables

746


1,357


382

Other payables

2,628


1,419


2,239

Current maturities of lease liabilities

488


207


165















Total current liabilities

3,862


2,983


2,786















Non-current liabilities


























Long-term lease liabilities

3,595


96


246















Total non-current liabilities

3,595


96


246















Equity


























Share capital and premium on shares

70,059


67,243


69,610

Capital reserves

4,026


2,004


3,708

Currency translation differences reserve

515


(8)


1,275

Accumulated deficit

(41,959)


(22,607)


(36,971)















Total Equity

32,641


46,632


37,622

Total liabilities and Equity

40,098


49,711


40,654

Unaudited Condensed Consolidated Interim Information on Comprehensive Income



3-month

period ended

March 31,

3-month

period ended

March 31,

Year ended

December 31,


2022

2021

2021


USD thousands,

except share data

USD thousands,

except share data

USD thousands,

except share data










Research and development expenses

2,142


1,126


7,594

Marketing expenses

1,051


320


1,628

General and administrative expenses

2,118


2,760


8,010













Operating loss

5,311


4,206


17,232













Financing expenses (income), net

(323)


(548)


790













Loss for the period

4,988


3,658


18,022













Currency translation differences loss (income) that might be
transferred to profit or loss over ILS

515


551


(1,942)

Currency translation differences loss that might be transferred to
profit or loss over EUR

245


237


1,447













Total comprehensive loss for the period

5,748


4,446


17,527













Loss per ordinary share, no par value (USD)
























Basic and diluted loss per share (USD)

0.040


0.040


0.155













Weighted-average number of shares outstanding – basic and
diluted (shares)

126,235,376


90,346,518


115,954,501

Unaudited Condensed Consolidated Interim Information on Changes in Equity (Deficit)



Share and capital
premium

Fair value
of
financial assets
reserve

Transactions
with related
parties reserve

Currency
translation
differences
reserve

Share-based
payments
reserve

Accumulated
deficit

Total


USD thousands






















Balance as of January 1, 2022

69,610


(334)


14


1,275


4,028


(36,971)


37,622





























Share-based payments

–


–


–


–


714


–


714

Exercise of options

449














(396)






53

Other comprehensive (loss)

–


–


–


(760)


–


–


(760)

Loss for the period

–


–


–


–


–


(4,988)


(4,988)





























Balance as of March 31, 2022

70,059


(334)


14


515


4,346


(41,959)


32,641





























Balance as of January 1, 2021

30,481


(334)


14


780


3,639


(18,949)


15,631





























Share-Based Payment

–


–


–


–


1,879


–


1,879

Issuance of shares and warrants, net

30,357


–


–


–


–


–


30,357

Exercise of options

6,405














(3,194)






3,211

Other comprehensive (loss)





–


–


(788)


–


–


(788)

Loss for the period

–


–


–


–


–


(3,658)


(3,658)





























Balance as of March 31, 2021

67,243


(334)


14


(8)


2,324


(22,607)


46,632





























Balance as of January 1, 2021

30,481


(334)


14


780


(3,639)


(18,949)


15,631





























Share-based payments

–


–


–


–


3,965


–


3,965

Issuance of shares and warrants, net

32,330






















32,330

Exercise of options

6,799


–


–


–


(3,576)


–


3,223

Other comprehensive income



–


–


–


495


–


–


495

Loss for the period

–


–


–


–


–


(18,022)


(18,022)





























Balance as of December 31, 2021

69,610


(334)


14


1,275


4,028


(36,971)


37,622

Unaudited Condensed Consolidated Interim Information on Cash Flows



Three months
ended March 31,
2022

Three months
ended March 31,
2021

Year ended
December 31,
2021


USD thousands

USD thousands

USD thousands

Cash flows – operating activities








Net Loss for the period

(4,988)


(3,658)


(18,022)













Adjustments:











Depreciation and amortization

382


109


680

Change in fair value of derivative

–


(304)


(316)

Change in fair value of other investment

(44)


(74)


(193)

Changes in net foreign exchange expenses

(340)


(174)


1,279

Share-based payment expenses

714


1,879


3,965













Changes in asset and liability items:











Decrease (increase) in receivables and prepaid expenses

1,203


(50)


(2,351)

Increase (decrease) in trade payables

(382)


736


(97)

Increase in other payables

615


336


1,095

Net cash (used in) operating activities

(2,840)


(1,200)


(13,960)













Cash flows – investment activities











Acquisition of fixed assets

(800)


(219)


(1,828)

Increase of restricted deposit

(19)


–


(337)

Loan provided

–


(367)


(367)

Acquisition of subsidiary, net of cash acquired

(188)


(4,848)


(6,808)













Net cash used in investing activities

(1,007)


(5,434)


(9,340)













Cash flows – financing activities











Proceeds from issuance of shares and warrants

–


29,281


29,281

Issuance costs

–


(3,283)


(3,283)

Repayment of liability for lease

(118)


(58)


(346)

Proceeds on account of other investment

38


37


149

Proceeds from exercise of share options

53


3,211


3,222













Net cash provided by (used in) financing activities

(27)


29,188


29,023













Increase (decrease) in cash and cash equivalents

(3,874)


22,554


5,723

Effect of exchange differences on cash and cash equivalents

(45)


(137)


(103)

Cash and cash equivalents at the beginning of the period:

19,176


13,556


13,556













Cash and cash equivalents at end of period

15,257


35,973


19,176













Noncash activities











Purchase of fixed assets

756


222


57

Issue of shares and options against intangible asset

–


4,359


6,332

About MeaTech

MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat revolution. The company initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings. 

MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.     

For more information, please visit: https://meatech3d.com
 

Forward-Looking Statements 

This press release contains forward-looking statements concerning MeaTech’s business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’s business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’s current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’s expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’s research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’s ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’s forward-looking information and statements proves incorrect, then MeaTech’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law. 

SOURCE MeaTech 3D Ltd.

Posted on

Your Funds: Focus on tomorrow’s goals, not today’s financial pains | Business News

Your Funds: Focus on tomorrow’s goals, not today’s financial pains | Business News

If you wanted to justify any investment decision moves your head is contemplating ideal now, you had no dilemma getting confirmations and explanations for almost almost everything at the Morningstar Expense Conference earlier this month.

Among the messages that may have sent your head spinning at the venerable expenditure forum, which has been bringing investment professionals (and me as well) to Chicago since the mid-1990s, had been these chestnuts:

“Buy only domestic corporations.” “Focus completely on mega-caps.” “Don’t participate in all over with your portfolio right now stand pat.” “Bond yields are up and bonds are a secure haven all over again.” “Put a slug of your portfolio in cryptocurrency.” “Use dividend-having to pay shares — relatively than bonds — to generate cash flow.” “Dividends are desirable in the U.S.” “The best bargains in the environment are in international markets.” “The rally in little-cap stocks is about to commence.” “Bonds can’t continue to keep rate with inflation, they are dangerous now.” “Dividends are a lot more desirable in rising marketplaces.” “This is a great time to do housekeeping on your portfolio.“ “Cryptocurrency is not a authentic asset.

Men and women are also reading…

Every single pro statement seemingly experienced an equal and reverse counter.

It felt like the previous British comedy sketch about investing in the time of the great financial crisis, which was summed up this way: “Market members really don’t know no matter if to invest in on the rumor and provide on the information, do the opposite, do each or do neither based on which way the wind is blowing.”

There was a concept hidden amidst these audio bites at Morningstar, nonetheless, and it goes like this:

You are not on the lookout for “the just one ideal way to spend,” you are as a substitute trying to locate the way that’s correct for you.

“Right for you” has lots of permutations and problems. It typically — but not always — avoids the excesses, as you must stay with and accept the results and the effects of your choices.

But it plays out in really sensible ways at an occasion like Morningstar.

If foreign marketplaces make you nervous, for instance, there was David Giroux, supervisor of the T. Rowe Selling price Funds Appreciation (whole disclosure: I am a longtime trader in the fund), expressing there’s no price to owning worldwide stocks, investing in rising marketplaces and owning nearly anything but investing in U.S. equities.

He designed a potent case, noting that multinational firms headquartered in America however get a large chunk of their revenues from international operations and sales he prefers to get his international publicity that way, and an “America-Overseas strategy” of shopping for U.S. shares with huge overseas operating units has lengthy been a well known solution.

But David Lubchenco of the Chautauqua Global Progress Fund — in one particular of numerous interviews from the meeting that aired on my podcast “Money Everyday living with Chuck Jaffe” — countered that investors have a good deal of rationale to place income to perform internationally, most notably that the diversification gains of investing globally are readily evident, particularly in troubling moments like now.

A easy comparison of domestic indexes with world-wide indexes that exclude domestic shares shows that markets do the job in cycles. Lubchenco says that when domestic shares have led the way for the very last 10 years, he does not believe that they are most likely to direct for the coming 10 many years.

There is also the straightforward attraction of “owning the most effective [companies/bargains/values] in the globe.”

Each other argument I listened to at the convention could be aspect of a related two-sided conversation, with followers and detractors.

What I heard from people equally in attendance at the Morningstar convention and from the viewers to my display is, “Who’s appropriate?”

Eventually, we won’t know that for decades, and that winner will depend on how we are deciding the contest. (Ideal complete functionality? Most steady returns? Greatest effects modified for dangers taken? Did you access your aims pursuing the strategy?)

Relatively than browsing for the winner, glimpse as an alternative for the appropriate system for you, the one that lets you sleep at evening assured that you are effectively invested, ride out current gatherings and conditions, and has a large diploma of likelihood that you attain your fiscal objectives.

It is possibly not heading to be an all-or-practically nothing tactic, but it also doesn’t have to be a kitchen area-sink, individual-every little thing diversification deal.

I still left Morningstar’s expense conference this 12 months wondering how recent financial situations and the innumerable expenditure strategies introduced there — but also in the day to day economical media ideal now — could depart investors susceptible to earning moves based on what is occurring now without the need of regard for how it could influence their lengthy-phrase effects.

The concept behind investing isn’t to stay away from today’s pains so considerably as to achieve tomorrow’s plans.

If the headlines and your account statements are unnerving, give a great assumed as to how you might alter your portfolio, your investments and your attitude.

Don’t forget that there will be someone on the other side of your trades, and that they disagree with you (or they wouldn’t be acquiring what you market or advertising what you are heading for). If it feels like issues are spinning, gradual down do not be scared to do almost nothing until finally the feeling passes.

Stress less about the number on the account statements and extra about obtaining a strategy that you can are living with as it carries you previous the purpose line. Your approach is the suitable just one, so long as it will get you there.

Chuck Jaffe is a nationally syndicated money columnist and the host of “Money Existence With Chuck Jaffe.” You can get to him at itschuckjaffe@gmail.com and tune in at moneylifeshow.com.