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  • Federal funds earmarked for cybersecurity

    Federal funds earmarked for cybersecurity

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    BOSTON — The Healey administration is making millions of dollars in federal funding available to cities and towns to harden their computer systems against hacks and attacks by cyber criminals.

    The Municipal Local Cybersecurity Grant Program has $7.2 million available cities and towns, regional school districts and other local governments. Applicants can request up to $100,000 in funding, while multiple municipalities may jointly apply for up to $300,000, officials said.

    Another $1.8 million is available through the State Share Cybersecurity Grant Program with local governments able to request up to $100,000 in federal funding.

    Overall, $9.1 million is available for the competitive grants, and applications will be accepted on a rolling basis until March 8, the agency said.

    Gov. Maura Healey said the federal funding will provide state and local agencies “with resources to effectively respond to and recover from a cyber-incident.”

    “Cybersecurity threats continue to increase in sophistication and frequency. In this ever-changing digital world, we must implement smart cybersecurity strategies and adapt our systems to meet the moment,” she said in a statement.

    The federal dollars will be provided through the State and Local Cybersecurity Grant program, which is overseen by the federal Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency and the Federal Emergency Management Agency.

    Terrence Reidy, secretary of the state Executive Office of Public Safety and Security, said the state’s embrace of advanced technology “has vastly improved the government’s ability to deliver more effective and efficient services” but has also “exposed our operational systems and sensitive data to significant risk.”

    “I encourage eligible entities to pursue this funding opportunity and strengthen our collective defense against evolving digital threats,” he said in a statement.

    Massachusetts cities and towns are under constant threat from hackers probing for weaknesses in computer systems, intent on stealing money and personal information, and cybersecurity experts say the attacks are getting worse.

    Attacks range from malware, ransomware and email phishing scams, to old-fashioned cons using the internet to trick people.

    Many perpetrators operate from overseas, with ties to rogue nations and criminal gangs, making it hard to catch them.

    The FBI’s Internet Crime Complaint Center logged 800,944 suspected internet crimes last year. Reported losses exceeded $10.2 billion.

    Topping the list of crimes were “phishing” scams, nonpayment/non-delivery scams and internet-based extortion, the agency said.

    There were 7,805 victims of cybercrimes in Massachusetts last year, with losses topping $226 million. Many of those victims were elderly, the FBI said.

    Cities and towns have been facing an uptick in ransomware, which involves hackers encrypting a local government or school’s networks until a ransom is paid.

    A 2023 report by the firm Sophos found that nearly seven in 10 IT leaders at local and state governments said they have faced ransomware attacks in the last year. Most of those attacks started either through unpatched systems or stolen passwords, the report’s authors noted.

    “In every conversation I have with a municipal leader, cybersecurity is a top concern, but they either do not have the dedicated personnel or funding to implement the most impactful best practices,” Jason Snyder, secretary of the Office of Technology Services and Security, said in a statement.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com

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    By Christian M. Wade | Statehouse Reporter

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  • Yellow Files for Bankruptcy. The Stock Is Down After Quadrupling.

    Yellow Files for Bankruptcy. The Stock Is Down After Quadrupling.

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    Yellow


    one of the country’s largest and oldest trucking companies, has filed for bankruptcy amid mounting debt and a labor dispute with the Teamsters union.

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  • Earnings have beaten Wall Street estimates by more than usual in 2nd quarter, but 3rd quarter isn’t looking great

    Earnings have beaten Wall Street estimates by more than usual in 2nd quarter, but 3rd quarter isn’t looking great

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    Online retail giant Amazon.com Inc.’s
    AMZN,
    +8.27%

    second-quarter results and third-quarter forecast sales last week were a bet that more consumers would start buying more things, but Wall Street’s expectations for the third quarter overall have only grown dimmer.

    With most of the 500 companies that make up the S&P 500 Index
    SPX
    already through the second-quarter earnings reporting season, slightly more than normal have reported per-share profit that beat Wall Street’s estimates, according to FactSet.

    For the third quarter though, analysts now expect a mere 0.2% increase in per-share profit growth overall, according to a FactSet report on Friday, or slightly lower than the 0.4% growth that was expected for the third quarter on June 30,

    And with some two months still left in the third quarter, and with that forecast likely to come down as the period progresses, Wall Street’s profit expectations are getting ever closer to turning negative.

    Wall Street analysts overall still expect a bigger rebound for the fourth quarter, the FactSet report said. And they expect 2023 overall to eke out a per-share profit gain of 0.8%.

    Worries of a U.S. recession emerging at some point during the back half of this year have started to fade at least a little after many economists fixated on the possibility earlier this year when the Federal Reserve was raising interest rates to combat a jump in inflation in 2022 . Some analysts now say savings fatigue could prompt more shoppers to splurge this year, after relentlessly tightening their budgets due to rising prices.

    Federal Reserve Chair Jerome Powell last month said policymakers at the central bank had also shucked off their worries of a downturn.

    See: Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference

    “The staff now has a noticeable slowdown in growth starting later this year in the forecast. But given the resilience of the economy recently, they are no longer forecasting a recession,” he said last month.

    Not everyone is convinced that a downturn has vanished from the horizon though. Sheraz Mian, director of research at Zacks, told MarketWatch last month that more bearish analysts had kept pushing out their recession forecasts, after being defied by the actual, and more positive, economic data. Some economists continue to push out those forecasts.

    “We still expect a recession, but now we are looking for it to begin in Q1 2024 rather than Q3 2023,” Thomas Simons, U.S. economist at Jefferies, said in a research note on Friday.

    He said that interest rate hikes from the Federal Reserve were only just starting to affect customer behavior. Households were trying to rebuild their savings, after spending through whatever they had built up during the pandemic. Student-loan payments were returning, he said, and corporate margins were thinning.

    “Corporate profit margins are narrowing, and businesses will look to cut costs through layoffs,” he said.

    This week in earnings

    Among S&P 500 index companies, 34 report results during the week ahead, including one from the Dow Jones Industrial Average, according to FactSet.

    Results from Walt Disney Co.
    DIS,
    +0.95%

    will likely gobble up more media attention, but earnings from Paramount Global Inc
    PARA,
    +3.58%

    — which oversees CBS, Showtime, Comedy Central and other channels — will offer more detail about how studios are positioning themselves with Hollywood actors on strike. Lions Gate Entertainment Corp.
    LGF.A,
    -2.44%

    also reports.

    Results from Tyson Foods Inc.
    TSN,
    +0.34%

    will give investors and customers a brief look at the state of the grocery aisle where higher food prices over the past year have strained spending on other things. Beyond Meat Inc.
    BYND,
    -1.38%
    ,
    which also reports during the week, will be hoping new product launches of plant-based meat-like alternatives can overtake analyst skepticism, amid competition with fake meat and real meat alike.

    Elsewhere, ride-hailing platform Lyft Inc.
    LYFT,
    -5.73%
    ,
    online dating service Bumble Inc.
    BMBL,
    -3.86%

    and video-game maker Take-Two Interactive Software Inc.
    TTWO,
    -2.45%

    also report during the week. And Canadian pot producer Canopy Growth Corp.
    CGC,
    -3.47%

    will get another chance to pick up the pieces, after over-expanding and now trying to hold onto its cash.

    The call to put on your calendar

    Disney drama: One way or another, people on both coasts are mad at Disney
    DIS,
    +0.95%

    Chief Executive Bob Iger right now, as his company prepares to report quarterly results on Wednesday. Shares of Disney are down slightly this year. The company is currently fighting with Florida Gov. Ron DeSantis, who is trying to stamp out Disney World’s self-governing privileges after the company criticized the state’s restrictions on classroom discussion of gender identity. When Iger accused striking actors and writers in Hollywood of not being “realistic,” the actors and writers shot back, noting his hefty executive compensation plan.

    While the friction in Florida hasn’t hurt Disney’s parks attendance, the Hollywood shutdown has threatened Disney’s massive film and TV show operations, as Disney+ subscribers fall and investors more aggressively seek profits from studios’ streaming operations. Elsewhere, Rich Greenfield, an analyst at LightShed Partners, said “Pixar and Disney Animation have not had a breakout hit that impacted children’s play patterns and both Marvel and Lucasfilm feel increasingly tired from overuse.”

    The sense is growing that more time is needed for Iger to fix Disney’s problems. On Wednesday, analysts may get a deeper sense of how much more, with the chance of more drama between Disney and its home state and the writers and actors the company depends on.

    The number to watch

    UPS and the Teamsters deal: United Parcel Service Inc. reports quarterly results on Tuesday, as rank-and-file Teamsters vote on a tentative labor agreement struck with the package deliverer in an effort to avert a strike. The deal, if approved, would raise worker pay and give the economy and businesses a breather, after threats of strikes or work stoppages at the nation’s ports and railways were averted over the past year.

    Local Teamsters unions have voted overwhelmingly to at least endorse the agreement, between UPS
    UPS,
    -0.31%

    and the Teamsters union, which represents 340,000 UPS workers, but not everyone was happy with the deal. Some part-timers felt the Teamsters could have used their leverage to wrest more from UPS, following a profit windfall at the company. And investors have held out for more detail from UPS executives themselves on what the deal might mean for the bottom line and for shipping prices.

    Analysts will be dissecting the impact of the agreement as shipping demand lags, trucking company Yellow Corp.
    YELL,
    -0.83%

    reportedly shuts down and FedEx Corp.
    FDX,
    -0.20%

    tries to slash costs.

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  • Debt-ridden trucking giant Yellow reportedly shuts down

    Debt-ridden trucking giant Yellow reportedly shuts down

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    Yellow Corp., one of the largest trucking companies in the country, shut down Sunday as it prepares to file for bankruptcy, the Wall Street Journal reported.

    According to the Journal, Yellow
    YELL,
    +24.02%

    alerted employees and customers Sunday that it would cease all operations by midday. The move does not come as a big surprise — Yellow has seen customers flee in recent years and a bankruptcy filing has been widely expected, with liquidation likely to follow.

    Yellow did not reply to a request for confirmation or comment.

    Yellow’s collapse imperils the jobs of about 30,000 people, including about 20,000 Teamsters, according to the Journal. Many of the company’s non-union workers were reportedly laid off Friday.

    Yellow and the Teamsters last week were able to avert a strike. In June, management sued the union, claiming it was unnecessarily blocking restructuring plans, a charge the union denied while blaming poor management.

    In 2020, Yellow received a $700 million loan from the government to stay afloat during the pandemic, but has repaid only about $230 million, government documents show. Overall, the company reportedly has about $1.5 billion in debt.

    According to the Journal, Yellow’s closure should not cause many disruptions for customers, as most shifted their cargo shipment to rival companies in recent weeks.

    Yellow shares have sunk 72% year to date, and have collapsed 85% over the past 12 months.

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  • WSJ News Exclusive | Trucker Yellow Prepares to File for Bankruptcy as Customers Flee

    WSJ News Exclusive | Trucker Yellow Prepares to File for Bankruptcy as Customers Flee

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    Trucker Yellow Prepares to File for Bankruptcy as Customers Flee

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  • Parenting 101: Preparing for a summer vacation

    Parenting 101: Preparing for a summer vacation

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    A lot of us moms and dads are preparing for a family vacation, and the whole process of preparing for a big getaway can be daunting. First things first: make a list. You’ll want a packing list for carry-on stuff or the car ride (depending on your mode of transportation), a packing list for suitcases, and a shopping list. Having a list will help to ensure that you don’t forget anything. Some suggestions for your in-transit bag:

    – Chargers

    – Colouring books, crayons and other basic art supplies (stamp pads, stickers, and more)

    – Journals and blank paper

    – Fun books like Where’s Waldo, nature or learning books, or activity/art books – get loads of ideas for great kids’ reads, plus activities to go along with those books, in our Little Readers blog section.

    – Healthy snacks and water (from here or here)

    – Folder for travel docs, brochures, print-outs of reservations, etc.

    Try and stay organized as much as possible. Organization is key to a successful family vacation (especially road trips). Having an organized car, as well as well-planned-out luggage, will make the entire process all the smoother.

    Group “like” items together to make packing (and living out of a suitcase) all the easier. This means keeping toiletries together, swimming stuff (bathing suits, towels and pool toys), shoes and outdoor gear, medication, your jewellery and accessories, and so on. Smaller clear cases or bags work well for smaller items, while more durable reuseable bags like these are ideal for the bigger stuff.

    Use labels to keep everyone organized. That way, everyone knows where to get their clothes and other necessities, as well as where to put things like dirty clothes.

    Come up with a schedule for your travel days, and discuss it as a family so there are no unexpected surprises on the day of. If it’s going to be a longer day of travelling, consider having a few “markers” along the way where you’ll celebrate or do something fun/special/different (each hour of a car ride, or during a layover).

    Happy and safe travels!

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  • 5 Steps To Source The Best Real Estate Investment Deals

    5 Steps To Source The Best Real Estate Investment Deals

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    In a real estate market that is always changing, where do you find the best deals? With today’s digital connectivity and social influencer trends, it may seem that online is the place to begin. A quick search could lead to web listings or services which depict a few properties in your area.

    However, in my experience, I’ve found that in the commercial real estate world, many options are not readily in the public eye. In addition, finding a great investment property typically involves several viewings or more. If you only tour one place, you won’t have others that can be used for comparison. Seeing only a limited number of properties could lead to risks such as overpaying or missing details in a building which set it apart from the competition.

    When new investors ask me for advice on sourcing deals, I always share that it truly is a numbers game. In my experience as an investor, I’ve sometimes looked at dozens—or even hundreds—of opportunities before buying one. Following this process means you need to have a great pipeline in place. If you have a system, you’ll be able to monitor deals over time and spot the gems. Let’s break down this approach into steps you can follow as you build your own real estate portfolio.

    Step 1: Establish A Pipeline Tracker

    You’ll want a place where you can store information about properties. You might start this in Excel or another database system. For each possibility, include the address of the place, a link to the property, contact information for the listing broker or owner, and the deal metrics. Add in details that allow you to quickly analyze and decide if a property is within your range.

    Step 2: Check Publicly Available Options

    Look for online listing sites—you’ll find places like Co-Star, LoopNet, and many others that typically post what brokers send them. Keep in mind that what you view are the opportunities brokers decide to publicly share with the masses. The best deals might not be readily available to wide audiences—and you won’t be able to catch a glimpse of the opportunities that are off market on these sites.

    You can also search broker websites; start by identifying who the most active investment sales brokers are in your area. In some secondary and tertiary markets, you may find that brokers act as generalists. For instance, a sales broker might also offer services as a leasing broker. Add whatever you find in these places to your pipeline tracker.

    Step 3: Build Relationships With Brokers

    After you find the names of the active brokers in your area, call them up. Ask to meet and get to know them, and share any information with them that could be helpful. As you build a relationship, they may tell you what they have in their own pipeline. Forming these connections could take time, especially if you are a new investor, but they are worthwhile in the long-term.

    Step 4: Canvas The Area

    There’s really no substitute for getting out and walking around a neighborhood or driving through a sector you are considering. I recently carried out an online search for retail properties in Connecticut, and only found a couple that were publicly listed. When I drove through the area, I discovered multiple retail properties with “for sale” signs in front of them. I also spotted some interesting places with potential that were offered for lease and had vacancies. All of these could be entered into my pipeline as potential targets.

    Step 5: Identify Vacant Or Mismanaged Properties

    Here’s another time when you’ll want to do some research and then make a call. If you see a property that’s sitting and seems inactive, find out why. Check data providers like Reonomy to get information about the property and owner. Then reach out to the owner and ask if they have plans for the place.

    Once you’ve carried out these initial steps, you’ll have the beginnings of a pipeline you can use as a resource. Remember that the most important part of finding a great deal lies in the follow through. Sometimes the best opportunities are those that have been sitting on the market—or off the market—for months. If you circle back to them, you may discover that the seller’s motivation has changed, especially in this market. They might lower their price or be willing to change their terms. You could then move forward and acquire an incredible property. Over time, the pipeline can become an invaluable tool to help you build your portfolio and realize your investing goals.

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    James Nelson, Contributor

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