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March 4, 2025

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The Best Five Sectors, #9

Sector Rotation: Financials Climb as Consumer Discretionary Slips

While the players in the top five sectors have remained the same, we can see some movement in their relative positions. Communication services continue to lead the pack, but financials have climbed to second, nudging consumer discretionary down to third. Technology and utilities are holding steady at fourth and fifth, respectively.

In the bottom half of the ranking, consumer staples has overtaken industrials, claiming sixth place. The remaining positions, from eight to eleven, have stayed the same.

  1. (1) Communication Services – (XLC)
  2. (3) Financials – (XLF)*
  3. (2) Consumer Discretionary – (XLY)*
  4. (4) Technology – (XLK)
  5. (5) Utilities – (XLU)
  6. (7) Consumer Staples – (XLP)*
  7. (6) Industrials – (XLI)*
  8. (8) Energy – (XLR)
  9. (9) Real-Estate – (XLRE)
  10. (10) Healthcare – (XLV)
  11. (11) Materials – (XLB)

Weekly RRG

This week’s observations on weekly sector rotation:

  • Communication services remain the lone wolf in the leading quadrant, with its recent node pointing back up — a positive sign for its continued dominance.
  • Financials are on the cusp of re-entering the leading quadrant, showing an apparent turnaround.
  • Consumer discretionary (XLY) is in the weakening quadrant but still has the highest RS-Ratio reading, potentially giving it ample room to reverse course.
  • Technology has retreated to the lagging quadrant — not a great look, imho.
  • While also in the lagging quadrant, Utilities shows a strong RRG heading and is close to moving into the improving quadrant.

Daily RRG

Switching to the daily RRG, we get some additional context for these rankings:

  • Communication services is in the weakening quadrant with a negative heading, but its tail is short and its RS-Ratio remains strong.
  • Financials is also in the weakening quadrant but starting to curl back up — it’ll be a close call whether it moves through lagging or not.
  • Consumer discretionary is deep in the lagging quadrant, with the weakest RS-Ratio reading on the daily chart.
  • Technology is in the leading quadrant but losing relative momentum.
  • Utilities show strength in the leading quadrant, moving higher on the RS-Ratio scale.

Notably, consumer staples are making waves on the daily chart, with a strong move into the leading quadrant.

Spotlight on the Top Five

Let’s get back into the trenches and look at the individual charts for our top performers:

Communication Services – XLC

The sector is maintaining its rhythm of higher highs and higher lows, though there’s been some near-term deterioration. The old resistance line is now acting as support — a level to watch in the coming week.

Relative strength remains robust, with the raw RS line trending higher and the RS-Ratio confirming this upward movement. The RS-Momentum line appears to be bottoming around the 100 level, which could signal a potential turnaround.

Financials – XLF

Financials had a stellar week, closing at the top of its range and flirting with all-time highs. The raw RS line has already broken to new highs, and both RRG lines are turning upward. This sector is well-positioned to claim the top spot in the coming weeks potentially.

Consumer Discretionary – XLY

Things are looking a bit dicey for consumer discretionary. We’ve broken below the previous low, establishing a series of lower highs and lower lows. Support levels just below 210 and around 200 are now critical. The RS line has stalled and is moving lower, dragging both RRG lines down.

This sector must hold current price levels and reverse its relative strength decline to maintain its top-five status.

Technology – XLK

Technology is in a similar boat to consumer discretionary. It’s approaching a double support area around 220, with a rising support line and horizontal support from previous lows. The RS line is rolling over and breaking down — if it breaches the lower boundary of its range, we could see more relative downside. Both RRG lines have topped out and are moving below 100, creating that negative heading on the RRG.

Utilities – XLU

Utilities are bucking the trend of technology and consumer discretionary. It’s slowly but surely continuing its upward trajectory, maintaining that series of higher highs and higher lows. While still range-bound, the relative strength chart is starting to trend higher, pushing both RRG lines upward. It’s still in the lagging quadrant, with both RRG lines below 100, but the heading is strong.

Portfolio Performance Update

Unfortunately, we’ve lost the outperformance that was built up over the last few weeks. We’re now neck-and-neck with the benchmark—the RRG portfolio has gained 1.62% since inception, while the SPY has gained 1.68% over the same period.

#StayAlert, –Julius

DP Trading Room: Bitcoin Surges!

The news is that the United States will have a Cryptocurrency reserve. How this will occur is still murky, but Bitcoin surged on the news. Carl and Erin give you their opinion on Bitcoin’s chart setup and possible future movement.

Carl opens the trading room with a review of the DP Signal Tables which are showing new deterioration. The Bias Table shows numerous Bearish Biases.

The market overview was next up with a complete review of the SPY under the hood as well as coverage of Bitcoin, the Dollar, Gold, Gold Miners, Bonds, Yields and Crude Oil. Carl even looked at the Silver chart.

As always Carl walked us through the Magnificent Seven daily and weekly charts. There are plenty of bearish configurations.

After questions, Erin was up sharing her thoughts on Sector Rotation. Defensive sectors are still leading the pack while Technology and other aggressive groups look bearish despite Friday’s rally. Erin dove into the under the hood chart of Technology.

Erin finished the trading room going over viewer requests including SMCI and PFE.

01:30 DP Signal Tables

04:59 Market Overview

10:30 Bitcoin

12:00 Market Overview (continued)

15:45 Magnificent Seven

21:30 Questions (including Bonds and Gold long-term)

31:26 Sector Rotation

41:19 Symbol Requests

Find our video replays on our YouTube channel at @DPAlert. Click on the “Videos” link to get the most up to date trading room and DP Alert videos.

Join us live in the trading room live on Mondays at Noon ET by registering ONCE here: https://zoom.us/webinar/register/WN_D6iAp-C1S6SebVpQIYcC6g#/registration

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The DP Alert: Your First Stop to a Great Trade!

Before you trade any stock or ETF, you need to know the trend and condition of the market. The DP Alert gives you all you need to know with an executive summary of the market’s current trend and condition. It not only covers the market! We look at Bitcoin, Yields, Bonds, Gold, the Dollar, Gold Miners and Crude Oil! Only $50/month! Or, use our free trial to try it out for two weeks using coupon code: DPTRIAL2. Click HERE to subscribe NOW!

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Successful Completion of Placement to Accelerate Clinical Programs

Invion Limited (ASX: IVX) (“Invion” or the “Company”) is pleased to announce that it has successfully completed a new share placement (Placement) to raise $2.0 million to advance research and development in Photosoft as a potential treatment for a range of cancers.

Highlights:

  • Invion raises $2M via a share placement with the new shares priced at $0.14, a 2.5% premium to the 30-day VWAP and nil discount to last closing price
  • Investors in the placement will also receive one unquoted three-year option (exercise price of $0.28) for every new share
  • Proceeds from the placement will be used to:
    • Recruit from a second site for Invion’s Phase I/II skin cancer trial
    • Initiate a Phase I/II anogenital trial with the Peter MacCallum Cancer Centre
    • Fund general working capital
  • A successful outcome in the anogenital trial may enable orphan drug designation in the US to fast-track trials in the rare disease indication(s)
  • Multiple milestones on the horizon, including:
    • Results from the skin cancer trial
    • Initiation & progress on the anogenital trial
    • Updates on the glioblastoma, oesophageal cancer and HPV studies that are fully funded by Invion’s partners

The offer price for the new shares of $0.14 per share represents a 2.5% premium to the 30-day volume-weighted average price (VWAP) and a zero discount to its last closing price before the Placement announcement on 27 February 2025.

The lead manager for the Placement, Blue Ocean Equities (Lead Manager), received strong demand for the Placement, which was originally seeking to raise $1.5 million from sophisticated investors.

The Placement will comprise of two tranches:

  • Tranche 2: Placement of the balance of shares, conditional on the Company obtaining shareholder approval at the Extraordinary General Meeting (EGM) expected to be held in April 2025.

Investors in the placement will receive one unquoted attaching option for each new share with an exercise price of $0.28 and will expire three years from issue, subject to shareholder approval at the EGM.

The Lead Manager is to receive a capital raising fee of 6% on the proceeds of the Placement and will also receive a tranche of options to an equivalent value of approximately $80,000 using a Black Scholes options pricing formula with the following inputs:

  • Exercise price – each option will have an exercise price which is a 50% premium to the 15-day VWAP calculation as at the date of the placement.
  • Expiry – the options will expire 2 years from the date of issuance.
  • Volatility rate – 100%.
  • Risk Free Rate – 5%.

The Company will lodge an appendix 3B with the ASX with these details as soon as the number of options has been calculated. These issue of these options is subject to the approval of shareholders at the EGM.

Use of Proceeds from the Placement

Proceeds from the raise will be used to recruit from a second clinical site for Invion’s Phase I/II non-melanoma skin cancer (NMSC) trial, initiate a Phase I/II anogenital trial with the Peter MacCallum Cancer Centre (Peter Mac) and for general working capital.

Invion plans to leverage the safety data from the NMSC trial to accelerate a pathway to the anogenital trial as both trials are using the same topical formulation of INV043. Anogenital cancers include penile, vulva and anal cancers, which are rare diseases.

A successful outcome in the anogenital trial may enable orphan drug designation with the U.S. Food & Drug Administration (FDA). The granting of an orphan drug designation will give Invion a faster and more cost-effective path to commercialise Photosoft for the treatment of the rare disease(s) in question.

Thian Chew, Invion’s Executive Chair and CEO, commented:

“We are delighted to welcome new shareholders to Invion via the Placement, many of whom are sophisticated investors in the biotech space that are supporting the Company after reviewing our achievements and the multiple milestones in our horizon.

“In addition to the skin and anogenital cancer trials, these milestones also include updates on the glioblastoma, oesophageal cancer and human papilloma virus studies that are fully funded by our partners.”

This announcement was approved for release by Invion’s Board of Directors.

Click here for the full ASX Release

This post appeared first on investingnews.com

Hempalta Corp. Announces Financial Results for Three Months Ended December 31, 2024

AgTech Company accelerates strategic focus on Industrial Hemp Carbon Credits business

Hempalta Corp. (TSXV: HEMP) (‘Hempalta’ or the ‘Company’) has released its financial results for the three months ended December 31, 2024. The Company’s unaudited interim condensed consolidated financial statements (the ‘Financial Statements’) and related management’s discussion and analysis (the ‘MD&A’) for the three-month period are available on www.sedarplus.ca.

Financial Results

As Hempalta sharpens its focus on the high-growth carbon credit market, the Company experienced a transition period in its financials during the last quarter.

  • Cost of Sales for the three months ended December 31, 2024 decreased 38% to $84,162, compared to the same period in 2023, primarily due to lower production volumes and cost efficiencies as the Company streamlined its operations to align with its carbon credit focus.

  • Net Loss for the three months ended December 31, 2024 was $432,281 ($0.00 per share), a 13% improvement over the same period in 2023, reflecting disciplined cost management and a one-time gain on debt settlement.

  • General & Administrative Expenses for the three months ended December 31, 2024 increased 79% year over year, primarily due to transaction fees associated with acquiring the remaining 49.9% interest in Hemp Carbon Standard Inc. (‘HCS‘), as well as lower expense allocations to cost of goods sold due to decreased production activity.

Financial Position & Shareholder Support

As of December 31, 2024, Hempalta had $182,768 in cash and $287,726 in working capital.

While the Company completes its planned focus on HCS over the balance of the second quarter, major shareholders Darren Bondar and Prairie Merchant Corporation (the ‘Lenders‘) have extended a one-year term loan in the aggregate amount of $325,000 at 12% interest (the ‘Loan‘). In connection with the Loan, the Company will issue a loan bonus to the Lenders of an aggregate of 5,416,667 common share purchase warrants (the ‘Warrants‘), exercisable for a period of one year with an exercise price equal to $0.06 (the ‘Bonus‘). The Warrants are subject to a hold period under Canadian securities laws, expiring four months and one day from the date of issuance. The Loan and the Bonus are subject to the approval of the TSX Venture Exchange. This Loan provides additional working capital to support Hempalta’s growth in the carbon credit market.

As the Lenders are insiders of the Corporation, the issuance of the Warrants to the Lenders is considered to be a related party transaction within the meaning of Exchange policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security holders in Special Transactions (‘MI 61-101’). The Company intends to rely on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the Lender participation.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, ‘U.S. persons,’ as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.

Industrial Hemp Carbon Credits Platform

With full ownership of HCS, Hempalta is now poised to scale a unique, low-cost carbon credit platform focused on industrial hemp. This milestone marks a pivotal step in the Company’s evolution toward becoming a leader in nature-based carbon removal solutions.

The demand for high-integrity carbon credits continues to rise as corporations seek solutions to meet their net-zero commitments. Industrial hemp offers a unique advantage in carbon sequestration due to its rapid growth cycle and ability to store CO2 both in biomass and soil.

HCS has pioneered a precision quantification methodology using remote sensing and AI-driven monitoring, ensuring the accurate measurement and verification of CO2 removal. The platform empowers industrial hemp farmers to monetize regenerative agriculture practices while providing corporate buyers with premium carbon credits backed by ISO 14064-2 certification.

By participating in the voluntary carbon market, industrial hemp farmers can diversify revenue streams while contributing to global climate action. The completion of the HCS acquisition enables Hempalta to:

  • Expand its network of regenerative hemp farms
  • Issue high-integrity carbon credits at scale
  • Enhance verification standards for carbon removal
  • Strengthen partnerships with corporate buyers seeking trusted, nature-based solutions

Outlook

Darren Bondar, President and Chief Executive Officer of Hempalta, said, ‘In our first years of operation, we focused on scaling industrial hemp processing and consumer packaged goods. As demand for sustainable solutions grows, we have shifted toward the rapidly expanding voluntary carbon market. Our acquisition of 100% of HCS solidifies our ability to offer scalable, high-integrity carbon credits with a low-capital model. By collaborating with farmers and corporate buyers, we are positioned to drive sustainability while generating long-term growth for Hempalta and our investors.’

To further align with this strategic shift, the Company is also marketing its turnkey hemp production facility and processing equipment, and exploring licensing opportunities for its CPG product lines.

Investor Updates

Investors can follow Hempalta’s journey as it pioneers high-integrity carbon removal solutions by subscribing to the mailing list for investor updates at www.hempalta.com where they can also view the latest corporate presentation and company announcements.

About Hempalta

Hempalta Corp. (TSXV: HEMP) is a nature-based carbon credit provider leveraging industrial hemp’s potential to sequester carbon. Through its subsidiary, Hemp Carbon Standard Inc. (HCS), the Company develops methodologies and supports farmers in monetizing regenerative agriculture practices. In addition to HCS, Hempalta Processing Inc. manages the Company’s established hemp-based product lines, which are available for licensing.

Learn more at www.hempalta.com or contact Investor Relations at invest@hempalta.com.

For more information, please contact:

Darren Bondar
Chief Executive Officer
Hempalta Corp.
Email: info@hempalta.com

Sales or Partner Opportunities:

Cecil Horwitz
Business Development
Email: cecil.horwitz@hempalta.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

This news release contains statements and information that, to the extent that they are not historical fact, may constitute ‘forward-looking information’ within the meaning of applicable securities legislation. Forward-Looking information is typically, but not always, identified by the use of words such as ‘will’, ‘expected’, ‘plans’, ‘enable’, ‘positions’, ‘aim’ and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts. Forward-Looking information in this news release includes, but is not limited to, statements regarding: the Company’s plans with respect to the HCS platform, including the scaling of such program; the integration of HCS positioning the Company to deliver premium-quality carbon credits efficiently to corporate buyers; fluctuations in the capital resources of the Company; the demand for carbon credits increasing; industrial hemp farmers being able to diversify their revenue streams by participating in the voluntary carbon market; the acquisition of HCS positioning the Company to tap into the expanding carbon credit market using a low-capital, scalable model; the Loan, the Bonus and the approval of the Exchange of both the Loan and the Bonus; the use of proceeds from the Loans; and the Company offering its turnkey hemp production facility and processing equipment for sale, while also exploring one-time licensing opportunities for its CPG product lines. Such forward-looking information is based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the ability of the Company to successfully implement its strategic plans and initiatives and the expected benefits therefrom; the anticipated benefits of the HCS acquisition and of the business of HCS; the anticipated benefits from offering its turnkey hemp production facility and processing equipment for sale, while also exploring one-time licensing opportunities for its CPG product lines; the ability of farms and sites currently signed up by HCS to grow hemp; required regulatory approvals; the ability of the Company to effect its proposed strategy and business plans; the approval of the Exchange with respect to the Loans and the Bonus; and the ability of HCS to sell carbon removal credits through the voluntary credit market. Although the Company believes that the assumptions and factors on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct or that any of the events anticipated by such forward-looking information will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Actual results may vary from those currently anticipated due to a number of factors and risks including, but not limited to: the risk that the benefits from the HCS acquisition, and the ownership and operation of the HCS business, will not be as anticipated; the risk that the Company will not be able to successfully offer the turnkey hemp production facility and processing equipment for sale, and if done successfully, the risk that the benefits therefrom will not be as anticipated; receipt of necessary regulatory approvals including the Exchange; risks associated with general economic conditions; conditions in the carbon credit markets; adverse industry events; the risk that farms and sites currently signed up by HCS will not grow or be able to grow industrial hemp as anticipated or at all; the Company has limited financial resources and may require additional funds to continue operating; the Company may not generate sufficient revenue to maintain operations; the forecasts and models of the Company could be inaccurate; the risk that HCS may not be able to sell carbon removal credits as anticipated or at all; adverse weather conditions affecting the growth of hemp; future legislative, tax and regulatory developments; the risk factors included in the Company’s other continuous disclosure available on SEDAR+ at www.sedarplus.ca; and the ability of management to execute its business strategy, objectives and plans. The forward-looking information included in this news release is made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise, except as required by applicable law.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243209

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

Goldman Sachs Kostin Warns of a Potential S&P 500 Correction

Goldman Sachs Kostin analyst has issued a warning that the S&P 500 may be headed for a significant correction. His comments, based on current market data and public economic trends, suggest that heightened market risks could force investors to reconsider their positions.

Rising Market Risks and Overvaluation

According to Goldman Sachs Kostin, current market conditions point to growing volatility. He notes that the S&P 500 appears overvalued when measured against fundamental economic indicators. In addition, factors such as rising interest rates and economic uncertainty have increased the overall market risk. These factors, when combined, can create an environment where a correction is likely.

Investor Caution Amid Volatile Trends

Investors are being urged to remain cautious. Kostin emphasizes that the prevailing market optimism may be unsustainable if key economic data turns negative. Many market experts agree that investor caution is necessary during such periods of volatility. In turn, a pullback in the S&P 500 could offer a correction that might reset market valuations to more sustainable levels.

Implications for the Broader Market

A potential S&P 500 correction could have far-reaching implications for other asset classes. With heightened market volatility, investors might shift their focus to safer assets. Moreover, such a correction may serve as a wake-up call for the broader market, prompting both retail and institutional investors to review their portfolios and risk management strategies.

Conclusion

In summary, public data and current market trends support Kostin’s warning about the S&P 500. Rising market risks, overvaluation, and economic uncertainties are key factors that may trigger a correction. Investors should stay informed and practice caution as they navigate these turbulent market conditions. Ultimately, this forecast calls for a balanced approach to risk and a strategic review of investment positions.

This analysis is based on widely reported public market data and reflects a growing consensus among financial experts. As the market evolves, monitoring these trends closely will be essential for making well-informed decisions.

The post Goldman Sachs Kostin Warns of a Potential S&P 500 Correction appeared first on FinanceBrokerage.

In wake of L.A. wildfires, a diverse small business community looks to rebuild

When the Los Angeles wildfires swept through Southern California in January, Barbara Shay lost much more than the building housing the cafe she owned.

Gone were the ingredients for menu items like grits or pancakes. Gone were the photos of icons ranging from former President Barack Obama to actor Richard Pryor that had lined the walls. Gone, too, were the decades of labor from Shay’s family.

“I am still in shock,” Shay said in an interview with CNBC. “It’s an emotional roller coaster — not just for me, but just for everyone.”

Shay is part of the diverse fabric of small business owners in Altadena, a town about 15 miles outside downtown L.A that was hard hit by last month’s blaze. As the community starts the yearslong rebuilding process, entrepreneurs like Shay are starting to chart their paths forward.

She plans to rebuild the 70-year-old Little Red Hen Coffee Shop and is evaluating the finances for opening up a temporary storefront or popups. The business spans generations: After following in the footsteps of her mother and brother in owning the business, she now works alongside her daughter and grandson.

But while many in Altadena’s entrepreneurial community remain optimistic about a recovery, multiple business owners described lengthy and difficult roads ahead.

Some businesses were burned entirely to the ground like Shay’s, while others face long-term displacement due to damage or smoke. For those fortunate enough to have brick-and-mortar properties still standing, they’re surrounded by what some have described in interviews as “ground zero.”

“It’s kind of unfathomable,” said Henri Wood, who owned a cannabis business called The Flourish Group that was burned down. “What was once just a vibrant, lively community is just completely gone.”

Altadena’s diversity cannot be understated. Census data shows that more than half of the population is people of color, with Latinos making up 27% of residents and Black people accounting for 18%.

Altadena has historically been known as a hub for Black families and businesses after being one of the only Los Angeles County areas exempt from redlining during the Civil Rights movement. The Associated Press found that the home ownership rate for Black people in Altadena now sits above 80%, which is nearly double the national average.

People stop to take in the scene of burned down businesses along Lake Avenue in Altadena on Thursday, January 9, 2025. Christina House / Los Angeles Times / Getty Images

But Altadena’s business owners — many of whom also grew up and now raise families there — are worried the fires will leave that diversity in the rubble. Emeka Chukwurah, founder of community culture center Rhythms of the Village, said he’s concerned that the fires will expedite gentrification that was already taking place in the neighborhood.Black residents accounted for more than 40% of the town’s population in 1980, according to Altadena Heritage. That proportion has been more than halved since then. Chukwurah has sold Altadena-branded merchandise to keep the community and its diversity from being forgotten by broader society.

“I’m hoping that we can keep the developers and those kind of people at bay so that we can hold on to what’s been built over generations,” Chukwurah said. “I’m hoping that this one will be in the history books as a resilient community, and that a large amount of us — or, if not, all of us — can stay to tell the story.”

Insurance agent Maricela Viramontes has seen how homeowners in the town at the foothills of the San Gabriel mountains are responding firsthand. Many are accustomed to fires due to its geographic location, she said, but they did not expect the destruction seen in January. The deadly fires caused more than $250 billion in damage and economic loss, according to an AccuWeather estimate.

Viramontes, who has lived in Altadena for nearly 25 years, woke up the morning after the fires in a shelter, as it was the only place her family could find to evacuate to. By early that morning, she began receiving calls while still at the shelter from clients looking for guidance on filing claims for lost property.

It’s the same paperwork that she, too, is filling out. Shortly after that day taking calls in the shelter, Viramontes learned that her home and car were both destroyed. Her office needs months of repairs for smoke damage.

“Everyone asks, ’What can I do?, ‘How can I help you?,‘” said Viramontes, who now lives and works out of her parents’ home nearby. “It’s so hard to answer that question when you don’t know.”

As businesses begin draft plans to clear their land and build new structures, they’re making plans for how to make ends meet in the short term.

Wood’s cannabis shop, for instance, has been connecting customers directly with providers while it figures out a long-term strategy. He called donations and mutual aid a “lifeline” for the business, which he said is excluded from several government aid programs because marijuana is not legalized federally.

Multiple entrepreneurs interviewed by CNBC said they are considering short-term rentals. They’re also considering business loans, though there’s concern about owing money with the financial outlook for their ventures so uncertain.

Through it all, these owners haven’t forgotten they are part of a community that’s stepping up to meet the moment.

Steve Salinas, who’s owned a namesake bike shop in Altadena for nearly four decades, has been repairing donated bicycles and re-homing them with community members. He’s gotten parts donated from other shops and monetary support through GoFundMe.

“Everybody sort of pitches in to help where they can,” said Salinas, who is looking for a short-term rental space after his store burned down. “People that have lost everything are donating their time and their resources and, most importantly, their connections to help other people in the community heal.”

In the same vein, Rhythms of the Village’s Chukwurah opened a free boutique with clothing and other necessities at his family home. It’s the temporary headquarters for the business, which has previously offered drum lessons and classes on Nigerian language and African history, after their storefront burned down.

Chukwurah said he’s committed to keeping the business in the Altadena area. As he scouts out a new location for the center, he’s planning to purchase this time around instead of rent.

“The structures are down,” he said, “but the community spirit is up.”

— NBC News contributed to this report.

This post appeared first on NBC NEWS

Treasury Dept. will not enforce ownership information reporting for millions of businesses

The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.     

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.

— Greg Iacurci contributed to this article.

This post appeared first on NBC NEWS