Business

As retailers drop DEI programs, Black founders could face obstacles to staying on shelves

ByĀ Melissa Repko, CNBC Fragrance brand Brown Girl Janeā€™s perfume bottles sit on shelves at Sephora near some of the most storied labels in the fashion and beauty world, including Prada and Dior. For the Black-owned brand, getting a retailer to bet on it was just the start, Brown Girl Jane CEO and co-founder Malaika Jones said. She said Sephora has supported the company so it can better compete with well-known brands with huge marketing budgets and glossy celebrity endorsements. Brown Girl Jane got a $100,000 grant last year to help grow its business throughĀ Sephoraā€™s AccelerateĀ program, which aims to boost founders

The College Cost Reduction Act Would Be Harmful to HBCUs, MSIs, and Their Students

First introduced in January 2024 by Congresswoman Virginia Foxx, theĀ College Cost Reduction ActĀ (CCRA) would represent a significant shift in higher education finance and the student loan repayment system for millions of students and the institutions they attend. From replacing affordable student loan repayment programs to fully repealing regulations meant to protect students from for-profit and predatory colleges, the CCRA would leave many students without protections that ensure they have access to an affordable and accessible college education. Additionally, many of CCRAā€™s proposals would significantly impact historically underinvested institutions or institutions that serve low-income or minority students, such as Historically Black

Google tells employees why itā€™s ending DEI hiring goals

By Alex Heath Google is joiningĀ Meta,Ā Amazon, and other big tech companies in winding down its diversity, equity, and inclusion (DEI) programs. In a Wednesday memo to employees that I obtained (and you can read below), Googleā€™s head of HR, Fiona Cicconi, said there will no longer be DEI hiring targets due to the companyā€™s status as a federal contractor and recent ā€œcourt decisions and US Executive Orders on this topic.ā€ AsĀ The Wall Street JournalĀ notes, Google also removed a line included in previous annual SEC reports saying that itā€™s ā€œcommitted to making diversity, equity, and inclusion part of everything we do.ā€

50 Plus 1 Sports Will Invest $70M To Save Saint Augustine’s University

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Courtesy of Saint Augustine’s University Itā€™s been a challenging few years for one of North Carolinaā€™s oldest HBCUs.Ā In December 2022, Saint Augustineā€™s University was placed on probation after failing to meet accreditation standards. The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) removed the HBCUā€™s membership following significant financial issues, includingĀ a $32 million debt and an IRS battle. But the HBCU is inching one step closer to the light at the end of the tunnel after theĀ Black-owned development company 50 Plus 1 SportsĀ invested $70 million to save the university. ā€œWe were introduced to the University back in October,

Google gives $1 million to Trump inauguration

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By Steve Overly Google has donated $1 million to President-elect Donald Trumpā€™s inauguration fund, the company confirmed to POLITICO Thursday, matching contributions fromĀ Meta, Amazon, OpenAI CEO Sam Altman and Apple CEO Tim Cook. Tech companies haveĀ clamored to win Trump over in the months since his election, with Googleā€™s CEO Sundar Pichai among a line of executives who have flocked to Mar-a-Lago for meetings with the incoming president. ā€œGoogle is pleased to support the 2025 inauguration, with a livestream on YouTube and a direct link on our homepage. Weā€™re also donating to the inaugural committee,ā€ Karan Bhatia, Googleā€™s global head of

Meet The Black Women Entrepreneurs Who Will Be Opening Shop At JFK Airport

By Samantha Dorisca Several Black women-owned businesses are making their way to JFK airport. According toĀ TRBusiness, six small, women-ownedĀ businessesĀ based in New York will now have a new home at Terminal 8 (T8) due to a $125 million redevelopment program. They were selected through an accelerator program launched by Unibail-Rodamco-Westfield (URW) Airports. The chosen entrepreneursĀ were also offeredĀ adaptableĀ dealĀ structures and smaller storefront spaces to minimize entry hurdles and lowerĀ designĀ expenses. ā€œHelping local businesses access concessions opportunities at Terminal 8 is an asset for our passengers, who will enjoy products unique to New York that are made and sold by local artisans and vendors,ā€ said

Morehouseā€™s MIEC Marks 20 Years with Building Black Business Report

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By Ashley Brown The Morehouse Innovation & Entrepreneurship Center celebrated its 20th anniversary on Dec. 11, 2024, with a special awards ceremony at Morehouse College, unveiling the significant ā€œBuilding Black Business 2024ā€ report. ThisĀ comprehensive documentĀ examines the systemic barriers that Black businesses face while offering strategic solutions to enhance access to capital, technical assistance, and ecosystem support. Over the past two decades, the MIEC has established itself as a leader in fosteringĀ Black entrepreneurshipĀ and as a model for collaboration between higher education and industry. The centerā€™s recent report highlights the challenges and pathways to success for over 3.5 million Black-owned businesses in

Walmart illegally opened delivery drivers’ deposit accounts, U.S. says

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By Alina Selyukh A federal lawsuit alleges that Walmart deceived more than a million delivery drivers by creating deposit accounts without their knowledge or consent, using their Social Security numbers and other personal information. The Consumer Financial Protection BureauĀ on Monday accused Walmart and payments platform Branch MessengerĀ of costing delivery drivers over $10 million in fees through these accounts since 2021. Walmart, in turn, accused the agency of filing a rushed lawsuit full of errors. The government’s lawsuit says Walmart told drivers, who deliver its shipments to customers’ homes, that they would lose their jobs if they didn’t use Branch accounts

Reebok Named Shaquille O’Neal President And Allen Iverson VP Of Its Basketball Division, Now It’s Inked A Multi-Year WNBA Partnership

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ReebokĀ is making a comeback in the world of basketball. On Thursday, Dec. 19, 2024, Reebok and the WNBA announced a multi-year agreement designating the global sports culture brand as an authorized footwear supplier for the league. ā€œThe WNBA continues to grow with iconic brands, and we look forward to Reebok joining us in driving womenā€™s basketball to new heights and inspiring the next generation,ā€ WNBA Chief Growth Officer Colie Edison said in a statement. ā€œAs we continue to capitalize on increased brand awareness, our work with Reebok is another step in bringing more fans to the game.ā€ Reebok has been

Amazon faces multiple pickets as union targets holiday shopping rush

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By Alina Selyukh Amazon faced a coordinated picket effort as drivers and warehouse workers at multiple locations around the U.S. on Thursday pressed the retail giant to recognize their unions. The campaign launched by the Teamsters union comes during the holiday-shopping rush, though Amazon says it has not affected operations. The union had said workers would strike at seven locations in major delivery hubs: around the cities of New York, Atlanta, Chicago, Los Angeles and San Francisco and that it had organized the “largest strikeĀ against Amazon in U.S. history.” By the afternoon, according to NPR’s reporters and media photos, picketers

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