Business - Page 11

Ursula Burns hired to lead embattled consulting firm Teneo

By Jordan Valinsky Former Xerox CEO Ursula Burns has been named chairwoman of Teneo, the embattled consulting firm that is still dealing with the fallout from the resignation of its CEO, reportedly over drunken behavior at a party. Burns’ appointment is effective immediately, according to a company statement. She’s not a stranger to Teneo, having served as a senior adviser to the company since 2017. She has also been a client of the firm. “As chairwoman, I intend to focus on advising and growing Teneo’s clients, as well as continuing to build a world-class firm culture,” Burns said in the statement.

How long can supply shortages continue?

By Charles Riley As the global economy kicks into high gear following the pandemic, demand for certain consumer goods and tech components has outstripped supply, leading to shortages of everything from cars to household appliances. Shortages are not something consumers in developed economies are used to dealing with. They are annoying. But they can also feed inflation, because consumers are competing over fewer products, driving up prices. The big question is how long shortages will persist. For clues, investors can look to Asia, where supplier delivery times across manufacturing sectors increased in June. Industrial production in South Korea and Japan fell in May.

Facial recognition tech has been widely used across the US government for years, a new report shows

By Rachel Metz As George Floyd’s death sparked protests in cities across the country, six federal agencies turned to facial-recognition software in an effort to identify people in images of the civil unrest, according to a new report from a government agency. The agencies used facial recognition software from May to August of last year “to support criminal investigations related to civil unrest, riots, or protests,” according to a report released on Tuesday by the US Government Accountability Office, based on a survey of 42 federal agencies. The US Postal Inspection Service, for instance, told the GAO that it used software from Clearview AI, a controversial facial-recognition

Yes, there’s a labor shortage. But hiring is surging. Here’s why

By Anneken Tappe What labor shortage? America’s private sector employers added 692,000 jobs in June, according to Wednesday’s ADP Employment Report. That exceeded Wall Street analysts’ expectations. While employers complain that they can’t find enough workers, the battered leisure and hospitality industry still registered by far the most job growth at 332,000 new positions — accounting for nearly half of June’s overall job gains. So what gives? It’s all down to a timing mismatch, said ADP chief economist Nela Richardson. “Everyone is hiring at once to position for the summer reopening,” which means strong competition to find staff, Richardson told CNN

More people looking for — but not taking — jobs after their unemployment benefits end early

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By Tami Luhby Jason Smith thought he’d have an easier time filling jobs at his three auto repair shops after Indiana’s governor announced that pandemic unemployment benefits would end in mid-June. But it hasn’t worked out that way so far. While he is getting more applications for the auto technician, service consultant and administrative assistant postings, the job seekers haven’t responded to his requests for interviews. Smith has reached out to more than three dozen people in the last month, but he only heard back from a few, who said they weren’t interested in the position. “I thought it was going to be

America’s biggest banks detail 30 things they can do to combat racial inequality

By Matt Egan America’s biggest banks insist they can and will do more to combat the nation’s racial inequality crisis. The trade group behind JPMorgan Chase, Wells Fargo, Bank of America and dozens of other big banks is detailing 30 best practices lenders can take to ease inequality in Black communities. The report from the Bank Policy Institute, shared exclusively with CNN Business, marks the first time the industry is laying out concrete ways to tackle these deep-seated challenges laid bare by both the Covid-19 pandemic and the murder of George Floyd. Recommendations include publishing diversity and inclusion data, hiring more diverse wealth management personnel

Coke’s make-your-own label fail: ‘White lives matter’ is OK but ‘Black Lives Matter’ isn’t

By Alexis Benveniste Coca-Cola thought personalized bottles might bring some summer fun to its fans. Instead, it met the internet. The company’s make-your-own label promotion lets customers write short messages on custom Coke bottles. Although Coca-Cola tried to block some slurs and trademarks, social media users were quick to discover that the company’s restrictions were hardly comprehensive — and in some cases blocked inoffensive terms. For example, “Black Lives Matter,” is blocked. But “White Lives Matter” isn’t. Coke included a special rainbow label for pride month, but you can’t write “Gay Pride” on the bottle. However, you can write “I hate

Killer Mike’s bank has to postpone its launch again to catch up to high customer demand

By Chauncey Alcorn The grand opening for rapper and activist Michael “Killer Mike” Render’s Greenwood banking platform has been postponed a second time, the company confirmed on Wednesday. In March, Greenwood co-founder Ryan Glover told CNN Business that the Black and Latinx-owned digital banking company’s planned early 2021 launch date was pushed back to July due to unanticipated high demand after its website was unveiled in October. Greenwood’s leaders say ensuring the digital platform can handle the influx of anticipated customers is also the cause for the latest delay. Greenwood Chief Marketing Officer David Tapscott said the fintech company’s leaders now anticipate everyone on its

Gordon Hotel will be Marriott International’s first black-operated facility

By Alan Mauldin When developers approached Albany officials about bringing a hotel complex to the city, they promised a recognized brand would be associated with the project but did not identify a particular company. The Gordon Hotel, scheduled to open in 2022, will be part of the Marriott International Brand, but of more note is that it will be the chain’s first black-operated hotel. “We knew there would be a brand flag, but when we first started we didn’t know what the flag would be,” Lequerica Gaskins, Albany’s Downtown manager, said. “We’re excited it’s going to be the Marriott flag

Michael B. Jordan apologizes after new rum venture is accused of cultural appropriation

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By Lisa Respers France Michael B. Jordan has issued an apology regarding his new liquor brand following some high-profile complaints. The “Creed” actor recently launched a line of rum called called J’Ouvert, joining the many celebs who have gotten into the spirits industry. But the name quickly drew complaints of cultural appropriation because it reportedly refers to both the Antillean Creole French term meaning “daybreak” and an annual festival held in Trinidad and Tobago and other locations to celebrate Caribbean culture and emancipation from slavery during Carnival. Rapper Nicki Minaj, who is Trinidadian, posted a screen shot of an explanation of the

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