Business - Page 11

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

IKEA responds to outrage over Juneteenth menu, says meal not intended for public

By Josh Morgan IKEA Atlanta is responding after employees told CBS46 Monday that the Atlanta-based store created a menu to honor Juneteenth, with items like fried chicken and watermelon. The menu sparked outrage among employees and customers leading to around 20 people calling in sick. IKEA released a statement to CBS46 Tuesday saying, “the meal was intended to be served to co-workers as an internal celebration, not customers.” Employees told CBS46 the menu items selected were “racially insensitive and ignorant.” They also said no Black employees were involved in creating the menu, however, IKEA says that’s not true. “There were

Why this Prime Day may fall flat for Amazon’s stock

By Julia Horowitz After months of failing to break out, Amazon’s stock is close to a record high. Thank Prime Day, the annual sales bonanza that kicks off Monday. What’s happening: In 2020, analysts estimated Amazon’s Prime Day notched sales of $9 billion to $10.5 billion. The sales rush as the economy reopens could encourage even bigger spending this time around by consumers armed with excess savings. Adobe Analytics thinks spending could reach $11 billion. Amazon shares have risen in six of the past nine trading sessions, and are now just 1.3% below their all-time peak reached in September 2020.

A Black owner pioneered business on Route 66. His descendants are working to save that history.

By Michael Overall Originally a narrow, mostly unpaved road that zigzagged between farming communities, old Route 7 ran more or less diagonally between Tulsa and the state capital, making it one of the busiest highways in Oklahoma in the early years of statehood. Allen Threatt, a homesteader who came from Alabama sometime in the early 1900s, owned 160 acres of red dirt near the small town of Luther, along Route 7 half an hour northeast of Oklahoma City. And he capitalized on the highway traffic by opening a small filling station, where he not only sold gas but offered produce

Eliminating racial disparities could propel 2 million Black Americans to the middle class

Opinion by Shelley Stewart and Michael Chui If Juneteenth doesn’t make you think about the economy, maybe it should. Racial discrimination has an obvious human cost, but there’s an economic cost, too. In new research, we examined the disparities Black Americans face in various economic roles — as workers, business owners, savers, investors, consumers and residents. We found critical gaps that prevent Black Americans from full participation in the US economy, significantly limiting Black economic mobility, and holding back the nation’s economic recovery and potential in the process. Eliminating racial barriers for Black Americans could initiate a wave of growth, dynamism

Companies are celebrating Juneteenth in unique ways this week

By Chauncey Alcorn Major corporations are celebrating Juneteenth in unique ways this week. The annual June 19 tradition, which falls on Saturday this year, commemorates the day in 1865 when former American slaves in Galveston, Texas, were finally informed of President Abraham Lincoln’s January 1, 1863, Emancipation Proclamation and the end of the Civil War. It took Union troops more than two years to finish travel throughout the southern United States to inform all the former slaves of Lincoln’s executive order. The December 6, 1865, ratification of the 13th Amendment made slavery illegal throughout the US “except as a punishment for crime.” African Americans have been celebrating

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