Business - Page 12

Retail sales fell last month. But stores are still expecting a strong year

By Anneken Tappe and Nathaniel Meyersohn US retail sales fell 1.3% in May as the sector continues to come down from the stimulus-fueled high of recent months. The last round of stimulus checks from the American Rescue Plan approved by Congress in March boosted consumer spending in the early spring months. But the sugar rush has worn off. Sales numbers for April, which were initially reported as flat, were revised up to 0.9% growth. The culprit dragging the May sales down was autos, with car sales declining 3.7%, the Census Bureau reported Tuesday. Stripping them out entirely, retail sales fell by 0.7% last month. The data are

JPMorgan is calling for reforms to stop racial bias in housing

By Matt Egan JPMorgan Chase is throwing its considerable weight behind efforts to root out racial bias in the appraisal of homes in America. As part of a new bank-wide commitment to fight housing inequality, JPMorgan is for the first time outlining specific legislation that can fight appraisal bias, backing the study of innovative ways to value homes and promoting efforts to boost sorely needed diversity in the appraisal industry. Beyond appraisals, America’s biggest bank is promising to ease obstacles that make it harder for Black and Latinx households to buy homes, build wealth and access affordable housing. “There are systematic barriers in

Business leaders can fuel the next generation of Black innovators and entrepreneurs. Here’s what it will take

Opinion by Morgan DeBaun Innovators and entrepreneurs in the Black community have long sought opportunities to create businesses that would lead to their own financial stability and wealth creation for generations to come, but they have historically encountered one hurdle after another. During the first quarter of the 20th century, an entire Black community thrived in Tulsa, Oklahoma. Known as Black Wall Street, the community was home to dozens of Black entrepreneurs and professionals. But 100 years ago, that thriving community was burned and destroyed by an angry mob of White people during the Tulsa race massacre. The impact of

Black-owned banks are booming, and they’re pouring money back into their communities

By Chauncey Alcorn An estimated $150 million in equity capital has been invested in Black-owned banks since George Floyd was murdered last year, according to the National Bankers Association, a trade group that represents 24 of the country’s minority-owned financial institutions. Those funds have put the nation’s Black banking community in a stronger position today than it was a year ago, according to the group’s board Chairman Robert E. James II. “Our banks can now leverage that into $1.5 billion to serve minority communities,” James told CNN Business. The cultural movement to support Black-owned banks along with other African American

Corporate America promised to get more diverse. But it’s still mostly White women making gains

By Jeanne Sahadi The level of diversity on America’s biggest corporate boards has never been higher. But it’s still far from on par with what US society looks like. White women and minorities made up 38.3% of Fortune 500 board seats in 2020, up from 34% in 2018, according to a new study released Tuesday by the Alliance for Board Diversity in collaboration with Deloitte. And since 2010, the number of companies with greater than 40% diversity (including women) has almost quadrupled. Yet the average growth rate in minority representation on Fortune 500 boards has remained unchanged — at less

Amazon, Microsoft and Starbucks are backing an initiative to increase Black representation on corporate boards

By Chauncey Alcorn The number of African Americans serving on boards of directors for the nation’s largest corporations has remained dismally low this year despite the ongoing movement to increase C-suite diversity throughout the business world. Some of America’s most prominent companies are addressing the problem by backing the Black Boardroom Initiative, a new program unveiled Wednesday with a goal of increasing the ratio of Black executives sitting on S&P 500 corporate boards to one in eight by 2028. Amazon, Microsoft, Starbucks and Zillow are among the major brands sponsoring the initiative, which has been spearheaded by the law firm

Amazon buys MGM in a mega media deal

By Frank Pallotta James Bond, meet Jeff Bezos. Amazon is investing even more heavily in growing its position in the entertainment world. The company announced Wednesday that it made a deal to acquire MGM, the home of James Bond and one of the most iconic movie studios in Hollywood. The deal, which is valued at $8.45 billion, gives Amazon an extensive library of film and TV shows that it can use to fill out its Prime Video content coffers. MGM has a catalog with more than 4,000 films and 17,000 TV shows, according to Mike Hopkins, who heads Prime Video

Banks say USDA’s debt forgiveness for minority farmers will cost them money and could affect future loans. Black farmers call that a threat.

By Vanessa Yurkevich and Kate Trafecante Three of the biggest US banking groups want the US Department of Agriculture to reconsider the terms of billions of dollars in planned debt relief for minority farmers, claiming it will cut into banks’ profits — and warn they may have to cut those same farmers off from future loans. President Joe Biden’s $1.9 trillion Covid relief package passed in March includes $4 billion to help pay off farm loans for socially disadvantaged farmers and ranchers — a group that includes Black and other minority farmers, who have long faced discrimination from lenders and

When a Black homeowner concealed her race, her home’s appraisal value doubled

By Anna Bahney When Carlette Duffy had her Indianapolis home appraised as part of a refinance application last year, it kept getting valued much lower than she expected. Suspicious that her race may have played a role she ordered another appraisal, but this time concealed that she is Black by removing family photos and other items indicating her race from her home and asking a White friend to pose as her brother when meeting with the appraiser. The appraised value more than doubled during the third appraisal, leading Duffy to file a Fair Housing complaint against the lenders and appraisers

Amazon reportedly in talks to buy MGM as streaming wars intensify

By Jill Disis Amazon is reportedly in talks to buy MGM, the vaunted film studio that was a staple of Hollywood’s Golden Age. A tie-up would give the tech firm a big brand to wield as competition in streaming grows fiercer by the day. MGM’s iconic logo of a roaring lion has played before tons of classic films, including the “James Bond” series, and the studio could be valued at between $7 billion and $10 billion, according to The Information, which cited a person familiar with the situation. The New York Times and the Financial Times have also reported the

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