Business - Page 15

The US economy is growing at its fastest pace since 1984

By Charles Riley President Joe Biden’s $1.9 trillion stimulus package will boost the US economy and drive faster global growth this year, the International Monetary Fund said Tuesday, though it warned that many countries continue to suffer from the pandemic and are at risk of being left behind. The US economy will surpass its pre-pandemic size as growth reaches 6.4% this year, the IMF said, up 1.3 percentage points from the group’s forecast in January. The rebound will help the global economy expand 6% in 2021, an upgrade of 0.5 percentage points from the IMF’s previous outlook. The estimates are

America’s first Black woman billionaire is promoting diversity in the arts as well as the c-suite

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by Chauncey Alcorn Promoting diversity in the arts has become a mainstream mantra in the entertainment industry since the first #OscarsSoWhite controversy in 2015, but it’s something Sheila Johnson has been doing her entire adult life. It’s been 41 years since the Salamander Hotels & Resorts owner and CEO co-founded the BET network with then-husband Robert Johnson, creating a national platform for African-American music videos, television shows and movies at a time when they were often excluded from the airwaves. Now the 72-year-old hotel industry mogul and part-owner of three professional sports franchises in Washington — the Wizards, the Mystics

Weight Watchers panel addresses mental wellness for HBCU students

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Weight Watchers International, Inc. (WW) has joined The Female Quotient (TFQ) and Tai Life Media Agency for a free wellness and self-love masterclass series for HBCU students. Premised on the well-being of students of color, the series started on Feb. 25 in conjunction with the WW Wellness Club’s launch. A second event, Thriving Like Me, was held on March 31. Hosted by Howard University student Taylor Crawford, the event stressed the importance of mental health care for Black college students. The keynote was given by Spelman alumna Tai Beauchamp, Co-Founder of Brown Girl Jane. Other participating HBCU alumna included Dr.

Detroit community crowd-funds the only Black-owned grocery store in the city

By Carly Ryan When Raphael Wright thought about what he could do to build back his community in Detroit, he realized that food sovereignty, or the ability for a community to control the food it consumes, is often the bedrock of a healthy neighborhood and economy. But in Detroit, where 78 percent of the population is Black, there hasn’t been a Black-owned grocery store since 2014. What’s more, 39 percent of Detroit households face food insecurity, a number only exacerbated by the pandemic. “In the 1960s we had up to 20 Black-owned grocery stores,” said Wright. “By 2010 there were

Southern University partners with Goldman Sachs to assist Deep South

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In an effort to invigorate the Black business community, Southern University will launch the Deep South Economic Mobility Collaborative (DSMEC). Partnered with the Hope Enterprise Corporation with up to $130 million from Goldman Sachs’ 10,000 Small Businesses, DSEMC will support Black entrepreneurs in the Deep South. Seven cities and eight additional HBCUs will join. “Southern University is excited to partner with national leaders to advance small business opportunities for Black entrepreneurs in our community,” said Ray Belton, Southern University president-chancellor. “As an anchor institution, and with the support of Hope and Goldman Sachs, we are poised to assist thousands of Black

Jobs in these industries are already back to pre-pandemic levels

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By Chris Isidore As the pandemic took hold in America last March, personal trainer Ross Pennise shut down the studio he had run for 20 years. He figured it would be for a relatively short period of time. “I never thought it would last,” said the 52-year old Bloomfield, NJ, resident. “I figured I’d weather it. But my clientele was an older clientele, and there were safety concerns. I couldn’t even meet with them away from the studio.” By June he was shutting down the business for good and looking for a new job. He found one loading hundreds of

Hennessy, Nas, Marcus Graham Project uplift Black entrepreneurs

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International leader of cognac sales, Hennessy, is furthering its historical commitment to Black communities with the Never Stop Never Settle Society, which launched March 29. In collaboration with the Marcus Graham Project (MGP) Hennessy will offer qualified Black entrepreneurs funding, NYC office space and mentorships. “The Never Stop Never Settle Society builds on Hennessy’s ongoing mission to champion cultural diversity by pushing the limits of potential for Black entrepreneurs,” said Jasmin Allen, Hennessy US Senior Vice President. “We aim to expand on that legacy by providing access to capital and resources to those demonstrating the ability to reshape Black communities.”

Swizz Beatz and Timbaland bring Verzuz to Peloton

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By Chauncey Alcorn Peloton and Verzuz, two success stories of the pandemic economy, are joining forces in a deal they hope will add to their growing fortunes. The home fitness company unveiled its new “Peloton Verzuz” music collaboration series on Monday. Verzuz (pronounced “versus”) is the immensely popular webcast series that pits hip-hop and R&B legends like Kenneth “Babyface” Edmonds and Teddy Rileyagainst one another in friendly competitions to determine whose music catalog is superior. Producers Kasseem “Swizz Beatz” Dean and Timothy “Timbaland” Mosley launched Verzuz on Instagram last April to lift the spiritsof Americans stuck at home because of

Nike sues the maker of Lil Nas X ‘Satan Shoes’ for trademark infringement

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By Chauncey Alcorn Nike is suing the art collective behind the Lil Nas X “Satan Shoes” that have sparked a social media backlash. In a lawsuit filed Monday, Nike accuses MSCHF Product Studio, Inc. of trademark infringement over the designer’s 666 pairs of modified Nike sneakers made in collaboration with the “Old Town Road” singer. All 666 pairs sold out Monday. MSCHF has not responded to repeated requests for comment about the lawsuit. In its complaint, Nike asked the court to order MSCHF to “permanently stop” fulfilling orders for the “unauthorized” Lil Nas X Satan Shoes. The lawsuit notes that

There are ‘definitely merits’ to reparations, says the first Black Fed president

By Matt Egan Raphael Bostic, president of the Federal Reserve Bank of Atlanta, is one of the most prominent government officials yet to publicly express support for reparations as a way to address the consequences of racism and inequality in America. “There are definitely merits to it in the sense that, if people have been harmed by laws, then there should be a discussion about redress,” Bostic told CNN Business in an exclusive interview. “The legacies of past racism are still present in our society,” said Bostic, who in 2017 became the first Black president of a regional Fed bank.

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