Business - Page 18

Biden administration changes PPP rules to help reach the smallest businesses

By Katie Lobosco, CNN The Biden administration announced several changes Monday to the Paycheck Protection Program in an effort to reach minority-owned and very small businesses that may have previously missed out on accessing loans to help weather the coronavirus pandemic. Starting Wednesday, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for the funding. Bigger businesses will be blocked during that time period. The administration will also change some eligibility rules, effective the first week in March. The self-employed, sole proprietors and independent contractors can now qualify for more money. They previously were

Google reshuffles AI team leadership after researcher’s controversial departure

By Rachel Metz, CNN Business Google is making changes to the leadership of its responsible artificial intelligence efforts months after the contentious departure of prominent Black artificial intelligence researcher Timnit Gebru rattled the company. The tech giant said in a blog post Thursday that Marian Croak, a Black woman who has been a vice president at the company for six years working on a range of projects including getting public Wi-Fi on railroads in India, will run a new center focused on responsible AI within Google Research. The announcement, which included a video interview with Croak, touted her decades of

Black franchise owner sues McDonald’s for alleged race discrimination

By Danielle Wiener-Bronner and Chauncey Alcorn, CNN A Black McDonald’s franchise operator has filed a lawsuit against the company, alleging that it steered him toward less profitable restaurants in lower-income, predominantly Black neighborhoods because of his race. Retired Major League Baseball player Herbert Washington, who currently operates 14 McDonald’s restaurants, filed the civil suit in Ohio on Tuesday. Washington’s allegations are similar to the complaints made by a group of 52 former Black franchise operators, who sued the company over alleged racial discrimination in September. Washington, who has been operating McDonald’s franchise locations since 1980, claimed in the suit that

Corporate America bands together to get people vaccinated and safely back to work

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By Jordan Valinsky, CNN Business A group of businesses and nonprofit organizations are banding together to speed up and strengthen their companies’ response to the pandemic. Five groups, including the Ad Council, CDC Foundation and the Business Roundtable, announced Thursday they are forming a new partnership called the Health Action Alliance. Its aim is to assist businesses of all sizes to “improve the health of employees and communities by promoting Covid-19 prevention and vaccine education.” “The business community has an important role to play in sharing with employees and the broader communities where they operate the importance of vaccination to

Michael Jordan donates $10 million to open new medical clinics in his North Carolina hometown

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By Khadean Coombs, CNN NBA legend Michael Jordan is donating $10 million to open two new medical clinics in his hometown of Wilmington, North Carolina. The clinics, slated to open in 2022, will serve the uninsured or underinsured residents of New Hanover County, according to a news release from Novant Health, a regional health care system. “Everyone should have access to quality health care, no matter where they live, or whether or not they have insurance.” Jordan said in a statement. “Wilmington holds a special place in my heart and it’s truly gratifying to be able to give back to

Colin Kaepernick gets in on Wall Street’s hottest trend

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By Allison Morrow, CNN Business SPAC-ERNICK Colin Kaepernick, the activist and former NFL quarterback, is the latest high-profile investor to get in on the SPAC craze. A SPAC, or special purpose acquisition company, is a very trendy way to take a company public. Rather than go through the expensive, time-consuming process of an IPO, private companies can merge with a SPAC, aka a blank-check firm, which exists solely to raise money by listing on a stock exchange. Kaepernick will serve as co-chair of Mission Advancement Corp., which is seeking to raise about $250 million to invest in socially conscious consumer

Sneakers designed in honor of Obama to go on sale for $25,000

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By Chandelis Duster, CNN  They’re not the Air Obamas, but one sneakerhead with a lot of cash will have an opportunity this week to purchase an exclusive pair of basketball kicks made in honor of the 44th President. The unique pair of Nike Hyperdunks will be sold on the website of Sotheby’s auction house Friday at 4:44 p.m. ET, a nod to Barack Obama’s status as the 44th President, for $25,000. The pricey white sneaks feature a dark blue signature Nike “swoosh” with dark blue detailing and the presidential logo on the tongue flap. The numbers “44” in blue and

Aunt Jemima finally has a new name

By Chauncey Alcorn, CNN Business Quaker Oats is releasing a new name and logo for its “Aunt Jemima” products, finally retiring the racist stereotype that has adorned its pancake mixes and syrups for decades. The name “Aunt Jemima,” long criticized as a racist caricature of a Black woman stemming from slavery, will be replaced with the Pearl Milling Company name and logo on the former brand’s new packaging, according to parent company PepsiCo. “We are starting a new day with Pearl Milling Company,” a PepsiCo spokesperson said. “A new day rooted in the brand’s historic beginnings and its mission to create

A Black woman will be the world’s top trade official for the first time

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By Hanna Ziady and Charles Riley, CNN Business The path has been cleared for Nigeria’s Ngozi Okonjo-Iweala to become the first woman and the first African to lead the World Trade Organization after South Korea’s candidate pulled out of the race for the job. Yoo Myung-hee, the South Korean trade minister, announced her decision to withdraw in a televised briefing on Friday. Okonjo-Iweala, an economist and former finance minister of Nigeria, already enjoyed broad support from WTO members, including the European Union, China, Japan and Australia. However, the United States, under the Trump administration, had favored Yoo, complicating the decision-making

Ken Frazier, one of the only Black Fortune 500 CEOs, is retiring

By Jordan Valinsky, CNN Business Merck CEO Kenneth Frazier, who is currently one of the few Black CEOs of a Fortune 500 company, is retiring in June, ending a nearly 30-year run with the company. The pharmaceutical giant announced the change Thursday, naming Chief Financial Officer Robert Davis as its new leader effective July 1. Frazier has served as Merck’s CEO since 2011 and had made headlines in recent years for his statements on racial justice and his public tussles with former President Donald Trump. “On behalf of the entire Merck board, I thank Ken for his strong and highly

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