Business - Page 19

We need an equal opportunity economy that supports Black businesses, too

Opinion by Andre M. Perry and Tynesia Boyea-Robinson for CNN Business Perspective In his recent executive order on advancing racial equity, President Joe Biden reminded us that the American Dream is built on the promise of equal opportunity. Yet, our nation has consistently failed to live up to this ideal. As the order states, “Entrenched disparities in our laws and public policies, and in our public and private institutions, have often denied that equal opportunity to individuals and communities.” That is especially true in the business world. Black entrepreneurs and small business owners have been systemically denied access to capital

Jay-Z sells half of his Champagne brand to owner of Dom Pérignon

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By Danielle Wiener-Bronner, CNN Business Jay-Z and luxury goods giant LVMH have a reason to break out the bubbly. LVMH, which owns Dom Pérignon and Moët & Chandon, has taken a 50% stake in Jay-Z’s Champagne brand Armand de Brignac, also known as “Ace of Spades.” The terms of the deal were not disclosed. The partnership comes at a time when LVMH is working to appeal to a more diverse clientele. The luxury sector has long been criticized for cultural appropriation, high-profile racist gaffes and a lack of runway diversity. LVMH recently revealed tennis champion Naomi Osaka as its new

After the GameStop fiasco, momentum builds for an $800 billion tax

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By Matt Egan, CNN Business Uncle Sam is in search for a pot of gold that could ease the pain of trillion-dollar deficits. And some believe Wall Street might just have the answer. For more than a decade, progressives have tried and failed to impose a financial transaction tax. But there is new momentum for such a levy as the national debt skyrockets during the pandemic and in the wake of the GameStop trading frenzy that shined a bright light market structure concerns. The White House told CNN Business on Sunday that a financial transaction tax on GameStop-like trading deserves

Black women executives making history in the c-suite offer career advice to those following in their footsteps

By Chauncey Alcorn, CNN Business Kamala Harris isn’t the only Black woman making history in 2021. The January 20 swearing-in of the nation’s first woman, Black and southeast Asian vice president came at a pivotal moment for Black women in the business world, which up until recently has failed miserably to increase the number of Black executives — male and female — in its ranks. In 2018, only 3.3% of all US corporate executive and senior leadership positions were filled by Black people. Not much has changed since then, according to the Equal Employment Opportunity Commission. To date, there have

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

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