Business - Page 23

Paramount Ends DEI Policies Citing Trump Order

By Russell Leung, CNBC and Lillian Rizzo, CNBC Paramount Global told its employees this week that it’s ending numerous diversity, equity and inclusion policies, according to a memo obtained by CNBC. In the memo sent to employees Wednesday, Paramount said it would comply with President Donald Trump’s executive order banning the practice in the federal government and demanding that agencies investigate private companies over their DEI programs. Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins cited the executive order in the memo, as well as the Supreme Court and federal mandates, as the impetus for the media giant’s policy changes. Among the changes, the company said it “will no

As retailers drop DEI programs, Black founders could face obstacles to staying on shelves

By Melissa Repko, CNBC Fragrance brand Brown Girl Jane’s perfume bottles sit on shelves at Sephora near some of the most storied labels in the fashion and beauty world, including Prada and Dior. For the Black-owned brand, getting a retailer to bet on it was just the start, Brown Girl Jane CEO and co-founder Malaika Jones said. She said Sephora has supported the company so it can better compete with well-known brands with huge marketing budgets and glossy celebrity endorsements. Brown Girl Jane got a $100,000 grant last year to help grow its business through Sephora’s Accelerate program, which aims to boost founders

College Cost Reduction Act Threatens HBCU Funding

First introduced in January 2024 by Congresswoman Virginia Foxx, the College Cost Reduction Act (CCRA) would represent a significant shift in higher education finance and the student loan repayment system for millions of students and the institutions they attend. From replacing affordable student loan repayment programs to fully repealing regulations meant to protect students from for-profit and predatory colleges, the CCRA would leave many students without protections that ensure they have access to an affordable and accessible college education. Additionally, many of CCRA’s proposals would significantly impact historically underinvested institutions or institutions that serve low-income or minority students, such as Historically Black

Google Scales Back DEI Goals Amid Legal and Policy Shifts

By Alex Heath Google is joining Meta, Amazon, and other big tech companies in winding down its diversity, equity, and inclusion (DEI) programs. In a Wednesday memo to employees that I obtained (and you can read below), Google’s head of HR, Fiona Cicconi, said there will no longer be DEI hiring targets due to the company’s status as a federal contractor and recent “court decisions and US Executive Orders on this topic.” As The Wall Street Journal notes, Google also removed a line included in previous annual SEC reports saying that it’s “committed to making diversity, equity, and inclusion part of everything we do.”

Saint Augustine’s Saved by $70M Deal With 50 Plus 1 Sports

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Courtesy of Saint Augustine’s University It’s been a challenging few years for one of North Carolina’s oldest HBCUs. In December 2022, Saint Augustine’s University was placed on probation after failing to meet accreditation standards. The Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) removed the HBCU’s membership following significant financial issues, including a $32 million debt and an IRS battle. But the HBCU is inching one step closer to the light at the end of the tunnel after the Black-owned development company 50 Plus 1 Sports invested $70 million to save the university. “We were introduced to the University back in October,

Google Donates $1M to Trump’s 2025 Inauguration Fund

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By Steve Overly Google has donated $1 million to President-elect Donald Trump’s inauguration fund, the company confirmed to POLITICO Thursday, matching contributions from Meta, Amazon, OpenAI CEO Sam Altman and Apple CEO Tim Cook. Tech companies have clamored to win Trump over in the months since his election, with Google’s CEO Sundar Pichai among a line of executives who have flocked to Mar-a-Lago for meetings with the incoming president. “Google is pleased to support the 2025 inauguration, with a livestream on YouTube and a direct link on our homepage. We’re also donating to the inaugural committee,” Karan Bhatia, Google’s global head of

Black Women-Owned Businesses Launch at JFK Terminal 8

By Samantha Dorisca Several Black women-owned businesses are making their way to JFK airport. According to TRBusiness, six small, women-owned businesses based in New York will now have a new home at Terminal 8 (T8) due to a $125 million redevelopment program. They were selected through an accelerator program launched by Unibail-Rodamco-Westfield (URW) Airports. The chosen entrepreneurs were also offered adaptable deal structures and smaller storefront spaces to minimize entry hurdles and lower design expenses. “Helping local businesses access concessions opportunities at Terminal 8 is an asset for our passengers, who will enjoy products unique to New York that are made and sold by local artisans and vendors,” said

Morehouse MIEC Unveils Report on Black Business Growth

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By Ashley Brown The Morehouse Innovation & Entrepreneurship Center celebrated its 20th anniversary on Dec. 11, 2024, with a special awards ceremony at Morehouse College, unveiling the significant “Building Black Business 2024” report. This comprehensive document examines the systemic barriers that Black businesses face while offering strategic solutions to enhance access to capital, technical assistance, and ecosystem support. Over the past two decades, the MIEC has established itself as a leader in fostering Black entrepreneurship and as a model for collaboration between higher education and industry. The center’s recent report highlights the challenges and pathways to success for over 3.5 million Black-owned businesses in

Walmart Sued for Secretly Creating Driver Pay Accounts

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By Alina Selyukh A federal lawsuit alleges that Walmart deceived more than a million delivery drivers by creating deposit accounts without their knowledge or consent, using their Social Security numbers and other personal information. The Consumer Financial Protection Bureau on Monday accused Walmart and payments platform Branch Messenger of costing delivery drivers over $10 million in fees through these accounts since 2021. Walmart, in turn, accused the agency of filing a rushed lawsuit full of errors. The government’s lawsuit says Walmart told drivers, who deliver its shipments to customers’ homes, that they would lose their jobs if they didn’t use Branch accounts

Reebok Partners with WNBA in Major Comeback to Basketball

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Reebok is making a comeback in the world of basketball. On Thursday, Dec. 19, 2024, Reebok and the WNBA announced a multi-year agreement designating the global sports culture brand as an authorized footwear supplier for the league. “The WNBA continues to grow with iconic brands, and we look forward to Reebok joining us in driving women’s basketball to new heights and inspiring the next generation,” WNBA Chief Growth Officer Colie Edison said in a statement. “As we continue to capitalize on increased brand awareness, our work with Reebok is another step in bringing more fans to the game.” Reebok has been

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