Business - Page 35

Strengthening Black Banks: A Path to Economic Justice

Opinion by Bernice A. King and Ashley Bell Hours before an assassin’s bullet ended his life in the spring of 1968, Dr. Martin Luther King, Jr. — a father to one of us, a role model to the other — delivered his final public address to a Memphis crowd that had gathered to fight what he called the inseparable twins of economic and racial injustice. Weaving between protest and prophecy, he famously spoke that night of reaching a mountaintop from which he could glimpse a promised land where Black people were finally free from racism and poverty. Beneath all the

Epic vs Apple: Fortnite Trial and App Store Monopoly Case

By Rishi Iyengar, Is Fortnite a game? An app? An expansive virtual universe? All of the above? Is an iPhone just another gaming device, or a tightly controlled ecosystem? And is it really as secure as it is reputed to be? These are just some of the many questions that have come up so far and been debated in what could be one of the most consequential trials for the modern-day tech industry. Apple, the maker of the iPhone, and Epic Games, the maker of Fortnite, wrapped up the first week of testimony on Friday, with the iPhone inventor trying

PPP Funds Exhausted Early, SBA Closes Applications

By Vanessa Yurkevich The Paycheck Protection Program is out of cash for most businesses weeks ahead of the program’s scheduled May 31 closure, the Small Business Administration said Tuesday. The program, a core element of the congressional response to the economic crisis caused by the pandemic, re-opened in January with an additional $284 billion for first-time borrowers as well as for second loans to those who participated in the first round in 2020. “After more than a year of operation and serving more than eight million small businesses, funding for the bi-partisan Paycheck Protection Program has been exhausted,” said an

Kevin Merida Named Executive Editor of Los Angeles Times

By Kerry Flynn The Los Angeles Times has its new top editor: Kevin Merida of ESPN will start as executive editor in June, the paper announced Monday. Merida brings more than 40 years of experience in media into the role. He most recently worked at ESPN as a senior vice president and as editor in chief of The Undefeated, which covers the intersection of race, sports and culture. Prior to joining ESPN in 2015, he spent more than 22 years at The Washington Post. Merida spent the prior decade at The Dallas Morning News. “I am excited to be the

Verizon Sells AOL & Yahoo to Apollo in $5B Media Exit

By Jordan Valinsky Verizon is exiting the media business, announcing Monday that it’s selling the unit for $5 billion to private equity firm Apollo Global Management. The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo. Verizon once had great plans to become a dominant player in the online media and ad business. The telephone company bought AOL for $4.4 billion in 2015 and further bolstered its portfolio with its Yahoo

Gianna Bryant’s Mambacita Apparel Launch Sells Out Fast

By Chauncey Alcorn Kobe Bryant’s late daughter Gianna’s new Mambacita apparel line went on sale Saturday on what would have been the teen basketball star’s 15th birthday. The clothing sold out by early afternoon, according to a representative of Kobe Bryant’s estate team. Vanessa Bryant, his widow, gave her Instagram followers a sneak peak of the new tie dye color-scheme Mambacita-brand sweatshirts and sweat pants on Friday, less than two weeks after Kobe Bryant’s estate team ended its two-decade apparel deal with Nike. Mambacita was Gianna’s basketball nickname, a nod to her legendary father, whom Lakers fans called the “Black

Thasunda Brown Duckett Becomes CEO of TIAA Fortune 500

By Chauncey Alcorn Thasunda Brown Duckett officially took the helm as the new CEO of TIAA on Saturday, becoming the fourth Black woman ever to head a Fortune 500 company. Her new position is noteworthy for a number of reasons. Duckett and Walgreens’ new CEO Rosalind Brewer, who left Starbucks in March, are the only two Black women currently heading major US corporations. Duckett is the third African American to serve as CEO of TIAA. The 103-year-old money management firm provides retirement account and other financial services for educators and health care professionals as well as government and non-profit employees.

Pandemic Winners: HelloFresh, Tonal, Skillshare & Nurx

By Clare Duffy Although 2020 was rough for most companies — to say the least — some bucked the trend. The pandemic forced consumers to learn, workout, socialize and more in new ways. That boosted businesses using technology to improve remote access to their services, and condensed years’ worth of digital adoption into several months. Those business models could have staying power when the pandemic ends. “I think the habits that we have all formed over the past 12 months … are not going to go away,” said Jake Matthews, a senior intelligence analyst at CB Insights covering fitness technology.

Nike Ends Nearly 20-Year Partnership With Kobe Bryant

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By Jordan Valinsky The nearly two-decade relationship late basketball player Kobe Bryant and Nike has ended. Bryant was “an important part of Nike’s deep connection to consumers,” Nike said in a statement. “Though our contractual relationship has ended, he remains a deeply loved member of the Nike family,” the company added. Bryant, along with eight other people, including his 13-year-old daughter, died last year in a helicopter crash in California. He was 41 years old. Nike signed Bryant in 2003, which led to one of the most successful sponsorships in history. He was one of an elite group of NBA

Goldman Sachs Reports Just 3% Black Executives in US

By Hanna Ziady Goldman Sachs has just 49 Black executives and senior managers in its US workforce, accounting for about 3% of the total. In a sustainability report published Tuesday, the investment bank revealed data on the racial and gender composition of its US workforce for the first time. The numbers reflect a very low rate of Black employment across almost all roles in the organization. Of 1,548 US executives and senior managers, just 24 are Black men and 25 are Black women, or about 3.2% of the total, according to Goldman Sachs. Black people make up a similar percentage

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