Top Stories for the week June 29th to July 5th

We have 74 total stores this week related to Black Business or Black Economics.

Top stories

Blackout Day: July 7th, 2020 and 30-Day Buy Black Challenge

  • Blackout Day: July 7th, 2020. Do not spend any money at non-Black owned businesses. (USA Today) (Complex) (Insider)
  • #TheShowMustBePaused or TheShowMustBePaused.  There is a related site called Black Out Coalition
  • Blackout day is related to “The Show Must Be Paused” a national boycott of the music industry. The music industry is a multi-billion-dollar industry. An industry that has profited predominantly from Black art while providing little in return.
  • OneUnited Bank, largest black bank supports Blackout Day 2020 (Atlanta Daily World)
  • Several website are promoting Buy Black Challenges (Official Black Wall Street). The 30-day Buy Black Challenge encourages a purchase a day from minority owned businesses (CBS York, PA)

Black Stocks Surge

  • Investor have bought Black stocks in response to the social justice crisis (BankBlack) – Their investment page lists publicly traded stock for Black owned or operated companies.

The Mess at Essence

  • Anonymous Black female employees allege a culture of harassment, inequality and intimidation. (Medium)
  • Three of the leaders named in the article step down. (PageSix)

Beyonce’s Director of Social Responsibility

  • Ivy McGregor, Director of Social Responsibility at Parkwood Entertainment (Beyonce’s Company) (Oprah Magazine) (Forbes)

Discrimination in Tech keeps Blacks and Latinos out

  • Why are Black and Latino people still kept out of the tech industry? (LA Times) — Why are Blacks and Latinos only 3.5% of the tech workforce? Widespread discrimination.

Wonder what happened to the Black middle class

  • Here is the answer in five papers starting with: How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class (Institute for New Economic Thinking) Summary, Paper

Protest

Hollywood 4 Black Lives

  • Kendrick Sampson, Janet Mock, Idris Elba and 300+ Black Entertainers Demand Proof from Hollywood that Black Lives Matter!(BlackFilm)
  • Official Site for “Hollywood 4 Black Lives” (BLDPWR)
  • Kendrick Sampson, Tessa Thompson and Over 300 Black Artists and Execs Call for Hollywood to Divest From Police (Variety)

Coronavirus

Economy

  • The CBO released it’s economic outlook on July 2nd (Congressional Budget Office).  It’s going to take 4 years to recover from Coronavirus. The CBO projects a drop of 3.4% of GDP. The unemployment rate will drop from 14% to 6% at the end of 2024. The Gross Domestic Product, after dropping by 11% due to Coronavirus, is expected to recover by the middle 2022.

Unemployment

Black Business

  • NAACP promotes Black businesses with Arundel Green Book (Capital Gazette) – Hey, If Anne Arundel County, MD can do it, so can your community.
  • Black-owned businesses see sales surge amid racism reckoning (Philadelphia Tribune)
  • Local Leaders Show Support For Boosting Businesses Owned By Minorities, Women (Wilmington Business Journal)
  • Black business owners in Triangle see more community support in wake of racial protests (WRAL)
  • Meet the 2.5 Percent: Philly’s Black Business Owners in Fashion (Philadelphia Magazine) – Only 2.5% of businesses in Philadelphia are Black owned in a City that is 43% Black.
  • List of 300 Black businesses in Philadelphia (Philadelphia Magazine)

Really interesting people

  • Ivy McGregor, Director of Social Responsibility at Parkwood Entertainment (Beyonce’s Company) (Oprah Magazine) (Forbes)
  • Simon & Schuster names first Black publisher (Philadelphia Tribune) — Dana Canedy was named executive vice president and publisher
  • Four Black Architects You Should Know (The Manual)

Small Business

  • State of Black New Jersey and Black Businesses in NJ (NJTV)
  • Philly business owners express concerns about procurement regulations (Philadelphia Tribune)

Innovation / Entrepreneurship

  • Why it’s important to buy from Black and POC-owned cannabis businesses (WeedMaps)
  • Cannabis employees are in demand (Politico)

Finance / Investing

  • Study highlights the role stock ownership plays in the racial wealth gap (Pittsburgh Post-Gazette) – Black households own only 1.5% of stock market equity.

Careers

Black Wealth Inequality

  • The myth of closing the racial wealth gap through using Black-owned banks (Axios)
  • The myth of closing the racial wealth gap through increased savings (Axios) – Blacks save at the same rate as Whites when you control for income.

Big Business

  • Two MacDonald’s executives allege racism and harassment (Atlanta Daily World)
  • The complicated history of McDonald’s and Black America (Marketplace)  — Discusses the book: Franchise: The Golden Arches in Black America”
  • Edward Jones reviews pay, donates money and offers training for workers (PR Release) – Edward jones, based in St. Louis, is the largest investment company (employees) in the US.  They operate in every small and medium sized town in the US. Edward Jones is a great example of how hard it is to change the economic structure of the US.
  • Imagine a small town where all the business owners knows each and eats lunch together. (Editor’s note: When I was in school at Morehouse, I used to walk by Mary Mac’s tea room on Ponce De Leon Ave. and marvel at the Black waiters serving the White businessmen of Atlanta.)  Those are Edward Jones customers. They want someone they can trust, someone like them, for investments, not the highest rate of return.  We might call that discrimination, but they would call it common sense.
  • We Asked, Financial Advisors Answered: How Can the Industry Increase Diversity? (ThinkAdvisor)
  • Netflix will shift $35 million to Black banks (NetFlix PR) (MarketPlace)
  • The Private Sector Must Lead on Diversity (Barrons)
  • Supplier Diversity and the Black Lives Matter Movement (Spend Matters UK/Europe)
  • Amazon – Amazon is the single most important company in the US. Amazon (Vox Recode) – Long story on Amazon putting the screws to workers.
  • AT&T Nears $3bn Spending Commitment For Black-Owned Businesses (Data Economy)

Reparations

Straight up Economics / Black Economics

  • Blacks face economic inequality: eight charts (Equitable Growth)
  • Black progress has stalled since the civil right era: Charts (CNN) – Good introduction to the end of Black economic progress.
  • Mayors for Guaranteed Income (MGI) released a proposal for a basic income supplement to existing government programs. Eleven mayors support the measure including the mayors of LA, Oakland, Newark, Atlanta, Pittsburgh and St.Paul, MN.
  • What is universal basic income? (Business Insider)
  • Atlanta Mayor Bottoms supports Guaranteed Income Proposal (Atlanta Journal Constitution)
  • INET has taken an indepth look at the shrinking Black middle class in a forthcoming series of 5 papers. Fifty Years After: Black Employment in the United States (Institute for New Economic Thinking)
  • How the Disappearance of Unionized Jobs Obliterated an Emergent Black Middle Class (Institute for New Economic Thinking) Summary, Paper

Community Ideas / Cooperatives

  • How Centuries of Black Cooperative Strength Created a Blueprint for Economic Recovery (Medium)

Real Estate

  • The New Developers: In Harrisburg, PA, African American builders are revitalizing neighborhoods, cultivating community (TheBurg)
  • Black renters face eviction pressure (Bloomberg)
  • Eviction freeze set to expire July 25th (CNBC)
  • Evictions are likely to skyrocket this summer as jobs remain scarce. Black renters will be hard hit. (Washington Post)
  • Black Families Feeling Priced Out Due to Gentrification (Spectrum News Durham NC)

Technology

  • Why are Black and Latino people still kept out of the tech industry? (LA Times)
  • POC in Mobile: Why Jam City’s Michael Raeford believes education is key to diversifying the games industry (PocketGamer)
  • POC in Mobile: The Game Band lead animator Cedric Adams on why we need diverse main characters (PocketGamer)

Government

  • LA Black business leaders want more police (FOX LA)
  • More than 70% of US Fed bank board directors appointed in 2020 are white (Quartz)

Immigration

  • If Black Lives Really Matter, End H1-B Visa Giveaways (Inside Sources)

Labor / Unions

  • A construction company denied Hempstead’s Black residents jobs (NY Amsterdam News) – Hempstead’s Black residents want construction company to know that ‘Black Jobs Matter’

Religion

  • Episcopal Church deepens engagement with Poor People’s Campaign, racial justice work (Episcopal News Service)

NYT / WAPO– The duo that drives the media

  • How Robert F. Smith helped thousands of minority-owned small businesses secure urgent aid in Washington (Washington Post)
  • The big factor holding back the U.S. economic recovery: Child care (Washington Post)
  • Minneapolis had progressive policies, but its economy still left black families behind (Washington Post)

Other

  • What persuades Southerners to take down Confederate symbols? Hearing it’s good for business. (Washington Post)

Leave a Comment