Top Black Business Stories for the week of August 3rd to August 9th

We have over 110 stories this week. In addition to the regular Black business and economic links, we have features on how much money the NBA makes ($8.8 Billion) and the Freedman’s Bank plus Jay-Z opened a school.

Top Stories

  • Beyonce introduces Black Parade: a Black Business Directory (Beyonce.Com) (Good Morning America)
  • Jay-z’s Roc Nation and Long Island University establish the Roc Nation School of Music, Sport and Entertainment (Roc Nation Press Release)
  • Democrats introduce bill to give the Federal Reserve a new mission: Ending racial inequality (Washington Post) – Joe Biden has proposed something similar
  • The frustration of trying to invest in my hometown of Birmingham AL (BBC) — A nice story about a developer in Birmingham AL.
  • Gallup announces it has collected Black opinions for 100-Years (Black Voice News) — Some interesting surveys on Black people.
  • Income Inequality among Philadelphia’s Workforce: An Update (Economy League) – Standard picture of what’s going on across America in cities.
  • The NBA’s Business Model (Investopedia) — Pretty interesting if you want to learn about business.
  • The BLS released the July unemployment report (Bureau of Labor Statistics) – Non-farm payrolls increased by 1.8 million and the unemployment rate fell to 10.2. There are more than 16 million people are currently on unemployment and 47 million have filed an unemployment claim. That’s about 30% of the total labor force.
  • The Black unemployment rate dropped to 14.6% as compared to the White unemployment rate of 9.2%. The Black rate is usually about 50% more than the White rate.
  • Freedman’s Savings Bank or Freedman’s Savings and Trust Company was run by White to help former slaves after emancipation.  If failed in 1874 due to mismanagement. (Blackpast.Org)

And out usual beer and wine story

  • Breaking down craft beer’s diversity issue: NJ has 100+ breweries — just 3 are Black-owned (New Jersey Herald)
  • Diversity lagging in craft beer industry (Ellwood City Ledger) – Fresh Fest will be online this year.

Coronavirus / PPP

  • Why Black workers will hurt the most if Congress doesn’t extend jobless benefits (Philadelphia Tribune)
  • Loss of extra $600 in jobless aid worsens layoff nightmare (Philadelphia Tribune)
  • US: Why were Black-owned businesses the hardest hit by pandemic (Al Jazeera)
  • Why are Black-owned businesses twice as likely to close during the pandemic? (Fortune)
  • Double Jeopardy: Covid-19’s Concentrated Health and Wealth Effects in Black Communities (NY FED)
  • Black firms in NYS closed at higher rate than white firms during pandemic, NY Fed says (Newsday) – Here is a write-up of NY Fed paper.
  • Black-owned businesses hit hardest during coronavirus shutdowns (KXXV TV)
  • Side hustles, liquidating 401(k)s: Here’s how jobless Californians are getting by without the extra $600 (CAL Matters) – What happens when you lose the $600 unemployment payment? Here are some stories from California.
  • AmPac lands $500,000 to help Inland small businesses (San Berndino Sun) — Black own Community Development Financial Institution

Protest / Injustice

  • NBA Board of Governors launch first-ever NBA Foundation with NBPA to support Black communities and drive generational change (NBA Press Release)
  • NBA owners commit $300 million to new foundation dedicated to economic empowerment in Black community (USA Today) — $30 million for 10 years; not really much money.
  • LeBron James Says NBA Board of Governors’ $300M Pledge ‘Means a Lot’ (Bleacher Report)
  • The NBA earns about 8.8 billion dollars per year according to Statistica (Statistica)
  • States, local governments increasingly declare racism a public health crisis (Fox 28 Spokane WA)
  • Mayor London Breed and Supervisor Shamann Walton release roadmap to guide transformative change and investments in African-American community (San Francisco Bay View)
  • A detailed report of the planned investments in the San Francisco Black community is here.
  • Local organization works to make Milwaukee better for African Americans within five years (WTMJ-TV Milwaukee)
  • National, local Urban League initiative will target needs of Indianapolis’ Black community (Indianapolis Star) – Lilly Pharmaceuticals will give a $100 million
  • Governor Whitmer signs executive directive recognizing racism as a public health crisis (WBKB) – Goal is to equalize health outcomes.
  • Birmingham’s Largest Companies Announce Their Plans to Fight Injustice (Birmingham Times)
  • Birmingham Area Black Business Leaders on Dealing with Systemic Racism (Birmingham Times)
  • Democrats introduce bill to give the Federal Reserve a new mission: Ending racial inequality (Washington Post) – Joe Biden has proposed something similar
  • Remember the Public Sector in the Fight for Black Lives (LaborNotes)

Jobs / Workers / Unemployment

  • The BLS released the July unemployment report (Bureau of Labor Statistics) – Non-farm payrolls increased by 1.8 million and the unemployment rate fell to 10.2. There are more than 16 million people are currently on unemployment and 47 million have filed an unemployment claim. That’s about 30% of the total labor force.
  • The Black unemployment rate dropped to 14.6% as compared to the White unemployment rate of 9.2%. The Black rate is usually about 50% more than the White rate.
  • Trump, Biden Tout Plans to Close the Racial Unemployment Gap (Spectrum News) – Black White employment gap is due to discrimination.
  • How Public Transit Affects African-Americans’ Upward Mobility (Spectrum Local News)
  • In These Neighborhoods, the Jobless Rate May Top 30 Percent (NY Times)
  • California labor commissioner sues Uber and Lyft, alleging wage theft (LA Times)

Black Business Institutions / Groups / Support

  • Killer Mike Wants to Save America’s Disappearing Black Banks (Bloomberg)
  • 75% of Black Business Owners Have Seen an Increase in Business in Recent Months, Study Says (People) – Data from Groupon.
  • Illinois State Rep. Ford honors local legends in celebration of National Black Business Month (Chicago Crusader)
  • 2020 NATIONAL BLACK ECONOMIC CONFERENCE: THE ROAD TO GENERATIONAL WEALTH (Black PR Newswire) – also at National Black Economic Conference.  Formerly South Florida Black Economic Forum.
  • AACCNJ is Empowering African American Businesses (NJ Business)
  • Pittsburgh Black business leaders create ‘Executive Action & Response Network’ (Pittsburgh Tribune)
  • Breweries and wineries are easy to find in Indiana but minorities don’t see much representation (Indiana Minority Business)
  • Man brings bike movement for economic reform for Black people to Tacoma (Tacoma News Tribune)

Black Business Stories

  • Beyonce debut’s Black Parade: a Black Business Directory (Beyonce.Com) (Good Morning America)
  • With the Power of One PO, Everything Can Change for Black-Owned Apparel Businesses (Apparel News) – Sadly, getting an order from a big company is like hitting the lottery.
  • Breaking down craft beer’s diversity issue: NJ has 100+ breweries — just 3 are Black-owned (New Jersey Herald)
  • Diversity lagging in craft beer industry (Ellwood City Ledger) – Fresh Fest will be online this year.
  • These minority-owned restaurants are feeding the NBA Bubble (ClickOrlando.com)
  • Fourth annual Black Business Expo goes virtual on Sept 26 (Augusta Free Press) – Waynesboro, VA — at BlackBusinessExpo.com
  • The 2020 Taste Makers: Meet the Black Culinarians Powering the Detroit Food Scene (Hour Detroit)
  • Black-Owned Businesses Still Lack Resources—Here’s How The Foundation For Business Equity Is Stepping In To Help (Forbes)
  • NOIR Black Chamber of Commerce certified for community development (Louisville Business Journal) – So this is interesting.  Waiting to see if a AACC can do development.
  • Black-Owned LavenderPop Greeting Cards Makes History In Striking Partnership With Jewel-Osco (CBS TV Chicago)

Big Business

  • Black owned media companies call for advertisers to start spending (Black Enterprise)
  • Alicia Keys’ new brand is ‘not another celebrity beauty line’ (CNN) – Alicia Keyes will partner with e.l.f. cosmetics.  Lot of interesting angles.  Keyes has said she does not wear make-up. E.l.f. cosmetics are made in China and have low retail prices.
  • Facebook has Black Business Seminar series (Facebook)
  • If corporations want to stop racism, here’s where they can start (Washington Post)
  • If Corporations Really Want to Address Racial Inequality, Here Are 9 Things That Actually Make a Difference (Time)
  • Coca-Cola Accelerates Commitment to Black-owned Businesses (Web Wire Press Release)

Africa / Caribbean

  • Ghana Looks to Long Relationship With African Americans for Investment (Council on Foreign Relations)
  • IDFA Encourages Trump Administration to ‘Stay the Course’ in U.S.-Kenya Negotiations (Hoard’s Dairyman) (Feedstuffs) – If you want to see how trade policy sausage is made.  They clearly don’t give a crap about local dairy farmers in Kenya.
  • Gallup announces it has collected Black opinions for 100-Years (Black Voice News)

Government / Politics

  • Abrupt change to census deadline could result in an undercount of Latino and Black communities (Washington Post)
  • Minnesota DEED Announces Cultural Mall Operator Grant Award (Red Lake Nation News) – Minnesota is giving money to small ethnic mall operators.
  • Charity / Philanthropy
  • The Philadelphia Black Giving Circle supports Black-led, Black-serving nonprofits (Philadelphia Citizen)
  • In August we will be focusing attention on Black philanthropy, philanthropists (Generocity)

Careers

  • America’s Black brain drain: Why African-American professionals are moving abroad—and staying there (Fortune)
  • Rx for health care inequities: More health professionals of color (CAL Matters)
  • Website and Hashtag, #HireBlackWomenJournalists, for Black Women Journalists – Only two business journalist so far.
  • Certified Financial Planning – The Association of African American Financial Advisors (AAAA) is a non-profit group founded by LeCount R. Davis, Sr. In 1978, Davis became the first Black advisor to earn the Certified Financial Planner designation. Editor’s Note: 1978 is like crazy, right?

Police / Corrections

  • Overtime at California’s prisons swelled to almost half a billion dollars last year (CAL Matters)

Discrimination

  • The frustration of trying to invest in my hometown of Birmingham AL (BBC)

Reparations / Affirmative Action

  • Reparations a debt owed and an investment in equal America (Boston Herald) – Guest editorial. Whites are focus on money rather than fixing society.
  • Five Questions about Reparations, with Stephanie Seguino (University of Vermont)

Inequality / Wealth / Income

  • Inside the Income Gap for some Black Virginians (University of Virginia)
  • How U.S. Structural Racism Robs Black Wealth (Gallup Podcast) – A little old but with Andre M. Perry.
  • Income Inequality among Philadelphia’s Workforce: An Update (Economy League) – Standard picture for a large American city. I can’t believe Montgomery Country, a northern suburb of Philadelphia with half the population, has almost the same number of businesses and jobs as the city itself.  Talk about White flight.
  • Wolf calls on General Assembly to raise minimum wage in Pennsylvania (Pittsburgh Tribune-Review)  – Pennsylvania’s minimum wage is still $7.25 while all neighboring states are at least at $8.25.
  • Gov. Wolf Proposes Minimum Wage Increase for Sixth Time (PA Governor)

Real Estate / Housing

  • Homeownership for Black families in Milwaukee is worse now than 50 years ago. Could a regional approach to affordable housing help? (Milwaukee Journal Sentinel)
  • Urban League launches $5 million effort to boost Black homeownership in Madison (Madison State Journal)
  • Harlem will be the National Urban League’s new headquarters (St. Louis American) — $242 million dollar development.  We will see how much Black participation there is.
  • Fair housing still a distant journey for Black America (Atlanta Daily World)
  • This Kansas City plan can fight racial inequity with practical, affordable housing (Kansas City Star)
  • The housing problem: How housing became a privilege rather than a right (Architect Magazine)
  • The Low-Wage Mothers of Color Who Want to Become Suburban Moms (The American Prospect)
  • Study: Mortgages for Black, indigenous, Hispanic applicants in NC denied at higher rate (Winston-Salem Journal)
  • FIVE STEPS TO PREVENT DISPLACEMENT (Sightline Institute) – Long discussion of affordable housing
  • Senate Bill Seeks To Remove Major Barrier To Black Homeownership (Cision PR Newswire)
  • Improving Black Homebuyers’ Access to Capital (MReport)
  • The American dream while Black: ‘Locked in a vicious cycle’ (NBCNews) – Looks at Black home ownership

Energy Industry

Entrepreneurship / Business Ideas

  • Last Call for Entrepreneurs: Walmart Annual Open Call for U.S.- Manufactured Products Deadline Monday, August 10 (Chicago Crusader)
  • The program called Wal-Mart Jump is here. – Even if the program is closed, you can learn a lot from what wal-mart is looking for.
  • Chicago Police Officer Launches Group to Support Black-Owned Startups (Network Journal)
  • Social Justice & Beyond: Where’s the opportunity in the Marijuana Industry (Greenway)

Travel

  • Black beaches that broke barriers (Daily Mail UK) – Interesting. September 2017
  • Study Exposes Racial, Economic Gap In Access To Nature (KCBS)

Taxes

People

  • AmPac’s Hilda Kennedy — Hilda Kennedy, Founder and President of AmPac Business Capital, shares about the mission of AmPac:  To make communities better and families stronger, as champions of job makers
  • Mayor Appoints Alejandra St. Guillen to Boston Cannabis Board (Charlestown Patriot-Bridge) – Boston

In passing

  • How Whitney Young Jr., advisor to three US presidents who enabled Blacks to enter corporate America Dr. Gus T. Ridgel’s legacy inspires Black students to resist the status quo (Missourian)

Tech / Innovation / Apps

  • Nolafrique sources fashions from Ghana and Senegal. – So you have to wonder if some one could make a US – Africa supply chain work.
  • The WeatherCheck app selected for inaugural Google for Startups Accelerator for Black Founders (Louisville Business First)
  • You can track information about the economy in real-time with track the recovery (Track The Recovery) – Raj Chetty was involved.
  • Kingdom Pay is another Black mobile financial app (Kingdom Pay)

Straight Up Econ

  • Why Do Economists Have Trouble Understanding Racialized Inequalities? (Institute for New Economic Thinking) – Economists focus on individual, rational behavior and believe discrimination is inefficient and irrational.  What they are ignoring is group behavior over a long period that has create political, historical and structural institutions that perpetuate racism.
  • The built-in biases in economics that feed systemic racism (Washington Post) – From July
  • You can track information about the economy in real-time with track the recovery (Track The Recovery) – Raj Chetty was involved.
  • In These Neighborhoods, the Jobless Rate May Top 30 Percent (NY Times)

Old but Good — Economics

In March, 2017, Peter Temin published The Vanishing Middle Class: Prejudice and Power in a Dual Economy which describes US society as really two worlds: a rich, elite society and a developing economy for everyone else.

Welfare / Safety Net / Universal Basic Income

  • Coronavirus pandemic puts a spotlight on Stockton’s guaranteed income experiment (CAL Matters)

Sports / Entertainment

  • NBA Team Values 2020 (Forbes) – From February, 2020
  • How Do NBA Franchises Spend Their Revenue? Team Executives Reveal Financial Info (Sports Illustrated)
  • The NBA’s Business Model (Investopedia)
  • A confidential report shows nearly half the NBA lost money last season. Now what? (ESPN) – From 2017, more than half the teams “lost” money on paper.
  • The NBA earns about 8.8 billion dollars according to Statistica (Statistica)
  • Alternative / Conservative
  • A Conversation with Sen. Ted Cruz (Washington Post) – Not much new here. Did I mention that we had “the lowest Black unemployment rate ever.”

Education

  • Jay-z’s Roc Nation and Long Island University establish the Roc Nation School of Music, Sport and Entertainment (Roc Nation Press Release)
  • Equity in Illinois higher education: ‘We are failing our African American students.’ (The Southern Illinoisian)
  • Carson Group to Give $500K for Next-Gen Black CFPs (ThinkAdvisor) – Fund certified financial planners at HBCU’s.
  • Black students pressure UC San Diego to expand their tiny presence on campus (San Diego Union-Tribune)

Opinion

History / Black Business History / Black Economic History

  • Freedman’s Savings Bank or Freedman’s Savings and Trust Company was run by White to help former slaves after emancipation.  If failed in 1874 due to mismanagement. (Blackpast.Org)
  • The Freedman’s Savings and Trust Company and African American Genealogical Research (National Archives)
  • The Freedman’s Savings Bank: Good Intentions Were Not Enough; A Noble Experiment Goes Awry (Office of Comptroller of the Currency)
  • Freedman’s Savings Bank (Freedman’s Savings Bank) – I think this is the website for the tour of the Freedman’s savings bank in DC.

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