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Top Finance and Hip-Hop News – 5.22.20

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MARKET UPDATE via @MorningBrew

NASDAQ 9,284.88

– 0.97%

S&P 2,948.51

– 0.78%

DJIA 24,474.12

– 0.41%

GOLD 1,726.70

– 1.45%

10-YR 0.673%

– 1.00 bps

OIL 34.01

+ 1.55%

*As of market close
  • Employment: Another 2.4 million people filed jobless claims last week, bringing the total during the pandemic to 38.6 million.
  • Economy quotes for the history books: “The coronavirus pandemic poses the most serious threat to maximum employment and potentially to price stability that the United States has faced in our lifetimes,” said vice-chair of the Fed Richard Clarida.
  • Stocks: ?????

Georgia Man Who Filmed Ahmad Arbery, Arrested

https://nypost.com/2020/05/21/georgia-man-who-filmed-ahmaud-arbery-shooting-arrested-on-murder-charge/

The Georgia man who filmed the shooting death of Ahmaud Arbery has been arrested on murder charges, the Georgia Bureau of Investigation said Thursday.

William “Roddie” Bryan, 50, was charged with felony murder and criminal attempt to commit false imprisonment, in Arbery’s Feb. 23 shooting death by two white men.

Arbery, 25, who is black, was unarmed as he jogged through the Brunswick neighborhood when Bryan, who is also white, and the two other men, Gregory McMichael, 64, and his son Travis McMichael, 34, chased him for more than four minutes before he was confronted by the McMichaels and shot dead.

US Commits $1.2 Billion to Coronavirus Vaccine

https://www.cbsnews.com/news/oxford-coronavirus-vaccine-oxford-astrazenca-partnering-united-states/

The Trump administration announced it is partnering with drugmaker AstraZeneca for at least 300 million doses of a coronavirus vaccine developed by the University of Oxford and committing up to $1.2 billion to the effort.

President Trump has sought to expedite the development of a coronavirus vaccine through Operation Warp Speed, as many public health officials have said that a return to normalcy in the U.S. would rest on the widespread availability of a vaccine to protect against the virus. Mr. Trump said last week Operation Warp Speed aims to make millions of doses of a vaccine available by the end of 2020.

Facebook’s Zuckerberg says employees will be able to work from home permanently

https://www.cnet.com/news/facebooks-zuckerberg-says-employees-will-be-able-to-work-from-home-permanently/

Facebook CEO Mark Zuckerberg said Thursday that some employees will have the option to work from home permanently, a move that highlights how the the novel coronavirus has fueled a shift to remote work for some of the world’s largest tech companies.

In an internal employee town hall meeting livestreamed on Facebook, Zuckerberg said the company is going to aggressively open up remote hiring, coupled with a “more measured approach to opening permanent remote work for existing employees.”

Spotify and Shopify made their own “we’re going flexible” statements yesterday, too. Spotify’s global workforce can WFH until next year, and Shopify’s will be allowed to do so as long as they please—a “forever” policy à la Twitter.

Netflix Makes the Bold Choice to Cancel Inactive Accounts for Idle Customers

https://collider.com/netflix-cancels-inactive-accounts/

As the streaming service wars heat up even more with the arrival of HBO Max, Netflix is actually making a move to save its idle customers some cash. One of the biggest potential pitfalls of signing up for subscription services? Remembering to cancel that subscription when you’re no longer using it. Even as someone who’s very mindful of her spending, I’ve fallen into this trap more times than I’d like to admit. (I swear, I really was planning to learn a new skill on Skillshare at some point!) But rather than continue to keep charging those cards, Netflix is making the unprecedented move to cancel idle users’ subscriptions for them.

UC Phases Out SAT & ACT Requirements

https://www.latimes.com/california/story/2020-05-21/uc-drops-sat-and-act-test-requirement-for-admission

In a decision that could reshape the nation’s college admissions process, University of California regents voted Thursday to suspend SAT and ACT testing requirements through 2024 and eliminate them for California students by 2025.

Swizz Beatz Confirms Date For 112 & Jagged Edge Verzuz Instagram Battle

https://hiphopdx.com/news/id.55996/title.rb-hit-groups-112-jagged-edge-reportedly-next-for-verzuz-instagram-battle

Swizz Beatz has confirmed the rumored 112 versus Jagged Edge battle.

The Verzuz co-founder shared an Instagram post to his account with a flyer for the event. It all kicks off on Instagram Live on Monday (May 25) at 8 p.m. EST

  • China’s parliament will discuss implementing new security measures for Hong Kong following major protests in 2019. The U.S. came back with sharp opposition to the proposed law.
  • Starbucks said reopening plans were going better than expected, with comparable U.S. sales at nearly two-thirds their level from last year.
  • President Trump visited a Ford plant in Michigan that had shifted to making ventilators for COVID-19 patients.
  • Amazon is pushing Prime Day from July to the fall, the WSJ reports.
  • John Krasinski’s tear-jerker of a YouTube series, Some Good News, has been licensed to ViacomCBS following a bidding war, per The Hollywood Reporter.

US billionaires got $434 billion richer during the pandemic, according to report

 

  • US billionaires saw a major boost in net worth in the first two months of the coronavirus pandemic, according to a new report published on Thursday by the left-leaning think tanks Americans for Tax Fairness and the Institute for Policy Studies.
  • According to the report, the total net worth of all US billionaires got a $434 billion boost since March 19, when many US states were placed on lockdown.
  • In total, the roughly 600 US billionaires saw their wealth grow from $2.948 trillion to $3.382 trillion within the past two months.
  • The report comes as the number of Americans who filed for unemployment benefits continues to grow.

https://www.businessinsider.com/us-billionaires-434-billion-richer-during-pandemic-report-2020-5

Wu-Tang Clan Launches Their Own Line Of Hand Sanitizer

Wu-Tang Clan have launched their own hand sanitizer, cleverly titled called “Protect Ya Hands,” with proceeds from sales going to three Canadian charities amid the coronavirus pandemic.

The sanitizer is just one product the band is selling as part of their A Better Tomorrow Collection, which will benefit the Ottawa Food Bank, The Ottawa Mission Foundation, and the Children’s Hospital of Eastern Ontario.

For each bottle sold of the sanitizer, the name of which is a reference to their debut single “Protect Ya Neck,” an additional bottle will be donated to The Ottawa Mission Foundation, as well as other homeless shelters in Canada.

As well as the sanitizer, the rappers are selling a Korean-inspired meal packed in a reusable food bowl and an Ottawa x Wu-Tang Clan shirt.

https://allhiphop.com/news/wu-tang-clan-launches-their-own-line-of-hand-sanitizer-gavrH0YmsUKO6o0TlrcKKQ

 

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Hip-Hop Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is also a speaker, and bestselling author of six books. Ash has established himself as a thought leader and trusted voice with Corporate America, Colleges, Churches, and Community based organizations. Ash is best known for helping people maximize their full potentials by giving them the inspiration, tools, and resources needed to live their best lives. For more info on Ash please visit www.IamAshCash.com

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Podcasts

Top Finance and Hip-Hop News – 6.3.20

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MARKETS

NASDAQ 9,608.37

+ 0.59%

S&P 3,080.82

+ 0.82%

DJIA 25,742.65

+ 1.05%

GOLD 1,733.90

– 0.94%

10-YR 0.685%

+ 2.50 bps

OIL 36.93

+ 4.20%

*As of market close
  • Markets: It’s not quite baseball, but we’ll take it—IPO season restarts today. Warner Music Group will bat leadoff in a busy week that also includes the IPO of marketing data company ZoomInfo.
  • Energy: Oil continued to gain ahead of a virtual meeting between OPEC and friends

Minneapolis Police Department to undergo civil rights investigation

https://www.cnn.com/us/live-news/george-floyd-protests-06-02-20/

The Minnesota Department of Human Rights is launching a civil rights investigation into the Minneapolis Police Department, the state’s governor announced Tuesday.

The investigation will look into practices of the department for the last 10 years.

According to a release from Gov. Tim Walz’s office, the investigation will look to see if Minneapolis Police have engaged in systemic discriminatory practices targeting people of color.

Bank of America pledges $1 billion to address racial, economic inequality

https://www.reuters.com/article/us-minneapolis-police-bank-of-america/bank-of-america-pledges-1-billion-to-address-racial-economic-inequality-idUSKBN2391NO?utm_source=morning_brew

Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis.

One-Third of America’s Record Unemployment Payout Hasn’t Arrived

https://www.bloomberg.com/news/articles/2020-06-02/one-third-of-america-s-record-unemployment-payout-hasn-t-arrived?srnd=premium&sref=KkPzpZvz&utm_source=morning_brew

Almost one-third of unemployment benefits estimated to be owed to the millions of Americans who lost their jobs as a result of the coronavirus slump haven’t been paid yet, as flagship policies struggle to cope with the unprecedented wave of layoffs.

The Treasury disbursed $146 billion in unemployment benefits in the three months through May, according to data published Monday — more than in the whole of 2009, when jobless rates peaked after the financial crisis.

But even that historic figure falls short of a total bill that should have reached about $214 billion for the period, according to Bloomberg calculations based on weekly unemployment filings and the average size of those claims.

Joe Biden sweeps all seven presidential primaries

https://nypost.com/2020/06/02/joe-biden-sweeps-all-seven-presidential-primaries/

Joe Biden has scored a clean sweep of the seven states conducting Democratic presidential primaries on Tuesday, not at all a surprise given that the presumptive Democratic nominee has no active opposition.

Yet the delegate haul is important to Biden’s goal of gaining enough delegates to claim the Democratic nomination before the party’s summer convention. Tuesday’s results may leave Biden just short of the 1,991 delegates he needs, but primaries next week in Georgia and West Virginia could put him over the top.

Of Tuesday’s elections, Pennsylvania’s could add the most delegates to Biden’s count. He also won contests in Maryland, Indiana, Rhode Island, New Mexico, Montana and South Dakota.

Also choosing a nominee Tuesday are voters in the District of Columbia.

Those results are pending.

JAY-Z Takes Out Full-Page Newspaper Ads Across the U.S. in Dedication to George Floyd

https://people.com/music/jay-z-takes-out-full-page-ads-in-dedication-to-george-floyd/

JAY-Z and the Roc Nation family have taken out multiple full-page ads in newspapers across the United States in honor of George Floyd, whose death while in Minneapolis police custody has sparked nationwide protests over racial injustice.

The ad, which was shared on Roc Nation’s social media pages, quotes a passage from Dr. Martin Luther King Jr’s 1965 address in Selma, Alabama.

“Only way we can really achieve freedom is to somehow hunker the fear of death. But if a man has not discovered something that he will die for, he isn’t fit to live,” the ad reads. “Deep down in our nonviolent creed is the conviction — that there are some things so dear, so things so precious, so things so eternally true, that they are worth dying for.”

“A man dies when he refuses to stand up for that which is right,” it continues. “A man dies when he refuses to stand up for justice. A man dies when he refuses to take a stand for that which is true. So we’re going to stand up amid horses. We’re going to stand up right here, amid the billy-clubs. We’re going to stand up right here amid police dogs, if they have them. We’re going to stand up amid tear gas!”

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Podcasts

Top Finance and Hip-Hop News – 6.1.20

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MARKETS YTD PERFORMANCE

NASDAQ 9,489.87

+ 5.76%

S&P 3,044.31

– 5.77%

DJIA 25,383.11

– 11.06%

GOLD 1,743.00

+ 14.67%

10-YR 0.666%

– 125.40 bps

OIL 35.32

– 42.30%

*As of market close
  • Markets: U.S. stocks are leaving global equities in the dust, the WSJ reports. The S&P is down 5.8% for the year, while Hong Kong’s Hang Seng Index is down 19% and the Stoxx Europe 600 is down 16%.

Global stocks rise as investors shrug off US-China tensions

https://www.cnn.com/2020/06/01/investing/global-stocks/index.html

Hong Kong stocks are on pace for their best day since March as investors shrug off the Trump administration’s intention to end a special economic and trading relationship with the Asian financial hub. There are also signs in the region that China’s economy is continuing to recover from the worst of the coronavirus pandemic — though activity elsewhere in Asia remains grim.

Hong Kong’s Hang Seng Index (HSI) rose more than 3%. It was the first opportunity investors there had to react to US President Donald Trump’s announcement last week that Washington would “begin the process of eliminating policy exemptions that give Hong Kong different and special treatment” from mainland China.

Grief and anger over George Floyd’s death spark protests demanding change in week since video went viral

https://www.cnn.com/2020/06/01/us/us-protests-monday-george-floyd/index.html

Protests continued through the weekend over the death of George Floyd.

Demonstrations began in Minneapolis and spread like wildfire across the US — Los Angeles, Atlanta, Washington, DC, Miami, New York City and Chicago are just some of the cities who saw crowds.

Sunday night more than two dozen cities deployed curfews and governors activated National Guard troops to keep the crowds home. Most protests were peaceful, but many of them took a violent turn.

  • There have been about 4,000 people arrested across the US since Tuesday, according to a CNN tally.
  • Minnesota Gov. Tim Walz announced the Minnesota Attorney General’s office will be taking the lead on Derek Chauvin’s case, the officer seen pressing a knee on Floyd’s neck.
  • Derek Chauvin, who was initially expected in court Monday, will make his first court appearance June 8. He’s been charged with with third-degree murder and second-degree manslaughter.

Nike releases ‘Don’t Do It’ ad addressing racism in America

https://www.cnbc.com/2020/05/30/nike-releases-dont-do-it-ad-addressing-racism-in-america.html?utm_source=morning_brew

Nike released an ad Friday night imploring viewers not to “pretend there’s not a problem in America” while protests occurred in cities nationwide following the death in Minnesota of George Floyd after a white officer pressed a knee into his neck while taking him into custody.

The simple video shared on Twitter contains lettering that begins, “For Once, Don’t Do It… Don’t pretend there’s not a problem in America… Don’t turn your back on racism.” It had more than 35,000 retweets and two million views as of Saturday morning.

CNN’s Don Lemon Calls Out Drake, Diddy & More Celebrities To Do More For Protestors

https://hiphopdx.com/news/id.56163/title.cnns-don-lemon-calls-out-drake-diddy-more-celebrities-to-do-more-for-protestors

Don Lemon used his platform this weekend to call out Hollywood leaders, musicians and stars for inaction following nationwide protests over the death of George Floyd in Minneapolis.

“What about Hollywood? Strangely quiet,” the CNN Tonight host said as he spoke to Rev. William Barber as protests took place in Los Angeles, Washington D.C., New York and countless other cities across the country.

Lemon noted that stars had tweeted and texted him saying they enjoyed his work on television but had been silent in regards to being active.

Lemon’s speech was a continuation of his earlier monologue when he called on millionaires, billionaires, civic leaders and stars to lend their support to the individuals on the ground in protests across the country.

Killer Mike, T.I., Rihanna and others in the Hip Hop community have spoken up about Floyd’s death and the subsequent protests. J. Cole was on the ground in Fayetteville, North Carolina, walking and speaking with protestors.

Hacktivist Group Anonymous Bug Chicago Police Scanners To Play N.W.A’s ‘Fuck Tha Police’

https://hiphopdx.com/news/id.56172/title.hacktivist-group-anonymous-bug-chicago-police-scanners-to-play-n-w-as-fuck-tha-police

After announcing their return to social media on Saturday (May 30), hacktivist group Anonymous set their targets on the Minneapolis Police Department for their “many crimes” and the Chicago Police Department. According to various reports on social media, the group allegedly hacked the radio frequencies of the Chicago PD and played N.W.A‘s “Fuck tha Police” for at least two minutes.

Trump postpones the G-7 summit and seeks to add countries to the invitation list

https://www.cnbc.com/2020/05/31/trump-postpones-the-g-7-summit-and-seeks-to-add-countries-to-the-invitation-list.html

President Donald Trump said on Saturday he would postpone a Group of Seven summit he had hoped to hold next month until September or later and expand the list of invitees to include Australia, Russia, South Korea and India.

Speaking to reporters on Air Force One during his return to Washington from Cape Canaveral in Florida, Trump said the G7, which groups the world’s most advanced economies, was a “very outdated group of countries” in its current format.

Kirk Franklin & Fred Hammond in Verzuz battle

https://www.revolt.tv/2020/5/31/21276468/kirk-franklin-fred-hammond-verzuz-winner

In light of recent civil unrest following the police killing of unarmed black man George Floyd at the hand of Minneapolis police, the creators of Verzuz, Timbaland and Swizz Beatz, felt the culture could use some inspiration provided through their growing music platform.

This Verzuz between 16-time Grammy-award winner Kirk Franklin and gospel super producer Fred Hammond was a celebration. Sunday’s (May 31) edition brought two GOATs of gospel to meet up in once place, an at-home studio, to ensure a seamless worship experience. Bishop T.D. Jakes even opened the celebration with a special prayer for peace, comfort and justice at this time.

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Podcasts

Top Finance and Hip-Hop News 5.29.20

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MARKETS

NASDAQ 9,368.99

– 0.46%

S&P 3,029.73

– 0.21%

DJIA 25,400.64

– 0.58%

GOLD 1,732.20

+ 0.31%

10-YR 0.695%

+ 0.80 bps

OIL 33.63

+ 2.50%

*As of market close
  • Jobs: 2.1 million more Americans filed jobless claims last week. However, the number of continuing claims, or claims being collected for two weeks or more, fell. That suggests firms are rehiring employees as states allow businesses to reopen.
  • Markets: A bona fide rally was so close we could smell it. But stocks slumped just before the close yesterday after President Trump announced he’ll hold a press conference on China today, which may ratchet up tensions.

People are accidentally throwing out their stimulus payments — because they look like junk mail

https://www.nbcnews.com/business/consumer/people-are-accidentally-throwing-out-their-stimulus-check-because-it-n1216991

Some Americans may be throwing their long-awaited stimulus payments in the trash, by mistake. That’s because, starting last week, the Treasury Department and the IRS started sending out economic impact payments in regular white envelopes that could be confused for junk mail.

While some people have already received their payments as direct deposits or paper checks in the mail, almost 4 million people — including those for whom the agency does not have bank accounts on file — will be getting their stimulus payments in the form of prepaid debit cards. The only problem is that the debit cards come in envelopes that say “Money Network Cardholder Services” and do not bear any federal markings.

 

JAY-Z & Roc Nation Attorney Files New Lawsuit In Pursuit Of Mississippi Prison Reform

https://hiphopdx.com/news/id.56117/title.jay-z-roc-nation-attorney-files-new-lawsuit-in-pursuit-of-mississippi-prison-reform

JAY-Z and Roc Nation have been vocal in their efforts for prison reform. Earlier this year, they began the fight for reform at Mississippi’s Parchman Penitentiary.

Now, the lawyer hired by Hov’s company to spearhead the battle has filed an additional suit in the matter, independent of Roc Nation but in the same fight.

On Wednesday (May 27), TMZ reported Roc Nation attorney Alex Spiro has filed suit against Centene, the parent company of the healthcare provider used at Parchman. This marks the third suit in the matter from Spiro this year, which is on behalf of a Centene shareholder who’s outraged 40 inmates have died in the Mississippi prison system — including Parchman — since December.

In the suit, the unnamed shareholder alleges the healthcare provider, Centurion, is a liability because of their poor care of the inmates and says it’s leading to lawsuits and potential stock market losses. The suit cites poor mental health treatment and lack of testing for illnesses (particularly during COVID-19) as just some of the examples.

Coronavirus: Bucks owner says the NBA could meet ‘early next week’ to vote on how to restart the season

https://www.cbssports.com/nba/news/coronavirus-bucks-owner-says-the-nba-could-meet-early-next-week-to-vote-on-how-to-restart-the-season/

While nothing is official yet, there is hope that the NBA will be back at some point this summer in some capacity. Over the last two weeks, the league has reportedly zeroed in on playing the remainder of the 2019-20 season at Walt Disney World in Orlando. There are several options are on the table for resuming play, including bringing 20-24 teams to Florida for a truncated regular season and the playoffs, staging a World Cup-style playoffs where teams would be grouped together in the first round or advancing straight to the playoffs with just 16 teams competing.

  • Amazon will offer full-time jobs to 125,000 temporary workers it hired during the pandemic.
  • The Premier League will restart on June 17. Now Liverpool can claim their rightful title.
  • Delta and American Airlines are preparing to cut a significant portion of their workforces through layoffs and voluntary exits.
  • Investment-grade corporate debt sales have topped $1 trillion so far this year. In 2019, it took until November to reach that figure.
  • Nordstrom said quarterly sales dropped nearly 40%.

Minneapolis police station torched amid George Floyd protest

https://www.politico.com/news/2020/05/29/minneapolis-police-protest-george-floyd-288361

Protesters torched a Minneapolis police station Thursday that the department was forced to abandon as three days of violent protests spread to nearby St. Paul and angry demonstrations flared across the U.S over the death of George Floyd, a handcuffed black man who pleaded for air as a white police officer kneeled on his neck.

A police spokesman confirmed late Thursday that staff had evacuated the 3rd Precinct station, the focus of many of the protests. Protesters were seen entering the building, where fire alarms blared and sprinklers ran as blazes were set.

Late Thursday, President Donald Trump blasted the “total lack of leadership” in Minneapolis. “Just spoke to Governor Tim Walz and told him that the Military is with him all the way. Any difficulty and we will assume control but, when the looting starts, the shooting starts,” he said on Twitter.

The Solution via @ShabazzBailey

First off what happened to this man is a tragedy! And the aftermath is even more saddening. I prefer to keep my thoughts to myself but people need to understand the right way how to prevent this from happening again. I asked Ash Cash about this two days ago but I wanted to elaborate more

First off, as a whole, if you feel that police brutality in your county is unacceptable than the first plan of action is to unite and form a super PAC. With this super PAC, you buy municipal bonds and use your economical influence to select electives who will have your super PAC’s best interests. By buying a county’s debt you then gain control. If enough entities buy municipal bonds you could bankrupt a city/county. The goal is to own nothing but control everything
Secondly, more people in our communities need to have life insurance. You better bet your bottom dollar that if a bunch of people had polices on them died because of police brutality, and other crimes as a whole these insurance companies would you their influence and start lobbying to start changing a lot of the activity in these areas. You have to remember money influences laws

Thirdly,  look up law enforcement liability insurance. You can look on the travelers insurance website as a reference. Each individual police officer carries mandated insurance. So when you get pulled over, it’s almost pointless to ask for a police officer badge number and report him to the Entity he/she works for. The correct way is getting the information and filing a complaint with their insurance carrier. So now think of it like this, when we get into a car accident and someone files a complaint against our policy enough times eventually what happens? They drop us from our policy and it’s extremely hard to find another insurance carrier. So if enough ppl filed complaints against a particular law enforcement entities insurance policy what then happens ??? It’s the same thing
Never underestimate the power of economics

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