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Top Finance and Hip-Hop News – 6.18.20

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MARKETS

NASDAQ 9,910.53

+ 0.15%

S&P 3,113.49

– 0.36%

DJIA 26,119.61

– 0.65%

GOLD 1,736.00

– 0.03%

10-YR 0.734%

– 2.30 bps

OIL 37.70

– 1.77%

*As of market close
  • Markets: Pretty quiet day. The Dow and S&P took an L for the first time in three trading sessions.
  • 2020: President Trump “pleaded” with Chinese President Xi Jinping last year to help him win reelection, according to a soon-to-be-released book from former Trump adviser John Bolton. The Trump administration is seeking an emergency restraining order to stop the publication of the book.

 

Yesterday, Hertz suspended its plan to sell up to $500 million in stock in a last-ditch effort to raise money.

What happened? Someone at the SEC got mad they didn’t get to upgrade their Ford Focus. Earlier in the day, Hertz halted trading of its stock after the regulator said it would investigate the bankrupt rental car company’s controversial proposal.

The backstory: Hertz’s business has crumbled ever since, well…you know. It filed for bankruptcy on May 22, and four days later its stock hit a low of $0.40. After that? Chaos.

  • Hertz’s stock went ballistic, surging over 1,400% to a high of more than $6 at one point on June 8.
  • Because to amateur investors with nothing else to do, bankruptcy = opportunity. 96,000 Robinhood traders bought Hertz shares over the span of one week.

Mind you, as all this was going on Hertz was still bankrupt, meaning it didn’t have enough assets to satisfy its debt obligations (and Hertz was almost $19 billion in debt). With a turnaround unlikely…

Hertz busted out the spare tire

In its now-kibashed plan to sell stock, Hertz wrote, “we expect that common stock holders would not receive a recovery through any plan unless the holders of more senior claims and interests…are paid in full.”

  • Translation: Even if Hertz emerged from bankruptcy, the common stock it planned to issue would almost certainly end up worthless.
  • And worthless stock is exactly what it sounds like. “It is incredibly creative and they get props for that, but I wouldn’t buy those shares,” Nancy Rapoport, a professor at UNLV’s William S. Boyd School of Law, told Bloomberg.

Bottom line: From the sudden deterioration of its core business to casual traders’ infatuation with its stock, Hertz embodies the bizarro-world of the coronavirus pandemic.

Dow futures fall 100 points, airlines and retailers slide

https://www.cnbc.com/2020/06/17/stock-market-futures-open-to-close-news.html

Stock futures were lower on Thursday as investors weigh the rising number of coronavirus cases in the U.S. and around the world.

Futures on the Dow Jones Industrial Average fell 150 points, or 0.6%. S&P 500 futures dipped 0.5%. Nasdaq 100 futures were down by 0.2%.

Several states in the U.S. are experiencing a resurgence of infections. Arizona reported a record-high number of new confirmed cases, while Texas saw an 11% daily spike in hospitalizations for patients with Covid-19 on Wednesday.

Jobless claims set to top 1 million again, but what’s worse is the agonizingly slow decline in people getting unemployment benefits

https://www.marketwatch.com/story/jobless-claims-set-to-top-1-million-again-but-whats-worse-is-the-agonizingly-slow-decline-in-people-getting-unemployment-benefits-2020-06-17

More than 1.3 million new applications for unemployment benefits were likely filed in mid-June to push the total during the coronavirus pandemic above 48 million, but such shocking numbers don’t really tell us much about whether the U.S. labor market is on the mend.

Economists have turned their lens to another figure in the weekly report that reflects how many unemployed workers are actually receiving benefits. These so-called continuing jobless claims have tapered off since peaking in the middle of May and economists will look for the third decline in the past four readings.

Another drop in continuing claims would obviously be a good sign, signaling that more people are leaving the unemployment rolls and returning to work. A nationwide lockdown ended in May as states reopened and the economy began to recover from what’s likely to be the deepest, if shortest, recession in American history.

Still, the decline in continuing claims has not been as rapid as Wall Street and Washington would like.

Ex-Atlanta Police officer who killed Rayshard Brooks charged with felony murder

https://www.cnn.com/2020/06/17/us/rayshard-brooks-atlanta-shooting-wednesday/index.html

The now-fired Atlanta Police officer who faces a felony murder charge for fatally shooting Rayshard Brooks last week kicked the 27-year-old man after he fell to the ground, Fulton County’s district attorney said Wednesday.

DA Paul Howard announced 11 charges against Garrett Rolfe, who five days ago fired three shots at Brooks, two of which hit Brooks in the back and another that hit a car with three people inside.

After Rolfe shot Brooks, he exclaimed, “I got him,” kicked Brooks as he struggled for his life, and failed to give timely first aid.

Devin Brosnan, the other officer at the shooting, faces an aggravated assault charge for standing on Brooks in the parking lot.

Hours after the district attorney’s announcement, Atlanta police officers were not responding to calls in three of the city’s six zones, multiple sources within Atlanta Police Department told CNN’s Ryan Young.

The department denied the reports of officers walking off the job, saying there was a high number of call-outs on the incoming shift.

The Aunt Jemima brand, acknowledging its racist past, will be retired

cnn.com/2020/06/17/business/aunt-jemima-logo-change/index.html

Quaker Oats is retiring the more than 130-year-old Aunt Jemima brand and logo, acknowledging its origins are based on a racial stereotype.

“As we work to make progress toward racial equality through several initiatives, we also must take a hard look at our portfolio of brands and ensure they reflect our values and meet our consumers’ expectations,” the Pepsi-owned company said in a statement.

Aunt Jemima’s appearance has evolved over time. The brand’s origin and logo is based off the song “Old Aunt Jemima” from a minstrel show performer and reportedly sung by slaves. The company’s website said the logo started in 1890 and was based on Nancy Green, a “storyteller, cook and missionary worker.” However, the website fails to mention Green was born into slavery.

Pablo Escobar’s Estate Is Reportedly Gunning At 2 Chainz’s Head For $10M

https://hiphopdx.com/news/id.56413/title.pablo-escobars-estate-is-reportedly-gunning-at-2-chainzs-head-for-10m

2 Chainz isn’t in the good graces of the late Pablo Escobar’s estate. TMZ reports Chainz is being sued by Escobar Inc. for a minimum of $10 million over the name of the “Proud” rapper’s two Atlanta restaurants, Escobar Restaurant and Tapas.

Escobar Inc. says in their lawsuit they own the trademark to Escobar’s likeness and Chainz’s use of it on the two restaurant locations, a website, social media, merchandise and even menu items without permission violates federal law. In addition to the $10 million minimum, the estate is also seeking an injunction blocking use of the name and likeness at both locations.

 

Bands on Defensive

The U.S.’ current reckoning with racial injustice has led some companies to remove racist imagery from their brand names and packaging.

In the pantry

Aunt Jemima owner Quaker Oats (itself a PepsiCo subsidiary) said it would change the syrup and pancake mix brand’s packaging this fall and decide on a new name shortly after. The decision followed a wave of social media posts highlighting the 131-year-old brand’s roots in slavery-era stereotypes—the name Aunt Jemima comes from a song in a minstrel show.

Then, food and candy bigwig Mars said it would “reevaluate” its Uncle Ben’s rice brand. “Now is the right time to evolve the Uncle Ben’s brand, including its visual brand identity, which we will do,” it said in a statement.

In the locker room

Critics from Rep. Alexandria Ocasio-Cortez to former offensive lineman Tre Johnson have used this moment to renew calls for the NFL’s Washington Redskins to change their name. Earlier this spring, Land O’Lakes said it would remove the image of a Native American woman from its products.

 

  • The former Atlanta police officer who shot Rayshard Brooks in the back was charged with felony murder.
  • Google pledged more than $175 million to Black businesses and said it would diversify its leadership to include more Black representation.
  • Target will raise its minimum wage to $15/hour months before it planned to.
  • Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million to scholarships at Historically Black Colleges and Universities.
  • Lyft said its entire fleet would go electric by 2030.
  • HSBC has revived plans to cut 35,000 jobs. It had put them on hold due to COVID-19.

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 – 7.13.20

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MARKETS YTD PERFORMANCE

NASDAQ 10,617.44

+ 18.33%

S&P 3,185.04

– 1.42%

DJIA 26,075.30

– 8.63%

GOLD 1,801.80

+ 18.54%

10-YR 0.645%

– 127.50 bps

OIL 40.59

– 33.69%

*As of market close
  • Energy: The Saudis have seen enough—they’re pressing OPEC and allies to increase oil production in August as demand for fuel bounces back from pandemic lows. Members will talk it out on Wednesday via videochat.
  • COVID-19 updates: Yesterday, Florida reported the largest daily increase in infections of any state since the pandemic began (more than 15,000 new cases). Former FDA Commissioner Scott Gottlieb said he expects the “apex” of cases in the South to hit in two to three weeks.

Futures, Stocks Rise as Earnings Week Kicks Off: Markets Wrap

https://www.msn.com/en-us/money/markets/futures-stocks-rise-as-earnings-week-kicks-off-markets-wrap/ar-BB16Ebz6

U.S. equity futures rose with stocks ahead of earnings from big American banks that will act as a barometer of economic health as the pandemic continues to rage.

Contracts on the S&P 500 climbed as traders awaited outlooks this week from a slew of companies that have yet to provide concrete guidance on the impact of the virus. European stocks also rose with government bond yields, led by those of peripheral nations. Chinese stocks renewed their advance after last week’s surge. The dollar was steady after paring an earlier loss.

Oil slipped ahead of an OPEC+ meeting at which the group may announce plans to start tapering historic production cuts.

White House takes aim at Fauci as he disagrees with Trump on virus

https://www.cnn.com/2020/07/12/politics/fauci-trump-coronavirus/index.html

As coronavirus cases surge in the United States, the White House is taking aim at the nation’s top infectious disease expert, Dr. Anthony Fauci.

In a statement Saturday, a White House official told CNN that “several White House officials are concerned about the number of times Dr. Fauci has been wrong on things.” The official went on to provide a lengthy list of examples, citing Fauci’s comments early in the pandemic and linking to past interviews.

These bullet points, which resembled opposition research on a political opponent, included Fauci downplaying the virus early on and a quote from March when Fauci said, “People should not be walking around with masks,” among other comments.

The move by the White House comes as President Donald Trump and Fauci are not speaking. The tension between the two men has grown publicly as the two have responded to one another through interviews and statements.

The coronavirus is surging nationwide, which Trump has repeatedly downplayed as the result of increased testing rather than growing numbers of infections. Florida on Sunday reported over 15,000 new cases, the most any state has reported in a single day since the pandemic began. The U.S. on Friday also surpassed 70,000 new coronavirus cases nationwide for the first time.

NFL’s Washington franchise officially has a new name coming

https://sports.yahoo.com/nf-ls-washington-franchise-officially-has-a-new-name-coming-014635532.html

In a sign that the NFL’s Washington franchise has committed itself to a new name, the league has asked teams to begin scrubbing “Redskins” from their platforms in anticipation of a change that could be coming as soon as Monday.

The move completes a swift about-face from Washington owner Dan Snyder, who previously vowed that the nickname would continue on as it has since 1933, when it was created by former owner George Preston Marshall. This despite the name coming under increased scrutiny in recent years as being racist and demeaning toward Native Americans. Those grievances have been longstanding, but gained significant momentum over the last month as the death of George Floyd sparked nationwide protests over racial inequality in the country.

The turning point appeared to come on July 2, when it was revealed that a group of investment firms in multibillion dollar corporations such as FedEx, Nike, PepsiCo and others had joined together to ask the companies to cut their business ties with Washington unless the franchise changed its nickname. Collectively, the groups and investors seeking to pressure the name change held a net worth of over $620 billion. Soon after that letter pressuring the companies, FedEx released a statement that it had requested a name change and Nike pulled all Washington merchandise from its online store.

The organization followed those moves by announcing it would begin a review process with its name, drawing a statement of praise from the NFL, essentially cementing the reality that Washington would be changing its nickname.

The change will add to some sweeping moves surrounding the franchise, including the removal of a memorial of Marshall outside RFK Stadium. Marshall had previously been an ardent critic of desegregation in America, including many statements made after his founding and ownership of one of the NFL’s cornerstone franchises over the last century. Snyder also acquiesced on removing Marshall from the team’s materials and Ring of Honor, despite at the time refusing to change Washington’s nickname.

Pop Smoke’s ‘Shoot for the Stars Aim for the Moon’ Debuts at No. 1 on Billboard

https://www.complex.com/music/2020/07/first-week-numbers-pop-smoke-shoot-for-the-stars-aim-for-the-moon

Pop Smoke has scored the No. 1 spot on the Billboard 200 with his debut full-length studio album, Shoot for the Stars Aim for the Moon.

His posthumous LP has pulled in 251,000 units, which accounted for 268.44 million on-demand streams, with 59,000 units coming from album sales that were aided by a variety of bundle offers. It’s the sixth biggest debut of 2020, and the largest posthumous opening since Michael Jackson’s This Is It, which earned 373,000 units in 2009.

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Podcasts

Top Finance and Hip-Hop News – 7.10.20

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MARKETS

NASDAQ 10,547.75

+ 0.53%

S&P 3,152.16

– 0.56%

DJIA 25,706.71

– 1.38%

GOLD 1,808.80

– 0.65%

10-YR 0.605%

– 6.10 bps

OIL 39.51

– 3.40%

*As of market close
  • Employment: Jobless claims hit 1.3 million last week, down from the week before but still far above normal (a new normal, you might say). First-time unemployment claims have topped 1 million for 16 straight weeks.
  • Stocks: The Nasdaq continued to set records, showing the tech sector’s resilience even as coronavirus cases and deaths climb in several states.

U.S. Futures Slide on Virus Spike; Treasuries Jump: Markets Wrap

https://finance.yahoo.com/news/asia-stocks-track-u-drop-221556703.html

U.S. futures slid on Friday as a buying frenzy in China cooled and concern resurfaced that a rising number of coronavirus cases will hurt the global economic recovery. Treasuries jumped, sending five-year yields near a record low.

Contracts on the main American equity benchmarks traded in the red, following record deaths in Florida, Texas and California from the virus. China shares slumped as selling by state-backed funds signaled authorities wanted to slow the pace of gains following the Shanghai Composite’s eight-day winning run.

Tech shares helped the Stoxx Europe 600 Index erase an earlier decline after Apple chipmaker TSMC posted revenue just above estimates for the June quarter. Carlsberg A/S climbed after it said the slump in western European beer sales has moderated.

With record deaths across the U.S., as well as fears of a second wave in Asia, the spotlight is back on the spread of the coronavirus as investors head into the weekend. While optimists are betting that fiscal and monetary support will contain the fallout, and U.S. jobs data Thursday came in better than expected, others point out that the labor market is still treacherous.

WHO warns the pandemic is ‘getting worse’

https://www.cnbc.com/2020/07/09/coronavirus-live-updates.html

The coronavirus pandemic continues to accelerate globally as the virus reaches new communities and countries struggle to get their outbreaks under control, World Health Organization Director-General Tedros Adhanom Ghebreyesus said Thursday.

“The virus can be brought under control,” Tedros said in his opening remarks to a member states mission briefing in Geneva. “But in most of the world, the virus is not under control; it’s getting worse.”

Many countries have managed to largely contain the virus to small clusters of infection that can be controlled, Tedros said, by using fundamental strategies like testing, contact tracing and isolating.

Tedros also announced the formation of a new independent panel to evaluate the global coronavirus pandemic response, including the WHO’s actions. The Independent Panel for Pandemic Preparedness and Response will be co-chaired by the former prime minister of New Zealand Helen Clark and the former president of Liberia Ellen Johnson Sirleaf.

#Goyaway: Calls To Boycott Goya Foods After CEO Praises President Trump

https://www.npr.org/2020/07/09/889600302/calls-to-boycott-goya-foods-after-ceo-praises-president-trump

Twitter users are calling for a boycott of Goya Foods, a brand most known for its Hispanic-staple food offerings, after the CEO of the company lavished praise on President Trump during a Thursday visit to the White House.

Robert Unanue, chief executive of the family-owned operation since 2004, said that the country was “blessed” to have Trump at the helm, during remarks following a roundtable with Hispanic business and political leaders from across the country.

“We’re all truly blessed at the same time to have a leader like President Trump, who is a builder,” Unanue said during the Rose Garden speech.

“We have an incredible builder. And we pray. We pray for our leadership, our president, and we pray for our country — that we will continue to prosper and to grow.”

Unanue also announced a plan, along with some partners, to donate 1 million cans of Goya chickpeas and 1 million pounds of food to food banks.

A statement issued late Thursday by Goya Foods did not address the negative reaction from some in the Hispanic community to Unanue’s White House appearance and praise of Trump.

Supreme Court Allows Vance to Read Trump’s Financial Diary

Yesterday, the Supreme Court released a major decision granting Manhattan DA Cyrus Vance access to President Trump’s tax returns and business records.

  • In a 7–2 decision, the Robetrotters said the president has the same duty as everyone else to produce evidence when subpoenaed (subpoena = order for participation in a legal proceeding).
  • Despite giving Vance the go-ahead, the court smacked down an effort by House Democrats to access those documents.

What Trump will (probably) have to turn over

In the subpoena, Vance asked for Trump’s tax returns and business records stretching back to 2011 from Mazars USA, Trump’s accounting firm. We don’t know exactly what kind of misdeeds Vance is sniffing for, but we know he’s investigating hush-money payments made to former adult film actress Stormy Daniels and one other woman. Those payments were made right before the 2016 election.

  • Trump’s former personal lawyer Michael Cohen has already been convicted of breaking federal campaign finance laws for making those payments.
  • But Vance can only bring charges under state law. Legal eagles told Bloomberg that he’s probably investigating whether Trump’s business, the Trump Organization, falsified records when Cohen was reimbursed for the payments.

Falsifying business records can be a felony in New York, but only if it’s done to conceal illegal activity like tax fraud. If the Trump Organization paid Cohen and took tax deductions on that payment, it would have effectively gotten a tax break for paying hush money, which is what legal experts call wrong.

In response, Trump tweeted that the investigations were “all a political prosecution.”

What happens next

The case still has to be reviewed by lower courts, and the documents won’t be made public anytime soon. They’re part of a grand jury proceeding, which is what legal experts call top-secret.

Bottom line: Vance may get to peek at Trump’s transactions, but it’s almost certain the general electorate won’t before the November election.

PPP, Meet BBB

Yesterday, presumptive Democratic nominee Joe Biden released the first part of his economic plan, Build Back Better.

What it’s packing

Modernization: $300 billion in R&D for advanced tech industries such as batteries, electric vehicles, AI, and 5G.

Buy American: $400 billion in government spending on U.S. goods and services. Biden wants to reduce dependence on foreign economies, particularly in America’s medical supply chain. Those “procurement investments” would also focus on supporting small businesses, particularly minority- and women-owned ones.

Biden claims his plan will create 5 million jobs. Both he and President Trump are appealing to working-class voters with platforms grounded on reinvesting in American manufacturing and innovation.

  • If you’re wondering where $700 billion is coming from, Biden plans to raise $4 trillion by reversing Trump’s tax cuts on corporations and the wealthy, and then some.

Looking ahead…before the Democratic convention in August, Biden will detail the remaining three pillars of his economic agenda: modernizing infrastructure, addressing racial inequality, and workforce development.

Supreme court declares half of Oklahoma to be Native American land

https://www.theguardian.com/world/2020/jul/10/supreme-court-declares-half-of-oklahoma-tulsa-to-be-native-american-land

The US supreme court has ruled that a large part of eastern Oklahoma remains a Native American reservation, a decision state and federal officials warn could throw the entire state into chaos.

The court’s 5-4 decision, written by Justice Neil Gorsuch, means that Oklahoma prosecutors lack the authority to pursue criminal cases against Native American defendants in parts of Oklahoma that include most of Tulsa, the state’s second-largest city.

JAY-Z Took Out Full Page Newspaper Ads To Promote Black Businesses In Their Own Cities

https://hiphopdx.com/news/id.56742/title.jay-z-took-out-full-page-newspaper-ads-to-promote-black-businesses-in-their-own-cities

Much like he did to honor George Floyd, JAY-Z and Roc Nation have taken out ads in publications across the country to promote local black businesses.

On Monday (July 5), a Hov fan page called attention to the ads from newspapers that include The New York Times, The Los Angeles Times, The Denver Post, The Chicago Tribune and more. From beauty bars to law firms and everything in between, JAY-Z highlighted black-owned businesses and encouraged others to put their money there.

“This ad has been created to bring attention to Black-owned businesses,” the ad reads. “Historically, Black people have been murdered for owning, thriving, and being successful. To that, we say never again. Power is in Black voices. Power is in Black actions. Power is in Black wallets. Roc Nation is committed to supporting Black entrepreneurs, their dreams and companies, We challenge everyone to do the same.”

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Podcasts

Top Finance and Hip-Hop News – 7.8.20

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MARKETS

NASDAQ 10,343.89

– 0.86%

S&P 3,145.32

– 1.08%

DJIA 25,890.18

– 1.51%

GOLD 1,809.10

+ 0.87%

10-YR 0.639%

– 4.00 bps

OIL 40.36

– 0.66%

*As of market close
  • Jobs: As businesses reopened, May set a record for U.S. hiring, according to a new report from the Labor Department. But…that was May, and many businesses have been forced to close again in recent weeks.
  • World: The U.S. has formally begun the process of withdrawing from the World Health Organization, a move first announced back in May. The Trump administration has criticized the WHO’s response to the pandemic, saying the body is too heavily influenced by China. Both Republicans and Democrats knocked the decision for abdicating the U.S.’ leadership on the world stage.

Global Stocks Are Struggling As Investors Fret Over U.S. Coronavirus Battle

https://www.marketwatch.com/articles/global-stocks-are-struggling-because-of-u-s-coronavirus-worries-51594201121?mod=markets

Global equities struggled on Wednesday, as a surge in coronavirus cases in the U.S. and other parts of the world continued to weigh on investor appetite for perceived riskier assets. European stocks fell, while U.S. equity futures were mostly directionless.

The Stoxx Europe 600 index fell 0.4%, while the German DAX and French CAC 40 index dropped 0.5% and 0.8,%, respectively and the FTSE 100 index was flat. U.K. Chancellor of the Exchequer Rishi Sunak is expected to unveil more spending measures to aid the economy’s battle against a Covid-19 downturn, with his summer statement on the economy on Wednesday.

Asian stocks were mostly lower overnight, despite Tuesday’s losses on Wall Street tied to investor concerns that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the U.S. — known as the Sun Belt — will make a quick global recovery more difficult. A lockdown in Australia’s city of Melbourne has also raised concerns.

WHO confirms there’s ’emerging evidence’ of airborne transmission of coronavirus

https://www.cnn.com/2020/07/08/health/airborne-transmission-of-coronavirus-who/index.html

The World Health Organization confirmed there is “emerging evidence” of airborne transmission of the coronavirus following the publication of a letter Monday signed by 239 scientists that urged the agency to be more forthcoming about the likelihood that people can catch the virus from droplets floating in the air.

Dr. Benedetta Alleganzi, WHO Technical Lead for Infection Prevention and Control, said during a briefing Tuesday, that the agency has discussed and collaborated with many of the scientists who signed the letter.

FDA warns against using 5 more hand sanitizers found to contain methanol

https://www.cnn.com/2020/07/07/us/fda-hand-sanitizer-trnd/index.html

The US Food and Drug Administration has added five hand sanitizers to its list of products that have tested positive for a toxic chemical.

These additional hand sanitizer products tested positive for methanol, which is a substance that can be toxic when absorbed through skin or ingested.

Exposure to significant amounts of methanol can result in nausea, vomiting, headache, blurred vision, permanent blindness, seizures, coma, permanent damage to the nervous system or death.

The five hand sanitizers added to the FDA’s list are:

  • Grupo Insoma’s Hand Sanitizer Gel Unscented, 70% alcohol
  • Transliquid Technologies’ Mystic Shield Protection Hand Sanitizer
  • Soluciones Cosmeticas’ Bersih Hand Sanitizer Gel Fragrance Free
  • Soluciones Cosmeticas Antiseptic Alcohol 70% Topical Solution Hand Sanitizer
  • Tropicosmeticos’ Britz Hand Sanitizer Ethyl Alcohol 70%

The University of California announced its first Black president

https://www.cnn.com/2020/07/08/us/university-of-california-first-black-president/index.html

The University of California (UC) announced Michael V. Drake as the new president of the university system in a meeting on Tuesday.

The UC Board of Regents unanimously voted and welcomed Drake as UC’s first Black president and president of color in the university system’s 152-year history.

Drake will succeed Janet Napolitano, who became UC’s first female president in 2013.

Drake has over 30 years of service to the UC and has experience as a faculty member, health administrator, and UC Irvine’s fifth chancellor, according to a news release from the University of California Office of the External Vice President.

Drake served as the president of Ohio State University and chair of the board of directors for both the Association of American Universities and Association of Public and Land-grant Universities, the release says.

Wiz Khalifa Teams With Genius For Interactive Concert — With Several Catches

https://hiphopdx.com/news/id.56703/title.wiz-khalifa-teams-with-genius-for-interactive-concert-with-several-catches

Wiz Khalifa is joining forces with Genius for an interactive benefit concert, which is scheduled to take place on Thursday (July 9) at 9 p.m. Eastern. Fans need to be prepared to open up their wallets though since the event’s interactions come with a price tag.

Viewers will be able to enjoy the concert for free on Genius Live, YouTube Live, Instagram Live, Facebook Live and Twitch. Fans can pay $10 for the watch party feature, which allows them to appear in the livestream. Virtual attendees can also get a shoutout from Wiz for $100 and ask the Taylor Gang leader a question for $200.

Walmart will roll out its new subscription service later this month, Recode reported yesterday.

The name: Walmart+. The service will reportedly cost $98 a year and include same-day delivery, reserved delivery slots, and notifications when those slots are available, among other perks.

The game: Make Amazon Prime work for it. Amazon’s subscription service has given it a giraffe leg up over Walmart in e-commerce…for too long, if you ask Walmart.

  • More than half of Walmart’s top-spending families reportedly have Amazon Prime memberships.

Walmart’s advantage is its grocery business, which is currently larger than Amazon’s. But Walmart worries that if it doesn’t add its own subscription service, Prime’s perks could seduce its customers.

The pain: Walmart originally planned to launch the service in March or April, per Recode’s reporting, but COVID-19 forced it to push those plans back.

 

 

  • Facebook’s top execs met with civil rights leaders promoting the current advertiser boycott over the company’s hate speech policies. At least one civil rights leader was not satisfied by FB’s response.
  • The U.S. government plugged two drugmakers working on a coronavirus vaccine with $2 billion.
  • New York fined Deutsche Bank $150 million over its business relationship with convicted sex offender Jeffrey Epstein.
  • About 9% of workers at meat and poultry processing facilities in 14 states have contracted the coronavirus, per the CDC.

 

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