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Top Finance and Hip-Hop News – 6.23.20

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MARKETS

NASDAQ 10,056.47

+ 1.11%

S&P 3,117.86

+ 0.65%

DJIA 26,024.96

+ 0.59%

GOLD 1,765.20

+ 0.70%

10-YR 0.706%

+ 0.70 bps

OIL 40.60

+ 2.14%

*As of market close
  • Housing: Existing home sales fell 9.7% in May as sales activity limped to its slowest pace since 2010. Still, the housing market may be bouncing back—the big question is whether the rebound looks like a V or some less jagged letter.
  • Commodities: Prices of raw materials are on a roll, the WSJ writes. A pickup in industrial metals like tin and copper may indicate a faster-than-expected economic rebound.

Dow futures briefly sink 400 points as Trump trade adviser declares China trade deal ‘over,’ then walks it back

https://www.marketwatch.com/story/dow-futures-knocked-around-monday-night-as-trump-trade-adviser-declares-china-trade-deal-over-2020-06-22?mod=article_inline

U.S. stock-index futures Monday night briefly skidded by more than 400 points, after White House trade adviser Peter Navarro implied to Fox News in a late-Monday interview that a hard-fought trade agreement that was signed with China in January had been terminated by President Donald Trump.

Later, Navarro said his comments were taken out of context and the phase-one pact remained in force. Trump also tweeted that the agreement was intact.

Existing home sale plunge 9.7% in 3rd straight monthly drop

https://apnews.com/4ea9c4a383fe46f432fcff35c6f4dde3?utm_source=morning_brew

Existing home sales in the U.S. plunged 9.7% in May. It was the third straight monthly decline and further evidence of the harm the virus pandemic has done to the housing market.

The National Association of Realtors said Monday that the monthly decline pushed sales down to a seasonally adjusted annual rate of 3.91 million, the slowest pace since a home buyers tax credit expired in October 2010.

Sales fell in all regions of the country, with the biggest decline coming in the Northeast where virus infections were especially heavy.

Sales of both existing and new homes have fallen sharply during the traditional spring selling season as communities were locked down to prevent the spread of the coronavirus.

Sales in the Northeast slumped 13.9% from the previous month while sales in the West fell 11.1%. Sales slid 10% in the Midwest and 8% in the South.

The median price of a home sold in May was $284,600, up 2.3% from a year ago.

 

When one door closes, President Trump likes to lock up and keep it that way. Yesterday, the president signed an order suspending some employment-based visas through the end of 2020, including:

  • H-1B visas for high-skilled workers
  • H-2B visas for nonagricultural seasonal workers (like hospitality)
  • L-1 visas for internal company transfers

Trump is also extending a temporary ban from April that restricts some foreigners from getting green cards. Senior officials told the WSJ the orders will block 525,000 people from entering the U.S. this year, including 170,000 green-card holders.

Trump’s reasoning: With unemployment at 13.3%, the administration wants to prioritize getting American workers back on payrolls.

Critics argue just because a job is open doesn’t mean a domestic worker can fill it. Tech companies and business groups have criticized efforts to curtail H-1Bs, which each year allow ~85,000 high-skilled foreign workers to bring their talents to the U.S. economy, especially in STEM fields.

  • Then there’s politics. Some critics are accusing the president of leveraging a public health crisis to push through his immigration agenda.

Looking ahead…the administration is working on more permanent reforms that would affect H-1B visas and work permits for asylum seekers.

Donald Trump says Americans will get a SECOND coronavirus stimulus check and hints the next stimulus package will be ‘very generous’

https://www.dailymail.co.uk/news/article-8449103/Trump-says-hell-second-round-coronavirus-stimulus-checks-generous-package.html

President Donald Trump has said Americans could get a second stimulus check amid the coronavirus pandemic and that the soon-to-announced package will be ‘very generous’.

Taxpayers were given a one-time sum of $1,200 as part of the $2trillion stimulus earlier this year, but for many who have been made unemployed or had salary cuts, it has not stretched very far.

The Democratic-led House passed the $3trillion HEROES Act in May, calling for another payout to cash-strapped workers, but the Republican-controlled Senate has been opposed to it.

The House’s proposal in May included nearly $1 trillion in relief for state and local governments, a second round of payments of $1,200 per person (up to $6,000 per household), about $200 billion for hazard pay for essential workers and $75 billion for coronavirus testing and contact tracing.

The House also proposed an extension of the $600 per week federal unemployment insurance benefit through January (the provision approved in March is set to expire after July).

But Trump made no mention of unemployment benefits in Monday’s interview. Approximately 35 million Americans were left jobless due to the pandemic which saw cases reach 2,301,123 on Monday and deaths hit 120,271.

The HEROES Act included $175 billion in rent, mortgage and utility assistance, subsidies and a special Affordable Care Act enrollment period to people who lose their employer-sponsored health coverage, and more money for the Supplemental Nutrition Assistance Program, including a 15 percent increase in the maximum benefit

 

Yesterday, the court reined in the Securities and Exchange Commission’s ability to seek “disgorgement,” a practice in which the agency collects money from fraudsters.

  • In the 8–1 blowout decision, the Supreme Court said the SEC could still ask defendants to forfeit money…
  • …but the amount to be disgorged is now capped at the profits acquired through the fraud—nothing more.

The case in question: A California couple was ordered by the SEC to disgorge more than $26 million after they were found to have defrauded foreign investors over a cancer treatment center that was never built.

Why it matters: The SEC says it collected $1.5 billion through disgorgements and penalties last fiscal year and paid out $1.2 billion to defrauded investors. It’s probably relieved the court didn’t eliminate the practice altogether.

+ The big question…who’s going to make an “Ithaca Is Disgorges” t-shirt now?

Lil Baby Busts Walmart For Selling Fake Gold 4PF Chains

https://hiphopdx.com/news/id.56476/title.lil-baby-busts-walmart-for-selling-fake-gold-4pf-chains

Lil Baby discovered Walmart’s selling fake 4 Pockets Full jewelry and he’s not happy about it. The Quality Control Music artist called out the retailer for offering bootleg chains featuring his 4PF brand on Monday (June 22).

“Walmart got me fucced up,” he wrote via Twitter.

Multiple versions of the 4PF chains are available to purchase on Walmart’s website. The seller is listed as Weekend Gifts, Inc. The cheapest 4PF items are on sale for $24.99 while the most expensive ones run for as much as $74.99.

Although Walmart’s bootleg merch upset Lil Baby, he’s been able to enjoy success on the charts over the past month. His sophomore album My Turn has spent the past three weeks at No. 1 on the Billboard 200, reclaiming the top spot following a 13-week hiatus. His LP originally debuted atop the chart in March, becoming his first No. 1 album in the process.

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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