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Top Finance and Hip-Hop News – JUNETEENTH

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MARKETS

NASDAQ 9,943.05

+ 0.33%

S&P 3,115.34

+ 0.06%

DJIA 26,080.10

– 0.15%

GOLD 1,729.70

– 0.34%

10-YR 0.713%

– 2.10 bps

OIL 38.90

+ 2.48%

*As of market close
  • Economy: The number of Americans applying for unemployment benefits totaled 1.5 million last week, showing the pandemic is still ravaging the labor market three months in. And despite falling for 11 straight weeks, the number of jobless claims is more than double the previous record high.
  • COVID-19 updates: Arizona, Florida, and California reported a record number of new coronavirus cases in a single day. California is now requiring residents to wear face masks in most public settings.

Stock market news live updates: Stock futures point to a higher open

https://finance.yahoo.com/news/stock-market-news-live-june-19-2020-221154052.html

tock futures edged up Friday evening as the three major indices looked to close out the week on a high note.

Earlier, stocks closed out the regular session mixed, with the Dow falling for back-to-back sessions, and the Nasdaq rising for its fifth straight day as tech shares continued their run of outperformances. Information technology remains the top-performing sector in the S&P 500 so far in June with a month to date gain of more than 5%, and has outperformed for 2020 so far.

On Friday, stocks may see an additional uptick in volume – and potentially volatility – due to quadruple witching. The quarterly occurrence marks the date in which expirations for stock index futures and options, along with individual stock futures and options, occur simultaneously. Rebalances for S&P indices and SPDR exchange-traded funds will also take place Friday. Heightened volume tends to occur around market open and close during quadruple witching days.

Equity markets registered little reaction to the Labor Department’s weekly report on new unemployment insurance claims Thursday morning, which showed an estimates-topping more than 1.5 million Americans filed new jobless claims last week. But to economists, the data – with the level of new claims still more than double the peak during the Great Recession – was a signal of a slower than expected recovery for the labor market even with shelter in place orders easing.

The “numbers suggest that the reopening story may not be generating as much momentum for job creation as the surprise May payrolls number had suggested,” James Knightley, chief international economist for ING, said in a note.

Corporations Join in on Juneteenth Celebrations

155 years ago today in Galveston, TX, Major General Gordon Granger announced that all slaves were to be set free under federal orders. In the years since, Juneteenth (a portmanteau of June + 19th) has become an annual celebration of the end of slavery in the U.S.

Now, fueled by recent protests against racial injustice, a day that’s historically been celebrated through family gatherings and community events has caught the eye of major corporations.

  • Nike, Uber, Twitter, Spotify, and Target have made Juneteenth a paid holiday.
  • Amazon and Google encouraged employees to cancel meetings.
  • Capital One and JPMorgan will close branches early. Bank of America and Citigroup encouraged workers to use a personal day.

Paid holidays do incur costs for employers—an average of 77 cents per employee hour worked. Some companies are debating replacing Columbus Day or Martin Luther King Jr. Day with Juneteenth.

  • According to 2018 government estimates, MLK Day is offered as a paid holiday for 24% of private industry workers.

Big picture: Calls are growing for Juneteenth to become a federal holiday. But to close stock exchanges, a presidential declaration or act of Congress is needed.

Let’s take employment…

  • Studies show that companies are more likely to call back a candidate who has a name that’s more commonly associated with White people.
  • Black workers reportedly account for 26% of EEOC discrimination claims…but only make up 13% of the workforce.
  • Black Americans are more likely to be unemployed or have low-paying jobs compared to White Americans. That’s in part due to education disparities. But studies show Black workers earn less than White workers even when they have the same education.
  • There’s also the racial wage gap: the Economic Policy Institute says that in 2017, Black men made about 70 cents for every $1 their White counterpart made. The gap is especially large when it comes to Black women, who make 62 cents for every $1 a White man makes, according to the National Women’s Law Center.

This is just one example. We go into more detail here on how systemic racism has impacted housing, education, wealth, health care, criminal justice, policing, and voting. There’s no simple fix to reversing centuries of discrimination. But understanding how pervasive it is, is step one.

What’s saying things need to change…

This study. Yesterday, researchers found evidence that climate change disproportionately affects Black mothers. This is because minority communities are typically located near factories and industrial areas (which release air pollution) and experience higher temperatures than surrounding areas. In a study of more than 32 million births, they found that women who are exposed to air pollution and heat are more likely to have children who are premature, underweight, or stillborn.

  • It’s not just climate change: The CDC says Black women already face disproportionately higher rates of pregnancy-related deaths – they are three times more likely to die of complications than White women.

Yesterday, the Supreme Court smacked down a yearslong effort by the Trump administration to ditch the Deferred Action for Childhood Arrivals, or DACA, program.

  • Former President Obama started DACA in 2012. It protects about 700,000 undocumented immigrants who were brought to the U.S. as children from deportation, and allows them to work in the U.S. legally.

Scrapping DACA was one of President Trump’s campaign promises during the 2016 election. In September 2017, his DOJ announced plans to follow through, claiming that President Obama overreached when he created the program.

Calls To Make Juneteenth A Federal Holiday Gain Momentum

https://www.npr.org/2020/06/19/879647898/calls-to-make-juneteenth-a-federal-holiday-gain-momentum

Corporate executives and sports officials are joining a growing number of elected officials who want to recognize Juneteenth, a day that commemorates the end of slavery, as an official U.S. holiday. The movement is being fueled by the Black Lives Matter protests demanding reforms following the killing of 46-year-old George Floyd by Minneapolis police on May 25.

Juneteenth, which is on June 19, has long been an important holiday in the African American community, a time for celebration rather than mourning and remembrance.

This year marks the 155th anniversary of Juneteenth, also known as Freedom Day or Emancipation Day. It marks the day in 1865 when Union soldiers arrived in Galveston, Texas, and brought news that slavery had been abolished more than two years earlier.

NYPD may go on strike on July 4 so city can have its ‘independence’ from cops as tension builds between law enforcement and protesters

https://www.dailymail.co.uk/news/article-8437571/NYPD-strike-July-4-city-independence-cops.html

NYPD cops may go on strike on July 4 so the city can have its ‘independence’ from them as tension continues to build between law enforcement and protesters in the Big Apple.

Messages have been circulating among law enforcement officers in New York encouraging them to call out sick en masse on Independence Day.

‘NYPD cops will strike on July 4th to let the city have their independence without cops,’ reads one of the text messages sent among cops, according to the NY Post.

The potential walkout comes as the NYPD has come under fire after some officers have been caught on camera violently attacking protesters demanding an end to police brutality and systemic racism after the death of black man George Floyd at the hands of a white cop in Minneapolis.

Coronavirus antibodies may last only two to three months after infection, study suggests

https://www.cnbc.com/2020/06/18/coronavirus-antibodies-may-last-only-2-to-3-months-after-infection-study-suggests.html

Coronavirus antibodies may last only two to three months after a person becomes infected with Covid-19, according to a new study published Thursday in Nature Medicine.

Researchers examined 37 asymptomatic people, those who never developed symptoms, in the Wanzhou District of China. They compared their antibody response to that of 37 people with symptoms. The researchers found people without symptoms had a weaker antibody response than those with symptoms.

Within eight weeks, 81% of the asymptomatic people saw a reduction in neutralizing antibodies, compared with 62% of symptomatic patients. Additionally, antibodies fell to undetectable levels in 40% of asymptomatic people, compared with 12.9% of symptomatic people, according to the study’s findings.

Though the study is small, the researchers noted the findings may spur some world leaders to rethink issuing so-called “immunity passports.” Some countries have considered issuing passports or risk-free certificates to people who have antibodies against Covid-19, enabling them to travel or return to work assuming that they are protected against reinfection.

Jay-Z & Beyonce Face Copyright Lawsuit Over ‘Black Effect’ Vocals

https://www.billboard.com/articles/business/legal-and-management/9404967/jay-z-beyonce-black-effect-lawsuit-lenora-stines

Jay Z and Beyonce are facing a lawsuit for their Everything Is Love standout track “Black Effect” after Jamaican choreographer and academic Dr. Lenora Stines called out the couple for allegedly recording her vocals and using them in the song without her permission or credit.

The lawsuit, filed Tuesday in U.S. District Court for the Central District of California, states that Dr. Stines felt exploited by the track.

The lawsuit goes on to say that Dr. Stines felt that the defendants had “artistically raped” her.

During a promotional shoot in Jamaica March 2018, Stines claimed she provided the music duo dancers for the visual and was on-site during the making of the video. There, her comments about love were recorded and inevitably used for the album. Stines is looking to be compensated since her voice usage in the first 60 seconds of “Black Effect” infringes on copyright.

According to the lawsuit, close to 20% of her vocals comprised the recording and the power couple “knowingly and intentionally used Dr. Stines’ vocals in the Recording to promote the Project, their tour and to amass substantial wealth and income for themselves.”

DACA

The smackdown: Was really more of a shove. In a 5–4 decision, the justices upheld the position of lower courts that the administration’s reasoning for canceling the program didn’t pass the smell test. Writing for the majority, Chief Justice John Roberts said that terminating DACA wasn’t necessarily unconstitutional, but the Trump administration’s approach was flawed.

The president didn’t take it well. In a tweet, Trump called the decision “horrible & politically charged” and announced he would release a list of potential new justices by Sept. 1.

  • Democratic presidential challenger Joe Biden praised the ruling and pledged to make DACA permanent if elected.

The biz community also approved

Microsoft has been one of the primary voices in favor of DACA and even took part in the Supreme Court case as a plaintiff. President Brad Smith tweeted that the ruling was “a victory for the country.”

Apple CEO Tim Cook tweeted he would “keep fighting until DACA’s protections are permanent,” noting that Apple has 478 Dreamers on staff. Thomas Donohue, CEO of the Chamber of Commerce, called it “the right decision today for Dreamers, our economy, and our country.”

Bottom line: Although it can be a lightning rod in Washington, most voters support DACA.

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

Podcasts

Top Finance and Hip-Hop News – 9.16.20

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MARKETS

NASDAQ 11,190.32

+ 1.21%

S&P 3,401.13

+ 0.52%

DJIA 27,994.42 UNCH
GOLD 1,961.30

– 0.12%

10-YR 0.675%

– 0.40 bps

OIL 38.25

+ 2.66%

*As of market close
  • Nation: Louisville will pay a $12 million settlement to the family of Breonna Taylor, who was killed by police in a botched raid earlier this year.
  • Economy: Fed Chair Jerome Powell isn’t expected to announce any change in interest rates today, but his presser this afternoon will still be a must-watch. It’s the first time the central bank has met under the new inflation framework it announced last month.

Breonna Taylor settlement is among largest payouts linked to a police shooting

https://www.cnn.com/2020/09/16/us/police-shooting-lawsuits-breonna-taylor-settlement/index.html

The $12 million settlement with Breonna Taylor’s family is a historic move for Louisville, Kentucky, but across America it’s the latest financial repercussion in a police misconduct case.

More than six months after Taylor was killed inside her apartment as police officers executed a “no-knock” search warrant, the city is poised to pay its highest-ever settlement, a city spokeswoman told CNN.

The city previously paid $8.5 million for the wrongful conviction of Edwin Chandler, who served nine years in prison for a 1993 murder before he was exonerated, CNN affiliate WLKY reported.

Cities across the country have previously reached monetary agreements following high-profile police shootings. Cleveland agreed to pay $6 million to the family of Tamir Rice and New York City agreed to pay Eric Garner‘s family $5.9 million.

Civil rights attorney Ben Crump, who has represented the families of several police brutality victims — including George Floyd and Jacob Blake — said he believes Taylor’s settlement is one of the largest amounts ever paid out for a Black woman killed by police in the US.

While it’s unclear where the payout to Taylor’s family stands among all police misconduct lawsuits in the nation, here are other large payments that stemmed from police shootings in recent years:

Netflix Orders 10 Episodes of Animated ‘Good Times’ Series Co-Produced By Steph Curry

https://www.blacknews.com/news/netflix-orders-10-episodes-good-times-animated-series-steph-curry/

Netflix has given a 10-episode, straight-to-series order to a new animated take on Norman Lear’s classic sitcom “Good Times.” Carl Jones, whose credits include animated series “The Boondocks” and “Black Dynamite,” as well as TBS’ Tracy Morgan star “The Last O.G.,” will create, showrun and executive produce the project.

The new animated series will follow “the Evans family as they navigate today’s world and contemporary social issues. Just as the original did years ago, ‘Good Times’ strives to remind us that with the love of our family, we can keep our heads above water.

Lear and his Act III Productions company are partnering with basketball star Steph Curry and his production company, Unanimous Media, as well as Seth MacFarlane and his shingle Fuzzy Door, to develop the show.

The original “Good Times” aired for six seasons on CBS, from 1974 to 1979, and was created by Eric Monte and Mike Evans, and developed by Lear. It was a spin-off of “Maude,” which in turn was a spin-off of Lear and Bud Yorkin’s “All in the Family.”

LIL NAS X TAKING HIS ‘OLD TOWN ROAD’ ACT TO CHILDREN’S BOOKS

https://hiphopdx.com/news/id.57909/title.lil-nas-x-taking-his-old-town-road-act-to-childrens-books

Lil Nas X can now call himself an author. The “Old Town Road” hitmaker has penned a children’s book titled C Is For Country, which is scheduled to be released in January 2021.

“I’m dropping the best kids book of all time soon!” he wrote on Instagram. “C IS FOR COUNTRY, out January 5, 2021 from @randomhousekids. I can’t wait to share it with you all. You can pre-order it right now at the link in my bio.”

C Is For Country is being published by Random House Kids, a division of the Penguin Random House company. Artist Theodore Taylor III is handling the book’s illustrations.

According to Random House, the book tells the story of “Panini the pony on a joyous journey through the alphabet from sunup to sundown.” The main character gets its name from Lil Nas X’s second multi-platinum selling hit.

C Is For Country is recommended for children ages 3-7 and can be pre-ordered here. The initial release includes hardcover copies, e-books and audiobook downloads.

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Podcasts

Top Finance & Hip-Hop News – 9.10.20

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MARKETS

NASDAQ 11,141.56

+ 2.71%

S&P 3,399.06

+ 2.02%

DJIA 27,940.67

+ 1.60%

GOLD 1,957.10

+ 0.72%

10-YR 0.697%

+ 1.90 bps

OIL 38.02

+ 3.43%

*As of market close
  • Markets: Stocks had a big bounce-back day after a few steep sell-offs.
  • Jobs: U.S. employers posted 6.6 million job openings in July, more than the 6 million in June but less than the 7.2 million a year ago. The numbers continue to reflect a grind-it-out recovery for the job market.

Trump told Bob Woodward he knew in February that COVID-19 was ‘deadly stuff’ but wanted to ‘play it down’

https://www.nbcnews.com/politics/donald-trump/trump-told-bob-woodward-he-knew-february-covid-19-was-n1239658

President Donald Trump acknowledged the dangers of the coronavirus pandemic in a February interview with journalist Bob Woodward and acknowledged downplaying the threat in an interview a month later, according to an account of Woodward’s new book.

“I wanted to always play it down. I still like playing it down because I don’t want to create a panic,” Trump said in a March 19 call with Woodward, according to an audio clip posted Wednesday on The Washington Post’s website. The newspaper obtained a copy of the book, “Rage,” which is scheduled to be released next week.

In the same interview, Trump acknowledged that the disease was more deadly than he previously thought.

“Now it’s turning out it’s not just old people, Bob. But just today, and yesterday, some startling facts came out. It’s not just old, older,” Trump said, according to an audio clip, and then added, “young people, too, plenty of young people.”

Trump is locked in a difficult re-election battle against Democratic nominee Joe Biden, with his poll numbers sagging as he continues to get low marks from voters for how he handled the response to the virus.

Trump, speaking to reporters Wednesday afternoon, said he’d been trying to avoid “panic” and was showing “leadership.”

“We have to show calm,” he said. “Certainly I’m not going to drive this country or the world into a frenzy. We want to show confidence. We have to show strength.”

He sidestepped a question about whether lives could have been saved if he had been more forthright about the dangers posed by the virus.

“I think if we didn’t do what we did, we’d have had millions die,” Trump said.

Of his approach, Trump said, “We don’t want to go around screaming, ‘Look at this, look at this.'”

Biden noted Wednesday that over 190,000 Americans have died from the coronavirus and called Trump’s words “beyond despicable.”

“It was a life-and-death betrayal of the American people,” Biden said.

Woodward’s book is based on 18 on-the-record phone calls he had with Trump from December to July. Woodward, a highly respected veteran journalist who is an associate editor of The Post, also attributes details about the internal workings of the White House to a series of interviews with unnamed aides.

Woodward details that Trump was briefed on the virus in January.

“This is deadly stuff,” Trump told Woodward in a Feb. 7 phone call.

“You just breathe the air and that’s how it’s passed,” Trump told Woodward, according to The Post. “And so that’s a very tricky one. That’s a very delicate one. It’s also more deadly than even your strenuous flu.”

The book says Trump was given dire warnings in January about the virus that would lead to a worldwide pandemic in March.

“This will be the biggest national security threat you face in your presidency,” national security adviser Robert O’Brien told Trump on Jan. 28, according to the book. “This is going to be the roughest thing you face.”

Trump blocked some Chinese nationals from coming into the country in the days after the briefing, but he continued to play down the danger posed by the virus and repeatedly compared it to the flu.

“We only have five people. Hopefully, everything’s going to be great,” Trump said Jan. 30. A few days later, he said, “We pretty much shut it down coming in from China.”

Despite the early warning about the virus’s deadliness and its ability to be transmitted through the air, Trump continued to hold packed political rallies throughout February and told reporters at the White House on Feb. 27: “This is a flu. This is like a flu.”

On March 9, weeks after he told Woodward that the coronavirus was more than five times deadlier than the flu, Trump tweeted: “So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!”

House Speaker Nancy Pelosi, D-Calf., slammed the president Wednesday in an interview on MSNBC, saying his “downplaying” cost lives.

The “denial about the threat is responsible for many of the deaths and infections that we have today, not all of them, but many of them, could have been prevented,” Pelosi told Andrea Mitchell.

The book also sheds further light on how much distrust some of Trump’s top officials had in the president.

Woodward recounted a conversation — which he attributed to unnamed sources — between Dan Coats, then the director of national intelligence, and James Mattis, who was the defense secretary at the time, in which Mattis told Coats, “The president has no moral compass.”

Coats agreed, according to the book.

“To him, a lie is not a lie. It’s just what he thinks. He doesn’t know the difference between the truth and a lie,” Coats is quoted by Woodward as saying.

According to the book, Trump — who came under fire last week for having reportedly referred to dead U.S. service members as “losers” and “suckers” — had little regard for his own generals.

In a conversation with trade adviser Peter Navarro, Trump complained: “My fucking generals are a bunch of pussies. They care more about their alliances than they do about trade deals.” The sources for that account were not named.

Navarro told reporters later Wednesday that Woodward had put “words in my mouth” that he had never said for his last book. “I don’t believe a word of what Bob Woodward says,” Navarro added.

Woodward also drew some criticism on social media, as well, where some complained that he should have spoken up about Trump’s comments much earlier. Woodward told The Associated Press that he was initially skeptical that Trump wasn’t being truthful.

CHARLAMAGNE THA GOD LAUNCHES BLACK EFFECT PODCAST NETWORK WITH IHEARTMEDIA

https://hiphopdx.com/news/id.57794/title.charlamagne-tha-god-launches-black-effect-podcast-network-with-iheartmedia

Charlamagne Tha God is hoping he has the next media empire on his hands. On Wednesday (September 9), the brash radio personality in partnership with iHeartMedia announced the launch of the Black Effect Podcast Network. The groundbreaking media network is slated to host 18 podcasts starting this fall.

The replay of his nationally-syndicated radio morning show The Breakfast Club will find a new home with the Black Effect Podcast Network. Charlamagne looks to “amplify, elevate, and empower” Black voices in the community he believes deserve to be heard on a larger scale and put in positions to succeed.

Talent joining the first Black-curated podcast network includes TV host Eboni Williams, activist Tamika Mallory and actress Jess Hilarious. There are also established podcasts already onboard such as former NBA players Matt Barnes and Stephen Jackson’s All The Smoke, N.O.R.E.’s Drink Champs, and The 85 South Show with DC Young Fly.

“Blackness has an immediate, culture-shifting effect on everything,” Charlamagne Tha God revealed in a statement. “Blackness controls the cool. Blackness is the culture, but Black Voices are not monolithic. The only way to appreciate the diversity of thought and experiences in Black culture is to build a platform for those voices to be heard.”

He continued, “Our goal is to shift the narrative from Black creators signing transactional deals, to instead forming legacy partnerships that build generational wealth while allowing each creative to have an equitable stake in their future. As a long-time partner of iHeart, it’s an honor to make history with them.”

CARDI B HIRED PRIVATE INVESTIGATOR TO ARREST TEEN ‘TRUMP SUPPORTER’ WHO LEAKED HER ADDRESS

https://hiphopdx.com/news/id.57805/title.cardi-b-hired-private-investigator-to-arrest-teen-trump-supporter-who-leaked-her-address

Cardi B often finds herself the target of Trump supporting trolls due to her outspoken stance on politics. Normally, the Bronx-bred firecracker is able to turn a blind eye but as she said in a recent Instagram Live post, she wasn’t able to look past the person who shared her home address online.

“They be making fun of me,” she said. “I ignore them. I don’t give a fuck. Let me tell you something. Shit gets so intense that a Trump supporter posted my address and encouraged people to dox my home, to put my house on fire. I literally hired a private investigator and serve them with a warrant and arrest this boy. This boy was a fucking teenager. His parents were shook.”

Earlier this week, Cardi got into it with conservative pundit Candace Owens who called the Grammy Award-winning rapper “dumb and illiterate.” During the same IG Live stream, Cardi made it clear she wanted to use her massive platform to influence people to vote for Democratic nominee Joe Biden.

“It’s not a secret I use my platform to encourage people to vote,” she said. “I love politics… Today, Candace Owens said some real nasty things about me. Just like I can make millions of people pop their pussy… I can make millions of people go vote.”

Owens accused Biden of pandering to the Black community after he sat down for an interview with Cardi, but she hit back and shared an Instagram photo on Monday (September 7) of what she believes pandering really looks like.

“This what PANDERING looks like,” she wrote alongside a photo of Trump. “I will never praise no politician not even Obama, FDR or Bernie ONLY THE LORD !This is how Trump panders with black people while Candice concerns how Joe panders with me.”

Cardi’s interview with Biden  took place via Zoom last month. After sharing her views on topics such as healthcare, police brutality and college eduction, Biden praised the multi-platinum artist.

“One of the things that I admire about you is that you keep talking about what I call equity — just decency, fairness, treating people with respect,” he told her. “John Lewis used to say the vote is the most powerful nonviolent tool you have. Use the power to change for the change you want.

“Thank you for your willingness to help. I’ll make mistakes as president, but I’ll admit to the mistakes I make, and you’re never going to have to wonder whether I’ll keep my word. Just check me out; I’ve never broken my word on anything I said I was going to do. Never in my life.”

Are You Taking The Board Challenge?

A new initiative launched yesterday to change the look of American boardrooms—specifically, to make them look less white.

The Board Challenge, a project of Altimeter Capital, Valence, and theBoardlist, is challenging U.S. firms to add a Black director to their boards within 12 months.

  • 17 companies, including Zillow and Nextdoor, have taken the pledge.
  • Another 27 members with at least one Black board member (United Airlines, Nordstrom among them) are working with the project to advance diversity efforts.

Why it’s an issue: 9% of Fortune 500 board members are Black men and women, while 66% are white men and 18% are white women, according to theBoardlist—and Black representation on boards hasn’t budged in the last few years.

Some states, like California most recently, have introduced legislation that would require, not just “challenge,” publicly held companies to appoint at least one director from an underrepresented community by the end of 2021.

Zoom out: It’s notoriously difficult for newcomers to find a seat in the boardroom. 72% of directors have previous board experience and half are current or ex-CEOs, per Heidrick & Struggles.

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Podcasts

Top Finance and Hip-Hop News – 9.9.20

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MARKETS YTD PERFORMANCE

NASDAQ 10,853.55

+ 20.96%

S&P 3,340.97

+ 3.41%

DJIA 27,665.64

– 3.06%

GOLD 1,948.10

+ 28.16%

10-YR 0.671%

– 124.90 bps

OIL 37.39

– 38.92%

*As of market close
  • Economy: The U.S., England, and Japan will all announce interest rate decisions this week. Investors aren’t expecting any major changes in their outlooks.
  • Nation: Historic wildfires have killed at least 33 people across California, Oregon, and Washington. Oregon Gov. Kate Brown blamed the fires on “decades of mismanagement” and climate change.

TikTok will partner with Oracle in the United States after Microsoft loses bid

https://www.cnn.com/2020/09/13/tech/microsoft-tiktok-bytedance/index.html

TikTok and Oracle will become business partners in the United States — a deal meant to satisfy the Trump administration’s national security concerns, according to a person familiar with the matter.

Talk of a sale began as President Donald Trump issued executive orders last month seeking to ban TikTok and requiring that its US operations be spun off from its Beijing-based parent company, ByteDance.

The exact nature of the agreement between TikTok and Oracle (ORCL) remains unclear, but it was not described as an outright sale. The news about Oracle came just after Microsoft announced that it will not buy TikTok’s US operations from ByteDance.

“We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft (MSFT) said in a blog post Sunday. “To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement.”

ByteDance has not responded to a request for comment. TikTok declined to comment.

Oracle did not respond to a request for comment.

Trump and other US politicians have said the app poses a threat to national security. TikTok has denied the allegation.

The agreement with Oracle comes days before a ban on TikTok in the United States was scheduled to go into effect. After September 20, the Commerce Department is expected to clarify which types of business dealings involving TikTok will be prohibited in the country, according to an executive order Trump signed August 6.

It’s not clear whether TikTok’s partnership with Oracle would allow the short-form video app to avert that ban. The scope and language of the order, along with Trump’s own off-the-cuff remarks about TikTok, have led to confusion about how a ban would be implemented. In another executive order, Trump said TikTok had until November 12 to find a buyer.

Separately, a TikTok employee has challenged the looming ban in federal court and is seeking a judicial decision to suspend the August 6 executive order. A hearing to consider the plea is scheduled for Tuesday. TikTok has also sued the Trump administration over one of the orders, calling it “heavily politicized.”

Multiple analysts had described Microsoft’s pursuit of TikTok as a potential “coup” for the Washington state-based firm — an opportunity to scoop up one of the world’s fastest growing social media platforms at a time when TikTok may be desperate to make a deal.

A deal could have also included an American retail giant: Walmart (WMT) was also participating in negotiations with Microsoft over a potential deal. The retailer had said it was interested in how TikTok could have bolstered its access to consumers.

Walmart on Sunday told CNN Business that it “continues to have an interest in a TikTok investment and continues discussions with ByteDance leadership and other interested parties.”

“We know that any approved deal must satisfy all regulatory and national security concerns,” the company said in a statement.

19 families buy nearly 97 acres of land in Georgia to create a city safe for Black people

https://www.cnn.com/2020/09/12/us/freedom-black-cooperative-toomsboro/index.html

“Welcome to Freedom!” exclaims real estate agent Ashley Scott as she surveys the nearly 97 acres of land that she and a group of 19 Black families purchased in August.

“I’m hoping that it will be a thriving safe haven for people of color, for Black families in particular,” Scott says.

The land sits just East of Macon in rural Wilkinson County, Georgia. Scott and her friend, investor and entrepreneur Renee Walters, didn’t initially plan on buying a large plot of land, but they had a vision that was clear — to create a safe space for their Black families.

“Being able to create a community that is thriving, that is safe, that has agriculture and commercial businesses that are supporting one another and that dollars circulating in our community, that is our vision.”

Dave East Accuses Delta Of Hiring Racist Trump Supporters As Flight Attendants

https://allhiphop.com/news/dave-east-accuses-delta-of-hiring-racist-trump-supporters-as-flight-attendants-0S0Pn5zQuUu-3uSH17FPBQ

After being kicked off of a Delta flight, Harlem rapper Dave East is calling out the airlines for practicing bigoted behavior.

Dave took to his social media to post a video of the incident claiming that the crew racially profiled him. They didn’t think that he belonged in first-class.

No details are shared but what is captured in his three-minute recording of the aftermath as a gang of police officers lined up outside of the plane door, in the corridor connecting the plane to the terminal, next to the very polite captain.

His team is seen trying to rationalize with what looks to be an attendant and other passengers even tried to defend Nas’ protegé.

He wrote on his IG, “RACISM… @delta Fucc Delta! Racist Ain’t Even The Word! This Jamaican Man Defending me and He dont even know me!!!! He watched the racist harassment!!!! Delta Airlines Y’all Need To Stop Hiring these racist, stupid, ignorant TRUMP supporters that get nervous when they see a PERSON OF COLOR in first class!!! B##ch just ask me what I want to drink and keep it pushing!!!! S##t got me Hot”

There is no word from Delta Airlines or Dave’s camp about the resolve.

 

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