Business

It’s a supreme loss for Byron Allen’s company

The U.S. Supreme Court ruled against a black-owned company that charged Comcast Corporation, one of the nation’s largest cable operators, violated Section 1981, the nation’s oldest civil rights law, when it refused to carry the firm’s programing for racial reasons. In a unanimous 20-page decision the U.S. Supreme Court ruled in the case titled Comcast Corporation versus National Association of[Read More…]

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Coronavirus will take a bite out of Apple’s quarterly revenues

  The coronavirus has slowed production of the Apple iPhone where it is made in China and will cut into retail sales there because of store closings. Because of these two factors, the company does not expect to meet its previously published quarterly sales estimates, Apple announced Monday in an investor update. “Work is starting to resume around the country,[Read More…]

Tidjane Thiam is leaving Credit Suisse

    Frederick H. Lowe BlackmansStreet.Today Tidjane Thiam will step down February 14 as CEO of Credit Suisse, the multinational investment bank and financial services company based in Zurich, following a spying scandal at the bank that an investigation showed  did not involve him. Thomas Gottstein, who heads Credit Suisse’s Swiss unit, will replace Thiam, who will leave the bank[Read More…]

David Drummond to leave Alphabet Inc., Google’s parent company

Drummond drafted Google’s original incorporation papers     By Frederick H. Lowe BlackmansStreet.Today David Carl Drummond, who drafted the original incorporation papers for the search engine Google, is leaving its parent company Alphabet Inc. as chief legal officer on January 31, according to a January 8th U.S. Securities Exchange Commission filing. Larry Page and Sergey Binn, two PhD students at[Read More…]

United Auto Workers strike General Motors

The United Auto Workers Monday morning went on strike at General Motors, the first labor walkout at the Detroit automaker since 2007. However, both sides said they resumed negotiations Monday afternoon to end the strike. It is not known how much progress has been made. Some 46,000 hourly workers hit the picket lines at 55 plants nationwide. The workers want[Read More…]

Black unemployment rate was 5.5 percent in August, down from 6.0 percent in July

  Jobless rate increases for black men but drops for black women The nation’s nonfarm companies added a lower than expected 130,000 jobs in August, pushing the jobless rate among black men up slightly. The Bureau of Labor Statistics reported Friday the jobless rate for black men 20 and older was 5.9 percent. This compares with 5.8 percent in July[Read More…]

Companies added 195,000 jobs last month

The nation’s private-sector employment increased by 195,000 in August,  according to the ADP  National Employment Report, which was released Thursday. August’s numbers compare with July when private-sector employment increased by 142, 000. Small businesses, employing 1 to 49 workers, added 66,000 jobs, and medium-sized companies, with 500 to 999 workers, added 77,000  jobs. Large companies employing 1,000 or more workers[Read More…]

July’s unemployment rate for black men was 5.8 percent, the same as June

July’s unemployment rate for black men 20 and older was 5.8 percent, the same as June, but much lower than the 6.3 percent recorded for the same month a year ago. Nonfarm payrolls increased in July to 164,000. The employment-population ratio—the number of black men 16 to 64 who were employed– was 64.5 percent in July, higher when compared to[Read More…]

Foundations buy Johnson Publishing Company’s extensive photo archive

  The museum of African American History in Washington will display many of the photos by Frederick H. Lowe BlackmansStreet.Today A consortium of foundations has purchased the photo archives of Ebony and Jet magazines for $30 million at auction during a bankruptcy filing. The sale was announced July 25th The consortium includes, J. Paul Getty Trust, the John D. and[Read More…]

Google parent asked to report on gender and racial pay gap

  By Rosemary Eng BlackmansStreet.Today SUNNYVALE, CALIFORNIA – African American entrepreneur Sky Kelley asked the management team of Alphabet Inc. for improved reporting on the corporation’s global median, gender and racial pay gap to better expose inequality in its treatment of employees. Kelley, representing Time’s Up, made her remarks at the June 19 shareholders meeting of Alphabet Inc. which is[Read More…]