April 2, 2021

Day: April 2, 2021

Black Business Leaders Urge Companies to Fight Republican Voting Laws

  • 72 Black executives are urging US companies to speak out about new voting laws, the NYT reports.
  • They claim the new bill, being advanced by Republicans, could restrict the rights of Black voters.
  • Former American Express CEO, Kenneth Chenault and Merck CEO Kenneth Frazier are in charge of the letter.
  • See more stories on Insider’s business page.

Top Black business leaders in the US are calling on companies to fight against restrictive voting rights laws being put in place in at least 43 states, according to a report from The New York Times on Wednesday.

So far, 72 Black executives

Read More

Russian Entrepreneurs Adapt to Virus Lockdown Challenges | Business News

By DARIA LITVINOVA and DANIEL KOZIN, Associated Press

MOSCOW (AP) — Valentina Konstantinova remembers well when Russia locked down for the coronavirus a year ago. Her 18-room boutique hotel, called Skazka, or “Fairytale,” was full, and within a couple of days, it had only one guest left.

“I still don’t understand how people could have vanished in one day, and where,” she recalled. The lockdown lasted six weeks, but with borders closed, her business prospects were grim.

One year later, Skazka is still open — thanks to some creative thinking by its owners — but with fewer guests than before.

Read More

The dumbest financial story of 2021.

If you, like me, are a casual consumer of financial news, many of 2021’s biggest stories have felt dumb, even by our increasingly high standards for things to feel dumb.

GameStop’s stock exploded for reasons unconnected to its underlying business, nosedived when a stock trading app decided to lock out its devoted customers from trading that hugely popular security, then rose again later. Something called a SPAC has become all the rage in mergers and acquisitions. What is a SPAC? Well, it’s nothing—a blank check inside of a shell, more or less. But then Alex Rodriguez or Paul Ryan (they

Read More

People are making lots of money off ‘the big lie’ of US election fraud

Documentary filmmaker Ken Burns, known for expansive movies on quintessential American subjects like “Jazz” and “Baseball,” said in a new interview that former President Donald Trump and his allies have damaged the country by promoting the “big lie” of widespread election fraud — and worse yet, they’ve made money off of it. 

Burns said the media environment allows people to make significant amounts of money off of false public comments, and he contrasted such misinformation with his accurate and complex stories about major events and themes of American history.

“There are a lot of people out there making lots of

Read More

‘This has to be one of the single greatest losses of personal wealth in history,’ says stock-market pro of Archegos margin call

Wall Street on Tuesday saw muted action but investors were still buzzing about the highly leveraged wrongway bet reportedly employed by Bill Hwang’s Archegos Capital Management, which may have saddled many banks with multibillion-dollar losses.

Using derivatives, Archegos, pronounced “Ar-chee-gos” by the company, maintained positions in stocks including ViacomCBS Inc.
VIAC,
-1.02%,
 Discovery Inc.
DISCA,
-0.35%,
 and GSX Techedu
GSX,
-5.02%,
 and was hit by margin calls as the direction of those highfliers turned against the family office.

The downturn in the stocks, with shares ViacomCBS and Discovery registering their worst downturns on record, forced the banks

Read More

Businesses Face Backlash for Criticizing Georgia Voting Law

Credit…Steve Marcus/Reuters

For two weeks, Delta Air Lines and Coca-Cola had been under pressure from activists and Black executives who wanted the companies to publicly oppose a new law in Georgia that makes it harder for people to vote. On Wednesday, six days after the law was passed, both companies stated their “crystal clear” opposition to it.

Now Republicans are mad at the companies for speaking out. Hours after the

Read More