business

The Bywater neighborhood in New Orleans has transformed from a working-class, predominantly African American area into a gentrified arts district with dynamic restaurants, vintage shops, and vibrant street art. Spanning 120 blocks along the Mississippi River near the French Quarter, the area features historic Creole cottages and shotgun houses dating back to the 1840s-1880s, plus Crescent Park, a 2.2-mile linear green space built on formerly abandoned industrial waterfront. While the neighborhood has experienced rising rents and initial Airbnb saturation following Hurricane Katrina, it maintains its eclectic character through independent businesses, experimental cuisine ranging from Mexican to French-Japanese fusion, and community-focused establishments like Frady's One Stop food store. Local residents and business owners express concern about preserving the neighborhood's unique identity and affordability amid ongoing development pressures and demographic changes.

Amazon announced it will eliminate approximately 14,000 corporate positions, representing a 4% reduction in its corporate workforce, as part of a strategic shift toward increased artificial intelligence investment while reducing costs in other areas. Affected employees were notified on October 28 and given 90 days to seek internal transfers, with severance packages available for those unable to find new roles within the company. This marks Amazon's largest workforce reduction since 2023, when 27,000 jobs were cut, as CEO Andy Jassy continues his cost-cutting efforts that began when he took leadership in 2021. The company is simultaneously investing approximately $10 billion each in data center projects across multiple states to expand its AI and cloud computing capabilities, reflecting a broader industry transition from human workforce to technological infrastructure.

A new Brookings Institution report warns of potential job market instability that could exacerbate racial and economic disparities in the United States. While national unemployment remained steady between June 2024 and June 2025, Black unemployment rose by over half a percent, though the Washington D.C. region showed an unusual pattern where white unemployment increased faster than Black unemployment. The report highlights the Washington region as a possible harbinger of national trends, noting that over 46,000 people who had jobs in June 2024 were not working by mid-2025. Researchers Glencora Haskins and Tracy Hadden Loh emphasize the need for immediate action across sectors to address labor market stagnation and reduce disparities to prevent long-term economic and social damage.

Redemption Bank, the first Black-owned bank in the western United States, recently broke ground in Holladay, Utah, with Bernice A. King, daughter of Martin Luther King Jr., serving as senior vice president for corporate partnerships and community impact. The institution is classified as a Minority Depository Institution (MDI), becoming only the 24th such bank in the nation, and is uniquely positioned as the only Black-owned bank not located in an economically underserved community. Despite Utah's Black population being under 3 percent, founder Ashley Bell considers the state ideal for business due to its favorable banking regulations and supportive local investors and collaborators. The bank aims to address lending disparities highlighted by recent statistics showing 39 percent of Black-owned businesses were denied loans in 2024, significantly higher than the 18 percent rejection rate for white-owned businesses.

A recent survey reveals American teenagers are navigating a future workforce influenced by artificial intelligence, alternative education paths, and economic uncertainty. Despite 94% of teens expressing optimism about their future careers, 57% believe AI has negatively impacted their career outlook. The survey highlights changing attitudes toward education, with only 40% of teens believing a four-year degree is always worthwhile, though many still see higher education as necessary for their chosen fields. Young people are balancing passion against pay in their career considerations, with many planning to supplement their income through side hustles, while valuing real-world experience through internships and networking opportunities over formal education.

Karen Attiah, the only Black female opinion writer at the Washington Post, was terminated after over a decade of service allegedly for social media posts addressing white extremism and violence. Her dismissal occurs amid significant underrepresentation of Black journalists in American newsrooms, where only 6% of reporting journalists are Black despite comprising 12% of the population. The National Association of Black Journalists and other advocacy groups have condemned the firing as an "erosion of Black voices" and "a dangerous act of erasure" that sends a chilling message to other Black journalists. Experts warn that the absence of diverse perspectives has substantial consequences for journalism and national discourse, particularly as Black journalists remain clustered primarily in social issues coverage while being scarce in other important beats.

A recent LendingTree analysis reveals significant disparities in business financing approvals, with Black-owned businesses experiencing a 39% rejection rate in 2024, followed by Hispanic-owned businesses at 29%, compared to just 18% for white-owned businesses. Small businesses with 1-4 employees faced denial rates five times higher than larger firms, while businesses with 3-5 years of operation paradoxically experienced the highest rejection rate at 29%. SBA loans and lines of credit proved most difficult to secure with a 45% rejection rate, as high interest rates, inflation, and economic uncertainty have made lenders increasingly cautious about extending credit. Community development financial institutions and large banks showed the highest denial rates at 34% and 31% respectively, reflecting what LendingTree's chief analyst describes as part of a broader trend of tightened lending standards during unpredictable economic times.

The County of San Diego is working to increase small business participation in its procurement process, setting an ambitious goal to direct 25% of its $2.2 billion annual contract spending toward small businesses. The Board of Supervisors recently voted to update County policies to reduce barriers and improve access for small and local businesses seeking to work with the County. These changes include the creation of a new Social Equity Enterprises (SEEs) category for organizations that advance equity in historically underinvested communities. The initiative could potentially keep approximately $550 million per year in the regional economy, benefiting the estimated 123,000 small businesses that make up about 98% of all businesses in the area.

Frontier Development & Hospitality Group LLC has opened the Hyatt House Washington DC Downtown Convention Center, a 184-room extended-stay hotel in DC's Shaw neighborhood managed by Donohoe Hospitality Services. The project represents a homecoming for company founder Evens Charles, a DC native who spent nearly a decade pursuing development opportunities in his hometown. The new hotel offers apartment-style accommodations with full kitchens, fitness facilities, and communal spaces, situated just two blocks from the Walter E. Washington Convention Center. Additionally, Frontier will soon debut REALM, an all-weather rooftop bar and lounge with panoramic views of the DC skyline, furthering their vision of creating culturally vibrant hospitality assets in high-demand urban areas.

San Diego's economy, the third largest in California with approximately 390,000 small businesses employing nearly 59% of the region, faces significant disparities in business ownership and wages. Only 1.2% of San Diego small businesses are Black or African American-owned, and small businesses generally pay 38% less than larger companies with over 100 employees. These wage disparities disproportionately affect people of color, with Black and Latino workers dominating lower-paying healthcare support roles (earning under $20/hour) while being underrepresented in higher-paying technology positions (earning over $50/hour). To address these challenges, California's Employment Development Department (EDD) offers six key resources including CalJOBS, America's Job Center of California locations, unemployment benefits assistance, employer resources, e-Services for Business, and phone support for unemployment claims.

Recent research presented at the U.S. Black Chambers Annual Conference reveals strong consumer support for clearly identified Black-owned businesses across demographic groups. April Jeffries from Ipsos and Ron Busby Jr. from ByBlack shared findings from a 4,500-participant study showing positive responses to a "Certified for Future Generations Prosperity" seal, particularly in health and beauty, clothing, and fresh food categories. The research identified Houston, Dallas, Philadelphia, Atlanta, Oakland, and Washington, D.C. as markets with strongest support, suggesting certification could provide Black-owned businesses with a competitive advantage. ByBlack's certification process, requiring businesses to be at least 51% Black-owned, U.S.-headquartered, and operational for at least two years, offers the verification consumers seek when making purchasing decisions.

A national study from Binghamton University and California State University, San Bernardino reveals that Black households spend a significantly higher percentage of their income on energy costs compared to white households, even at the same income levels. Researchers found that households in majority African American census tracts spend an average of 5.1% of income on energy bills versus the national average of 3.2%, with factors including older housing stock and lower homeownership rates contributing to this disparity. These energy burdens force families to make difficult tradeoffs between utilities and other essentials like food and medicine, leading to serious health consequences including increased risks of asthma, depression, and even premature death. In Washington D.C., the situation is particularly severe, with SNAP-eligible households spending over 20% of their income on energy bills and utility companies implementing consecutive rate hikes that have resulted in thousands of service disconnections.

President Donald Trump's 50% tariff on steel and aluminum products has expanded to include 407 categories of derivative goods, effective Monday at 12:01 a.m. ET. Items like butter knives, baby strollers, spray deodorants, and fire extinguishers that were previously excluded are now subject to these higher tariffs. US importers face difficult decisions regarding goods already in transit, as accepting them means paying substantial new tariffs, while rejecting them likely results in financial losses. According to Under Secretary Jeffrey Kessler, this expansion aims to prevent circumvention and support American steel and aluminum industries, though analysts warn these tariffs will likely increase production costs across multiple manufacturing sectors.

California's Governor's Office is contesting findings from a July 2025 National Bureau of Economic Research (NBER) study claiming that the state's minimum wage increase to $20 for fast food workers resulted in 18,000 job losses. The wage increase, established through Assembly Bill 1228 in September 2023, went into effect on April 1, 2024, and created the Fast Food Council to regulate industry wages. A contradictory UC Berkeley study found no negative employment effects from the wage increase, instead showing 8-9% wage increases for covered workers and minimal price increases of about 1.5%. The wage increase has particularly impacted California's fast food workforce, which consists of nearly 80% people of color and about two-thirds women, with workers reporting improved financial situations since implementation.

Argan oil, a prized cosmetic worldwide, serves as a crucial economic lifeline for rural Moroccan women while coming from forests increasingly threatened by overconsumption and climate change. Women in cooperatives process the oil through traditional methods passed down through generations, earning minimal wages while international companies reap substantial profits. The argan forest has shrunk by 40% since 2000 due to multiple factors including drought, overgrazing, and agricultural expansion. Despite government conservation efforts like tree planting programs and attempts to improve storage facilities for producers, the industry faces serious challenges including an inequitable supply chain and fears that both the trees and cultural traditions they support may disappear.

Target is facing mounting backlash after quietly withdrawing from its $2.1 billion diversity, equity, and inclusion pledge made following George Floyd's murder. The company is experiencing declining sales and increasing boycotts led by civil rights activists who condemn Target for abandoning Black communities while simultaneously funding prosecutorial strategies targeting Black youth. Instead of addressing these concerns directly, Target has pursued celebrity partnerships and collaborations, such as teaming with Kai Cenat and AMP to launch the TONE personal care brand. Religious leaders, activists, and journalists have criticized these efforts as distractions that avoid accountability while failing to engage with Black-owned media outlets that serve affected communities.

Supreme Court Justice Ketanji Brown Jackson, the first Black woman on America's highest court, delivered a powerful keynote address at the 2025 Global Black Economic Forum (GBEF) during the Essence Festival in New Orleans. Speaking to 500,000 in-person attendees and millions online, Justice Jackson shared her journey from Miami's public schools to the Supreme Court, emphasizing that justice requires active participation in decision-making processes. The GBEF Public Convention, part of the Essence Festival which generates $1 billion in economic activity, features various programming including health initiatives and policy discussions, with Maryland Governor Wes Moore and First Lady Dawn Moore scheduled to speak next. Led by President and CEO Alphonso David, the GBEF works to address economic disparities by building power across industries and creating opportunities for Black communities worldwide through global summits, leadership development, policy advocacy, and workplace innovation.

Apiwe Nxusani-Mawela, a 41-year-old beer brewing master and the first Black woman to own a craft brewery in South Africa, is teaching 13 young Black graduates (mostly women) the art of beer making at her Brewsters Academy in Johannesburg. The students, who already hold science-related degrees, undergo a year-long program with six months of exploring beer varieties followed by work placement. Nxusani-Mawela aims to transform South Africa's $5.2 billion beer industry by creating opportunities for more Black people and women, while also preserving traditional African brewing methods through innovative beers like her award-winning Wild African Soul, which blends traditional Umqombothi with Belgian Saison.

The California Black Freedom Fund (CBFF) has transformed into a permanent, independent institution called the Black Freedom Fund (BFF), continuing its mission to invest in Black-led organizations and communities throughout California. Since its inception, BFF has distributed over $45 million to 205 Black-serving organizations across 17 issue areas, with 95% of grants being unrestricted and 65% going to organizations led by Black women. Executive Director Marc Philpart led this evolution after the fund not only met but exceeded its initial $100 million goal, filling a crucial void in sustained support for Black power-building organizations. The BFF's work has become increasingly important as some public and private funding for minority-centered initiatives is being withdrawn.

Target CEO Brian Cornell met with members of the Congressional Black Caucus diversity task force on Capitol Hill on June 26, including Chairwoman Yvette Clarke, Rep. Steve Horsford, and Rep. Troy Carter. When questioned afterward, Cornell indicated the meeting provided helpful feedback and mentioned ongoing business priorities rather than addressing boycott concerns. The article notes that companies like Target face conflicting pressures regarding diversity policies, particularly as the Trump Administration has actively worked against diversity and inclusion initiatives, including issuing an executive order against DEI programs in January.

The National Baptist Convention, USA, Inc. has sparked controversy by announcing a three-year, $300,000 partnership with Target, which is currently facing a boycott over its scaling back of diversity, equity, and inclusion initiatives. The partnership, intended to support scholarships and various development programs, has drawn sharp criticism from faith leaders, media figures, and churchgoers who view it as betrayal of the ongoing boycott efforts. Notable critics including Roland Martin and Pastor Jamal Bryant have condemned the deal, characterizing it as selling out Black America for minimal financial gain given the convention's 31,000 affiliated churches. Despite NBCUSA President Dr. Boise Kimber defending the partnership as beneficial for community empowerment, critics maintain that the agreement undermines collective action and was reached without proper consultation with boycott leaders.

SF Black Wall Street (SFBWS) is launching a recovery campaign following a June 11 fire that damaged their recently opened Nineteen-21 Lounge in San Francisco's Bayview district. The campaign will be officially announced at the Bayview Night Market on June 27, with Mayor Daniel Lurie and Supervisor Shamann Walton in attendance. The Nineteen-21 Lounge, a members-only co-working and cultural space for Black entrepreneurs and artists that opened in February 2025, suffered significant water and smoke damage from a fire at an adjacent property, forcing it to close indefinitely. Despite this setback, SFBWS remains committed to its mission of Black economic empowerment and cultural preservation in San Francisco, with plans to rebuild the lounge and continue hosting community events.

Redemption Holding Co. has acquired Holladay Bank & Trust in Utah, establishing Redemption Bank as the first Black-owned bank in the Western U.S. and the first in history not located within an economically vulnerable community. With approximately $65 million in assets, the bank will focus on commercial lending and small business loans, while planning to launch a digital platform later this summer. Despite delays caused by the Silicon Valley Bank collapse in 2023, the acquisition was completed with support from various financial organizations and government agencies. Redemption Bank becomes the 24th Black-owned bank in the nation, with Bernice A. King, daughter of Martin Luther King Jr., expected to serve as senior vice president for corporate strategy.

Juneteenth celebrations across the United States are being scaled back in 2024 due to significant funding shortfalls as companies and municipalities reconsider their support for diversity, equity and inclusion (DEI) initiatives. The Denver Juneteenth Music Festival, among other celebrations, has been reduced from two days to one day because multiple corporate sponsors withdrew their financial support. This trend coincides with companies also pulling back from LGBTQ Pride celebrations and parallels President Trump's efforts to reduce DEI programs throughout the federal government. While some celebrations have been completely canceled, others continue through individual and foundation donations despite reduced corporate sponsorship and government funding cuts.

Target has experienced four consecutive months of declining foot traffic following its retreat from diversity, equity, and inclusion (DEI) initiatives announced in January 2024. The retail chain ended anti-racism training, stopped promoting Black-owned businesses, and abandoned several other DEI commitments, triggering immediate backlash from civil rights organizations and Black consumers. This decision has had measurable financial consequences, with Target reporting a 3.8% drop in comparable in-store sales during the first quarter of 2025 and suffering significant reputational damage according to metrics from Caliber. Despite these setbacks and ongoing boycotts, Target maintains it is "absolutely dedicated to fostering inclusivity for everyone" while acknowledging that reaction to their DEI pullback has been a contributing factor to their underperformance.

The NAACP has issued a Black Consumer Advisory warning about corporations and institutions intentionally retreating from Diversity, Equity, and Inclusion (DEI) commitments made following the 2020 racial justice protests. This rollback includes eliminating DEI positions, reducing supplier diversity programs, decreasing investments in Black communities, and abandoning equitable hiring practices. Despite Black consumers wielding $1.8 trillion in annual purchasing power, many corporations continue profiting from Black dollars while undermining DEI initiatives that support Black economic advancement. The NAACP urges Black consumers to respond by spending intentionally, demanding corporate accountability, supporting Black-owned businesses, advocating for policy changes, and staying informed about these concerning trends.

Target Corporation is forecasting declining sales and profits for 2025 amid multiple challenges, including backlash from ending its diversity, equity, and inclusion programs, new tariff pressures, and organized boycotts by Black consumers and media. The company reported a 2.8% drop in first-quarter sales to $23.8 billion and a significant 36% decline in adjusted earnings compared to the previous year. Target CEO Brian Cornell announced organizational changes to improve performance, including a new acceleration office led by Michael Fiddelke. Meanwhile, the Black Press of America has launched a national selective buying campaign against Target after the company's January announcement to phase out DEI commitments, with Black media leaders criticizing Target's persistent refusal to invest in Black-owned newspapers and media outlets.

On the fifth anniversary of George Floyd's murder, Reverend Dr. Jamal-Harrison Bryant organized a nationwide prayer protest against Target for scaling back its diversity, equity, and inclusion (DEI) initiatives. Dozens of churches participated in 9-minute and 40-second demonstrations outside Target stores, representing the time Floyd was pinned down by police. Target had previously pledged $2 billion toward DEI efforts following Floyd's death but has since phased out programs aimed at increasing Black representation and supporting Black-owned brands, claiming these changes were part of a planned three-year cycle. The protests are part of the ongoing Target Boycott movement, which began as the Target Fast, while Target simultaneously reported declining sales and earnings in the first quarter.

Rev. Al Sharpton and the National Action Network (NAN) are considering boycotts against companies that have retreated from diversity, equity, and inclusion (DEI) commitments. Sharpton recently met with Target CEO Brian Cornell and PepsiCo executives to discuss concerns about their DEI rollbacks. Following the meetings, Sharpton plans to consult with NAN's board and other allies, including Rev. Dr. Jamal Bryant, before determining actions against these corporations. Target has already faced significant backlash from Black consumers through a "TargetFast" organized by Rev. Dr. Bryant, resulting in declining foot traffic at Target locations, with a 9% drop in February and 6.5% in March.

Target is experiencing significant challenges as consumer boycotts intensify, employees consider unionization, and the company faces financial difficulties following its rollback of diversity, equity, and inclusion (DEI) initiatives. Led by Rev. Jamal Bryant's 40-day "Targetfast" campaign during Lent, organizations including the NAACP, National Newspaper Publishers Association, and The People's Union USA are organizing boycotts to protest what they describe as corporate surrender to bigotry. Target's problems are reflected in ten consecutive weeks of declining in-store traffic, a 21% drop in operating income in the most recent quarter, and stock prices falling to a five-year low of $94 in April from $142 in January. Internally, employees are reporting mass resignations, frustration with minimal pay raises, and increasing interest in unionization efforts to address workplace concerns.

The San Diego Continuing College of Education (SDCCE) opened a new Business Resource Center on April 9th at the Cesar Chavez campus to provide support and resources for entrepreneurs at all stages. Dr. Tami Foy, Executive Director of the SDCCE Foundation, developed the center at the request of SDCCE President Dr. Tina King, with assistance from Alex Waters of The Program Labs. The center will offer workshops, 1-on-1 business coaching, small group sessions, and free business needs assessments with referrals to community resources. This new facility replaces the previous business resource center at the Jo & Vi Jacobs Center, which donated furniture to the new location, and features podcast equipment, computers, and free informational resources for technological career training.