Mark Zuckerberg should keep donation, fix Facebook instead - Business Insider
- Facebook CEO Mark Zuckerberg has pledged $10 million to fighting racial injustice amid backlash against the company's handling of President Trump's violent remarks against people protesting the death of George Floyd.
- In a post announcing the donation, Zuckerberg added that the money was in addition to some $40 million a year that his foundation gives to "organizations working to overcome racial injustice" and said it's "clear Facebook also has more work to do to keep people safe and ensure our systems don't amplify bias." But these are just words, and Americans have heard them from Facebook before.
- The spread of disinformation — including on Facebook — and the ease with which people can join anti-social, racist groups is only making the protests and unrest follow George Floyd's murder even worse.
- Zuckerberg's donation is little compared to the problem of race relations in America, and for that we cannot fault him.
New York City extends 8 p.m. curfew through Sunday, June 6 - Business Insider
- Mayor Bill de Blasio made the announcement Tuesday morning, following a fourth night of civil unrest in the city that was largely unaffected by the first curfew imposed at 11 p.m. Monday.
- While thousands of people gathered peacefully in Brooklyn and Manhattan surrounded by an increased number of officers, a small number of demonstrators damaged and looted upscale stores in Manhattan's retail core.
- In a separate press conference Tuesday, New York Governor Andrew Cuomo drew a distinction between those peacefully gathered and others who looted stores.
- Cities across the country have implemented curfews over recent days as demonstrations proliferated following the killing of George Floyd in Minneapolis police custody on May 25.
- At least six people have been killed in demonstrations across the country,The New York Times reported.
- In New York, 47 police vehicles were damaged, 33 officers injured, and more than 700 people arrested, police said.
Citi's Luigi Pigorini: Wealth taxes could fund coronavirus relief - Business Insider
- Countries across the globe might resort to raising taxes on their highest earners to cover the costs of fighting the pandemic, Luigi Pigorini, Citigroup's private bank head for Europe, the Middle East, and Africa, told Bloomberg's Benjamin Stupples.
- The United States alone has spent more than $6 trillion on health care and economic stimulus throughout the crisis, leading to a projected $3.8 trillion budget deficit in 2020, according to nonpartisan think tank Committee for a Responsible Federal Budget.
- Before the pandemic, some billionaires and presidential candidates alike called for a wealth tax to fund improvements to fund education reform, health care, and infrastructure reforms, but experts told Business Insider in September that enforcement issues and constitutional challenges make the chances of implementing such a tax before 2025 essentially zero.
- The calls for a tax on the ultrawealthy came as the divide between America's rich and poor continues to expand.
Trump eyes return to rallies amid coronavirus pandemic and protests - Business Insider
- President Donald Trump's political advisers have been debating how to get him back in front of raucous, arena-sized crowds for campaign rallies that can breathe new life into his embattled reelection effort, possibility as soon as next month, Insider has learned.
- Trump's campaign rallies, which frequently veered into violence during the Republican's successful 2016 White House bid, halted in early March when the nation started going into lockdown to curb the coronavirus pandemic.
- Trump's allies see the prospect of campaign rallies as an important signal to the country — and the president's supporters — that the coronavirus pandemic is subsiding and the national lockdown is ending.
- The return of campaign rallies also raises security concerns for the president and his supporters, both from the coronavirus pandemic and the prospect that peaceful political protests turn violent.
Priests say they were expelled from St. John's church for Trump photo-op - Business Insider
- Shortly before D.C.'s 7 p.m. curfew, law enforcement used tear gas, rubber bullets, and flash-bang grenades to clear a crowd of peaceful demonstrators who had gathered in Lafayette Park so that Trump could walk to the church, which had been damaged by fire the night before, and take photos holding a Bible in front of the building.
- In a lengthy Facebook post and in an interview with Religious News Service, the Reverend Gini Gabresi, a Rector at St. John's Episcopal Church in Georgetown who was at the Lafayette location on Monday, said that in addition to peaceful protestors in the square, clergy members inside and on the church patio were subject to tear gas and forced out of the area for the president's photoshoot.
- Rev. Glenna Huber, the Rector at the Church of the Epiphany who was also at St. John's Lafayette the day of the protest, told the Religious News Service that she exited the area and left the church grounds before most of the tear gassing.
PR giant Edelman lays off 390 employees amid coronavirus - Business Insider
- PR giant Edelman is laying off 390 people, about 7% of its employees worldwide in response to the coronavirus pandemic, according to a memo the company shared with Business Insider.
- As a result, we are no longer able to sustain our business without layoffs, furloughs, reduced work weeks and additional compensation reductions of mostly senior people scaled by salary level.
- To maintain the financial security of our business, we will reduce our workforce by approximately 390 people, which is less than 7% of our global team, and will be asking for salary reductions from 5-20% scaled by employee compensation level.
- For 68 years, the people of Edelman have been building a company brick-by-brick based on a set of principles that include client service, creativity, entrepreneurship, intellectual capital accessible to clients, never taking on debt, earnings reinvested in the business, global and local excellence, engagement within the communities where we operate, and family-owned independence.
Elon Musk: It took 100,000 people to launch NASA astronauts into space - Business Insider
- Over the weekend, SpaceX achieved its most important feat to date since Elon Musk founded the rocket company in 2002: the launch of NASA astronauts Bob Behnken and Doug Hurley into space.
- Behnken and Hurley became SpaceX's first human passengers on Saturday with their launch into orbit aboard Crew Dragon.
- The astronauts' mission, called Demo-2, is meant to show NASA that SpaceX can launch people into orbit and return them to Earth safely.
- A SpaceX Falcon 9 rocket, with NASA astronauts Doug Hurley and Bob Behnken in a Crew Dragon capsule on top, launches from Pad 39-A at the Kennedy Space Center in Cape Canaveral, Florida, on May 30, 2020.
- Musk said SpaceX "just barely made it there" with Falcon 1's successful launch; a fourth failure would have bankrupted the company.
Trump congratulates 'overwhelming force,' 'domination' against protesters - Business Insider
- President Donald Trump said Tuesday that Washington, DC, "had no problems last night." He went on to congratulate himself for law enforcement officials cracking down on protesters demonstrating against racism.
- Demonstrators were also forced out of Lafayette Square that evening before the city's curfew began at 7 p.m. Multiple protesters were also arrested after the city's curfew went into effect, and NBC's Washington affiliate reported that Metropolitan Police Department officers in riot gear began clearing demonstrators from the streets near the White House after using tear gas and flash grenades to clear Lafayette Square and establish a perimeter.
- Republican Rep. Matt Gaetz of Florida suggested earlier in the day that protesters demonstrating against police brutality are part of antifa and should be hunted down like terrorists.
#WendysIsOverParty: Wendy's slammed over franchisee's Trump donations - Business Insider
- Wendy's is facing backlash online after Business Insider reported that a franchisee on Trump's restaurant recovery roundtable donated more than $400,000 to reelect the president.
- In mid-May, the White House announced that Muy Cos. CEO James Bodenstedt would participate in a roundtable with President Trump on the restaurant industry's recovery.
- Muy Cos. owns and operates hundreds of Wendy's, Taco Bell, and Pizza Hut locations across the US, making Bodenstedt the first fast-food franchisee to publicly advise the White House on how to help the restaurant industry recover from the coronavirus pandemic.
- While Bodenstedt is an independent franchisee and Muy Cos. also owns and operates Taco Bell and Pizza Hut locations, Wendy's has faced the brunt of the backlash.
- Trump donors who have publicly advised the White House on restaurant industry recovery include Ray Washburne, the CEO of M Crowd Restaurant Group, and Tilman Fertitta, the CEO of Landry's, which owns restaurant brands such as Bubba Gump, Del Frisco's, and Joe's Crab Shack.
Stock picks to buy: 15 companies with profit growth from Goldman Sachs - Business Insider
- This year's economic nosedive had historic effects on stock prices and company performance.
- But Goldman Sachs says a historic comeback is in the works.
- The drop in 2020 is due to a historic dip in profit margins, as Goldman Sachs says margins just suffered the biggest quarterly decline since 1970.
- The median S&P 500 company will see its ROE shrink over the next year, they wrote.
- With those factors in mind, Kostin's team is putting together a list of companies that Wall Street analysts believe will have the strongest returns on equity over the next 12 months.
- These 15 stocks are ranked from lowest to highest based on the rate of return based on the consensus of analysts covering them.
- Get the latest Goldman Sachs stock price here.