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Joseph Nyumah Boakai speaks at the Black Business Conference

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Joseph Boakai


PR Newswire reports that just about 3,000 attendees at the National Business League’s 124th National Black Business Conference in Atlanta, Georgia, listened words of encouragement from the keynote speaker and Liberian President Joseph Nyumah Boakai

The historic event, held on September 3 in partnership with the National Black Business Alliance and co-founders, the National Black Chamber of Commerce and the World Conference of Mayors, aimed to strengthen economic partnerships and collaboration between Black businesses in America and African countries.

With a specific deal with Liberia, Boakai’s speech added considerable value by identifying a direct line back to Business League founder Booker T. Washington, who played a key role in Liberia’s history. When the African nation was threatened with takeover by European colonial forces in 1907, Liberia turned to the founding father of Tuskegee University to intervene. Washington was capable of contain the foreign actors, ensure Liberia’s survival, and lay the foundation for pan-Africanist relations.

Boakai emphasized how cooperation with Liberia, the Pan-African community and the US private sector will increase economic opportunities. He also called for stronger economic ties to assist expand opportunities for black businesses around the world. According to the Liberian Observer, National Business League President and CEO Dr. Kenneth Harris celebrated the success of the conference, calling it a full circle. “This is an important occasion because 40 years ago, the World Conference of Mayors held its first conference in Monrovia, Liberia. And now it’s full circle,” Harris said.

“So should I say that since we first came home, now Liberia is coming to the United States to continue the work that was started 40 years ago, with the difference that now we are focusing on black businesses?”

As the Liberian president touted the country as having a few of the “best opportunities for investors, including black businesses represented at this conference,” he announced the creation of the ARREST Agenda, which focuses on investment and development in agriculture, roads and infrastructure, in addition to education, health and sanitation, and tourism. “While these are not the end-all-be-all interventions to spur growth, we believe they are drivers of growth and development,” Boakai said.

“Liberia’s fertile land and favorable climate create enormous opportunities for investment in agriculture, especially rice production.”

He also emphasized energy, as Liberia seeks investment in solar, hydroelectric and biomass projects to fulfill growing needs. The president says the country’s installed capability is near 126 megawatts, while demand is sort of greater than 500 megawatts.

“This creates a significant gap between supply and demand, which underscores the urgent need for investment in developing renewable energy sources to provide more Liberians with reliable access to electricity and support industries, including manufacturing, for economic growth,” he said.

With major sponsors like Amazon, Comerica Bank and Prosper Africa, the conference brought together a various audience, including government officials, business leaders and representatives from 32 pan-African countries. The 2025 conference is scheduled for Aug. 20-23 at the Hilton Atlanta Hotel in downtown Atlanta.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Home Depot to pay $2 million to settle false advertising case

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Home Depot has settled a civil case alleging false advertising and other deceptive business practices. The home goods store will pay nearly $2 million despite admitting no wrongdoing.

District attorneys in California initially filed the grievance in San Diego Superior Court. According to the Los Angeles County District Attorney’s Office, Home Depot allegedly cheated customers to pay the next price than the advertised price of the product. This was considered a “scanner violation”, the product label on the shelf won’t ring the identical on the checkout due to the costlier UPC code.

Case lawyer George Gascón called the settlement a “clear message” that these illegal practices by large corporations won’t be tolerated.

“False advertising and unfair competition are serious crimes that undermine consumer trust and distort the marketplace,” District Attorney Gascón explained in a press release. “When companies engage in deceptive practices, they not only deceive consumers, but they also gain an unfair advantage over companies that operate ethically and transparently. This settlement sends a clear message that such behavior will not be tolerated and underscores our commitment to protecting the rights of consumers in our community.”

The company began negotiations with district attorneys on August 26. As a result, the ruling ordered Home Depot to pay $1.7 million plus an extra $277,251 in investigation costs and damages. The additional fee may also support enforcement of consumer protection laws.

In addition, Home Depot is prohibited from promoting false advertising and charging more for an item than is visible. The ruling also ordered it to implement a price accuracy program. It includes more audits and training, in addition to eliminating weekday price increases.

However, an act of contrition was not certainly one of the necessities, as Home Depot didn’t admit to committing against the law. LADA noted that the corporate, which Identifies as the world’s largest home improvement retailer, cooperated throughout the investigation.


This article was originally published on : www.blackenterprise.com
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Orlando Magic Brings Big Dave’s Cheese Steaks to Florida

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The Orlando Magic are entering a brand new multi-year agreement with Big Dave’s cheesesteaks. The partnership will bring the growing franchise to Florida on the Kia Center in Orlando.

The location shall be the primary Big Dave’s in Central Florida. In a continued partnership with the Orlando Magic, its exclusive location will feature additional brand integrations throughout the sector, including a concession stand and food cart.

The Orlando Magic also spoke concerning the “power of teamwork” on this latest partnership.

“Magic is excited to partner with Big Dave’s Cheesesteaks and be the first to welcome this franchise to Central Florida,” Magic Senior Vice President of Global Partnerships JT McWalters said in a press release obtained by BLACK ENTREPRENEURSHIP“As two companies that believe in teamwork, we are excited to partner with the first Florida franchise and its new owner, Derek Lewis. We can’t wait to connect Big Dave’s Cheesesteaks with our local community and give our fans a taste of what it’s all about.”

Derrick Hayes founded Big Dave’s Cheesesteaks in 2016, starting out in a gas station in Georgia. The franchise has since expanded prolonged to five locations statewide, with one other recently opened in North Carolina. Now its first franchise owner, Lewis, is spearheading the trouble at Sunshine state.

“I am excited to bring Big Dave’s Cheesesteaks to the heart of the Orlando sports and entertainment scene,” said Lewis. “This partnership with the Orlando Magic and Kia Center is the perfect combination of exceptional food and exciting basketball. Opening our doors on October 11th during the preseason is just the beginning of what I believe will be a groundbreaking presence at the arena. As the first owner of a Big Dave’s franchise, I am committed to delivering the same quality and taste that Derrick Hayes made famous while creating an exceptional experience for Magic fans and guests.”

In addition, Lewis intends to grow Big Dave’s diverse community of cheesesteak lovers and sports fans. The chain also expects to open 10 locations within the Central Florida region.

“This venture is about more than just great cheesesteaks; it’s about supporting the community, celebrating diversity and being part of the electric atmosphere that the Orlando Magic brings to the city,” he added. “Get ready, Orlando – we’re going to elevate your game day experience!”


This article was originally published on : www.blackenterprise.com
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Junior Bridgeman reportedly buying 15% stake in Milwaukee Bucks

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At some point, the circle is closing, with former Milwaukee Bucks point guard Junior Bridgeman reportedly close to buying a 15% stake in the team he played for for many of his NBA profession.

According to , the 70-year-old Bridgeman, whose number two jersey has been retired by the Bucks, I’ll receive a privileged discount for the limited partner, which entitles him to a 15% share in the organization.

According to , Bridgeman currently owns Jet and Ebony magazines. The agreement states that the Milwaukee Bucks, a small NBA franchise, are value $4 billion. According to their sources, the NBA was alleged to notify the owners of the sale in a memo on September 12.

Bridgeman has built a net value of over $600 million largely through success in various businesses, including fast-food restaurants and running a Coca-Cola bottling distributor. Neither the Milwaukee Bucks nor Bridgeman himself have commented on the sale.

Although the team finished third in the Eastern Conference last season, they suffered a loss because that they had to make use of the luxurious tax and pay $52 million. According to , that quantity is NBA’s fourth-highest luxury tax.

The Bucks are expected to face similar luxury tax challenges in the 2024-2025 NBA season, with Giannis Antetokounmpo, Damian Lillard, and Khris Middleton set to make $48 million, $45 million, and $31 million, respectively. The team’s last ownership change got here in April 2023, when Cleveland Browns owners Jimmy and Dee Haslam bought a 25% stake from former co-owner Marc Lasry. At the time, before the NBA’s recent television deal, the Bucks were valued at $3.2 billion.


This article was originally published on : www.blackenterprise.com
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