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AutoZone acknowledges that tariff costs will go back to the consumer

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Yahoo Finance reports that the CEO of automotive retail giant AutoZone admits that if tariffs go into effect, the the consumer will undoubtedly incur higher costs.

Philip Daniele said during its November 2024 earnings call that the company already anticipates increases in product costs, and if tariffs are added, the customer will have to pay. “If we get tariffs, we will pass those costs back to the consumer,” Daniele said. Under his leadership, he understands that recent policies imposed by the Donald Trump administration will impact margins.

The tariffs, which include a tax of 10% to 20% on all imports and potentially 60% to 100% on goods from China, have increased concerns amongst consumers and corporations trying to protect their profits. AutoZone is just not the only company that relies heavily on imported goods from abroad and is preparing for dangerous changes. Footwear conglomerate Steve Madden has already taken motion. Since 70% of its sources come from China, the company announced that it will cut ties with them by 50%, partnering with other foreign entities equivalent to Vietnam, Cambodia and Mexico.

However, shoe fanatics should already expect price increases as leadership deals with changes affecting the supply chain.

Columbia Sportswear and the National Retail Federation (NRF) have expressed concerns that tariffs will make their profits less inexpensive, potentially driving customers away. The world’s largest retail trade association described the proposed tariffs as “a tax on American families.” He issued a warning that prices of on a regular basis goods equivalent to food and clothing would rise sharply. In the association’s report released Nov. 4, Jonathan Gold, vp of supply chain and tariff policy, said U.S. consumers could expect to lose between $46 billion and $78 billion in purchasing power because of this of additional tariffs.

A $90 pair of sneakers can cost between $106 and $116, while a $100 coat can cost over $20.

During the campaign, President-elect Trump “promised to ‘slow inflation,'” but U.S. Treasury Secretary Janet Yellen warned that tariffs would only increase it, and an evaluation by the Yale University Budget Lab supports her theory.

“The consistent theoretical and empirical conclusion in economics is that the burden of tariffs is borne by domestic consumers and domestic firms, not the foreign country,” the mid-October 2024 report revealed.

Some corporations are suspending any emergency motion until Trump actually makes a move. ELF Beauty CEO Tarang Amin says he will have to read the policy first before even fascinated about increasing prices.

“We don’t like tariffs because they are a tax on the American people,” Amin said. He revealed that the company has had to cope with tariffs of 25% since 2019 due to policies in place since Trump’s first reign in the White House. “During this time, we have used every lever at our disposal to minimize the impact on our business and our community.”

Trump-Vance transition spokeswoman Karoline Leavitt defended the first-term tariff, saying it created jobs and curbed inflation. This time, Leavitt believes her boss will work to lower taxes and create more American jobs through additional tariffs.


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

The Atlanta Hospitality Hall Of Fame inducts Donata Russell Ross

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DONATA ROSS, HOSPITALITY, ATLANTA


The Atlanta Convention & Visitors Bureau (ACVB) has inducted 4 latest honorees, including Donata Russell Ross, into its Hospitality Hall of Fame.

Along with fellow nominees Dr. Brian L. Davis, Bobby Donlan and Mark Vaughan, Russell Ross was honored for her work as CEO of Concessions International, LLC. A minority-owned airport food and beverage company is: long-time operator at many airports.

By Russell Ross defended business despite turbulent times. She continued her efforts during many changes in air travel, including 9/11 and the COVID-19 pandemic. She devoted over 4 many years to its development and success.

Russell Ross, a graduate of the Wharton School of Business, has proven that her business acumen is able to meeting any challenge. Concessions International has annual revenues exceeding $100 million and 1,200 employees.

“Seeing all these cycles taught me to hold on and understand that a better day will come,” she said in 2023

Moreover, Russell Ross is a component of the esteemed Russell family. The Russells also worked to advertise Atlanta as a business center and source of opportunity, individually and as a family. As the daughter of influential entrepreneur Herman J. Russell, she can be president of the Russell CARES family foundation. The Foundation implements quite a few initiatives specializing in education and entrepreneurship.

When it involves recognizing Russell Ross, her nomination is a testament to her tenacious work within the hospitality industry. Moreover, it highlights her strength as a Black Leader on this space.

“It is my great honor to be inducted into the 2024 Hospitality Hall of Fame,” she said through a spokesperson. “I am humbled to be included in such an distinguished group of individuals whose commitment to excellence has ensured our region’s growth and recognition around the world.”


This article was originally published on : www.blackenterprise.com
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‘Chief Of Minds’ Lifts Small Businesses in the Face of DEI Attacks

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Elon Musk, DEI, Jeff bezos, DEI


Chief of Minds, a human resources strategy firm, strives to assist Black entrepreneurs streamline their operations and achieve maximum efficiency to assist maintain longevity.

Founded in 2014, Chief of Minds is making an impression in the human resources sector. CEO and founder Lakeisha Robichaux strives to assist businesses plan your path to success — even in a hostile corporate environment.

Robichaux’s goal is to “reduce workload, optimize HR functions and minimize costs.” The CEO is experienced; She improved her business optimization skills by working with corporations reminiscent of CVS Pharmacy, Dollar General Corporation, and Loyola University.

The founder serves as president of the Baton Rouge Metropolitan Black Chamber of Commerce, helping navigate small business owner processes in the capital of Louisiana.

As president, Robichaux provides networking opportunities, training and knowledge to assist Baton Rouge entrepreneurs construct profitable and sustainable businesses.

Robichaux’s work through Chief of Minds is more necessary than ever as legislative attacks on DEI have been successful in recent years, leaving many minority demographics vulnerable. Black entrepreneurs must prepare for the barriers that will arise now that legal protections, plans and incentives for minorities are slowly being removed.

In his work, he puts emphasis on a thoughtful approach to efficiency and worker relations. Studies have shown that employees burn out faster than in previous generations. A rigorous work environment and heavy workload are aspects that reduce productivity, which in turn reduces company profits. However, there’s a way for a corporation to steer with compassion while maintaining high standards of worker performance and production.

“She believes”Genuinely caring for others and expressing empathy creates a positive work environment and improves team performance.

Robichaux and the “Chief of Minds” are poised to steer the corporations through the next 4 years of Donald Trump’s presidency. A conservative House of Representatives and Senate may mean a discount in programs aimed toward supporting small businesses. To thrive, businesses might want to take stock. Evaluating your HR practices is an important first step.


This article was originally published on : www.blackenterprise.com
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Floyd Mayweather is investing in a $10 billion collection of office buildings

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floyd Mayweather, Spruce Management,oer


Floyd Mayweather is expanding his real estate portfolio to incorporate office properties across the country in addition to multi-unit apartment buildings he purchased in New York for $402 million.

The latest investment of the legendary boxer in the 601W company equalizes him the office owner’s extensive portfolio, which incorporates a $10 billion collection spanning 18 buildings and 10 million square feet, The Real Deal reports. The source said this is Mayweather’s “most significant” investment up to now.

With the investment in 601W, Mayweather becomes an owner-partner of significant properties akin to the Amazon-anchored 410 tenth Avenue in New York’s Hudson Yards district, the Aon Center and Old Post Office Building in Chicago, and the Harborside office complex in Jersey City, New Jersey.

Mayweather is confident the office market will get better post-pandemic and sees “tremendous growth” in the 601W portfolio, citing the owner’s strong track record, in keeping with a spokesman.

Mayweather’s investment will support the repositioning of existing assets and financing of recent acquisitions, said Mark Karasick, managing member of 601W. Mayweather is also targeting distressed office deals in big cities like Chicago and New York, Karasick added.

The entry into the office sector comes after Mayweather’s $100 million investment in a partnership with office owner SL Green and a month after he acquired a portfolio of apartments from Black Spruce Management in Upper Manhattan for $402 million. This transaction, which incorporates over 60 buildings for rent, will probably be one of the most important transactions in the town this yr.

“New York is the center of the world,” Mayweather said in a statement. “A wise person once told me that if you buy a property in New York and hold on to it for years, you will always make money and win.”

Mayweather’s Millions Made in the Ring solidified your status as an experienced investor. He has amassed a net value of $1.2 billion, including roughly $300 million from a single fight in 2015.


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