Black Business News

project-image-thumbOur US service provides real-time and forward-looking news on corporate events (M&A, debt instruments, IPOs and LBOs), cross-border trade, legislative and regulatory coverage and commodity-specific intelligence. BBN will focus on the United States’ 200 most dynamic African American companies and help promote both inbound and outbound cross-border investment and M&A by Black Businesses.

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Bureaus-  Atlanta, Georgia; Birmingham, Alabama; Detroit, Michigan; Los Angeles, CA; Chicago, Illinois; New Orleans, LA; Houston, TX; New York City, NY; and Raleigh, North Carolina; San Juan, Puerto Rico, and Port au Prince, Haiti.

CI VIEW: SmartCEO – Fear, Loathing and Failure in Caucasia UPDATE

WASHINGTON/BALTIMORE (BBN) —   The rise and fall of Baltimore-based SmartCEO Media – the 15-year-old event and business magazine – is a glaring example of stark contrast between the downward mobility of white flight suburbs and the resurgence of the Urban economies in the United States.

[AOL co-founder and Revolution Growth co-Founder Ted Leonsis speaks to Capitol Intelligence/BBN using CI Glass at National Press Club in Washington, DC. Dec. 5, 2014]

The birth of SmartCEO occurred when US cities, or urban economies, were marked by high-crime and economic blight.  SmartCEO cities such as Washington DC; Baltimore and Philadelphia were considered almost no-go zones for many whites.

Today, Washington DC has achieved the greatest economic renaissance in the history of the world’s largest economy, and other US cities are poaching major Fortune 100  companies out of suburbia back to the inner cities for human capital and growth as witnessed by General Electric (NYSE:GE) decision to transfer its global headquarters to Boston from diversity challenged Fairfield, Connecticut [1.8% African-American].

The contrast of the fortunes of urban economies to those of the suburbs can be seen in the rise and fall of SmartCEO and its founder Craig Burris.  In less than a year, the 50-plus year-old Burris saw his fortunes rise to circa USD 40m before crashing down to personal and corporate bankruptcy and serious risk of imprisonment for fraud and larceny.

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CI VIEW: EXIM Bank catalyst for US job growth and reform with Mnuchin/Waters duo UPDATE

WASHINGTON/WHEELING, WV (BBN) (Update on May 18, 2017 to add comments by US Treasury Secretary Steven Mnuchin) –The end of the long stalemate in Congress over the Export-Import Bank of the United States (EXIM) has unintentionally served as a catalyst to convince the CEOs of Fortune 100 giants such as General Electric Corp. (NYSE:GE), The Dow Chemical Company (NYSE: DOW), Honeywell International, INC (NYSE:HON), The Boeing Company (NYSE:BA) of the strategic need to lend their considerable resources to US small-and-medium and minority-and-veteran owned businesses to expand and compete in foreign markets.

[US House Financial Services Committee Ranking Member Maxine Waters (D-CA) speaks to Capitol Intelligence/BBN using CI Glass on President Trump naming former NJ Congressman Scott Garrett as EXIM Bank at Tax March at US Capitol, April 15, 2017]

The issue of large corporates helping US small and medium-sized businesses came after EXIM Bank opponents succeeded in blocking the nomination of new EXIM board members and thus limiting the export credit agency to making export guarantees of USD 10m or less.

President Donald Trump unblocked the impasse by nominating former New Jersey Congressman Scott Garrett as EXIM President and Chairman and former US House Financial Services Chairman and old-school Republican leader Spencer Bachus from Alabama as an EXIM board member. 

Meanwhile a highly unusual but effective alliance has been quietly forged between US Treasury Secretary Steven Mnuchin and US House Financial Services Ranking Member Maxine Waters (D-CA) to guarantee that EXIM Bank primary focus will be to serve US small-to-medium size exporters, with special attention to minority-and-veteran led businesses. 

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CI VIEW: President Trump’s USD 1 trln infrastructure fund triggers National bank vs bond agency debate UPDATE

WASHINGTON/BALTIMORE (BBN) –  (Update on June 21, 2017 to add new interview with Meridiam CEO Thierry Deau at SelectUSA) — President Donald Trump plan to spend up to USD 1 trillion upgrading US infrastructure has triggered the first serious bipartisan debate in Congress whether the United States should establish a National Infrastructure Bank and/or national bond authority.

[President Donald Trump speaks with Capitol Intelligence/BBN using CI Glass at Economic Club of Washington DC event prior to entering race for Presidency and the opening of Trump International Hotel in Washington, DC. December 15, 2014]

US House Transportation and Infrastructure Chairman Rep. Bill Shuster (R-PA) says he opposes the establishment of a National Infrastructure Bank while US Senator Mark Warner (D-VA) is pressing for an independent National Infrastructure Bank or financing authority.

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CI VIEW: Maryland’s Rushern Baker quietly brings massive Chinese and foreign investment to Prince George’s County

National Harbor, Maryland (BBN) – As President Donald Trump beats the drum for Made in America, Rushern Baker III, the elected leader of a predominantly African-American county neighboring Washington, DC is the truly unsung hero for bringing Chinese and foreign direct investment and high paying new jobs to the USA.

[Prince George’s Country Executive Rushern Baker III speaks to Capitol Intelligence/BBN using CI Glass at the Congressional Black Caucus Legislative Conference on September 26, 2014]

While only the elected official of a province within the State of Maryland, Prince George’s County Executive Baker is feted as much as a governor of a large American  state on his numerous trade mission to mainland China.

The former military (JAG) lawyer was even seated next to Chinese President Xi Jinping during his State visit to the United States in September, 2015 with President Barack Obama.

In fact, Baker is preparing to lead a trade delegation of Prince George’s County companies to China and South Korea April 17-25 following his success in building MGM Resorts International (NYSE: MGM) USD 1.4bn casino and convention center in the Prince Georges community of National Harbor.

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CI VIEW: Hershey return to Cuba can sweeten US-Cuba relations under Trump

CENTRAL HERSHEY, Cuba [Camilo Cienfuegoes] (BBN) – The Hershey Company (NYSE: HSY) and its affiliated multi-billion non-profit Hershey Trust eventual return to Cuba can truly reset US-Cuban relations and let President Donald Trump end decades of hostilities following President John F. Kennedy Cuban embargo in 1962.

[Cuban Foreign Trade and Investment Minister Rodrigo Malmierca Diaz speaks to Capitol Intelligence/BBN using CI Glass on Hershey return to Cuba after historic speech at US Chamber of Commerce in Washington, DC. Feb. 16, 2016]

Hershey founder Milton S. Hershey created an almost mirror image of what he started in Hershey, Pennsylvania in 1916 by creating a new town just 30 miles east of Havana named Central Hershey.  Central Hershey had the largest sugar producing factory in the world, a Hershey Hotel and a Hershey School for disadvantaged Cuban children.

The unique progressive capitalism of Milton Hershey, who as an orphan and childless himself, ordered that all profits from Hershey Company go to fund the Milton Hershey School for orphans and disadvantaged children.

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CI VIEW: AT&T CEO Stephenson takes on Google’s Schmidt as Time Warner bid heralds new US antitrust regime UPDATE

WASHINGTON (BBN) – (Updating on January 24, 2017 to add comment from US Federal Trade Commission (FTC) Commissioner Maureen K. Ohlhausen)  AT&T (NYSE: T) USD 85.4 bin dollar bid for Time Warner (NYSE: TWX) is seen marking the end of Alphabet (NYSE: Goog) and Facebook (NYSE:FB) dominant position in the US media market and heralding new antitrust action by the incoming administration of President Donald Trump.

[21st Century Fox  and News Corp  Executive Chairman Rupert Murdoch speaks to Capitol Intelligence/Black Business News (BBN) using CI Glass on AT&T bid for Time Warner at The Wall Street Journal CEO Council Summit in Washington, DC. November 15, 2016]

The incoming administration of Donald Trump is looking at taking long overdue antitrust action both by the Justice Department and US Federal Trade Commission as the outgoing administration of Barack Obama gave a “free ride to Google, Facebook and Silicon Valley,” a Washington DC antitrust attorney close to the Trump transition team said.

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CI VIEW: America’s new business Titans spread their wings

WASHINGTON, DC (BBN) – The new economic elite of the United States is not made of Silicon Valley moguls but the impressive number of Black American business tycoons such Chicago’s Loop Capital founder and CEO James Reynolds; Washingtonian real estate tycoon Donahue Peebles; Warrenton, Virginia luxury resort prima donna Sheila Johnson; NYC asset manager Christopher Williams and LA’s billionaire Act-1 Group human resource group owner, Janice Bryrant Howroyd.

[Loop Capital Chairman and CEO Jim Reynolds speaks to Capitol Intelligence/BBN using CI Glass following Closing the Wealth Gap hosted by US House Financial Services Ranking Member Maxine Waters (D-CA) at the Congressional Black Caucus Foundation Annual Legislative Conference in Washington, DC. September 16, 2016] 

While most of Wall Street may know Jim Reynolds as the golfing buddy of President Barack Obama, Goldman Sachs CEO Lloyd Blankfein, JP Morgan Chase CEO Jamie Dimon and Citigroup’s Michael L. Corbat know Mr. Reynolds as Chicago’s top investment banker.

You will not meet America’s new blue bloods in SF/Palo Alto, Boca Raton Florida but at the same playing fields of America’s old blue bloods: Martha’s Vineyard, Sag Harbor/East Hampton and Middleburg, Virginia.

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CI VIEW: The Carolina Kitchen aims at USD 1bn IPO valuation, owner Lance London says UPDATE

 

WASHINGTON/LOS ANGELES (BBN) —  (Update on September 21, 2016 to add interview with Thompson Hospitality Chairman Warren Thompson) The Carolina Kitchen, the Washington, DC area high-scale soul and southern cuisine restaurant group, sees revenues rising to USD 45m at end-2014 from more than USD 20m in 2013, The Carolina Kitchen founder and CEO Lance London said.

[Carolina Kitchen owner Lance London speaks to Capitol Intelligence/BBN using CI Glass at Rhode Island Row opening Feb. 25, 2014]

In an interview at the opening of Carolina Kitchen on Rhode Island Row in northeast DC, London said his aim is to build The Carolina Kitchen group into a USD 1bn business and to continue expanding from its current locations of Largo and Hyattsville in Prince George’s County, Maryland and now Washington, DC.

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CI VIEW: Small and mid-market CEOs eye growth as big business retreat, Ernst & Young CEO

CLEVELAND, Ohio (SMARTCEO/BBN) – US small and mid-market CEOs attending the Republican National Convention proved that American small business owners are made of stronger stuff than politics or big business.

[Ernst & Young Chairman and CEO Mark Weinberger speaks to SmartCEO/Capitol Intelligence Group at Bipartisan Policy Center event during Republican National Convention in Cleveland. July 20, 2016]

At the RNC Convention in Cleveland that nominated controversial real estate mogul Donald J. Trump, only CEOs/owners of small to medium size companies came to the convention while the CEOs of major corporations took a pass with the very notable exception of Ernst & Young Chairman and CEO Mark Weinberger.

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CI VIEW: Exelon passes on Entergy’s nuclear assets, Exelon CEO Crane

 

WASHINGTON/BRESCIA (BBN) – Chicago-based Exelon Corporation (NYSE: EXC) is no longer interested in acquiring the nuclear assets of Entergy (NYSE: ETR) if the New Orleans, Louisiana-based company goes ahead with a long-rumored sale, Exelon President and CEO Christopher M. Crane said.  

[Exelon President and Chief Executive Officer Christopher M. Crane speaks with Capitol Intelligence/Smart CEO using CI Glass about Entergy, STEM schools and ENEL at the Baltimore Washington Corridor Chamber Annual Meeting at BWI Marriott,  May 11, 2016]

Exelon CEO Chris Crane had previously told Capitol Intelligence that Entergy’s nuclear assets are of high quality and could be an attractive target for Exelon.
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CI VIEW: Howard University Divinity School seen leading way for Islamic Finance in the US: UPDATE

BROOKLAND, Washington DC (CI MENA) — (Update on March 1, 2017 to add Assistant to President Donald Trump and White House Director of Communications for Public Liaison, Omarosa O. Manigault) Howard University’s School of Divinity School,  located in Washington DC’s unique Brookland neighborhood, could soon become a global center of excellence for the study and practice of Islamic finance in the United States.

[Howard University President Wayne A.I. Frederick, MD speaks to Capitol Intelligence/BBN using CI Glass on Howard University plans for Howard University School of Divinity located in Brookland, Northeast Washington, DC. June 17, 2016]

The Howard University School of Divinity is located on 22 acres of prime real estate in the Brookland neighborhood in Northeast Washington DC and is located next door to the Mount St. Sepulchre Franciscan Monastery representing Jerusalem and the Holy Land in the United States.

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