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On Wednesday, Dec. 4, President Joe Biden announced $600 million in new funding to support the Lobito Trans-Africa Corridor’s rail infrastructure. The Lobito Trans-Africa Corridor is a series of railway networks connecting the Central African Copperbelt to the Angolan port of Lobito. Known as the Benguela Railway , the rail line is essential for transporting goods to global markets. According to the White House, the investment will support key sectors in the region, including agriculture, clean energy, transportation and logistics, supply chains, as well as health and digital access. “The United States understands how we invest in Africa is just as important as how much we invest in Africa,” Biden said, as Bloomberg reported . “To help Africa lead the way. We need more capital and more infrastructure to deal with these real solutions. That’s why we’re here today.” The U.S. has invested $2.9 billion in Angola’s energy, infrastructure, and telecommunications sectors. Earlier this...
Private equity law expert Joe Tillman has a passion for creating opportunities for others. It is what has carried the California native’s career more than a decade and even led to him walking away from a stable career as a lawyer. Tillman’s initial exposure into law was not engraved in his upbringing. He admits to growing up in humble beginnings in Perris, CA, and not having access to people who worked in law or other professional spaces. It was not until his final year at California State University San Bernardino, where he would obtain a bachelor’s degree in finance, that his professor introduced to him the idea of pursuing law. “At this time, I did not have the $1,500 that it took to take an LSAT prep course. And he basically got the College of Finance to write me an impromptu scholarship so they could pay to get my LSAT prep course paid for,” Tillman told AFROTECH™ in an interview. “So, he was one of the few people that was willing to put his money where his mouth is. I took the...
Following PowerSchool Holdings Inc.’s multi-billion-dollar acquisition, Vista Equity Partners has retained its minority stake in the company. According to a press release, PowerSchool Holdings Inc., which operates as a cloud-based K-12 education software, was acquired by Bain Capital through a transaction that was valued at an estimated $5.6 billion, with the company paying $22.80 per share in cash. Bain Capital plans to build on PowerSchool’s successful track record, with its software impacting 60 million students and 18,000 customers across more than 90 countries. “PowerSchool is aligned, throughout its entire organization, to its mission to personalize education and improve learning outcomes,” David Humphrey, a partner at Bain Capital, said . “We’ve had the privilege of seeing the leadership team’s dedication to this mission through a world-class product innovation engine.” Bain Capital Partner Max de Groen added, “We are thrilled to support PowerSchool’s mission and growth as it...
There has been a quick turn of events that will impact millions of borrowers. As AFROTECH™ previously reported, President Joe Biden’s student loan forgiveness plan was given the green light to be put into action on Oct. 2, 2024, by U.S. District Judge Randall Hall, who represents the Southern District of Georgia. NBC News reports the plan had been under a temporary restraining order that was a result of a lawsuit against Biden and Education Secretary Miguel Cardona. It was brought forward by the states of Alabama, Arkansas, Florida, Georgia, Missouri, North Dakota, and Ohio. Hall was willing to allow the temporary restraining order to expire, and this was based on his belief that the Southern District of Georgia order “failed to show an injury that is concrete, particularized, actual, or imminent.” “Without standing, the Court finds it proper to dismiss Georgia as a party to the suit for lack of subject matter jurisdiction and turns to Defendants’ arguments related to venue,” he...
Over 100 Silicon Valley investors have vowed to support Kamala Harris. The current vice president of the United States is actively campaigning to win over voters and secure the Democratic nomination in the upcoming 2024 presidential race, where she will face off against Donald Trump. She recently had her first rally in Atlanta, GA, and is preparing for a second one in Philadelphia, PA, on Tuesday, Aug. 6, 2024. “Donald, I do hope you’ll reconsider meeting me on the debate stage. Because, as the saying goes, if you’ve got something to say, say it to my face,” she said in front of an energized crowd in Atlanta. View this post on Instagram A post shared by Kamala Harris (@kamalaharris) Support From Interested Voters Harris has received an influx of support since she announced her quest for presidency. As AFROTECH™ previously reported, Harris raised $200 million in just seven days. What’s more, 66% of the donations were provided by first-time contributors. Harris also raised the most...
Kamala Harris’ intent to become the next U.S. president is being questioned. Presidential Race On July 21, 2024, Harris, the current vice president of the United States, took to X, formerly Twitter, to reveal her intention to join the 2024 presidential race and pursue the Democratic nomination, placing her in the running against Donald Trump, the 45th U.S. president and 2024 Republican nominee. Harris’ announcement came shortly after President Joe Biden decided not to seek re-election. “On behalf of the American people, I thank Joe Biden for his extraordinary leadership as President of the United States and for his decades of service to our country,” Harris wrote on Instagram. “I am honored to have the President’s endorsement and my intention is to earn and win this nomination. I will do everything in my power to unite the Democratic Party—and unite our nation—to defeat Donald Trump and his extreme Project 2025 agenda.” View this post on Instagram A post shared by Kamala Harris...
If you’ve been following the cryptocurrency market lately, you’re likely aware of the fact that Ethereum has made a 30 percent jump in recent days, marking a two-month high value, and shocking the overall crypto market. The price of Ethereum is $3,727.51 at the time of this writing, though that figure is obviously subject to change as the market continues to fluctuate. Given that ether has been all over the news in recent days, it’s only fair to assume a number of fresh eyes have been placed on the world of crypto investments . So, let’s unpack what exactly Ethereum is, how it works, and examine the factors which led to this week’s historic leap. Furthermore, we’ll examine trends in the market and see if we can construct a comprehensive outline of where the decentralized currency will climb in the coming years. Without any further preamble, let’s take a moment to dive into Ethereum, its price, and its applications. What Is Ethereum? Like other hot cryptocurrencies on the market,...
Colorado is taking a stand to regulate artificial intelligence (AI) in the workplace. On May 8, 2024, the Colorado General Assembly passed Senate Bill 24-205 (SB205), Forbes reports. In the bill’s summary, it wrote that it “requires a developer of a high-risk artificial intelligence system (high-risk system) to use reasonable care to avoid algorithmic discrimination in the high-risk system.” Moreover, the bill described high-risk artificial intelligence systems as any machine-based system that plays a role in consequential decisions being made in education enrollment and education opportunities, employment and employment opportunities, financial and lending services, essential government services, healthcare services, housing, insurance, or legal services. According to Forbes, the bill marks Colorado as the first U.S. state to establish a comprehensive law that not only addresses utilizing AI in employment but also in other critical sectors. On May 17, Governor of Colorado Jared...
President Joe Biden is unveiling plans that will provide relief to minority borrowers. A press release shares the Biden administration is looking to build on its efforts to eradicate debt for Americans. Already, it has provided financial relief to 4 million borrowers. Now, pending on approval of its latest proposal, the Biden administration is looking to scale its efforts to more than 30 million borrowers and projects it will positively impact Black borrowers, among other targeted demographics including Hispanic borrowers as well as working- and middle-class families. According to Education Data Initiative, Black graduates owe an estimated $25,000 more in student loan debt than their white counterparts. Furthermore, four years after graduation, Black students will be burdened with over 188% more debt than white students. A separate study looking into students who started college between 1995 and 1996 showed the median debt for white borrowers decreased by 94% 20 years later, with...
More communities will have a pathway towards financial freedom. According to a press release, Wells Fargo and Operation HOPE, Inc. have partnered to support underserved households. Soon community members will have access to the HOPE Inside program which will provide access to financial coaches, financial education workshops, and free personal coaching. The resources will empower communities along their financial journey. “We know from our outreach and work with national and community stakeholders that financial education and guidance, and an individual’s sense of inclusion and trust, are all important factors in bringing more people who are unbanked into the formal banking system,” said Darlene Goins, head of Wells Fargo’s Banking Inclusion Initiative, according to a press release. “Working with Operation HOPE is one important way that we can remove barriers to financial inclusion and help empower people with education, resources and tools to manage their money, improve their credit...
Taraji P. Henson is knocking out the levels of self-care with her brand TPH. According to WWD, the actress and entrepreneur is now making her mark in not only products for hair care, but also body care so customers can glow all over. View this post on Instagram A post shared by taraji p henson (@tarajiphenson) “When we thought about taking care of self, I wanted to go from scalp to toe,” Henson said, according to WWD. “I always had that vision in mind. We wanted to give spotlight to products at an affordable price, luxurious-looking packaging, and spa-like scents to feel like you’re in a spa.” She added: “People are a little traumatized after the pandemic, they’re afraid, and they’re not all going to the places they would normally go. We wanted to bring luxurious products to those people, at an affordable price and with an emphasis on self care.” A prime focus on caring for oneself on a budget has been TPH’s goal since its launch in 2020 under Maesa — a company that incubates beauty...
Although President Joe Biden announced an extension to pause federal student loan payments through August 31, current students at Hampton University are getting additional relief toward their college expenses. In a recent announcement , Hampton University President, Dr. William R. Harvey, announced that the HBCU will not increase tuition, student fees, or room and board for the upcoming academic year. Additionally, any outstanding student balances for the Spring 2022 semester will be erased. “In keeping with the University’s efforts to help our students, there will be no increase in tuition, fees, room and board for the 2022-2023 academic year,” said Dr. Harvey. “In addition, on behalf of the University, I am pleased to announce that all outstanding balances for the Spring 2022 semester will be erased. We hope that this action will continue to assist our students and their families at our Home by the Sea.” Officials from the Virginia-based institution, say the move to offer...
Supporting Historically Black Colleges and Universities (HBCUs) appears to be a unified effort. Joe Biden is set to appoint “qualified and diverse” leaders in education, sports, and more to the President’s Board of Advisors on Historically Black Colleges and Universities. The responsibilities of the board members will be to “increase the capacity of HBCUs to provide the highest-quality education to its students and continue serving as engines of opportunity,” according to the press release from the White House. Actress Taraji P. Henson and NBA All-Star Chris Paul are expected to be on the board. They will be joined by Makola M. Abdullah, Javaune Adams-Gaston, Paige Blake, Thasunda Brown Duckett, Willie A. Deese, Patrick Cokley, Monica Goldson, William F. L. Moses, and more. The new additions come after President Biden named Dr. Tony Allen as chair and Dr. Glenda Glover as Vice Chair of the President’s Board of Advisors on HBCUs in 2021. Dr. Dietra Trent was also named executive...
Funding for Historically Black Colleges and Universities (HBCUs) could be underway through a new bill proposed by President Joe Biden. NBC News reports that HBCUs are currently awaiting the final passing of President Biden’s Build Back Better agenda, which includes record funding for HBCUs. The money could finally give the institutions the push that they need to compete against top-tier universities when it comes to the fields of science and technology. “The significance here is that there’s an opportunity for an HBCU to move into the top echelon,” said Harry Williams, the head of the Thurgood Marshall College Fund in an interview with NBC News. “And it requires this type of federal investment for that to happen.” With a safety net package that would provide $3 billion for science, technology, engineering, and mathematics (STEM) for schools serving minorities, this level of funding will be a “game-changer.” Currently, about a dozen HBCUs are classified as second-tier research...
With the Biden administration in office, the million-dollar question has been how President Joe Biden plans to use his platform to level the playing field when it comes to Black-owned businesses. The COVID-19 pandemic came in and shook up the world as we knew it, especially for Black entrepreneurs who, let’s just face it, already face obstacle after obstacle when it comes to scaling their businesses. “Build Back Better is the president’s view that we needed to do something right away in order to address the pandemic and the public and economic aspects of it, but it isn’t good enough to just get back to how things were before the pandemic,” said Bharat Ramamurti, National Economic Council Deputy Director for the Biden administration on the latest episode of Black Tech Green Money. Ramamurti says the Biden administration not only understands the need to reimagine the American economy but that it needs to get it right when it comes to Black entrepreneurs, Black techies, and Black...