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Deeds not words

Bloomberg Equality
Bloomberg

Many U.S. companies are eager to discuss how they promote diversity, but "promote" does not necessarily mean "achieve." Now, failures of previous corporate initiatives have been placed in stark relief by the sudden, intense scrutiny of systemic racism. More American businesses are committing to do better. Many have a long way to go.

At BlackRock, the world's largest asset manager, only 3% of senior leaders are Black. The firm said it aims to double that. Among its employees over all, 5% are Black. Similarly low representation is often the norm in the U.S. tech industry, as are their pledges to do better. Microsoft reports that only 4.4% of its employees are Black, and the percentage of Black managers even lower. The company has promised to double the percentage of Black managers by 2025.

The results after past pledges like these? Not so great. The world's biggest tech businesses remain predominantly White and male, according to a Bloomberg analysis of diversity data from Google, Facebook, Microsoft, Apple and Amazon. —Philip Gray

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The U.K. is feeling the pressure to address the country's racial divide. Black people in Britain earn less, are more likely to die from Covid-19 and less likely to own their own home than White people.

Unilever is renaming Fair & Lovely, a whitening skin cream sold in India. The company's decision comes as other skin-whitening brands and lines move away from advertising fair skin as a beauty ideal.

LeBron James secured a $100 million investment to form SpringHill, a media company aimed at giving a voice to marginalized creators and consumers, Bloomberg Businessweek reports.

A community land trust is fighting for racial equity through land ownership for Seattle's Black community.

U.S. President Donald Trump signed an order temporarily stopping visas used by technology workers and their families, a move the tech industry said could hurt the economy.

Only 31% of Black families in the U.S. own stock compared with 61% of White families, widening divisions of wealth and perpetuating discrimination in the markets.

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Less than one-third of millennials foresee changing jobs in the next two years, as the coronavirus pandemic creates desire for stability. 

'I often wonder if we'd be better off back in Angola'

Across Europe, demonstrators have shown support for the Black Lives Matter movement in the U.S. Some protesters are now focusing on their own continent's systemic racism and gruesome colonial history. For instance, a decade of gentrification and government austerity in Portugal has pushed minority communities into slums like the outer-Lisbon neighborhood of Jamaica, where hundreds of people of African descent are packed into unfinished, unsafe buildings a few miles from shiny towers where investors buy up apartments. The spread of the novel coronavirus in these dense communities has forced the nation to focus on the plight of impoverished minorities.

 

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