It’s now 5pm somewhere in the world! Before you run off to your local happy hour bar, read through some of the most informative and interesting stories so far this week, so you can impress your bar mates!
A groundbreaking nonprofit in Oakland, Hood Incubator, is helping minorities targeted by the war on drugs get a piece of the booming weed industry. According to reports, Oakland officers arrested black residents nearly 20 times more often than white residents for cannabis-related crimes. While notably, blacks had owned or founded less than 5 percent of cannabis businesses nationwide.
BlackRock recently fired some of its fund managers in it’s recent shift to computer-based quantitative investing, due to underperformance in its stock-picking business. An increasing trend in the money management industry is the explosion of interest in quantitative investing and artificial intelligence to scour markets and data sets for patterns that can be exploited by trading algorithms - including how it uses Glassdoor reviews as a market factor.
Quartz gathered import data from the US Census Bureau comprising 11,741 hierarchical product categories, the amount imported, and the tax assessed. See how your everyday products like LEDs (almost 100% imported from China), Greeting Cards (94% from China), Sneakers, cotton t-shirts, medical gloves and more, are all imported from China and could be impacted by tariffs.
Virgil Abloh, the founder of streetwear label Off-White, will design Louis Vuitton’s men’s line. As the new generation of consumers emerges with different values and desires; instead of spending money on fancy suits, young shoppers drop hundreds of dollars on items like tees and sneakers. This is a sign that Louis Vuitton is looking to appease a new generation of shoppers: ones who want to buy the next hot pair of sneakers as much as—or more than—a hand-tailored jacket.
The Democratic Republic of Congo is by far the world’s biggest supplier of cobalt, the key ingredient in the rechargeable batteries needed to power everything from Apple gadgets to Tesla cars. For many in Lualaba province, where the richest deposits are found, digging for cobalt by hand isn’t a choice: it’s the surest way to earn a living. Their manual entrepreneurial efforts, also called artisanal mining, accounted about 15 percent of Congo’s cobalt output in 2017, according to Darton Commodities Ltd. That’s roughly $1 billion at spot prices and it’s sure to grow as global demand surges.
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