Jonathan Henry, University of Maine at Augusta vice president of enrollment management and marketing, received the Martin Gallant Distinguished Counseling Professional Award from the Maine Counseling Association recognizing his distinguished career in the field. Jeremy Bouford, UMA coordinator of recruitment and outgoing president of the counseling association, presented him the award at the organization’s annual meeting this May.
“It was my distinct pleasure to present this award to Jon Henry not only on behalf of the Maine Counseling Association but also as a trusted and valued colleague,” said Bouford, according to a news release from UMA.
“I am honored to receive this award from the Maine Counseling Association,” said Henry. “Over 36 years in the admissions counseling and enrollment profession, I recognize now more than ever the role that having a counseling background has played in helping me succeed in my work with students, and helping to administer a university.”
Henry has worked in college admissions counseling and enrollment management for 36 years, the last 22 in Maine.
“Marty” Gallant was a long-serving school counselor in Caribou, who was actively involved with and dedicated to the Maine Counseling Association and the profession of school counseling. Maine Counseling Association established this award to honor him upon his retirement in 2016.
Association members work in a variety of settings across the profession including K-12 schools, colleges and universities, community-based agencies, clinical facilities and private practice.
Benton company names director of programs
BENTON — Assistance Plus, a 29-year-old home health care, behavioral health and intellectual disability agency headquartered in Benton, has promoted Natalie Childs to director of programs.
Childs has been employed by Assistance Plus since June 2010, starting as a daily living support specialist, and most recently serving as the organization’s BH/DD program manager. According to Crystal Bailey, the agency’s human resources director, the promotion is a result of her hard work and dedication. Natalie will remain in her current office location at the company’s headquarters in Benton.
Childs graduated from Erskine Academy and holds a bachelor’s degree in criminal justice from Thomas College. She is completing a master’s degree in health care administration from Fitchburg State University.
Assistance Plus has offices in Benton, Waterville and Wilton.
2021 Mainebiz Woman to Watch nominees sought
PORTLAND — Mainebiz seeks nominations for female business owners, CEOs, presidents and top executives with established track records of success and who have been trailblazers and mentors to be its 2021 Women to Watch.
• The nominee must be the president, CEO or executive director at her company or organization.
• The nominee should have an established track record of business success.
• The nominee and her company must have made outstanding contributions to their company, industry and community.
Nominate a 2021 Mainebiz Woman to Watch by June 28. Visit mainebiz.biz/nominations and complete the short form.
The Women to Watch awards program is sponsored by Drummond Woodsum, Northeast Delta Dental, TD Bank and Vistage. Chosen nominees will be featured in the Aug. 9 issue of Mainebiz and will be honored at the annual Women to Watch reception in person during the middle of September. The date and location will be announced soon.
Kennebec Savings Bank announces new hires
AUGUSTA – Kennebec Savings Bank President and CEO Andrew Silsby recently announced two new hires, each of whom come with strong backgrounds in banking and customer service.
Paige O’Donnell, who has joined Kennebec Savings Bank as vice president of retail banking, brings more than eight years of banking experience. Her most recent position was on TD Bank’s Small Business Banking Team as their team manager.
“Paige brings new insight and energy to our retail team,” said Silsby, according to a news release from the bank. “We are fortunate to have her join Kennebec Savings Bank at such an exciting time in our history. The bank is growing, and Paige will help us continue to offer competitive and quality products to our customers.”
Amanda Dyer joins the bank with 12 years of experience. Prior to joining the bank, Dyer served as branch manager and loan officer for Norway Savings Bank at their Topsham location. Dyer is originally from the Freeport area and graduated from Freeport High School.
“Amanda will be a great asset to our Freeport Team,” said Silsby. “She is familiar with the Freeport area, and will bring valuable knowledge and expertise to our team. We look forward to her leadership.”
Kennebec Behavioral Health leaders recognized
AUGUSTA — At the 2021 Maine Prevention Professionals Conference held on May 19, KBH’s Robert Rogers was recognized with the 2021 Neill E. Miner Memorial Prevention Award. This award recognizes an individual who has made a significant contribution in the field of prevention. He has been at the forefront of so many initiatives and approaches to evidence-based prevention in Maine. He has been able to forge a unique bridge between the prevention and treatment disciplines. “Rob is an extraordinary prevention professional who has made significant contributions to the field and positively impacted the lives of countless youth and adults throughout central Maine,” said Tom McAdam, KBH chief executive officer, according to a news release from KBH. A surprise guest, McKenna Rogers, Rob’s daughter who also works in behavioral health, presented him with the award.
At the Co-Occurring Collaborative Serving Maine Annual Summit held on May 6, the Visionary Leadership award was presented to Dr. Alane O’Connor. O’Connor is the first director of perinatal addiction treatment at Maine Medical Center, serving pregnant women in the Portland area. O’Connor also provides addiction medicine through Kennebec Behavioral Health’s Opioid Health Home in Skowhegan and is chairperson of Maine’s Opioid Response Clinical Advisory Committee. The collaborative’s Visionary Leadership Award recognizes an individual, organization or an initiative in the behavioral health care field that has demonstrated outstanding leadership in improving the lives of individuals with mental illnesses and substance use disorders and/or their communities. “For her dedication to advance the quality of substance use treatment and raising awareness to the needs of pregnant and parenting women living with this disease,” said Liam Shaw, CCSME Board Member, in the release.
Kennebec Behavioral Health was founded in 1960 and operates clinics in Waterville, Skowhegan, Winthrop, Augusta and Farmington.
Northern Light Health announces finance leadership changes
Chris Frauenhofer, vice president of finance of Northern Light Inland Hospital and interim administrator of Northern Light Continuing Care, Lakewood in Waterville, has been named as the new vice president of finance for Northern Light Health’s system Medical Group.
Frauenhofer joined Northern Light Health in 2013, starting at Maine Coast Memorial Hospital before moving to Inland Hospital in 2017. Before joining Northern Light Health, he served in senior finance roles for more than 20 years at hospitals in New York, including Alice Hyde Medical Center and Niagara Falls Memorial Medical Center.
Frauenhofer received a master’s in business administration degree from Niagara University (New York) and a Bachelor of Science degree in business administration/registered accounting (program from State University of New York at Buffalo).
Frauenhofer lives in Mariaville. He will remain in the interim role at Lakewood until a new administrator is recruited.
Randy Clark, vice president of finance and operations at Northern Light Sebasticook Valley Hospital in Pittsfield, will expand his duties to include Inland Hospital and Lakewood, becoming vice president of finance for both hospitals and the continuing care facility.
A resident of Vassalboro, Clark just celebrated 25 years with Northern Light Health. He started as a controller at Sebasticook Valley Hospital in 1996 and became vice president of finance in 2005. In 2016, operations was added to his leadership role. For a few years, he oversaw finance as vice president for both CA Dean Hospital in Greenville and Sebasticook Valley Hospital.
Clark earned his Bachelor of Science degree in business administration from the University of Maine (Orono) and his Master of Business Administration degree from Thomas College (Waterville).
“Chris and Randy have been vital to our local leadership teams, and integral to system finance work. We know they will continue to help our system and member organizations succeed in their new and expanded roles — not only when it comes to finance, but with all aspects of our mission to improve the health of the people and communities we serve. Both Chris and Randy have a passion for excellent service and finding new ways to deliver on our brand promise,” said Terri Vieira, president of Inland Hospital, Continuing Care, Lakewood, and Sebasticook Valley Hospital, according to a news release from Northern Light Health.
Maine Dental Association partners with Maine Needs
The Maine Dental Association recently partnered with nonprofit organization Maine Needs to assemble and distribute 200 cleaning and hygiene kits to four sites.
The association, though its donation campaign called Maine Needs a Smile, collected personal hygiene items such as toothbrushes, toothpaste, soap, deodorant and shampoo, and basic cleaning supplies, such as laundry detergent, all-purpose cleaner and trash bags, to help Maine families in need.
The initiative was started by three MDA member dentists, Dr. Meg Dombroski, Dr. Kathryn Horutz and Dr. Nicole Kimmes, along with MDA Executive Director Angela Westhoff. The group was familiar with the Maine Needs nonprofit organization, which strives to help individuals and families in Maine meet basic, material needs by providing donated clothing and essential products and household items, and which partners with schools, caseworkers, nurses and nonprofits throughout the state to provide those material resources.
“One of the most rewarding aspects of dentistry is the opportunity to make a difference in people’s lives every day. The Maine Needs A Smile community effort made it possible for dental professionals across Maine to join together to have a positive impact beyond our chairs,” said Kimmes, according to a news release from the association
One of the ways Maine Needs provides for individuals and families is through different “kits” that the public can put together and donate.
The Maine Needs a Smile initiative originally had a goal of assembling 100 cleaning and hygiene kits. Because of the support of MDA member dentists, dental staff, and the general public, 200 kits were put together and were distributed between four sites. Kits were distributed at the Community Concepts Early Learning Center in Farmington, River Valley Free Store in Mexico, Kaydenz Kitchen Food Pantry in Lewiston, and Penney Memorial United Baptist Church in Augusta.
Gardiner FCU gives to local food pantries, organizations
Gardiner Federal Credit Union recently hosted a small reception to distribute the funds raised in 2020. The guests were representatives of area food pantries and organizations that help local people with food insecurities. There are eight organizations, each receiving a check in the amount of $2,482.38.
When the pandemic hit the number of people in need of these services grew. There were many new faces. Initially, some pantries were overwhelmed. Thankfully, those able to give dug deep and helped them make certain no one was turned away empty-handed. Individuals, grocers and businesses helped keep them afloat.
The Tanzanian proverb, “Little by little, a little becomes a lot.” In most cases, GFCU raises its Ending Hunger funds, one dollar at a time. So, to the staff and the members, they may think that dollar won’t make a difference, but it does. In this case it added up to almost 20,000 of those dollars. Their efforts and the generosity of many, do make a difference and the funds add up to a lot.
Throughout the months of June and July, GFCU will sell Cash Calendars for Ending Hunger. The calendars are $10 each. A total of $2,400 in prizes, will be drawn each weekday in August. Winners will receive either $100 or $200, depending on which day(s) they win. Anyone with $10 can purchase a calendar. It is not necessary to be a member to support any of its fundraisers.
For more business news, visit CentralMaine.com.
Radius Health Business Update
TYMLOS® new patient adds in April: modest growth vs. previous 4-month trailing averages
~67% of new patients in April were initiated by a fracture focused bone health account
Meaningful FDA guidance on generic peptide requirements published on May 19, 2021
Anticipate abaloparatide depot formulation technical development work to commence 2H, 2021
RAD011 Type C meeting with the FDA on Prader Willi Syndrome (“PWS”) the week of June 14
BOSTON, June 02, 2021 (GLOBE NEWSWIRE) — Radius Health, Inc. (“Radius” or the “Company”) (NASDAQ: RDUS), provided a business update covering continued progress for the Company. Additional business updates will be provided as progress is achieved.
U.S. TYMLOS Commercial Performance:
TYMLOS added ~1,650 new patients in April; 1% growth vs. trailing 4-month average
New patients: defined as those who have been prescribed TYMLOS and received their first dose
~67% of new patients in April were initiated by a fracture focused bone health account
Added 45 new fracture / bone health focused prescribers during the month of April
ATOM (Male) Phase 3 pivotal study on schedule for readout: 2H, 2021
wearABLe (Transdermal System) Phase 3 pivotal study on schedule for readout: 2H, 2021
Anticipate abaloparatide depot formulation technical development work to commence 2H, 2021
Europe: re-submission expected for abaloparatide SC to EMA in 2H, 2021
Canada: abaloparatide SC submission – by our partner – expected in January, 2022
Japan: ‘planning discussions’ with PMDA, a precursor to potential abaloparatide-TD agreement with Teijin
Rest of world: multiple discussions ongoing with variety of counterparties
Intellectual Property Portfolio Advancement:
Three U.S. patents are presently listed in the Orange Book for TYMLOS: U.S. Patent No. 7,803,770 which expires on April 28, 2031 and U.S. Patent Nos. 8,148,333 and 8,748,382 which each expire on October 30, 2027
A fourth U.S. patent, U.S. Patent No. 10,996,208 directed to certain methods of analyzing abaloparatide to detect and quantify presence of beta Asp10, was issued on May 4, 2021 and will be added to the Orange book listing shortly; this patent expires on April 30, 2038
A new Japanese patent covering the abaloparatide transdermal system and its use in treating osteoporosis was granted in April, 2021 and will expire October 8, 2036
FDA Guidance on Synthetic Peptides:
On May 19, 2021 the FDA published updated guidance and requirements for synthetic peptides and what would be required in any generic filings and advancement. Radius views this new guidance as meaningful in assessing the probability of a generic synthetic peptide being filed and gaining market entry.
In sum, the Company views these newly communicated FDA requirements as making it significantly more challenging to advance and develop a generic version of abaloparatide.
The key components of the new FDA guidelines include:
Recombinantly sourced peptides cannot be approved in an ANDA and must be submitted in a 505(b)(2) NDA
Explicit references to the potential for significant consequences if anti-drug antibodies cross-react against endogenous peptides
New impurities must be within the FDA’s threshold; if greater, must be submitted as a 505(b)(2)
Explicit expectation: ANDA with new impurity must evaluate immunogenicity risks prior to filing
FDA Type C meeting for PWS will take place the week of June 14
Written minutes from the FDA meeting expected by the end of July
Post FDA discussion, expectation is to initiate a pivotal PWS trial before year end
Additional orphan indications being assessed in parallel – decisions and clarity in 2H, 2021
Multiple Advisory Board meetings completed: U.S., UK, EU for PWS plus a Psychiatry meeting
Internal team formed: clinical, pharm. science, regulatory, bio-stats, CMC, global franchise
External team established: manufacturing & supply chain, development, regulatory, advocacy
Radius is a commercialized biopharmaceutical company committed to serving patients with unmet medical needs in endocrinology and other therapeutic areas. Radius’ lead product, TYMLOS® (abaloparatide) injection, was approved by the U.S. Food and Drug Administration for the treatment of postmenopausal women with osteoporosis at high risk for fracture. The Radius clinical pipeline includes investigational abaloparatide injection for potential use in the treatment of men with osteoporosis; an investigational abaloparatide transdermal system for potential use in the treatment of postmenopausal women with osteoporosis; the investigational drug, elacestrant (RAD1901), for potential use in the treatment of hormone-receptor positive breast cancer out-licensed to Menarini Group; and the investigational drug RAD011, a synthetic cannabidiol oral solution with potential utilization in multiple endocrine and metabolic orphan diseases, initially targeting Prader-Willi syndrome.
About TYMLOS (abaloparatide) injection
TYMLOS (abaloparatide) injection was approved by the U.S. Food and Drug Administration for the treatment of postmenopausal women with osteoporosis at high risk for fracture defined as history of osteoporotic fracture, multiple risk factors for fracture, or patients who have failed or are intolerant to other available osteoporosis therapy.
About ATOM Phase 3 Study
The ATOM Phase 3 study is a randomized, double-blind, placebo-controlled study to assess efficacy and safety of abaloparatide injection in 228 men with osteoporosis. The primary endpoint is change in lumbar spine BMD at 12 months compared with placebo, and if successful, will form the basis of a supplemental NDA seeking to expand the use of TYMLOS to treat men with osteoporosis at high risk for fracture.
About the Abaloparatide Transdermal System and wearABLe Phase 3 Study
The abaloparatide transdermal system was developed in a collaboration between Radius and Kindeva Drug Delivery (“Kindeva”) (formerly 3M Drug Delivery Systems) with the application of Kindeva’s innovative microstructured transdermal system technology. The Phase 3 wearABLe study is the first pivotal study to evaluate treatment using a novel non-injectable delivery of an anabolic therapy. The wearABLe study is a pivotal, randomized, open label, active-controlled, bone mineral density (“BMD”) non-inferiority bridging study that will evaluate the efficacy and safety of abaloparatide transdermal system versus TYMLOS (abaloparatide) injection in approximately 500 patients with postmenopausal osteoporosis at high risk for fracture. The primary endpoint of the study is the percentage change in lumbar spine BMD at 12 months.
About Elacestrant (RAD1901) and EMERALD Phase 3 Study
Elacestrant is a selective estrogen receptor degrader (SERD), out-licensed to Menarini Group, which is being evaluated for potential use as a once daily oral treatment in patients with ER+/ HER2- advanced breast cancer. Studies completed to date indicate that the compound has the potential for use as a single agent or in combination with other therapies for the treatment of breast cancer. The EMERALD Phase 3 trial is a randomized, open label, active-controlled study evaluating elacestrant as second- or third-line monotherapy in ER+/HER2- advanced/metastatic breast cancer patients. The study has enrolled 466 patients who have received prior treatment with one or two lines of endocrine therapy, including a cyclin-dependent kinase (CDK) 4/6 inhibitor. Patients in the study were randomized to receive either elacestrant or the investigator’s choice of an approved hormonal agent. The primary endpoint of the study is progression-free survival (PFS) in the overall patient population and in patients with estrogen receptor 1 gene (ESR1) mutations. Secondary endpoints include evaluation of overall survival (OS), objective response rate (ORR), and duration of response (DOR).
Investigational drug RAD011 is a pharmaceutical-grade synthetic cannabidiol oral solution, manufactured utilizing traditional pharmaceutical manufacturing processes. The product has purity specifications that meet standardized regulatory and quality control requirements and, compared to the process of developing a plant-derived product, the synthetic manufacturing process usually enables increased consistency and greater precision in the product supply. RAD011 has been assessed in over 150 patients across multiple indications and has potential utilization in multiple endocrine and metabolic orphan diseases. Radius is initially targeting Prader-Willi syndrome (PWS) and anticipates initiating a pivotal Phase 2/3 study for patients with PWS in the second half of 2021 pending regulatory discussion with the U.S. Food and Drug Administration (FDA).
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our expectations regarding continued commercialization of TYMLOS in the U.S.; our expectations regarding our clinical trials, studies and other regulatory initiatives, including our wearABLe and ATOM Phase 3 clinical trials; and the progress in the development of our product candidates, including RAD011.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the adverse impact the ongoing COVID-19 pandemic is having and is expected to continue to have on our business, financial condition and results of operations, including our commercial operations and sales, clinical trials, preclinical studies, and employees; quarterly fluctuation in our financial results; our dependence on the success of TYMLOS, and our inability to ensure that TYMLOS will obtain regulatory approval outside the U.S. or be successfully commercialized in any market in which it is approved, including as a result of risk related to coverage, pricing and reimbursement; risks related to competitive products; risks related to our ability to successfully enter into collaboration, partnership, license or similar agreements; risks related to clinical trials, including our reliance on third parties to conduct key portions of our clinical trials and uncertainty that the results of those trials will support our product candidate claims; the risk that adverse side effects will be identified during the development of our product candidates or during commercialization, if approved; risks related to manufacturing, supply and distribution; and the risk of litigation or other challenges regarding our intellectual property rights. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, or SEC, including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ending December 31, 2020 and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor & Media Relations Contact:
Phone: (617) 583-2017
Here are 100+ AAPI-owned businesses to shop in 2021
As it did for companies across the globe, pandemic-related freight issues increasingly complicated the supply chain for Sahra Nguyen, founder and CEO of Nguyen Coffee Supply — and made it much more expensive to manage. And the spike in anti-Asian American and Pacific Islander violence increasingly strained an already difficult year:
“The biggest challenge is staying mentally, emotionally and physically safe so that I can continue to show up for my business, family and community,” said Nguyen.
AAPI-owned businesses have suffered tremendously since the onset Covid, according to a survey from the Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (ACE). Of the approximately 900 AAPI small business owners surveyed…
- More than 80 percent reported negative effects
- 10 percent have closed their business
- And 45 percent have lost or let go of employees
In general, there’s been a 169-percent increase in hate crimes in major cities — nonprofit advocacy group Stop AAPI Hate received more than 6,600 reports of anti-AAPI violence since it launched in March 2020 — unemployment rates rose disproportionately and solutions have made headway, such as the Covid-19 Hate Crimes Act. All of it has added to an increased national focus on the challenges and realities that AAPI communities face.
Within the past year, the visibility of anti-AAPI violence in the U.S. — which goes back centuries — caused a large mobilization of people, organizations and retailers to up their support of the AAPI community through advocacy, donations and awareness in light of AAPI Heritage Month. Multiple online retailers and brands have been increasing efforts to highlight AAPI-owned businesses.
- Amazon and Etsy launched storefronts highlighting AAPI small businesses.
- Reviews site Yelp announced a new feature last month by which businesses can self-identify as “Asian-owned,” making it easier for shoppers to find them.
- Shop by Shopify, a free app to navigate small businesses, unveiled a directory of Asian-owned businesses in March.
- Food delivery giant Grubhub began its Donate the Change program this month, giving all proceeds to National ACE and AAPI-owned restaurants across the nation.
Jan Lo, CEO of travel brand Lo & Sons, said reports of attacks on members of the AAPI community this year — specifically involving anyone around his mom’s age — brought his family’s heritage a lot more personal. “We’re extremely proud of our AAPI heritage, but we have also tried to build an ethos around inclusivity,” he said. The challenges “can also be viewed as opportunities, as I think many people can connect to our story of our mom inspiring her sons to help her achieve her professional dreams — not just because we’re Asian.”
AAPI Heritage Month “gives us an opportunity to lift each other up, to celebrate and express pride in different parts of our community,” explained Ian Shin, assistant professor of history and American culture at the University of Michigan, adding that it also offers an “opportunity to revisit history and remind people that, in fact, anti-AAPI violence is not un-American — it’s woven into the fabric of American society from the mid 19th century onward.”
AAPI-owned businesses in 2021
AAPI-owned businesses nationwide were the most negatively impacted throughout the pandemic, demographically speaking, according to CNBC: The number of working AAPI business owners fell by 20 percent last year. Among the most affected areas was San Francisco’s Chinatown, which saw 75 percent of its storefronts become nonoperational at some point last year.
But what is an AAPI-owned business in the first place? The U.S. Small Business Administration (SBA) told us that it doesn’t specifically define what constitutes an AAPI-owned business. The U.S. Census Bureau does, however: having persons of Asian or Native Hawaiian and Pacific Islander origin owning 51 percent or more of the business — akin to its definitions of Black-owned businesses and women-owned businesses. This definition covers East Asia (like China, Japan and more), Southeast Asia (including the Philippines, Vietnam and more) and the Indian subcontinent (Pakistan, Bangladesh and more) — the three comprise more than 19 countries and 20 million citizens in the U.S. can trace their origins to here — as well as the Polynesia, Micronesia and Melanesia subregions, which include Native Hawaiian, Samoan, Fijian and Tahitian people, among others.
Despite these definitions, or lack thereof, the two agencies do provide some noteworthy insights. Based on the most recent data released by the Census Bureau, here’s what we know:
- In 2012, there were roughly 2 million AAPI-owned businesses in the U.S. (2016 data)
- In 2018, there were more than 577,000 Asian-owned and over 6,600 Pacific Islander-owned employer businesses in the U.S. (2021 data)
Sarah Paiji Yoo, co-founder and CEO of eco-friendly cleaning brand Blueland, said she’s “incredibly proud” to be an Asian American running a business but is often subject to racism, especially on social media — people comment assumptions regarding where Blueland manufactures its products, for example. Then there’s the “model minority myth,” a harmful argument that typically praises Asian Americans for economic, academic and cultural success based entirely on stereotypes. It’s yet another challenge for Lin Chen, founder and CEO of wellness brand Pink Moon. “People continue to generalize, stereotype and be selective in who they want to listen to, invest in [and] purchase from,” she told us.
In our guide to women-owned brands, owner and founder of Hero Cosmetics Ju Rhyu told us that running a business is accompanied by “a lot of responsibility” to support her community, “especially as a business owner, since there is privilege and influence in being in this position.” That privilege comes at a time when 44 percent of unemployed Asian American women have been out of work for at least six months. This year, over 1,000 AAPI executives like DoorDash founder Tony Xu and Zoom CEO Eric Yuan donated $10 million to groups supporting the AAPI community, including nonprofit Asian Pacific Fund and the Asian-Americans Advancing Justice, a legal advocacy group for hate crime victims. Other business leaders pledged $125 million to launch the Asian American Foundation, which will support AAPI organizations and causes over the next five years — the largest philanthropic commitment in history fully focused on the AAPI community. The foundation raised another $125 million from organizations like Walmart, Bank of America and the Ford Foundation.
While noteworthy efforts, the AAPI community receives less than 1 percent of philanthropic funds despite making up 7 percent of the population and the country’s fastest growing racial group, according to the Pew Research Center.
Being a South Asian founder, Silk + Sonder’s Meha Agrawal said “it often feels like all the odds are stacked up against us: We have to work harder [and] prove ourselves every step of the way.” But throughout her career, she’s learned that “the most important thing a female founder or woman of color can do is make sure that people in seats of privilege are brought along on our journey” to have transparent conversations while building a business.
Each Fall and Spring, AAPI nonprofit Gold House hosts the Gold Rush cohort of Founders — Sahra Nguyen participated last year — wherein founders attend weekly master classes and panels led by advisors, expose their brands to potential investors and influencers, and join a network of founders that meet regularly to share insights and build partnerships. ACE National also provides guidance for starting and maintaining a business, including how to navigate the Covid-19 pandemic, loans, government programs and health and wellness matters.
Business owners said messaging and connecting with other founders on social media, from Twitter to LinkedIn, helped them network. Founders “will be extremely helpful and crucial as you build [your business] and oftentimes they’ll be the only ones who can empathize and understand what you are going through in successes and failures,” noted Rhyu.
Pink Moon’s Lin Chen said she’s part of multiple networking groups on Facebook for Asian creatives and entrepreneurs, including Asian Hustle Network and Asian Creative Network.
Notable AAPI-owned products in 2021
Here are 14 items from AAPI-owned brands that stood out to us, from travel essentials and skincare products to eco-friendly tools and home goods. Since there is no central directory of AAPI-owned businesses, as defined by the Census Bureau’s 51-percent edict, we asked each business below to confirm that it meets the criteria: having persons of Asian or Native Hawaiian and Pacific Islander origin owning 51 percent or more of the business.
Pink Moon allows users to filter wellness and skincare products they see by skin type, age and goals.
One of their bestsellers includes this rose quartz gua sha that stimulates lymphatic drainage to reduce puffiness and increase elasticity in the skin, according to the brand. In including this product in their line, Chen initially wanted to celebrate Traditional Chinese Medicine and her heritage, “I want to contribute to the diverse voices in this industry and push for more inclusivity and positive change,” she said. For maximum results, the brand suggests users of the gua sha pair it with the Over the Moon Gua Sha Facial Oil, which is made from a sunflower-moringa oil blend that soothes skin inflammation.
Amy Liu originally started the company to deal with her own eczema and now Tower 28 is the “first and only makeup brand to 100-percent follow the National Eczema Association’s ingredient guidelines and avoid every known skin irritant and allergen for all skin sensitivities,” she shared. This AAPI month, Liu wants consumers to realize AAPI heritage “is about recognizing the incredible people in our community who are pushing the boundaries and speaking up about racism and the need for more Asian representation.”
Made with apricot and raspberry seed oil, this lip gloss is one of the most popular products. Designed to hydrate your lips without drying them out, according to the brand, the gloss comes in four shades: Coconut, Cashew, Oat and Almond.
Frustrated with the fit of his dress shirts, Taiwanese-American Wesley Kang founded Nimble Made “to bring more representation and inclusion in sizing standards, starting with a slim fit that actually fits,” he elaborated.
Made from 100-percent cotton, the brand’s machine-washable dress shirts feature 2-button adjustable rounded cuffs and a Franklin semi-spread collar.
Terrence Santos founded his company in 2015 when he was expecting his first child. Originally, he started looking for toys that would teach the Filipino language to his child, but found nothing — so he created a toy company that provided options. Now his company sells toys that teach Tagalog, Ilocano, Bisaya and Hawaiian. On each of the ten blocks, the company has engraved the Roman number, Tagalog translation, Mahjong character and an English translation.
Eunice Byun and Dave Nguyen are challenging the notion that we need dozens of gadgets to cook delicious meals. A few years ago, the ex Chanel and Revlon executives founded Material Kitchen, a direct-to-consumer company that offers a simplified kitchen starter set at an affordable price. This seven-piece set, which has a 5.0-star average rating from almost 100 consumers, features an 8” knife, 4” knife, tongs, wooden spoon, metal spoon, slotted spatula and wooden holder. What’s more is you can customize the set’s wood type and handle color.
Private Policy is a “genderless” clothing company founded by Haoran Li and Siying Qu, two former Parsons graduates. Inspired by the youth culture in New York City, the pair design clothes without the traditional menswear and womenswear labels. Made from 100-percent Rayon, this jacket can be worn with the sleeves on or off, serving multiple purposes. You can also shop their collection at Selfridges.
Nearly two decades ago, Taiwanese American Melinda Hwang’s father worked with a scientist (and family friend) to come up with a nanofiber membrane mask during the 2003 SARs epidemic. When the Covid-19 pandemic hit the U.S., Hwang’s family sent her those masks from Taiwan and, thus, Happy Masks was born.
The brand’s Pro Series offers a range of sizes — with the small size fitting ages three to 10 — and can withstand at least 50 washes by hand. It has adjustable ear straps and a nose wire to fit different face shapes, while its “parrot beak” design leaves enough room between the mask and the mouth and nose in order to breathe comfortably for long-term wear.
Nguyen Coffee Supply imports Vietnamese coffee beans from its partner farms in Vietnam and roasts them fresh weekly in Brooklyn. The Original Vietnamese Coffee Trio features three different coffee blends: Moxy, Truegrit and Loyalty Arabica-Robusta. The coffee comes finely ground, and you can brew it using the brand’s Phin Filter.
CEO and founder Sahra Nguyen said AAPI month is an important time for the community to share their stories. “Many people don’t understand our community because we’ve been erased and ignored for so long,” Nguyen said. “Taking the time to learn about our community’s unique experiences will deepen our connection and sense of shared humanity. From here, we can effectively work together to build a better world.”
CEO Jan Lo said the brand was inspired by his mom’s need for a lightweight, stylish and functional carry-on bag to take with her while traveling. While designing the brand’s first bag — The O.G. — Lo said he “quickly found that it wasn’t just my mother in need of a travel bag that didn’t sacrifice style for functionality.” Lo & Sons, which was co-founded by Lo, his mother and his brother, sells a variety of bags for men and women, including The Catalina Deluxe, which is featured in our roundup of the best weekender bags. The company sells apparel and face masks, too.
Edward and Judy Kwon founded the family-owned CALPAK in 1989 with the mission of making quality bags at an accessible price. Their daughter Jennifer Kwon has run the company since 2013. CALPAK’s bags range in size, style and color from the Kaya Laptop Backpack to the Hue Duffel Bag, which was also featured in our roundup of the best weekender bags. Beyond bags, luggage and organizers, CALPACK also sells men’s and women’s apparel, as well as wellness items like face masks, hand sanitizer and linen and room spray.
After five years of running gr8nola as a side hustle, founder Erica Liu Williams left her 10 year tech career to pursue the brand full time. gr8nola sells granola that’s free from refined sugar, dairy, soy and GMOs in a variety of flavors, from Peanut Butter and Matcha to Cacao and Cinnamon Chai. Williams said she feels it’s her responsibility to use her platform to share her perspective and the voices of others in the AAPI community. “I feel socially responsible to myself, family and broader community to be a role model for others by leading by example and showing other young girls and people who look like me that you can achieve success on your own terms, without succumbing to becoming a “model minority” stereotype,” Williams said.
Silk + Sonder is a subscription service that sends members guided monthly journals with prompts inspired by positive psychology, as well as gives them access to virtual programming for peer-to-peer support. “Silk + Sonder’s mission is to solve the emotional health epidemic for customers versus being a band-aid fix,” said Meha Agrawal, the company’s founder. “At its core, Silk + Sonder is a space for mindfulness, journaling, planning, tracking and creative expression all in one.”
When Sarah Paiji Yoo, Blueland’s CEO, decided to reduce her personal plastic consumption, she quickly realized how difficult it was to do. “Many household items use single-use plastic in their packaging,” said Yoo. “This ultimately is what led me to found Blueland, as no one should have to sacrifice a clean home and clean clothes for a clean planet.” Blueland sells refillable cleaning products like Glass + Mirror, Multi-Surface and Bathroom sprays — included in The Clean Up Kit — all of which are certified by the EPA’s Safer Choice program, as we previously reported in our guide to eco-friendly cleaning supplies.
Stephanie Hon launched Cadence with the mission to eliminate single-use travel-sized plastic in February of last year — a month before the Covid-19 pandemic hit the U.S. “We definitely put a pause on talking about air-travel, going to the gym before work, date nights, etcetera,” said Hon. But despite launching in the midst of the pandemic, the brand’s sustainable capsules repeatedly sold out. Cadence specializes in magnetic and refillable containers made from recycled ocean bound plastic that snap together and can keep your small travel essentials and daily items organized. You can buy the capsules individually or get them a bundle of six, and they come in a variety of colors including Lavender and Terracotta. Hon said one of her biggest challenges as an AAPI business owner was being “bullish” and retraining her inclinations. “To say I think we’re going to be a $XM company, to say it’s a great opportunity for people to be involved. There’s a perfect balance of humility and confidence that comes to light,” she said.
109 AAPI-owned brands to support in 2021
In addition to our favorite products from AAPI-owned brands, we’ve rounded up some businesses across various Shopping reader interests, including home, food, beauty and wellness. We asked each business below to confirm it meets the Census Bureau’s criteria of at least 51 percent AAPI ownership. While this list of AAPI-owned companies and products isn’t exhaustive, we aim to actively update this feature to help keep you informed about AAPI-owned companies worth considering.
AAPI-owned home and kitchen brands
Revamp your kitchen decor with a new apron or oven mitts from The Homebodies or treat yourself or your favorite friend to a new indoor plant from Bark & Vine.
- Anak Toy Kompany
- Bark & Vine
- The Homebodies
- ILHA Candles
- Material Kitchen
- O-M Ceramics
- Pawena Studio
- Woo Ceramics
AAPI-owned beauty and skincare brands
Update your skincare regime by shopping for a Gua Sha facial tool from Mount Lai or combat maskne with Soko Glam’s Pimple Patch. You can also shop from dozens of AAPI-owned makeup brands, fragrance shops like Ellis Brooklyn or nail care brands like Sundays.
- AVYA Skincare
- Cle Cosmetics
- Caire Beauty
- Ellis Brooklyn
- EM Cosmetics
- Essance Skincare
- Glow Recipe
- Happy 2nd Birthday
- Hero Cosmetics
- Krave Beauty
- Mount Lai
- Peach & Lily
- Pink Moon
- Soko Glam
- Tower 28 Beauty
AAPI-owned food and beverages brands
These 17 standout food and beverage options are worth a try, especially if you’re looking to try out some spiced ice cream or a side of kimchi.
- Fly By Jing
- Malai Ice Cream
- Nguyen Coffee Supply
- One Stripe Chai
- The Qi
- Red Boat Fish Sauce
- Wing on Wo & Co.
Looking to expand your at-home library but don’t know where to start? These AAPI-owned bookstores from across the country have a wide variety of options, from used to brand new.
- A Good Used Book
- Arkipelago Books
- Bel Canto Books
- Eastwind Books
- Femme Fire Books
- Maomi Bookstore
- Orphan Books
- Philippine Expressions Bookshop
- Townie Books
AAPI-owned fashion and accessories brands
These 26 fashion and accessory brands can help you update your wardrobe going into the summer. They include everything from on-trend chunky rings at BONBONWHIMS to Gentle Monster’s chic sunglasses.
- Bellemere NY
- Gentle Monster
- Hey Maeve
- Jason Wu
- JW Pei
- Kahili Creations
- Nimble Made
- NOTTE Jewelry
- Paper Project
- Private Policy
- Rue Saint Paul
- Sonia Hou Jewelry
AAPI-owned wellness and fitness brands
You can shop for face masks at Airpop and Happy Masks, get a good night’s sleep with Pluto Pillow or enhance your workout routine with Blogilates.
- Happy Masks
- L’Oeuf Poche
- Mono B
- Pluto Pillow
- Silk + Sonder
AAPI-owned travel brands
If you’re planning a few summer trips, you can get your hands on multiple AAPI-owned travel essentials, including a travel backpack from Brevitē or a versatile carry-on bag from Planeket.
- Lo and Sons
Catch up on the latest from NBC News Shopping guides and recommendations and download the NBC News app for full coverage of the coronavirus outbreak.
Demand for Restaurant Relief Fund Far Exceeds Funding
Many applicants to the government’s pandemic relief program for restaurants, bars, caterers and other food businesses will be left empty-handed unless Congress provides more money for the $28.6 billion grant program, the head of the Small Business Administration said on Wednesday.
The agency’s Restaurant Revitalization Fund received more than 372,000 applications, seeking $76 billion — far more than the fund has available, the administrator, Isabella Casillas Guzman, said at a House Small Business Committee oversight hearing.
“There will be significant demand unmet at the close of this program,” Ms. Guzman said. The agency stopped accepting applications for the grants on Monday.
Congress created the restaurant fund in March and ordered the agency to prioritize applications from women and veterans, as well as minority business owners who meet certain income and asset limits. More than 208,000 applications met those requirements and will be funded first, Ms. Guzman said.
“I’m proud of how we’ve rolled out this program in under two months,” Ms. Guzman said.
Representative Jim Hagedorn, Republican of Minnesota, criticized the prioritization system as discriminatory. Those who won’t make the funding cutoff “happen to be, let’s just be honest with it, white men that own bars and restaurants.”
Representative Angie Craig, Democrat of Minnesota, said she was “disappointed” many restaurants would be shut out, and encouraged her colleagues to extend the program’s funding. “Our government asked them to shut down during a public health crisis,” she said. “We need to work together to uphold our ongoing commitment and replenish this fund.”
A second grant program run by the Small Business Administration — the Shuttered Venue Operators Grant, for live-event businesses like music clubs and theaters — appears to have enough funding for all qualified applicants. The $16 billion program, which is still accepting applications, has so far received 13,000 applications, totaling around $11 billion, Ms. Guzman said.
But the venue grant program, created nearly five months ago, has moved far more slowly than the restaurant fund, which has already sent checks to its earliest recipients. Award letters will finally start going out this week, Ms. Guzman said.
The National Independent Venue Association said none of its members had yet received a decision on their applications. “The emergency relief can’t come soon enough and we’ll be incredibly grateful when it starts flowing,” said Audrey Fix Schaefer, a spokeswoman for the trade group.
A Dutch court ruled Wednesday that Royal Dutch Shell, Europe’s largest oil company, must accelerate its efforts to reduce carbon dioxide emissions to tackle climate change.
The District Court in The Hague ruled that Shell was “obliged” to reduce the carbon dioxide emissions of its activities by 45 percent at the end of 2030 compared with 2019.
Shell has already adopted targets for emissions reduction, but the terms of the court’s decision could require the company to substantially accelerate the process of reducing emissions-producing fuels like oil and gas.
At present, Shell says it hopes to achieve net zero emissions by 2050, with a series of interim targets along the way.
A spokesman said the company expected to “to appeal today’s disappointing court decision.”
The ruling is likely to apply only in the Netherlands, and it is unclear how it would be enforced. There was also a small consolation for Shell: The court found that the company’s current carbon dioxide emissions were not unlawful.
Still, the defeat of an oil giant by an environmental group — Milieudefensie, the Dutch wing of the Friends of the Earth, joined by other activists — appeared to be a breakthrough in a court’s willingness to dictate to a major business what it must do globally to protect the climate.
“It really stands out,” said Eric De Brabandere, a professor of international law at Leiden University in the Netherlands, who was not involved in the case. “Clearly this will inspire other cases.”
However, he said, Wednesday’s decision was influenced by peculiarities of Dutch law — Shell is based in The Hague — and so might have limited relevance in other countries where environmentalists might sue oil companies.
The Dutch court largely accepted the argument that Shell had a duty to move faster on emissions — especially to the people of the Netherlands, who could be at risk from rising sea levels and other dangers from climate change.
Essentially, the Dutch environmentalists are leaning on the courts to take action to reduce global warming, an area where they believe the government has not done enough.
“It’s pushing the judge into a position where he or she is influencing changes in the law or policy,” Mr. De Brabandere said. “It goes beyond the traditional idea that the judge applies the law.”
The plaintiffs were jubilant after the victory.
“This ruling will change the world,” said Milieudefensie’s lawyer, Roger Cox. He predicted that people would now be “ready to sue the oil companies in their own countries based on our example.”
The environmentalists were taking on their country’s largest and most influential company.
“The court understands that the consequences could be big for Shell,” Jeannette Honée, a spokeswoman for the court, said in a video on the court website. “But the court believes that the consequences of severe climate change are more important than Shell’s interests.”
The court also conceded that Shell had already taken numerous steps on climate change, including subscribing to the goals of the 2015 Paris accords as well as the climate targets of the Dutch government. However, the court decided that such moves were not sufficient.
Shell’s “policy intentions and ambitions,” the court said, “largely amount to rather intangible, undefined and nonbinding plans for the long term.”
“Severe climate change has consequences for human rights, including the right to life. And the court thinks that companies, among them Shell, have to respect those human rights,” Ms. Honée said.
Shell argues that it recognizes the imperatives of dealing with climate change and that it is moving with appropriate speed. The company said that it already had an extensive program to reduce emissions, and that it was investing billions of dollars in low-carbon energy including hydrogen, renewables like wind and solar, and electric vehicle charging.
“We want to grow demand for these products and scale up our new energy businesses even more quickly,” Shell said on Wednesday.
Randal K. Quarles, the Federal Reserve’s vice chair for supervision, said on Wednesday that he thought the central bank should start discussing how and when to slow its big bond purchases at “upcoming meetings” if his economic forecast was met or beaten.
He also hinted that Fed officials need to more clearly lay out for the public what the economy needs to do to reach the standard they have set for slowing that bond buying. That standard is now loosely described as “substantial further progress” toward the central bank’s full employment and price stability goals.
“My personal view is that the rise in inflation — even after discounting temporary factors — and inflation expectations” will meet the test “later this year,” Mr. Quarles said. Consumer prices climbed 4.2 percent in April from a year earlier, partly driven by one-off factors, but still much more quickly than economists had expected.
Mr. Quarles noted that the labor market, on the other hand, has been a disappointment. Job gains slowed in April, and many employers complained that they were struggling to find workers to fill open jobs as the economy rapidly reopens.
“Therefore, we need to remain patient in the face of what seem to be transitory shocks to prices and wages so long as inflation expectations continue to fluctuate around levels that are consistent with our longer-run inflation goal,” Mr. Quarles said.
Still, he said it would be important to start talking about when and how to taper the Fed’s emergency bond purchases — now proceeding at $120 billion per month — if his economic expectations are “borne out” over coming months, and that “we may need additional public communications about the conditions that constitute substantial further progress.”
Fed officials have said they expect the recent pop in inflation to fade, a view Mr. Quarles has agreed with. But he said Wednesday that price increases could last if wages kept climbing, and it’s also “reasonable to ask” whether big government spending would push prices up.
He added that “at least to date, the latest round of stimulus seems to be supporting spending and growth without causing an inordinate rise in interest rates or inflation expectations.”
But the Fed vice chair, who was appointed by the Trump administration, did express unease over the government debt’s long-run trajectory.
“Further fiscal policy actions are, of course, the purview of the Congress and the administration,” Mr. Quarles said, immediately adding that “history tells us that once the dreadnought of government spending gathers speed, it is difficult and slow to turn around.”
The top executives of six of the biggest banks in the United States drew criticism from several senators during a hearing on Capitol Hill on Wednesday for not doing more to help small businesses and retail customers during the pandemic.
A number of lawmakers said the nation’s top banks should have provided more relief to businesses and consumers in light of the big profits the banking industry posted last year.
The most contentious moment occurred when Senator Elizabeth Warren, Democrat of Massachusetts, criticized banks for charging overdraft fees to customers during the pandemic. In particular, Ms. Warren engaged in a terse exchange with Jamie Dimon, chief executive of JPMorgan Chase, over the around $1.5 billion in overdraft fees she said the bank had taken in. Mr. Dimon responded with a simple “no” when asked by Ms. Warren whether the bank would refund that money to its customers.
Senator Sherrod Brown, Democrat of Ohio and chairman of the Senate Banking Committee, asked Mr. Dimon if he felt he made too much money as a bank executive compared with his employees. Mr. Dimon responded — as he has when questioned about the issue in the past — that his “compensation is set by the board.”
But the hearing lacked much of the heat and acrimony of a decade ago, when bankers on Wall Street were routinely castigated during congressional appearances for causing the financial crisis.
The Republicans on the panel were less interested in inquiring about specific banking policies than they were in criticizing some banks for having sided with progressives in voicing opposition to issues like restrictive voting laws. Senator Tim Scott, Republican of South Carolina, said he was concerned that some banks practiced what he called “woke capitalism.”
Throughout the hearing, the bankers often found themselves in agreement on a number of topics, including supporting efforts for immigration reform. Asked whether they would “remain neutral” if their employees moved to unionize, most provided noncommittal answers, saying they would make sure their workers’ voices were heard (the exception was Mr. Dimon, who answered no). Unsurprisingly, all the bank chiefs said they were strong believers in capitalism, in response to a question from Senator Patrick J. Toomey, Republican of Pennsylvania.
Ford Motor said on Wednesday that it would increase spending on electric vehicles by about a third from its previous plans and expects E.V.s to make up 40 percent of its production by 2030, a big increase in its commitment to the electrification of cars and trucks.
The company intends to spend $30 billion in the five years ending in 2025, up from the previous target of $22 billion. It also said it had accepted 70,000 reservations for the F-150 Lightning, the electric version of its top-selling pickup truck.
“This is our biggest opportunity for growth and value creation since Henry Ford started to scale the Model T,” Ford’s chief executive, Jim Farley, said in a statement.
Ford has gone from being a relative latecomer to battery-powered vehicles to making them a central focus. The company recently started delivering an electric sport utility vehicle, the Mustang Mach-E, that has sold well and been praised by car reviewers. The model also appears to have taken market share from Tesla, which until recently dominated the electric car market. Last week, Ford introduced the F-150 Lightning, and President Biden drove the truck at a company track in Michigan and praised its rapid acceleration.
The increase in spending reflects new investments in better technology and production. Last week, Ford said it would form a joint venture with a South Korean company, SK Innovation, to manufacture battery cells at two plants in the United States for future Ford and Lincoln vehicles.
Ford’s stock climbed 8.5 percent on Wednesday.
Today in the On Tech newsletter, Shira Ovide writes that Amazon’s decision to buy Metro-Goldwyn-Mayer raises a basic question: Why does Amazon have a streaming video service at all?
When police officers from India’s elite antiterrorism unit descended on the New Delhi offices of Twitter on Monday night, it sent a clear message: India’s powerful ruling party is becoming increasingly upset with the social media giant because of the perception that it has sided with critics of the government.
With anger growing across the country over India’s stumbling coronavirus crisis response, people are turning to Twitter to broadcast their complaints, and Prime Minister Narendra Modi and his Bharatiya Janata Party, or B.J.P., have struggled to control the narrative.
As a result, top Indian political leaders have applied increasing pressure on Twitter, as well as on Facebook and other social media platforms, GFN’s Sameer Yasir and Emily Schmall report. Earlier this month, the government ordered social media platforms, including Twitter, to take down dozens of posts critical of the government’s handling of the Covid crisis.
The police action Monday was mostly symbolic. Twitter’s offices were closed amid India’s devastating coronavirus outbreak. And the police acknowledged they were there not to make any arrests, but only to deliver a notice disputing a warning label that Twitter had assigned to some tweets.
“Regardless of the clumsy manner in which it was conducted, this raid is an escalation in the stifling of domestic criticism in India,” said Gilles Verniers, a professor of political science at Ashoka University near New Delhi.
The police visit was set off by labels that Twitter had applied to tweets posted by senior members of the B.J.P. citing documents they called irrefutable proof that opposition politicians had planned to use India’s coronavirus response to tar Mr. Modi and India’s reputation.
But Twitter undercut that campaign when it labeled the posts “manipulated media.” Indian disinformation watchdog groups had said the documents were forged.
Stocks on Wall Street edged higher on Wednesday. The S&P 500 rose about 0.2 percent, while the Stoxx Europe 600 was unchanged after earlier climbing to a record.
Ford rose 8.5 percent after the company said it would substantially increase spending on electric vehicles, with a goal of having 40 percent of its production all electric by 2030.
Marks & Spencer shares rose more than 7 percent as the retailer said it expected to generate a profit of as much as £350 million this fiscal year, swinging back from a loss of more than £200 million. The company, which sells food, clothing and housewares, has benefited from a recent partnership with Ocado, the online groceries retailer.
Fabio Panetta, a member of the executive board of the European Central Bank, said on Wednesday that “we are currently seeing a transitory increase in inflation,” adding his voice to the chorus of central bankers arguing that price increases are temporary and that there is no need to pull back monetary stimulus. Mr. Panetta said the central bank did not need to reduce the pace of its bond-buying program.
“We should not extrapolate from what is happening in the United States,” Mr. Panetta said in the interview published by the central bank. “We don’t expect the same kind of surging demand and tight labor markets that would generate stronger lasting price pressures.”
Amazon’s investors are gathering virtually on Wednesday for the company’s annual shareholder meeting. There is much to discuss, according to the DealBook newsletter: good, bad and ugly (from the perspective of Amazon’s management).
The e-commerce giant’s bumper profits are likely to be overshadowed by three major developments: the company’s expensive bet on the Hollywood studio MGM, a series of shareholder proposals that company directors don’t want to pass and an antitrust suit filed against the company that landed on Tuesday.
Amazon said on Tuesday that it would spend $8.45 billion to acquire MGM, which buys classic films like “Rocky” and “Singin’ in the Rain,” as well as the James Bond franchise. Approval from regulators would rest on Amazon’s argument that it’s a small player in entertainment. (Lina Khan, a nominee for the F.T.C. who is awaiting Senate confirmation, made her name with a paper about Amazon’s alleged antitrust abuses.)
The backers of several shareholder proposals, all opposed by Amazon’s management, say their aim is to make the company a better corporate citizen, reacting to accusations of labor and environmental abuses. New York State’s pension fund is calling on Amazon to conduct an independent racial equity audit of its practices related to civil rights, equity, diversity and inclusion. (Calls for racial audits have been a feature at many shareholder meetings recently.)
Another proposal would bar Jeff Bezos from leading Amazon’s board after he steps down as chief executive this year.
The District of Columbia sued Amazon on Tuesday, accusing the company of effectively prohibited sellers on its site from charging lower prices for the same products elsewhere, which raised prices on Amazon and beyond. “Amazon has used its dominant position in the online retail market to win at all costs,” said Karl Racine, the district’s attorney general.
It is believed to be the first antitrust suit against Amazon by an American government authority, but because it is based on local rather than federal law, its effect could be limited even if successful. Nonetheless, Mr. Racine’s argument “is both old-school and novel, and it might become a blueprint for crimping Big Tech power,” wrote Shira Ovide, The Times’s On Tech columnist.
Australians will have some of the best views of the “super blood moon” this week, but passengers on a one-time flight departing from Sydney had an even better one. The Australian airline Qantas operated a three-hour flight on Wednesday (Tuesday evening in the United States) for about 100 passengers to see the moon enter the Earth’s shadow and turn a blood red color during a total lunar eclipse. Tickets went on sale this month for 499 Australian dollars (about $386) for economy class and 1,499 Australian dollars (about $1,162) for business class. The tickets sold out in less than half an hour.
Fox News entered the streaming video market in November 2018 with Fox Nation, a digital subscription service that now encompasses hundreds of hours of original programming including political commentary, documentaries and travel specials like “Castles USA,” in which the host Jeanine Pirro tours castles around the country.
Until now, the network had resisted rebroadcasting its marquee prime-time shows on the streaming service. That is set to change next week, in a significant shift in digital strategy for the Rupert Murdoch-owned channel.
Starting June 2, episodes of “Tucker Carlson Tonight,” “Hannity” and “The Ingraham Angle” will be available on demand on Fox Nation the day after they are shown live on cable. The shift “will add incredible value for subscribers,” Fox Nation’s president, Jason Klarman, said in a statement on Tuesday.
Fox News had reasons to initially avoid duplicating its traditional TV programming on Fox Nation. The channel earns significant revenue from cable distributors that pay to carry Fox News. And the network has the largest total weeknight audience in cable news; viewers who switch over to watch the programs on Fox Nation will not be counted by Nielsen.
Other networks, though, have seen benefits from making their cable programs available in digital venues. The shows can attract new subscribers and widen their viewership to the younger audiences that prefer streaming services.
A monthly subscription to Fox Nation costs $6. The network has declined to share its total number of subscribers. Lachlan Murdoch, the executive chairman of the Fox Corporation, said on a recent earnings call that the first quarter of 2021 had generated Fox Nation’s “highest number of customer acquisitions since launch.”
The District of Columbia claimed in a complaint on Tuesday that the giant online marketplace is artificially raising prices for products by abusing its monopoly power.
The legal action is believed to be the first government antitrust suit against Amazon in the United States, report GFN’s David McCabe, Karen Weise and Cecilia Kang.
Here’s what you need to know:
What D.C. says
“Amazon has used its dominant position in the online retail market to win at all costs,” said Karl Racine, the attorney general for the District of Columbia. “It maximizes its profits at the expense of third-party sellers and consumers, while harming competition, stifling innovation and illegally tilting the playing field in its favor.”
What Amazon says
Mr. Racine “has it exactly backwards — sellers set their own prices for the products they offer in our store,” Jodi Seth, a spokeswoman for Amazon, said in a statement. She added that Amazon reserved the right “not to highlight offers to customers that are not priced competitively.”
The big picture
Amazon has attracted attention from critics because of the sweeping nature of its business. It operates a dominant web hosting operation and a streaming platform that competes with Netflix and Hulu, and it expanded into brick-and-mortar grocery stores with the 2017 acquisition of Whole Foods. But the lawsuit filed by Mr. Racine, a Democrat, concerns the core of its business: the online marketplace for outside merchants that accounts for more than half of the products it sells.
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