Here are the stories making headlines in the world of sports and business on Thursday, Aug. 27.
NBA/NFL Speak Out Against Social Injustice
Players in the National Basketball Association met late Wednesday night and voted to resume the NBA playoffs after they decided to collectively sit out in protest in response to the police shooting of Jacob Blake.
According to the Athletic, Lakers and Clippers players were against the idea of continuing this season but they were unable to convince other members of the league to change their vote.
The Bucks were the first team announce they were sitting out in protest. Milwaukee’s guard Sterling Brown, along with his teammates, made an announcement to the media saying, “our focus cannot be on basketball.” Bucks team owners put out a joint statement which read, “The only way to bring about change is to shine a light on the racial injustices that are happening in front of us. Our players have done that and we will continue to stand alongside them and demand accountability and change.”
The NBA will not play on Thursday night but reports indicate the playoffs will resume on Friday. Several NFL teams including the Jets, Packers, Colts and Washington are not practicing Thursday. The Colts put out a statement saying, “the team will use the day to discuss and work toward making a lasting social impact and inspiring change in our communities.”
Nike Stands In Solidarity With the WNBA and NBA
Nike (NKE) announced that it supports the NBA and WNBA teams and athletes who chose not to play following the shooting of Jacob Blake, an unarmed Black man, in Kenosha, Wisconsin.
In a statement, the company said, “Nike stands in support of NBA and WNBA players and athletes across the sports community in their response to the senseless shooting of Jacob Blake. We remain committed to addressing the issue of systemic racism experienced by the Black community.”
Back in May, after police in Minneapolis, Minnesota killed George Floyd, another unarmed Black man, Nike was one of the first companies to publicly speak out following the protests that occurred in reaction to the deaths of Floyd, Breonna Taylor and Ahmaud Arbery.
Nike released a ‘Don’t Do It’ ad that urged people to not “turn your back on racism.”
Nike's stock is down half a percentage point Thursday afternoon.
Daily Coronavirus Update
According to Johns Hopkins, there are over 24.2 million cases of the virus worldwide, with over 827,000 deaths. The U.S. has surpassed 5.8 million cases with over 180,000 deaths.
According to NBC News, President Donald Trump is set to announce a $750 million deal with Abbott for at least 150 million of their rapid tests. Abbott recently announced that the portable antigen test, which will be around the size of a credit card and will be called BinaxNOW, was given emergency use approval from the Food & Drug Administration. Abbott also introduced a free-to-use iPhone app, called NAVICA, that would allow users who test negative for the COVID-19 virus to display that information to others, potentially facilitating freer movement into schools, offices, airplanes and cruise ships.
The Federal Reserve on Thursday said it was adjusting its long-standing dual mandate of full employment and price stability, adopting what has been interpreted as an easier and more flexible monetary policy in the face of the worst economic downturn since the Great Depression. For many years, the Fed has focused on the two-fold mandate of raising interest rates to combat rising prices for consumer goods and services, and, at the same time, adjusting monetary policy to ensure its definition of “full employment” was consistently achieved.
But overall this shift shows that the Fed is focusing on getting people back to work--which is economically good since we got jobless claims that tallied 1 million new claims Thursday, and we have 27 million Americans on some type of unemployment aid-- and that it is okay with inflation rising a bit above that 2% inflation target.
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