Business

Bloomberg Gives $600 Million To 4 Black Medical Schools’ Endowments

Published

3 months ago

2024-08-06

Bloomberg Philanthropies, led by Michael Bloomberg, has announced a $600 million commitment to the endowments of four historically Black medical institutions.

Bloomberg, the former mayor of New York City and billionaire creator of Bloomberg LP, will be the subject of headlines on Tuesday at the National Medical Association’s annual convention, which advocates for African American physicians.

“This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country,” Bloomberg stated in an email.

Bloomberg Gives $600 Million To 4 Black Medical Schools’ Endowments

According to an Associated Press series published last year, black Americans perform worse on health-related indicators than white Americans. Experts feel that increasing representation among doctors is one strategy that could help to address these long-standing disparities. In 2022, only 6% of US physicians were Black, even though Black Americans account for 13% of the population.

The gifts are among the largest private donations ever made to a historically Black college or university. Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine each received $175 million. Charles Drew University of Medicine and Science will receive $75 million. By establishing a new medical school, Xavier University of Louisiana will also receive a $5 million award.

Bloomberg Philanthropies announced that the donations will double the three medical school endowments.

The donation follows Bloomberg’s $1 billion promise to Johns Hopkins University in July, resulting in most medical students no longer paying tuition. According to Garnesha Ezediaro, the leader of Bloomberg Philanthropies’ Greenwood Initiative, the four historically Black medical schools are still considering how to spend the most recent gifts to their endowments.

The program, named after the racial massacre in Tulsa, Oklahoma, more than a century ago, was initially part of Bloomberg’s 2020 Democratic presidential candidacy. After withdrawing from the campaign, he requested his philanthropic foundation to pursue initiatives to address the racial wealth gap, and it has already contributed $896 million, including this recent commitment to medical schools, according to Ezediaro.

Bloomberg provided the same medical schools a total of $100 million in 2020, the majority of which was used to reduce the debt load of enrolled students, who the institutions indicated were in imminent danger of dropping out due to financial difficulties exacerbated by the COVID-19 pandemic.

“When we talked about helping to secure and support the next generation of Black doctors, we meant that literally,” Ezediaro told reporters.

Valerie Montgomery Rice, president of the Morehouse School of Medicine, stated that the contribution eased an average of $100,000 in debt for enrolled medical students and had considerably increased her school’s fundraising.

“But our endowment, particularly its size, has been challenging, and we have been extremely public about it. “And he heard us,” she added of Bloomberg and the most recent donation.

In January, the Lilly Endowment donated $100 million to The United Negro College Fund to establish a pooled endowment fund for 37 HBCUs. That same month, Ronda Stryker and her husband, William Johnston, chairman of Greenleaf Trust, gave Spelman College, a historically Black women’s college in Atlanta, a $100 million donation.

Denise Smith, deputy director of higher education policy and senior fellow at The Century Foundation, said the gift to Spelman was the largest single donation to an HBCU she was aware of, speaking before Bloomberg Philanthropies’ announcement on Tuesday.

Smith wrote a 2021 study on the financial discrepancies between HBCUs and other higher education institutions, noting how many states failed to fulfill their obligations to fund historically Black land grant schools. As a result, she stated that philanthropic gifts have played a significant part in the sustainability of HBCUs, citing billionaire philanthropist and author MacKenzie Scott’s gifts to HBCUs in 2020 and 2021 as sparking a fresh chain reaction of support from other large contributors.

According to Smith, “the Donations that have followed are the type of momentum and support that institutions need in this moment.”

Bloomberg Gives $600 Million To 4 Black Medical Schools’ Endowments

Dr. Yolanda Lawson, president of the National Medical Association, expressed “relief” when she learned about the presence of the four medical schools. With the Supreme Court’s decision to overturn affirmative action last year and attacks on programs designed to promote inclusion and equity in schools, she expects the four schools to play an even larger role in training and growing the number of Black physicians.

She remarked, “This chance and investment benefit not only those four universities but also our country. “It impacts the nation’s health.”

Utibe Essien, a physician and assistant professor at UCLA’s David Geffen School of Medicine who studies racial disparities in treatment, believes that more investment, particularly in early educational support before high school and college, would increase the number of Black students who choose to study medicine.

He also feels that the Supreme Court’s ruling on affirmative action and the pushback against initiatives to address historical discrimination and racial imbalances impact student choices.

“It’s hard for some of the trainees who are thinking about going into this space to see some of that backlash and pursue it,” he told me. Again, I think we get into this spiral where in five to ten years, we’re going to see a concerning drop in the numbers of diverse people in our field.”

SOURCE | CNN

Kiara Grace

Kiara Grace is a staff writer at VORNews, a reputable online publication. Her writing focuses on technology trends, particularly in the realm of consumer electronics and software. With a keen eye for detail and a knack for breaking down complex topics. Kiara delivers insightful analyses that resonate with tech enthusiasts and casual readers alike. Her articles strike a balance between in-depth coverage and accessibility, making them a go-to resource for anyone seeking to stay informed about the latest innovations shaping our digital world.

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Business

Subsidies for Electric Vehicles Cut as Consumer Interest Fades

Published

4 days ago

2024-11-04

Geoff Thomas

Electric vehicles (EVs) are still considerably more expensive than traditional alternatives.

Pressure is building on Canada’s electric vehicle manufacturers, and several are rethinking their stance on E.V.s in favor of plug-in hybrids. Automobile manufacturers are now bracing themselves for an even more challenging era in the Canadian market for electric vehicles (E.V.s).

President Kristian Aquilina of General Motors Canada claims that support and expectations are misaligned because the Canadian government is reducing subsidies for electric vehicles while trying to phase out gas-powered cars.

Manufacturers find pushing for an all-electric future in Canada increasingly difficult due to fewer consumer financial incentives and increasingly strict sales targets.

With subsidies totaling up to C$12,000 (about $8,500), Canadian consumers may save a tonne of money on electric automobiles. The federal government offers a rebate of up to $5,000 Canadian, and the provinces of Quebec and British Columbia provide further incentives of up to $7,000 and $4,000, respectively.

Ford lost about 2,000 US for every EV it sold in the first three months of the year.

Ford lost about $132,000 US for every E.V. it sold in the first three months of the year.

Ontario, which eliminated rebates in 2018, had the lowest market share for electric vehicles compared to Quebec and British Columbia, two regions that offered bigger incentives and thereby drove E.V. adoption in Canada.

Although this backing is dwindling, the province of Quebec has now declared that all subsidies will end in 2027. In June, the British Columbia government restricted incentives to a smaller subset of E.V. purchasers for “available funding” and higher-than-expected E.V. sales growth.

These reductions indicate a larger pattern: provincial governments reevaluate the sustainability of taxpayer-financed incentives for E.V.s as budget deficits widen.

With lofty goals to cut pollution from gas-powered cars and increase sales of electric vehicles, the Canadian government has reduced subsidies for these vehicles. Electric or plug-in hybrid vehicles will be mandatory for all new light-duty vehicle sales in Canada by 2035.

B.C. needs to step up with incentives for consumers to buy used EVs, some opposition critics say.

Some opposition critics say that B.C. needs to step up with incentives for consumers to buy used E.V.s.

To meet our intermediate goals, 20% of new sales must be electric vehicles (E.V.s) by 2026 and 60% by 2030. Car companies are already under a lot of pressure due to dwindling incentives and increasing demands, and the clock is ticking faster by the second.

In addition, these rules impose new forms of responsibility. Automakers that do not reach their provincial sales targets may be subject to financial fines imposed by provinces such as British Columbia.

Canadian manufacturers are already under financial pressure from federal compliance credit system standards, which they must meet or face deficits. This system gives them credit for electric vehicle sales and infrastructure improvements, but it’s not without its challenges.

“The timing is not necessarily lining up very well, in that the purchase incentive support comes off just as mandates and regulations start to bite,” GMC Canada President Kristian Aquilina told Bloomberg. “It must make a difference.

Therefore, we must consider that. Despite the cutbacks, Aquilina argued that the government’s investment in enhancing the charging infrastructure could benefit E.V. sales.

Tesla Sales Fall As More Electric Vehicles Crowd the Market

Tesla Sales Fall Again As More Automakers Crowd Electric Vehicle Market

Geoff Thomas

Geoffrey Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Business

Chewy Slides After Filing Shows 3rd-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

Published

1 week ago

2024-10-30

Kiara Grace

Washington — Chewy shares fell about 2% overnight Wednesday after a regulatory filing showed that Roaring Kitty, a meme stock trader, sold his interest in the online pet retailer.

According to a beneficial ownership document filed with the Securities and Exchange Commission on Tuesday, Roaring Kitty, whose legal name is Keith Gill, sold all his Chewy shares, totaling 6.6% of the company.

Chewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

Plantation, Florida-based Chewy dropped 1.9% after hours to $26.19 per share.

Gill, an investor at the core of the meme stock craze, bought more than 9 million shares of Chewy in July, making him the company’s third-largest stakeholder.

Gill built a name for himself in 2021 by rallying ordinary investors around GameStop. At the time, the video game shop was fighting to stay in business, and major Wall Street hedge funds and investors were betting against it or shorting the stock. But Gill and those who agreed with him altered GameStop’s direction by purchasing thousands of shares despite practically all acknowledged criteria indicating that the firm was in deep peril.

Chewy Slides After Filing Shows Third-Biggest Shareholder, ‘Roaring Kitty,’ Sold His Stake

That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.

Gill has expressed confidence in GameStop Chairman and CEO Ryan Cohen’s ability to revamp the company following his success at Chewy. Cohen cofounded Chewy in 2011 and stepped down as CEO in 2018.

SOURCE | AP

Kiara Grace

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Business

Canada CBC News CEO Catherine Tait Recalled to Parliamentary Committee

Published

1 week ago

2024-10-30

Geoff Thomas

Catherine Tait won't rule out taking bonus once she leaves CBC/Radio-Canada

Canada CBC News reports that MPs have voted to recall CBC CEO Catherine Tait to a Commons committee for questioning, only a week after her last appearance, over the awarding of $18 million in bonuses to Canada CBC news executives.

The Conservatives, the Bloc Québécois, and the NDP joined forces to re-invite Ms. Tait, her successor Marie-Philippe Bouchard, and Heritage Minister Pascale St-Onge to appear before the Commons Heritage Committee.

Ms. Tait, who will relinquish her position as CEO and president of CBC/Radio Canada in January, addressed the committee last week. The House of Commons has passed a motion recalling her before the conclusion of her term, and she is now subject to an additional two hours of interrogation, which includes inquiries regarding bonuses.

MPs also resolved to summon Quebec broadcasting executive Marie-Philippe Bouchard, appointed as the new chief of CBC/Radio-Canada last week, to appear before she begins her new job following a House of Commons chamber debate.

Catherine Tait Exit Package

Catherine Tait rejected the Conservatives’ requests to deny an exit package, including bonuses, when she departed the position in January during last week’s committee hearing.

She also defended the award of $18.4 million in incentives to 1,194 staff members for the 2023-2024 fiscal year, which concluded in March, following the broadcaster’s achievement of performance indicators.

Kevin Waugh, a Conservative committee member who introduced the motion, stated that his party aimed to ensure Ms. Tait was “accountable to taxpayers” before her departure in January.

He informed The Globe and Mail that “Canadians are dissatisfied with the bonuses” and that Catherine Tait‘s exit package, which will not be disclosed, is a cause for concern.

“I am apprehensive that she has not received her bonuses in over two years, and that the Minister of Heritage or Privy Council will lavish her with bonuses when she departs in January,” he stated.

The Liberals opposed a portion of the motion that claimed that “the Liberal threat to cut funding” had resulted in the elimination of hundreds of jobs at CBC/Radio-Canada.

Defunding CBC News Canada

The Heritage Minister informed The Globe that the claim was “hypocritical,” as the Conservatives intended to completely defund CBC.

“The Conservatives’ actions today are a clear example of hypocrisy.” Ms. St-Onge stated that performance bonuses increased by 65% during the Harper Conservatives’ tenure, while CBC News Atlantic Canada experienced substantial budget cutbacks.

“As a government, we do not require any lessons from a party that has pledged to reduce the funding of CBC/Radio-Canada and the 8,000 jobs associated with it during its campaign.”

During the Tuesday debate, NDP MP Niki Ashton stated that her party endorses the “banning of executive bonuses” at CBC News Atlantic Canada but is opposed to “the Conservatives’ full frontal attack” on the broadcaster.

She stated, “We require a robust public broadcaster, but not one that distributes executive bonuses and eliminates positions.”

If the Conservatives establish the next government, they intend to deprive the CBC of public funding while maintaining French services.

Catherine Tait defended CBC and rebuffed MPs’ assaults during last week’s committee hearing. “It is evident that the members of this committee are making a concerted effort to discredit the organization and vilify me,” she stated.