CBX Daily 6/14/2024

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CultureBanx Team
June 14, 2024

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Today Hathaway shareholders are not up for the diversity debate, but let’s start with how the rise of robots is sealing racial wealth’s fate…

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Workforce Automation Is Exacerbating The Racial Wealth Gap

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For generations of workers displacement has been a normal albeit unequal process, now technology is adding another layer to the mix. Workplace automation presents the larger society with a conundrum, as A.I. is set to upend companies, leaving African Americans especially vulnerable. Nearly 4.5 million African Americans in the next 10 years could lose their jobs due to automaton. Is it possible this business impediment will lead to more income inequality and is there anything that can be done about it?

Boardroom Battle: Warren Buffet's Berkshire Hathaway Shareholders Aim To Nix Diversity

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Despite the flurry of corporate promises in 2020, particularly in the wake of George Floyd’s murder, professionals in the DEI space expressed concerns about the authenticity of these commitments. Yet, Berkshire Hathaway’s board’s recent rejection of six proposals addressing climate change, diversity, and inclusion further highlights the disconnect between corporate rhetoric and action. Further, the alarming drop in backing for racial equity/civil rights audits from 46% in 2022 to 22% in 2023 signals a concerning trend and threatens any advancements on DEI initiatives.

Women & Minorities Shine On The Medical Misdiagnosis Stage

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Medical misdiagnosis has reached a ‘code red’ level that’s leaving Black bodies in its wake. New research has revealed that communities of color are nearly 20% to 30% more likely to experience a medical mistake than their White counterparts. The study found that rates of misdiagnosis range from 17.5% of strokes, 22.5% of lung cancers and 1.5% of heart attacks. Weakening of the heart muscle is especially concerning given it’s the most common cause of maternal death among Black women. This misconduct in medicine underscores the need for much-needed racially informed protocols in healthcare. 

AI-ighty Potential

Dubbed the "the rocket fuel of AI" by Wired, this groundbreaking innovation has sparked fervent excitement across Wall Street. And with projections soaring to a potential market cap of $17 trillion – equivalent to 9 Amazons – the magnitude of its impact cannot be overstated.

And thanks to The Motley Fool, the full narrative of this extraordinary tech trend has been compiled into an exclusive report, designed to arm you with the insights needed to make informed investment decisions.

Diverse Admissions Surge With Coach Prime's Entry At CU

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Coach Prime is bringing his magic hands to CU Boulder. And it's not just about his football tricks and prowess. Since the appointment of Coach Prime, Deion Sanders, the applicant pool at CU has witnessed a remarkable surge, with an overall increase of 20% and a significant rise of over 50% in Black applicants. Latino and Hispanic applicants have jumped to 25.6% while American Indian and Alaskan Native students to 15%.

Central Banks Are Dripping In Gold By Increasing Reserves

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Yes, central banks around the world are significantly increasing their gold reserves. This trend, which started gaining momentum over the past few years, continues robustly into 2024. Right now the U.S. dollar is the world’s de facto global currency, but global central banks have built up their gold reserves increasing them by a net 39 tons, with major buyers including Turkey, China, and India​. This is great news for Africa which once led global gold production for a century and extracted about half the bullion mined to date.

Vibes of the Week

With these automations, we may be “Burning” and not make it out of the hood. Tems delivers in this tune from her new album. Get into it in our CBX Vibes!