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Why it may be hard to close the racial wealth gap without forgiving student debt

Maskot | Maskot | Getty ImagesPresident Joe Biden laid out a plan this week to narrow the racial wealth gap in the U.S. Many were disappointed not to see any mention of student loan forgiveness in that agenda.The president’s initiatives, announced 100 years after the Tulsa Race Massacre, will include tackling racial discrimination in the housing market and directing an additional $100 billion toward small, disadvantaged businesses over the next five years.While activists applauded those moves, they said that without forgiving student loans, their benefits may never be fully realized. Research shows education debt can make it harder to start and run a business, as well as get approved for a mortgage.More from Personal Finance:60,000 stimulus checks sent to dead people have been returnedInflation-proof your spending by avoiding these purchases54% of Americans support state cuts to unemployment”Housing and businesses are important drivers to build wealth for Black people,” said Andre M. Perry, a senior fellow with the Brookings Metropolitan Policy Program.”However, if President Biden does not address the student loan crisis, Black households will be disproportionately unable to become homeowners or start businesses because of high debt-income ratios,” he added.Zoom In IconArrows pointing outwardsHalf of young people who own a

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Scynexis : FDA Approves Brexafemme As Oral Non-Azole Treatment For Vaginal Yeast Infections

(RTTNews) – Scynexis Inc. (SCYX) said that the U.S. Food and Drug Administration has approved Brexafemme or ibrexafungerp tablets, for oral use in patients with vulvovaginal candidiasis or VVC, also known as vaginal yeast infection. Brexafemme was approved based on positive results from two Phase 3 studies in which oral ibrexafungerp demonstrated efficacy and a favorable tolerability profile in women with VVC. Scynexis said it has partnered with Amplity Health, a global contract commercialization organization, to support U.S. commercialization of Brexafemme, with commercial launch scheduled in the second half of this year. The company said it is working on completing its CANDLE study investigating ibrexafungerp for the prevention of recurrent VVC and expect we will be submitting a supplemental NDA in the first half of 2022. Under Qualified Infectious Disease Product designation, Brexafemme is expected to receive ten years of market exclusivity in the U.S.: five years of new chemical entity exclusivity plus five additional years of exclusivity extension due to the QIDP designation. Brexafemme is also protected by multiple patents, including a composition-of-matter patent covering the ibrexafungerp molecule. With patent term extension, this patent is expected to expire in 2035, providing 14 years of protection in the U.S.

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Budapest renames streets in Chinese university protest

BUDAPEST (AFP) – Budapest has renamed streets around the planned site of a top Chinese university to protest against an “unwanted” project forced on it by Prime Minister Viktor Orban’s government, the city’s mayor said on Wednesday (June 2). Four street signs at the site now bear the names “Free Hong Kong Road”, “Uighur Martyrs’ Road”, “Dalai Lama Road” and “Bishop Xie Shiguang Road”, referring to a persecuted Chinese Catholic priest. “We still hope the project won’t happen, but if it does, then it will have to put up with these names,” Mr Gergely Karacsony told a joint press conference with the district mayor Krisztina Baranyi. Currently derelict, the area is to house Fudan University’s first European campus in a half-million-square-metre complex by 2024, according to a deal signed between Hungary and the Shanghai-based university’s president. But the sprawling project has fed growing unease about Hungary’s diplomatic tilt from West to East and its soaring indebtedness to China. Leaked internal documents revealed that China is expected to give a €1.3 billion (S$2.10 billion) loan to cover most of the estimated €1.5 billion cost. “We don’t want the elite and private Fudan university here at

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Tesla recalls 6,000 cars over risk of loose bolts

In this articleTSLATesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020.Aly Song | ReutersTesla is recalling 5,974 of its electric vehicles over concerns that their break caliber bolts might loosen, which could potentially cause a loss of tire pressure and increase the risk of a crash, according to documents made public by the National Highway Traffic Safety Administration.Cars that are part of the voluntary recall include certain 2019-2021 Model 3 vehicles and 2020-2021 Model Y vehicles. Tesla said it is not aware of any crash or injury resulting from the potential defect. It will inspect and tighten, or replace the caliber bolts as necessary for free.The company’s stock was down less than 1% early Wednesday.Tesla said it was made aware of an issue in December of a field incident involving a 2021 Model Y with a missing fastener on the driver-side rear brake caliber. It has since taken measures to prevent the issue during assembly.The recall follows one in February that involved 36,126 Model S and Model X vehicles in China and 134,951 cars in the U.S., which was requested by The National Highway Traffic Safety Administration, over touch-screen

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Guild Education reaches $3.7 billion valuation amid labor shortage

Guild Education’s Headquarters in Denver, ColoradoGuild EducationGuild Education has raised a $150 million Series E funding round, bringing the company’s valuation to $3.75 billion — more than triple its previous valuation of $1 billion.The Denver-based edtech company, ranked No. 49 on this year’s CNBC Disruptor 50 list, helps companies including Disney, Chipotle, Walmart, Taco Bell and Lowe’s offer debt-free degrees to their employees. “If you talk to CEOs at nearly any large company, they’re focused on issues that hinge on getting the return to work right: safety protocols, culture, support for women and parents, and above all — recruitment and retention,” co-founder and CEO Rachel Carlson told CNBC.On Guild’s platform, users can enroll in programs from high school to trades, associate’s, bachelor’s and master’s degrees. The courses are usually flexible, and don’t require a student to leave during the workday to complete a lesson or take an exam.More coverage of the 2021 CNBC Disruptor 50Meet the 2021 CNBC Disruptor 50 companiesWhy Robinhood is the No. 1 companyA look back at the CNBC Disruptor 50: 9 years, 233 companiesWhen disruption becomes a force for good — and badCybereason CEO told world about DarkSide from a bomb shelterThe new tech taking on trillions of pounds of trash How

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Software start-up Celonis quadruples valuation to $11 billion in new funding round

Celonis co-founders Bastian Nominacher, Alexander Rinke and Martin Klenk.CelonisLONDON — Enterprise software firm Celonis on Wednesday said it had raised $1 billion in a new round of funding, valuing the company at an eye-watering $11 billion.The new investment was co-led by Durable Capital Partners and T. Rowe Price Associates, with Franklin Templeton and Splunk Ventures also participating. Celonis is now worth more than four times the $2.5 billion it was last privately valued at in a 2019 cash injection.Founded in 2011 by three friends in Munich, Germany, Celonis began life as a college project for consulting businesses on improving their IT processes.The firm pioneered a technology called “process mining,” which analyzes data from a company’s event logs to identify problems with certain processes and figure out ways to streamline them.”As companies grow, inefficiency creeps in and business execution becomes a struggle,” Alex Rinke, co-CEO and co-founder of Celonis, said in a statement. “Employees feel it, customers feel it, and it leads to significant financial losses and environmental impact.””We are thrilled and honored that the rise of execution management is defining a new software stack that helps customers reimagine how they execute,” he added. “It is the biggest shift in software

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