Name: Netflix to move $100 million in cash into Black community banks
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Netflix to move $100 million in cash into Black community banks

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Illustration: Sarah Grillo/AxiosNetflix has pledged to allocate about 2% of the $5 billion it holds in cash — some $100 million — to "financial institutions and organizations that directly support Black communities in the United States," the company announced today.Why it matters: U.S. corporations are sitting on trillions of dollars of cash, which is earning them effectively no interest. Aaron Mitchell, a recruiter at Netflix, had the idea that some of that cash could be deposited at Black-owned banks, where it would be reinvested into Black communities.The catch: As part of this pledge, Netflix is investing $25 million into a newly established fund called the Black Economic Development Initiative.The bottom line: Netflix says that it wants to "inspire other large companies" to move their cash deposits to Black-led institutions. But given the limits of deposit insurance, that's easier said than done when billions of dollars are on the line.Editor's note: This story has been corrected to reflect that Netflix's investment in the Black Economic Development Initiative is $25 million (not $35 million).A China-based supplier of clothing items to U.S. construction equipment manufacturer Caterpillar participates in a coercive labor program known as "Xinjiang Aid," according to documents and evidence reviewed by Axios.Why it matters: It is against U.S. federal law to import products made through forced labor.Gov. Andrew Cuomo (D) announced Tuesday that visitors from eight additional states will be required to quarantine for 14 days when traveling to New York, bringing the total number of states subject to the restriction to 16.Why it matters: New York, the original hub of the coronavirus outbreak in the U.S., has successfully flattened its curve and is beginning to reopen. Officials fear, however, that the surge of cases in others states across the country will erase New York's progress.Global: Total confirmed cases as of 11 a.m. ET: — Total deaths: — Total recoveries — — .U.S.: Total confirmed cases as of 11 a.m. ET: — Total deaths: — Total recoveries: — Total tested: — .Public health: more likely to be hospitalized.States: "we will not be social distancing" at July 3 event with Trump.🎪Entertainment: Coronavirus .

Illustration: Sarah Grillo/AxiosNetflix has pledged to allocate about 2% of the $5 billion it holds in cash — some $100 million — to "financial institutions and organizations that directly support Black communities in the United States," the company announced today.Why it matters: U.S. corporations are sitting on trillions of dollars of cash, which is earning them effectively no interest. Aaron Mitchell, a recruiter at Netflix, had the idea that some of that cash could be deposited at Black-owned banks, where it would be reinvested into Black communities.The catch: As part of this pledge,...

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Netflix to move $100 million in cash into Black community banks

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