Oligarch's Heirs Reveal Wall Street Bets in Family Office Revamp
As his heirs fended off opportunists seeking a slice of the billionaire's assets, the money manager kept a low profile, offering few details of how it handled the wealth he amassed alongside fellow oligarchs Boris Berezovsky and Roman Abramovich following the collapse of the Soviet Union.
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Fast Company
15 minutes ago
- Fast Company
Black beauty businesses are stuggling under Trump's tariffs
Earlier this summer, Dajiah Blackshear-Calloway, 34, started to notice that her regular clients weren't visiting her hair salon as often as they used to. The salon, in Smyrna, Georgia, houses two stylists and offers dozens of services that range from $50 natural hairstyles to $745 tape-in weave extensions. Her most popular services are $254 sew-ins, where human hair extensions are woven into braids, and $125 quick weaves, where human or synthetic hair is styled and then glued to a stocking cap. But the prices of hair extensions and hair glues used to create wigs and weaves have gone up exponentially after U.S. President Donald Trump imposed a series of different tariffs on China and Vietnam, where the majority of Black beauty products are made. The price of a package of hair imported from Vietnam has gone up to $290 from $190 since May. A bottle of hair glue, imported from China, has gone up from $8 a bottle to $14.99 at her local beauty supply store. 'We're being impacted at every level,' Blackshear-Calloway said. 'I'm either having to eat that cost or pass that expense along to my clients, which affects their budgets and their pockets as well.' To avoid passing on rising costs, Blackshear-Calloway is asking her clients to bring their own hair to their appointments. Now her salon is offering a quick weave service without hair for $140, but with hair the price is $400, according to her booking website. She's also struggling to get products since her wholesaler is delaying shipments as tariff rates fluctuate. Kadidja Dosso, 30, owner of Dosso Beauty, which sells hypoallergenic braiding hair, as well as The Dosso Hair Salon in Philadelphia, has also faced delayed shipments on imports from China. She waited over a month to get $50,000 worth of China-made braiding hair via air freight at John F. Kennedy Airport in June, when U.S. President Donald Trump announced 145% tariffs on the country over confusion over what tariff should apply. 'We have to provide more specifics of the products – exact materials, the product use – for it to clear customs,' Dosso said. 'Part of the issue was that the same language that we've been using for years wasn't descriptive enough.' She wants to avoid raising prices on her $13 packets of hair, which customers typically buy at least five at a time to complete one hairstyle. Higher costs Tariffs are disproportionately impacting Black business owners like Blackshear-Calloway and Dosso, said Andre Perry, senior fellow at the Brookings Institution. 'Many Black entrepreneurs started off with less wealth,' Perry said. He said that the wealth gap puts Black entrepreneurs, especially those in low-margin businesses like consumer goods or hair care services, into precarious financial positions as tariffs eat into their bottom lines. Sina Golara, an assistant professor of supply chain and operations management at Georgia State University, said rising costs due to tariffs are 'like a tax that you're imposing on business.' 'In some cases, it could be borne by the foreign manufacturer, but in most cases, it will also have quite a substantial impact on the domestic buyers and consumers,' Golara said. Diann Valentine, 55, founder of Slayyy Hair, first felt the impact of tariffs shortly after the initial 145% tariff was imposed on China and she faced a $300,000 bill to get 26,000 units of braiding hair out of the Los Angeles port in May. 'To lose that kind of money at this stage has been devastating,' Valentine said. Since then she has raised the price of her braiding hair and drawstring ponytail extensions by 20%. She also laid off four employees and is working 16-hour days to compensate in her two Glow+Flow beauty supply stores in Inglewood and Hawthorne, California. Slayyy Hair supplies $8.49 nontoxic braiding hair and $35.99 synthetic drawstring ponytails to TJ Maxx and Marshalls, which have resisted renegotiating prices or delivery deadlines to compensate. 'So essentially, we paid more for our ponytails than TJ Maxx and Marshalls paid for them,' Valentine said. She is also trying to renegotiate price increases with Target, where she sells in at least 70 stores in California, Nevada and Colorado, she said. TJ Maxx and Marshalls declined a Reuters request for comment. Fifty percent of the merchandise comes from China, Valentine said, and prices for synthetic wigs, human-hair weaves, plastic hair rollers, rubber bands, combs and brushes that stock her shelves are trending up at her beauty supply locations. 'I thought maybe we would see an increase in foot traffic because there would be more DIY hairstyles – more women doing their hair at home,' she said. 'But for right now, we've only seen decreased foot traffic and also a decrease in frequency of visits from our existing customers.' Struggling salons While beauty product sales are typically resilient during economic downturns, beauty services are seen as discretionary, said Marley Brocker, senior analyst at market research firm IBISWorld. 'Tariffs on those imports are going to directly lead to higher costs for those service providers, whether they're buying directly from overseas manufacturers or buying from wholesalers within the U.S.,' she said. Black U.S. consumers spent approximately $2.29 billion on hair care products in 2022, according to a NielsenIQ study from that year. But higher prices are causing some Black women to visit the salon less frequently. Deiara Frye, 27, of Raleigh, North Carolina, usually schedules hair appointments at least five times a year, but so far this year she's only gone once. 'Due to the cost of everything rising over the years, I tend to get braids a little more often now than sew-ins, or try to maintain my natural hair,' she said. She's also seeing prices for her natural hair products like Unilever's Shea Moisture and Procter & Gamble's Pantene go up. Fewer visits are impacting salons and beauty supply stores. Until earlier this year, Dionne Maxwell was selling wigs, braiding hair, shampoos, and conditioners out of her mini beauty supply store in Dallas, Georgia, located 33 miles outside of Atlanta, but she shut it down after she started losing foot traffic in May and moved operations into her home. Now she's relying on orders placed through Uber Eats, TikTok Shop and to sustain her business, but even those sales have slowed significantly, she said. 'We don't have the money for advertising, because enough revenue is not coming in to advertise with,' Maxwell said. Tariffs have raised Maxwell's wholesale price for China-made braiding hair by 50 cents per pack, she said, and she is now required to buy more hair in her wholesale orders. She said she's struggled to negotiate better prices with her hair wholesalers, who are requiring her to order more units of merchandise at higher costs. Her wholesaler is asking her to purchase 110 packs of hair per order, when she was previously able to buy 30 packs at a time, she said. 'For the past two months, we have been basically paying our bills out of pocket because we really have had nothing coming in,' Maxwell said.
Yahoo
44 minutes ago
- Yahoo
Georgia Republicans, against backdrop of 2026 election, push to eliminate state income tax
ATLANTA (AP) — As the 2026 election looms, Georgia Republicans seeking higher office met Tuesday to begin exploring plans for Georgia to eliminate the state's personal income tax. The Republican contenders for lieutenant governor sat on the committee spearheaded by Republican Burt Jones, who currently holds the role and is running for governor with U.S. President Donald Trump's endorsement. 'If we want to continue to stay competitive in the state of Georgia and continue to be the number one state to do business, we've got to be looking for ways to keep us competitive and make it where we have a competitive advantage over states that we are competing with all the time," Jones said. Most of the lawmakers on the panel praised the idea as one that would help working families and small businesses after hearing from Grover Norquist, president of Americans for Tax Reform and a prominent conservative lobbyist for tax cuts. Currently, eight states, including Florida and Tennessee, don't tax individuals' income, according to the Tax Foundation, a tax policy think tank. Other states, including North Carolina and Louisiana, have reduced income taxes or are on their way to eliminating them. In Georgia, Democrats oppose the idea, saying it would benefit the wealthy rather than low-income people, who would face other levies. Atlanta Democrat Sen. Nan Orrock said Tuesday that eliminating the income tax would hurt vital services across the state by reducing state revenue, especially amid federal cuts to programs such as food stamps, education grants and disaster relief. 'I can go on and on with needs that we have now in many areas that would argue for having a robust revenue to meet the needs of our citizens," said Orrock. Norquist said states still generate revenue after cutting income taxes. One reason is that when businesses know states are on track to eliminate income taxes, he said, they start investing there, and residents flock over too. 'When you attract more people into the state and more investment into the state, you end up with both more money for individuals but also more tax revenue at lower rates,' said Norquist. Georgia income taxes are expected to bring in $20 billion for the state in 2026, accounting for almost half of state revenue, according to the Georgia Budget and Policy Institute Georgia Republican Gov. Brian Kemp signed into law this year income tax rebates of up to $500 and a reduction in taxes to 5.19% in January for all income earned in 2025. That's part of a long-term plan to cut Georgia's income tax rate to 4.99%, which could happen as early as next year. The law already took Georgia's former system of tax brackets and created a flat income tax. The state has also paid rebates on income taxes to taxpayers in recent years, thanks to billions in surplus cash, Higher-income taxpayers collect the most benefits from income tax reductions. The Institute on Taxation and Economic Policy found two-thirds of the income tax cut benefits would flow to the highest-earning 20% of Georgians. Republicans said that was only natural because most Georgians in the lowest 20% of the income distribution are mostly exempt from state income taxes. Democratic gubernatorial candidates haven't ruled out tax reductions. Former Atlanta Mayor Keisha Lance Bottoms has suggested eliminating the state income tax for public school teachers, but said eliminating income taxes altogether would hurt funding for schools and raise costs for lower-income families. Republicans are still forging ahead. 'While the mechanics are up for debate, I think it's clear that the end goal is not,' said Sen. Appropriations Committee Chairman Blake Tillery, a Vidalia Republican who is running for lieutenant governor. ___ Kramon is a corps member for The Associated Press/Report for America Statehouse News Initiative. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.
Washington Post
an hour ago
- Washington Post
Georgia Republicans, against backdrop of 2026 election, push to eliminate state income tax
ATLANTA — As the 2026 election looms, Georgia Republicans seeking higher office met Tuesday to begin exploring plans for Georgia to eliminate the state's personal income tax. The Republican contenders for lieutenant governor sat on the committee spearheaded by Republican Burt Jones, who currently holds the role and is running for governor with U.S. President Donald Trump's endorsement.
