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Britain’s Black doll makers rush to meet demand for diversity

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British entrepreneur Jodi Vernon never intended to become a toy maker. But after her daughter Clarke was born, she struggled to find Black dolls that represented her family in toy shops packed with white-skinned, blue-eyed figures.

The last straw came when she went into a second-hand shop in London and was offered a golliwog doll – a 19th century-era caricature inspired by Black-faced minstrels that has long been considered racist.

“I just wanted something I could put in the buggy that was representing her,” Vernon, 31, told the Thomson Reuters Foundation in a video call from her workshop and home in Brixton, south London.

She created Clarke’s Closet, an online shop selling Black rag dolls and accessories, in 2014.

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“All these toy stores don’t understand that they’re missing a big trick – there are so many Black women and Black parents wanting a Black doll for our children,” Vernon said.

Mattel, one of the world’s largest toy companies, has been selling Black dolls for decades, and there is a growing market for a more diverse range https://news.trust.org/item/20180307154348-vt0pf including racial minorities, larger bodies and disabilities.

But toyshops in Britain – as in many other countries https://www.reuters.com/article/us-nigeria-dolls-idUSBREA0E0K520140115 – are dominated by dolls based on slim, white beauty ideals, despite a huge potential market for racially diverse dolls.

About 14% of people in England and Wales are Black, Asian, mixed-race or from other ethnic minority groups, according to the latest official data from the 2011 census.

“Children learn through play, and if they’re not represented in schools, stores or in their homes, they won’t be able to embrace themselves as much,” Vernon said.

At a time of social reckoning about entrenched racism around the world, Black toy makers are stepping up to offer more representative options.

Vernon’s handmade designs range from a giggling mermaid sporting purple dreadlocks to women with African fabric head wraps. She also has a Christmas range including a Black Sugar Plum Fairy and Father Christmas.

Doreen Lawrence, another toy entrepreneur, also saw a gap in the market for her It’s Reuben range of Black and mixed-race dolls with afro hair.

“In the same way we have Barbie and Ken, we can have Ruby and Reuben,” she said.

WHITE FEATURES

Lawrence, a former teacher, started developing her line after she struggled to find diverse dolls for her classroom play-group sessions.

She bought a carton of Black dolls from China, and they sold out instantly on eBay. That early success spurred her to start making her own.

But it has been a struggle – and an extra expense – to get the details of her dolls right.

Even in China, where much of the world’s manufacturing is based, she found the sculptors working on the moulds for her designs included typically white features such as narrow noses as standard.

“I would say, ‘No, we don’t have features like that’, and they’d say ‘But we’ve always made it like that’,” she said.

“Even the color and hair, I have to pay more to get them right. When they make a dark tone, they have to use a specific toner and they have to use a lot of it otherwise it comes out looking grey.

“That’s something they had never thought of before.”

Lawrence’s experiences show how the industry is still falling short on the basics, said Yolanda Hester, a historian at the University of California, Los Angeles.

She has studied the Shindana Toy factory, which operated in Los Angeles from 1968 to 1983 and manufactured a range of Black toys as part of a cultural empowerment movement.

Its creators ran into similar issues with moulds from suppliers before they set up their own factory, she said.

The factory’s success “really established the fact that the ethnic doll market is a viable market and that there’s always been a demand for Black dolls”, Hester said.

FINANCIAL GATEKEEPERS

Both Vernon and Lawrence self-funded their ventures through their own savings, and are hoping to draw investment to scale up their businesses.

“I’d like to have my own factories where I could do my own thing,” Lawrence said.

But unlocking cash has proved complex, with investors unwilling to put up funding. Vernon was rejected for a bank loan.

“They said it didn’t seem like a good business, that was the reaction I got, and it was an old white guy,” she said.

Black company founders got less than 0.5% of all British venture capital funding between 2009 and 2019, according to an analysis released last year by nonprofit Extend Ventures.

“The difficult truth is that the majority of investors are white and male, so they are the gatekeepers,” said Tom Adeyoola, the organisation’s co-founder.

Vernon’s business is doing well enough for her to have been approached by investors – but they have come with heavy demands to hand over equity and creative control.

“I’ve even had some investors say … ‘If you do Black dolls, you can do white dolls as well’,” she said.

“And I don’t want to go down that road.”

 

(Reuters Messaging: Reporting by Sharon Kimathi Editing by Sonia Elks. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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