Women-owned businesses losing ground The U.S. Women’s Chamber of Commerce™ released an important report to Congress titled; “Women’s Businesses Struggle for Market Share,” (www.usw­cc.org/mar­ketshare) which finds, during a decade of strong growth in the number of women-owned firms, women’s revenue-based market share shrank ten percent.    Read More ... 1 opinion posted

Black labor movement leader sworn in When Lee Saunders was sworn-in as International Secretary-Treasurer of the American Fed­eration of State, County and Municipal Employees (AFSCME), AFL-CIO, he became one of the highest-ranking African-Ameri­cans in the American labor movement. Representing 1.6 million public service workers, AFSCME is one of the largest unions in the country.  Read More ... 1 opinion posted

Minority businesses team up, going after govt. contracts Twenty-three award-winning information technology companies from around the country have teamed up to compete for military contracts in excess of $7 billion. The Minority Information Technology Consor­tium (MITC) provides a vehicle to bolster small businesses with little to no chance of winning multimillion-dollar contracts on their own.  Read More ... 2 opinions posted

Sharpton: Corporations ‘owe’ ad dollars to Black newspapers NEW YORK (NNPA) — Activist Al Sharpton, keynote speaker at a kickoff prayer breakfast at the National Newspaper Publishers Assoc­iations 70th Anniversary Con­vention last week, warned the more than 215 Black publishers to stay in control of the definition of the Black struggle and to not back down from demanding their fair share of advertising dollars.  Read More ... Hazel Trice Edney, NNPA News Service, and Alexis K. Barnes, Howard University N - 1 opinion posted

BP oil disaster threatens Mississippi Delta goods and services The BP oil disaster, hurricanes and wetlands loss threaten a net value of $330 billion to $1.3 trillion in natural system goods and services, according to the first study of the Mississippi River Delta as a capital asset.  Even the low-end estimate of the Delta’s value exceeds BP’s market capitalization before the oil disaster on April 20 of $189 billion.  The study was completed shortly before the spill.  Read More ... 1 opinion posted

New university research ties wealth disparities to public policies As the U.S. Senate continues deliberations on the largest federal financial reform proposal since the 1930s New Deal, much of the major media commentary has focused on procedural tactics, partisan strategies and proposed amendments. While such discussions reveal Washington insider politics, a distinctly different set of priorities exist in America’s heartland.  Read More ... Charlene Crowell, NNPA Columnist - 1 opinion posted

Latest report shows racial money divide has quadrupled The wealth gap between white and African-American families increased more than four times between 1984-2007, and middle-income white households now own far more wealth than high-income African Americans, according to an analysis released on Monday by the Institute on Assets and Social Policy (IASP) at Brandeis University.  Read More ... 1 opinion posted

Low-income entrepreneurs program provides access to funding Wells Fargo, the banking empire who recently purchased Wachovia Bank, is investing $1 million into Grameen America — a non-profit microfinance organization that gives low-income entrepreneurs access to EQ2 (Equity-Equiva­lents) loans. They also help with business credit establishment and other financial services. Read More ...

Minorities are targeted for risky loans, study finds As financial reform works its way through the Senate, a new study by the National Community Reinvest­ment Coalition (NCRC) indicates that subprime lending and subsequent resulting foreclosures were led by the private market and contained a clear racial component not explained by objective underwriting criteria. African-American and Latino borrowers were more likely to receive a subprime loan, and to go into foreclosure, than similarly situated white homeowners, controlling for credit risk and other borrower, neighborhood and loan characteristics.  Read More ...

Low-income entrepreneurs program provides access to funding Wells Fargo, the banking empire who recently purchased Wachovia Bank, is investing $1 million into Grameen America — a non-profit microfinance organization that gives low-income entrepreneurs access to EQ2 (Equity-Equiva­lents) loans. They also help with business credit establishment and other financial services.  Read More ...

Women are still being shortchanged at work The Institute for Women’s Policy Research has released a study that again illustrates that women still make less than men in the same jobs, even at the top. According to the study, women still make only 77 percent of what men do.    Read More ...

CONSUMER CREDIT SCORES: The industry standard of measuring credit worthiness As the deadline draws near to take final advantage of one-time, federal home buying tax credit, many consumers who yearn to make the transition from renters to homeowners will seriously consider whether the time is right to “make that move.” With a large inventory of homes in most markets, coupled with comparatively low home prices and mortgage interest rates, many may find the opportunity for an $8,000 tax credit tempting.  Read More ... Charlene Crowell, NNPA Columnist

Black multi-millionaires add to portfolio, buy Dallas hotel So says Michael V. Roberts, chairman and CEO of the Roberts Companies and one of the country’s most successful African-American businessmen. For this unapologetic capitalist, one of the keys to social betterment for African Americans is for Blacks to become less bashful about their yearning for ownership, and less easily deterred from pursuing it.  Read More ... Imani Evans, Contributing Writer

TheLoop21.com commissions economic survey of Black America In an effort to better understand the economic status of African Americans and the perceptions behind the racial disparity that exists in today’s economy, TheLoop­21.com, a top African-American website for economic and political news, has commissioned the largest-ever consumer study of African- American consumers and workers.  Read More ...

Fewer Blacks believe home ownership is attainable (Special to the NNPA from the Afro-American Newspapers) — Many Blacks still see owning a home as a primary way to achieve the American dream. But a majority of Blacks believe that this dream is currently unattainable and will only be harder to achieve in the future, according to a Fannie Mae survey.  Read More ...

White unemployment goes down as Black unemployment goes up That story is that as the overall unemployment rate remained steady, the Black unemployment rate leaped from 15.8 percent to 16.5 percent. The rate for Black women rose from 12.1 percent to 12.4 percent. The rate for Black men closed in on 20 percent, rising from 17.8 to 19.0.  Read More ... Hazel Trice Edney, NNPA Editor-in-Chief

Small Business Assoc. to stand trial in discrimination suit WASHINGTON, DC - District Court Judge Kessler Monday ruled against SBA's attempt to dismiss Diamond Ventures, LLC's (Dia_mond) landmark lawsuit against the Small Business Administration (SBA), setting the stage for SBA to stand trial for discriminatory practices in its Small Business Investment Company (SBIC) program. (See case # 03-1449 Diamond Ventures, LLC V Hector Baretto and the United States Small Business Association (District Court of District of Columbia).  Read More ...

Spring shutdown of Haiti relief effort shows FCC needs to protect text messaging WASHINGTON—Two leading public interest groups today re­newed their call for the Federal Communications Commission to safe­guard text messaging after they revealed that Sprint will shut down a fundraising campaign aim­ed at helping earthquake-ravaged Haiti.  Read More ...

Black and Latino executives falling further behind Wesley, Brown & Bartle (WB&B), a four-decade-old na­tional executive search firm with the highest record of management diversity in corporate America, recently announced survey results reflecting a dismal re-employment picture for minority executives.  Read More ...

In Black-Brown economic war: Virgin Islands governor tells how he is winning – so far WASHINGTON (NNPA) – U. S. Virgin Islands Governor John deJongh proclaimed at least a temporary victory last week as he told how he steered his island from the brink of bankruptcy into economic stability despite relentless political attacks from Puerto Rico over the Island’s strategic use of a federal excise tax program to create public-private partnerships with two major rum producers.  Read More ... Pharoh Martin, NNPA National Correspondent

Stimulus can't slow Black foreclosures (Special from  The Final Call) — Equity rich but cash poor black households hardest hit by the crippling subprime lending scheme have benefited less than predatory financial institutions from stimulus dollars meant to help them recover, fair lending advocates and loan modification analysts say.  Read More ... Charlene Muhammad, Contributing Writer - 1 opinion posted

Black D.C. native 8th on Forbes "wealthiest" list WASHINGTON (Special to the NNPA from the District Chronicles) — It’s hard to know what to expect when you meet a Forbes ‘lister.’ Someone literally so wealthy, so successful that we’re forced to pluck them once a year from office suites, stages, and basketball courts and rank them by the zeroes in their bank accounts. Names like Oprah and Magic and Bob and Sheila Johnson float to the top. Now we can add Washington native R. Donahue Peebles to that list.  Read More ... Brandi Forte, Contributing Writer

Peaches Records stays rooted in New Orleans music Across the United States, many neighborhoods have experienced the disappearance of more than 3,000 locally owned record stores in the last decade. Sticking to a formula created from its roots in Gentilly, Peaches Re­cords has beaten the odds against corporate domination. A cultural center, Peaches provides that rare quality of authenticity because of a unique relationship it has always shared with the surrounding community and local artists.  Read More ... Kendric Perkins, Contributing Writer

AIG units to pay $6.1M to settle discrimination charges Two subsidiaries of American International Group Inc. have agreed to pay a minimum of $6.1 million to resolve allegations that they engaged in a pattern or practice of discrimination again­st African-American borrowers, representatives of President Oba­ma’s Financial Fraud En­force­ment Task Force (FFETF) an­nounced today.  Read More ... 1 opinion posted

Secrets exposed, myths vanquished at recent Minority Business Summit (Special to the NNPA from the Afro American newspapers) — There were no tennis shoes, jeans or sweatshirts present at the Minority Business Summit’s “Men of Influence” luncheon on February 20, just neatly creased slacks, fashionable ties and double-breasted suits.  Read More ... Stephen D. Riley, Contributing Writer

Is Magic Johnson planning to buy Ebony, Jet magazines? (Special to the NNPA from the Los Angeles Sentinel) — There is much speculation in the news that retired NBA star and businessman extraordinaire, Earvin “Magic” Johnson is negotiating to purchase Johnson Publishing Company, the parent company of Ebony and Jet magazines. Sources close to the possible purchase said that the company’s Chicago headquarters, a beacon of Black pride, on Chicago’s South Michigan Avenue, would be included if the deal is consummated.  Read More ... Yussuf J. Simmonds, Contributing Writer - 1 opinion posted

Know your rights and responsibilities, credit card reforms begin Feb. 22 This month, a number of significant credit card reforms originally passed by Congress in 2009 will take effect. Although some provisions of the Credit Card Account­ability, Responsibility and Disclo­sure (CARD) Act were phased in last year, the bulk of the provisions will be fully implemented on February 22.     Read More ... Charlene Crowell, NNPA Financial Writer

Black leaders finally meet with Obama on jobs WASHINGTON (NNPA) — Civil rights leaders met with President Barack Obama last week to discuss the president’s jobs strategy and to voice their concerns about the disproportionate effect of the jobs crisis on the African-American community.   Read More ... Pharoh Martin, NNPA National Correspondent

300 ITT employees lend hand in New Orleans recovery Three hundred of ITT Corporation’s top global leaders rolled up their sleeves to volunteer in New Orleans. On February 11, 2010, ITT employees partnered with two local organizations — HandsOn New Orleans and Bayou Rebirth —to assist in the city’s ongoing recovery efforts after the devastation of Hurricane Katrina through school revitalization and wetland restoration projects.  Read More ...

S&WB agrees to reinstate its comprehensive program The Sewerage & Water Board of New Orleans has agreed to reinstate its comprehensive program – stalled for several years in the aftermath of Hurricane Katrina — to make extensive improvements to reduce or eliminate sewage overflows into the Mississippi River, Lake Pont­chartrain and its storm drainage canal system, the Justice Depart­ment and U.S. Environmental Protection Agency announced January 27.  Read More ...

At NNPA Conference: N.C. AT&T president tells plans to impact Black America CHARLOTTE (NNPA) — Amidst an economic crisis that has placed the spotlight once again on economic injustice and disparities in the Black community, AT&T North Carolina President Cynthia Marshall laid out for America’s Black newspaper publishers what her company is doing to spur progress in the Black community.    Read More ... Pharoh Martin, NNPA National Correspondent - 1 opinion posted

Clean energy offers opportunities for African Americans Is there anything more important than reducing the federal deficit?  Yes, it's creating well-paying jobs in major industries to lift the United States out of the greatest economic collapse since the Great Depression.  Read More ... Emmanuel K. Glakpe, NNPA Guest Commentary

Consumers beware: Are bank favors favorable to you? WASHINGTON (Special to New American Media from Final Call) — Be careful when banks offer to do you a favor. It could cost you up to $35 each time they pay a charge if you don’t have enough money in your account to cover it. Called “Courtesy Overdraft Services,” banks provide this “favor” as a help to clients who are faced with having transactions denied.  Read More ... Misa Islam Muhammad, Contributing Writer

Empowerment project aims to build economic, community strength John and Maggie Anderson were celebrating their wedding anniversary and chatted about the social ills impacting the Black community. They discussed how Black purchasing power is nearing a trillion dollars, but that money rarely circulates back into the community. Then the bill came.  Read More ... La Risa Lynch, Contributing Writer

Black businesses shorted on stimulus contracts (Special from New America Media) — Since President Barack Obama signed his stimulus package into law in February, the U.S. Department of Transportation has handed out more than $150 million in contracts to companies for street, highway and bridge construction.  Read More ... Aaron Glantz, Contributing Writer

Green jobs for Black America At the same time President Obama, prodded by the National Urban League and others, announced new measures to tackle record unemployment that has reached epidemic proportions across America, especially in urban communities of color. What do these two issues have in common? It is becoming increasingly clear that the “green movement” is not only critical to the health of our planet and its people; it can be an engine of economic recovery and growth that brings desperately needed jobs and development to our cities.   Read More ... Marc H. Morial, President/ CEO, National Urban League

New chair of the National BlackChamber ofCommerce leads organization upstream WASHINGTON (NNPA) — Sherrie Gilchrist, the first woman to chair the 95,000-member National Black Chamber of Commerce, says she will focus on business empowerment and education as difficulties mount for small African-American-owned businesses in a turbulent economy.  Read More ... Pharoh Martin, NNPA National Correspondent

Black unemployment reaches Great Depression levels (Special to the NNPA from Black Voice News) — In what is being portrayed as a direct rebuke of the White House’s lack of response to the deepening unemployment meltdown, Rep.  Maxine Waters D-Cali­fornia, ranking CBC member on the powerful Financial Services Committee killed a scheduled November 19 vote on President Barack Obama’s financial regulation reform bill.  Read More ... Chris Levister, Contributing Writer

NUL partners with alternative lender to revive small businesses To help combat this, leading civil rights and economic organization the National Urban League has partnered with alternative business lender, On Deck Capital. They’ve announced a program that promises to provide much needed financial relief to thousands of minority-owned small business owners who can not qualify for traditional bank loans.  Read More ... Pharoh Martin, NNPA National Correspondent

Blacks make modest job gains in November (Taylor Media Services) — In a development not expected by most economists, the nation’s unemployment rate fell slightly last month — dropping from 10.2 percent in October to 10 percent in November. African Americans moved in the same direction as the rest of the nation as their joblessness declined from 15.7 percent to 15.6 percent — a statistically insignificant decline.  Read More ...

Private equity, job creation in minority markets urged Congressman Chaka Fattah (D-PA), chairman of the bipartisan Congressional Urban Caucus, urg­ed colleagues to support federal and private initiatives that provide venture capital in urban markets and minority communities. “The greatest untapped market for American business can be found right here at home in the economic shadows,” Fattah said Monday at an Urban Caucus briefing for House members and staff.  Read More ...

Liberty Bank and Trust expands footprint by acquiring Detroit bank Liberty Bank and Trust Company, a Louisiana-based commercial bank, announced recently that it had acquired Home Federal Savings Bank located in Detroit, Michigan. This acquisition is a continuation of Liberty's rapid expansion over the past 10 years. Liberty now has financial institutions operating in seven major urban areas (New Orleans, Baton Rouge, LA; Jackson, MS; Houston, TX; Kansas City, MO; Kansas City, KS; Detroit, Michigan) and six states (Louisiana, Mississippi, Texas, Kansas, Missouri, and Michigan).  Read More ...

Louisiana outperforms all but one state economically during recession In a recent Portfolio.com analysis of how all 50 states and the District of Columbia fared during the recession, Louisiana ranked second best with an overall economic index of 7.298. North Dakota was the only state that fared better than Louisiana with an overall economic index of 7.463.  Read More ...

Time is running out for first-time homebuyers The National Association of Real­tors and the National Association of Home Builders have launched marketing campaigns touting the credit and have pushed Congress to keep it going. But some lawmakers are balking at the cost, which may hit $15 billion — more than double the amount projected in February’s economic stimulus bill.  Read More ... Chris Levister, Contributing Writer

Minority Business Development Agency to hold N.O. roundtable The Minority Business Development Agency, part of the U.S. Department of Commerce, will hold a roundtable discussion in New Orleans next week focused on minority business owners’ ability to access local, state and federal contracts.  Read More ...

Youth unemployment reaches an all-time high levels HOUSTON, Texas (Special to the NNPA from the Final Call) — The pay is not much, but 17-year-old Crystal Washington is happy to still be working at a local fast-food restaurant. Especially since recent statistics by the U.S. Labor Department shows staggering unemployment rates hitting her peers the hardest during the recession.  Read More ... Jesse Muhammad, Contributing Writer

Town hall meeting to address issues impacting women entrepreneurs The National Women’s Business Council in partnership with the Urban League of Greater New Orleans Women’s Business Resource Center, U.S. Small Business Administration Louisiana District Office and Louisiana Small Business Development Center, Greater New Orleans Region will host a town hall meeting aimed at uncovering the priorities and challenges encountered by women entrepreneurs in the Greater New Orleans Region.  Read More ...

Oprah is the only Black to make Forbes’ 400 richest Americans list (Taylor Media Services) – Forbes magazine last week released its annual compilation of the 400 richest people in America. There was only one African American on the list — television talk-show queen Oprah Winfrey with an estimated wealth of $2.3 billion. She ranked #141 on the list.  Read More ...

‘Multicultural explosion’expected to dramatically change U.S. market, Nielsen predicts A graying population, slowing birth rate and increasing ethnic diversity will change the face and buying patterns of consumers in the U.S. and will require that marketers of the future reach a shrinking pie of older and multicultural demographics in more effective ways, according to an analysis from The Nielsen Company.  Read More ...

The Obama Administration to aid minority-owned small businesses Commerce Secretary Gary Locke and Small Business Administrator Karen Mills an­nounced a government-wide plan that includes federal agency procurement officials holding or participating in more than 200 events over the 90 days to share information on government contracting opportunities, including those available under the American Recovery and Reinvestment Act.  Read More ... Ayana Jones, Contributing Writer - 1 opinion posted

Minority small business to drive U.S. economy (Special to New America Media from China Press) — The growth of minority-owned small businesses will be one of the main forces driving the U.S. economy forward, reports the China Press.  Read More ...

Have Black contractors been driven off the road? The National Black Chamber of Commerce, Inc. has recently received contracting data from the U.S. Department of Transportation concerning federally funded highway projects. Nationally, Black contractors only participate in 1.1 percent of the total federal dollars allotted through state departments of transportation.  Read More ...

Black unemployment rate soars (Taylor Media Services) – Most economic analysts believed the recession-plagued economy had begun to improve during the summer months. But if there is improvement, it was not reflected in the latest unemployment figures released by the Labor Department Friday. Those figures showed joblessness jumped to 9.7 percent in August as employers cut 216,000 jobs. The unemployment rate in July stood at 9.4 percent.  Read More ...

Initiative aims to strengthen Black-owned banks Leading syndicated radio host, Warren Ballentine issued a call to action, deeming Sept. 4, 2009 “National Community Re­in­vestment Day.”   The national plan urges individuals from all across America to open an account with Black-owned banks in their communities on the same day. Ballentine announced that the mission of the campaign is to galvanize consumers, business and thought leaders, social groups and individuals all across America to actively get involved in empowering and transforming their own communities.  Read More ...

Credit reforms have begun WASHINGTON — (Special to the NNPA from the Afro-American Newspapers) - Two key provisions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 went into effect Aug. 20, but are consumers aware?  Read More ... Zenitha Prince, Contributing Writer

Will African American Media Survive the Current Recession? With industry experts estimating that advertising revenue is down by 25 percent to 40 percent, a legitimate question has been raised in recent months as to whether the nation’s Black media (primarily newspapers and radio stations) will survive the current recession.  Read More ...

Weight Discrimination in the Workplace: An Emerging Threat Not only is it an illegal practice but also a condemned act in the community. Employment discrimination in the workplace may take place in various forms. It can be discrimination due to age, sexual preference, religious belief or race.  Read More ... Mesriani Law Group

Historical Black Bank Fading Away RICHMOND, Va. (Special to the NNPA from the Richmond Free Press) - Consolidated Bank & Trust Co.,  once enjoyed historical significance as the nation’s oldest Black-owned bank in continuous operation and for its founding by America’s first female bank president, Maggie L. Walker.  Read More ... Jeremy M. Lazarus, Contributing Writer

Economic crisis fuels support for Social Security On the eve of the 74th anniversary of Social Security, nearly nine in 10 (88 percent) Americans said Social Security is more important than ever as a result of today’s economic crisis, and three-quarters of Americans say it is critical to preserve Social Security even if it means that working Americans have to pay higher taxes to do so, according to a poll released today by the National Academy of Social Insurance (NASI) and the Rockefeller Foundation.  Read More ...

ConAgra Foods Lamb Weston to open plant in Northwest Louisiana On Wednesday, Gov. Bobby Jindal and Louisiana Economic Development Secretary Stephen Moret joined ConAgra Foods Lamb Weston Inc. President Jeff DeLapp and Senior Financial Officer David Richardson to announce the company will construct the first large-scale processing facility in the world dedicated to high-quality, frozen sweet potato products near Delhi, La.  Read More ... 1 opinion posted

Blacks lost ground on Fortune 500 boards over past four years, study finds A recent study on African Americans on boards of directors of Fortune 500 companies commissioned by The Executive Leadership Council® found that the number of board seats held by African Americans has declined since its inaugural board report released in 2004. The percentage of African Americans on corporate boards decreased from 8.1 in 2004 to 7.4 percent in 2008, a .7 percent decline. Four years ago, African Americans held 449 corporate board seats and today they hold 413, or 36 fewer.  Read More ...

Weekly wages of Blacks are down, EPI reports WASHINGTON (Special to the NNPA from the Afro-American Newspapers) – The weekly wages of African-Americans have declined steadily for the past two years, according to a study recently released by the Economic Policy Institute. EPI is a D.C.-based independent, nonprofit, nonpartisan research institute that researches the impact of economic trends and policies on working people in the United States and throughout the world.  Read More ... James Wright, Contributing Writer

Louisiana small business support health care changes The majority of Louisiana small business owners believe changes to the U.S. health care system are necessary and are willing to help control costs and guarantee coverage for everyone, according to research recently released.  Read More ...

Xavier’s economic impact greater than Mardi Gras, study finds According to the study, Xavier generates more than $320 million in economic activities, and about $115.6 million of that is household earnings in the Greater New Orleans Region. The nation’s only historically Black & Catholic university is one of the area’s leading employers, and its spending helps to provide more than 4,200 jobs in Orleans Parish.  Read More ...

Payday loans squeeze millions in fees from Blacks and Latinos New research from the Center for Responsible Lending has found payday lenders are nearly eight times more concentrated in California’s Black and Latino neighborhoods as compared to white neighborhoods, draining these communities of $247 million in payday loan fees.  Read More ... Nisa Islam Muhammad, Contributing Writer - 3 opinions posted

Nation’s unemployment rate jumps but Black rate improves (Taylor Media Services) —  Businesses cut jobs by an unexpected 467,000 positions last month pushing the government’s official unemployment rate to 9.5 percent – the highest in 26 years. However, while African Ameri­cans continue to have a jobless rate higher than any other segment of the population, their unemployment picture improved slightly in June.  Read More ...

76% of Blacks want delay on climate legislation until economy recovers Seventy-six percent of African Amer_i_cans want Congress to make eco_nomic recovery, not climate change, its top priority, says a newly released nationwide poll of African-Americans conducted by the National Center for Public Policy Research.  Read More ...

Out-of-pocket expenses for Americans with employer-based health coverage rise U.S. Health and Human Services (HHS) Secretary Kathleen Sebelius on Tuesday released a new report – “Hidden Costs of Health Care: Why Americans are Paying More but Getting Less.”  Read More ...

NOBEL applauds Mignon Clyburn’s nomination to the FCC The National Organization of Black Elected Legislative Women (NOBEL) on June 11 praised President Barack Obama for nominating Mignon Clyburn to serve on the Federal Com­munications Commission.  Read More ...

Black women bridging the economic gap According to recent information posted in The Journal of Blacks in Higher Education (JBHE) a four-year college degree not only increases the earning potential of Black Americans but almost completely closes the economic gap between Black and white citizens who are equally credentialed.  Read More ...

New report details experience of minority women in the subprime lending market and disparate treatment by race Ninety years after the passage of the 19th amendment by Congress, a new report for the National Council of Negro Women researched by the National Community Reinvestment Coalition (NCRC) shows that African-American and Latino women continue to receive disparate treatment in the mortgage lending process.  Read More ...

First Black Woman to Head Fortune 500 Company (Special to the NNPA from the St. Louis American) - When Anne Mulchay steps down as CEO of the Xerox Corporation, a Black woman will head a Fortune 500 company for the first time. The company released a statement yesterday May 21 stating that Xerox Corporation President Ursula Burns will be replacing Anne Mulcahy effective July 1.  Read More ...

Economic slump pushing public-sector employees to delay retirement The slumping economy is holding back retirements among state and local government employees, according to a new survey of government managers, sponsored by the Center for State and Local Government Excellence.  Read More ...

Study shows Black buying power will grow despite economic woes WASHINGTON (NNPA) — Despite an economy represented by high unemployment rates, a home foreclosure crisis and low consumer confidence, African-American buying power is projected to reach $1.2 trillion in 2013, according to a report conducted by the University of Georgia’s Selig Center for Economic Growth.  Read More ... Brittany Hutson, NNPA Special Correspondent

Kaufman Foundation finds Black business creation declined in ’08 (Taylor Media Services) — While other ethnic groups were creating businesses in 2008, the number of African Americans becoming entrepreneurs actually declined. That is one of the chief conclusions from new data from the Kauffman Foundation's Index for Entrepreneurial Activity.   The Index found that new business creation was up across ethnic groups (except for African Americans), geographic regions (except for the Midwest) and both genders.  Read More ...

Black joblessness soars to 15% (Taylor Media Services) — The nation’s unemployment rate jumped from 8.5 percent to 8.9 percent last month — the highest jobless rate since 1983. However, the burden of lost jobs fell primarily upon African Americans. The Black unemployment rate soared from 13.3 percent in March to 15 percent in April.  Read More ...

Black Business Group Opposes Obama's Renewable Energy Standards (Taylor Media Services) - The National Black Chamber of Commerce last week sent a letter to the members of the Congressional Black Caucus urging them to oppose any legislation that would implement federal renewable energy standards. Harry Alford, president and CEO of the NBCC, charged the plan being advance by President Obama's administration and Congressional supporters would have "negative effects" on African Americans and on Black-owned businesses.  Read More ...

SUNO gives La. taxpayers $7 for every $1 the state invests in the university, study finds An economic impact study of Southern University at New Orleans (SUNO) released Thursday by the University’s College of Business & Public Administration titled “The Economic Impact of SUNO: Giving Taxpayers More for Their Money” reveals that the institution generated $111,461,082 on a state budget of just over $16 million during the fiscal year 2008-09.  Therefore, each dollar the state allocated to SUNO is multiplied approximately seven (6.83) times, meaning that taxpayers get a return of $7 for every $1 of state funding invested in SUNO. This is a conservative estimate, as many other studies have shown that the ratio of return on every dollar spent on higher education is as high as eight-to-one and beyond.  Read More ...

Johnson Products Under New Management, Black Hair Care Ownership Returning to Dallas DALLAS (Special to the NNPA from the Dallas Weekly ) - An 18-month long acquisition has brought new life to one of America's most recognized market leaders in African-American hair care products. Johnson Products has been sold from Proctor & Gamble (P&G) to Eric and Renee Cottrell-Brown, daughter and son-in-law of former Pro-Line owner Comer Cottrell. Brown, who will serve as chief executive officer for the company, said Johnson Products has a chance to return to the greatness it once enjoyed.  Read More ... Patrice J. Holmes, Contributing Writer

Many in U.S. still committed to saving and investing for retirement, study finds Although the financial markets are still volatile, many Americans remain committed to saving and investing for retirement, according to a nationwide survey by AARP Financial Inc. The study found evidence of cautious optimism among investors who believe the current market turmoil may slow their retirement progress, but not halt it.  Read More ...

Vast majority of families struggle with financial implications of a life crisis, study finds In times of life crisis, family finances may suffer significantly, as many households struggle to make the urgent and crucial financial decisions that are usually required, according to the results of a nationwide survey released by AARP Financial Inc.  Read More ...

Economics, budget concerns weigh on minds of Louisianians, survey finds Louisiana may have avoided the full brunt of a national economic recession so far but economic concerns are clearly on the rise, according to the 2009 Louisiana Survey, released earlier this month, in a presentation to the Rotary Club of Baton Rouge by Kirby Goidel, director of LSU's Public Policy Research Lab.  Read More ...

Professionals and middle class losing income, opportunities CHICAGO (Special to the NNPA from The Final Call) - President Barack Obama's economic stimulus plan has proposed several initiatives that should increase job growth in the professional services sector-including information technology, engineering, legal and financial services-but a recent report warns old barriers to Blacks in the professional services industry could limit benefits from the new government investment.  Read More ... Ashahed M. Muhammad, Contributing Writer

New Website Lists Thousands of Jobs for Black Applicants (PRWEB) - The U.S. economy continues to suffer from the worst recession since the Great Depression, and more and more jobs are being lost every single month. Despite this and contrary to popular belief, many companies are still hiring and recruiting talent. In addition, many of these employers have launched highly concentrated diversity initiatives and are looking to hire African-American professionals.   Read More ...

African American Buying Power Said to be Approaching $1 Trillion (Taylor Media Services) - In 1990, the buying power of the nation's African-American population stood at $318 billion. However, according to the Selig Center for Economic Growth, in 2008 that spending power had grown to nearly a trillion dollars - $913 billion to be exact. In a recent report, the Center projects that by 2013, Black buying power will shoot up by 35.7 percent to stand at $1.24 trillion.  Read More ...

Black Business Group Offers Impressive Benefits & Seeks Members (Taylor Media Services) Declaring its goal is to “educate and empower its members,” the Black Business Builders Club this week launched a major campaign to attract as members African Americans who own businesses or who are considering starting a business. The club, founded by Lee Green of the National Black Business Trade Association, aims to educate its members in the use of cutting edge business marketing tools.  Read More ...

Black America remains a largely untapped financial market, report says Financial services providers that do not attempt to reach African Americans are missing out on a treasure trove in their midst, asserts a recent Marketing Daily story. Marketing Daily reports statistics stating that over two million African-American households have incomes of $75,000, and the aggregate income of the most affluent African Americans is $116 billion. Additionally, the collective purchasing power of African Americans from all income levels is projected to reach $981 billion by 2010.  Read More ...

Survey shows strong profitability among small busineses Network Solutions(r) and the University of Maryland's Robert H. Smith School of Business announced Thursday the launch of the Small Business Success Index(c), an ongoing measurement of the overall health of U.S. small businesses based on a telephone survey of 1,000 small business owners.  Read More ...

TV ONE, BET founder feud over tv networks (Special to the NNPA from the Philadelphia Tribune) - Two of the biggest names of African-American media communications are locked in a war of words over the future of minority-owned television outlets.  Read More ... Bobbi Booker, Contributing Writer

Blacks show disconnect when it comes to personal financial planning African Americans are more optimistic about their financial future over the next year than the general population, but the majority of those responding acknowledge they don't have a financial game plan and many don't know where to start. A new survey of 1,200 participants commissioned by The Smiley Group and Nationwide Insurance shows 58 percent of African Americans expect their household situation to be better a year from now, compared to only 30 percent of the general population sharing similar optimism.  Read More ...

President's Economic Strategy Considers Needs of Struggling Blacks, Say Aides WASHINGTON (Special to the NNPA from the Afro-American Newspapers) - President Barack Obama told supporters in the waning weeks of his election campaign that once he got to the White House he would hit the ground running in order to stabilize the economy and put the nation back on solid footing.  Read More ... Dorothy Rowley, Contributing Writer

Job losses continue to soar, Blacks at 13.4 percent WASHINGTON (Special to the NNPA from the Afro-American Newspapers) - "Astounding" is how President Obama, speaking March 6 in Columbus, Ohio, characterized the nation's new Unemployment figures - a staggering 8.1 percent, the highest since 1983 as employers pick up the pace of layoffs.  Read More ... Dorothy Rowley, Contributing Writer

Are local entrepreneurs the backbone of the economy? MINNEAPOLIS (Special to the NNPA Minnesota Spokesman-Recorder) - Everyone from President Barack Obama to local city leaders say small business owners are the key to helping the economy rebound. Economists say that boosting small businesses will help create jobs and spur the economy. But is that a tall order for someone who has only been in business for a short period of time?  Read More ... Sheletta Brundidge, Contributing Writer

Highest unemployment in three decades With nearly 600,000 jobs alone lost this past January, the already dismal unemployment rate has been boosted from 7.2 percent to 7.6 percent, according to a report released Friday by the U.S. Department of Labor's Bureau of Labor Statistics.  Read More ... Dorothy Rowley, Contributing Writer

New study shows well-to-do ethnic consumers hold $282b in purchasing power Affluent ethnic Americans have been invisible to luxury marketers until now. A new study by chief economist Greg McBoat of the research firm and consultancy, Diversity Affluence, reflects "Estimates of Population, Income and Purchasing Power for African, Asian and Hispanics Americans in America." It defines affluent ethnic individuals with an annual income of at least $75,000 and households with an annual income of $150,000 or greater.  Read More ...

Minority stock ownership continues falling in market downturn PORTLAND, Ore. (Special to the NNPA from the Portland Skanner) - The recent severe downturn in the stock market may further reduce stock ownership by African-Americans and other minority investors, new research suggests.  Read More ...

Black exec tapped to lead one of nation's largest financial institutions (Taylor Media Services) Citigroup - one of the nation's largest financial institutions - announced recently that it had selected African-American Richard D. Parson, as its new head. Despite its size, Citigroup is in trouble. Last quarter it lost more than $8 billion.  Read More ...

Philadelphia-based CHPlanning, Ltd. opens office in downtown New Orleans Charnelle Hicks, AICP, PP, founder and president of CHPlanning Ltd., recently announced the opening of a New Orleans branch office of her firm, CHPlanning, Ltd. an eight year-old community, urban, environmental and airport planning firm, headquartered in Philadelphia, PA.  Read More ...

Liberty Bank acquires United Bank and Trust Company Liberty Bank, a Louisiana-based commercial bank, last week announced the acquisition of United Bank and Trust Company, adding another viable institution to its expanding portfolio of financial institutions. The acquisition, which has been approved by United's shareholders but must gain regulatory consent, will increase Liberty's locations to 17 branches in five states, including Louisiana, Mississippi, Missouri, Kansas, and Texas.  Read More ...

Workplace racial harassment decisions in U.S. federal court affected by judges' race, study finds Long-held assumptions that the judicial decision-making process is always objective and color-blind is challenged by new research conducted by the Tepper School of Business at Carnegie Mellon University and the University of Pittsburgh School of Law. A study of hundreds of U.S. federal court cases shows that the race of federal judges frequently affects the outcome of cases in the area of workplace racial harassment.  Read More ...

The Economy: Whites are hurting, but Blacks are... WASHINGTON (Special to the NNPA from the Afro-American Newspapers) — With a  little more than a week in office as president of the United States, Barack Obama is facing one of the worst economic downturns since the Great Depression of the 1930s. The nation’s economic woes top the new president’s agenda even as the war in Iraq continues and the conflict in Afghanistan heats up.  Read More ... James Wright, Contributing Writer

Obamas upset over Beanie Babies named after their children WASHINGTON (Special to the NNPA from the Afro-American Newspapers)-President Barack Obama and First Lady Michelle Obama are not happy with new dolls that resemble images of their two young daughters.  Read More ... James Wright, Contributing Writer

Dell Agrees To Refund Consumers Under Settlement With 34 States SEATTLE (Special to the NNPA from the Seattle Medium) - Washington State Attorney General Rob McKenna has announced an agreement between the Attorneys General of 34 states and Dell under which Dell will provide restitution to customers who experienced problems with the company's financing promotions, rebate offers, technical support and repair policies.  Read More ...

Black Designers May Be Key in Potential Turnaround as Ford, GM, Chrysler Roll Out New Products for Auto Show DETROIT (Special to the NNPA from the Michigan Chronicle)—Earl Lucas, who headed the exterior design of the new Ford Taurus unveiled at the 2009 North American International Auto Show, represents what could prove to be pivotal to any turnaround for the Dearborn-based automaker and the Detroit Three overall.  Read More ... Marcus Amick, Contributing Writer

New report finds silent economic depression for people of color A new report released January 15 concludes that the current economic recession is being experienced as a depression by people of color. Entitled “State of the Dream 2009: The Silent Depression,” the report is the sixth annual Martin Luther King, Jr. Day report from United for a Fair Economy (UFE). It is available for download from www.faireconomy.org/dream. Read More ...

Preparing for your 2008 tax return (NewsUSA) — As tax season swings into full force, it’s common to let your tax documents pile up while you sit back and wonder where to start.  Read More ...

Scapegoating blacks for the economic crisis A simple, yet likely powerful, explanation has now been offered for the subprime mortgage lending and foreclosure problems that have fed the nation’s gravest economic crisis since the Depression. The beauty and simplicity of this explanation makes one wonder why it took so long for us to see it.  According to this view, it was the fault of Black people!  The federal government, another favorite whipping boy, also played a hand in this by trying to increase homeownership among minorities and other “undeserving poor.” The combination of big government and blacks simply could not be resisted any longer. As Fox News’ Neil Cavuto concluded, “Loaning to minorities and risky borrowers is a disaster.”  Read More ... Gregory D. Squires, Contributing Writer

Unemployment soars to 7.2% hitting all major population groups hard (Taylor Media Services) — The nation’s unemployment rate soared to 7.2 percent last month as the economy loss 524,000 jobs. The current recession took jobs from all major population groups. Whites saw their jobless rate jump from 6.2 percent in November to 6.6 percent in December. Black unemployment rose from 11.3 percent to 11.9 percent while joblessness for Hispanics increased from 8.6 percent to 9.2 percent. Unemployment for Asians stood at a seasonally unadjusted 5.1 percent.  Read More ...

Wells Fargo Says It Reached Goal of Lending $1 Billion to Black Businesses Giant Wells Fargo Bank announced last week that it has met its goal of lending $1 billion to Black-owned businesses within a 10-year period; the goal was set as part of the bank’s African American Business Services Program. According to the California-based financial institution, the goal has been met two years early.  Read More ...

Experts say 2008 was financially a bad year for blacks and 2009 may be worse For African Americans, “2008 was not a good year … And unfortunately, it looks like things will get worse.” Those words came last week from Algernon Austin—director of the Program on Race, Ethnicity and the Economy at the Washington, D.C.-based Economic Policy Institute.  Read More ...

Liberty Bank to participate in Treasury Department's Capital Purchase Program The third-largest African American-owned bank in the United States, Liberty Bank, recently announced that it has received approval to participate in the U.S. Treasury Department’s TARP Capital Purchase Program. The voluntary program is designed to increase the flow of capital into the economy by offering financial institutions more funds to lend to businesses and consumers. Liberty is only one of three banks in the New Orleans area chosen to participate, and the only minority bank.  Read More ... 1 opinion posted

Study finds rampant discrimination in advertising industry  An exhaustive new study of America’s advertising industry released Thursday has found dramatic levels of racial discrimination throughout the industry. Bias against African-American professionals was found in pay, hiring, promotions, assignments and other areas.  Read More ...

A great opportunity to integrate the construction unions One of the most curious situations going on in the political arena is the strong support construction unions get from Black elected officials and traditional civil rights organizations.  Read More ... Harry C. Alford, NNPA Columnist

Sen. Mary Landrieu to chair Senate Small Business Committee U.S. Senator Mary L. Landrieu, D-La., will chair the United States Senate Committee on Small Business and Entrepreneurship for the 111th Congress that convenes in January, the Senate Leadership announced Tuesday.  Read More ...

Entergy New Orleans, LHCDC partner to provide More affordable housing Entergy New Orleans, Inc. and the Louisiana Housing and Community Development Corporation on Wednesday announced a joint venture that will provide affordable, energy-efficient housing throughout the city.  Read More ...

James White named president and CEO of Jamba Inc. Jamba, Inc. recently announced the appointment of James White as its president and Chief Executive Officer and as a member of its Board of Directors. White assumed leadership of the company on December 1.  Read More ...

Each job loss represents a 'personal crisis', Obama reminds WASHINGTON (NNPA) - As Christmas nears and families watch their purses to be sure they are spending wisely, President-elect Barack Obama has called on Americans to view the economic crisis from a human standpoint, rather than just another political issue.  Read More ... Hazel Trice Edney, NNPA Editor-in-Chief

Spotlight: Never Give Up the Search INGLEWOOD (Special to the NNPA from the Los Angeles WAVE) - A former marine and self-taught computer specialist is, with the help of two exceptionally smart family members, leading the fight to keep children safe through the latest technology.  Read More ...

GM names first African-American female automotive designer DETROIT (Special to the NNPA from the Michigan Chronicle) - Crystal Windham has been appointed director of General Motors North American Passenger Car Design, making her GM's first African-American female design director.  Read More ...

Louisiana adds 10,900 non-farm jobs in October The Louisiana Workforce Commission reported last week that the state's non-farm employment increased by 10,900 jobs in October, a sign that the regional job market is recovering from a destructive hurricane season.  Read More ...

Black Businesses Will Rise With Others, Says Obama Economic Advisor WASHINGTON (NNPA) - Time Warner Chairman Richard "Dick" Parsons, a member of President-elect Barack Obama's Transition Economic Advisory Board, says Black and other minority-owned businesses, which dominate the rock bottom of the economic crisis will be swept upward as the bailouts and stimulus strategies begin to work. Read More ... Hazel Trice Edney, NNPA Editor-in-Chief

African-American students say interning is key to finding job While many of the estimated two million African-American college students may wonder what the future holds after graduation, a number have already found out. They've started college internships-a step that both employers and statistics show can help them land and keep a job, long after leaving school. Read More ...

Multimedia network for Black professionals is launched Prominent business leaders, Black professionals and entrepreneurs convened in South Florida recently to launch ICABA, a new multimedia brand that seeks to identify, connect and activate accomplished Blacks around the world. During the launch reception, ICABA unveiled an integrated marketing platform that includes a multifaceted Website with a social networking component, print directories and signature events. Read More ...

HUD issues new mortgage rules to help consumers shup for lower-cost home loans New 'Good Faith Estimate' will help borrowers save nearly $700  Read More ...

Bankers and realtors say Louisiana credit situation "strong and safe" Louisiana Bankers Association chief executive officer Bob Taylor and Louisiana REALTORS(r) chief executive officer Malcolm Young addressed the Press Club of   Baton Rouge on Monday to discuss the impact of the national financial crisis on Louisiana.  Read More ...

Tyler Perry's sitcom writers allegedly fired for unionizing PHILADELPHIA (Special to the NNPA from the Philadelphia Tribune) - Days before opening his new production studio in Atlanta, Ga., writer/director/producer Tyler Perry fired four of his television writers, among them, Yeadon, Pa. native Lamont Ferrell.  Read More ... By Kimberly C. Roberts, Contributing Writer - 1 opinion posted

Job-Creation Must Accompany Bailout, Economists Say PHILADELPHIA (Special to the NNPA from the Philadelphia Tribune) - It's not the current Wall Street meltdown that most African Americans should be worried about - it's the economic crisis that is certain to follow that will disproportionately hit Blacks.  Read More ... By Eric Mayes Contributing Writer

‘Wealth in Black America’ survey finds generational differences Young affluent Blacks are more worried about wealth preservation than their older counterparts, according to “Wealth in Black America,” Northern Trust’s first annual survey of affluent Black households in the United States, including African Americans and Blacks of other origins. Three in four Generations X and Y wealthy respondents (ages 18-42) said they are concerned about preserving their wealth, while less than half of respondents in the Boomer and Silent Generations (ages 43 and above) shared this concern.  Read More ...

Affluent Blacks continue to be an untapped market for luxury brands Wealthy African Americans are a largely untapped and widely overlooked demographic despite having $29.8 billion in purchasing power, according to results from a study released recently.  Read More ...

The business of image is a great reflection consultant's talent One should not be fooled by the likeness of Julie Branden's petite five-foot two frame and sweet smile.  When it comes to her consulting firm, Vivid Image, She means business. Read More ... By Kelly Parker, Contributing Writer

La. company gets funding to produce domestic energy from sugarcane waste Raceland Raw Sugar of Raceland, La. has received a $1.48 million federal grant to process waste from sugarcane into energy to power cars and heat and cool homes.  Read More ...

NAACP's latest Economic Reciprocity Report reflects gradual progress After 12 years of tracking the diversity efforts of some of the nation's largest companies in five key industries, the NAACP reports measured progress toward the goal of addressing economic concerns of the African-American consumer.  Read More ...

2008 Economic Stimulus Act provides tax benefits to businesses If you are sitting down for your mid-year tax check up, small businesses should review business incentives in the Economic Stimulus Act of 2008. In addition to providing stimulus payments to individuals, this act includes a special 50-percent depreciation allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008. Read More ...

Philly sheriff stops enforcing foreclosure notices PHILADELPHIA (Special to the NNPA from the Final Call) - Looking to capitalize off of someone else's misfortune with a foreclosure sale? Don't look in Philadelphia because Sheriff John Green has stayed the foreclosure sales and instead is offering help and hope to beleaguered homeowners.  Read More ... By Nisa Islam Muhammad

SCLC leads national boycott as ExxonMobil gets $40 billion payday Protesters, which included both national and local officers from the Southern Christian Leadership Conference, joined forces with environmentalists and even some shareholders, lambasting oil giant ExxonMobil, along with other major oil companies, and demanding action that would help to reverse the skyrocketing gas prices crippling many Americans. Read More ... By Gordon Jackson

A solution to the sub-prime mess There are disasters and there are disasters. The current Sub-Prime disaster will probably go down as one of the greatest tragedies done to working families, particularly Black families.  Read More ... By Harry C. Alford

Black labor leaders vow to heal Democratic Party The American labor movement has unequivocally vowed to heal any division in the Democratic Party. It made the promise at the opening session of the 37th International Convention of the Coalition of Black Trade Unionists held recently in Downtown St. Louis. Read More ... By Chris King

James O. Campbell Port of New Orleans names Campbell its new board chairman The newly elected chairman of the Port of New Orleans Board of Commissioners is James O. Campbell, president of the International Longshoremen’s Association Local 3000. Read More ...

Byron Encalade (left) and Gary Barthelemy Fisheries Assistance Center Local fishermen celebrate the Grand Opening of the Southeast Louisiana Fisheries Assistance Center in Belle Chasse, Louisiana.  Read More ...

Fannie Mae moves to exclude: Bad credit scores could forever deny borrowers home loans New lending guidelines proposed by the Federal National Mortgage Association — also known as Fannie Mae — would permanently lock out some minority homebuyers by denying loans based on credit scores.  Read More ... By Lisa Loving - 1 opinion posted