Xinyuan Provides Q3, FY18 Outlook, Declares Q2 Dividend – Quick Facts

Real estate developer Xinyuan Real Estate Co., Ltd. (XIN) said Wednesday it expects contract sales to be about $ 540 million for the third quarter of 2018. It also projects fiscal 2018 increase in contract sales of about 10 percent and an increase in consolidated net income of 15 to 20 percent over 2017.
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STRATEC Biomedical H1 Profit Declines, Organic Sales Down 3.9%; Adjusts Guidance

STRATEC Biomedical AG (SBSG) reported first-half earnings per share of 0.22 euros compared to 0.52 euros, prior year. Adjusted EBIT was at 8.8 million euros compared to 12.8 million euros. Adjusted EBIT margin was 9.8% after 12.7% in the equivalent period of the previous year. The company said the decline in profitability in comparison to the previous year is due particularly to higher expenses in connection with increased development activities and the lower sales volume with the resulting inability to leverage economies of scale. Adjusted earnings per share was 0.61 euros compared to 0.84 euros.
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Norway’s Trade Surplus Rises In July

Norway’s trade surplus increased in July largely reflecting a decrease in imports, Statistics Norway reported Wednesday.
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New Zealand July Retail Credit Card Spending Rises 0.7%

The value of retail credit card spending in New Zealand gained a seasonally adjusted 0.7 percent on month in July, Statistics New Zealand said on Friday.
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E.ON Stock Dips On Weak H1 Profit; Backs FY18 Outlook

Shares of E.ON SE were losing around 2 percent in the German trading after the electric utility reported Wednesday a sharp decline in its first-half net profit with lower sales mainly due to weakness in Energy Networks. Adjusted earnings improved. Looking ahead, the energy supplier affirmed forecast for full year 2018.
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Cryptocurrency Daily Roundup – Aug. 9

Bitcoin and its peers extended their downward trend Thursday morning, as market sentiment remained damped by the news that the US regulator postponed its decision on a Bitcoin ETF to next month. However, a prominent Bitcoin bull Dan Morehead, CEO of the hedge fund Pantera Capital, said on CNBC that the market was overreacting to the delay in SEC approval for a Bitcoin ETF.
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Mylan Q2 Results Miss View, Cuts 2018 Outlook; To Evaluate Alternatives

Mylan N.V. (MYL) reported a profit for the second-quarter 2018 that declined 87 percent from last year. Both Adjusted earnings per share and revenue for the quarter missed analysts’ expectations. It cuts to its 2018 profit and revenue guidance. The company said it is evaluating a wide range of alternatives, because it believes the public markets undervalue the company.
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A New Lottery Type of Game Emerges on Blockchain. Can It Make You Rich? [Opinion]

If you could open up a savings account where you lost 10% upon opening it but earned 1% a day, would you do it? That’s the tantalizing proposition behind P3D, a disruptive new economic experiment cloaked in the sheep’s clothing of a controversial lottery type of game on the Ethereum blockchain.

How It Works 

Created by an anonymous group of developers under the name Team JUST, P3D (or, PoWH3D, which stands for Proof of Weak Hands 3D) is a cryptocurrency trading platform. Using a browser extension like Metamask or Trustwallet, you exchange Ethereum (ETH) from your own digital wallet into an open-sourced, fully-automated smart contract (smart contracts are digital contracts that “help you exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman,” according to blockgeeks.com) for P3D tokens.

[Read ‘Digital Gold’ for an overview on cryptocurrency]

But there’s a catch: Every transaction is taxed 10%, whether you’re buying, selling, or re-investing your P3D tokens back into the contract. That 10% fee is then distributed among all P3D token holders by the proportion of their holdings in the platform. As the amount of ETH in the contract rises, so does the value of the tokens to buy and sell.

blockchain

(exchange.powh.io)

Although there are negative articles out there about this practice, it’s really more the case that both new and old investors are rewarded—and punished—alike for participation. Those with “weak hands,” meaning those who sell before earning enough dividends to recoup their combined 20% entrance-exit fees are really the only ones to lose at this game.

blockchain

(exchange.powh.io)

First P3D, Then, FOMO3D

These days, selling at a loss is getting hard to do. Launched only this March, P3D exploded on the scene, running up as much as 20,000 ETH (~$ 9.6M today) by the beginning of April. Promising its players future interconnected games that will reward those with “strong hands,” Team JUST created an addictive addition, Fomo3D.

Designed as a type of lottery-style game that pays dividends, FOMO (Fear Of Missing Out) 3D offers a jackpot fueled by ETH token buys called “keys.”

blockchain

(exitscam.me)

Greed Is the Key to These Blockchain Games 

With the current pot scaling well over 21,000 ETH (~$ 10M) at the time of writing this article and no end to the timer in sight, why would anyone ever play this game? Why does anyone ever buy a lottery ticket?

At its heart, the P3D-Fomo3D ecosystem is an audacious socioeconomic experiment fueled by the bottomless pit of human greed. Through compounding my dividends alone, I quadrupled my ETH in a single weekend. As the F3D contract took off July 20–21, clocking an impressive 15,000+ users and 80,000+ ETH (yes, that is more than $ 38 million dollars), P3D also skyrocketed from less than 8,000 ETH in the contract to over 49,000 ETH in the same time period. Fearing it to be a Ponzi scheme or potential victim of Ethereum miner manipulation, critics of P3D have tried to dismiss it as yet another crypto-based exit scam.

However, what Team JUST has created is truly remarkable: a financial ecosystem where saving and re-investing is rewarded, powered by a feedback loop of aspirational avarice. The global desire for passive income is on full display here. With the contracts currently at 60,000 ETH for P3D and over 21,000 ETH in the pot for F3D (at the time of writing), almost .1% of the 100M Ethereum token supply is out of circulation—in less than three weeks.

blockchain

(exitscam.me)

Granted, in the five more rounds that have played since then by the time of this post, the volume of ETH has slowed dramatically. Nonetheless, seeing how there are less than 17,000 and 20,000 user addresses in P3D and F3D respectively, Fomo3D offers a tsunami of opportunity for those invested in the P3D platform. Team JUST has created a relentless dividend machine, set to run in perpetuity, so long as there is an Ethereum blockchain.

The Implications of This Blockchain Technology 

The implications of this game have already tantalized the online pseudo-economists out there. P3D has been called a potential application for UBI (universal basic income). The trustless nature of peer-reviewed, open source, automated smart contracts inspires confidence in potential welfare reform. Can you imagine a credit union where every time someone makes a transaction, your savings account gets a piece of the action?

Obviously, this is an opinion piece. I have HODLed (held) P3D since April. Having seen so much “journalism” around the breakout debut of Fomo3D, I felt it was worth putting something together from an insider’s point of view, someone who actually has skin in the game. The self-righteous and snarky ignorance of outsiders pathologically spreading misinformation (which really could have been avoided by just reading the F3D and P3D wikis) through normally reputable crypto journalistic outlets needed to be tempered with a dose of inside baseball.

Eventually, with the continued popularity of Fomo3D games, significant portions of ETH will be sucked out the system, pumping its price – and your P3D bags. Team JUST has already promised more games and content to come, with future games to feed into the P3D system (the developers have even released a SDK (software development kit)!). Stay more than 20 minutes in the P3D Discord, and you will see the full creativity of potential new games

Learn more about P3D and F3D, as well as on BlacksinBitcoin.com.  Disclaimer: Edwardo Jackson is invested in POWH3D and Fomo3D. This is not financial advice. He is not a financial adviser.

The post A New Lottery Type of Game Emerges on Blockchain. Can It Make You Rich? [Opinion] appeared first on Black Enterprise.

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Dean Foods Q2 Adj. Profit Matches View; Cuts 2018 Earnings Outlook

Dean Foods Co. (DF) reported a loss for the second quarter 2018 compared to profit in the prior year. Adjusted earnings per share matched analysts’ expectations, while quarterly revenue topped their expectations. It cut its full-year adjusted profit outlook, citing inflation and private label competition. It increased its full-year free cash flow guidance.
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Using Venture Philanthropy to Invest in Entrepreneurs and Communities

Venture Philanthropy combines the power of Venture Capital resources with the potential positive impact of philanthropic ideas. Christal Jackson founded Head and Heart Philanthropy (HHP) to bring together leaders in venture and philanthropy to build resources for communities of color. HHP’s annual convening on Martha’s Vineyard is “a safe space for venture and big ideas.” HHP has generated millions of dollars in venture and philanthropic investments in communities of color.

In 2018, Jackson launched Mosaic Genius; a deeper dive for impact investors. With venture philanthropy at its core, according to Jackson, this new convening “solves for the vulnerable ecosystem around wealth building and social impact in communities of color.” Black Enterprise contributor Brandon Andrews sat down with three investors from the Mosaic Genius network to learn more about Venture Philanthropy and its potential for communities that need investment most.

Venture Philanthropy

Erik Moore, managing director, Base Ventures

 

Brandon Andrews: What drives you as a venture capitalist? How do you work with entrepreneurs? 

Erik Moore: We named our firm Base Ventures for a reason. In cooking a dish, the main ingredient of the meal is called the ‘base’. We believe that along with building a company that will address a substantially large market, with a founder who is singularly focused, the key ingredient that makes it all work is capital. That’s where we as investors come in. We help these companies realize their dreams and build amazing products and services that have the potential to change countless lives. What makes us special is that we don’t stop after writing the check. We get as involved and we are as helpful as the fledgling entrepreneur needs. We give advice, we help find key hires, we help think about financial engineering and we are sometimes even therapists.

You have been involved with Head and Heart Philanthropy and other impact programs. Does the venture capital community have a responsibility to solve community problems in addition to the fiduciary responsibility to investors?

Moore: I’m not an ‘impact investor’ but a traditional venture capitalist. The new platform Mosaic Genius focused on building capacity for venture capitalist was appealing because economic equity and sustainability are critical components for a healthy economy for all.

 

Venture Philanthropy

Gayle Jennings O’Byrne, CEO, iNTENT Manifesto

 

What is venture philanthropy?

Jennings O’Byrne: Venture philanthropy is the crossroads of impact and returns. It is the wonderful intersection that recognizes that social impact, social change can be achieved without compromising value, economic performance and investor returns. The expectations and outcomes demanded of the enterprises are high and rightly so because the organizations and the people being served can achieve them. What better way to drive change than to structure it so that everyone “wins.”

Why is the venture philanthropy approach to investing/problem solving important for communities of color?

Jennings O’Byrne: For too long, the expectations, policies, and resulting resources that follow have been shaped by an underlying deficit model or “less than” mindset. Such deficit thinking misses the assets, talents, innovation, and desire of communities of color to soar.
Such thinking is limiting and so we need a new approach to growing the economy. We need to design with intent and invest with inclusion if we wish to create wealth, jobs, and stabilize neighborhoods in communities of color.

Communities of color have been entrepreneurial, creative, and resilient for generations. Those qualities coupled with the amazing products, services, innovations that I see daily being developed by entrepreneurs, especially women of color is where the future lies. It’s just smart business and smart investing to combine investment, inclusion, and social values to invest and grow companies.

 

Venture Philanthropy

Melissa Bradley – Managing Director, Sidecar Social Finance

Melissa Bradley – Managing Director, Sidecar Social Finance. Image: sidecarsocialfinance.com

 

You have spent time in the philanthropic space, government, and the business world as both an entrepreneur and investor. With that perspective, what kind of products/solutions/services make the most sense for a venture philanthropy investment?

Bradley: Venture Philanthropy provides a tremendous opportunity for investors to replicate that which works in venture capital in support of positive social impact. Venture capital—while plagued by implicit and selection bias—provides much-needed risk capital for its companies, strategic advice via portfolio management, and patient capital with time horizons up to 7 to 10 years.

With these three elements, venture philanthropy is ideal for investments that take time to scale, have little to no market value to the primary consumer and therefore need a subsidy, and take time to generate a return— market or concessionary.

Sample products and services that are ideal for venture philanthropy include Ed Tech which takes time to scale due to antiquated historical data systems, siloed decision making processes and limited data sharing. Fintech is another ideal target investment category due to every changing regulation, legacy technology systems, and disaggregated distribution channels. The most popular area of investment for venture philanthropy is youth development. Due to the diversity of the target market, longevity required for significant change and high level of interdependency on other systems, such as healthcare, education, family and the like, there is a need for patient capital.

How should an entrepreneur prepare to pitch an investor taking the venture philanthropy approach? Is it significantly different than pitching more “traditional” investors?

Bradley: Pitching to an investor is the same regardless of the investor type. Investors want to know what the return is going to b—regardless if the return is primarily financial or social. Therefore, an entrepreneur must be able to articulate the “return” in terms of the investor desires. If a financial return is the focus, then entrepreneurs need to know their numbers and cash flow and be able to articulate profitability. If a social return is the focus, then the entrepreneur needs to know the quantitative outputs and outcomes that will be produced to create impact, along with how much it will cost and how long it will take to achieve the social impact.

In addition to knowing their “numbers,” entrepreneurs pitching to venture philanthropists need to demonstrate a clear problem that has a large enough market to address, ability to execute and solve the problem (traction is preferred), a solid team who has sector and/or business expertise, and some market and customer validation.

venture philanthropy

(Shutterstock)

 

John D. Rockefeller III, the man who created the term “venture philanthropy” described it as “an adventurous approach to funding unpopular social causes.” In 2017, venture capitalists invested over $ 148 billion globally. As the United States becomes increasingly diverse, the problems disproportionately impacting communities of color become everyone’s concern. Popular or not, leveraging venture to fund “social causes” that solve these problems is not nice, but necessary.

Investors employing the venture philanthropy approach are poised to shape the world of tomorrow and may position communities of color to solve problems and reap social and financial returns.

 

 

The post Using Venture Philanthropy to Invest in Entrepreneurs and Communities appeared first on Black Enterprise.

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Australia Inflation Forecast On Tap For Monday

Australia will on Monday see July figures for the inflation forecast from TD Securities and the Melbourne Institute, highlighting a light day for Asia-Pacific economic activity.
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MGM Resorts Q2 Profit Declines; Domestic Casino Revenue Up 8%

MGM Resorts International (MGM) reported second-quarter earnings per share of $ 0.21, compared to $ 0.36, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $ 0.29 for the quarter. Analysts’ estimates typically exclude special items. Net income attributable to MGM Resorts of $ 124 million, compared to $ 210 million in the prior year quarter.
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Arrow Electronics Guides Q3 Adj. EPS, Sales In Line With View – Quick Facts

Arrow Electronics, Inc. (ARW) on Thursday projected adjusted earnings for the third quarter in a range of $ 2.09 to $ 2.21 per share on total sales between $ 7.15 billion and $ 7.55 billion, with global components sales between $ 5.25 billion and $ 5.45 billion, and global enterprise computing solutions sales between $ 1.9 billion and $ 2.1 billion.
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Study: Black Women Have the Highest Amount of Student Loan Debt

It can already be challenging in a world where the gender wage gap still exists for college-educated women, but there’s yet another financial disparity in student loan debt that exists for black women.

Updated research from the American Association of University Women (AAUW) indicates that women hold two-thirds ($ 890 billion) of the country’s $ 1.4-trillion student debt, and black women are graduating with at least $ 30,400 in debt—compared with $ 22,000 for their white counterparts.

The research further shows that the “student loan gender gap has nearly doubled in the past four years, and women now graduate with an average of $ 2,700 more debt than men when earning a bachelor’s degree.”

The data, updated via the 2015-16 National Postsecondary Student Aid Study, also shows that women makeup 56% of enrolled college students but are grappling with a whopping 65% of outstanding student loan debt.

“Student debt levels have reached an all-time high, with women carrying a bigger burden of debt than men,” Kim Churches, CEO of AAUW, said in a news release. “This debt is an albatross for many women as they embark on careers and work to support their households and families. And, it only gets worse over time when coupled with the gender pay gap.”

Women were found to take two years longer than men to repay their student loans, and the reason is attributed, in part, to the gender wage gap. College-educated women who work full time make, on average, 25% less than their male counterparts who hold degrees, leaving women with less income to put aside to pay off loan debt. Black women, specifically, make less than even their white female counterparts, earning $ 0.63 for every dollar earned by white men, compared with $ 0.79 for white women, according to reports.

“The imbalances compound. Higher student debt, lower pay, child- and family-care costs, and other factors all add up to leave women at a deficit as they work to maintain financial security,” Churches added in the news release. “With women leading more households today, enough is enough. Solutions are needed now.”

The AAUW offers several recommendations for reducing the student loan gender gap, including the support of more income-driven repayment options and protecting projects like Public Service Loan Forgiveness, providing services such as child care at universities, and increasing state and federal funding for public higher-education institutions.

“With the Higher Education Act, Congress has the opportunity to set today’s students up for success—and that includes making sure they don’t graduate with crippling debt,” Deborah J. Vagins, senior vice president of public policy and research at AAUW, said in the release. “We need to support policies that make higher education accessible and affordable for all students, provide support and protection for student borrowers, and help eliminate the gender and race gaps in student loans.”

The post Study: Black Women Have the Highest Amount of Student Loan Debt appeared first on Black Enterprise.

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WATCH: Home prices at record highs along with rising mortgage rates

Experts recommend not over-remodeling your home before selling; a fresh coat of paint and some improvements in the bathroom are suggested over a major kitchen overhaul in this current market.
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India’s Central Bank Lifts Rate For Second Straight Meeting To Combat Inflation

India’s central bank lifted its key interest rate for the second straight meeting to keep a lid on inflation expectations amid robust economic growth. The Monetary Policy Committee of the Reserve Bank of India governed by Urjit Patel decided to lift the repo rate by a quarter-point to 6.50 percent from 6.25 percent, the bank said in a statement on Wednesday.
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New Zealand Consumer Confidence Ebbs In July – ANZ

Consumer confidence in New Zealand lost some steam in July, the latest survey from ANZ revealed on Friday as its index sank 1.3 percent to a score of 118.4.
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Amgen Revises Guidance – Quick Facts

Amgen (AMGN) announced, for the full year 2018, the company now expects: on a non-GAAP basis, EPS in the range of $ 13.30 to $ 14.00. Previously, the company expected non-GAAP EPS in the range of $ 12.80 to $ 13.70. The company expects total revenues in the range of $ 22.5 billion to $ 23.2 billion. Previously, the company expected total revenues in the range of $ 21.9 billion to $ 22.8 billion.
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South Korea GDP Expands 0.7% In Q2

South Korea’s gross domestic product gained 0.7 percent on quarter in the second three months of 2018, the Bank of Korea said in Thursday’s advance estimate.
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Fiat Chrysler Automobiles Q2 Profit Declines; Confirms Adj. Profit Target

Fiat Chrysler Automobiles (FCAU) reported that its second-quarter adjusted net profit declined 9% year-over-year to 981 million euros. Adjusted EPS was 0.62 euros compared to 0.69 euros. Adjusted EBIT was 1.655 billion euros, down 11% (down 3% at CER). Earnings per share was 0.48 euros compared to 0.74 euros, prior year.
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Finland PPI Inflation Accelerates Further In June

Finland’s producer price inflation accelerated for the fourth successive month in June, figures from Statistics Finland showed Tuesday.
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Novartis Stock Up As Q2 Results Top View, Backs FY18 Outlook

Shares of Novartis AG were gaining around 2 percent in the morning trading in Zurich after the Swiss drug major reported Wednesday significantly higher profit in its second quarter with a hefty net gain from the stake sale in the GSK consumer healthcare joint venture, as well as higher sales. Both core profit and net sales topped analysts’ estimates. Further, the company reiterated its 2018 view.
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Japan Inflation Rises 0.7% On Year In June

Consumer prices in Japan were up 0.7 percent on year in June, the Ministry of Internal Affairs and Communications said on Friday.
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AME Church and Black Banks Launch New Partnership for Black Wealth

The black church, among the most prosperous institutions in America, has long led movements for the spiritual, social and civic uplift of black people. When the Rev. Dr. Martin Luther King Jr. was assassinated on April 4, 1968, he had just launched the Poor People’s Movement, which quickly fizzled after his death.

With this historic backdrop, the African Methodist Episcopal Church – with a legacy of leadership in its own right – has announced an innovative economic partnership with black-owned banks across the country. The partnership aims to be a catalyst to spur business development, homeownership and wealth in the black community.

“We are now pleased to announce a partnership with the presidents of the 19 black banks in the United States, with the goal of increasing black wealth,” said Bishop Reginald T. Jackson, president of the Council of AME Bishops. “This initiative will strengthen black banks across the United States and increase their capacity to lend to small businesses, to secure mortgages, to provide personal lines of credit, and to offer other forms of credit to AME churches and our members. This, of course, includes enabling members and their families to become homeowners.”

AME Church

Bishop Reginald Jackson, president, Council of AME Bishops (Photo: Klarque Garrison/Trice Edney News Wire)

Bishop Jackson made the announcement during a press conference held during the 2018 Council of Bishops and General Board Meeting in Atlanta June 26. The specific details of a memorandum of understanding are being formulated and will be announced this summer. But the goals are as follows:

· Increase deposits and loans with black banks;

· Increase black homeownership to over 50 percent nationwide. This means 2,000,000 more black homeowners than now exist; and

· Grow the number of black businesses from 2.6 million to 4 million and total gross receipts from an average of $ 72,500 to $ 150,000.

“The spirit in which you all have shared the commitment to the community, to the banks and to what we can do together is outstanding,” responded Preston Pinkett, III, chairman and CEO of the City National Bank of New Jersey and chairman of the National Bankers Association. “Thank you for your willingness to step outside of the norm to do something that I would say is extraordinary here in America and extraordinary in the world.”

AME Church

Preston Pinkett, chairman,National Bankers Association (Photo: Klarque Garrison/Trice Edney News Wire)

 

Pinkett says the church-bank partnerships are already beginning around the nation. “It is safe to say that this kind of commitment; this kind of demonstration will go a long way in supporting our banks and the banks to be able to support the community…With God’s blessings, we will accomplish great things.”

Amidst an atmosphere of excitement, the bankers, bishops and supporters of the movement packed into a meeting room in a Downtown Atlanta hotel. Jackson was surrounded by all 20 Bishops of the 231-year-old denomination as well as supporters of the movement. They included principals of the growing economic movement, Black Wealth 2020, which Jackson credited as inspiration for the idea.

“This partnership grows out of an initiative formed in Washington, DC in 2015, called Black Wealth 2020 which is providing an economic blueprint for black America,” Jackson said.

Michael Grant, one of the founders of Black Wealth 2020, presided at the press conference. He connected the new partnership directly with the movement begun by Dr. King.

“The great civil rights movement led by Dr. Martin Luther King Jr. and others has now morphed into a full-fledged movement for economic empowerment,” Grant said. “The offspring of African slaves and their unrewarded labor have catapulted a small Colonial outpost into the greatest industrial giant the world has ever known. Now, as a people, we are turning our efforts toward our own enrichment. We must now create those economic opportunities for ourselves.”

Opening the press conference, Grant underscored the historicity of the moment. “For those of you who are students of history, you would not be surprised that the Church of Richard Allen would be leading an effort to close the wealth gap across the United States of America.” Allen, among America’s most influential black leaders, founded the AME church in 1794. It was the first independent Black denomination in the U. S. “And we do this with malice towards none,” stressed Grant.

Bishop James L. Davis, of the Second Episcopal District, likened the partnership to a marriage – a marriage between a church and its community. “It is a marriage that says a church that is concerned about its people, concerned about the good and the bad, all of the things our people have had to go through.”

The prophetic voices of black church leaders not only articulate ideas, but strategies.

“In the next decade in the global church and in the AME church and in black banking, we will see both evolution and revolution. Banks must reinvent themselves, not just to respond to the pressures of the day, but to be flexible enough to adapt to the world of tomorrow. The ecclesia, the church, must also evolve its business knowledge, educational platform, and its missional thrust without losing its stance in the Word of God,” said General Board Chair Bishop Vashti Murphy Mckenzie. “Both of our institutions are dealing with increasing assertive governmental intrusion, higher membership and customer demands along with increasing change in the wider world.”

AME Church

Bishop Vashti Murphy Mckenzie, General Board Chair, AME Church (Photo: Klarque Garrison/Trice Edney News Wire)

The announcement of the new partnership was met with applause from national civil rights leaders.

“Thank you and your fellow bishops for making economic development a priority of your denomination,” wrote civil rights icon Georgia Congressman John Lewis in a letter to Bishop Jackson. “Hopefully, your visionary leadership will inspire other denominations to replicate your efforts nationwide.”

National Urban League President/CEO Marc Morial also weighed in with a letter: “I want to express the support of the National Urban League for your leadership and initiative in addressing the challenges of black homeownership and the need to increase the support, viability and profitability of our African-American businesses,” he wrote.

Morial is among economic leaders who have determined that among the reasons homeownership among African-Americans is disparately low is, in part, because of discriminatory lending practices.

Mortgage Banker Lois Johnson, president/CEO of Salt Lake City-based United Security Financial, said she takes “great pride in our HUD designation as a fair practice lender. We provide loans to all who meet the minimum criteria, especially people of color who have been denied the opportunity to have their own homes.”

Johnson, who is licensed to operate in 49 states, says she intends to travel to each of the AME church’s episcopal districts to “create hope and opportunities.”

The principals agreed that the key to the success of the partnership must be mutual respect for black spending power and mutual support of black businesses.

“We hear about black folks have a trillion dollars in spending power,” said Ron Busby, president/CEO of the U. S. Black Chamber, Inc. and co-founder of Black Wealth 2020. “But that’s usually White folk talking about our dollar sand how can they get their share of it. We came together to say how can we deal with the black wealth, the gap of it and really to move our agenda forward inside our own community.”

Busby pointed to the USBC’s new AP called the USBC Mobile Directory with 109,000 black-owned businesses in order to help consumers make targeted purchases inside the black business community.

Robert James, CEO of the Carver State Bank in Savannah discussed how the movement will be sustained. “There was a time that no church got financed in Savannah Georgia unless we financed them at Carver State Bank,” James said to applause. “This program will get us back on the path.”

James says he knows the relationship can be sustained because the bishops have authority to oversee and encourage AME church leaders to do business with black-owned banks. “We can talk to the Bishops about those local churches. And you can talk to your elders and your preachers,” he said.

Bishop Jackson underscored the fact that the U. S. partnership is only the beginning. He indicated that the movement will also expand abroad. “The possibilities extend throughout the Diaspora. The African Methodist Episcopal Church has over 4,000 churches in Africa, the Caribbean, West Indies and Europe. These churches and members can also benefit from this partnership,” he said.

To augment this expansion, Her Excellency Dr. Arikana Chihombori-Quao, ambassador for the African Union, spoke to the Bishops the day before the press conference, promising to encourage Africans in America to also put their deposits in black banks. She stressed the need for black-owned institutions to unify, cooperate and not turn on one another.

AME Church

Her Excellency Dr. Arikana Chihombori-Quao, ambassador for the African Union, addressed the Council of AME Bishops the day before the press conference. (Photo: Klarque Garrison/Trice Edney News Wire)

“I hope we will all come together and support the idea of putting all of our money in black banks. I have already taken the initiative and listed all of the black banks in the country on our website,” Chihombori-Quao said. “I’m already encouraging all black people when I do presentations to say we’ve been stupid for too long. We drive past black banks to give our money to people who don’t give a hoot about us. And they take our money so they can get rich; not only here, but in Africa. We’ve got to change this.

-Report courtesy of TriceEdneyWire.com

 

The post AME Church and Black Banks Launch New Partnership for Black Wealth appeared first on Black Enterprise.

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Fed’s Beige Book Indicates Continued Economic Expansion

Two weeks ahead of the next monetary policy meeting, the Federal Reserve released its Beige Book economic report on Wednesday. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said economic activity continued to expand across the U.S.
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Goldman Sachs Q2 Results Beat Estimates

Goldman Sachs Group, Inc. on Tuesday reported a 44 percent surge in profit for the second quarter from last year, reflecting higher revenues across all segments. The company noted that revenues were the highest second-quarter revenue in nine years. Both revenue and earnings per share for the quarter beat analysts’ expectations. The company’s shares are down 0.4 percent in pre-market activity.
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Why Shares Of Air Lease Corp. (AL) May Be Worth Watching?

Shares of Air Lease Corp. (AL) are 17% of their 52-week high of $ 50.7. With a diversified global customer base exceeding 90 airline customers in more than 50 countries, the commercial aircraft lessor seems well-positioned to benefit from a strong order book, robust asset base, domain expertise of the founder, consistent revenue growth, and upbeat long-term industry fundamentals.
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China Trade Data On Tap For Friday

China will on Friday release June figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.
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New Zealand Manufacturing PMI Slows To 52.8

The manufacturing sector in New Zealand continued to expand in June, albeit at a slower pace, the latest survey from BusinessNZ revealed on Friday with a manufacturing PMI score of 52.8.
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Does A’Ja Wilson Have A Point? The Top 5 NBA Salaries vs. WNBA Salaries in 2018

WNBA rookie A’ja Wilson recently caused a stir on Twitter when she addressed the huge pay gap between professional women and men basketball players the day after NBA star LeBron James signed a four-year contract with the Los Angeles Lakers worth $ 154 million.


Wilson followed up with a few more tweets expressing both her affinity for James and her dissatisfaction with the pay discrepancy between the earnings of male and female players. According to CNBC, women in the WNBA earn 20% of the minimum salary of an NBA player even though they’re essentially doing the same job.



The power forward also blasted the WNBA’s pay model, which pays players about 25% of its revenue. In comparison, the NBA pays its players about 50% of league revenue.


The pay gap between NBA and WNBA players is a longstanding and well-documented issue. Wilson, for example, signed a contract with the Las Vegas Aces earlier this year for a mere $ 52,564 despite being the WNBA’s No. 1 draft pick and a standout collegiate player. Most of the other rookies in the league will earn even less with a starting salary of $ 41,202 and the average salary for most incumbent players is around $ 50,000. In comparison, the starting salary for the NBA for the 2018–19 season is $ 582,180.

Naysayers, however, argue that WNBA players earn less because the league only generates $ 25 million in annual revenue while the NBA rakes in a whopping $ 7.4 billion. The WNBA also receives less money in its broadcast rights deal than the NBA.


Other Twitter users pointed out that the disparity is rooted in a lack of viewership and interest in female basketball (the WNBA averaged 7,716 fans per game last season). Plus, WNBA teams also play 34 games in a season for about four and half months if they don’t make the playoffs. By comparison, NBA teams play 82 games in the regular season for six months while the finals can stretch the season another two months.


Nevertheless, WNBA President Lisa Borders weighed into the debate, telling Forbes that bias against female athletes is at the heart of the pay disparity.

“Let’s be clear, there is a lot of sexism that still goes on. People do not believe that women can be superb professional athletes. That frankly is an ignorant perspective, but if you haven’t had the opportunity to see a game, a player or experienced the game, then perhaps you have an uninformed perspective. We invite folks into the area to actually see a game,” said Borders.

Most WNBA players will earn around $ 79,000 in the 2018 season while the maximum salary caps at $ 115,500 for veteran players. In comparison, take a look at what the top players in the NBA earned in the 2017–2018 regular season:

1. Stephen Curry earned $ 34.7 million.

Stephen Curry

Wikimedia)

2. LeBron James earned $ 33.3 million.

LeBron James

(Image: Instagram/KingJames)

3. Paul Millsap earned $ 31.3 million

Paul Millsap

(Instagram.com/paulmillsap4)

4. Gordon Hayward, $ 29.7 million

Gordon Hayward

(Wikimedia)

5. Blake Griffin, $ 29.5 million

Blake Griffin

(Wikimedia)

The post Does A’Ja Wilson Have A Point? The Top 5 NBA Salaries vs. WNBA Salaries in 2018 appeared first on Black Enterprise.

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T. Rowe Price Month-end AUM For June Rises To $1.044 Trln – Quick Facts

T. Rowe Price Group, Inc. (TROW) on Thursday reported preliminary month-end assets under management or AUM of $ 1.044 trillion as of June 30, 2018, up from $ 1.038 trillion at the end of May 2018 and also representing an increase from $ 1.014 trillion at the end of March 2018.
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Why Shares Of Blue Bird Corp. (BLBD) May Be Worth Watching?

Investors may want to take note of shares of school bus maker Blue Bird Corp. (BLBD) that are 17% off their 52-week high of $ 24.99, and at an attractive price point. Significant growth potential in Alternative-Fuel offerings, product differentiation & upgrades, compelling industry attributes, growing profitability, rising interest in Electric Buses, and strong Free cash flow generation make this s
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PepsiCo Q2 Profit Beats Estimates, Organic Revenue Up 2.6%; Reaffirms Targets

PepsiCo, Inc. (PEP) reported second-quarter core EPS of $ 1.61, an increase of 8 percent from a year ago. Excluding the impact of foreign exchange translation, core constant currency EPS increased 7 percent from the prior-year period. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $ 1.52 for the quarter. Analysts’ estimates typically exclude special items.
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UK Economic Growth Gains Speed In May

Britain’s economic growth gained momentum in May, after stalling earlier this year, adding fuel to expectations that the Bank of England will raise interest rates in August. Gross domestic product rose 0.3 percent month-on-month in May after a 0.2 percent increase in April and a flat reading in March, the first ever monthly estimate from the Office for National Statistics revealed Tuesday.
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Why It’s Never Too Late to Buy Bitcoin

I get some version of this sentiment every single day I talk to someone not into cryptocurrency about buying into it: “I missed it. It’s too late.”

IT’S NEVER TOO LATE TO BUY BITCOIN AND GET INTO CRYPTOCURRENCY!

This post has been brewing in me for some time. All the looky-loos who are feeling a serious case of FOMO, as bitcoin and cryptocurrency have dominated the imagination of the investment class, see four-figure prices for a whole bitcoin and think it’s just too late to make money in crypto. As a person who is making money every single day in modest amounts with cryptocurrency, I can assure you that it’s never too late.

bitcoin

 

THE EVIDENCE: 1. Bitcoin, and most of the best cryptocurrencies, are deflationary assets, meaning that they only appreciate over time, mostly due to the limited nature of their supply. bitcoiin

Bitcoin, the very first cryptocurrency, was created as a reaction against the bailouts brought on in the aftermath of the Great Recession. This is why there will only be 21 million bitcoin ever, produced at a steady, predictable rate over time until 2140. Considering 16.7 million bitcoin have already been produced, the fight for the remaining 4.3M new bitcoin over the next century will be an expensive one. Considering an estimated 4M bitcoin have never moved and are assumed to be “lost” to early creators’ deaths, every millionaire in the US couldn’t own a whole bitcoin of the 12M or so in circulation if they wanted to. GET IN!

2. Bitcoin block rewards will keep “halving” over time. This means that the amount of bitcoin produced from the efforts of miners will see their bitcoin rewards cut in half, periodically and repeatedly, until 21 million is reached. This will make existing and future bitcoin that much more rare, that much more valuable. GET IN!

bitcoin

Photo: Kid Circus, Unsplash

3. It’s not a bubble. For the first time in a while, consumers are leading the adoption of financial innovation instead of being led by the inherently untrustworthy, self-interested, tax-avoiding financial elite of Wall Street. In the recent past, investment banks, big commercial banks, and legislators/regulators would cook up all manner of schemes to continue to enrich themselves, largely at the expense of the middle-to-lower classes. When the weight of the financial class’ exploitation of the lower classes becomes too much to bear, we get events like the Great Recession. By having a revolution in investment coming from the ground up this time—somehow way ahead of institutional and traditional investors getting a chance to manipulate it—the rise of crypto-wealth feels far more sustainable than other investment trends of the past. GET IN!

 

bitcoin4. The dollar has lost its value. Forget inflation, a concept that bitcoin laughs at as a de facto deflationary cryptocurrency. When economists and the landed gentry of the financial class poke at bitcoin, decrying that it has “no value,” it exposes the myth of the inherent value of the U.S. dollar itself.

Besides centuries of advantage being first to market, relentless societal and institutional marketing, and the backing of the biggest army in the world to enforce it, the dollar doesn’t have any value unless we give it value. And that value is falling.

That value is falling because of the instability of executive American leadership, worldwide distrust after the financial shenanigans and money printing done to get us out of the Recession, and the gaping need for a truly stateless world reserve currency. At best, the American president is unqualified for a job he ascertained under a cloud of suspicion and foreign interference. While many Americans lost their jobs and their homes, investment banks who gambled away their pensions were bailed out, and are even stronger than ever. Add in the fact that the purchasing power of the US dollar has fallen some 96% over the last hundred years. Since 1976, the dollar has been off of the gold standard, which underpinned the value of the currency to ounces of gold, yet still, the world considers the dollar the world’s reserve currency. With all these factors going against it, it’s a miracle the dollar is valued much at all. GET IN!

5. Bitcoin could be—should be—worth more than a million dollars per coin in our lifetime. It is opined here that a $ 1M per bitcoin valuation is well within the global money supply. As it is truly a deflationary asset, HODLers like myself tend to buy and hold rather than spend it, adding to its scarcity of demand. Also consider that bitcoin and cryptocurrencies are breaking all traditional molds of financial and FOREX investing. This article here explains how the $ 350 trillion markets for money, equities, and real estate will all be digitized by blockchain assets. We are not even at a quarter trillion in cryptocurrency market cap today. GET IN!

6. It continues to outperform all asset classes combined. The reason why we invest is to build wealth and financial security, correct? As evidenced by the chart below from an earlier post, nothing has built wealth like an investment in bitcoin over the past seven years. GET IN!

bitcoin

Credit: MyPF, December 2017

 

At some point, it’s not a bubble: It’s just REALITY. Welcome to our new financial reality, where you have a once-in-a-generation chance to build generational wealth. For all the reasons above and more, for the immediate future, it’s never too late to invest in cryptocurrency—and escape the financial world’s Sunken Place.

bitcoin

 GET IN!

*A version of this was originally posted on BlacksinBitcoin.com December 12, 2017. The sentiment behind it still applies*

The post Why It’s Never Too Late to Buy Bitcoin appeared first on Black Enterprise.

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GE CEO Flannery – The Man With A Plan

A 30-year GE veteran, top man Flannery is no run-of-the-mill guy. When he assumed leadership of the struggling GE Healthcare business in 2014, the general consensus was he would spin-off or sell the segment, but he did neither. Today, Healthcare is one of the strongest arms of GE, and a notable player in the production of cell therapies and biologics – the cutting-edge of biomedical research.
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Japan Household Spending Falls 1.4% In May

The average of monthly spending in Japan was down 1.4 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday – coming in at 281,307 yen.
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BlackBerry Projects FY19 Non-GAAP EPS To Be Positive – Quick Facts

BlackBerry Limited (BB, BB.TO) announced, for fiscal 2019, the company expects software and services billings growth to be in double-digits; and total software and services revenue growth of between 8% to 10% year-over-year. Free cash flow is expected to be positive for the full year, before considering the impact of restructuring and legal proceedings. Non-GAAP EPS is expected to be positive, for the fiscal year.
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Don’t Trust Dollar Stores, You May Be Paying More for Less

Dollar Tree and other discount chains have been popping up in bulk around the country and making a mint in recent years. The three largest dollar-store chains have opened more than 1,800 stores in 2017 alone, giving consumers convenient access to shop on a budget. But some experts warn that dollar-store shoppers looking for a good deal may be getting swindled.

According to a recent article by The Guardian, dollar store patrons often pay more than wealthier consumers who shop in bulk at stores like Costco and Walmart. Here’s how The Guardian breaks down the cost of buying basic goods, like flour and milk, in a dollar store versus a supermarket or big retailer.

The bags of flour at a Dollar Store just south of San Francisco cost only $ 1, but they also only weigh two pounds. Most bags in the supermarket are five pounds, and can be scored for less than $ 2.50 at cavernous retailers like Walmart or Costco – though these require time and, often, a car to access.

 

Dollar store raisins are only 4.5 ounces. At a big box store, however, 72 ounces of raisins cost $ 10.50 – meaning dollar store customers are paying 52% more.

 

Cartons of milk at a dollar store are only 16 ounces – which prorates to $ 8 per gallon, more than what you would pay for even top-of-the line milk at Whole Foods.

 

Deep-discount retailers have flourished in recent decades, popping up like mushrooms in the depressed locales big-box stores economically eviscerated in the decades before.

On the other hand, it is more cost-effective to buy certain items, like toys, greeting cards, and hangers, at a dollar store. Plus, they offer cheaper products than many local liquor and convenience stores. However, these discount stores can induce mindless shopping since many customers resort to simply counting the number of items in their cart rather than researching to be sure that they’re really getting a deal on each product. As a result, Dollar Tree, which acquired Family Dollar in 2014, now operates over 14,000 locations in the U.S. and Canada and earns a whopping $ 20.7 billion a year. So who’s really getting a bang for their buck?

The post Don’t Trust Dollar Stores, You May Be Paying More for Less appeared first on Black Enterprise.

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Japan’s GPIF posts $50 billion loss in first-quarter as trade tensions hit stocks

Japan’s Government Pension Investment Fund, the world’s largest pension fund, lost 5.5 trillion yen ($ 49.7 billion) on its investments in the first quarter as worries about U.S.-China trade friction…


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DS SMITH FY Profit Rises; Revenue Up 21% – Quick Facts

Smith (DS) PLC (SMDS.L) reported that its profit before tax for the year ended 30 April 2018 was higher at 292 million pounds compared to 264 million pounds, prior year, due to flow through of higher operating profit and improved share of results of associates, partially offset by higher finance costs. Earnings per share was 24.8 pence compared to 22.0 pence.
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Floyd Mayweather’s ‘Billionaire Watch’ is Just One of His Many Ridiculously Priced Purchases

Known for his unbeatable boxing record (50-0), his astounding net worth of an estimated $ 1 billion, and his excessive spending habit, it comes with little surprise that Floyd “Money” Mayweather recently purchased an $ 18 million watch. The retired heavyweight boxing champ took to Instagram on Wednesday to flaunt his latest absurdly extravagant purchase: “The Billionaire Watch.” Designed by Jacob and Co., the blinged out watch is made of 18-carat white gold and 260 carats of emerald-cut diamonds. Each stone is around 1.5 carats.


“This my new timepiece, it’s called ‘The Billionaire Watch,” Mayweather bragged in the caption of an Instagram video. “If you don’t know about it, google Billionaire Watch. That’s $ 18 million on the price tag.”

But if you think that’s over-the-top for the legendary boxer, think again—it only adds to his collection of ridiculously priced items. Here’s a list of seven of the most ostentatious things Mayweather has ever purchased.

A $ 2 Million Armored Truck



Money Mayweather admitted on Jimmy Kimmel Live! to once owning a Brink’s truck that he used to haul large wads of cash. The armored truck was reportedly worth $ 2 million and included a full master suite, a living and dining room, a bathroom, and a kitchen. He told Kimmel that he eventually sold the truck to “another guy who loved money.”

Not One, But Three Private Jets

Floyd Mayweather

(Instagram/FloydMayweather)

In February, the superstar fighter treated himself to another private jet as a birthday gift, bringing his total to three. The lavish aircraft—which looks a lot like the $ 60 million Gulfstream G650—comes with leather seats, chrome interior, and several flat-screen TVs.

$ 1,000 Meals

Floyd Mayweather

(Instagram.com/FloydMayweather)

According to Business Insider, the flamboyant fighter paid his former personal chef, Chef Q, $ 1,000 for every plate she prepared. Mayweather also implied that Chef Q gave him a discount although her meals are worth $ 1,000 each.

Designer Dog Shoes



In May, Mayweather claimed that his dog was wearing “red bottoms,” a signature shoe made by luxury designer Christian Louboutin, reports TMZ. Louboutin shoes typically range anywhere from $ 600 to $ 5,000 for humans.

A Fleet of Luxury Cars


The retired boxer owns a collection of lavish cars, which includes two Bugatti Veyrons, a Rolls-Royce Ghost, a Ferrari 599 GTB, and the Koenigsegg CCXR Trevita “hypercar” worth $ 4.8 million. Mayweather claims that he owns one of only two models ever made by Koenigsegg.

$ 150,000 on Strippers

Floyd Mayeather

(Instagram.com/FloydMayweather)

Back in 2013, Mayweather reportedly spent $ 150,000 during a night at the famed King of Diamonds gentlemen’s club in Miami.

A 30-Carat Diamond Ring for His Teen Daughter

Floyd Mayweather

(Instagram/Pristine_Jewelers)

The undefeated boxer gifted his teen daughter with an enormous 30-carat diamond ring designed by Pristine Jewelers for her 18th birthday. The president of Pristine Jewelers and creator of the ring told The New York Post that “the center is an 18-carat canary yellow [diamond]. It’s mounted in platinum. Each stone around is a carat and a half. There’s eight of them.”

The post Floyd Mayweather’s ‘Billionaire Watch’ is Just One of His Many Ridiculously Priced Purchases appeared first on Black Enterprise.

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5-nation Joint Task Force To Tackle Crypto-funded Cybercrimes

Tax enforcement authorities of five nations have established a joint operational alliance to fight international tax crime and money laundering, including cybercrimes facilitated through cryptocurrencies. The Joint Chiefs of Global Tax Enforcement, known as “the J5,” is comprised of tax enforcement agencies from the U.K., Australia, Canada, the Netherlands, and the United States. They are, the Aus
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The Money Behind LeBron James’ Lakers Move

After years of fumbling around with the rebuilding of a franchise in Northeast Ohio, it is now official. LeBron James will be heading to Los Angeles this summer in a four year, $ 154 million-contract, declining to exercise his $ 35.6 million player option with the Clevland Cavaliers.

There were indeed legitimate championship contending teams interested in James’ signature. The Philadelphia 76ers needed a superstar who has been there, done that. The Houston Rockets would have immediately become favorites had James joined forces with Chris Paul and James Harden. There were even talks that he could land in Toronto. But the four-time MVP and two-time Olympic gold medalist, at 33 years old, wasn’t going to make this decision lightly. Unlike “The Decision,” it was never going to be purely on a team’s basketball acumen or history.

WHERE THE KING GOES, THE MONEY FOLLOWS

Everywhere he goes, James, along with his billion-dollar body, carries an economic windfall that is parallel to no other athlete. Shortly after James announced his return to Cleveland in 2014, Cavaliers’ ticket sales spiked by more than 100 times, jumping from $ 25 to a staggering $ 386. Season tickets sold out within hours, and according to a Cleveland.com report, his return to Ohio resulted in a nine-figure economic boost for downtown Cleveland.

In the wake of his announcement, Lakers season tickets, which were selling for $ 3,499 each, skyrocketed to $ 5,800 just 20 minutes after the announcement. One person, according to ESPN W paid $ 188,781, including fees for four season tickets on StubHub. The seats, which are 16 rows up, one section off the center, are for regular-season games and do not include the playoffs. The Lakers preseason tickets, now on sale, have doubled in price to $ 550 plus fees.

LEBRON JAMES’ BIG ECONOMIC IMPACT:

A 2017 study published by the American Enterprise Institute (AEI) quantified the effects that the 33-year-old forward had in Cleveland with the Cavaliers and his brief stint in Miami when he played for the Heat from 2011 to 2014.

By playing in both cities, the data showed that James’ presence had a huge impact on their local economies by boosting restaurant revenues, ticket sales, and job creation. The number of eateries and bars within the mile of the stadium where he played at the time increased by 13%, with employment within those establishments increasing by 23.5%. While, on the other hand, those numbers dropped when James was not on either team.

Earlier in the year, BLACK ENTERPRISE took a look at the cities that would benefit the most if King James joined their NBA team through a study conducted by FormSwift. Had James joined the Knicks, he would have an estimated $ 1.7 billion economic impact on the city, bringing the state $ 1.2 million in tax revenue and over 12,000 new jobs over a five-year period. In comparison, if the NBA star signed with the Brooklyn Nets, the state’s economy would receive about $ 441 million, 3,334 jobs, and $ 32 million in state tax revenue. Had he moved to Washington, D.C., he would bring the nation’s capital over $ 66 million in state tax revenue, 3,200 jobs, and more than $ 444 million in total local economic impact in five years.

According to the report, his presence in Los Angeles will have a $ 396 million economic impact on the city. In addition, the city will gain about 3,000 jobs and $ 29 million in state tax revenue.

BUILDING A BILLION-DOLLAR BRAND

James could have stayed home and signed an even bigger deal worth around $ 205 million with the Cavaliers but his move to Los Angeles opens up business opportunities that “could propel him to even bigger global superstar status if he can return the purple-and-gold to NBA title contention.”

“It’s my biggest milestone. Obviously. I want to maximize my business,” said James. “And if I happen to get it, if I happen to be a billion-dollar athlete, ho. Hip hip hooray! Oh, my God, I’m gonna be excited,” James said in a GQ cover story four years ago. His new deal with the Lakers, according to Forbes, brings him closer to becoming a billion-dollar athlete.

As of two years ago, James’ net worth, according to Forbes, was $ 275 million, but “James has banked another $ 170 million, including endorsements, since then, and the stock market continues to move higher.” In total, he has made an estimated $ 765 million, including off-court earnings, since he entered the NBA in 2003. At 33, his endorsements are the best in the NBA at more than $ 50 million annually through deals with Nike, Coca-Cola, Beats, Kia, Intel, and Blaze Pizza per Forbes. He is also an investor and franchisee in Blaze. Stephen Curry is the only hoops star within $ 20 million of James off the court, and James’ total earnings are likely to approach $ 400 million during his four years in L.A., according to the article.

The post The Money Behind LeBron James’ Lakers Move appeared first on Black Enterprise.

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Four ways to narrow the ‘soft skills’ gap in the US: Opinion

Melissa Kersey is the Chief People Officer for McDonald’s USA. Opinions expressed in this column do not necessarily reflect the views of ABC News.

Our nation is facing a seismic shift in its workforce due to an aging population, automation, and a problematic soft skills gap. While the issue of soft skills – customer service, teamwork and responsibility – may not seem like a pressing problem to some, the importance of a skilled workforce cannot be underestimated. Skills have implications far beyond a single person, industry or community – they impact national economic growth and the future of our society.

Did you know the difference between career success and career stagnation can come down to just a few job skills? In fact, research conducted by Harvard University, the Carnegie Foundation and Stanford Research Center have all concluded that 85% of job success comes from having well-developed soft and people skills and only 15% of job success comes from technical skills and…
ABC News: Money

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OSRAM Adjusts FY18 Forecast On Market Slowdown, Project Postponements

OSRAM Licht AG (OSAGF.PK) announced its Managing Board now expects a comparable revenue increase of 1.0 – 3.0 percent (previously: 3.0-5.0 percent) and adjusted EBITDA of approximately 570 million-600 million euros (previously: approximately 640 million euros) for fiscal 2018. The new projection for earnings per share is 1.00-1.20 euros (previously: 1.90-2.10 euros). Negative free cash flow is now expected to be in the range of 150 million to 200 million euros (previously: negative free cash flow of 50 million to 150 million euros).
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Australia Performance Of Manufacturing Index Slips To 57.4 – AiG

The manufacturing sector in Australia continued to expand in June, albeit at a slower rate, the Australian Industry Group said on Monday with a Performance of Manufacturing index score of 57.4.
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Family Financial Centers Franchise: A Great Investment for Owners and Communities

Jack Wilson / Chief Development Officer – Family Financial Centers

Until sitting down to speak with Jack Wilson, chief development officer of the Family Financial Centers franchise, I knew the “money” business was big, but not in excess of $ 100 billion. (yes, that with a “B”).  Wilson has been in the financial services industry for many years, and after learning more about the potential in serving the under and unbanked population in the US, he got on board with Family Financial Centers (FFC). FFC offers a full menu of financial services to their customers, which are typically middle-income working families. Their services include check cashing, money orders, wire transfer, electronic bill payment, pre-paid debit cards, gift card buyback programs, gold and precious metals purchasing, and a host of other financial related products. All with the look and feel of a neighborhood branch bank.

To better understand why owning a piece of the financial services industry is something you should be seriously considering, just look at the numbers. Wilson shared with me that while there are 13,000 financial services businesses across the US, they are supporting 30 million customers with 350 million transactions, resulting in $ 106 billion annually. In other words—there’s plenty to go around. A subset of that population is the un/under-banked. There are 17 million unbanked, and 51 million underbanked people living in the US. Family Financial recognized that the unbanked and underbanked were not only underserved, but the services provided needed to be enhanced and the standards raised. That means no predatory lending practices. Currently, FFC has 50 locations in 13 states. In 2017, FFC cashed approximately $ 330M in checks and conducted over 1 million transactions. 2018 estimates are even more impressive, with $ 450M in checks and over 1.5 million transactions.

Family Financial Centers

(Image: Family Financial Centers )

But why a franchise? This is a question I get frequently as it relates to an array of industries. However, when it comes to financial services, this question becomes much more critical. Financial services and the banking industry are very challenging to get into, due to the number of state and federal regulations. To provide certain banking services, you must be a U.S. citizen, no history of bankruptcy, and you must have a Money Banking Services (MBS) account. Qualifying for and securing an MBS account is exactly what FFC are experts in. They are one of only two firms franchising in the MSB industry. Doing this on your own as an independent is virtually impossible. Lastly, if you were successful in getting up and running and unknowingly skipped any steps (not knowing what you don’t know), a government inspector or auditor could come in and shut your business down immediately. FFC provides complete back-end support—including frequent reviews and audits, daily, monthly, quarterly, and annually.

Family Financial Centers

(Image: Family Financial Centers )

FFC has three primary models, each of which satisfies an array of investor profiles. Acquisition, Store-in-store, and Tellerless Check Cashing kiosks. Acquisitions are for the investor interested in owning a community-based financial service center, potentially expanding with multiple locations, and who wants a business that already has existing cash flow and has access to capital in the $ 350K–$ 450K range. Store-in-store is for investors that currently have a store location and want to provide additional service to their customers. Tellerless Check Cashing kiosks are the newest offering from FFC, which allows customers to cash a payroll check without having to interact with a live teller and can be placed in a variety of high traffic locations. Tellerless Check Cashing kiosks give a newer investor an opportunity to get into the financial services industry, passively, with about $ 50K.

Family Financial Centers

(Image: Family Financial Centers )

Wilson would like to see many more African Americans enter into the financial services business and hopes to facilitate that in his role at FFC. If the high revenue potential isn’t enough of a draw, being an FFC owner enables investors to provide much-needed services in a professional setting to our communities, as well as jobs. And ultimately, with its high rate of return, it’s the type of business that enables parents to build a family legacy for generations to come. A legacy goes beyond a mere inheritance. A legacy is something that continues to build and grow, year after year. Not only providing wealth but empowerment. Wilson’s biggest piece of advice? “If your gonna build a family legacy, do it in the $ 106B money service industry.”

The post Family Financial Centers Franchise: A Great Investment for Owners and Communities appeared first on Black Enterprise.

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Accenture Raises FY18 Outlook – Quick Facts

Accenture (ACN) announced, for fiscal 2018, excluding the charges, the company now expects EPS to be in the range of $ 6.66 to $ 6.71, compared with $ 6.61 to $ 6.70 previously. The company now expects GAAP EPS to be in the range of $ 6.26 to $ 6.31, including a $ 0.40 impact from charges related to tax law changes, compared with $ 6.40 to $ 6.49 previously, which included a $ 0.21 charge related to tax law changes.
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Canopy: Marijuana Giant Ready To Smoke Competitors

Cannabis producer Canopy Growth Corp. (CGC) reported 55 percent surge in revenue for the fourth quarter compared to the prior year, supported by improved volume and better price. However, the company recorded loss attributable to shareholders of C$ 61.5 million or C$ 0.31 per share compared to loss of C$ 11.99 million or C$ 0.08 per share last year.
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House Passes Bill To Fight Use Of Cryptocurrencies For Sex, Drug Trafficking

The U.S. House of Representatives has unanimously passed a Bill that helps the Government to analyze and report on the use of virtual currencies in the country’s marketplaces facilitating sex and drug trafficking. H.R. 6069, the Fight Illicit Networks and Detect (FIND) Trafficking Act of 2018, would require the Government Accountability Office (GAO) to study how virtual currencies and online mark
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General Mills Outlines FY19 Targets – Quick Facts

General Mills (GIS) announced, for fiscal 2019, constant-currency adjusted EPS are expected to range between flat and down 3 percent from the base of $ 3.11 earned in fiscal 2018. The estimate includes a 4-cent headwind related to the Blue Buffalo acquisition, driven by the impact of purchase accounting. Constant-currency adjusted operating profit is expected to increase 6 to 9 percent from the base of $ 2.7 billion reported in fiscal 2018.
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Akamai Technologies Narrows Q2 Outlook; Updates FY18 Forecast – Quick Facts

Ahead of its Analyst Day being held today, Akamai Technologies, Inc. (AKAM) updated its second quarter as well as fiscal year 2018 revenue and earnings outlook. The company lowered the top end of its earnings and revenue outlook range for the second quarter.
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Decoded: How Much Is Tiffany Haddish Worth

Tiffany Haddish is everywhere. Last week she served as the first black female host of the MTV Movie & TV Awards. She’s on newsstands on the cover of The Hollywood Reporter, on TV starring with Tracy Morgan in TBS’s The Last O.G., and this week she’s back in theaters with the release of Uncle Drew.

It’s only been a year since most of us learned who she was through her breakout role in Girls Trip. In that time, her fame has skyrocketed—and along with it, her net worth. It’s a true rags-to-riches story considering the entertainer was homeless for a time, sleeping in her car.

AOL recently broke down her reported $ 2 million net worth with a look at the ways she’s been banking her coin. (Hint: it involves more than getting the most bang for her buck by famously repeating THAT dress.)

She’s starring in everything

AOL rightfully points out that Haddish is keeping both her schedule and her bank account full with numerous roles in upcoming movies. But in addition to being the on-screen talent, Haddish has been making big business moves. She has a deal with Netflix that she said paid enough to “take care of her family” for a bit; MediaTakeOut put the payout at $ 800,000. She’s also got a two-year deal with HBO, and she spent the first four months of the year crisscrossing the U.S. on a 17-city stand-up tour.

She added author to her bio

And along with the new title, came a few more bucks. Haddish’s memoir, The Last Black Unicorn, came out in December 2017 and made it onto the New York Times bestsellers list. Haddish mines much of the pain of her past for the book; she even went on Good Morning America and thanked her childhood bullies for making her rich:



She stays ready, and stays selling

Haddish definitely employs her catchphrase “she ready” when it comes to making money. The endorsement deals Haddish has racked up as a rising star are impressive. She became the new spokeswoman for Groupon in January, which took her into the rare celebrity air of a Super Bowl commercial. And that’s after her provocative commercial for Method last fall. Take a look at all her commercials from the past year:



 

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U.S. Consumer Confidence Unexpectedly Deteriorates In June

Reflecting a deterioration in expectations, the Conference Board released a report on Tuesday showing an unexpected decline in U.S. consumer confidence in the month of June.
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Darden Restaurants Issues FY19 Outlook; Increases Dividend 19% – Quick Facts

Darden Restaurants, Inc., (DRI) announced, for fiscal 2019, the company estimates net earnings per share from continuing operations in the range of $ 5.40 to $ 5.56. The company anticipates same-restaurant sales growth of 1.0% to 2.0%, and total sales growth of 4.0% to 5.0%.
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Kroger Co. Q1 Profit Beats Estimates; Raises Low End Of 2018 EPS Guidance

The Kroger Co. (KR) reported adjusted net earnings of $ 626 million, or $ 0.73 per share, in the first quarter of 2018, compared to $ 546 million, or $ 0.58 per share, previous year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $ 0.63 for the quarter. Analysts’ estimates typically exclude special items. The company reported net earnings of $ 2.0 billion, or $ 2.37 per share (including convenience store sale gain), in the first quarter of 2018 compared to $ 303 million, or $ 0.32 per share, prior year.
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4 Essential Tips On How to Improve Credit Scores In 2018

If you have a credit score that you are not proud of then you are not alone. According to Experian, approximately 1/3 of Americans have a “not so good” credit score. In fact we take our credit and credit cards so seriously, one report says more than 7 million Americans have hidden a bank or credit card account from their spouse or partner. This breaks down to approximately 4.4 million men and 2.8 million women. And if you fall in that number of Americans with poor or fair credit, don’t be alarmed. Here are four tips that are not outdated, on how to improve your credit score.

1. Check your credit annually

First, it is important to see what is actually on your credit report. Keep in mind, you don’t have to pay for a copy of your credit report but you can obtain a free copy of all three reports at annualcreditreport.com. However, in order to receive your credit score, you may have to pay a nominal fee. Taking time to review your reports is essential. Determine if there are any inaccuracies and if so dispute! This way, negative reporting items could possibly be removed, thus maximizing your overall credit score.

2. Add the positives to your credit score

If you review your credit report and find that an account in good standing has not been reported, take action! In some cases, there may be instances where an account that can actually help boost your credit score was omitted from your report. Consider contacting the creditor and request the information is added. Doing so can also help improve your overall credit score.

3. Use a credit calculator

If you are thinking of making changes to your credit situation, consider using an online calculator first. Credit Karma has a cool calculator to answer “what if” scenarios, such as:

What if I pay off a credit card?
What happens if I increase my line of credit?
What changes will be made to my score if I charge on my credit card?
How many points will my score decrease if I miss a payment?

4. Pay down balances

It also essential to have an understanding of what comprises your credit score. Amounts owed and payment history comprise 65% of your credit score! So with that being said, it is not only important to make certain you make timely payments but it is also essential to be mindful of your credit utilization.

So what does that mean? If you have a credit line of $ 1,000 and used $ 600 of your available credit, your credit utilization is 60%! Not a good idea. Using 30% or less of your credit lines can help improve your credit score.

Lastly, remember, you can boost your credit score yourself. You don’t have to pay tons of money to get your credit together! Don’t be discouraged, keep pressing and keep pushing and one day you will have a score that works best for you!

 

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Japan Overall Inflation Rises 0.7% In May

Overall nationwide consumer prices in Japan were up 0.7 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday.
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Here Is A Listing of Black Banks in the United States

If ever there was a time for community-building and cultivation, that time is right now. Though the need to strengthen our communities is apparent, many are left wondering exactly what can be done or what role a single person can play to ultimately generate a lasting impact. Here’s a start: housing your hard-earned money in black banks.

Black-owned banks have perhaps never before been in so bright a spotlight, nor have they drummed up so much excitement in the African American community until recently. The revived interest is considered to have been sparked by the words of rapper Killer Mike during a widely viewed Town Hall meeting held by MTV and BET. “We can’t go out in the street and start bombing, shooting, and killing. I encourage none of us to engage in acts of violence. I encourage to take our warfare to financial institutions,” he said during the event.

Killer Mike went on to propose that 1 million people should open $ 100 accounts with black-owned banks. And people did. In fact, OneUnited Bank thanked Killer Mike personally for giving rise to the #BankBlack movement. OneUnited Bank, which is the nation’s largest black-owned bank, posted on its site that 12 months after Mike’s economic call-to-arms, over $ 50 million in deposits had been made to black-owned banks.

Black banks, in turn, have been trying to modernize, and woo black millennials. Mechanics and Farmers (M&F Bank), the North Carolina financial institution founded in 1908, created a Millennial Advisory Board, to understand the banking needs of the younger generation.

The following is a listing of the headquarters of African American banks, according to the National Bankers Association:

ALABAMA
Commonwealth National Bank
2214 St. Stephens Rd.
Mobile, AL 36601

CALIFORNIA
Broadway Financial Corp. (Broadway Federal Bank)
5055 Wilshire Blvd., Ste. 500
Los Angeles, CA 90036

DISTRICT OF COLUMBIA
Industrial Bank
4812 Georgia Ave. NW
Washington, D.C. 20011

GEORGIA
Citizens Bancshares Corp. (Citizens Trust Bank)
75 Piedmont Ave. NE
Atlanta, GA 30303

ILLINOIS
Illinois Service Federal (ISF Bank)
4619 S. Martin Luther King Jr. Drive
Chicago, IL 60653

LOUISIANA
Liberty Bank & Trust Company
P. O. Box 60131
New Orleans, LA, 70160

MARYLAND
(Harbor Bancshares Corp.) The Harbor Bank of Maryland
25 West Fayette St.
Baltimore, MD 21201

MASSACHUSETTS
OneUnited Bank
100 Franklin St., Ste. 600
Boston, MA 02110

MICHIGAN
First Independence Bank
7310 Woodward Ave., Ste. 101
Detroit, MI 48202

NEW JERSEY
City National Bank of New Jersey
900 Broad St.
Newark, NJ 07102

NEW YORK
Carver Federal Savings Bank
75 W. 125th St.
New York, NY 10027

NORTH CAROLINA
M&F Bancorp Inc. (Mechanics & Farmers Bank)
2634 Durham Chapel Hill
Durham, NC 27707

TENNESSEE
Citizens Savings Bank & Trust Co.
1917 Heiman St.
Nashville, TN 37208

Tri-State Bank of Memphis
4606 Elvis Presley Blvd.
Memphis, TN 38116

TEXAS
Unity National Bank
2602 Blodgett St.
Houston, TX 77004

 

 

 

-Editor’s Note: The BE articles cited were originally published in July 2016 and May/June 2017

 

 

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New Zealand GDP Gains 0.5% On Quarter, +2.7% On Year In Q1

New Zealand’s gross domestic product expanded 0.5 percent on quarter in the first three months of 2018, Statistics New Zealand said on Thursday.
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Will General Electric Be A Comeback Story Of The Decade?

Down the line, GE has transformed from a too-big-to-fail conglomerate to a too-big-for-success albatross. The company has admitted to being too-much focused on EPS and operating profit, and not paying enough attention to cash. However, GE is certainly learning lessons from its past and refocusing its strategies to stage a comeback to its Camelot days, the key catalysts being…
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Why You Need Life Insurance for Your Child

Far too many people around the world today are talking and thinking about the nightmare of young people and children dying too soon. The passing of the late Whitney Houston’s daughter, Bobbi Kristina, is but one example and it weighs on the hearts and minds of millions.

As a parent, I can tell you it’s almost impossible to let your mind ‘go there’ and even think about the possibility of losing a child. It’s unthinkable, unnatural, and unbelievable.  Needless to say, it is very difficult to talk to people about getting life insurance for their children  I’m going to have to challenge you, however, to sit with those feelings and quiet your mind so that you can really listen to the reasons why you need life insurance for your child:

  1. The money you build up in the policy can be used for education costs
  2. Your child will have life insurance in the event he/she ever becomes ill and uninsurable
  3. You’re helping your child protect his family and have money for life events like buying a home

Black Enterprise  had a conversation with Christopher Gatty, a financial adviser for Reby Advisors, about this. Gatty explained why it’s important to keep an open mind about insuring your children as part of your effort to create financial stability for your family, for generations to come.

The concept of life insurance for a child is such a difficult topic to bring up when it comes to financial planning. What are some of the things parents should consider?

Gatty: There’s no question the concept of insuring children is morbid, but death is not really the primary purpose for this. Yes, you would get a death benefit to help cover things like funeral costs in the event of your child’s death, but there is so much more that can be done in terms of financial planning for things like education costs. It can allow you to fund future expenses that can otherwise be a shock to your or your child’s overall financial plan.

 Can you elaborate on how a life insurance policy can be used for education costs?

A good option here is a variable universal life policy (VUL). With a VUL, you’re building a cash value.That cash can be invested in different accounts and deliver the returns possible from investing in the financial markets.  If you can, you should invest the maximum allowed by the IRS. As this money grows, it is not taxed as income. Saving for college this way can also allow you much more flexibility than, say, a 529 college savings plan. That money can only be used for qualified education expenses – like tuition, books, and room and board. You also pay taxes when you withdraw money from a 529 plan. The funds you build in your VUL are not taxed.  Another important consideration when you save for college is that, in most cases, the value of the VUL is not considered an asset and does not have an impact on financial aid eligibility.

 In addition to education, you’ve said that a life insurance policy can help children pay for big ‘life’ expenses when they’re older.

Gatty: I’ve done this for my own child. He’s 10-years-old. I’m paying about $ 1,600 a year on a $ 350,000 policy. By the time he is 50, he can cash out the policy and will have enough to buy a house or provide financial security for his own family. It’s important to get over the shock value of thinking of life insurance for a child and think about the benefits it can provide to so many aspects of their lives.

No one likes to think about the possibility that their child will become ill when they’re older, but something could happen that could make them uninsurable. Can you discuss the ways in which taking out a policy when they’re young can protect them if they do become ill.

Gatty: It could be one of the best things you do for your child.  We don’t like to think about the fact that our children could develop disease or illness while they’re young or when they’re adults. The reality is, however, if that happens, they won’t be able to get life insurance for their loved ones and dependents. Think about what that would be like for them and realize how big this insurance can be in their lives.

Gatty adds that when it comes to this kind of financial planning for your children, you’re primarily looking at variable universal life or whole life insurance policies. To understand and maximize the benefits these can offer, it’s important to talk to a financial professional to see how they fit within your overall budget and goals.

-Editor’s Note: This article was originally published July 2015 

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