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Business

The business of weddings

The business of weddings
Women are conditioned to think about their Prince Charming. After hearing all of the happy endings in nursery rhymes, women desire the same outcome. Cinderella seemed to have things altogether with h

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Overdraft fees drain consumer dollars

Overdraft fees drain consumer dollars
Consumers who maintain low and no cushions in their checking accounts may have thought that the overdraft “banking service” was a big help against bouncing checks. But as the use of debit cards have replaced most cash purchases, this “service” has become a drain of available cash for consumers and a major source of revenue for banks.
 
A new research report by the Consumer Financial Protection Bureau (CFPB) found that the majority of debit card overdraft fees are incurred on transactions of $24 or less. Further, as the majority of overdrafts are repaid within three days when the bank repays itself from the consumer’s next deposit, the median overdraft fee of $34 carries the equivalent of 17,000 percent annual percentage rate (APR).

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‘Power in the Boardroom’

‘Power in the Boardroom’
(PRNewswire) – Black Enterprise (BE) – via BlackEnterprise.com – has released its latest report on African American representation on the corporate boards of 250 of America’s largest publicly traded companies. 
In its second annual report focused on African-American representation of corporate boards, the media company identifies 176 African-American directors at S&P 250 largest companies, including American Express, Walmart, Xerox and Carnival Corporation, on the Black Enterprise Registry of Corporate Directors. In addition, the report reveals 74 companies with no African-American representation among their boards of directors.
 
The report spotlights prominent African0American directors, including Black Enterprise 2014 Corporate Executive of the Year Kenneth Frazier, Chairman and CEO of Merck & Co. and an ExxonMobil Corp. director; Ariel Investments L.L.C. Chairman and CEO John Rogers, who serves on the boards of McDonald's and Exelon; and American Express Chairman & CEO Kenneth I. Chenault, who serves on the boards of AMEX, IBM, and P&G; among others.

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Catch up for a more comfortable retirement

Catch up for a more comfortable retirement
Seven out of 10 workers aged 50 and older are confident that they will have enough money to cover basic expenses in retirement. When it comes to the prospect of living comfortably in retirement, however, the percentage expressing confidence drops to 53 percent — and only 14% are “very confident.”
 
If your retirement account balance is lagging and you are 50 or older, you can give your savings a boost by taking advantage of catch-up contributions that are available for IRAs and employer-sponsored retirement plans.

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Growing income gap between blacks and whites impacts banking access

Growing income gap between blacks and whites impacts banking access
(PRNewswire) – A new GoBankingRates study examined current and historical data on online banking habits across several demographic groups.
 
The findings revealed that blacks are statistically slower to adopt online banking than whites – data that some experts suggest might be tied to a widening median household income gap between blacks and whites.
 
"The media often talks about economic disparities in America; when we looked at digital trends in banking, we saw a clear racial divide when it came to access to modern banking technology," said GoBankingRates.com editor Jennifer Calonia.

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Lawyers of Color 2014 Hot List has a Memphis element

Lawyers of Color 2014 Hot List has a Memphis element
Ahsaki Baptist, an attorney with Wyatt, Tarrant & Combs, LLP, has been named to the Lawyers of Color 2014 Hot List, which recognizes minority attorneys that excel in the legal field.  
 
Lawyers of Color, a Washington D.C.-based media and research group that promotes the causes and contributions of the nation’s minority attorneys, annually selects honorees that excel in the legal field and are involved in initiatives that promote diversity.

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Be careful about cashing out

Be careful about cashing out
Since the recession, Americans have been keeping their jobs longer. In 2012, the average tenure for U.S. workers was 4.6 years, up from 3.7 years in 2002. Even so, there’s a good chance you may move on to a new job in the not-too-distant future, and when you do you could face a decision about how to handle any funds you have accumulated in your employer-sponsored retirement plan.
 
Typically, you have four choices, depending on the situation:

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African Americans, a ‘Fourth Quarter People’

 African Americans, a ‘Fourth Quarter People’
The winner of the U. S. Minority Business Development Agency's (MBDA) Lifetime Achievement Award says the economic fate of America's African-American community "hangs in the balance" because "we are a fourth quarter people".
 
Michael Grant, president of the National Bankers Association and its foundation, says, "Unlike our Hispanic and Asian brothers and sisters, we had to spend the first three quarters just getting in the game...So you see, all things being equal, our ethnic counterparts came to the game with a different mindset, a different set of circumstances, a different self-image, and already with some capital from back home."

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