Category: Business - Original Written by Amber Bogins
Robert L. Johnson, founder and chairman of The RLJ Companies and Dr. DeForest B. Soaries, Jr., senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey, announced their alliance to reshape the national financial lending climate and help Americans, particularly minorities, pay down consumer debt, increase household savings, and overcome a cycle of short term and emergency borrowing caused by the excessive use of payday lending.
Nearly twelve million Americans turn to payday loans annually when faced with financial challenges in order to cover emergency expenses and meet cash shortfalls. Forty-one percent of borrowers have needed a cash infusion to pay off a payday loan and many ultimately turn to the same options they could have used instead of payday loans to finally pay off the loan. As a result and because of current high interest lending rates, many borrowers are unable to pay back loans in a timely manner and find themselves in a cycle of borrowing and debt. (Payday Lending in America: How Borrowers Choose and Repay Payday Loans, published February 2013).
Johnson announced earlier this year his financial awareness campaign to "end payday lending as we know it today" and has designated Dr. Soaries and his dfree® program as the financial literacy arm to change the lending climate and help minority consumers overcome recurring debt and achieve financial stability. By encouraging lending institutions to create lower interest borrowing solutions and making consumers more aware of the financial options available to them prior to going into debt, today's collaboration will offer the tools and resources consumers need in order to make better and more informed financial decisions.
Founded by Dr. Soaries in 2005, dfree® (www.mydfree.org) is an enterprise that creates solutions for individuals and organizations pursuing financial freedom and economic self-sufficiency. The dfree® strategy begins with the elimination of debt and addresses the root causes of chronic indebtedness. dfree® stands for "Debt, Delinquency and Deficit Free" and the program has reached thousands of consumers nationwide by challenging them to take control of their finances by setting debt reduction goals, paying off debt, increasing awareness and changing behavior as it relates to money and borrowing.
"Dr. Soaries and the dfree® program has been highly successful in its mission to help consumers gain financial literacy and save for their financial future," said Johnson. "I am delighted that Pastor Soaries has agreed to work collaboratively on my campaign to bring about an end to payday lending as we know it today. He has been a national leader on educating consumers about the need to live debt free, and I believe that together we will bring about a significant change and provide valuable information on improving the lives of millions of working class Americans, particularly minority Americans," he concluded.
"I am thrilled to join Bob Johnson and his financial initiative to end payday lending and am proud to be a part of the efforts through dfree®. Our mission is to help consumers nationwide achieve debt free living, economic capacity, and to rely less on borrowing, particularly from high interest payday lending institutions. Providing individuals and families with the tools to address financial needs on a consistent basis, helps them to better manage their finances and achieve financial freedom," noted Dr. Soaries.
Last Updated on Monday, 24 June 2013 15:17
Category: Business Written by Huffington Post
Millennial women may be saying "no" to the prospect of having high-powered jobs later on. A new study claims that young women just aren't very interested in being the top executives of high-profile companies, reported BusinessNews Daily.
The research, conducted by PR firm Zeno Group, found that only 15 percent of women between the ages of 21 and 33 have the desire to lead a "large or prominent organization." The reason? They aren't willing to make the personal compromises that they perceive female leaders being forced to make. And 90 percent of women surveyed believe that female executives are forced to make greater sacrifices than male executives. Continue To HuffPost...
Last Updated on Monday, 24 June 2013 10:34
Category: Business - Original Written by Mario Williams
General Motors today appointed Gerald Johnson as North America Manufacturing Vice President, effective July 1. He will lead a team of more than 74,000 employees who work in 56 facilities including assembly, stamping, powertrain and component operations in the United States, Canada and Mexico.
“Gerald’s proven leadership, experience and passion for product quality will serve him well in this role,” said Tim Lee, GM vice president, Global Manufacturing and president, GM International Operations. “He leads by example as a mentor and strong communicator, engaging his full team to ensure we build only the best for our customers.”
Johnson’s most recent role was executive director of Global Program Quality and Launch, where he led several key quality initiatives to improve global product launches. His 33-year GM career has included many leadership positions in labor relations and manufacturing, including an overseas assignment in Zurich.
Johnson holds a bachelor’s degree in Industrial Administration from Kettering University and a master’s degree in Manufacturing Operations from the Massachusetts Institute of Technology. He succeeds Diana Tremblay, who was named vice president of GM’s new Global Business Services group.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
Last Updated on Tuesday, 18 June 2013 14:55
Category: Business Written by The Urban Daily
Revolt TV, the upcoming cable network led by Sean “Diddy” Combs, has finalized a national carriage agreement with Time Warner Cable (TWC). Together with previously announced Comcast distribution, this will make Revolt one of the largest launches in cable TV history.
Revolt TV will be available to Time Warner Cable customers when it launches in the fall. This broad reach is especially significant for Revolt TV in gaining early traction in major urban markets across the United States. Envisioned as a maverick television channel with an emphasis on music programming, live content and a robust social media component, Revolt TV is scheduled to launch in Fall 2013.
RELATED: 10 Great Music TV Shows Then And Now
“This is a landmark distribution deal that demonstrates Time Warner Cable’s commitment to bringing a platform for music artists and fans to their subscribers,” stated Revolt TV Founder and Chairman Sean Combs. “It positions Revolt to come out of the gate strong, and we look forward to igniting the passion of initial audiences across the U.S.”
Combs was in Cannes, France this week promoting the network with Translation CEO and good friend Steve Stoute. In an interview with Adweek the mogul explained how the shift in programming at music networks like MTV motivated him to create his own channel.
“There was no longer a platform for musical artists to trust with their art and with their creativity, and also no place that was covering music [as ESPN covered sports and CNN covered news],” Combs explained. “For music, you just had to go into the abyss or the stratosphere with no plan, no destination. I was trying to get myself booked on Dancing With the Stars because there was no place for me to go to tell my story.”
Designed as a multimedia platform for a new generation of artists and innovators, Revolt TV is a real-time, socially connected television network launching in Fall 2013. Visit the website at www.Revolt.tv. Follow on YouTube (revolttv), Twitter (@RevoltTV), Instagram (@revolttv) and Tumblr (revolttv.tumblr.com).
Last Updated on Friday, 21 June 2013 10:42
Category: Business Written by Michigan Chronicle Staff
Charter One marks 50th annual National Small Business Week with simple tips for small business cash management
DETROIT – Citizens Bank this week is marking the Small Business Administration’s 50th annual National Small Business Week by offering seven simple small business cash flow tips.
“Managing cash flow is one of the most important yet under-appreciated challenges faced by small businesses,” said Quincy Miller, Head of Business Banking for RBS Citizens. “Companies that have accelerated their receivables, streamlined their payroll and established more-advantageous payment terms and processes with their vendors, suppliers and customers have a definite competitive advantage in today’s marketplace, no matter their business.”
In many cases, with business owners focused primarily on day-to-day operations, cash flow is only a focal point when there is a problem. But business owners who establish proactive strategies for cash management are able to avoid those problems and create new growth opportunities through reinvestment by making their capital work better for them.
Consider the following tips to improve cash flow:
· Understand your operating cycle – Regardless of size, every business must deposit, monitor and manage cash; make payments; fund purchases; invest in their company; and receive payments. Reviewing and understanding each step in this cash flow cycle can help a company work more efficiently.
· Encourage faster payments – Can you provide an incentive or discount to customers or vendors to encourage them to pay faster? The sooner a payment is received, the sooner you can put that revenue to work for your company. Collections services like lockbox also can help post payments to your accounts more quickly.
· Consider remote deposits - Some banks offer customers the opportunity to make remote deposits from a desktop scanner, sparing them trips to the branch. This allows companies to save time and to keep their workforce focused on operations – a benefit of particular importance for companies with only a few employees.
· Review your payroll process – If you pay your employees twice a month instead of every other week, you will be managing 24 payroll periods instead of 26 during the course of a year, making your company more efficient. Direct deposit of employees paychecks into their accounts can also create efficiencies.
· Evaluate real-time wires - If your small business is buying or selling overseas, real-timewires may be an option in lieu of visiting a bank branch. Some banks have the ability for customers to make ACH payments from their desk or office, which saves time and increases productivity.
· Manage outgoing payments in an advantageous manner - Banks can help establish relationships with credit card companies that can speed up payments from customers while giving additional timing or flexibility for repayment to settle your account.
· Look at opening a business credit card – A business credit card has many advantages, including the establishment of a clear separation of business and personal finances. In addition to providing clarity in the day to day operations of your business, this arrangement can eliminate confusion during tax preparations. If you have employees with company cards, consider solutions that allow you to monitor, track and control the way those cards are used.
Last Updated on Tuesday, 18 June 2013 14:09
Digital Daily Signup
Sign up now for the Michigan Chronicle Digital Daily newsletter!