April’s unemployment rate for black men was 6.8 percent, higher than the same month a year earlier

By Frederick H. Lowe BlackmansStreet.Today Non-farm businesses added 263,000 jobs in April, and the nation’s jobless rate declined, but the unemployment rate for black men 20 and older was higher compared to the same month a year ago, the U.S. Bureau of Labor Statistics recently reported. April’s jobless rate for black men was 6.8 percent compared to 6.1 percent in[Read More…]

Facebook shuts down fake Black Lives Matter page run by a middle-aged white man in Australia

By Frederick H. Lowe Facebook has shut down a fake Black Lives Matter site operated by a white union official in Perth, Australia, after repeated complaints from the real site’s owners that the fake site was making money off black deaths. The fake site, the largest on Facebook, reportedly was run by Ian Mackay, general branch vice president of the[Read More…]

Susan Rice joins Netflix’s board

Netflix, Inc., the world’s leading Internet-service company, has named Susan M. Rice, former Ambassador to the United Nations and former U.S. National Security Advisor, to its board of directors. “We are delighted to welcome Ambassador Rice to the Netflix board,” said Reed Hastings, Netflix co-founder and CEO. Rice said she was thrilled to join the board of Netflix. She described[Read More…]

The economy added more than 260,000 jobs in October, but the black unemployment rate jumped

  By Frederick H. Lowe   The seasonally adjusted unemployment rate for black men 20-years old and older rose in October, although the nation’s nonfarm businesses added 261,000 jobs, the U.S. Bureau of Labor Statistics reported Friday morning. The jobless rate for black men was 7.5 percent in October compared to 6.7 percent in September. Unemployment for black men was[Read More…]

Chicago deposits $20 million in the city’s remaining black bank

The Chicago Treasurer’s office has deposited $20 million into Illinois Service Federal Savings and Loan Association, a financial institution founded in 1934 by 13 black men. “As a life-long Chicagoan, I know how important it if for use to keep local dollars in communities,” said City Treasurer Kurt Summers. Illinois Service Federal Savings and Loan Association is the last black-owned[Read More…]

Billionaire Robert L. Johnson’s Company Announces $7 Billion Merger Deal

By Frederick H. Lowe BETHESDA, MD.–RLJ Lodging Trust, whose executive chairman and founder is billionaire Robert L. Johnson, on Monday announced a merger agreement with FelCor Lodging Trust Inc., creating the nation’s  third-largest pure play lodging real estate investment trust (REIT) by enterprise value. The combined company will have a market capitalization of approximately $4.2 billion and a total enterprise[Read More…]

Black-Owned Seaway Bank Fails

By Frederick H. Lowe Seaway Bank and Trust Co., once one of the nation’s largest black-owned banks based on assets, went into receivership and has been taken over by State Bank of Texas, an Indian-owned bank headquartered in Dallas, the Federal Deposit Insurance Corp. recently announced. The Illinois Department of Financial & Professional Regulation–Division of Banking and the FDIC, which[Read More…]

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