The anticipation continues for Black Enterprise’s 10th Annual Women of Power Summit, where power women across the nation will convene for three days of fellowship and networking. Added to the list of keynote speakers is the president of Ariel Investments L.L.C., Mellody Hobson, and the inspiration for Scandal‘s Olivia Pope, Judy Smith.
Hobson worked her way up from intern at Ariel Investments L.L.C. to president of the Chicago investment firm. Ariel is known as one of the largest African American-owned money management and mutual fund companies in the United States. In addition to her role as president, Hobson serves as chairman of the board of trustees for Ariel Investment Trust.
REGISTER TODAY: Black Enterprise Women of Power Summit Celebrates 10-Year Anniversary in Florida for 2015
Aside from her work at Ariel, Hobson is chairman of Dreamworks Animation SKG Inc., as well as the director of The Estée Lauder Cos. Inc. and Starbucks Corp. Hobson is nationally recognized as a financial expert and has contributed her expertise in investments to the Tom Joyner Morning Show, Black Enterprise, and ABC’s Good Morning America. In 2010 she earned a spot on Black Enterprise‘s 75 Most Powerful Women in Business list, and in 2013 she was announced as one of Black Enterprise‘s Most Powerful Corporate Directors.
Smith, recognized by many as the real-life Olivia Pope, Smith has paved a career for herself as an author, television producer, and CEO of the crisis management firm Smith & Co. Prior to founding Smith & Co., the Washington, D.C., native served in several high-profile roles including partner at a few Washington, D.C.-based nonprofits, and a White House position as special assistant and deputy press secretary to former President George H. W. Bush. She later broke into television as senior vice president of Corporate Communications at NBC, just to name a few.
Her work in crisis management for many notable cases including Monica Lewinsky, actor Wesley Snipes, and NFL player Michael Vick caught the attention of screenwriter and director Shonda Rhimes, who developed the popular television drama Scandal inspired by Smith’s work. Serving as co-executive producer of the show, Smith offers expert advice and insights on how to portray crisis management issues on-screen.
With exemplary resumes that have catapulted them to become nationally recognized businesswomen, Mellody Hobson and Judy Smith will offer advice and business tips on how to take charge of your career at Black Enterprise’s Women of Power Summit.
The 10th Annual Black Enterprise Women of Power Summit hosted by State Farm, March 2–4, 2015, will be held at Fort Lauderdale Harbor Beach Marriott Resort & Spa, Fort Lauderdale, FL. This executive leadership summit is designed to train, equip and encourage women to become industry leaders, learn career strategies, and discover proven work–life balance techniques. Register Now! http://www.blackenterprise.com/wps
article by Courtney Connley via blackenterprise.com
Posts published in “Business/Finance”
J. C. Penney on Monday named a Home Depot executive, Marvin Ellison, as president and as its next chief executive, tapping a seasoned retail hand as it struggles to assure investors that a nascent turnaround after two years of heavy losses will be lasting.
Mr. Ellison, currently executive vice president for stores at Home Depot, will join Penney on Nov. 1 and will also be a board member, the company said. He will succeed Myron E. Ullman III as chief executive on Aug. 1, 2015, when Mr. Ullman will become executive chairman for one year — a carefully coordinated handover that appeared to stress stability and continuity after a rocky succession at the retailer last year.
Penney’s losses have slowed under Mr. Ullman. But Mr. Ellison, 49, is now charged with expanding the retailer’s business — a tough task in a market under siege by “fast fashion” juggernauts like H&M and Forever 21 and online retailers, as well as reinvigorated rivals like Macy’s and T.J. Maxx.
Mr. Ellison’s background suggests he will start with the fundamentals. An operations expert who oversaw Home Depot’s 2,200 stores in the United States, Mr. Ellison led a largely successful bid to cut costs and raise store productivity at Home Depot, analysts noted. Before his 12-year tenure there, Mr. Ellison served for 15 years in various positions at Target.
“Over the course of his career, he has proven his ability to produce results by improving operations, building customer loyalty, and motivating his teams,” Mr. Ullman said of Mr. Ellison in a news release. For his part, Mr. Ellison said that Penney was “moving in the right direction” and that as chief executive he would focus “on positioning the company to compete in a rapidly changing retail environment.”
Penney has been trying to chart a growth path by undoing many of the changes introduced by its former chief, Ron Johnson, who was hired from Apple to try to inject pizazz into the 112-year-old Penney. When his turnaround bid — built on a strategy that stressed designer boutiques and fewer discounts — backfired, and saddled Penney with heavy losses, the company abruptly fired Mr. Johnson and brought back Mr. Ullman, who had led the chain from 2004 to 2011.
In a statement on the site that posted Wednesday, Jeter said he wants it to “transform how athletes and newsmakers share information, and bring fans closer than ever to the games they love.”
Jeter — who admits to being guarded with reporters — attributed his success in what he called “the toughest media market” to being careful about what he said.
“Those simple answers have always stemmed from a genuine concern that any statement, or opinion or detail, might be distorted,” he wrote in his letter on the site.
But he said fans deserve to hear more from their fans than “no comments” and his site will allow a direct connection to the athlete.
“We just need to be sure our thoughts will come across the way we intend,” he wrote.
The All-Star retired from the Yankees after spending his entire career with New York, winning five championships during a storied career. In his post on the site, he spoke about the “whirlwind” of his final season and his disappointment in missing the postseason.
While singling out Yankee fans as the greatest, he also paid tribute to fans outside of New York for their support.
“It’s the reception outside of New York that was the biggest difference this year. I’ll never forget how baseball fans across the country have treated me,” he said.
“Ballparks I used to view as enemy territory were transformed with cheers, handshakes and hat tips,” he said. “If I thought baseball was part of my family before this season, I now know that it’s truly the case. And I am grateful for that.”
article via blackamericaweb.com
Dr. Dre tops Forbes list of highest-paid hip-hop acts with a total of $620 million earned this year. This is the most money ANY entertainer that has been evaluated by the magazine has earned in one calendar year.
What makes this even more incredible is that Dr. Dre alone made more than all 24 of the people combined on the 2014 list. Two second-place entries, both tied at $60 million, made 10% of what Andre “Dr. Dre” Young did. But, with that total, Shawn ‘Jay Z’ Carter and Sean ‘Diddy’ Combs won’t be cashing any unemployment checks any time soon.
Cash Money claims a large stake in the money game as well, with Drake in fourth place at $33 million, Birdman (Co-CEO of Cash Money) at No. 7 with $24 million, Lil Wayne a hair behind him with $23 million and Nicki Minaj, the only female artist on the list, at No. 11, with $14 million.
The complete “World’s Highest-Paid Hip-Hop Acts” list follows:
1. Dr. Dre: $620 million
2. Sean Combs: $60 million
2. Jay Z: $60 million
4. Drake: $33 million
5. Macklemore & Ryan Lewis: $32 million
6. Kanye West: $30 million
7. Birdman: $24 million
8. Lil Wayne: $23 million
9. Pharrell Williams: $22 million
10. Eminem: $18 million
11. Nicki Minaj: $14 million
12. Wiz Khalifa: $13 million
13. Pitbull: $12 million
14. Snoop Dogg: $10 million
15. Kendrick Lamar: $9 million
16. Ludacris: $8 million
16. Tech N9ne: $8 million
16. Swizz Beatz: $8 million
16. 50 Cent: $8 million
20. Rick Ross: $7 million
20. J. Cole: $7 million
20. DJ Khaled: $7 million
20. Lil Jon: $7 million
20. Mac Miller: $7 million
article by Cedric “Big Ced” Thornton via blackenterprise.com

The Black Shopping Channel has announced the successful completion of a deal worth $125 million to expand TV viewership via Comcast, DirecTV, and Time Warner.
Currently, Black Shopping Channel can be seen on Dish Network. As of now, the financing structure is a combination of debt and equity in affiliation
with the New York Stock Exchange bank. CEO Cleveland Gary states that, “The added $125 million to the company’s balance sheet raises the Black Shopping Channel’s market value to a $700 million dollar company and growing.”
Other sources are anticipating 200,000,000 monthly visitors by the end of 2015 for the Black Shopping Channel via their website at www.blackshoppingchannel.com.
The site enables Black business owners to own a free virtual store used to promote and advertise their products and give their business exposure to the high volume of monthly shoppers. Right now, BSC (Black Shopping Channel) is the only Urban television shopping channel that promotes products from Black and small business owners from all over the country. This channel alone is broadcast over national television, seen on DISH Network, cable, and FTA access, as well as 20,000,000 homes throughout the United States. With this new deal, more people will learn about Black-owned businesses as more small businesses and their products get more exposure.
We will be exposed to more infomercials about black products and services. So far, blackshoppingchannel.tv can be seen on 16 different network channels. If you want to learn more about how you can get your hands on Black-owned businesses, services, and products, click here at http://www.blackshoppingchannel.com/
article by Joshua D. Copeland via thereelnetwork.net

Denzel Washington still has plenty of firepower at the box office as his latest action film “The Equalizer” looks to be heading to an opening weekend in the $35-$37 million range.With $12.6 million on Friday from 3,236 locations, the Sony release is performing significantly better than the studio’s initial estimates of an opening in the high-$20 millions. That’s the best opening ever for director Antoine Fuqua and one of Washington’s top debuts as well.Produced for $55 million by Columbia Pictures, LStar Capital and Village Roadshow Pictures, “The Equalizer” also benefited from a glowing A- Cinemascore.
The weekend’s other wide opener, “The Boxtrolls” from Focus Features and Laika, took $4.93 million on Friday heading for a weekend of $16 million, which is in line with expectations. The stop-motion animated film opened in 3,464 locations.
Fox’s “The Maze Runner” will fight it out with “Boxtrolls” for the no. 2 spot. The young adult sci fi pic took $5 million Friday for a weekend also in the $16 million range, putting its cume after two weeks near $57 million.
Warner Bros. “This is Where I Leave You” took in another $2.2 million Friday for a possible $7 million weekend, heading to a $22 million cume in its second week.
A pair of pics in their third weekend should top last week’s opener “Walk Among the Tombstones” — Screen Gems “No Good Deed” is hanging in there with $1.35 million Friday for a projected $4.5 million weekend, finishing with a $46.5 million cume by Sunday, while Warner Bros. “Dolphin Tale 2″ took $1.26 Friday for a weekend total of about $5 million.
article by Pat Saperstein via variety.com
Thanks to African-American inventors and innovators our lives are easier, more convenient and more prosperous in many ways. Although we rarely hear about these sharp, groundbreaking pioneers from the past and present, black innovators have contributed in every field—from mechanics to cosmetics to consumer goods to technology. This Black History Month we pause to acknowledge a few.

While working at IBM, Mark Dean invented the first modern peripherals that enabled us to plug speakers, disk drives, scanners and printers into computers. Dean holds three of IBMs original nine PC patents.
At just 27 years old, chemist Dennis Weatherby invented automatic dishwasher detergent while working at Proctor & Gamble in 1987. His invention now sells under the trade name “Cascade” and is the basic formula for all of today’s lemon-scented cleaning products with bleach.
If you’ve ever wondered where the phrase “the real McCoy” originated look to innovator Elijah McCoy. His parents escaped slavery in the mid- 1800s by way of the Underground Railroad and moved to Canada. They sent him to Scotland to be educated. Upon completing his studies, McCoy moved to the United States for work but discrimination prevented him from finding employment as a professional engineer. So he went to work on the railroad as an oilman responsible for keeping the moving parts of the trains lubricated for locomotion. He found that walking along the trains oiling the axles and bearings was inefficient so he created an oil lubricating cup that automatically dripped oil onto the moving parts. His invention allowed trains to travel long distances continuously without the need to stop for oiling. After he received a patent for his invention there were many engineers who imitated his work. But informed train operators knew his invention was superior and when they needed to order an automatic oil cup they would ask for “the real McCoy.” His invention became standard equipment on most locomotives and heavy machinery. McCoy went on to patent more than 50 inventions.

Sarah Goode was born into slavery, but went on to become the first African-American woman to receive a U.S. patent, issued on July 14, 1885 for a folding cabinet bed. The entrepreneur, who was freed after the Civil War, invented the bed for people who lived in small apartments near her Chicago home, and sold her creation at a furniture store she owned there.
Thomas Jennings, the first African-American to receive a U.S. patent, invented the dry-cleaning process. He operated a dry-cleaning business in New York City and is said to have donated most of his business profits to the movement to abolish slavery.
Madam C.J. Walker (Sarah Breedlove) was born to parents who had gained their freedom from slavery only to pass away a short while later from a deadly fever. Sarah became an orphan at 7 years of age and by 20 years of age she was a widow and single mother. Having struggled with dry scalp and hair, and seeking a better life for herself and her daughter, she invented hair care products and sold them to other African-American women. Eventually she was able to create a thriving national corporation that employed 3,000 or more people — primarily African-American women whom she taught the principles of entrepreneurship and marketing so they too could become financially stable. Her company went on to develop other hair and beauty products and equipment that were used by white women as well.
Madam Walker became so wealthy that some of the world’s richest men in history were her neighbors. Among them was oil billionaire (in today’s dollars), industrialist, and Spelman benefactor, John D. Rockefeller, who invested so substantially in the Atlanta Baptist Female Seminary three years after it was established that its name was changed to Spelman Seminary (now Spelman College) in honor of his wife, Laura Spelman.
It is inspiring to consider such richness and ingenuity among African-Americans. These few examples of many hundreds of black innovators and trendsetters are a clear demonstration that all of us are capable of making incredible contributions that carry our country, communities, families and fortunes forward.
article by Felicia Joy via blackenterprise.com
One can help a community one is familiar with in order to make things beneficial for that community. The beauty of giving back is knowing who you are giving back to, the purpose you’re giving back and the satisfaction of realizing that the community grows based on the contribution you are making. Brian Benjamin knows this firsthand and it’s the crux of his real estate development firm, Genesis Companies.
BlackEnterprise.com was able to talk to Benjamin regarding the basis of the reason Genesis Companies has been in existence for over 10 years and growing stronger as more projects land on his plate.
BlackEnterprise:com: You are a partner in Genesis Companies could you explain to us what that is and your role in the company?
Brian Benjamin: Genesis Companies is a black-owned real estate development and construction company focused on enhancing urban communities through the development of high quality affordable and mixed-income residences in New York and New Jersey. My job is to find new development opportunities and help steer them through the predevelopment process. I also work to ensure that we have community support for our projects and that they benefit communities and improve neighborhoods.
How did you get your start in your current business?
Karim Hutson founded the company in 2004, and he was actually the first person I met on a Harvard Business School recruitment weekend when we were prospective students. He became a very good friend and so I was around Genesis since inception until I joined officially in 2010.
What gets you up in the morning to run your business?
Knowing that I am playing a role in creating quality affordable housing for residents is a great feeling. In many urban centers, like my community of Harlem, there is a lack of low-income and middle-income living opportunities, so doing something about it is challenging and rewarding.
How important, if it is important, is it to have a Black company doing business in Black communities for the benefit of Black people?
It is quite important. We primarily partner with nonprofits and churches, where trust is essential. They are giving us the power to build or renovate housing for their constituents so when they see us and communicate with us and understand that we are just like them, it puts them at ease. Furthermore, having grown up in primarily African-American communities, we understand first-hand some of the issues that our communities face due to poor quality housing, such as asthma or lack of security, and so we are very focused creating healthy and safe living environments. We know the experience of our residents, and I believe that makes us better developers.
I know this is your 10-year anniversary of Genesis, what was/is the most important thing your company has done that you are most proud of or is a high point in your 10 years?
First and foremost is surviving for 10 years through difficult economic times. It is hard work starting and growing a business in the development space. As a result, we are able to employ people and feed families, which will only grow over time. Additionally, we provided community space, at below-market rent, on the ground floor of one of our residential buildings in Harlem for a Dream Center to help underserved children and families. I recently did a site visit of the center, which is operated by First Corinthian Baptist Church, to view its progress and I was blown away by what the church is doing with the space. The amount of young people, who are impacted on a daily basis, as a result of the work we do is very gratifying.


“No Good Deed” lead the box office this weekend by taking in $24.5 million from 2,175 theaters, easily beating expectations. Going into the weekend, analysts expected the home invasion thriller to hover around $20 million. Females made up the bulk of the audience, taking up 60% of the seats in theaters, and 41% of ticket-buyers were under 30 years old.
“It’s not a full reversal of the weakness at the box office, but it’s a step in the right direction,” said Phil Contrino, vice president and chief analyst at BoxOffice.com. “It’s good to see new films enter the marketplace and do all right.”
“No Good Deed’s” success is a feather in the cap of stars Idris Elba and Taraji P. Henson, both of whom actively hawked the film on social media.
“They absolutely elevated it,” said Rory Bruer, Sony Pictures’ president of worldwide distribution. “They’re so hard working. It was a great collaboration.”
It also helps that “No Good Deed” cost a mere $13 million to produce. “It’s going to be hugely successful for the studio,” said Bruer.
Henson has an Oscar nomination on her resumé thanks to 2008’s “The Curious Case of Benjamin Button” and was part of the “Think Like a Man” ensemble, but hasn’t been front-and-center in a promotional campaign like she was here.
“I wouldn’t call them full on movie stars in their own right,” said Phil Contrino, vice president and analyst with BoxOffice.com. “They’re not bankable on their own terms, but this could certainly change that. Sometimes all it takes is one film.”
The concept of movie stardom has taken its knocks in recent years, as Hollywood has tried and failed to launch a new generation of A-listers to rival the Tom Cruises and Julia Roberts of an earlier era. The old days where an actor’s name above the title was enough to guarantee a big opening weekend have vanished. However, pairing the right actor with the right vehicle can still reap dividends, as evidenced by Liam Neeson’s success playing avenging angels and Melissa McCarthy’s track record with R-rated comedies.
“Taraji and Idris are terrific actors and they both so own their roles in this film,” said Rory Bruer, Sony Pictures’ president of worldwide distribution. “In spots and trailers, they delivered such a great intensity. It’s a terrific opening.”
Sony didn’t rely on star power alone to sell “No Good Deed.” It also orchestrated a clever social media campaign that unspooled across Twitter and Instagram.
On Twitter, the studio put a fresh spin on the Choose Your Own Adventure book series, presenting users with a set of challenges that dared them to outwit a murderer. For fans of Instagram, Sony created an interactive experience made up of images and videos that teased out parts of the film’s plot. That’s cheaper and potentially more potent than a costly television campaign.
“In this new world we live in, you want to be aggressive, and there are more means to do that and interact directly with fans than ever before,” said Contrino.
article by Brent Lang via variety.com (additions by Lori Lakin Hutcherson)


