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Target Market News has introduced Black Business Chicago, a new publication  which will spotlight news and features on Chicago's African-American businesses, corporate executives and local economic issues. The publication will also be supplemented by a Web site, blackbusinesschicago.com, that will provide updated coverage of relevant business news on a daily and weekly basis between issues of the monthly print publication. Click for more ____________________________________

Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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Rainbow PUSH unveils industry scorecard initiative at its Automotive Summit

(October 8, 2012) Last week, Rainbow PUSH Coalition and Citizenship Education Fund held its 13th Annual Global Automotive & Energy Summit at MGM Grand Detroit.  Under the theme, "Economic Parity: One Voice, One Goal," the event offered panels and discussions on how to level the playing field for minority firms.

Reverend Jesse L. Jackson, Sr., laid out an aggressive plan for inclusion in the automotive industry. "Rainbow PUSH will continue its quest for economic justice for minority firms in the auto industry."

To that end, Rainbow PUSH announced that it will launch the following automotive initiatives:

Publish a public scorecard in January 2013 on inclusion, diversity and corporate responsibility practices and announce which companies have submitted a completed diversity survey

Encourage auto companies to include marketing and advertising expenditures in their minority procurement and supplier diversity goals

Advocate for the adoption of "Rooney Rule" as established by the NFL whereby auto companies must include minority companies in the bidding process of all contract

Establish a Global Oversight Committee to enforce rules regarding global labor affecting woman and children

Promote an increase of sponsorship dollars with minority-owned properties

Lead a diverse delegation including congressional and state officials, and industry and community leaders to meet with automakers' executive leadership in Asia and Europe to evaluate US inclusion plan

There are 42 million African American, representing 13.6 % of the U.S. population, which ranks blacks as the 16th largest economy in the world; $144 billion is spent annually on advertising in the US, yet only one percent is spent to target African American consumers; Polk, our worldwide automotive information & marketing partners, states that blacks represent 6 % of all new car sales; and according to the National Association of African American Dealers, there are only 261 black-owned dealerships left, a drop of 50% since 2008, compared to the industry decrease of only 18% among more than 17,000 dealerships. These statistics build the case, said Rev. Jackson, for why minority spending by the auto industry should be much higher.

"The auto and financial industries have been bailed out through the government's generosity but there has been no reciprocity for minority businesses that have incurred severe economic damage. We want our share," said Jackson.

The Summit consisted of panels with all automakers represented by members of their executive teams. There was open discussion with more than 300 registered participants at America's premier automotive conference for people of color.

Additional Summit highlights included the renewal of Polk and Rainbow PUSH Alliance to access credible data related to minority buying patterns; General Motors Foundation and Rainbow PUSH/Excel award of 25 scholarships of $2,500 each to Michigan college students; and recognition of Living Legends: John W. Barfield, founder of Bartech and Dr. Lawrence Crawford, chairman and CEO, Diversity-Vuteq, LLC.

Two professionals from the next generation, Alice Boler Davis, vice president, customer relations, General Motors and Mark A. Douglas, president, Avis Ford, Inc., received the Emerging Leader Award.

Glenda A. Gill, Executive Director, Rainbow Push Global Automotive Project, said she was very pleased with the turnout and the response of the automakers that participated in this year's event. "There was tremendous opportunity for minority firms that attended our Summit. The two-day conference offered firms access to the industry leaders in a setting where the only topic was inclusion," said Gill.


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