Financial empowerment series

JULY 21—The YWCA Greater Pittsburgh will host a Financial Empowerment Series from 6:30-8 p.m. at the YWCA Homewood-Brushton, 6907 Frankstown Rd., Homewood. Every Wednesday, the four-session series will teach individuals how to create a successful strategy to improve one’s overall financial situation. The sessions will be focused on budgeting, using banks and credit unions, understanding credit-credit repair and saving-investing. The series will run through July 28 and a free copy of one’s credit report and free child care will be provided. Registration is required and the cost is $20 per person. Call 412-255-6749.

On July 12, Rev. Jesse L. Jackson Sr., president and founder of the RainbowPUSH Coalition, called on Comcast and NBC Universal to address the economic trade imbalance between Black-owned media and advertising firms that have been ignored in the hearings concerning the proposed merger of the two media giants.

REV. JESSE JACKSON SR.

“The current economic relationship between African-American-owned media and advertising firms and Comcast-NBCU has not been a part of the discussions taking place about this merger,” said Rev. Jackson. “These two media companies have a multi-billion dollar trade deficit with African-American consu­mers. A mutually beneficial trade relationship must be negotiated to end the media and economic segregation that exists.”

In a January 2010 New Pittsburgh Courier article concerning the closing of the A-K Valley Federal Credit Union in Homewood-Brushton, the CEO and president of the branch stated that Homewood is a dangerous place and needs to be cleaned up.

The weekend of June 11 and 12, Homewood native Derrick Hemby took the opposite view and officially opened his fifth business in the community, the Galaxy Lounge and Entertainment Center. Located at 7246 Kelly St., the Galaxy, offering “an out of this world experience” is a combination bar and entertainment complex. “They said Homewood couldn’t do it, but here we are,” said Hemby during his grand opening celebration.

OH, WHAT A FEELING—Derrick Hemby, owner of the Galaxy Lounge and Entertainment Center addresses the crowd during the grand opening as his wife Carla looks on.

Classified as a sports bar, Hemby says he believes the Galaxy Lounge and Entertainment Center is the largest Black-owned facility of its kind in Pittsburgh offering fun, games, music, live entertainment, sports telecasts and good food. Between noon and 2 a.m. patrons can play pool, darts, basketball, ping-pong and other games. During the week happy hours and various specials and promotions take place such as Martini Mondays, Tournament Tuesdays, Wet Your Whistle Wednesdays, Ladies Nights on Thursday, Jam Sessions and DJ Tracey Lee on Friday and R&B Old School Saturdays.

by Eileen AJ Connelly

NEW YORK (AP)—The credit scores of millions more Americans are sinking to new lows.

Figures provided by FICO Inc. show that 25.5 percent of consumers—nearly 43.4 million people—now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.

Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery.

“I don’t get paid for loan applications, I get paid for closings,” said Ritch Workman, a Melbourne, Fla., mortgage broker. “I have plenty of business, but I’m struggling to stay open.”