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FINANCIAL MARKETS V
COMMODITIES
NEWS
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The Bloomberg Amalgamated Index la an equal dollar weight
ed index of publicly-traded companies that are either owned oi
operated by African-Americans. The index was developed witf
a base value of 100 as of December 30, 1994.
TV (MKT H?UUr) ?*
INK (IwriiMM) 15
UAH (IMM4 AxriM HMIAmm)
CAXA (Cmh KM Ltkt)
AULT (Amh lac.) 4 1/1*
CnV (Gnmkm Imlmntig) 7l/l*
CNY (Cm? Baacorp Uc.) 9 1/4
AM3 (A?f W Hmplul)
OC (Chmwi Ik.) 5 3/4
BYPC omwy HmmM Caff) 0 71%
The Bloomberg Amalgamated Index roae led by Granite
Broadcasting Corp.The equal dollar weighted index of compa
nies that are either owned or operated by African-Americana
rose 2.16 to 159.38. Broadway Financial Corp roae 5/8 to 8
7/8. Carver Bancorp Inc. roae 1/8 to 9 1/4. In the broader
market, the Standard 6c Poor'a 500 index roae 20.22 to
1,029.72. The Dow Jonea Induatrial Average roae 149.85 to
7,945.35.The Bloomberg Amalgamated Index was developed
by Bloomberg Newa in cooperation with Amalgamated
Publiahera Inc., an organization that repreaenta more than 20Q
African-American newapapera acroaa the United Statea.
Paxson Communications
Partners With EPCOM
* *
Paxson Communications
Corporation has entered inn a
partnership agreement with
EPCOM, LLC. m sell its
Cedar Rapids station, KPXRr
- TV-48, n the rainorityowned
broadcast company. Paxaon will
also assign various contracts and
rights that the Company con
trols n EPCOM to construct
four new television stations. The
agreements allow EPCOM,
founded by minority broadcast
er, Ed Parker, the former
President and Chief Financial
Officer of Blackstar LLC, to
own, manage and operate the
five stations under an affiliation
with PAX TV.
Under the current FCC
rules, Paxson would hold non
voting minority equity in
EPCOM as a result of the
agreement, but both EPCOM
and Paxaon will petition the
FCC to allow Paaon to own
49% of the voting stock of
EPCOM and for Paxson's inter*
est in the five stations not to
count toward the FCC's 35%
national ownership limitation.
Paxaorii Chairman, Lowell
; "Bud" Paxaon said, "This unique
; partnership with EPCOM is just
one example of the many initia
tives we proposed in July to
undertake to encourage and
assist new minority and non
minority entrants with building
and acquiring broadcast proper*
? ties. Ed Parker is a historically
successful minority broadcaster
who we believe will play a very
strong role in die expansion of
minority broadcast ownership
across the country. This transac
tion with EPCOM will bring to
a total of 13 the number of
broadcast licenses held by
minority broadcasters who
Paxaon has assisted in the financ
ing, construction and operation
oftheir television stations."
Ed Parker said, "I am excit
ed about this opportunity.
Through numerous successful
venture* with minority end
non-minority broadcasters,
Bud Pax*on and Paxson
Communication* have ahown
that major broadcasters can do
pod and well at the same time.
Investment* and strategic
alliances with qualified minori
ty broadcasters is just
good business."
Pax Communication* own*
and operates the nation's sev
enth and newest broadcast net
work - PAX TV, the national
family entertainment network. ?
U.S. Makes
Buying Treasury
Securities Easier
The U.S. Treasury is making it
easier for individuals to buy
government securities by lower
ing minimum purchase
amounts and expanding online
access. This comes as govern
ment debt has become the
world's most popular security.
Global investors stampeded
into the relative safety of
Treasuries this year a* econom
ic turmoil in Asia and Russia
3reads through global finan
d markets.
TVeasury bills and notes
have traditionally been viewed
as the domain of large institu
tional investors such u pension
funds and insurance compa
nies. With the Treasury lower
ing the minimum investment
for bills maturing in one year or
lew to $1,000 from $10,000,
more individuals can now take
pan in the $4.5 trillion pvern
ment debt market. Individual
investors can buy securities
through the government's
Teasury Direct program on the
Internet at the Bureau of Public
Debt's website. The address is :
wwwpublicdebt.treas.gov.
Teasury Direct, set up in
1986, allows individual
investors to open an account
with the government. The sys
tem credits interest payments
electronically and automatical
ly reinvests maturing securities
into new Treasuries on request.
One benefit of the program is
the avoidance of transaction
costs and management fees
associated with buying bonds
through a broker or investing
in a mutual fund. U.S. securi
ties can be sold for a smaller fee
than required by most brokers.
In October, investors with
Treasury Direct accounts will
also be able to buy securities
with a touch-tone phone.
"Bills and noUs art
most papular with
individuals because
theirs toon as equiv
alent to cash."
Deregulation in finance
and banking has led to looser
control of the capital flow, with
money market funds serving
many of the roles that savings
accounts played in the pest.
Still, Treasury bills and notes
offer higher returns than most
bank certificates of deposit.
Treasuries maturing in six
months yield 5.10 percent,
compared with an average of
4.69 for six-month CDs.
Those returns don't take into
account the exemption to state
and local taxes that all U.S.
government debt carry. That
can add up to a significant sav
ings in high tax states.
Bills and n6tes are most
popular with individuals and
international investors KrcftM?
they're seen as equivalent to cash.
They're favored by investors in
timet of turmoil because they get
their principal back quickly and
the securities are among the
most easily traded.
Michael R. Bloomberg Receives
the "Bridgebuilders Award"
The Reverend Jesse L.
Jackson, ' Sr., The Rain
m bow/PUS H Coalition and die
Citizen Education Fund hon
ored Michael Bloomberg,
M founder of Bloomberg
Financial Market*, with it*
- Wall Street project* "Bridge
nd builder* Award" at thia year**
annual conference. The
- "Bridgebuildcrs Award" recog
m nizca Michael Bloomberg's
efforts to build a bridge
between the minority commu
,?? nity and the world of finance.
H Commenting on - the
award, the Reverend Jesse L
Jackson thanked Michael
Bloomberg for his multi-mil
lion dollar gift of
BLOOMBERG terminals to
the United Negro College
Fund as well as the creation of
1 the Bloomberg/API Index
(BAPI) which has given much
needed visibility to African
American-owned or operated
publicly traded companies. He
said, "Michael Bloomberg is a
man of great incegr ity. His
incredible and unique rela
tionships with African
American newspapers and
urban radio stations, exempli
fy the message of our Wall
Street Project; that 'inclusion
is the key to economic
growth."
Michael Bloomberg com
menting on the award said,
"The Bloomberg agreements
mean greater coverage of the
I stock market, African
Americans in the business
/
community as well as invest
ment advice on a weekly and
daily basis. There is great
wealth in the African
American consumer market
and we are glad to help make
a difference in this under
served financial market."
"Michael Bloomberg
is a man of great
integrity."
Bloomberg Financial Markets,
founded in 1981, is a global
multi-media based distributor
of information services,
combining news, data and
analysis for financial markets
and businesses.
Bloomberg Ntwt
Anthony Grant
Named President
of PAABG
Anthony T. Grant, the newly
named president of the
Professional African-American
Banking Group for
NationsBank, will work closely
with professional African
Americans to provide them
with appropriate resources to
manage and preserve wealth.
The group will also create new
products to meet the expand
ing borrowing needs of this
growing market.
PAABGis an expansion of
die NationsBank Professional
African-American Marketing
Development Grqup, which
. was created in 1995. The
expansion of the group to a
line of business is unprece
dented among financial insti
tutions.
"Our mission is to be the
bank of choice for African
Americans," Grant said. "By
intensifying our focus, we will
increase our ability to meet
their needs and develop a
strong financial partnership
with the African-American
community."
Grant, a 16-year banking
executive, is currently the
NationsBank chairman of
Asset Quality Review. He is
responsible for providing exec
utive management and the
board of directors with an
independent system for moni
toring and evaluating loan
portfolio quality and the effec
tiveness of the bank's credit
management process.
A dedicated civic volun
teer, Grant is a recipient of the !
Omega Psi Phi Fraternity's <
1998 National Achievement :
Award, presented to individu- I
als who have demonstrated i
leadership in their chosen pro- I
fessions. For his service to the ]
state of South Carolina, Grant <
received the Order of the i
Palmetto in 1994, the highest I
state honor a civilian can i
receive, and in 1995, he was i
appointed by South Carolina s
Governor David Beasley to i
head the Governor's \
Commission on Race
Relation*.
NationsBank's regional
president said, "Tony's exten
sive banking knowledge and
credit expertise give htm the
ability to broaden and
strengthen our commitment
to this growing segment of
the population. He has
demonstrated outstanding
civic and business leadership
for the entire community and
within die African-American
community. He clearly
understands the importance
of building and cultivating
customer relationships."
i i
"For bit service to the
fate of South Carolina,
Grant received the
Order of the Palmetto
in 1994, the highest
state honor a civilian
ooeoan ^
Ctavn TWCwBermo
NationsBank Corporation,
with $315 billion in total
usets, is the third largest U.S.
bank with full-service opera
tions in 16 sates and the
District of Columbia.
NationsBank provides finan
:ial products and services to
more than 18 million house
holds and one million busi
nesses as well as institutional
investors and government
igencies in 46 states and in
major markets around the
world. Bloomberg Newt