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Archive: Business & Technology

posticon NYS To Sue Johnson & Johnson for Opioid Insurance Fraud

Business & Technology | Friday, September 18, 2020 | By New York State Governor's Office Print
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Governor Andrew M. Cuomo announced yesterday that the Department of Financial Services has filed charges and initiated administrative proceedings against Johnson & Johnson and its subsidiaries Janssen Pharmaceutica, Inc., Janssen Pharmaceuticals, Inc., and Ortho-McNeil-Janssen Pharmaceuticals, Inc. - collectively, "Johnson & Johnson." These charges are the fourth set to be filed against opioid manufacturers arising from the ongoing DFS investigation into the creators and perpetrators of the opioid crisis.

"The opioid crisis has taken too many lives and New York State will continue to take action against those who helped fuel this public health catastrophe and bring a measure of justice to families who have lost loved ones," Cuomo said. "Misrepresentation of opioids to consumers for profit is inexcusable and we will use every tool necessary to help ensure those responsible are held fully accountable."

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posticon TCAD President Appointed to NYS Economic Development Council Board of Directors

Business & Technology | Friday, September 11, 2020 | By TCAD Print
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tcad McDanielTompkins County Area Development (TCAD) announced September 1st that Tompkins County Area Development (TCAD) President, Heather D. McDaniel, has been appointed to a seat on the New York State Economic Development Council (NYSEDC) Board of Directors. NYSEDC is a nonprofit organization representing economic development professionals in New York State. TCAD is the economic development organization for Ithaca and Tompkins County, NY. TCAD's mission is to build a thriving and sustainable economy that improves the quality of life in Tompkins County by fostering the growth of business and employment.

"The NYSEDC is proud to add Heather McDaniel to our board of directors. Heather's knowledge and experience will provide great value to the organization and help us move New York's economy forward," said Ryan Silva, Executive Director, New York State Economic Development Council.

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posticon ReBusiness Partners Program Gets a Reboot

Business & Technology | Friday, September 11, 2020 | By Nancy Webster Print
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Since 2008, The Tompkins County ReBusiness Partners program has supported over 250 Tompkins County businesses and organizations with reducing waste and saving money through 4R (reduce, reuse, recycle, and rebuy) practices. The program has now been updated to meet the ever-evolving needs of businesses of all sizes and allow for remote consultations in light of the coronavirus pandemic.

“Becoming a ReBusiness Partner starts with completing a waste assessment and receiving assistance to streamline waste handling, examine reuse practices, and codify green purchasing” said Nancy Webster, Waste Reduction and Recycling Specialist. “Staff will help businesses address any waste management headaches at their business, acquire bins and signage, and implement a uniform recycling system throughout their location.”

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posticon Virtual Taste Ny Producer Showcase to Boost New York's Farms, Small Food and Beverage Businesses

Business & Technology | Friday, September 11, 2020 | By New York State Governor's Office Print
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Governor Andrew M. Cuomo announced the virtual Taste NY Producer Showcase yesterday. The showcase was created to boost business for New York's farms and small food and beverage makers. The first of its kind, online business-to-business networking event will help to connect New York's agricultural businesses with potential new buyers of food products, and to grow new business relationships in the marketplace, which has been impacted due to the COVID-19 pandemic. The Virtual Taste NY Producer Showcase, taking place on October 27, 2020, is now open for registration for vendors and buyers.

"Agriculture is a leading driver of New York's economy and the bedrock of so many local communities," Cuomo said. "This showcase gives our farmers, brewers and local businesses the opportunity to expand their business and spur growth as New York continues to move forward during this unprecedented times."

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posticon Warren Real Estate Grows Business Amid COVID-19 Pandemic

Business & Technology | Friday, August 28, 2020 | By Ashley N.Rackl Print
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Warren Real Estate, one of the largest locally owned real estate companies in Central and Southern New York has recently acquired a second business location in the Greater Binghamton area to better serve the needs of their REALTORS® and clients. Bryan Warren, President of Warren Real Estate, announced that the opening date of this new branch office is anticipated for late September 2020.

In the preliminary stages of the COVID-19 pandemic, the real estate business was brought to a halt. The industry has regained its strength after face-to-face contact was allowed again; even with the challenges and threats that COVID-19 still brings. People are making significant real estate purchases in our region amid historically low-interest rates. We are seeing relocations from larger city communities to the communities that we serve, and that consumers are feeling safe investing in real estate during these times. There is a lack of inventory across our local markets and what is available is absorbed quickly.

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posticon NY Takes Insurance Fraud Action Against International Opioid Manufacturers

Business & Technology | Friday, August 21, 2020 | By New York State Governor's Office Print
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Governor Andrew M. Cuomo announced Tuesday the New York State Department of Financial Services has filed charges and initiated administrative proceedings against Teva Pharmaceutical Industries, Ltd., and its subsidiaries, Teva Pharmaceuticals USA, Inc., Cephalon, Inc., Watson Laboratories, Inc., Actavis Pharma, Inc., Actavis LLC, and Actavis Elizabeth LLC; and against Allergan PLC and its subsidiary Allergan Finance LLC. These charges are the third set to be filed in DFS's ongoing investigation into the entities that created and perpetuated the opioid crisis.

Teva has been a prolific manufacturer of opioids in the United States, manufacturing approximately 20% of the opioid products that flooded New York from 2006 to 2014. Teva manufactured both its own branded opioids as well as generic opioids through its Actavis subsidiaries. Allergan also manufactured opioid products from 2006 to 2014.

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posticon State Tax Revenues Down $3 Billion Through July

Business & Technology | Friday, August 21, 2020 | By New York State Comptroller's Office Print
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State tax receipts of $26.4 billion through the first four months of the state fiscal year were $3 billion, or 10.2 percent, below the same period last year, according to the July cash report issued today by State Comptroller Thomas P. DiNapoli.

"The shift of the tax filing deadline from April to July this year added to the revenue damage created by the COVID-19 pandemic," DiNapoli said. "July numbers show more clearly the extent of the budgetary damage from the pandemic, which is driving both unanticipated spending and declining tax receipts. Washington's continued delay on further federal response leaves the state, local governments, nonprofits and others with increasingly difficult questions on how to maintain the services New Yorkers need during this national emergency."

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posticon Workforce by the #s in Tompkins County

Business & Technology | Friday, August 14, 2020 | By TCAD Print
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  • For the period between weeks ending 3/21 and 8/1, there have been 10,032 initial unemployment insurance claims in Tompkins County. Claims peaked at over 1,000 for a two-week period in late March/early April, but have since stabilized at approximately 200 per week. For the latest period, initial claims were down to the lowest level yet: 150.
  • Retail sales, food preparation and service, nursing, and social and human services are the most in-demand jobs right now.


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posticon Paycheck Protection Program -- 12,739 Projected Retained Local Jobs

Business & Technology | Friday, August 14, 2020 | By TCAD Print
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In response to the COVID-19 crisis, the Small Business Administration (SBA) implemented the Paycheck Protection Program (PPP) to help small businesses survive and retain jobs in very uncertain times. The SBA will forgive the loans if employee retention criteria are met and the funds are used for eligible expenses. Tompkins County Area Development (TCAD), the economic development organization for Ithaca and Tompkins County, NY, recently evaluated the PPP loan-level data released by the U.S. Department of the Treasury in July for all 56 states and territories.

The PPP loan information was sorted into two classes: Loans of $150,000 or more (Class I), and; Loans less than $150,000 (Class II). Class I includes the names of recipient businesses but categorizes their loans into five different ranges ($150,000-350,000, $350,000-$1M, $1-2M, $2-5M, and $5-10M), whereas Class II omits names but includes precise loan amounts. Additional information, including industry, lender, and jobs retained are provided for all loans and offer a glimpse into just how critical the PPP was in enabling businesses to retain jobs in Tompkins County.

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posticon NYC Faces Unprecedented Economic Challenges

Business & Technology | Friday, August 07, 2020 | By New York State Comptroller's Office Print
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New York City, New York state and the Metropolitan Transportation Authority all need additional federal aid to mitigate the impact of the COVID-19 pandemic on their budgets and a failure to aid one could adversely affect the others, according to a review of the city's financial plan released today by New York State Comptroller Thomas P. DiNapoli.

"The social, economic and budgetary impacts of the pandemic have been unprecedented on New York City, the state and the nation," DiNapoli said. "Without additional federal budget relief, the City will need to make hard choices to ensure budget balance in the current fiscal year and to close next year's budget gap."

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posticon Frozen Desserts Made With Liquor Are Now Legal

Business & Technology | Friday, August 07, 2020 | By New York State Governor's Office Print
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Governor Andrew M. Cuomo signed legislation (S7013/A8732) Monday authorizing the manufacture and sale of ice cream and other frozen desserts made with liquor in New York State. The legislation will help New York's dairy farmers, liquor and craft beverage producers, dairy processors and manufacturers, food retailers and restaurants meet the increasing consumer demand for these new and innovative products.

"The craft beverage industry has experienced explosive growth in New York and with that comes a responsibility to advance regulations that help ensure long-term viability, protect consumers and provide farmers with opportunities to increase their business," Cuomo said. "This legislation will further grow a burgeoning industry and boost small businesses while helping to put them on a path of sustained growth that empowers both producers and consumers."

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posticon Tompkins County Sales Tax Collections Drop 33% In June

Business & Technology | Friday, July 31, 2020 | By New York State Comptroller's Office Print
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Sales tax revenue for local governments in New York state dropped 27.1 percent in the second quarter compared to the same period last year, according to State Comptroller Thomas P. DiNapoli. Sales tax collections from April through June totaled $3.3 billion, which was $1.2 billion less than last year.

Tompkins County sales tax revenue is down 15.1% for the first six months of 2020. State-wide the six month drop is 11.8%. Tompkins County received $23.2 million during the six month period, versus $27.3 million in the same period last year. April saw a 24.7% drop in Tompkins County, a 33.4% drop in May and a 33.0% drop in June.

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posticon Shay to Promoted to Vice President, BSA/AML/OFAC Officer

Business & Technology | Friday, July 31, 2020 | By Madalene Ulrich Print
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Tompkins Financial Corporation has promoted Kathleen Shay to Vice President, BSA/AML/OFAC Officer. She will report to Steve Cribbs, Chief Risk Officer.

Shay has been with Tompkins Financial since 2009 and has eleven years of experience in the banking industry. In her role, she will be responsible for developing, implementing, administering, and maintaining all aspects of the Bank Secrecy Act and Anti-Money Laundering Compliance Program (BSA/AML Program). Additionally, she will be responsible for overseeing compliance with Office of Foreign Asset Control (OFAC) requirements in the Corporate Risk Management Department.

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