Archive: Business & Technology

Tops baggers (from left) Lansing Tops bagger Zoe Barrington, Watertown Tops' Penelope Phelps, and Amherst bagger Nicole Cheape
Tops Friendly Markets is announced Wednesday that two Tops associates will advance to the state competition for the Best Bagger after advancing in yesterday's Tops Best Bagging Competition. Yesterday, 12 representatives from across the Tops footprint were on hand in Greece, NY to compete for a spot in the New York State finals.

Penelope Phelps, Best Bagger from the East Region (Tops Friendly Markets, 1330 Washington St., Watertown, NY) and Nicole Cheape, Best Bagger from the West Region from the Tops in Amherst, NY (2351 Maple Rd.) will move on to the state competition at a Stop & Shop in Poughkeepsie, NY on September 21, 2019. The national competition will take place February 23-26, 2020 in San Diego, CA where the grand prize winner will take home $10,000.

TCAD recently celebrated the conclusion of Advance Tompkins, TCAD's five year investment initiative, announcing that we reached 98% of the $1.9M goal for the next five years. Major employers, service providers, and community organizations invest to support the work TCAD does to build a thriving and sustainable economy that we all benefit from. Investors account for about one-third of TCAD's budget.

As part of the Advance Tompkins initiative, TCAD developed bold economic goals for the next five years including $500 million in new capital investment, $33 million in new payroll, 3,450 retained jobs, and 550 new jobs.

Last week Senator Helming announced the kick off of her Summer of Small Business initiative. Throughout the summer, Helming will be visiting local job-creating businesses across the region to meet their employees and learn more about the goods and services they provide and the impact they have on our community.

"Small businesses account for nearly 64 percent of the net new jobs created in our country. This is an astounding number and underscores the impact local entrepreneurs are having. These businesses are rooted in our communities and their success is critical to the success of our families, region, and state. Throughout the summer I will be touring businesses and will learn firsthand what we as a state can do to make New York's business climate better," said Helming.

Local sales tax collections for the first two quarters of 2019 grew at a moderate pace compared to the stronger early quarters of 2018, according to a report released Wednesday by State Comptroller Thomas P. DiNapoli. Tompkins County collected $27,266,128 in the first half of 2019, a 5.3% rise from the same period last year.

"Rising sales tax collections are very important for New York's local governments. But recently, these revenues have been growing more slowly," DiNapoli said. "These latest results should remind officials to closely watch future collections and plan accordingly."

While waiting at the Apple Store a few weeks ago I noticed these little round circles sitting on the tables.  Wireless chargers, I thought.  I asked, and yes, I was right.  As it happened I needed to replace my phone and the new one is capable of charging wirelessly.  I liked the little round circles, which exuded the cool factor in their elegant simplicity, so I decided to indulge.  But I picked one up at Amazon where I could save a few bucks.  I settled on a 10 watt Belkin Boost Up Wireless Charging Pad.

It was worth it!  I place my phone on the circle.  A little LED turns on to confirm I placed it right. The phone screen lights up, as it does when you plug in a wired charger, to tell you it is connected to the charger.  The phone charges.  Magic.

Well, they say that magic is simply science we don’t understand, so how does this little white disk charge my phone?  Physicist Michael Farraday first described the process, called magnetic induction, in 1831.  So I should know by 2019 that it’s not magic. But it seems like magic to me.

Visions Federal Credit Union announced that they will be opening a branch at 410 Elmira Road within the next 12 months.  Visions says it brings a new banking option to the Ithaca community that includes lower interest rates on loans, competitive earnings on savings, a shared network of fee-free ATMs, and more. As a member-owned not-for-profit, Visions is committed to both member and community service.

"We're friends, neighbors, and community builders. We employ knowledgeable people and partner with local businesses, which allows us to return the benefits to our members," Visions' President and CEO, Ty Muse, said. "Members not only support the credit union model, they also indirectly benefit the community." Visions has demonstrated a positive impact in its communities not only with donations, but financial literacy services as well. Last year, Visions donated $1 million to community organizations and provided over 21,000 people of all ages with free financial education.

New York led the nation in nonprofit employment with more than 1.4 million jobs and total wages of just over $78 billion in 2017, according to a report released today by State Comptroller Thomas P. DiNapoli. New York's nonprofit organizations helped stabilize employment during and after the Great Recession.

"Nonprofits play an important role in every region of New York, delivering vital services to New Yorkers, from hospital care and education to legal services and environmental protection," DiNapoli said. "They also have a measurable impact on our economy, providing one in every six private sector jobs statewide."

Tompkins Financial Corporation announced Tuesday that its Board of Directors approved payment of a regular quarterly cash dividend of $0.50 per share, payable on August 15, 2019, to common shareholders of record on July 30, 2019.

The company also reported net income of $19.4 million for the second quarter of 2019, compared to the $22.1 million reported for the same period in 2018. Year-to-date net income was $40.4 million, a decrease of $2.1 million, or 4.9% from the same period in 2018.

Governor Andrew M. Cuomo and Attorney General Letitia James today announced that New York is holding Equifax Inc. accountable for the 2017 data breach that exposed the sensitive financial and personal information of millions of Americans, including 8.5 million New Yorkers. The settlement stems from separate investigations by the Department of Financial Services and the New York Attorney General's Office into the credit rating agency and two of its subsidiaries, Equifax Information Services LLC and Equifax Consumer Services LLC. Under the settlement, the companies will pay a fine of $10 million to DFS, $9.2 million to the New York Attorney General's Office as part of $175 million to Multi-State Attorney Generals including New York, and Equifax has committed up to $425 million to the consumer restitution fund.

"Credit rating agencies have a responsibility to safeguard consumers' financial and personal information, and this egregious data breach and the agency's response was completely unacceptable," Cuomo said. "In New York we are sending a clear message to these agencies that they will be held accountable if they leave consumers' private data vulnerable to exposure, and we will continue our rigorous oversight of these agencies to ensure New Yorkers are protected in the future."

Tompkins Financial Corporation has promoted Faye Burke, Senior Talent Acquisition Business Partner to Officer.

Burke started with Tompkins Trust Company in November of 2018. Burke is responsible for developing job descriptions, sourcing strategies for both short and long-term purposes, coordinating interviews, and placing candidates in positions across a wide range of functional areas of compensation levels.

Washington, DC - Congressman Tom Reed announced Wednesday a federal grant worth $750,000 to provide Rev: Ithaca Startup Works with funding for the Prototype to Productions Accelerator, to develop and deliver a program that supports hardware startups and local manufacturers.

"We care about supporting local businesses," Tom said. "This investment enables Rev: Ithaca Startup Works to aid startups and existing manufacturers and accelerate growth in our region. As the Co-Chair of the Congressional Manufacturing Caucus we are dedicated to supporting American manufacturers and giving them the tools they need to grow and thrive in our economy."

The state's fiscal year (SFY) 2019-20 Enacted Budget Financial Plan projects healthy growth in tax receipts and federal aid for the current fiscal year, but raises concerns about long-term balance, increasing debt and the impacts of federal policies, according to a report released today by State Comptroller Thomas P. DiNapoli. The $177 billion spending plan for SFY 2019-20 is up $6.2 billion from SFY 2018-19.

"While New York's economy continues to expand, gains in jobs, personal income and wages are projected to slow," DiNapoli said. "The Enacted Budget plan addresses risks such as downturns in tax receipts and federal aid, but other, more unpredictable impacts on state revenues may require more action. While rainy day funds were increased, building more robust reserves should be a top priority."