Archive: Business & Technology

New York sent an estimated $24.1 billion more in tax payments to Washington than it got back in federal spending in federal fiscal year (FFY) 2017, getting back 90 cents for every dollar, according to a reportreleased today by State Comptroller Thomas P. DiNapoli. In 2017, New York was one of just 11 states that sent more to Washington than it received. Only New Jersey, Massachusetts and Connecticut fared worse while New Mexico fared the best.

"New York gives more than it gets back from Washington and threats to cut federal funding for health care and other programs could tip the balance even further," DiNapoli said. "The state relies on the federal government for a third of its annual budget, but the imbalance of tax dollars remains. New Yorkers deserve to be treated more fairly in the federal budget."

New York state's health care jobs exceeded 1.2 million in 2017, according to a report released today by State Comptroller Thomas P. DiNapoli. Health care employment rose by more than 18 percent over the past decade, more than double the pace of overall employment growth.

"Year in and year out, health care has been a growth sector for jobs in New York over the past decade," DiNapoli said. "Across upstate New York in particular, private employment would have declined if not for job gains in health care. If the federal government cuts health care spending, it could jeopardize these jobs and hurt an important sector of New York's economy."

Governor Andrew M. Cuomo announced funding last Friday for two groundbreaking programs aimed at building a smarter, more responsive power system across the state. The initiatives, funded by the New York Power Authority at a total of $173 million, will help NYPA to collect data more quickly and accurately, and allow for a faster response time to outages and other power grid issues. These modernizations will ultimately enable a more reliable and resilient power system in New York.

"Modernizing New York's public power grid is a smart investment toward creating a more resilient and affordable system across the state," Governor Cuomo said. "This funding is critical to ensuring that New York is prepared to withstand increasingly common extreme weather events that threaten our power system, and continues New York's commitment as a leader in a clean energy economy."

After running out of cats, Apple began naming the Mac Operating System (macOS) after California landmarks.  About a week and a half ago Mojave hit the App Store with new features and new apps.  Mojave is this year's major operating system upgrade for Macs.  It is wise to stay up to date if only to help keep your computer secure.  But Mojave offers new features and enhancements in addition to security enhancements, and new apps that continue to bring macOS in line with iOS.

My first concern when upgrading is what will it do to my work flow, and how long will it take me to get things back the way I like them once I have installed the new operating system (OS)?  This time the upgrade went smoothly, and quickly, I thought, for a major OS upgrade.  To get the free upgrade you go to the Mac App Store and click the button to get Mojave.  Once it is downloaded it's about a half hour or so for the installation, a perfect excuse to blow off work and get a cup of coffee.

Governor Andrew M. Cuomo announced Tuesday the six winning companies of the 76West Clean Energy Competition, one of the largest competitions in the country that focuses on supporting and growing clean energy businesses and fostering economic development. Rochester-based EkoStinger, which manufactures under-trailer aerodynamic devices for tractor trailers that reduce emissions and save fuel, was named the $1 million grand prize winner and will expand its operations to the Southern Tier. The competition complements "Southern Tier Soaring," the region's comprehensive strategy to generate robust economic growth and community development.

"The 76West Competition is attracting some of the most innovative entrepreneurs to the Southern Tier, spurring economic growth while advancing our State's clean energy economy," Cuomo said. "Congratulations to EkoStinger and the rest of the 76West winners who are bringing jobs to this region and ensuring New York remains at the forefront of the fight against climate change."

New York state's farms generated $4.8 billion in revenue in 2017, with 15 agricultural products ranked in the top five nationwide, according to a reportreleased today by State Comptroller Thomas P. DiNapoli.

"Agriculture is a crucial piece of the state's economy, with farms contributing nearly $2.4 billion to the state's gross domestic product," DiNapoli said. "Our farmers continue to provide jobs and fresh, locally-sourced food, while also preserving open spaces. However, farmers face a number of challenges, from declining milk prices which can threaten family businesses, to tariffs and restrictions on immigrant workers."

Securities industry pretax profits totaled $13.7 billion in the first half of 2018, 11 percent higher than last year, according to a reportreleased today by New York State Comptroller Thomas P. DiNapoli.

"Wall Street has profited every year since the end of the recession in 2009, and compensation last year reached its highest point since the financial crisis. The momentum from last year's dramatic rise in profits has carried into 2018 and the industry is on track for another good year absent a setback later in the year," DiNapoli said. "The securities industry is a major source of revenue for New York City and New York State, and is an important part of the city's economy. Ten years after Lehman Brothers' collapse it is clear that Wall St. does not need to return to the days of excessive risk-taking to enjoy rising profits."

Another year, another iOS!  iOS 12 showed up on iPhones and iPads Monday, and, as usual, I was quick to upgrade.  Apple claims "iOS 12 is designed to make your iPhone and iPad experience even faster, more responsive, and more delightful."  So I was anxious to see how fast my phone and pad would become, and how delighted I would actually be.   The new operating system is compatible with phones going back to the 5s and the iPad Air, so my iPhone 6 Plus and iPad mini are both compatible, and even with the 6th generation iPod Touch.

Some upgrades are so stunningly different that it feels like you have gotten a new device, even though you haven't.  That certainly raises the delight level.  But most iOS upgrades are less obvious, also a good thing because it means that for the most part you have no learning curve, so can continue to be productive without pause.  Less delightful, but, in the big picture it is what I have come to like best.

Governor Andrew M. Cuomo announced Monday he was directing the New York State Department of Environmental Conservation to promulgate regulations to phase out the use of hydrofluorocarbons, a group of potent greenhouse gas pollutants used in a wide variety of applications. The regulations would adopt the 2015 and 2016 changes to the Significant New Alternatives Policy that the U.S. Environmental Protection Agency is abandoning under the Trump administration.

"While the Trump administration denies climate change and rolls back efforts to protect our planet, New York is picking up the mantle of climate leadership and forging a path forward," Cuomo said. "We are taking action to begin the phase out of the use of hydrofluorocarbons, and I encourage other states to join with New York and California to combat dangerous HFCs. In New York we believe denial is not a life strategy, and we will continue to fight climate change to protect our economy, our planet and our future."

Williamsville, NY - Tops Markets, LLC announced last Friday that it has filed a Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Southern District of New York. The Plan incorporates the Company's court-approved agreements with its unions and is supported by certain of the company's senior secured lenders that hold more than 87% of its Senior Secured Notes due 2022.

"The filing of our Plan moves Tops another step closer to a successful completion of our financial restructuring," said Tops Chief Executive Office Frank Curci. "We are pleased to submit a plan that will establish a sustainable capital structure and provide the financial flexibility to create an even more exceptional shopping experience for our customers and emerge from this process as a stronger competitor."

The Board of Directors of Tompkins County Area Development (TCAD) announced Tuesday that Heather D. McDaniel has been appointed to serve as the organization's President. TCAD is a 501(c)(6) nonprofit organization and has acted as Tompkins County's economic development organization since its founding in 1964. Its 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. McDaniel had been serving as TCAD's Vice President and Director of Economic Development Services and will begin her new position on September 4, following the retirement of Michael Stamm.

President & CEO of Cayuga Health System and Cayuga Medical Center, and TCAD Board Chair John Rudd, served as Chair of a nine-member search committee that worked with Waverly Partners, a national executive search firm, to identify qualified local, regional, and national candidates.

Governor Andrew M. Cuomo signed legislation Tuesday to prohibit the use of placement agents or intermediaries by the New York State Common Retirement Fund (Fund). This bill (A.3137/S.4761) codifies into law reforms following an investigation from then-Attorney General Cuomo into pay-to-play practices at the Fund under former State Comptroller Alan Hevesi.

"Placement agents raise the risk of pay-to-play practices which erode trust in the pension system and place the hard-earned dollars of its members at risk," Governor Cuomo said. "As Attorney General, I investigated and uncovered these abuses in the system under former Comptroller Hevesi in a wide-ranging investigation and instituted nation-leading reforms to ban placement agents and campaign contributions that were largely adopted by the SEC. As Governor, I am proud to codify the placement agent ban into law through this commonsense legislation that guards against pay-to-play schemes and protects the investments of hardworking New Yorkers."