Archive: Business & Technology

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.

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.

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."

• 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.

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.

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."

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."

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.

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.

Tompkins Financial Corporation reported diluted earnings per share of $1.44 for the second quarter of 2020, up 13.4% compared to $1.27 reported in the second quarter of 2019. Net income for the second quarter of 2020 was $21.4 million, compared to $19.4 million reported for the same period in 2019. The company also announced announced that its Board of Directors approved payment of a regular quarterly cash dividend of $0.52 per share, payable on August 14, 2020, to common shareholders of record on August 3, 2020.

For the year-to-date period ended June 30, 2020, diluted earnings per share were $1.97, down 25.1% from the same period in 2019. Year-to-date net income was $29.4 million, down from $40.4 million, for the same period in 2019. Results for the 2020 year-to-date period were negatively impacted by economic stress resulting from the COVID-19 pandemic, which contributed to the $16.3 million provision for credit losses recognized during the first quarter of 2020.

Washington, DC - Congressman Tom Reed and Congressman Josh Gottheimer, the Co-Chairs of the bipartisan Problem Solvers Caucus, were presented with the U.S. Chamber of Commerce’s annual “Spirit of Enterprise” award Monday due to their leadership on economic issues and bipartisan work with small businesses and local employers. The award recognizes Members of Congress who support a pro-growth agenda.

“We are honored to receive this recognition of our commitment to bipartisanship and ongoing efforts to unleash the power of American entrepreneurs,” said Reed. “As we tackle the issue of economic resilience and recovery, we will continue to work with member of both parties on solutions that generate new jobs, support local businesses, and grow our economy.”

New York's Industrial Development Agencies (IDAs) reported $784 million in net tax exemptions in 2018, up 4.4 percent from 2017, according to an annual report that summarizes the performance of IDAs issued today by New York State Comptroller Thomas P. DiNapoli.

"Projects that come from Industrial Development Agencies continue to produce jobs across the state, but in the past couple of years the pace has slowed," said DiNapoli. "As our local economies build back from the shock of the pandemic, IDAs may have a critical role in helping businesses and communities get back on their feet, with careful review of the tax breaks they offer and the impact on local government budgets."