Category Archives: Economy

Comptroller Stringer: NYC Economy Continues Strong Pace in 2014 Third Quarter

Scott StringerA just-released analysis of New York City’s economic state by Comptroller Scott Stringer shows that the city created private-sector jobs at an annual rate of 5.4 percent in the third quarter of 2014, which is the biggest quarterly increase in at least 24 years.

“New York City’s economy has been gaining strength the past two quarters and continues to outpace the nation’s,” Comptroller Stringer enthused. Read more »

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Poll: Economic & Political Discontent Portends Midterm Election Trouble For Obama, Democrats

Obama Hand on FaceA pervasive sense of unease about both the economy and politics in general marks public attitudes in the homestretch of the 2014 midterm elections campaign – a dynamic that casts negative light on President Obama’s job performance, bolstering his Republican opponents. The dissatisfaction in the latest ABC News/Washington Post poll is quite manifest – seven out of 10 Americans rate the nation’s economy negatively and only 28 percent are willing to claim that it’s getting better. A whopping 68 percent of United States citizens say the country is seriously moving on the wrong track.

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Christie: I’m Tired of Hearing About Minimum Wage

Via/AP

Via/AP

NJ Gov. Chris Christie took a hard line against President Obama and the Democrats for trying to increase the minimum wage at every available opportunity, and using the issue as a main campaign point for the midterm elections.

Speaking at the U.S. Chamber of Commerce’s annual Legal Reform Summit in Washington D.C. on Tuesday, Christie told the audience that he’s ‘tired’ of all this minimum wage talk. Read more »

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Gov. Cuomo Announces Israel, International Trade and Investment Trips In 2nd Term

Cuomo/Flickr

Cuomo/Flickr

Governor Andrew Cuomo on Tuesday announced he will undertake trade missions to Israel, as well as to Mexico, Canada, Italy and China in his second term (if reelected), as part of new “GLOBAL NY” initiatives.

The $35 million Global NY Development Fund and trade missions will help create new jobs in New York State and attract additional international business investment to New York, Governor Cuomo said during a speech at the Jacob K. Javits Convention Center in Manhattan, NY. Read more »

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GM Issues Two More Recalls For SUVs, Mini Cars

Photo/AP

Photo/AP

(AP). General Motors announced two more recalls Friday, pushing its total for the year to 71, affecting almost 30 million vehicles in North America.

The biggest of the new recalls covers just over 430,000 Cadillac SRX and Saab 9-4X SUVs, mainly in North America. The company says some rear suspension nuts may not have been tightened properly. That could cause the toe link adjuster to separate from the suspension, possibly causing a crash. Read more »

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76 Million Households Hit By JPMorgan Chase Data Breach In The Summer

Photo/AP

Photo/AP

(AP). A huge cyberattack against JPMorgan Chase & Co. this summer compromised customer information for about 76 million households and 7 million small businesses, the bank said Thursday.

JPMorgan Chase said that names, addresses, phone numbers and email addresses were stolen from the company’s servers, but only customers who use the websites Chase.com and JPMorganOnline and the apps ChaseMobile and JPMorgan Mobile were affected. Read more »

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JP Business: EBay and Paypal Part Ways

Photo/AP

Photo/AP

(AP). PayPal’s impending split from long-time partner eBay Inc. will ratchet up its appeal to online retail competitors such as Amazon.com and give it the freedom to aggressively take on new mobile pay challenger Apple Pay. For eBay, the challenge will be how to drive revenue without its fastest-growing division.

The move marks a 180-degree turn for eBay Inc. CEO John Donahoe, who had been adamant in spurning activist investor Carl Icahn’s call months ago to spin off PayPal. Read more »

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Israel’s Tourism Fails to Increase Post War

Photo/Emil Salman

Photo/Emil Salman

Despite the ceasefire that was signed by Israel and Hamas on August 26 that brought an end to Israel’s war against the terrorist group, the tourism industry in Israel is eagerly awaiting for an increase in tourists.

Israel launched the war against the terrorist group on July 8, following rocket attacks and tunnel infiltrations by Hamas, the group that controls the Gaza Strip.  July and August are the peak season for tourism in Israel, and it runs through the Jewish High Holiday season until early winter. Read more »

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JP Business: LICH/Fortis Deal Collapses As NYU Backs Out

fortis, LICH joel kestenbaumThe NYU’s Langone Medical Center is pulling out of its agreement with Fortis Property Group to run Long Island College Hospital, just hours after a Brooklyn judge expanded a nurses union lawsuit against  Langone and Fortis, Capital New York reported Friday.

“We fear this would ultimately force N.Y.U. Langone to remove the highly qualified nursing staff we had hired and constrain our ability to choose nurses who meet our standards,” a statement by the hospital read. “Given the additional complexities introduced by the recent litigation, it is clear to us that we will be unable to conclude the transaction, and provide the highest quality medical and nursing care that is our standard, even with the best of intentions and the commitment of the full resources of our institution.” Read more »

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Lapid Says Economy Growing Despite Gaza Operation; Pledges No Tax Increases

14627_i_yair-lapidIn forward-looking comments made today at the inauguration of the new Tel Aviv Stock Exchange, Israeli Minister of Finance Yair Lapid stated, “What we need now, after 50 days of fighting, is growth. Now is the time in which we need a stable, strong economy, and also a creative, optimistic economy, that believes in itself.”

As reported by Globes, Lapid continued,”Trading is not technical. It is influenced by people – by their moods, the manner in which they interpret reality. Economics is psychology, and if we believe in ourselves, others will believe in us too.”

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Good News For Selfie Takers: Microsoft Unveils New Selfie-Centric Smartphone

Photo/AP

Photo/AP

(AP). Microsoft will seek to draw more people to its Internet-based services with two new mid-range smartphones it unveiled Thursday, including one designed to help people take better selfies.

The devices are under the Lumia brand Microsoft bought from Nokia. They run the latest version of Windows Phone 8 and feature Cortana, a Siri-like voice assistant available to help with directions, calendar appointments and messages. Many of those interactions will steer users to Microsoft services such as Bing search and OneDrive storage. Read more »

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Poll: Midterm Elections Will Hinge on Precarious State of US Economy

An overwhelming majority of American voters feels that the country is on the wrong track and the economy will be a primary factor in November’s midterm elections, a new George Washington University Battleground Poll reveals. Seventy percent of likely voters nationwide agreed with the statement that the nation is on the wrong track, while only 21 percent said that the nation is headed in the right direction.
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Israel’s Economy Set To Rebound Following Ceasefire

lapid bibi(TNA). Despite the numerous setbacks suffered in Operation Protective Edge, Israel’s economy remains resilient. Amid news of massive budget cuts needed to pay for the latest war and losses to the tourism and retail industries, statistics from many sources project a rapid economic recovery and continued growth of one of the world’s most vibrant small economies. Read more »

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De Blasio, Stringer Go At Each Other’s Throats Over Pre-K Program Launch

scott stringerWith only 7 days remaining before the first day of school on Sept. 4th, New York City Comptroller Scott Stringer poured cold water on Mayor Bill de Blasio’s celebrations of Pre-K launch, stating his office has received only 141 of over 500 contracts for Universal Pre-Kindergarten (UPK) service providers – leaving 70 percent of UPK contracts unreviewed.

Among the contracts that were already reviewed to date, the Comptroller’s Office has uncovered significant problems, several of which are directly tied to the safety and security of children. Read more »

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US Economy Forecast To Grow By 1.5 Percent In 2014

US Economy (AP). The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year.

The new assessment was considerably more pessimistic than the Obama administration’s, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter. Read more »

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US Records Highest-Ever Food Stamps Enrollment As Obama Touts Economic Success

As President Obama and Democrats who may be vulnerable in the upcoming midterm elections attempt to paint a rosy picture of the United States economy, one measure of the current economic climate – food stamp enrollments – appears to contradict that image. 

According to the Department of Agriculture’s most recent data, the number of individuals who are enrolled in the government’s food stamp program (known officially as the Supplemental Nutrition Assistance Program, or SNAP) has remained above 45 million every single month for three years straight, an unprecedented development according to breitbart.com. In May of 2011, 45,410,683 individuals received food stamps. As of May 2014, 46,225,054 United States residents were on food stamps. At no point between those two dates did the number of food stamp enrollments ever drop below the 45 million mark.

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Taxi-Hailing App Uber Set To Launch in Tel Aviv

israeli taxi(JNS). The wildly popular taxi-hailing and ride-sharing app Uber is being launched in Tel Aviv.

The app, which operates in more than 160 cities worldwide and allows private drivers to freelance as taxis, has faced blowback from regulators in several cities for undercutting traditional taxi service. Israeli government regulators have also expressed concern. Read more »

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Lapid: Gaza Aid Should Be Tied To Restored Palestinian Authority Rule

14627_i_yair-lapid(AP). Israeli Finance Minister Yair Lapid on Monday called on the international community to pull together a massive aid package for Gaza conditioned on the Palestinian Authority returning to power in place of the Islamic militant group Hamas.

Lapid said that the Western-leaning Palestinian President Mahmoud Abbas is the legitimate authority in Gaza, which was been blockaded since Hamas seized control there in 2007. If Hamas were removed, the blockade would end, achieving Hamas’ own stated purpose in its firing of rockets on Israel, Lapid said. Read more »

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Finance Minister Lapid: 2014 Budget Can Absorb Cost Of Gaza Operation

14627_i_yair-lapidDirect property damage from the Hamas rocket fire during Operation Protective Edge amounted to NIS 50 million, and indirect damage totals NIS 750 million, Finance minister Yair Palid said Thursday,

During a press conference, Lapid promised not to raise taxes in the 2015 budget, despite the damage cost of Operation Protective Edge. He stressed that the government compensation fund “is ready to absorb these costs” in year 2014 without spilling into 2015 budget. Read more »

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US Economy Likely Showed Big Rebound in Last Quarter

(AP). After a dismal start to the year reflecting a harsh winter, the U.S. economy showed signs of rebounding in the spring, with many forecasters expecting growth to be even stronger in the second half of the year.

The government on Wednesday will provide its first estimate of how much the gross domestic product — the economy’s total output of goods and services — grew in the April-June quarter. The consensus forecast is that the economy expanded at an annual rate of 2.9 percent, according to a survey of economists by data firm FactSet. Read more »

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NYC Comptroller Scott Stringer: City Pension Funds Reach All-Time Record High

Scott StringerNew York City Comptroller Scott M. Stringer announced Monday that the New York City Pension Funds achieved a 17.4 percent investment return for Fiscal Year 2014, which ended June 30th. The total fund value of the pension funds is now $160.5 billion — the highest ever recorded to end a fiscal year.

“Five years of positive returns are good news for the pension funds and for the City,” Comptroller Stringer said in a statement. “I am proud of the hard work put in by the Trustees of the Pension Boards, our former Chief Investment Officer Seema Hingorani and the entire Bureau of Asset Management staff to achieve these results.” Read more »

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Beachwood, NJ – 17-Member Family To Share $20M Lottery Win Between Themselves

Photo/AP

Photo/AP

(AP). With 17 siblings, the Endreson family was already well-known in the New Jersey shore area by sheer numbers alone.

Their public profile rose even more this week when they hit New Jersey’s Pick-6 lottery jackpot for $20 million. Read more »

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Report: Americans Unaware of Depth of Income Inequality

income-inequalityA New York Times article has undertaken to analyze why governments in democratic societies do not do more to combat the seemingly pervasive trend of income inequality The median voter theory, a longstanding concept within the field of political science, predicts that politicians attempting to get elected will seek to close a growing income gap in order to attract the large bulk of voters in the middle who feel they have been left behind by the fortunate few. Read more »

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US Bank Settlements Create Disputes Over Allocation

Money in handThe $8.9 billion settlement concluded by United States authorities last month with French bank BNP Paribas for its busting of sanctions will pay for New York police officers to get live computer feeds of street crime incidents and for new carpets in the offices of prosecutors, among many other improvements.

In the past few months, American regulators and prosecutors have coerced some of the world’s largest banks to pay massive fines for everything from breaching American-imposed sanctions to alleged mortgage abuse and illegal tax schemes. Read more »

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Jobless Claims Drop To Lowest Point Since 2006

Unemployment Rate Pre-Post ACA(AP). The number of people seeking U.S. unemployment benefits fell last week to its lowest level in eight years.

The Labor Department says weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000. That’s the lowest reading since February 2006, nearly two years before the Great Recession began. Read more »

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