Category Archives: Economy

Moody’s Credit Ratings Agency: Israel Elections Is ‘Credit Negative’

Israel EconomyThe collapse of the government and call for early elections after less than two years since the previous polls is “credit negative,” credit ratings agency Moody’s said in a report on Monday.

“Israel’s political turmoil is credit negative for the sovereign because it will dampen economic confidence, delay the implementation of growth-boosting reforms and hinder fiscal planning for the next two years,” said the report. Read more »

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Seeking to Define Legacy, Obama Repeatedly Touts ‘Economic Recovery’

Barack ObamaPresident Obama is increasingly talking publicly about a rebounding national economy as part of an effort to define his ultimately two-term White House legacy. Obama has utilized a series of speeches and television interviews to tout the strongest monthly jobs report in years as a prime example of his administration’s work towards an improved economy. Read more »

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Obama Announces $1B For Early Childhood Education

Photo/AP

Photo/AP

(AP). Declaring early childhood education “one of the best investments we can make,” President Barack Obama on Wednesday followed up on a promise to expand early education opportunities for tens of thousands of children by announcing $1 billion in public-private spending on programs for young learners.

Obama said that less than one-third of 4-year-olds are enrolled in preschool and blamed the high cost of these programs for essentially shutting off access to poorer infants, toddlers and preschoolers. Read more »

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Amazon Warns It Will Move Drone Testing Abroad if FAA Doesn’t Ease Regulations

Amazon Drone Prime AirAmazon Prime Air, the e-commerce giant’s drone delivery program which Amazon hopes will deliver items to customers within 30-minutes after purchasing it, has been off to a rocky start, specifically in regards to rules and regulations by the Federal Aviation Administration.

Amazon announced the program at the end of last year, but current FAA regulations wouldn’t allow such drones to fly around freely. The company said that it hopes the FAA will change the regulations in 2015, at which time Amazon will be ready to launch the Prime Air delivery service. Read more »

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US Adds 321,000 Jobs, The Most In Nearly 3 Years

Photo/AP

Photo/AP

(AP). A burst of U.S. hiring in November — the most in nearly three years — added 321,000 jobs and provided the latest evidence that the United States is outperforming other economies throughout the developed world.

In addition, the government said Friday that 44,000 more jobs were added in September and October combined than it had previously estimated. So far this year, job gains have averaged 241,000 a month, putting 2014 on track to be the strongest year for hiring since 1999. Read more »

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Report: Brooklyn Is America’s Most Unaffordable Place To Buy A House

home-for-sale-signBrooklyn, NY, is now the worst place in America for home affordability, according to a new report by RealtyTrac (www.realtytrac.com), the nation’s leading source for comprehensive housing data. San Francisco is in second place, followed by Manhattan.

According to the report, a Brooklynite making a median income would need to set aside 98 percent of their salary to pay the monthly mortgage for a average-priced home of $615,000 with a 10% down payment, slightly up from 95 percent, - the affordability level since 2000.   Read more »

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Cyber Monday Gears up to Get Online Shoppers Hyped

Amazon via AP(AP) — After a busy holiday weekend in shopping malls, millions of Americans are expected to log on and keep shopping on the day dubbed Cyber Monday.

That day, the Monday after Thanksgiving, has been the biggest online shopping day of the year since 2010. The day could take on added importance after a Thanksgiving weekend that saw fewer shoppers and lower spending than last year, according to some estimates. Read more »

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Experts: Israel’s Economy Will Expand At Lower Rate Than Predicted

Israel EconomyEconomic experts are projecting that Israel’s economy will expand over the next two years at a rate that is less than was previously estimated.

According to a Bloomberg News survey of 18 economists that was conducted from Nov. 21 through Nov. 26, Israel’s gross domestic product will rise 2.3 percent this year, 3 percent next year and 3.3 percent in 2016, a reflection of downward revisions across all annual periods. In August, economists had forecast growth of 2.9 percent this year, 3.3 percent next year and 3.8 percent in 2016.

Read more »

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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.”

Read more »

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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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