Category Archives: Economy

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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Jewish Entrepreneurs, Business Owners & Employees Unite at Annual LTB Conference [Photos]

SOS_8316Rockleigh, NJ – On Tuesday, July 8th, an oversized crowd of frum businesspeople attended an event which has clearly become a must-attend for those working in the world of business: LTB 2014.

Hosted at The Rockleigh in New Jersey, LTB 2014 – which stands for Let’s Talk Business – offered an innovative platform to help people in the community achieve long-term business growth and advance their careers. Read more »

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Bankrupt Detroit Retirees Vote in Favor of Pension Cuts

Kevyn Orr(AP). Workers and retirees approved pension cuts in Detroit’s bankruptcy by a landslide, the city reported Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.

The city disclosed results from two months of balloting, which ended July 11. Judge Steven Rhodes still must hold a trial in August to determine if Detroit’s overall bankruptcy plan is fair and feasible to all creditors, from Wall Street to Main Street, but support from retirees is vital. Read more »

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State Budgets Across US Shift From Cuts to Surpluses

2012-Federal-BudgetYears after a recession decimated state budgets across the country, forcing across-the-board cuts to programs and services, the economic recovery is once again raising personal and corporate incomes, and unexpectedly generating state surpluses.

Many states reportedly ended Fiscal Year 2014 with budget surpluses, the result of growing tax revenue collections. In some cases, states even have hundreds of millions or billions of dollars available for spending, while other states took in just enough funds to break even. Read more »

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US Economy Shrank To Lowest In 5 Years

(AP). The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is widely thought to be temporary, with growth rebounding solidly since spring.

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While Gov. Deal Visits Israel, Georgia Is Named Top State for Business

Gov Deal on Georgia 'Top State' for businessGeorgia’s Governor Nathan Deal is currently visiting Israel with members of his state’s trade delegation, where he met with Jerusalem’s mayor to celebrate their mutually beneficial partnership.

Gov. Deal, fighting for his re-election against his opponent, State Sen. Jason Carter, a grandson of former president Jimmy Carter, is looking to highlight his strong support for Israel, unlike his opponents grandfather, who once compared Israel’s treatment of Palestinians to the apartheid that once enveloped South Africa. Read more »

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Boys’ Kidnapping Inspires Startup To Create Emergency Alert App

Courtesy of Twitter

Courtesy of Twitter

While the IDF is searching for the three kidnapped boys, some have gathered to pray, some have expressed thier support on social media, And some have created an app.

Prompted by the kidnapping and set to launch in the near future, the ‘SOS Israel’ app will allow anyone in Israel facing an emergency to trigger an SOS call to emergency services, which will be notified of the person’s location via their smartphone, according to media reports. Read more »

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Community Board 12, Maimonides Medical Center Announce Job & Business Opportunities Deal

barry spitzerIn an effort to bring more business and jobs to the district, Community Board 12 announced on Tuesday that on June 24, 2014 – the last meeting before the summer, Dominick Stanzione, Executive Vice President and Chief Operating Officer at Maimonides Medical Center, will be giving a special presentation that will benefit the community in the immediate future. Read more »

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Bobov Philantropist Izzy Englander Lands Record-Breaking Purchase Of Famous NYC Residence

israel-englanderThe official residence of the French ambassador to the United Nations was sold for $70 million — well over the initial $48 million when price when it hit the market in April, 2014.

Bobov Philanthropist Israel “Izzy” Englander, founder of the hedge fund Millennium, purchased the 18-room duplex at 740 Park Avenue, French magazine Paris Match indicated. Englander reportedly bought the apartment to serve as a pied-à-terre for his children when they are in New York. Read more »

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NYGov – GOP TV Ad Attacks Cuomo on Claims of Economic Success

trump GOPThe first attack ad in New York’s gubernatorial election is about to go on the air, with Republicans set to challenge Gov. Cuomo with a spot that counters his claim that the state is going through an economic renaissance. The new ad campaign, entitled “Cuomo’s New York,” will slam the governor’s months-long, multimillion-dollar “Start Up NY” TV ads that trumpet New York’s alleged economic upswing under his stewardship. Read more »

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JP Travel: El Al Launches Credit Cards For Frequent Flyers

El-Al El Al IsraelEl Al Israel Airlines is launching credit cards announced Friday that it had signed agreements with three credit card companies to issue cards jointly for members of the Matmid frequent flyers’ club.

Acocrding to the report on globes, the credit cards will carry preferential terms for redeeming points towards airline tickets. The primary agreement is with Diners Club, which is owned by Cal-Israel Credit Cards Ltd. Read more »

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U.S. Senate Confirms Stanley Fischer as Vice Chairman of The US Federal Reserve

Staney Fischer Fed vice chairStanley Fischer, the former head of the Bank of Israel, won approval from the U.S. Senate on Thursday to serve as vice chairman at the Federal Reserve.

Fischer, confirmed last month as a member of the board, was approved to be the central bank’s influential No. 2 on a 63 to 24 vote. Powell, already a member of the board, was granted a new 14-year term on a 67 to 24 vote. Brainard, a former top official at the US Treasury, was backed 61 to 31 Read more »

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Son of Lewis Katz, Killed In Jet Crash, Withdraws From Inquirer Sale

(AP). The son of a Philadelphia Inquirer investor won’t go forward with plans to buy its parent company this week, citing “the turmoil” of his father’s recent plane crash death.

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Deputy Mayor Richard Buery: Pre-K Will Dramatically Boost Economy

via Twitter

via Twitter

A deputy mayor to NYC Mayor Bill de Blasio is asserting that the nascent universal pre-kindergarten program will ultimately pump as much as $2 billion into the city’s economy.

Richard Buery, New York City’s Deputy Mayor for Strategic Policy Initiatives, declared at a Crain’s New York business forum that de Blasio’s heavily touted universal pre-K has the potential to generate $7 in “individual and social return over the lifetime of students. Read more »

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Cold Winter Had No Effect On City’s Economy, Says Comptroller Stringer

scott stringerNew York City’s economy grew by almost 3 percent last quarter, outpacing the nation’s 0.1 percent growth, Comptroller Scott Stringer said on Wednesday. Job growth in the first three months of 2014 increased 1.9 percent, with most gains in education and health services, according to a report Stringer’s office released today. Read more »

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Israel – Bennett Introduces Legislation That’ll Increase Haredi Participation In Workforce

Naftali Bennett - Jewish PressIsrael Minister for Economics Naftali Bennett on Wednesday announced that he would push legislation for affirmative action in employing haredim in the Civil Service, Jpost reports.

Bennett said that this coming Sunday he would present a proposal to the cabinet that would oblige the Prime Minister’s Office and the Ministry of the Economics to draft legislation that would increase haredi participation in the public sector. Read more »

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Israel – Finance Minister Lapid On Tax Exempt Discrimination: Those Who Give More, Get More’

lapid deriIsrael’s Finance Minister Yair Lapid is under fire for issuing what some say is a discriminatory criteria for tax exemption program giving Israelis who serve in the military a substantial discount on purchase of first home, with lesser benefits for Israelis who don’t serve.

According to the Finance Ministry, former soldiers and Israelis who take part in national service programs will enjoy a value added tax exemption when buying homes worth up to 1.6 million shekels ($462,000). Israelis who do not serve will only enjoy an exemption on houses worth up to 600,000 shekels ($173,000). Read more »

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Kornbluh: A New Mayor, A New Era For Small Businesses

jacob city hallMayor Bill de Blasio’s executive budget presentation on Thursday included a significant change of policy that may have gone diluted in the news.

The new budget, the first presented by mayor de Blasio, included a drop of 8% in projected small-business fines revenue. Tickets issued by the Department of Health, as part of the grading system implemented during the Bloomberg administration, is projected to drop a whopping 44 percent — a decline from $54 million in FY2012 to $30 million in FY2015.

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NYGov – Astorino Blasts Cuomo On NY’s Rank As Worst State For Retirement [Video]

rob astorino govWestchester County Executive and Republican Gubernatorial candidate, Rob Astorino ripped into Governor Andrew Cuomo on Monday following a poll published that shows New York State ranked the worst place to retire in America.

The poll commissioned by Bankrate ranked all 50 states according to their cost of living, crime rate (violence and property crimes), health care quality, state and local tax burden, personal well-being and weather. The overall ranks of 1 to 50 go from best to worst.
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Stanley Fischer’s Nomination for Fed Vice Chairman Approved by Senate Committee

Staney Fischer Fed vice chairThe former governor of the Bank of Israel, Stanley Fischer, has been unanimously approved by the Senate Banking Committee as a nominee to take over as vice chairman of the U.S. Federal Reserve Board. The appointment would make Fischer the second-ranked Federal Reserve official after Chairwoman Janet Yellen.

Fischer’s nomination, along with the approved nominations of former Under Secretary of the Treasury for International Affairs Lael Brainard and Fed Governor Jerome Powell for another term, now requires confirmation from the full Senate. Read more »

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