Local Business Conferences

Happening today, is a discussion held by executive management at South State Corporation (SSB).  Entitled Investor Day, this event – starting at 11am – will center around corporate strategies of the corporation as well as their financial performance. It will provide a good insight for institutional investors. While the actual event is invitation only, others can pick it up live via the website or 1-409-217-8783/ toll free 1-866-688-2179 (conference ID: #3473637).

The focus is guidance for investors, analyzing risk and minimizing uncertainties and flux. Certain factors – market conditions, expectations, timing, and more related to these conditions, business plan executions, geopolitical developments, natural disasters and more – can and do regularly impact the change in results from those that are predicted. As such, the SSB has an obligation disclaimer on updating of statements.

Another conference happening today is hosted by next-generation networking solutions company ADTRAN.  Now in its 5th year, the annual Cowen and Company Networking & Cybersecurity Summit is also happening today in New York.  Starting at 8am, the event takes place at Lotte New York Palace.  Items discussed are similar to those above and include: risks and uncertainties; fiscal situation; results of operation, and more.

Minimum Wage Increases

The first city in America that is enforcing minimum wage for app-based drivers (such as Uber, Juno, etc.) is New York City.  At the end of this month, the new pay rules will ensure that all drivers irrespective of which company they work for will be paid $17.22 at least per hour after expenses.

The rule came after a vote in favor of the law was carried by the New York City’s Taxi and Limousine Commission at the end of last month.

According to Independent Drivers Guild founder Jim Conigliaro this resulted in “desperately needed relief to 80,000 working families.”  In a statement he added that:

“All workers deserve the protection of a fair, livable wage and we are proud to be setting the new bar for contractor workers’ rights in America. We are thankful to the Mayor, Commissioner Joshi and the Taxi and Limousine Commission, City Council Member Brad Lander and all of the city officials who listened to and stood up for drivers.”

NYC enacted its minimum wage law in 2016 with the first increase on 31 December of that year to $11.  Only by 2021 is the minimum wage for NYC workers to reach $15.

Succeeding in New York in Business

In this recent Forbes article, an expert panel spoke to eight Forbes New York Business Council members “to share their most effective tactics for getting their company noticed and started on the path toward success.”

The individuals are:

  1. Samuel Mikail, SM Group Holdings Corporation
  2. Tracey Sawyer, Krause Sawyer
  3. Morris Levy, The Yard
  4. Sriram Padmanabhan, Cymorg Inc.
  5. Yana Zaidiner, Token Payments, Inc.
  6. Giac Capital, Inc & Giacopelli Accounting and Tax Services, LLC
  7. Hoda Mahmoodzadegan, Molly’s Milk Truck and F’in Delicious Beverages
  8. Philip Smith, PJP Marketing, Inc.

Minimum Wage in NY

Most New Yorker’s appreciate the increase in minimum wage.

Since 2016, minimum wage has been rising, from $9.70 an hour to a projected increase of $15 an hour by 2021. The rise in minimum wage means that employees can maintain a better standard of living.

“New York proudly set an example for the nation by raising the minimum wage to $15,” said Governor Andrew Cuomo said in a statement. “The fight for economic justice for our working families continues, and we won’t stop until every New Yorker is paid the fair wages they deserve.”

However, some New Yorker’s are concerned that the increase in minimum wage means that employees will reduce their hours. Small business owners with limited budgets may find themselves unable to pay their employees.

Most New Yorker’s, however, are greeting the change in minimum wage optimistically.

The Changing Face of College Education

As a student, it is imperative to examine the end goal when choosing an educational path.  Especially given the perpetual growth of technology and the impact that has, one must be fully aware of possibilities of job opportunities in the future. As such, colleges have an important role here: to look at what subjects must be offered.

Thankfully there does seem to be awareness of this. At a recent roundtable discussion held in NYC, President G.P. “Bud” Peterson – the 11th President of the Georgia Institute of Technology – said:

“Higher Education is going to change. It’s going to have to change. What is that new model of higher education going to look like?”

At the event – organized by Georgia Tech – the conclusion reached by Peterson was threefold:

  1. Education is in flux from a calendar-based to a knowledge-based curriculum.
  2. Students will not be deemed successful just from a four-year course attendance; new definitions of success will have to be determined.
  3. Students (as well as teachers) will be recognized as educators.

Meanwhile, in an effort to reduce cumbersome college fees, some top academic institutions are removing that obstacle.  This summer, New York University School of Medicine announced that 500+ of its students will be eligible for free tuition – instead of paying the $55,018 annual fee for 2018-19 academic year. This will not depend on fiscal need/academic performance.  Students will just need to pay for other fees like housing and material (amounting to less than $30,000).

Other colleges throughout America are adopting similar low fee/no fee programs.

New York Firms Rebranding

It’s more than a name obviously but when a successful company changes it, one has to wonder why.  New York & Company – the successful corporate women’s apparel firm – will soon become RTW Retailwinds next Monday. As part of its rebranding move, this will be the name under which it will be traded on the NYSE on November 20; with the RTW ticker symbol.

It’s not just the name that is changing though. For rebranding purposes there are other transformations being undertaken such as an expansion of Fashion to Figure (its plus size brand) as well as a brand new lingerie lifestyle brand and a Kate Hudson casual lifestyle collection.  Greg Scott, CEO of the firm explained:

 “RTW reflects our vision to maximize the power of our platform to create destination celebrity and lifestyle brand assortments across categories and channels. We move forward strongly positioned to continue our expansion of NY&Co, expanding celebrity brands with the upcoming launch of Kate Hudson and entering intimate apparel – a core competency of our team.”

Over in Buffalo, We Care Transportation (Buffalo’s most expansive non-emergency medical transportation provider) is ditching its name to become Cedar Bus Co.  In its explanatory press release it was written that:

“The change reflects the organization’s evolution and ongoing commitment to clean energy and the communities they serve.”

In time for its 5th anniversary, Figliulo & Partners will simply become Fig, in some measures “to tie together the agency’s many developments since it opened in 2013.”

NY & Clean Transportation

Clean transportation has become a priority in NY. Several programs encourage clean transportation:

  • Evolve NY is a $250 million electric vehicle expansion program that will help accelerate NY’s goal to launch 10,000 electronic vehicle charging stations by 2021.
  • The Drive Clean Rebate Program gives NY residents a rebate of approximately $2,000 for the purchase of a new hybrid or electric car from participating car dealers
  • Other incentives include discounts on toll charges for drivers who carpool using NY EZ Pass, also known as the Carpool or Green Pass Plan
  • As an alternative to driving, consumers are encouraged to bike to work. In NYC, Citibike has 12,000 rental bikes available in 60 neighborhoods.

By committing to change, clean transportation can become a reality.

Making Money in New York

While people believe that living in New York can be crippling due to its expense, a recent article in Work at Home Adventures presented the Top 12 Ways to Earn Money Fast in New York City.

If you’re fascinated by the hype and pace of NYC, why not remove your clothes and become an art model?  Making between $20-30 an hour there seems to be no shortage of opportunities for those comfortable in their bodies and “unafraid to pose in front of strangers.”

Mike Brassfield wrote a similar article on his Penny Hoarder blog. He presented money making options including dry cleaning delivery, Lyft/Uper driving, Airbnb rental and work from home positions through reputable ZipRecruiter.