Watch this video and follow Tara King Brown on a brief tour on one of New York’s best kept secrets – the Financial District.
There have been some new laws passed in New York City for local residents as of late. The 185 and 186 went into effect on March 18, 2019 to extend rights of mothers who are nursing in the workplace. What this means in practice is that employers now have an added responsibility toward working mothers: the provision of a lactation room. As well, lactation room accommodation policies must be written out. These two laws are amendments to the New York City Human Rights Law.
Another new law was put in place in an attempt to help support people on the street who are being searched by the police. These new laws took place last October via the Right to Know Act. What this means is that before performing a search, a police officer must give the individual a business card and only thereafter ask for permission to perform their search.
The Climate Mobilization Act completed 6 climate mitigation laws. This predominantly transforms New York’s approach to climate change, and is also known as The Green New York Deal. The fact is, 70 percent of New York’s carbon footprint is brought about by heating and cooling for buildings. A third of that comes from 50,000 of the city’s huge skyscrapers. Thus this bill is requesting that owners of buildings will cut emissions by 40% by 2030 and 80 percent by 2050.
Finally, after around two years of waiting, it seems that this summer will see the rollout of Apple Pay. it’s been a long time coming but with this new system, MTA users will have their payment method significantly facilitated. Apple Pay will enable customers to instantly pay their fares by simply tapping their phone/watch. Known as OMNY, its launch date for Staten Island buses and the 4 5 6 subway Grand Central-42 Street and Atlantic Avenue Barclays Center lines is May 31. The full system is set to be in place by next year.
There is a very good chance that Apple Pay will not be the only show in town since New York City’s contactless payment system can also support other phone systems as well as contactless credit cards.
Mergers and acquisitions can be very beneficial to a state’s economy. As stated in an article in Economy Watch:
“Mergers and acquisitions generally succeed in generating cost efficiency through the implementation of economies of scale. An increase in cost efficiency is effected through the procedure of mergers and acquisitions. This is because mergers and acquisitions lead to economies of scale. This in turn promotes cost efficiency.”
Here we take a look at a few recent ones that were undertaken in New York.
Holtec International is acquiring the Indian Point Energy Center from Entergy Corp. Through this the firm will decommission three of the plant’s nuclear reactors. This will result in a doubling of its existing reactors portfolio that is set to be diminished entirely. The transaction will be complete in 2021.
Last week, Sequential Brands Group, Inc. is selling rights to the Emeril Lagasse and Martha Stewart brands. The new owner will be Marquee Brands LLC. The price for the sale (including accessories) is estimated at $175 million plus an additional $40 million in earnout opportunity. According to Sequential Brands Group CEO, Karen Murray:
“This transaction allows Sequential to make meaningful progress in de-levering our balance sheet, which is a top priority. This process was conducted after careful consideration by our Board of Directors and advisors. While we have made significant progress with the Martha Stewart and Emeril Lagasse brands, we determined the best direction for the Company going forward is to focus on our core active and fashion brands and drive even more profitable growth across our business. I have confidence that the Martha Stewart and Emeril Lagasse brands will continue to flourish under new ownership as they build on what we have accomplished to date. We thank Martha for her support of Sequential and this transaction.”
Industries ebb and flow with how they generate income. The two sectors we will focus on here are: beer and fitness. They are currently providing New Yorkers with jobs and the economy with wealth.
It seems that beer is good business. At least in New York. The industry’s growth has been so impressive that last year a staggering $3.5 billion was generated in “direct economic impact, through beer production, sales and the operation of brewery tasting rooms” according to a report undertaken by John Dunham and Associates (JDA).
More than the revenue is the job market. The industry in New York alone is giving 11,000 people jobs, equaling $722 million in salaries. In fact, it’s estimated that without a trace of the beer industry, 20,000 jobs wouldn’t exist. Add this to the mix and the value generated by the beer industry was $5.4 billion for 2018. And that doesn’t even include the $1.1 billion that comes from the purchase of supplies, marketing, sales, etc. It’s a big industry.
Fitness has long been a growing industry. New Yorkers are not alone in their love of the fitness industry. In fact sometimes it seems that every other week there is a new class or fitness factory. Throughout America, according to the International Health, Racquet & Sportsclub Association (IHRSA), there is at least a 3 to 4 percent annual increase within the industry and around 20% of US adults have a fitness club membership. According to Statista, US consumers are spending $30 billion per year on gym memberships.
Looking into New York’s East Village we find the growth of Crunch Fitness. The firm opened its doors over three decades ago and since then has expanded significantly. With an app that syncs with the Apple Watch, over 100 online workouts for those who want to stay home and 25,000 square feet for those who want to actually go to the gym, this seems to be an example of how seriously New Yorkers take their workouts.
The 19thThurgood Marshall College Fund’s Annual New Jersey Award of Excellence ceremony was held at the end of March in Belleville, NJ. Winning an award is good for any business for many reasons: it recognizes excellent work; elevates a company’s reputation; bolsters morale at a firm and sparks supplementary customer interest. But with this particular award, winners such as RWJBarnabas Health’s Michellene Davis can also take pride in the parallel being made with the award’s founder. As Davis said:
“This award means so much to me, because Justice Marshall embodied that which the premise of my life’s work is premised upon, such as advocacy, education, justice and civil rights. I am honored that my very small contributions were deemed worthy of this amazing award.”
Michellene Davis is a woman of many firsts. She was Barnabas Health’s first female (and black) individual to become Executive Vice President of Corporate Affairs. In addition, she was the first ever African American to hold the position of Chief Policy Counsel to New Jersey Governor, Jon Corzine.
With April 1st marking the beginning of a new fiscal year, New York – along with other states – had to have handed their budgets in. One aspect of this is the permanence of the yearly 2 percent property tax cap will become permanent and $1billion will be added to the education budget. Another is the creation of the public campaign finance system which is valued at $100 million .
Regarding transportation and infrastructure issues, Manhattan is about to be subject to a congestion-pricing system. In addition, taxes on NYC real estate transactions will see an increase. And “mansion houses” (those that sell for more than $25 million) will be subject to more taxes.
According to chairman of the Regional Plan Association, Scott Rechler:
“If our transit system is the beating heart of our city, then our arteries are severely clogged, Congestion pricing is the right solution at the right time, and it is only fitting that New York City be the first city in the U.S. to incorporate it.”
Much of the budget was focused on earmarking funds for the MTA for New York’s transit system and commuter railroads.
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It seems Mayor de Blasio wants to fight for more rights for New York City workers, in particular, for paid vacation. He is attempting to make New York the first US state to “require private businesses to provide time off with pay.”
Some small business owners in the region are not in favor of this, especially given the additional strain the increased minimum wage has put on them. If the proposal becomes law, business owners would be forced to give their full time employees a minimum of 10 paid vacation days a year; a number that would be pro-rated for part-time employees. This would be in addition to paid sick leave.
While some business owners would like to do this, they claim it is just not realistic and that the Mayor is not looking out for SME owners to help them “make ends meet.”
Meanwhile around 150 people are set to lose their jobs altogether as AT&T closes its Syracuse call center. The center is moving to Orange Park, Florida where lower wages will be paid. According to the Communications Workers of America Union, approximately 50 people have accepted the transfers, leaving 100 without work. So now union workers are calling upon the Save NY Call Center Jobs Coalition to pass a bill to require NY call center operators to inform the Department of Labor should they move 30 percent or more of their workers out of the state. Should they still go ahead, they would not be privy to any state benefits for five years.
Just in time for International Women’s Day, three out of the ten people named to the ROI Power List Influencers of 2019 are women!
Of these women,
Christine Stearns is an attorney and healthcare lobbyist who specializes in the healthcare industry. She is an attorney who serves on the board of the New Jersey Health Care Quality Institute and the Samaritan Healthcare & Hospice. In 2005, she co-chaired the Governor of New Jersey’s Health Care and Senior Service Policy Group.
Trish Zita is the co-founder of the Kaufman Zita Group and the firm’s managing business partner. A powerful and effective lobbyist, she also represents companies as well as non-profit organizations. She was selected by Governor Phil Murphy to serve on the Environment and Energy Transition Committee and has received several awards for her work.
These three women set an inspiring example of leadership.