Category Archives: News

NY: Energy Evolutions

The energy industry is booming in New York city with a variety of new developments being undertaken by both the New York State Energy Research and Development Authority (NYSERDA) and New York Power Authority (NYPA).

The latest announcement from these two bodies was the availability of $3.8 million as part of New York’s Geothermal Clean Energy Challenge.  The idea behind this endeavor is to bolster the financing and installation of large-scale geothermal systems within state facilities.

While promoting the use of clean and sustainable energy, this also lends support to Governor Andrew M. Cuomo’s objective of decreasing greenhouse gas emissions 40 percent by 2030. But what’s even greater is that with this endeavor, New York facilities can now apply for an analysis to determine whether their buildings can be fitted with geothermal for heating and cooling purposes. Of course, this will be directly beneficial to New Yorkers who will be able to benefit from the technology by saving on energy bills.

In addition, given that the New York Power Authority (NYPA) just installed nearly 950 solar energy panels on the main roof of the Borough of Manhattan Community College, that makes the building NYC’s “largest solar photovoltaic facility.” The panels measure three by five feet and are placed so that they can get the most sun exposure since they face the Hudson River.

New Job Opportunities in New York

Amazon is building its first fulfillment center in Staten Island, NYC. This warehouse will ultimately be responsible for the provision of 2,250 new jobs, where workers – together with the firm’s robots – will pack and ship orders to the tri-state area.

Given this, the company hosted a job fair on August 2, so that it can fulfill its goal to hire 50,000 new fulfillment employees over the coming months. On that one day alone, the firm received 20,000 applications for the positions which begin at $12 per hour plus benefits.

Barclays Bank is also anticipating job creation in New York.  As a reaction to Brexit, the investment bank is likely to feel the pain with lawyers joining bankers in moving away.  According to Barclays investment bank architect Bob Diamond (based in London), “People are beginning to understand Brexit is going to be far more profound and long-lasting than they thought. I’d be very surprised if support services and legal services don’t move,” which will ultimately be beneficial to New York job seekers.

Trump Bump NY Tourism

At one point there was some anticipation in loss of revenue in tourism due to the Presidential election (and the resulting anti-immigrant rhetoric). That has been eliminated and replaced with what people are terming the “Trump Bump” as tourism-related revenues have increased this year compared to the same period in 2016.

Indeed, if you look at the latest report from the U.S. Travel Association’s Travel Trends Index, there was a 6.6 percent growth in international travel to America in April and 5 percent growth in May compared with the same months last year. In addition, STR (hotel tracking industry) ’s senior VP Jan Freitag said that the first five months of 2017 witnessed higher hotel occupancy “than ever before.” And there has been no deceleration in US meetings/events recorded by AMEX Meetings & Events.

New York will, no matter what, always be an icon and a place people from around the world will flock to visit.  Clearly the alleged Trump Trauma has not put a damper on that.

Wealth Management Systems

There are many avenues for securing financial advice.  For SME owners and HNWIs seeking guidance from credentialed fiscal specialists, wealth managers – and the platforms they use – are often approached.  Using these experts and their systems facilitates the process of the coordination and implementation of estate planning, investments, retail banking, legal resources, etc.

When one decides to use a service however, which one should be used?  Black Diamond® Wealth Platform has recently a very popular choice, with over 1,000 advisory firms choosing it to enhance their client experience, advance operational efficiencies, and expand with scale.  This solution has significantly assisted Essex Financial Services with their headquarters in Essex, Connecticut.  As Essex Financial CEO, Charles “Chuck” Cumello, noted:

“We can handle a broad range of client situations, from the fairly routine retirement planning and college funding aspects, all the way up to the unique needs for intergenerational wealth transfer and legacy planning of high net worth clients,” which is very useful since the company’s focus (95%) is on the Registered Investment Advisory sector.

Black Diamond® Wealth Platform has been chosen by many other firms also.  Indeed, 60% of the top 100 advisors are using it, along with 58% of the fastest growing advisory firms. Some of these include: Decker Wealth Management, Fieldpoint Private, Homerich Berg Wealth Management, Lourd Murray and Radius Wealth Management LLC.

New York Fashion Week: Business and Technology

fashion-weekNew York Fashion Week (this year, 7-15 September), has evolved a lot in the 7+ decades it has been in operation.   In a recent article in BizJournals, Teresa Novellino presents 7 ways it has evolved due to technology.

Anyone Can Go:

In the past it was mainly attended by buyers, celebrities and fashion editors.  Now, shoppers are in attendance.

Buy Today

Thanks to social media channels, today people can buy the stuff they see at the Fashion Week much earlier.  It used to be that event photos were only published months thereafter due to the delay of print publications.  But now that is not the case and consumers can look at articles of clothing they can buy almost immediately.

Private Shows

Fewer private showings, since they are being traded in for private appointments with small groups of corporate buyers and editors.

Virtual Reality Shows

There is now a way to be at the Fashion show, without actually being there. Watch the show from the comfort of your own home and actually feel like you are present during Fashion Week thanks to live broadcast.

SnapChat Fashion

Snapchat all the way. With the launch of Vogue’s Snapchat Discover Channel, the LA Times reported on new content twice a week with a feature which included: “15 Reasons to be Excited for New York Fashion Week.”

Music Industry

Fashion and music go together thanks to Tidal which live-streams events, drawing additional subscribers.

Google

Google has just started “experimenting with search carousels that are created and curated by catwalk brands.” What this means for the brands is that they will be able to manage what pops up when a designer’s name is put into the search engine.  Ultimately this will help Google engage in competition with Instagram, etc. to get traffic from fans of Fashion Week.

New York’s Start-Ups

startupIn an effort to establish the next profitable company in New York, startups and VCs in the region are making funding deals.  According to co-founder and CEO of CommonBond, David Klein said that their aim is: “to have as broad an impact as possible on the financial health of consumers in the U.S. And with our new investors and our new suite of employer-based products, we’re able to take our mission to the next level, now reaching all 40 million Americans with student debt, regardless of their financial profile.” CommonBond also received $300 million in loan purchases by an undisclosed global asset management firm.

On the subject of start-ups in New York, thanks to WE NYC – Women Entrepreneurs New York City – New York is becoming home to many more female run startups. The reason it was established is because statistics showed that the men in New York own 1.5 times more businesses than the women, while employing 3.5 times more workers. The way the organization is doing this is by connecting female entrepreneurs to people established in businesses who can help them, for example, executives in Macys and Goldman Sachs.

Furthermore, with Gov. Cuomo’s Start-Up New York program (which committed to the establishment of 4,100+ new jobs by the end of 2020 through an elimination of taxable burden for new/expanding businesses) over the last two years has created 408 jobs in New York.