$28m has been invested into data-engineering technology firm Duco by Insight Venture Partners, NEX Opportunities and Eight Roads Ventures. Cristóbal Conde entrepreneur also contributed to this fund, of which the lifetime entrepreneur said:
“I am delighted to be deepening my relationship with Duco at this important inflection point for the company. Re-conciliation in financial services, and particularly in banks and large asset managers, is an area that requires a shake-up and re-engineering in the coming years. Duco is focused on bringing technological advancements to market in an industry that is ripe for disruption. The company is taking significant market share and will emerge as a household name in the coming years.”
Shares of their New York Mortgage Trust (NASDAQ:NYMT) were just lowered by Zacks Investments Research. The shift was made from a buy rating to a hold rating. The explanation for the move was given by Zacks as follows:
“New York Mortgage Trust is a real estate investment trust focused on owning and managing a leveraged portfolio of residential mortgage securities and a mortgage origination business. The mortgage portfolio is comprised largely of prime adjustable-rate and hybrid mortgage loans and securities, much of which, over time will be originated by NYMT’s wholly owned mortgage origination business, The New York Mortgage Company, a taxable real estate investment trust subsidiary.”
On Assignment – America’s 2nd largest IT staffing firm – is in the process of purchasing the service technology and engineering company ECS Federal for $775 million (in cash). Once the sale goes ahead, the current CEO George Wilson will remain at the helm with his management team. Indeed, Wilson said that the firm will remain with the “same strategy, same management team, more resources.” One thing will change slightly though is the name; on April 2, 2018, when it is all final, the company will be called ASGN Inc.
Roy Kapani will be leaving the firm he established in 2001 but is very positive about the move calling it a “terrific outcome for our company, partners and talented employees.”
In its investor presentation, a deeper comprehension into the sale was put forward:
“One of the largest inhibitors of growth in the federal sector is timely finding and placing technical talent. On Assignment’s recruiting capabilities will enhance ECS’ performance and value proposition versus government services peers.”
The opportunities that will be available after this acquisition will be access to greater “digital, creative and life sciences [as well as providing clients of On Assignment with] access to ECS’ cyber, cloud, artificial intelligence and agile development capabilities.”
The option of changing the state income tax code to a different system is not totally abhorrent to New York firms. The idea of the code becoming a payroll tax system has indeed, not been completely rejected as this alternative is explored by the state.
The reason for the possible change, is that it could help those New Yorkers who have been negatively impacted by the recent restrictions that have been put on to state tax detections from federal returns (due to the massive US tax code restructure that took place at the end of last year). So now, Chief Executives who have some of the largest numbers of employees in their companies, are willing to consider this new system.
Other issues up for discussion concern the biotechnology industry. Just last week NYC government asked for proposals on the most effective use of $100 million funding and city lands to put toward the establishment of a life sciences hub in an effort to actually put New York in the playing field with cities like Boston and San Francisco. This is just part of a larger amount of money – $500 million in resources – New York has attributed to attract biotech investment.
What is it like to really live and work in New York? For those thinking about the move, is this really doable? And, if so, is it a real challenge or do the benefits outweigh the difficulties? Here we take a very brief look at some of the factors to be considered.
First off the infamous WeWork phenomenon – that is not news in an of itself – is reaching a new level. Instead of simply using the space for work one can also kinda live there now too with the Financial District’s WeLive phenomenon. Spaces up to four bedrooms large can be rented out for a day or even a year! For those looking for something smaller that is possible too as studios can also be rented for short- and long-term uses.
The advantage of this is that everything comes included – all the silverware, utensils and anything possible that you would ordinarily need to live. You can make use of the bar, laundry room and swimming pool as well; it really has become a home away from home and for those traveling for work who need the space this is a great option. It also works for those considering a more permanent move – of themselves or their entire businesses – to the New York area. It is kind of like a trial to see how working would be in practice.
Another area we looked into was transportation. Reports show it’s actually not bad at all. According to Times contributor Jonathan Mahler, “In New York, movement—anywhere, anytime—is a right.” Unlike some other large cities, there is just one flat fare when it comes to the city’s public transportation – the Metro. So you “don’t’ get penalized for not being able to live centrally.” Which is actually very positive considering how pricey that can be. And that also probably accounts for why NYC has become such a hub of culture.
According to Founder and CEO of BlackRock Laurence D. Fink, companies “need to do more than make profits.” To get the support of BlackRock, they will have to “contribute to society as well.” He added: “Society is demanding that companies, both public and private, serve a social purpose. To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society.”
Fink added that governments have to start preparing for the future, with a special emphasis on retirement, infrastructure, automation and worker retraining.
Apparently this works both ways. In a recent video in Entrepreneur, contributor Greg Rollett argued that: “The entrepreneurs who find massive success are the ones who are part of communities that encourage them, help them and give them an edge.”
When looking at Dime Community Bank, it seems that this advice has already been implemented. Given that the NY-headquartered-company, has 400+ employees, providing service throughout NYC’s five boroughs, as well as the surrounding metropolitan area in 28 communities and neighborhoods. Dime’s Board of Directors asserted that it seeks to “get the tax savings back into the economy while acting in the best interests of all of Dime’s stakeholders.” As such, it intends to engage in the following activities to stimulate economic growth.
These include: establishment of jobs, review of corporate policies and practices, paying $1,000 bonus to all non-executive employees, the institution of a Corporate Matching Gift program, continuation of the #dimesgiveback social media campaign.
In different areas of New York, there have been positive (and some negative) developments vis-à-vis educational growth. Here we give a brief overview of a few of the recent ones.
Having just raised $2.1 million in new funding, Wonderschool is now in a position to open 150 programs in New York City. The organization – a network of in-home daycare and preschools -mainly acquired the capital the following non-profit investment firms: Be Curious Partners, Edelweiss Partners, Learn Capital, Omidyar Network and Rethink Education. This news is most welcome given the New York City Department of Education’s announcement that it will close 14 public schools.
When it comes to forward-thinking tech education, Netflix CEO Reed Hastings is all about supplementing elementary and middle school education via student-customized games, lessons and more. That was back in 2011. Today, over 2 million kids use the DreamBox Learning platform which assembles data on students’ performance, tracking how long it takes for them to get the right answer to a question, etc. thereafter it responds by raising/lowering the difficulty level. Per hour, over 50,000 data points are assembled for each student.
It seems like January is the time to come to New York. At least according to British journalist Graham Boynton who writes in The Daily Mail. Even though one might initially be put off by the weather there at this time of year, actually the skies can be bright blue and one would thus be able to take a beautiful stroll around Central Park.
As for the rest of the time, January really does seem to be the time to travel to New York. With cheaper flights thanks to companies like Aer Lingus (offering substantial discounts on flights to the US, reducing prices on 3 million seats), and British Airways (£386 return) what better time to use those savings than with New York’s January sales?
The madness of December (Christmas and New Year’s) has abated and the streets and stores are pretty calm. For retailers this is great as stores are desperately trying to lure customers in rather than sit home by the fireplace. There are bargains galore in all the traditional haunts like Barneys, Bloomingdales and Madison Avenue. Even if you don’t want to brave the weather you can enjoy the sales online from the comfort of your (reduce price) hotel room. There are many name brands that will pick up returns the next day if it’s not quite to your liking.
Of course, if you are going to travel to New York for some bargain hunting, be sure to take advantage of Broadway Week (Jan 16- Feb 14) which offers two-for-one ticket deals for many of the major shows. And restaurants that are usually packed to the brim in December suddenly become very readily available for bookings and possible discounts too.
Developed by Andrew Cuomo, the Innovation Vouchers Bill seeks to facilitate the struggle small businesses and startups undergo. In trying to raise the money for their R&D work, they need backing. At the same time, educational institutions have the resources for the development of these ideas but lack the projects in real life. This venture from Cuomo puts the two groups together.
In other New York tax-related news, members of the city council showed support for retailers in the region with their approval for an action that would decrease the city’s Commercial Rent Tax. With this reduction, around 2,700 Manhattan SMB owners will benefit. As well, elected officials seeking to assist independent neighborhood retailers will positively impact quality of life in New York City. Once the neighborhoods become more attractive, there is an increase in property values and tax revenues in the region.
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.