Economy

Economy
7:52 am
Fri January 30, 2015

Xerox Beats Profit Estimates; Sales A Bit Soft

Credit Xerox

Xerox is reporting another quarter of profitability, although sales remain somewhat soft.

In the 4th quarter, Xerox earned $156, or 31 cents a share. The earnings per share did beat Wall Street estimates by two cents. But sales were down  about three percent, due in part to the impact of lower equipment sales overseas.

Overall, company spokeswoman Karen Arena says the company found a number of positives in the quarter.

"We think that it was a pretty solid quarter, in fact Q4 was the best quarter of the year with improved margins and revenues," Arena tells WXXI News.

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Economy
5:54 pm
Thu January 29, 2015

JP Morgan Chase To Cut 350 Positions In Rochester

Credit en.wikipedia.org

An improvement in the U.S. economy is being cited as the reason why JP Morgan Chase plans to cut 350 jobs in Rochester.

A corporate spokesman tells WXXI News that the jobs being cut are in the mortgage banking business, and they are located in the Chase Tower building downtown. Chase says that as the U.S. economy improves, it has meant fewer people have needed refinancing and other mortgage services, and that's meant less demand for that business unit.

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Economy
5:22 pm
Thu January 29, 2015

Rochester's Crisis of Poverty Addressed

Credit Michelle Faust

Higher paying jobs-that’s what the keynote speaker at Rochester Business Journal’s Power Breakfast series says would most improve the nation's poverty crisis.

At the morning event entitled Rochester’s Crisis of Poverty, Peter Edelman, Georgetown University Law Center professor, gave 9 causes for the poverty currently seen across the nation.

Among those causes, Edelman explained the country saw a decline in public education that corresponded with a need for a more educated workforce.

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Economy
3:03 pm
Thu January 29, 2015

New Deal on Selling U-S Apples in China

Apple growers around New York should benefit from a new agreement that allows all varieties of U.S. grown apples to be sold in China.

That's good news for growers in New York, according to Jim Allen, President of the New York Apple Association.

Allen says Washington state will benefit the most from the deal because growers here have a few more hurdles to jump over, such as transportation costs.

But Allen says every Washington apple exported to China is one that's not sold on the east coast or in our local markets.

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Economy
12:36 pm
Thu January 29, 2015

RG&E Receives $16.5 Million For Hydroelectric Improvements

RG&E Hydro-electric station #5
Credit Iberdrola USA

Rochester Gas & Electric has received a federal grant of approximately $16.5 million for efficiency improvements at the company's hydroelectric generating plant (Station 5) on the Genesee River.

The grant from the U.S. Treasury Department comes under the 2009 federal stimulus program.

The grant follows last year's $2.8 million award from the federal government for similar improvements at the utility's Station 2 hydroelectric plant, also located on the Genesee River.

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Economy
11:13 am
Mon January 26, 2015

Optimism on the Rise Among Rochester Area CEOs

Credit Siena Research Institute

A survey of about 150 CEOs in the Rochester area shows there is more optimism in the executive suite now than there has been in eight years.

The annual Upstate New York Business Leader Survey from Siena College finds that 40 percent of Rochester CEOs are optimistic. That's the highest rate of all the Upstate regions and the biggest jump from last year.

SRI director Don Levy believes the diversification of the local economy is paying off, and a lifting of what he calls the “post-Kodak hangover”, is starting to become evident.

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Economy
6:44 am
Mon January 26, 2015

Local Business Leader Optimistic Despite Recent Economic Study

Credit PBS.org

Despite a recent study that shows the Rochester area still has a ways to go in recovering from the Recession, one local business leader is optimistic about the region's prospects.

A study by the Brookings Institution and JP Morgan Chase shows that the Rochester metro area has only partially recovered from the recession. Although employment has bounced back, economic output for the region still has some ground to make up.

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Economy
9:14 pm
Sun January 25, 2015

Cuomo's Proposed Minimum Wage Increase Isn't a Done Deal

Credit governor.ny.gov

In last week’s State of the State Address, Governor Andrew Cuomo announced a proposal to raise the minimum wage to $10.50 per hour across the state and $11.50 in New York City by the end of 2016. 

State business leaders criticize the measure they say would force them to slow hiring and cut hours.

Sharon Stiller is a Rochester based employment law expert. She says any change will affect state businesses.

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Economy
11:49 pm
Thu January 22, 2015

Rochester Area Gains Jobs In Latest NYS Numbers

Credit PBS.org

The Rochester area added 3600  private sector jobs last December, compared to December of 2013. NY State Labor analyst Tammy Marino says that continues what has been a pretty steady trend over the last few years. 

"Here in the Rochester area we've been in recovery mode for more than four years now and during that time employers have continually reported a fairly modest but very consistent hiring during that time.”

Marino says the strong job growth locally was in private education, healthcare, and the  professional and technical sectors.  

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Economy
8:05 am
Thu January 22, 2015

Rochester Listed Among The Most Affordable Areas For Housing

Credit avenuecdc.org

(Bloomberg & WXXI News) A new study says that Rochester is one of the most affordable housing markets in the country. That according to a report published by Bloomberg news which shows that Rochester is the second most affordable 'major metropolitan' housing market in the U.S., just behind Detroit. Buffalo was #3.

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