Ongoing Coverage:

Economy

Economy
8:36 pm
Thu December 18, 2014

Xerox To Sell Its Information Technology Outsourcing Business For A Billion Dollars

(Bloomberg & WXXI News)  Xerox has  agreed to sell its information technology outsourcing business to French computer-services provider Atos  for $1.05 billion, giving the U.S. company more funds for acquisitions and shareholder returns.

Atos will pay for the deal in cash, and Xerox may get another $50 million payment based on the condition of certain assets when the transaction closes, the companies said today in separate statements. Because of the sale, Xerox raised its fourth-quarter adjusted earnings forecast  by 2 cents to as much as 30 cents a share.

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Economy
2:12 pm
Thu December 18, 2014

Rates Going Up For Some Time Warner Customers

Time Warner Cable is raising some equipment and service fees with the new year. The company has been sending out the notice to area customers, which shows that for the first time, Time Warner will impose  a $2.75 cent monthly charge which is called a "Sports Programming Surcharge."  Time Warner says that charge defrays the increased costs imposed by sports programmers.

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Economy
12:54 pm
Thu December 18, 2014

Rochester Area Sees Job Gains In November

Credit PBS.org

The latest monthly employment numbers from New York State show that the Rochester area gained 900 private sector jobs in November compared to November of last year.

State Labor Analyst Tammy Marino says we usually see some shifts in hiring in the fall.

"We begin to see this holiday hiring that brought on an additional thousand positions in the month of  November, and that's also the time of year when we begin to see some weakness in construction as some of those projects begin to wrap up for the winter season."

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Economy
8:56 am
Thu December 18, 2014

Cuomo To Visit New Casino Sites

Credit www.beverageevents.com

SCHENECTADY, N.Y. (AP) Gov. Andrew Cuomo was scheduled to  visit the three upstate New York counties selected for new casinos by the state's Gaming Facility Location Board. 

The board on Wednesday chose sites in Sullivan, Schenectady and Seneca counties for three Las Vegas-style casinos. 

Cuomo's first stop was in the city of Schenectady, where the Rivers Casino & Resort at Mohawk Harbor has been approved. 

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Economy
3:10 pm
Wed December 17, 2014

Lago Resort Proposal For Seneca County Gets Casino OK

ALBANY, N.Y. (AP)  Sullivan, Schenectady and Seneca counties have been selected as sites for casinos in upstate New York, a panel announced Wednesday, bringing an end to a fierce competition among 16 developers and job-hungry communities. 

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Economy
9:51 am
Mon December 15, 2014

Manufacturing Activity In NYS Drops In December

Credit npr.org

WASHINGTON (AP)  Manufacturing activity in New York state shrank in December for the first time in nearly two years, pulled down by a drop in orders and shipments. 

The Federal Reserve Bank of New York said Monday that its Empire State Manufacturing index dropped to negative-3.6 in December from 10.2 the previous month. Any figure below zero indicates contraction. 

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Economy
11:22 am
Sun December 14, 2014

Schumer Wants Airline Investigation

ALBANY (AP) Sen. Charles Schumer is calling for federal investigations of high airfares, questioning why they're not dropping along with fuel costs.

The New York Democrat says with holiday travel approaching, the high cost of flying is painfully apparent to thousands of passengers.

He's calling for the Department of Justice and the Department of Transportation to investigate why airfares are so high despite what he described as "record'' airline profits and "rapidly declining'' fuel costs.

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Economy
8:16 am
Thu December 11, 2014

NY to Provide Company Grants, Tax Breaks

Credit governor.ny.gov

The Cuomo administration is set to award a new round of grants and tax credits to companies for projects expected to create jobs. 

Announcement of the funding, intended to spur regional economic development around New York, is expected to draw a crowd of municipal and business representatives to Empire State Plaza in Albany. 

Last year, Governor Andrew Cuomo announced about $750 million in state job grants and tax breaks to projects in 10 regions for new and expanding companies based on proposals judged to have the most promise. 

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Economy
7:44 am
Tue December 9, 2014

Tipped Workers Push For Standard Minimum Wage

Credit npr.org

ALBANY, N.Y. (AP) Restaurateurs and hoteliers plan to weigh in as a state board considers whether to mandate they pay tipped workers the standard minimum wage in New York. 

The Wage Board is reviewing whether to eliminate the so-called tip wage of $5 an hour for food servers and $5.65 for hotel housekeepers. 

New York law lets employers to pay them less than the state's $8 minimum wage, set to rise to $8.75 in January, provided tips make up the difference. 

Hospitality industry groups say federal data show tipped workers average $11 an hour. 

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Economy
2:44 pm
Mon December 8, 2014

$1.2 Million Economic Development Grant for Eastman Business Park

Congresswoman Louise Slaughter and Eastman Business Park Marketing Director Kelly Mandarano
Credit Alex Crichton

Congresswoman Louise Slaughter announced a 610-thousand dollar federal grant, along with matching private funds, to help companies at Eastman Business Park bring their innovative ideas to market faster.

A total of 1.2-million dollars in public/private funds will go to assist technology developers as they go from concept to commercialization, according to Eastman Business Park marketing director Kelly Mandarano.

She explains that  many companies coming out of the incubator or innovation stage struggle with their commercialization from pilot to development.

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