Economy

Economy
1:40 pm
Mon November 18, 2013

More Jobs Coming To Eastman Business Park

Credit Eastman Business Park

There are more jobs coming to the Eastman Business Park. A British company called Naturally Scientific, which is involved in producing plant and vegetable oils, is joining forces with some local entrepreneurs to form a joint venture. They are working with a local bio-tech company, Sweetwater Energy.

Keith Wilson is a managing partner with Naturally Scientific, and he says the oils bring produced have a number of applications.

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Economy
12:46 pm
Sat November 16, 2013

Wage Hike Approved For U of R Workers

Service workers at the University of Rochester and its medical center have approved a wage hike for their union contract’s second year.

Under an amendment to the contract, they will receive a salary increase of between 1.7 and 2.1 percent, depending on longevity.  The raise is retroactive to September 22nd.

The university also renewed a commitment to pay 100 percent of the employees’ health plan with no increase in out of pocket costs.

The current contract expires in September of next year. Around 1700 employees at the U of R are covered by two union contracts.

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Economy
1:22 pm
Fri November 15, 2013

Court Set To Consider $240 Million For Kodak Bankruptcy Fees

(Reuters) - A lawyer tasked with reviewing advisers' fees in Eastman Kodak Co's  bankruptcy on Thursday gave his blessing to more than $240 million in bills, priming them for court approval next week.

Fee examiner Richard Stern recommended approval of about $235.8 million in fees and another $7.2 million in expenses, according to an 87-page report in U.S. Bankruptcy Court in Manhattan.

The fees on Tuesday will go before Judge Allan Gropper who, absent any objection from Stern, is likely to approve them.

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Economy
9:13 am
Fri November 15, 2013

Kodak Wins Suit Against DuPont

Credit www.kodak.com

Kodak has won a federal case against DuPont.  A jury this week ruled in Kodak’s favor in connection with a lawsuit that dates back to 2008, when Kodak’s graphic communications subsidiary in Canada sued DuPont , claiming that DuPont’s change of heart about an agreement to buy Kodak equipment to be used in the manufacturing of color filters amounted to a breach of contract.

Dupont argued that because Kodak didn’t deliver the equipment in time, it was the one breaching the contract.  Kodak had been seeking more than $15 million in damages and compensation.

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Economy
4:14 pm
Thu November 14, 2013

Ownership Change At Tops Markets

Tops Markets is announcing an ownership change, although the management of the company is staying basically the same.  The Buffalo based chain says that six of the company's top managers are buying out the stake in the company which is currently owned by Morgan Stanley Capital Partners.  Morgan Stanley has owned Tops since 2007.

Tops spokesperson Katie McKenna says the investment by Morgan Stanley helped with the company's growth, but now they are ready for a new phase in their expansion.

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Economy
1:24 pm
Thu November 14, 2013

Marina Project Underway

Groundbreaking for Marina Project

After several years of planning, local, state and federal officials officially broke ground Thursday on the Port of Rochester Marina Project.

The plan calls for a new marina, along with additional roadways, commercial and residential space on the Genesee River in Charlotte.

Mayor Tom Richards says he's happy the project is finally starting, and it represents a long-term investment by the city in Charlotte.

State Senator Joe Robach says this project will mean jobs, higher property values and increased foot traffic for area businesses.

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Economy
11:07 am
Tue November 12, 2013

AARP Urges Local Employers to Hire Older Workers

Credit www.bloomberg.com

Older Americans have a much tougher time landing a new job after unemployment than their younger counterparts.

That's according to figures from the AARP, which held a forum today with local employers about how to address the needs of a maturing workforce.

AARP says the average time it took a 50-plus-year-old worker to find a job in January 2013 was 42.2 weeks, more than double the job-hunting duration of that age group before the recession began in December 2007.

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Economy
2:41 pm
Mon November 11, 2013

Seniors Bracing For Higher Winter Heating Costs

Credit citizenscampaign.org

A new report on heating costs from the AARP warns there's a rough road ahead for many older people in New York State this winter. The report says this part of the country could see heating costs rise as much as 13 percent or more.  AARP spokesman Dave Irwin says that news is especially troublesome for older New Yorkers.

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Economy
12:38 pm
Sat November 9, 2013

Sending More Apples & Pears Overseas

ALBANY, N.Y. (AP) — Sens. Charles Schumer and Kirsten Gillibrand want to see more New York apples and pears headed to European markets.

The two New York Democrats are making the plea as the Obama Administration gears up for another round of trade talks this coming week with European authorities in Belgium.

Schumer and Gillibrand wrote a letter to the U.S. trade representative seeking to lower trade barriers for U.S. apple and pear exports to Europe. The senators say regulations in Europe unfairly disadvantage U.S. produce like apples and pears.

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Economy
12:51 am
Sat November 9, 2013

Local Blockbuster Stores Closing

It's the end of an era for Blockbuster stores.  The company announced this past week that it would end its retail operations and its DVD's by mail by early January.

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