Category Archives: Economy

Lapid Says Economy Growing Despite Gaza Operation; Pledges No Tax Increases

14627_i_yair-lapidIn forward-looking comments made today at the inauguration of the new Tel Aviv Stock Exchange, Israeli Minister of Finance Yair Lapid stated, “What we need now, after 50 days of fighting, is growth. Now is the time in which we need a stable, strong economy, and also a creative, optimistic economy, that believes in itself.”

As reported by Globes, Lapid continued,”Trading is not technical. It is influenced by people – by their moods, the manner in which they interpret reality. Economics is psychology, and if we believe in ourselves, others will believe in us too.”

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Good News For Selfie Takers: Microsoft Unveils New Selfie-Centric Smartphone

Photo/AP

Photo/AP

(AP). Microsoft will seek to draw more people to its Internet-based services with two new mid-range smartphones it unveiled Thursday, including one designed to help people take better selfies.

The devices are under the Lumia brand Microsoft bought from Nokia. They run the latest version of Windows Phone 8 and feature Cortana, a Siri-like voice assistant available to help with directions, calendar appointments and messages. Many of those interactions will steer users to Microsoft services such as Bing search and OneDrive storage. Read more »

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Poll: Midterm Elections Will Hinge on Precarious State of US Economy

An overwhelming majority of American voters feels that the country is on the wrong track and the economy will be a primary factor in November’s midterm elections, a new George Washington University Battleground Poll reveals. Seventy percent of likely voters nationwide agreed with the statement that the nation is on the wrong track, while only 21 percent said that the nation is headed in the right direction.
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Israel’s Economy Set To Rebound Following Ceasefire

lapid bibi(TNA). Despite the numerous setbacks suffered in Operation Protective Edge, Israel’s economy remains resilient. Amid news of massive budget cuts needed to pay for the latest war and losses to the tourism and retail industries, statistics from many sources project a rapid economic recovery and continued growth of one of the world’s most vibrant small economies. Read more »

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De Blasio, Stringer Go At Each Other’s Throats Over Pre-K Program Launch

scott stringerWith only 7 days remaining before the first day of school on Sept. 4th, New York City Comptroller Scott Stringer poured cold water on Mayor Bill de Blasio’s celebrations of Pre-K launch, stating his office has received only 141 of over 500 contracts for Universal Pre-Kindergarten (UPK) service providers – leaving 70 percent of UPK contracts unreviewed.

Among the contracts that were already reviewed to date, the Comptroller’s Office has uncovered significant problems, several of which are directly tied to the safety and security of children. Read more »

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US Economy Forecast To Grow By 1.5 Percent In 2014

US Economy (AP). The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year.

The new assessment was considerably more pessimistic than the Obama administration’s, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter. Read more »

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US Records Highest-Ever Food Stamps Enrollment As Obama Touts Economic Success

As President Obama and Democrats who may be vulnerable in the upcoming midterm elections attempt to paint a rosy picture of the United States economy, one measure of the current economic climate – food stamp enrollments – appears to contradict that image. 

According to the Department of Agriculture’s most recent data, the number of individuals who are enrolled in the government’s food stamp program (known officially as the Supplemental Nutrition Assistance Program, or SNAP) has remained above 45 million every single month for three years straight, an unprecedented development according to breitbart.com. In May of 2011, 45,410,683 individuals received food stamps. As of May 2014, 46,225,054 United States residents were on food stamps. At no point between those two dates did the number of food stamp enrollments ever drop below the 45 million mark.

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Taxi-Hailing App Uber Set To Launch in Tel Aviv

israeli taxi(JNS). The wildly popular taxi-hailing and ride-sharing app Uber is being launched in Tel Aviv.

The app, which operates in more than 160 cities worldwide and allows private drivers to freelance as taxis, has faced blowback from regulators in several cities for undercutting traditional taxi service. Israeli government regulators have also expressed concern. Read more »

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Lapid: Gaza Aid Should Be Tied To Restored Palestinian Authority Rule

14627_i_yair-lapid(AP). Israeli Finance Minister Yair Lapid on Monday called on the international community to pull together a massive aid package for Gaza conditioned on the Palestinian Authority returning to power in place of the Islamic militant group Hamas.

Lapid said that the Western-leaning Palestinian President Mahmoud Abbas is the legitimate authority in Gaza, which was been blockaded since Hamas seized control there in 2007. If Hamas were removed, the blockade would end, achieving Hamas’ own stated purpose in its firing of rockets on Israel, Lapid said. Read more »

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Finance Minister Lapid: 2014 Budget Can Absorb Cost Of Gaza Operation

14627_i_yair-lapidDirect property damage from the Hamas rocket fire during Operation Protective Edge amounted to NIS 50 million, and indirect damage totals NIS 750 million, Finance minister Yair Palid said Thursday,

During a press conference, Lapid promised not to raise taxes in the 2015 budget, despite the damage cost of Operation Protective Edge. He stressed that the government compensation fund “is ready to absorb these costs” in year 2014 without spilling into 2015 budget. Read more »

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US Economy Likely Showed Big Rebound in Last Quarter

(AP). After a dismal start to the year reflecting a harsh winter, the U.S. economy showed signs of rebounding in the spring, with many forecasters expecting growth to be even stronger in the second half of the year.

The government on Wednesday will provide its first estimate of how much the gross domestic product — the economy’s total output of goods and services — grew in the April-June quarter. The consensus forecast is that the economy expanded at an annual rate of 2.9 percent, according to a survey of economists by data firm FactSet. Read more »

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NYC Comptroller Scott Stringer: City Pension Funds Reach All-Time Record High

Scott StringerNew York City Comptroller Scott M. Stringer announced Monday that the New York City Pension Funds achieved a 17.4 percent investment return for Fiscal Year 2014, which ended June 30th. The total fund value of the pension funds is now $160.5 billion — the highest ever recorded to end a fiscal year.

“Five years of positive returns are good news for the pension funds and for the City,” Comptroller Stringer said in a statement. “I am proud of the hard work put in by the Trustees of the Pension Boards, our former Chief Investment Officer Seema Hingorani and the entire Bureau of Asset Management staff to achieve these results.” Read more »

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Beachwood, NJ – 17-Member Family To Share $20M Lottery Win Between Themselves

Photo/AP

Photo/AP

(AP). With 17 siblings, the Endreson family was already well-known in the New Jersey shore area by sheer numbers alone.

Their public profile rose even more this week when they hit New Jersey’s Pick-6 lottery jackpot for $20 million. Read more »

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Report: Americans Unaware of Depth of Income Inequality

income-inequalityA New York Times article has undertaken to analyze why governments in democratic societies do not do more to combat the seemingly pervasive trend of income inequality The median voter theory, a longstanding concept within the field of political science, predicts that politicians attempting to get elected will seek to close a growing income gap in order to attract the large bulk of voters in the middle who feel they have been left behind by the fortunate few. Read more »

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US Bank Settlements Create Disputes Over Allocation

Money in handThe $8.9 billion settlement concluded by United States authorities last month with French bank BNP Paribas for its busting of sanctions will pay for New York police officers to get live computer feeds of street crime incidents and for new carpets in the offices of prosecutors, among many other improvements.

In the past few months, American regulators and prosecutors have coerced some of the world’s largest banks to pay massive fines for everything from breaching American-imposed sanctions to alleged mortgage abuse and illegal tax schemes. Read more »

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Jobless Claims Drop To Lowest Point Since 2006

Unemployment Rate Pre-Post ACA(AP). The number of people seeking U.S. unemployment benefits fell last week to its lowest level in eight years.

The Labor Department says weekly applications for unemployment aid dropped 19,000 to a seasonally adjusted 284,000. That’s the lowest reading since February 2006, nearly two years before the Great Recession began. Read more »

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Jewish Entrepreneurs, Business Owners & Employees Unite at Annual LTB Conference [Photos]

SOS_8316Rockleigh, NJ – On Tuesday, July 8th, an oversized crowd of frum businesspeople attended an event which has clearly become a must-attend for those working in the world of business: LTB 2014.

Hosted at The Rockleigh in New Jersey, LTB 2014 – which stands for Let’s Talk Business – offered an innovative platform to help people in the community achieve long-term business growth and advance their careers. Read more »

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Bankrupt Detroit Retirees Vote in Favor of Pension Cuts

Kevyn Orr(AP). Workers and retirees approved pension cuts in Detroit’s bankruptcy by a landslide, the city reported Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.

The city disclosed results from two months of balloting, which ended July 11. Judge Steven Rhodes still must hold a trial in August to determine if Detroit’s overall bankruptcy plan is fair and feasible to all creditors, from Wall Street to Main Street, but support from retirees is vital. Read more »

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State Budgets Across US Shift From Cuts to Surpluses

2012-Federal-BudgetYears after a recession decimated state budgets across the country, forcing across-the-board cuts to programs and services, the economic recovery is once again raising personal and corporate incomes, and unexpectedly generating state surpluses.

Many states reportedly ended Fiscal Year 2014 with budget surpluses, the result of growing tax revenue collections. In some cases, states even have hundreds of millions or billions of dollars available for spending, while other states took in just enough funds to break even. Read more »

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US Economy Shrank To Lowest In 5 Years

(AP). The U.S. economy shrank at a steep annual rate of 2.9 percent in the January-March quarter as a harsh winter contributed to the biggest contraction since the depths of the recession five years ago. But the setback is widely thought to be temporary, with growth rebounding solidly since spring.

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While Gov. Deal Visits Israel, Georgia Is Named Top State for Business

Gov Deal on Georgia 'Top State' for businessGeorgia’s Governor Nathan Deal is currently visiting Israel with members of his state’s trade delegation, where he met with Jerusalem’s mayor to celebrate their mutually beneficial partnership.

Gov. Deal, fighting for his re-election against his opponent, State Sen. Jason Carter, a grandson of former president Jimmy Carter, is looking to highlight his strong support for Israel, unlike his opponents grandfather, who once compared Israel’s treatment of Palestinians to the apartheid that once enveloped South Africa. Read more »

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Boys’ Kidnapping Inspires Startup To Create Emergency Alert App

Courtesy of Twitter

Courtesy of Twitter

While the IDF is searching for the three kidnapped boys, some have gathered to pray, some have expressed thier support on social media, And some have created an app.

Prompted by the kidnapping and set to launch in the near future, the ‘SOS Israel’ app will allow anyone in Israel facing an emergency to trigger an SOS call to emergency services, which will be notified of the person’s location via their smartphone, according to media reports. Read more »

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Community Board 12, Maimonides Medical Center Announce Job & Business Opportunities Deal

barry spitzerIn an effort to bring more business and jobs to the district, Community Board 12 announced on Tuesday that on June 24, 2014 – the last meeting before the summer, Dominick Stanzione, Executive Vice President and Chief Operating Officer at Maimonides Medical Center, will be giving a special presentation that will benefit the community in the immediate future. Read more »

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Bobov Philantropist Izzy Englander Lands Record-Breaking Purchase Of Famous NYC Residence

israel-englanderThe official residence of the French ambassador to the United Nations was sold for $70 million — well over the initial $48 million when price when it hit the market in April, 2014.

Bobov Philanthropist Israel “Izzy” Englander, founder of the hedge fund Millennium, purchased the 18-room duplex at 740 Park Avenue, French magazine Paris Match indicated. Englander reportedly bought the apartment to serve as a pied-à-terre for his children when they are in New York. Read more »

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NYGov – GOP TV Ad Attacks Cuomo on Claims of Economic Success

trump GOPThe first attack ad in New York’s gubernatorial election is about to go on the air, with Republicans set to challenge Gov. Cuomo with a spot that counters his claim that the state is going through an economic renaissance. The new ad campaign, entitled “Cuomo’s New York,” will slam the governor’s months-long, multimillion-dollar “Start Up NY” TV ads that trumpet New York’s alleged economic upswing under his stewardship. Read more »

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