Dow Jones Rallies After US Lifts Huawei Restrictions

The Dow Jones Industrial Average gained almost 200 points on Tuesday, reaching 25,877. The S&P 500 ended the day at 2,864, after growing by 0.9%. The tech sector did even better, posting a 1.2% climb for the day. Nasdaq also showed strong movement up, rising by 1.1% to 7,785.

Analysts believe the market was reacting to the decision by the Commerce Department on Monday night to allow Huawei to buy American products so they can maintain their existing networks and allow owners of Huawei phones to receive updates to their software. The agreement is only until August 19, but at least for now it means consumers with Huawei handsets will enjoy uninterrupted service.

Investors were worried that the original basket of restrictions was a sign that the trade war between China and the USA was getting worse.

Flight Centre Buys 25% Share in The Upside Travel Company

Flight Centre, the world’s largest travel agency and ASX-listed company, purchased 25% of The Upside Travel Company. The company did not disclose how much they paid, but Flight Centre is now the largest single shareholder of Upside.

Photo courtesy of
Quintin Soloviev

Flight Centre anticipates that Upside’s unique tech platform will add value to its Corporate Traveler brand. They look forward to using Upside to target customers in North, Central and South America immediately, and move on to customers in the UK at a somewhat later date.

“Upside … has the potential to disrupt traditional offerings in the [small and medium-sized enterprise] sector in the future,” said Graham Turner, Flight Centre managing director.

Dean Smith, Flight Center’s president, said the company would gain an edge over its competitors from Upside’s “cutting edge artificial intelligence” technology.

“Its use of machine-learning models to dynamically price business travel packages in real-time to save clients’ money while increasing traveler options is just one example of Upside’s best in class technology,” he said.

Flight Centre’s stock gained two percent after the announcement, trading at $44.07 in the afternoon.

New York Firms Rebranding

It’s more than a name obviously but when a successful company changes it, one has to wonder why.  New York & Company – the successful corporate women’s apparel firm – will soon become RTW Retailwinds next Monday. As part of its rebranding move, this will be the name under which it will be traded on the NYSE on November 20; with the RTW ticker symbol.

It’s not just the name that is changing though. For rebranding purposes there are other transformations being undertaken such as an expansion of Fashion to Figure (its plus size brand) as well as a brand new lingerie lifestyle brand and a Kate Hudson casual lifestyle collection.  Greg Scott, CEO of the firm explained:

 “RTW reflects our vision to maximize the power of our platform to create destination celebrity and lifestyle brand assortments across categories and channels. We move forward strongly positioned to continue our expansion of NY&Co, expanding celebrity brands with the upcoming launch of Kate Hudson and entering intimate apparel – a core competency of our team.”

Over in Buffalo, We Care Transportation (Buffalo’s most expansive non-emergency medical transportation provider) is ditching its name to become Cedar Bus Co.  In its explanatory press release it was written that:

“The change reflects the organization’s evolution and ongoing commitment to clean energy and the communities they serve.”

In time for its 5th anniversary, Figliulo & Partners will simply become Fig, in some measures “to tie together the agency’s many developments since it opened in 2013.”

Tech Success in NYC

As Sam Natapoff recently explained in an article in Salon, “Fifteen years ago, New York City was a tech afterthought.” A lot has changed though over the last decade and a half with it being ranked as “the second highest performing startup ecosystem in the world after Silicon Valley.” Statistics show that New York City features:

  • More than 280,000 tech jobs in the city
  • More than 128,000 tech jobs in the state
  • A 57% increase in tech employment between 2010-16
  • 7 meter square feet of Manhattan office space occupied by tech tenants in 2016
  • 7,500 New York based tech companies (23% increase since 2010)

And even more than that, New York is actually beating Silicon Valley in some sub-industries.

New York has successfully resuscitated its economy resulting in the recruitment of human capital and the promotion of technology and VC financing.  What’s also impressive is that New York has done this without having “a strong engineering base;” rather, it utilized “the natural strengths of its existing economy, its diverse industry base, its human capital diversity, and its desirability as a place to live.”

New York has always had a good business background.  According to an article by Gerrit De Vynck and Julie Verhage earlier this year part of the city’s success can be attributed to diversity vis-à-vis gender and race as well as “the metropolis’s centuries-old status as a center of global commerce. New York provides a contrast to Silicon Valley, which has been criticized for tunnel vision, being insular, out of touch with the rest of the country and overly homogeneous–both company employees and the people for whom they create products.”

NY Economic Growth

According to Xinhua News Agency, this month New York encountered a substantial growth in its business activity.  There was an increase to 20.1 points for its main index number, with the general business conditions index surpassed expectations by of 15.5.

In terms of people’s level of satisfaction/happiness at the office it was hard to tell as 40 percent claimed conditions had improved throughout May but 20 percent said they had worsened. There are more employees though with the index for the number going up to 8.7

The index for number of employees edged up three points to 8.7, with a drop in hours for the average workweek.  Perhaps even more importantly, there has been an increase in optimism for the next six months.

New York International Auto Show

With the start of the New York International Auto Show on 1stof this month, attendees were subject to some wonderful new SUVs, trucks and some supercars.

With self-driving cars stealing a lot of car-lovers’ attention, one show stopper was the Genesis Essentia. This has actually been in the works since shortly after last year’s Auto Show with a design team led by Luc Donckerwolke. With its “fully retro-futuristic bubble roof,” it definitely commanded a lot of stares.

But that’s not all.  Featuring over four floors of displays spanning international automakers, close to a thousand vehicles were displayed at “North America’s first and largest-attended auto show dating back to 1900.” Held at the Jacob Javits Convention Center, from Friday March 30 to Sunday April 8, a $3 million Bugatti was among the most expensive vehicles featured.

Business Women in New York

New York is encouraging women and minority groups to New York. Those who own companies in the area are being invited to join the hub of New York and open their businesses there. Investing $40 million into this promotion, the city of New York is very serious about this.

This money will be used to help these companies – often left out in the cold – to access affordable loans. As well there is a new M/WBE program ad campaign featuring local success stories to encourage these companies to relocate.

Hopefully this initiative will reverse the trend coined by Market Watch analyst that found “female managers are not only under-represented in technology companies, they’re also paid significantly less than men.”

Energy Evolutions

The energy industry is booming in New York city with a variety of new developments being undertaken by both the New York State Energy Research and Development Authority (NYSERDA) and New York Power Authority (NYPA).

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.

New York: New Employment Laws

For employees in New York who often have to make an accounting of either going to work while having a sick child at home or losing money, thanks to Brooklyn’s UncommonGoods this problem may soon be eliminated. Bringing home a new baby, caring for someone, helping a loved one or doing anything that requires one to not be at work but is surely not classified as a vacation, this small business is there to help.

With around 200 employees, the online unique product retailer is offering employees up to eight weeks of paid time per year for such situations.  According to company CEO David Bolotsky, as well as being good for the employees, this makes economic sense.  He explained:

“It’s important because families are important, and being able to care for loved ones is essential.  Providing our workers with the ability to balance their personal needs with their work requirements, we think, is in our business interest as well.”

And thankfully, very soon, this policy will extend to other companies in New York.  This is because on January 1, 2018, all businesses will be subject to a program that is being seen as one of the nation’s “most progressive family leave policies.”

In a gradual way, by 2021, families will be given up to 12 weeks paid time off for new children (meaning biological, adopted and fosters).  This will extend to sick members of the family (including in laws and domestic partners) as well as those undergoing family pressures (such as military responsibilities).