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posticon TCAD Launches New Name and Logo

Business | Friday, October 23, 2020 | By Margaret Frank, IAED Print
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Since 1964, Tompkins County Area Development (TCAD) has employed innovative approaches to strengthen our local economy and remain relevant to its community, customers, and stakeholders. The new name, Ithaca Area Economic Development (IAED), and new logo will help support these ongoing efforts as well as enhance the organization's commitment to its mission and values. This new brand will not only help grow and expand existing business, but also attract new industry to the county.

"We recognized that changing our name was a decision not to be made lightly. With the input of numerous stakeholders, we carefully considered the benefits and drawbacks of a rebrand for both the organization and those we support, before moving forward," said Heather McDaniel, President, Ithaca Area Economic Development.

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posticon Tompkins Financial Corporation Promotes Burke

Business | Friday, October 23, 2020 | By Tompkins Financial Corp Print
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tct Faye Burke

Tompkins Financial Corporation has promoted Faye Burke to Vice President, Talent Acquisition Manager. She will report to Bonita N. Lindberg, SPHR, SVP Director of Human Resources.

Burke has been with Tompkins Financial since 2018 and has more than thirty years of experience in the human resources field. In her role, she will be responsible for the planning, organizing and managing of the recruitment functions that support the organization's goal of attracting, sourcing, recruiting, and delivering top talent to Tompkins Financial Corporation. Prior to Burke joining the Tompkins Financial HR team, she led the Talent Acquisition team for a not-for-profit global healthcare organization located in Detroit, MI.

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posticon 76west Clean Energy Business Competition Winners Announced

Business | Friday, October 23, 2020 | By New York State Governor's Office Print
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76West Competition Trophy NYSERDA 1280

Governor Andrew M. Cuomo announced $2.5 million in support Monday to four winners of the 76West Clean Energy Business Competition to advance innovation to lower carbon emissions and spur economic growth in New York State. ThermoAI, a company from Montreal, Canada, received the top $1 million grand prize award for its cutting-edge technology, which reduces carbon emissions and increases energy efficiency, enabling the company to expand its business operations in the Southern Tier. Ithaca company Combplex received $500,000.

This announcement supports Governor Cuomo's mandate for an 85 percent reduction in greenhouse gas emissions by 2050 as directed in the Climate Leadership and Community Protection Act and complements the 'Southern Tier Soaring' strategy to create economic growth and community development in the region.

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posticon Wall St. Profits Soared in First Half of 2020

Business | Friday, October 23, 2020 | By New York State Comptroller's Office Print
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Amidst the economic tumult brought on by the COVID-19 pandemic, the securities industry saw its pretax profits reach $27.6 billion in the first six months of 2020, an 82 percent increase over the same period last year, according to State Comptroller Thomas P. DiNapoli's annual report on Wall St.'s performance.

"An injection of federal stimulus money, plummeting interest rates and rising volume in trading drove profits dramatically upward to a level hard to imagine in March," DiNapoli said. "Wall Street's successful first half helps our state and city budgets because the securities industry provides an outsized source of revenue, but the rising profits on Wall Street are disconnected from the pain being felt on Main Street. Our economy, and Main Street's businesses and workers, are badly in need of additional support, including action in Washington on a new round of stimulus and relief. Wall Street's growth can only be sustained if there is broad economic recovery."

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posticon State Revenue Hole Persists

Business | Friday, October 23, 2020 | By New York State Comptroller's Office Print
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"COVID-19 had a significant negative effect on the first half of the state's fiscal year," DiNapoli said. "The pandemic has created a profound degree of uncertainty, but one thing is clear – Washington must get its act together and help states and local governments weather this economic storm. The state Division of the Budget's mid-year Financial Plan update and the official start of next year's budget process in early November will provide a clearer picture for policymakers as they prepare to address our budget shortfall."

State tax revenues totaled $8.8 billion in September, $922.3 million higher than the latest projections by the state Division of the Budget (DOB). Total tax revenues in September were a net $364.1 million higher than those in 2019, primarily due to a $440 million increase in personal income tax collections resulting partly from an additional day in September of withholding collections and lower refunds.

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