For those interested in Technology and Economic activity in Upstate NY... (New York: bills, cheapest)

[ckhthankgod]

Jobs being added at companies in Rochester and Henrietta: https://www.innovationtrail.org/post...-and-henrietta

[ckhthankgod]

We're seeing more jobs in Rochester: https://www.innovationtrail.org/post...jobs-rochester

Rochester gets help from foundations to try and increase economic stability for its citizens: https://www.innovationtrail.org/post...y-its-citizens

[ckhthankgod]

Ecovative founders honored in Europe alongside inventors of computer vision for cars and the lithium-ion battery

Eben Bayer and Gavin McIntyre — who started the mushroom technology company Ecovative Design 13 years ago after a class at Rensselaer Polytechnic Institute — were named finalists for the 2019 European Inventor Award.

The two other finalists in the category for inventors from outside Europe were the developer of driver-assistance technology and the inventor of the lithium-ion battery.

Bayer and McIntyre were nominated for their work with Ecovative developing the the use of mycelium, the vegetative part of a fungus or fungus-like bacterial colony, to create new materials.

Ecovative started out using corn stalks and leaves as the basis for what it says are more eco-friendly alternatives to foam, plastic and engineered-wood products. The root-like mycelium is used as glue to hold the stalks and leaves together in a mold. Ecovative's first product was an eco-friendly packaging that companies such as Dell and Ikea used to ship products to customers.

They have turned that first product into a company mission to upend traditional, unsustainable materials, like Styrofoam and leather, with environmentally-friendly alternatives made with mycelium.

"At Ecovative, we believe there is a better way to feed the planet and reduce the amount of plastic used in consumer products,” Bayer said in a statement. “We’re honored to receive recognition for daring to grow better materials that are compatible with Earth.”

One of the latest projects Ecovative is working on is a new mushroom material that could provide the texture for whole plant-based steaks or chicken. Another product — called MycoFlex — is a pure mycelium that has many uses, including as an applicator or sheet mask in the cosmetics industry and in the faux leather industry.

Ecovative makes money by licensing its mycelium technology to other industries and partners around the world.

Bayer and McIntyre started Ecovative during a class at Rensselaer Polytechnic Institute called the Inventor’s Studio. When they graduated in 2007, they decided to start a business making the product instead of taking traditional engineering jobs. Today, the company, which is based in Green Island, employs around 50 people.

The Ecovative co-founders were honored this week in Vienna, Austria.

The selection process for the European Inventor Award relies on the work of European Patent Office experts and an independent international jury that evaluates innovations on their technological originality and their economic and social impact.

Source: https://www.bizjournals.com/albany/n...finalists.html

Company information: https://ecovativedesign.com/
https://ecovativedesign.com/careers

[ckhthankgod]

A couple of Ithaca area announcements...

CORNELL WINS $1.8 MILLION USDA GRANT FOR PACKAGING, BEVERAGE CONCENTRATE RESEARCH: https://www.cnybj.com/cornell-wins-u...rate-research/

NYSERDA AWARDS EMPEQ $100,000 IN SEED CAPITAL: https://www.cnybj.com/nyserda-awards...-seed-capital/
Company information: https://empeq.co/

Also, an interesting article related to areas of the state that get or are more likely to get Canadian travelers: https://www.nnybizmag.com/index.php/...dian-spending/

[Ex-Ithacan]

^ Good news for Cornell and Ithaca. I'm not familiar with EMPEQ, but glad to see local financial interests in helping small companies(and even start-ups) become viable for growth/expansion. Thanks for the info ckh.

[ckhthankgod]

Silicon Valley company first partner announced for Saratoga Springs chip design center(snippet): https://www.bizjournals.com/albany/n...a=cp_news_link

Company information: https://www.cadence.com/

[ckhthankgod]

GE reaches contract deal with unions, including workers in Schenectady

General Electric Co. and its national labor unions have reached a tentative labor agreement to replace the contract that expired on June 23.

The tentative four-year agreement covers about 6,600 workers in 11 unions who work in various GE businesses, including GE's power turbine factory in Schenectady and an aviation factory in Lynn, Massachusetts.

The unions said the handshake agreement "includes several general wage increases spread over four years and controls employee healthcare costs." Additional details were not provided.

Union members are expected to vote on the contract by July 3. The IUE-CWA represents the largest share of members among the GE unions — Schenectady workers are represented by the IUE-CWA Local 301. Other unions involved include IAM and UAW.

This contract would replace another four-year contract that expired earlier this week. The same union talks four years ago covered about 16,500 workers, but the company has since spun off some of its businesses and sold its transportation division and its appliance division.

The key negotiation topics during this round of negotiations focused on cost control, including wages, overtime pay, health care, retirement income and business competitiveness.

In 2018, General Electric (NYSE: GE) lost nearly $90 billion of its market value and was kicked off the Dow Jones Industrial Average. The company dealt with major executive shakeups, and profits in its power business tumbled.

GE's power business, which was once headquartered in Schenectady and still has a significant presence there, saw revenue fall to $5.7 billion in the first quarter, down 22% from the previous year.

Last month, GE said its power unit will need at least three years to stop losing cash and restore its double-digit margins. GE expects to lose up to $2 billion in cash this year, mostly due to the power unit.

CEO Larry Culp, who took over the job in October, is tasked with turning the company around with a focus on its power, aviation, renewable energy and health care businesses.

To do that the company has sold some business divisions, laid off employees and shut down some factories. The company has also reduced its quarterly dividend to stockholders to $0.01 per share. That move is saving the company $3.9 billion a year.

In all, General Electric has around 283,000 employees, down from 313,000 employees in 2018. Its number of U.S. manufacturing sites has decreased from 191 to 162.

In the Albany region, GE has gone through several layoffs in the last year.

General Electric isn't the behemoth it once was in Schenectady, with tens of thousands of workers filing into its campus every day. But the conglomerate continues to play an important role in the local economy. The company employs around 4,000 people in the region between GE Power, GE Global Research and other businesses.

GE's stock was selling at $10.25 on Tuesday morning.

Source: https://www.bizjournals.com/albany/n...s-iue-cwa.html

[ckhthankgod]

Harris Corp. and L3 Technologies complete merger to become L3Harris Technologies: https://www.innovationtrail.org/post...s-technologies

Constellation Brands tops Wall St. estimates: https://www.innovationtrail.org/post...l-st-estimates

Foodlink Career Fellowships graduate to middle-skills jobs in the food industry: https://www.innovationtrail.org/post...-food-industry

Bringing a conference about Light and Sound to downtown Rochester: https://www.innovationtrail.org/post...town-rochester

[ckhthankgod]

VILLAGE OF ENDICOTT MAKES DRI FINALS IN SOUTHERN TIER REGION: https://www.cnybj.com/village-of-end...n-tier-region/

[ckhthankgod]

New York consumer confidence drops sharply

Consumer confidence among New York residents has dropped sharply after three strong quarters, according to a new poll by the Siena College Research Institute.

New York's index of consumer sentiment in the second quarter of 2019 measures at 87.1, which is down 6.2 points from the first quarter of the year. That's 11.1 points below the nation’s index of 98.2.

"Despite remaining well above the breakeven point at which optimism and pessimism are balanced, every group – men, women, upstate, downstate, young and old recorded declining sentiment driven more so by their current outlook than by their future," said Doug Lonnstrom, professor of statistics and finance at Siena College, in a press release. "Perhaps driven by news of tariffs, trade wars, stock market volatility or the start of the 2020 campaign, a shrinking plurality of New Yorkers now say that they are better off financially today than they were a year ago."

There was, however, a significant split in sentiment between men (91.3) and women (83.4). The same goes for Republicans (94.1) compared to Democrats (84.4).

According to the Siena poll, buying plans for major home improvements were up since the first quarter of 2019 to 27.8% (from 23.2%). Buying plans were down for cars/trucks to 21.1% (from 23.7%), consumer electronics to 46.5% (from 49.4%), furniture to 30.2% (from 33.9%), and homes at 8.6% (from 10.5%).

Costs for gas and groceries continue to be a concern for New Yorkers, too.

"Food worries rose to 64 percent hitting the highest point we’ve seen since December 2015 while concerns over gasoline prices were flat,” Lonnstrom said.

Source: https://www.bizjournals.com/albany/n..._news_headline