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Apr 17, 2014

New York’s transit authority cuts deal to end 2-year pay dispute

NEW YORK (Reuters) – New York’s Metropolitan Transportation Authority (MTA) struck a deal on Thursday to end a 2-year pay dispute with a more generous offer to workers than the years of pay freezes it had originally proposed, New York state Governor Andrew Cuomo said.

The MTA, a state-run agency, had previously insisted on 3 years of pay freezes, but the new deal struck with the help of the governor’s office, which is eager to avoid a strike in an election year, offered an 8 percent pay rise over 5 years.

Apr 14, 2014

New York finalizes $8 bln Medicaid accord with federal government

NEW YORK, April 14 (Reuters) – New York State said it
finalized an agreement with the U.S. government on Monday
allowing it to reinvest $8 billion of federal money in its
health insurance system for low income people while avoiding
potentially painful cuts or additional budget strain.

Over the next five years, the state will keep the federal
savings it makes by reforming its existing Medicaid program.
The savings, slated to total more than $17 billion by the end of
the 2014-2015 financial year, were identified by a group
established in 2011 by New York Governor Andrew Cuomo.

Apr 10, 2014

Detroit’s emergency manager rebuffs new art sale proposal

April 9 (Reuters) – Detroit’s emergency manager Kevyn Orr
showed little enthusiasm on Wednesday for a new proposal from a
bond insurer to sell or securitize the insolvent city’s
world-class art collection.

The collection, housed at the Detroit Institute of Arts, has
been in question since Detroit filed for an $18 billion
municipal bankruptcy last July, the largest in U.S. history.

Apr 1, 2014

New York passes fourth consecutive on-time budget

NEW YORK (Reuters) – New York legislators approved a $137.9 billion budget for the state’s 2014-15 fiscal year late on Monday, providing funding for statewide full-day pre-kindergarten programs and keeping spending growth below 2 percent.

Passed on the last day of the state’s fiscal year, the approval marks the state’s fourth on-time budget in a row, something that has not happened for nearly four decades and not under a single governor since Nelson Rockefeller.

Mar 27, 2014

Agreement on the horizon in New York City union dispute

NEW YORK (Reuters) – Negotiators for New York City and more than 100,000 teachers and school workers could agree on the outline for a deal to end a four-year contract dispute as soon as the end of April, a person with direct knowledge of the talks said.

Reaching a framework for a contract settlement with the United Federation of Teachers could open the door to a formal agreement by the end of the school year in late June, said the person, who declined to be identified because the negotiations are confidential.

Mar 24, 2014

Detroit emergency manager sees bankruptcy plan confirmed by fall

NEW YORK (Reuters) – Detroit’s emergency manager expects the city’s $18 billion bankruptcy plan to win court approval by the fall despite obstacles such as a dispute over swap agreements and a vote by retirees on the plan that could potentially slow or derail the process.

The Motor City filed for bankruptcy more than a year ago in the largest municipal filing in U.S. history, pitting pensioners against bondholders and threatening the city’s world-class art collection with liquidation.

Mar 18, 2014

Tax cut clash looms as New York begins budget negotiations

, March 17 (Reuters) – New York state lawmakers
kicked off what looks set to be an intense two weeks of
negotiations over the state’s $140 billion budget on Monday,
with clashes looming over tax cuts and education spending.

They aim to bridge significant differences in their spending
plans and pass a fourth consecutive on-time budget, something
that has not happened in nearly 40 years, but getting a deal
done before the end of the state’s financial year on March 31
could be a tall order.

Mar 12, 2014

New Puerto Rico debt in high demand after robust offering

NEW YORK, March 12 (Reuters) – Puerto Rico’s newly issued
bonds rallied on Wednesday, a day after investors flocked to the
high returns offered by the cash-strapped U.S. territory’s $3.5
billion debt sale.

Analysts said the debt, much of which was bought by more
risk-tolerant hedge funds, was drawing strong interest from
investors who missed out on Tuesday’s heavily oversubscribed
sale, as well as buyers hoping to make a quick profit from the

Mar 12, 2014

Wall Street cash bonuses highest since 2008 crash: report

NEW YORK (Reuters) – The average bonus on Wall Street jumped 15 percent last year to the highest level since the 2008 financial crisis and was the third largest on record, New York State’s budget watchdog said on Wednesday.

The cash bonus pool swelled to $26.7 billion in 2013, pushing the average cash bonus to $164,530, a post-2008 high, according to the New York state comptroller’s annual estimate.

Feb 19, 2014

NYC labor talks make tentative start in $8 bln pay dispute

NEW YORK, Feb 19 (Reuters) – New York City has begun
preliminary talks with labor unions as it aims to break the
deadlock in a years-old pay dispute that city workers say has
left them owed up to $8 billion.

A spokesman for the mayor’s office said on Wednesday city
negotiators had contacted some unions for preliminary
discussions but said full negotiations had yet to start.

    • About Edward

      "Ed Krudy leads a team covering the U.S. equity market from New York, where he has been since 2009. Prior to that he set up Thomson's new bureau in Budapest, where he initiated coverage of economic, political, market and company news."
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