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.
NEW YORK, Feb 6 (Reuters) – The eccentric chief executive
officer of Swatch Group, one of the world’s top
watchmakers, was so incensed by recent allegations of mass U.S.
spying that he chastised a top New York official over the matter
in a letter late last year.
Nick Hayek’s comments seemed odd coming in response to a
letter from New York State Comptroller Thomas DiNapoli, who
administers the state’s $161 billion pension fund.
NEW YORK, Feb 4 (Reuters) – Standard & Poor’s review of
confidential information on Puerto Rico’s finances led the
ratings agency to make an unusually rapid downgrade of the U.S.
commonwealth’s debt, less than two weeks after warning the
rating was at risk, its lead analyst said on Tuesday.
David Hitchcock said he felt he could not wait for a
potentially large bond offering of $1 billion or more that the
Caribbean island aims to put together in the coming weeks.
NEW YORK, Jan 15 (Reuters) – Law firm Jones Day is hosting a
conference for Puerto Rico bond holders and other investors on
Thursday, focusing on the outlook for the indebted U.S.
territory, including the potential for a restructuring of around
$70 billion of its outstanding debt.
The speakers will include Timothy Coleman, who leads the
restructuring and reorganization group at Blackstone, the
world’s largest alternative asset manager.
, Jan 8 (Reuters) – New York state Governor
Andrew Cuomo gave a wide-ranging election-year speech in his
annual address on Wednesday, pressing signature issues such as
cutting taxes, revitalizing worn infrastructure and boosting the
Cuomo, a Democrat who is up for re-election in November,
delivered his hour-long speech to an enthusiastic audience in
the state capital of Albany. The packed event was attended by
many of New York’s political elite, including New York City’s
new mayor, Bill de Blasio.
NEW YORK (Reuters) – New York City will post a budget surplus this year and next but may have to use a large part of it to settle pay disputes with unions, the city’s Independent Budget Office said in a report on Thursday.
The IBO warned that the disputes over retroactive raises with the city’s public workers is among the biggest threats to its forecast and said outgoing Mayor Michael Bloomberg’s hope for a “costless settlement” with unions was a “long shot.”
NEW YORK, Dec 19 (Reuters) – New York City will post a big
budget surplus this year and next as a growing economy lifts tax
revenues and spending projections remain subdued, according to a
report by the Independent Budget Office on Thursday.
But the office warned that pay disputes with the city’s
public workers remain among the biggest threats to its forecast
and said spending by the city’s agencies is likely to accelerate
once contracts are settled with the unions.
NEW YORK (Reuters) – New York City outgoing Mayor Michael Bloomberg is leaving a legacy of pay disputes with public sector workers that poses a huge risk to the city’s budget, New York’s top financial watchdog said on Tuesday.
Comptroller John Liu used his final speech in office to highlight the $3.5 billion risk to the city’s budget from expired public school teachers’ contracts, an unresolved legacy of the Bloomberg administration.
NEW YORK, Dec 10 (Reuters) – The administration of New York
Mayor Michael Bloomberg is lining up for one last showdown in
its $3.5 billion dispute over retroactive pay raises with the
city’s public school teachers.
With just three weeks remaining before his team cedes power
to Mayor-elect Bill de Blasio, Bloomberg’s administration will
cite accounting rules at a closed-door state hearing on
Wednesday as it tries to shut the door on any retroactive raises
being paid out as bonuses in future years, according to people
taking part in the hearings.
NEW YORK, Nov 21 (Reuters) – New York City’s outgoing mayor,
Michael Bloomberg, said he will hand a balanced budget to his
successor in the next financial year, closing a forecasted $ 2.2
billion budget hole through a mixture of one-off gains, higher
revenues, and cost savings.
Thursday’s announcement from the Bloomberg administration
shows the mayor is keen to close his three-term stewardship of
the city’s finances on a high note as mayor-elect Bill de Blasio
prepares to take the city’s reins in January.