Category Archives: Business Reports

by Kenneth J. Entenmann, CFA®
2/12/2028

For better or worse, the first three weeks of Trump 2.0 have been fast and furious! A bit of an understatement! Overall, the financial markets have shown some volatility but have remained stable in the New Year. So far, the S&P 500 is up 4.06% this month and 3.1% year-to-date. That is a great start to the year, despite all the vitriol coming out of our nation’s capital, particularly as it relates to the potential impact of tariffs.

It is easy to fear tariffs. Economists of all stripes will tell you that tariffs are bad; they are inflationary and invite retaliation and distort world trade. They are correct! But they most often fail to include the second part of the full tariff comment…Tariffs are bad in a free and fair global market. Unfortunately, there is little evidence that there are many “free and fair” markets. Indeed, when tracking trade reciprocity, every major industrial country in the world except the U.K. and Australia is offside, meaning tariffs on U.S. goods are significantly higher than U.S. tariffs on our imports. Even our friends, the EU, Canada, and Mexico, are way offside and have significant protectionist tariffs. In some cases, entire industries are precluded from participating in a trade partner’s economy. The U.S. auto industry is priced out of Europe by tariffs that are ten times higher than U.S. tariffs on E.U. cars. Same for U.S. agriculture. U.S. banks are prohibited from doing business in Canada. Hardly “free and fair.” And then, there is China. China was permitted to join the World Trade Organization in December of 2001. The hope was China would evolve into a great global trade partner. It has certainly helped the Chinese economy become the second largest in the world. Sadly, they have been cheating global trade rules ever since. The debate over TikTok operating in the U.S. is interesting as U.S. software companies are prohibited from doing business in China. Yes, tariffs are bad, but global trade is hardly a “free and fair” market.

Yesterday, President Trump announced 25% tariffs on steel and aluminum, including on Canada and Mexico. This set everyone’s hair on fire! Mexico and Canada are our friends and our largest trading partners. How could we possibly pick this fight? True, we import large quantities of steel and aluminum from Canada and Mexico and this action has the potential to raise prices in the U.S. However, many of those commodities are made in China and shipped to the two countries to avoid direct China tariffs and exploit the friendly USMCA (U.S., Mexico and Canada Free Trade Agreement) tariff policies. Global trade gamesmanship at its worst, especially from our “friends” North and South of the border! Not exactly “free and fair!”

By Jeffrey B. Shapiro, Esq.

New York State has enacted the Salary Transparency Law (S.9427/A.10477), now in effect since September 17, 2023. This legislation requires employers with four or more employees to disclose the compensation or range of compensation in all advertisements for job, promotion, or transfer opportunities.

Employers need to be aware of the new salary transparency requirements to avoid fines and other legal consequences. There might be small businesses, especially those without regulatory compliance support, who might not be fully aware of these new requirements.

What Needs to Be Disclosed?

New York State Pay Transparency Law mandates private employers with four or more employees to disclose a salary or pay range in all advertised job, promotion, or transfer opportunities. This applies to positions performed wholly or partly in New York State, and even to remote roles that report to a New York-based supervisor or office. The law covers advertisements across various platforms, such as newspapers, social media, or job-listing websites. The pay range should be a good faith estimate of the employer’s offering, with a defined minimum and maximum, and if it’s a fixed rate, that rate should be specified.

Drafting the Pay Range

The New York State Pay Transparency Law outlines that a pay range, reflecting the minimum and maximum annual salary or hourly rate, must be included in job advertisements. If a fixed rate like $30 an hour is to be offered, it must be listed. Pay ranges can’t be open-ended (e.g., “$20+ an hour”) and should only reflect monetary compensation, not other benefits like insurance or paid leave, though these can be disclosed separately. For commission-based pay, it must be clearly stated in the advertisement. Employers are required to make a good faith effort in determining and presenting the pay range.

By Nicholas A. Marricco, Esq. 

As New York Gov. Kathy Hochul continues to lay out proposals in her Fiscal Year 2026 budget, she recently announced a proposal to reduce what Governor calls “distracted learning” in classrooms across New York State. 

The Governor proposes that districts ban smartphones and smartwatches on school grounds. There are exceptions for the use of devices to manage a medical condition, language translation, specific educational purposes, and the use of devices as part of a child’s IEP or 504 plan. The plan, according to current reporting, is expected to pass both the Senate and Assembly. The law would only apply to public school districts, charter schools, and BOCES schools. Private schools and higher education institutions are not covered by the law. 

The Governor’s proposed smartphone ban would prohibit unsanctioned use of smartphones and other internet-enabled personal devices on school grounds in K-12 schools for the entire school day. Districts will be the ones to create their own plans for storing smartphones and other devices. 

The Governor’s proposal includes $13.5 million in funding for schools who need to purchase storage solutions. While the Governor’s proposal requires that schools provide parents a way to contact their children during the day when necessary, it is currently unclear how Districts will ensure that is possible. 

Over the next few months, parents can attend their district’s board of education meetings to request information from their board on how the board intends to apply the Governor’s smartphone ban. Parents can also request information from their superintendent. Parents are also encouraged to attend Board meetings to voice their concern on their District’s plan to allow Parents to contact their children during the school day. 

By Renee A. Walrath

Goal setting is crucial in 2025, as it helps individuals and organizations navigate an increasingly fast-paced, complex, and interconnected world. Here are several reasons why goal setting is especially important in 2025:

The world in 2025 is marked by rapid technological advancements, such as AI, automation, and Web3, as well as global challenges like climate change and geopolitical shifts. Setting goals With AI, robotics, and renewable energy innovations, staying competitive requires clear objectives to adapt and upskill. Goal setting ensures you’re not just reacting to change but The sheer volume of distractions, from social media to endless information streams, can derail focus. Setting specific, measurable, and time-bound goals (SMART goals) helps individuals and People increasingly prioritize personal well-being, mental health, and life balance. Goals aligned with values and passions promote self-improvement and a sense of purpose, helping individuals lead more fulfilling lives.

With sustainability being a key focus in 2025, goal setting allows individuals and businesses to take actionable steps toward reducing carbon footprints and conserving resources. The post-pandemic world and ongoing global uncertainties have underscored the importance of resilience. Setting goals fosters a growth mindset, encouraging people to overcome setbacks and keep moving forward.

Organizations and individuals must innovate to stay relevant in a competitive global economy. Goal setting fosters a culture of creativity encourages pushing boundaries to achieve Goals and provides benchmarks for tracking progress. This helps people and organizations stay accountable, adjust strategies, and celebrate achievements, boosting motivation and morale.

Collaborative goal-setting fosters teamwork and collective problem-solving. In 2025, when global challenges require shared solutions, setting goals together can unite communities and organizations around common purposes.

By Renee A. Walrath

Measuring and understanding employee well-being is becoming a vital way to attract and retain top talent. Seven out of ten employees place a high value on mental health care and the support they are offered by their employers. There is no longer a belief that your work life and personal lives do not intersect. Work challenges or struggles are frequently brought home, with employees stating that their mental well-being at work is negatively impacting their personal lives. Additionally, over 80% of U.S. workers surveyed by the American Psychological Association stated that a perspective employers’ approach to mental well-being will be “an important consideration” when job hunting. Employers must take an all-inclusive approach, when adapting to new policies and procedures, toward both prospective and existing employees.

More now than ever, relationship building is an important part of creating a positive work culture. One thing that can set your company apart from others is taking the time to get to know your potential employees, discovering their needs, and connecting with them on a human level.

By Matthew Burnell

As we approach the 2024 presidential elections many people are wondering will this election have a major impact on the economy and markets? You may have heard the expression: Don’t let how you feel about politics overrule how you think about investing. According to the Pew Research Center, they ran a study asking subjects to rate economic conditions as good or excellent over time. It was no surprise that Republicans rated economic conditions more favorably when a Republican was President and Democrats rated the economic conditions more favorably when there was a Democrat as president.

Looking at just the last four presidents and the S&P 500 performance, during President Obama’s eight-year term the S&P returned 16.3% and President Trump’s term the S&P returned 16%. President Biden’s term through August of this year the S&P 500 had returned 12.5% and going back to 2001, President Bush’s term saw S&P 500 returns at -4.5% over that period. President Bush began his term during the dot com bubble and ended during the subprime mortgage crisis. Coming out of this crisis President’s Obama and Trump were in charge during a historically postive market run, while as President Biden stepped into office during the Covid pandemic. So, there were certainly some large economic factors that greatly affect the Stock market regardless of which party was in power.

Regardless of who the winning party is, crucial to a president’s success in implementing their agenda is the configuration of Congress, comprised of the Senate and House of Representatives. In the long run, it is policy, which matters more for the economy and markets. It is often the case that rhetoric about policy differs from actual policy implemented once elected.

Monetary policy, fiscal policy, economic growth, labor markets, and corporate profits are likely better areas to focus on when thinking of market performance. Focusing on two areas, Fiscal and Monetary policy are likely key agenda items for both parties.