Economy and Business news

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Rochester, NY – Paychex Corporation officials say their company is pretty well insulated from the financial turmoil gripping the economy, but they're keeping a close eye on it.

Paychex held its annual shareholders meeting Tuesday in downtown Rochester. It posted its 18th consecutive year of record revenues and income for 2008 with a net income of 576-million dollars.

Albany, New York – Governor David Paterson, New York's two US Senators, and other state officials announced that they are going ahead with a $1.2 billion dollar package in aid to the microchip manufacturing company AMD, despite the state's ailing finances.
Paterson, spoke on that and other topics, including his plans for the 2010 governor's race, in a day of
events at the State's Capitol.

Henrietta, NY – US Senator Charles Schumer is calling on the Bush Administration to help small businesses get loans during the current economic crisis.

Schumer talked to reporters during a stop in Henrietta Tuesday morning. He's worried that the economic crisis will spread from Wall Street to Main Street. Schumer says the vast majority of jobs in this country are in the small business sector.

Rochester, NY – One of the people charged with the development of downtown Rochester thinks it's inevitable that some projects for the center city will fall by the wayside because

Albany, New York – The Chair of the State University of New York Board of Trustees says Governor Paterson and legislative leaders should not cut public universities when they meet next month in a special session. Instead, says Carl Hayden, lawmakers should let the schools go forward with a deregulation plan that he says could save the state millions.

Rochester, NY – PAETEC has scaled back the design of its new headquarters building -- to be built on the old Midtown Plaza site in downtown Rochester.

The company released concept sketches today showing a ten story building instead of the 15 originally talked about. The revised building would be wider than the original concepts, and would be about 350-thousand square feet instead of 500-thousand. About 15-hundred PAETEC Holding employees would work in the new building.

New York, NY – The Wall Street meltdown has put New York in an emergency situation. That's the word from Governor David Paterson, who's calling for a special session of the state legislature for November 18th to tackle the effects of a rattled financial services industry.

Paterson said he expects the deficit to grow to $2 billion by the end of the fiscal year in March.

WXXI's Karen DeWitt was at Friday morning's meeting in New York...

Rochester, NY – When Governor Paterson issued his call for more cuts in the state budget, he said he wants to avoid midyear cuts in school aid. But he also warned school districts to prepare for reduced spending in the coming fiscal year.

Rochester, NY – Some of the Rochester area's top philanthropists are expressing concern about how the faltering economy could hurt charitable organizations this year.

The Rochester Area Community Foundation presented awards to five leading philanthropists at an awards luncheon Thursday afternoon.

Rochester, NY – A Pulitzer Prize-winning financial journalist says, no matter what the federal government may do to rescue Wall Street from its current troubles, New York State residents are likely to feel pain.

David Cay Johnston, author of best-selling analyses of the taxation and finance systems of our country including "Free Lunch" and "Perfectly Legal", says New York has become highly dependent--perhaps too dependent--on Wall Street as a source of tax revenue to support public services.