Economy and Business news

This could be a crucial week in the ongoing debate over what will happen with the North American Free Trade agreement.

Talks to keep Canada in the trade bloc are to resume this coming week as Washington and Ottawa try to break a deadlock over issues such as Canada's dairy market and U.S. efforts to shield drug companies from generic competition. 

Professor Peter Koveos  is Finance Department Chair at Syracuse University and he teaches courses in international business.

Motorists are laboring to fill up the tank these days

Aug 28, 2018

New analysis from GasBuddy.com suggests Americans had to put in nearly two hours of labor to fill up their tank with gasoline this summer.

The company uses the average wages across the nation from the Bureau of Labor Statistics to make that determination, according to head of petroleum analysis at GasBuddy, Patrick DeHaan.

Trade, not aid, say local farmers

Jul 30, 2018
freeimages.com/John Boyer

Farmers in the Rochester-Finger Lakes region are nervous about President Trump's so-called trade wars.

"There's a lot of uncertainty,” said John Sorbello, a regional director for the New York Farm Bureau. “It's not so much what's happened in black and white,  you know, but it's like, where are we going here? I think a lot of agricultural bankers are starting to get nervous, too, as far as where are things heading."

The latest numbers out on sales of existing homes in the Rochester area present a mixed picture.

According to the Greater Rochester Association of Realtors, home sales were down 14.6%  in June compared to a year ago.

But the number of new listings of houses was up nearly four percent. The association says that's an encouraging sign, since this region like many others around the country, have experienced low inventories of existing homes for some time now.

And the median sales price of a home in the area rose 7.2%, to $150,000.

Brett Dahlberg / WXXI News

The company behind the software that turns SNAP benefits into the tokens used at the Rochester Public Market has announced that it’s going out of business.

Novo Dia contacted the Farmers Market Federation of New York last week, alerting the organization that it would cease operations on July 31, and leaving markets across the state scrambling to find a replacement.

The company’s software is essential because there is no substitute, said Margaret O’Neill, who directs programs at the Rochester Public Market and sits on the board of the farmers market federation.

BEIJING (AP) — The United States hiked tariffs on Chinese imports Friday and Beijing announced it was retaliating against American goods in a technology dispute between the world's two biggest economies that President Donald Trump says he is prepared to escalate.

Washington imposed 25 percent tariffs on $34 billion worth of Chinese imports, a first step in what could become an accelerating series of tariffs.

A new nationwide index of small business job growth and wages by a Rochester company is showing the pace of those numbers slowing.

Paychex, the payroll processing and HR services company, along with the company IHS,  does a monthly index on the rate of both jobs added and wages at small businesses, and in June, both of those metrics moderated a bit.

Randy Gorbman / WXXI News

A Colorado-based company is the winner of the first round of New York State’s Luminate NY competition.

The announcement was made Thursday at a demonstration event held at the Xerox Rochester International Jazz Festival.

Gas costs impacting summer vacation plans for many

Jun 13, 2018
Alex Crichton

If your summer plans include a driving vacation, prepare to budget more for gasoline.

According to new figures from AA A, gasoline expenses are accounting, on average, for seven percent of an American's annual income.

That's up one and a half percent from last summer, according to AAA spokesperson Lindsay Kensy.

"We will be spending about $69 dollars more a month for gas, so if you think about that, that's kind of a big chunk of change per month, but we don't see it stopping anyone from taking a road trip this summer," she said.

Genesee celebrates 'new' brewery

Jun 7, 2018

The Genesee Brewing Company marked its 140th year in business by celebrating the grand opening of its new brewery on St. Paul Street.

Officials from North American Breweries and its parent company, FIFCO, welcomed Genesee employees and local and state officials to a ribbon-cutting ceremony and tour of the new $48.5 million Brewhouse and Cold Block.

FIFCO CEO Ramon Mendiola says this is a landmark project for the brewery that will secure the future of this business for years to come.