James T. Madore on Muck Rack

James T. Madore

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Long Island, Melville
As seen in: Newsday, Flipboard, Phys.org, St. Louis Post-Dispatch, Arizona Daily Star, amNewYork, Government Technology, The Villager (New York, NY), ADVFN, Billings Gazette, GOVERNING and
Covers:  economy, ny-area
Business Reporter @Newsday. I report on the NY-area economy and government/biz issues. madore@newsday.com, 631-843-2473 or muckrack.com/james-madore
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Tariffs start to take a toll on LI businesses

Tariffs start to take a toll on LI businesses

Newsday — The trade war is starting to hit Long Island. Kayak seller Sea Eagle Boats in Port Jefferson expects to lay off employees if the Trump administration moves forward with another round of tariffs, or import taxes, on $200 billion of Chinese goods.
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LI cultural art institutions spend $1.8 billion a year

LI cultural art institutions spend $1.8 billion a year

Newsday — Arts and cultural organizations - such as museums, concert halls and film festivals - play an important role in Long Island's economy, spending $1.8 billion annually, Census data show. Much of the expenditure is for employee salaries and benefits, including medical insurance, according to 2015 Census figures, the most recent available.
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IDAs under fire for giving 'away taxpayer dollars'

IDAs under fire for giving 'away taxpayer dollars'

Newsday — The yearly cost of tax breaks given to Long Island companies by Industrial Development Agencies has tripled since 2004, to more than $140 million, fueling calls for reform. The Island's eight IDAs are under fire for competing to help the same companies, which increases the amount of their tax benefits, and for not being selective enough.
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Startups turn $1 million into $24 million

Startups turn $1 million into $24 million

Newsday — Two Long Island investment funds took a chance in 2014-15 on 10 technology startups, giving them a total of $1 million. Since then, the startups have raised $24 million from venture capitalists, government agencies and other businesses. That ability to attract capital is an encouraging sign that companies can be built from inventions created at the Island's big research laboratories.
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Factories retrench in face of wage hike

Factories retrench in face of wage hike

Newsday — New York State's new, higher minimum wage is leading to drastic actions by factories on Long Island that produce food or drugs, have small staffs or use low-skilled workers on their assembly lines, according to executives and government records. Framerica, a picture-frame manufacturer in Yaphank, canceled $3 million in building plans and equipment purchases.
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Over half of LI firms in Start-Up NY drop out

Over half of LI firms in Start-Up NY drop out

Newsday — More than half of the participants from Long Island have dropped out of Start-Up NY, the state program that promises businesses "no taxes for 10 years" if they move to a college and create jobs, according to a Newsday analysis.
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Tax breaks, college backing boost emerging tech companies on Long Island - Newsday

Tax breaks, college backing boost emerging tech companies on Long Island - Newsday

Newsday — Israeli entrepreneur Chen Levkovich had never heard of Stony Brook University until last year. Now he is moving his software company's headquarters to the campus -- because of a tax-free zone established by New York State. Levkovich's business, Zuznow Inc. of Tel Aviv, is one of about 100 participating in START-UP NY, Gov. Andrew M. Cuomo's controversial program to create good-paying jobs by supporting mostly small technology firms that develop products from academic research. Colleges host the businesses, which will pay no state and local taxes for up to 10 years in return for hiring.
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Baby boomers lead the way in starting new businesses on LI - Newsday

Baby boomers lead the way in starting new businesses on LI - Newsday

Newsday — Baby boomers are starting businesses at a higher rate than younger generations celebrated for producing entrepreneurs. Boomers were behind nearly one-quarter of all new businesses started in the United States last year, a larger proportion than those begun by people 20 to 34 years old, according to the Ewing Marion Kauffman Foundation, a think tank in Kansas City that studies entrepreneurship. The U.S. Bureau of Labor Statistics has reported that people over age 55 are the fastest-growing group of self-employed workers.
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Baby boomers confront selling, or closing, businesses - Newsday

Baby boomers confront selling, or closing, businesses - Newsday

Newsday — Baby boomers across Long Island who have put years of effort, money and even love into the businesses they own are now confronted with what to do with them as they approach retirement. The companies have consumed owners' lives, been their primary source of income and often their largest single investment. But now they must somehow be turned into cash to provide for retirement. Among the options are selling to a family member, a trusted manager or a competitor, or keeping ownership but stepping back from day-to-day responsibilities.
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NJ lures Long Island businesses with millions in tax breaks

NJ lures Long Island businesses with millions in tax breaks

Newsday — Long Island companies are being offered millions of dollars in tax breaks to move to New Jersey. And in the case of one of the Island's best-known businesses, Gov. Chris Christie made the pitch personally. Advertisements on commuter train lines and talk radio this spring promoted Grow NJ, an economic development initiative that Christie rolled out last fall. The program significantly boosts the tax credits New Jersey gives to companies that move jobs to the state, and requires less investment in buildings and equipment than an earlier program. Some businesses are heeding the Garden State's call.
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LI venture firm to be reviewed by feds

LI venture firm to be reviewed by feds

Newsday — U.S. Treasury investigators are trying to determine whether a venture capital firm in Brookville violated conflict-of-interest rules by investing taxpayer dollars in small technology companies in which it has sizable stakes. Canrock Ventures, a 4-year-old investment business, is the subject of the review by Treasury's Office of Inspector General, a department spokesman confirmed. The inspector general's review of Canrock began after Newsday asked the Treasury Department questions in early November about one of Canrock's federally funded investments.
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NAFTA's impact on Long Island

NAFTA's impact on Long Island

Newsday — The North American Free Trade Agreement was a cause célèbre in the early 1990s. Presidential candidate H. Ross Perot warned a "giant sucking sound" would be heard as U.S. jobs went to Mexico. Proponents of the trade pact, which encompasses the United States, Canada and Mexico, predicted an enormous economic boost as cross-border commerce swelled. On Long Island, where defense plants were already shrinking, the debate between unions opposed to the deal and business groups that favored it mirrored the national argument.
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Arrow Electronics' HQ transfer, a complicated courtship

Arrow Electronics' HQ transfer, a complicated courtship

Newsday — How Colorado got Long Island's largest public company to move its HQ. To report the behind-the-scenes story of Arrow Electronics's move, Newsday reviewed internal memos, reports and hundreds of emails obtained under the Freedom of Information Law, and interviewed people in Colorado and New York State. The documents, nearly 1,200 pages in all, show the highest levels of Colorado government were deeply involved in the nine-month courtship of Arrow. The process wasn't smooth; emails reveal mistakes by Colorado officials that infuriated Arrow, especially when the state's congressional delegation told the company's board of directors about the headquarters move before they had been told by the CEO. But records show the outcome was never seriously in doubt. Long, Arrow's chief executive since 2009, lives in Colorado, where he owns two homes and serves on the Denver Zoo board. Arrow also never sought competing tax breaks or other aid from New York officials, who were in the dark about the company's plans.
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NYS pension fund arm aids private LI firms

NYS pension fund arm aids private LI firms

Newsday — A little-known source of money for private companies has ramped up its activity on Long Island, investing $27.5 million in two years to quadruple its commitment here. The source is an arm of the state pension fund: the In-State Private Equity Investment Program. It buys stakes in New York businesses to earn profits for the Common Retirement Fund -- not make handouts to companies. In the program's dozen years, $36.3 million has been invested in eight businesses in Nassau and Suffolk counties. Mattress retailer Sleepy's and circuit-breaker manufacturer PACS Industries were among those getting support.
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Demand for low-cost generic drugs sparks building boom on LI

Demand for low-cost generic drugs sparks building boom on LI

Newsday — Consumers' greater use of low-cost generic drugs to combat ever-higher medical bills has sparked a building boom that is creating more than 2,000 jobs at pharmaceutical manufacturers on Long Island. Since 2010, 12 drug companies have announced expansion plans, totaling $387 million in building purchases, factory additions and new equipment. Most are in Suffolk County. Governments have bet big on the pharma industry, offering tax breaks and grants of at least $43.5 million -- much of it from New York State.
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With Fight Club, top Long Island business executives wrestle over books

With Fight Club, top Long Island business executives wrestle over books

Newsday — They call it Fight Club. Two Long Island businessmen -- the CEO of a real estate company and a venture capitalist -- lead a meeting every six weeks of what is arguably the most high-powered book club in Nassau and Suffolk counties. In the living room of a Gold Coast mansion, the pair and about 10 friends dissect and debate, sometimes passionately, books by authors ranging from Marcus Aurelius and Iris Murdoch to Leo Tolstoy and Tom Wolfe. George Soros, the billionaire hedge fund manager, attended a meeting three years ago where his book about the 2008 financial crisis was discussed.
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Experts: Sandy derailed LI recovery

Experts: Sandy derailed LI recovery

Newsday — Long Island's economy has yet to revive from the knockout punch delivered 90 days ago by superstorm Sandy. Jobs are being lost. People who once donated food to charities are now applying for food stamps. Pending home sales and consumer spending are both down. Economists said Sandy, which hit Oct. 29, derailed the Island's recovery from the 2007-09 recession. PHOTOS: LI damage | Then and now | Aerial views VIDEOS: Recovery still in progress | Desperate for buyout DATABASES: Federal aid to victims | Infrastructure proposals MORE: Year after Sandy interactive | Complete coverage "We're flat on our back right now, and I don't see us recovering until we get enough federal assistance to help rebuild," said Irwin Kellner, chief economist at the MarketWatch financial news service and a former Hofstra University professor.
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2 businesses face difficulties rebuilding

2 businesses face difficulties rebuilding

Newsday — The economic challenges facing Long Island in Sandy's aftermath can be seen in the struggles of two small businesses. Both are owned by a founding family's second generation; both closed because of extensive flood damage. In the Barnum Island neighborhood of Island Park, the superstorm destroyed Village Nursery School, where 10 teachers cared for 55 students. PHOTOS: LI damage | Then and now | Aerial views VIDEOS: Recovery still in progress | Desperate for buyout DATABASES: Federal aid to victims | Infrastructure proposals MORE: Year after Sandy interactive | Complete coverage Owners Maria and Tommy Asher are now converting the one-story schoolhouse into a two-family home; the first tenant moves in Feb.
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In Long Beach NY, a determination to rebuild after superstorm Sandy

In Long Beach NY, a determination to rebuild after superstorm Sandy

Newsday — Rita Connolly, like so many others who live in Long Beach, wants to go home. Connolly, 36, fled her first-floor apartment on Franklin Boulevard near Broadway as the storm drew closer, taking refuge with a friend on the third floor. The surging waters from superstorm Sandy swept her Toyota Celica to a resting place a few blocks away. "I'm cold, I'm hungry, I have no water, and I can't flush the toilet -- other than that I am OK," Connolly said Friday, as she hauled ruined items to the curb for pickup. The high-water mark on her walls was about 4 feet above the carpeting.
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