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Burger King parent company completes acquisition of Carrols Restaurant Group
Restaurant Brands International Inc. (RBI)(NYSE: QSR) says it has completed its approximately $1 billion acquisition of Syracuse–based Carrols Restaurant Group, Inc. With the close of the acquisition, the Toronto, Ontario–based RBI adds the largest Burger King franchisee in the U.S. to its portfolio as part of the company’s “Reclaim the Flame” plan, per the RBI […]
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Restaurant Brands International Inc. (RBI)(NYSE: QSR) says it has completed its approximately $1 billion acquisition of Syracuse–based Carrols Restaurant Group, Inc.
With the close of the acquisition, the Toronto, Ontario–based RBI adds the largest Burger King franchisee in the U.S. to its portfolio as part of the company’s “Reclaim the Flame” plan, per the RBI announcement.
As previously announced, RBI will invest a further $500 million to “accelerate the reimaging” of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.
Carrols is currently operating 1,023 Burger King restaurants in 23 states as well as 59 Popeyes restaurants in six states. Carrols has operated Burger King restaurants since 1976 and Popeyes restaurants since 2019.
Founded in 1954, Burger King is the second–largest fast–food hamburger chain in the world (after McDonald’s). The Burger King system operates more than 19,000 restaurants in more than 120 countries and territories. Nearly all Burger King restaurants are owned and operated by independent franchisees, many of them family-owned operations that have “been in business for decades,” per the announcement.
Restaurant Brands International Inc. describes itself as “one of the world’s largest”quick–service restaurant companies with more than $40 billion in annual system-wide sales and over 30,000 restaurants in more than 120 countries and territories. RBI ownsTim Hortons, Burger King, Popeyes, Firehouse Sub, and more.
“They are family. They would never do that!” Our guard comes down as it is hard to imagine a family member capable of business fraud.
The White Silo at Saphead Complex in Canton formally opens
CANTON, N.Y. — The St. Lawrence County Chamber of Commerce (STLC Chamber) says it hosted a formal-opening event for The White Silo at Saphead Complex,
Schumer wants feds to stop countries from laundering steel through Mexico to avoid tariffs
AUBURN, N.Y. — U.S. Senate Majority Leader Charles Schumer (D–N.Y.) on Monday called on the federal government to “strike while the iron is hot” to stop China and other countries from laundering steel through Mexico to avoid tariffs. Schumer’s call comes “on the heels of the Biden administration announcing historic, new rules to protect the
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AUBURN, N.Y. — U.S. Senate Majority Leader Charles Schumer (D–N.Y.) on Monday called on the federal government to “strike while the iron is hot” to stop China and other countries from laundering steel through Mexico to avoid tariffs.
Schumer’s call comes “on the heels of the Biden administration announcing historic, new rules to protect the U.S. steel industry from China’s unfair trade practices,”Schumer’s office said in a Monday announcement.
The lawmaker discussed the issue during a visit to Nucor in Auburn.
Schumer explained when cheap, Chinese-made steel products flood the market through Mexico, it hurts Central New York steel producers, like Nucor in Auburn, Crucible Steel in Geddes, and Novellis in Oswego, which cannot compete with this “unfair dumping.”
“The Biden administration’s just-announced actions to hit back against China’s continued rule-breaking are a big step in the right direction, but more needs to be done now to address the Mexico steel dumping loophole,” Schumer said in the announcement. “That’s why I am calling on the feds to level the playing field for American-made steel and prevent Chinese exports from exploiting loopholes to gain access to U.S. markets.”
“China has shown time and time again that they will explore every avenue to game the system and exploit any loopholes to get their over-subsidized products into the U.S., hurting businesses like Nucor here in Central NY. The new steel tariffs are a major step to level the playing field for Nucor and American steel manufacturers and workers, but we cannot rest and must strike while the iron is hot to do more. China continues to avoid tariffs by routing their imports through Mexico, and today, I’m saying enough is enough,”said Senator Schumer. “The previous administration negotiated the U.S.-Mexico-Canada Agreement (USMCA) and left glaring loopholes when it comes to Chinese exports entering the U.S. market via Mexico. That’s why I’m launching my push calling on the feds to close the trade enforcement gaps that allow China to evade tariffs. Nucor is top of its class, but they can’t compete if the game is rigged with artificially cheap, over-subsidized products from China. We must ensure the U.S. gets our steel from American manufacturers like Nucor in Central New York, not China.”
Schumer went to say that China is “flooding the market with cheap products,” using Chinese Communist Party (CCP) governmental subsidies to overproduce steel and “undercut” American manufacturers.
To support U.S. manufacturers, President Biden has committed to tripling the existing section 301 tariff rate on Chinese steel and aluminum from 7.5 percent to 25 percent. Schumer said that this is a “vital action, but it’s crucial” to stop China from avoiding these tariffs by entering U.S. steel markets through Mexico, to ensure the “maximum effectiveness” of these new actions to promote American-made steel like Nucor’s.
Now, Schumer is pushing for the next step to build on this momentum and gain a commitment from the feds to get Mexico to stop allowing Chinese steel to get into the U.S. market tariff-free.
Frontier Airlines launches new nonstop service from Syracuse to Atlanta
SYRACUSE, N.Y. — Frontier Airlines on Friday launched its new nonstop flights from Syracuse Hancock International Airport (SYR) directly to Hartsfield-Jackson Atlanta International Airport (ATL).
Sidney Federal Credit Union formally opens new Cicero branch office
CICERO — Sidney Federal Credit Union (SFCU) on May 4 formally opened the doors to its first Syracuse–area branch at 8062 Brewerton Road in Cicero. The office features a concierge-style concept that SFCU has been adopting in its new branch builds, with personal teller pods and video-enabled interactive-teller machines (iTMs) that allow members to connect
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CICERO — Sidney Federal Credit Union (SFCU) on May 4 formally opened the doors to its first Syracuse–area branch at 8062 Brewerton Road in Cicero.
The office features a concierge-style concept that SFCU has been adopting in its new branch builds, with personal teller pods and video-enabled interactive-teller machines (iTMs) that allow members to connect virtually with an SFCU representative while conducting transactions.
The 3,000-square-foot building also features a large “community room” that can be used for financial-wellness seminars, first-time homebuyer classes, and more, the credit union said in a release. It’s located in front of the Cicero Walmart Supercenter and just across the street from Target.
Principle Design Engineering PLLC, of Norwich, served as the architecture firm on the project and S.J. Thomas Co. Inc., based in Syracuse, was the general contractor.
SFCU said that area dignitaries participated in formal opening, including the following: State Assemblyman Al Stirpe, Town of Cicero Councilor Mike Becallo, Town of Cicero Town Clerk Tracy Cosilmon, representatives of State Senator John Mannion’s office, representatives of CenterState CEO, representatives of the Cicero Plank Road Chamber of Commerce, and representatives of the Greater Liverpool Chamber of Commerce.
SFCU says it currently has more than 70,000 members and total assets exceeding $980 million.
SFCU membership is open to anyone who lives, works, worships, or attends school in: Chenango, Cortland, Delaware, Essex, Fulton, Hamilton, Madison, Montgomery, Onondaga, Otsego, and Schoharie counties, as well as portions of Broome, Oneida, and Herkimer counties.
KeyCorp to pay 2nd quarter 2024 dividend in mid-June
KeyCorp (NYSE: KEY) — parent company of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York region — has declared a quarterly cash dividend of 20.5 cents per share of its common stock for the second quarter of this year. The dividend is payable on June 14 to
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KeyCorp (NYSE: KEY) — parent company of KeyBank, the No. 2 bank ranked by deposit market share in the 16-county Central New York region — has declared a quarterly cash dividend of 20.5 cents per share of its common stock for the second quarter of this year.
The dividend is payable on June 14 to holders of record as of the close of business on May 28. At Key’s current stock price, the dividend yields nearly 5.5 percent on an annual basis.
Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial-services companies, with assets of about $187 billion as of March 31. Its roots trace back almost 200 years to Albany. KeyBank has a network of about 1,000 branches and about 1,200 ATMs in 15 states.
Lockheed Martin to pay Q2 dividend of $3.15 per share in late June
The Lockheed Martin Corp. (NYSE: LMT) board of directors has authorized a second-quarter, 2024 dividend of $3.15 per share. The dividend is payable on June 28, to holders of record as of the close of business on June 3, according to a May 2 company news release. At Lockheed’s current stock price, the dividend yields
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The Lockheed Martin Corp. (NYSE: LMT) board of directors has authorized a second-quarter, 2024 dividend of $3.15 per share.
The dividend is payable on June 28, to holders of record as of the close of business on June 3, according to a May 2 company news release. At Lockheed’s current stock price, the dividend yields about 2.75 percent on an annual basis.
Lockheed Martin also announced that the independent members of its board unanimously elected Thomas J. Falk as independent lead director of the board effective May 2. He succeeds Daniel F. Akerson who, along with James O. Ellis, Jr., retired from the board that morning, following the company’s annual stockholders’ meeting.
Lockheed Martin — a Bethesda, Maryland–based global defense technology company — has two plants in Central New York, in Salina and in Owego, respectively.
Binghamton woman sentenced for grand larceny after collecting dead relative’s pension
BINGHAMTON — A Binghamton woman was sentenced to five years of probation after fraudulently collecting her deceased father-in-law’s pension payments, New York State Comptroller Thomas P. DiNapoli and Broome County District Attorney F. Paul Battisti announced. Joy LaBarr, 58, must also pay full restitution of $32,000 after pleading guilty to third-degree grand larceny earlier this
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BINGHAMTON — A Binghamton woman was sentenced to five years of probation after fraudulently collecting her deceased father-in-law’s pension payments, New York State Comptroller Thomas P. DiNapoli and Broome County District Attorney F. Paul Battisti announced.
Joy LaBarr, 58, must also pay full restitution of $32,000 after pleading guilty to third-degree grand larceny earlier this year. She was sentenced in Broome County Court by Judge Carol A. Cocchiola.
“Ms. La Barr’s conviction should serve as a warning to those who try to defraud the New York State pension system,” DiNapoli said in a news release.
LaBarr’s father-in-law, Jack Burnett, retired in 2006 from the Binghamton Housing Authority and, under the pension option he chose, his wife was to continue receiving payments after his death. The wife predeceased him, so payments should have stopped upon Burnett’s death in December 2020. However, no one from the family reported his passing.
The state retirement system became aware of his death in July 2022 and stopped payments. LaBarr called the retirement system after payments were halted, falsely claiming that Burnett was alive but was unable to personally come to the phone because he was hard of hearing, according to DiNapoli. She was seeking to get the pension payments resumed.
LaBarr lived in the home with Burnett prior to his death and admitted to investigators to using his debit card after his death and making the call to the retirement system. In addition to ATM cash withdrawals, LaBarr used the stolen funds to purchase clothing, make other online purchases, and pay her mortgage. A total of 19 monthly electronic deposits totaling $31,872.55 were made into Burnett’s account after his death.
“The sentencing of Joy LaBarr marks a significant step towards accountability for her actions,” Battisti said. “LaBarr stole her deceased father-in-law’s pension funds, which breached the trust placed in her and denied the legitimate beneficiaries of their entitled resources. This sentence, requiring full restitution and five years’ probation, highlights the significance of financial exploitation.”
Maraviglia $2 million donation to benefit SUNY Oswego School of Education
Wilber Hall atrium now bears his name OSWEGO — The president of SUNY Oswego says Frank Maraviglia was once a ward of the state who was dependent on welfare as a child. “He wasn’t
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OSWEGO — The president of SUNY Oswego says Frank Maraviglia was once a ward of the state who was dependent on welfare as a child.
“He wasn’t a man who came from riches,” President Peter Nwosu said in a SUNY Oswego news release. “He understood the power of giving because he’s been in that space. He would give back when he’s able to. He felt it necessary to give back generously to this institution, and he did it so that other young men and women who came to us would have the opportunity to enjoy the benefits of a transformative education, which SUNY Oswego has been known for.”
Nwosu was among those speaking during a May 8 ceremony rededicating the atrium in SUNY Oswego’s School of Education in Wilber Hall as the Maraviglia Atrium.
The school named the atrium in honor of Maraviglia, a 1958 SUNY Oswego graduate, in acknowledgement of a $2 million gift he made to SUNY Oswego last December.
“We’re here today to pay tribute to Frank for his many contributions to our university by unveiling this space that now bears his name,” Nwosu said. “It’s a very fitting space because — I’ve been told — that your name, Maraviglia, means ‘to wonder’ or ‘to marvel,’ and let’s look around at the soaring ceilings and the wonderful light. This is a space that conveys the promise of higher education, of growth, of discovery. It is a perfect way to pay tribute to a man who has devoted a lifetime encouraging young minds to learn and to explore.”
The donation established the Maraviglia Education Enrichment Fund in the university’s School of Education. It will support scholarship and engagement opportunities for students as well as academic programming from the faculty.
Maraviglia spent 35 years as a professor of architectural landscape at SUNY College of Environmental Science and Forestry in Syracuse.
In her remarks at the dedication, Laura Spenceley, dean of the SUNY Oswego School of Education, explained how the donation would impact the school and its students.
Spenceley said the fund will allow investment in students, faculty, and instructional equipment. The money will also help remove “barriers to students’ success and mitigate challenges that students experience on their pathway to their professional goals,” according to the school’s announcement.
The donation will also enhance instrumentation in the school’s 11 technical laboratories as well as spaces of learning that “haven’t been envisioned yet,” SUNY Oswego said.
In addition, Spenceley said the funding would support student-faculty collaborations and help with transportation to and from students’ off-campus “clinical experiences.”
“Frank, as you’ve demonstrated throughout your career, a SUNY Oswego education often serves as a catalyst to lifelong success that retains a focus on community and empowering others toward similar success,” Spenceley said to Maraviglia, per a SUNY Oswego news release. “Your gift, in honor of your wife, Gloria, with whom you shared more than 60 years of marriage, is transformational to our School of Education mission in offering innovative educational programs, built upon the wisdom of the past, the realities of the present and a focus on the future that prepare individuals who continually strive for personal growth and become socially conscious catalysts for change.”
SUNY Oswego Provost Scott Furlong welcomed the Maraviglia family and the 100 faculty, staff, students and guests in attendance before introducing Nwosu.
Maraviglia — who lives in Jamesville, near Syracuse, and is a lifelong educator —gathered with members of his family for the ceremony. They included his brother Raymond of Port Orange, Florida, a 1961 SUNY Oswego graduate; and nephew, Mark Procopio of Warners, a member of the school’s Class of 1995.
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