New York soybean production forecast to have jumped nearly 16 percent this year

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Farms in New York state are estimated to have produced nearly 20.1 million bushels of soybeans in 2024, up 15.8 percent from more than 17.3 million bushels the prior year. That’s according to a USDA National Agricultural Statistics Service (NASS) crop-production report issued on Nov. 8. The total soybean yield per acre in New York […]

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

OPINION: New Data Shows New York Nowhere Near Energy Goals

Opinion, Subscriber Only

New York progressives have put the state on a fast track to an energy overhaul that has consistently raised feasibility concerns from the day it was conceived. The shortcomings of New York State’s energy goals are concerning to nearly everyone who has looked objectively into the realities of the plan. Now, two new reports reinforce

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

As a result of the Climate Leadership and Community Protection Act (CLCPA) passing in 2019, New York’s homes and businesses are expected to virtually eliminate carbon emissions in the future. While protecting our environment is extremely important, the timeline set forth in the legislation, which has us stopping fossil fuel-based electricity production by 2040, simply cannot be met. As the old expression goes, “numbers don’t lie.”

Cornell University Professor Lindsay Anderson and her research team studied the problem using a model based on New York’s energy usage, transmission infrastructure, and weather. Their work is not a theoretical model based on fixed circumstances; it’s an extrapolation of what New York will actually look like if we implement this plan as written. The results are troubling, to say the least.

In order for New York to meet the energy demands laid out in the legislation, the state will need to supplement wind and solar power with about 40 additional gigawatts in new energy production. That figure, as it turns out, is how much energy New York uses right now. In other words, after we spend hundreds of billions of dollars to completely overhaul the state’s energy grid, we will still need as much energy as we use right now for the whole state on top of what the renewable-energy plan mandates.

According to the Cornell analysis, during the hottest and coldest months, with no backup in place, we could face blackouts “big enough to put half of New York City in the dark, for example. Blackouts that could last a month in some parts of the state.” While a worst-case scenario is unlikely, the question still remains, why are we spending billions and billions of dollars to create an energy grid that will not even come close to functioning properly?

Making matters clearer, the New York Independent System Operator (or NYISO) also released a new report, the 2024 Reliability Needs Assessment, indicating New York’s electricity demand is on the verge of spiking thanks to things like the “electrification of the transportation and building sectors and large, energy-intensive commercial projects that include data centers and chip fabrication.” On top of that, a coalition of business and energy groups called for a “deep analysis” of the state’s energy plan in a letter to Gov. Kathy Hochul.

The facts are plain; the CLCPA is not even close to feasible. The math doesn’t work, and we are on the wrong path to energy efficiency. We all want a better, cleaner energy grid. Unfortunately, the current proposal simply will not cut it. The state must pause this plan and rethink what we are doing before spending billions of taxpayers’ dollars on something that cannot work.

William (Will) A. Barclay, 55, Republican, is the New York Assembly minority leader and represents the 120th New York Assembly District, which encompasses all of Oswego County, as well as parts of Jefferson and Cayuga counties.

OPINION: The Voters Have Again Chosen Trump: What it Means for Foreign Policy?

Opinion, Subscriber Only

The voters have spoken, and Donald J. Trump will be the 47th president of the United States, [after having also served as the 45th.]. With a Republican-controlled Senate and [a narrow majority] in the House, Trump will be in position to implement his agenda, starting in January. What does that mean for foreign policy? It’s

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

It’s hard to say with certainty. In Trump’s first term, from 2017-2021, foreign policy was marked by chaos and disputes with our allies. He has promised more of the same: tariffs, confrontations and a go-it-alone approach to dealing with friends and enemies.

But Trump is unpredictable. We can count on surprises.

One of the most urgent questions is, what will happen with Ukraine? Since Russia invaded in February 2022, the U.S. has been Ukraine’s staunch supporter. Trump has praised Russian leader Vladimir Putin and criticized U.S. policy. He claimed Russia wouldn’t have invaded if he were president and boasted that he could end the war in 24 hours. Ukrainians are right to be worried.

Another crucial issue is U.S. involvement in NATO. Trump has railed against the organization, threatening, when he was president, to pull back support for the world’s most successful military alliance and the most important check on Russian aggression. President Joe Biden made America a reliable NATO partner. Trump may upend that stance.

In the Middle East, combine Trump’s unpredictability with the volatility on the ground, and it’s anyone’s guess what will happen. Israeli Prime Minister Benjamin Netanyahu welcomed Trump’s election, believing he will be more supportive of Israel and more hostile to Iran than Biden. But what that will look like defies guesswork.

The cornerstone of Trump’s foreign policy, according to his campaign promises, will be to impose steep import tariffs, especially on China and Mexico. The president-elect says tariffs will pay for his proposed tax cuts and help U.S. manufacturing. But economists say tariffs provoke trade wars, raise prices for consumers, and damage the economy.

Of course, Trump won’t necessarily get everything he wants. In his first term, for example, he vowed to build a border wall and make Mexico pay for it. That didn’t happen. When he imposed tariffs, other countries responded in kind, causing some U.S. exports to plummet.

But Trump’s “America First” approach did mark a real change. He angered many of our traditional allies, especially in Europe, and played nice with our adversaries.

He withdrew from the Paris climate accord, the Iran nuclear deal, and several arms control pacts. Biden brought the U.S. back into the climate agreement, but Trump says he will leave it again.

Trump has expressed admiration for autocrats like Putin, China’s Xi Jinping and Hungary’s Viktor Orban, who suppress dissent and scorn democracy. That worries advocates for human rights and the rule of law. Trump has promised the “largest deportation program in American history,” removing millions of immigrants [who are in the country illegally]. Such a move would be incredibly costly and could cause chaos in Latin America and the Caribbean region.

One of Trump’s most-worrisome plans is to fire thousands of career government employees and replace them with political appointees. This would be especially damaging at the State Department, where experienced and dedicated diplomats and regional experts are essential for representing America’s interests.

Trump values loyalty to himself above all else. With his transactional outlook, he casts every relationship as a “deal” in which there will be winners and losers. Supporters say his unpredictability is a feature, not a bug.

It keeps opponents guessing. The approach may work in business, but it’s not suited to governing.

Effective foreign policy requires looking out for our national interests while incorporating American values, including democratic decision-making, human rights, and individual dignity. It takes reliability and consistency: Allies and adversaries need to know we mean what we say and will keep our promises.

With a second Trump presidency, we can hope for the best, but there will be no guarantees.

Lee Hamilton, 93, is a senior advisor for the Indiana University (IU) Center on Representative Government, distinguished scholar at the IU Hamilton Lugar School of Global and International Studies, and professor of practice at the IU O’Neill School of Public and Environmental Affairs. Hamilton, a Democrat, was a member of the U.S. House of Representatives for 34 years (1965-1999), representing a district in south-central Indiana.

VIEWPOINT: Strategies for Success: Top 5 Audit & Compliance Challenges

Business Mentors, Education & Training, Employee Benefits & Human Resources, Subscriber Only

For financial institutions The regulatory compliance environment is becoming increasingly complex for financial institutions. A multitude of challenges — ranging from representment fees and fair-lending practices to AI privacy concerns, adjustable-rate mortgage compliance, and interest-rate risk management — demand meticulous attention from internal audit and compliance teams. Here are several strategies that financial institutions can

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

For financial institutions

The regulatory compliance environment is becoming increasingly complex for financial institutions. A multitude of challenges — ranging from representment fees and fair-lending practices to AI privacy concerns, adjustable-rate mortgage compliance, and interest-rate risk management — demand meticulous attention from internal audit and compliance teams.

Here are several strategies that financial institutions can employ to address these challenges and maintain regulatory compliance:

1. Representment fees

A representment occurs if a check is presented to the bank, returned for insufficient funds, and then “re-presented” for deposit while still having insufficient funds. This can lead to multiple representment fees being charged to consumers, even though the cause of the insufficient funds was beyond their control. Not surprisingly, this issue has resulted in several class-action lawsuits.

Some banks may consider eliminating representment fees altogether or limiting the number of times these fees can be charged. At the very least, banks should conduct a comprehensive review of their current disclosures and fee schedules to ensure they are clear, accurate, and up to date. Financial institutions should then verify that their core banking system is accurately implementing their fee policies in accordance with their updated disclosures.

2. Fair lending

Both state and federal regulatory agencies are continuing to emphasize fair-lending practices. This is particularly true for financial institutions involved in indirect lending, such as auto lending. Regulators are focusing on areas such as appraisal bias, where appraisers might unfairly influence property values. This bias can manifest in two ways: undervaluing properties in certain areas to restrict lending, or overvaluing properties to increase lending availability for specific consumers. Both practices can have detrimental effects on communities and individuals.

To support fair lending, banks should ensure comprehensive policies and procedures are in place. Regularly reviewing lending practices, hiring third-party compliance professionals, and developing a thorough appraisal-review process can also help guard against discriminatory lending behaviors.

3. AI privacy

Many financial institutions have been exploring the use of AI technology for several years, integrating it into various chat services, automated phone systems, and more. However, as the use of AI by employees becomes more widespread, it introduces new risks, particularly concerning privacy and data security.

Ensuring that robust policies and procedures are in place is crucial to mitigate these risks. Employees must be clearly instructed on what information can and cannot be entered into open AI software, such as customer information and account numbers. Additionally, similar precautions must be taken when financial institutions use AI to carry out functions for customers, ensuring data security and compliance with privacy regulations.

4. Adjustable-rate mortgage compliance

Adjustable-rate mortgages (ARMs), home loans with varying interest rates, are experiencing a resurgence in popularity due to rising interest rates and market fluctuations. However, these loans pose significant compliance challenges, particularly concerning TILA-RESPA Integrated Disclosures (TRID) and other ARM-related disclosures.

Ensuring accurate disclosures is critical when it comes to ARM compliance. Banks should regularly review all disclosures related to ARMs for accuracy and compliance. This is especially critical when dealing with construction or renovation loans that have adjustable-rate features.

Prioritizing staff training is also important. Given the high turnover in the industry over the past few years, many employees may lack experience with ARMs. Comprehensive training is essential to ensure staff are well-versed in the intricacies of these loans.

5. Asset-liability management & interest-rate risk

Recent bank failures and interest-rate fluctuations have intensified the focus on asset-liability management (ALM) and interest-rate risk (IRR) management. ALM is the process through which financial institutions balance assets and liabilities to reduce risk and increase profitability, while IRR management looks to control an institution’s exposure to interest-rate fluctuations.

What can banks be doing in this regard? One strategy is to implement robust monitoring systems for liquidity management to ensure real-time tracking and response capabilities. They should also regularly update their ALM models to reflect institution-specific characteristics and risks. Lastly, ensuring that stress testing and rate-shock scenarios are updated to reflect current market conditions and potential future risks allows for better preparedness and resilience.

For additional guidance and support, financial institutions should connect with a trusted advisor to stay ahead of regulatory changes, strengthen operational resilience, and enhance overall compliance efforts in an evolving financial landscape.

Mallory Conway is an executive VP in The Bonadio Group’s Advisory & Consulting division. She has provided financial institutions with internal audits and regulatory compliance services for more than 15 years.

SBA encourages holiday shoppers to support local businesses during this weekend’s Small Business Saturday

Sports, Entertainment & Tourism, Small Business, Technology

The U.S. Small Business Administration (SBA) is encouraging shoppers across New York state and the nation to think of local businesses during this weekend’s Small

Exit 31 study council plans public meeting in Utica on Dec. 3

Mohawk Valley, Construction, Design & Real Estate, Energy, Environment & Sustainability, Law, Accounting & Taxes, Manufacturing & Engineering, New York News, Nonprofits, Sports, Entertainment & Tourism

UTICA, N.Y. — The Herkimer-Oneida Counties Transportation Council (HOCTC) will present improvement options for the Exit 31 interchange of I-90 at a public open house

Barclay reelected as New York Assembly minority leader

Subscriber Only, Employee Benefits & Human Resources, Law, Accounting & Taxes, New York News, Nonprofits

ALBANY, N.Y. — The Assembly Republican Conference this week unanimously reelected Will Barclay (R–Pulaski) as leader of the minority conference. The leadership vote was held at the Capitol in Albany in advance of the upcoming 2025 legislative session. Barclay represents the 120th Assembly District, which includes Oswego County as well as parts of Jefferson and

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

Town of Manlius Police announce retail crime task force focused on Fayetteville Towne Center

Construction, Design & Real Estate, Featured, Law, Accounting & Taxes, Small Business, Sports, Entertainment & Tourism

FAYETTEVILLE, N.Y. — The Town of Manlius Police Department on Tuesday said it has formed a retail crime task force to address robberies and other

Binghamton University collaborates with industry, academic partners on new, $285 million Manufacturing USA Institute

Southern Tier, Education & Training, Energy, Environment & Sustainability, Law, Accounting & Taxes, Manufacturing & Engineering, New York News, Nonprofits, Subscriber Only, Technology

VESTAL, N.Y. — Binghamton University says it is a key partner in a new federally funded institute that’s focused on the use of “digital twins” to improve domestic semiconductor design and manufacturing. The U.S. Department of Commerce and the Semiconductor Research Corporation Manufacturing Consortium Corp. (SRC) recently announced that they’re negotiating for the department to

Already an Subcriber? Log in

Get Instant Access to This Article

Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.

Learn More and Become a Subscriber

The U.S. Department of Commerce and the Semiconductor Research Corporation Manufacturing Consortium Corp. (SRC) recently announced that they’re negotiating for the department to provide SRC $285 million to establish and operate a Manufacturing USA Institute.

With combined funding totaling $1 billion, this investment will support the launch of the “first-of-its-kind” CHIPS Manufacturing USA Institute, Binghamton University said.

The new institute — known as SMART USA (Semiconductor Manufacturing and Advanced Research with Twins USA) — seeks to address the challenges facing semiconductor manufacturing by leveraging research, fostering educational initiatives, and promoting industry-academic partnerships.

“We are pleased to be part of a nationwide coalition to advance critical technologies that will make New York and the U.S. a global leader in semiconductor manufacturing,” Binghamton University President Harvey Stenger said in the school’s announcement. “Binghamton looks forward to working with SRC, our SUNY colleagues and private- and public-sector partners to accelerate digital twinning innovations in U.S. chip design and manufacturing. I want to thank [U.S. Senate Majority Leader Charles] Schumer for his vision, as the CHIPS and Science Act allowed for the creation of and funding for this latest institute. And his advocacy on our behalf has been instrumental once again on this important win for Binghamton and New York.”

A digital twin is a virtual representation of an object or system designed to reflect a physical object, as explained in the Binghamton announcement. SMART USA will focus on the development, validation, and application of digital twins to enhance semiconductor manufacturing processes. The institute will reduce time and cost of chips design, improve efficacy of domestic production, and return chips productivity to American soil, the school contends.

Binghamton University plays a key role in SUNY’s contributions to the SMART USA team, and Bahgat Sammakia, the school’s VP for research, attended the Nov. 19 institute announcement at SRC headquarters in North Carolina.

“Binghamton has a long history of partnering with electronics manufacturers to solve their most pressing research and development challenges, and we are eager to advance the use of digital twins to enable this industry’s continued success,” Sammakia said. “In addition to Senator Schumer, I want to thank Governor Hochul and Empire State Development for supporting our coalition’s application.”

Tompkins County announces initiatives to bolster homeless-shelter options

Nonprofits, Construction, Design & Real Estate, Featured, Health Care, Law, Accounting & Taxes, New York News, Southern Tier

ITHACA, N.Y. — Tompkins County has announced plans to purchase the property at 227 Cherry St. in Ithaca to develop a long-term emergency-shelter facility. The

Get our email updates

Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.

Get our email updates

What's New

Upcoming Events

Tompkins Chamber Business After Hours

Dannible & McKee, LLP Annual Nonprofit Conference

Greater Binghamton Chamber Connect Over Lunch

CNYBJ Job Board

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

Get Instant Access to This Article

For financial institutions

Get Instant Access to This Article

Get Instant Access to This Article

Get our email updates