The Empire State is losing its grip as the nation’s financial services capital.
New York’s financial services industry – a great contributor to the state’s gross domestic product – has been imperiled by the plummeting population of high-income residents, who are fleeing amid towering taxes and rising housing costs, according to a sobering new study.
“As other states attract talent and investment in the sector, there is no guarantee of future success,” said the report from the Business Council of New York State.
“Addressing the states tax burden, business climate, and cost of living can help to ensure New Yorks position as a national and global leader for finance.”
Over the last three years, the top four states landing new high-paid financial services and insurance jobs over the last three years were Texas, Florida, North Carolina and Georgia, the analysis conducted by the Business Council found.
New York ranked 36th in terms of percentage growth — at a rate of a puny two-tenths of 1%.
“North Carolina and Florida have rapidly added jobs in the finance and insurance sector while New Yorks employment has remained below national growth trends,” the report said.
Each finance sector employee generates nearly an additional three jobs in other sectors — so any loss of employment ripples through the entire economy, the study noted.
“This report should serve as a call to action for leaders across New York to forcefully address the competitiveness issues that threaten one of its most valuable and critical economic forces, the finance industry,” the study said.
The average compensation package in New York’s financial services industry is a nation-high $309,000 per year — $275,800 in salary plus $34,000 in other benefits.
The figures showed continuing trends of population decline in New York – with a 2.7% decrease from 2019 to 2022 — marking the worst loss among the 50 states during the COVID-19 pandemic.
Most of the population loss was in New York City and its suburbs, home of most of the state’s wealthiest residents.
A review of net migration of residents showed that the largest flight of gross income was from Manhattan at nearly $11 billion.
“The data confirms the flight of the wealthiest from the New York City area,” the business group’s review found.
In 2021 alone, the Empire State saw a net decline of $9.8 billion in income that migrated to Florida, according to the report.
It’s not a coincidence, the study said, noting that the Tax Foundation think tank rates New York as having the highest combined state and local tax rate on residents, and the Sunshine State the lowest.
“This single competitive factor [taxes] is likely playing an influential role in the migration of high-net-worth individuals as they have the most to gain by leaving a high-income tax state for a low, or zero, income tax state,” the study said.
It also pointed out that New York is also one of a small collection of states that levies a tax on estates, derisively referred to as the “death tax.”
“High-wealth individuals are likely factoring this tax into their location decisions,” the report said.
“Forceful action is necessary,” the analysis concludes. “The state will need to address the tax burden, business climate, and cost of living issues that hurt the states competitiveness.
“If the state does not address these issues, it risks losing its dominance in the finance and insurance industry, and ultimately, jeopardizes the health and prosperity of New Yorks economy.”
Acclaimed Italian actress Claudia Cardinale, who starred in The Pink Panther and Once Upon A Time In The West, has died aged 87, according to French media reports.
The actress, who starred in more than 100 films and made-for-TV productions, died in Nemours, France, surrounded by her children, her agent told the AFP news agency.
At the age of 17 she won a beauty contest in Tunisia, where she was born to Sicilian parents, and was rewarded with a trip to the Venice Film Festival, kick-starting her acting career.
She had expected to become a schoolteacher before she entered the beauty contest.
Image: Claudia Cardinale at the Prix Lumieres awards ceremony in Paris in January 2013. Pic: AP
Cardinale gained international fame in 1963 when she starred in both Federico Fellini’s 8-1/2 and The Leopard.
She went on to star in the comedy The Pink Panther and Sergio Leone’s Once Upon A Time In The West in 1968.
She considered 1966’s The Professionals as the best of her Hollywood films.
When she was awarded a lifetime achievement at the Berlin Film Festival in 2002, she said acting had been a great career.
“I’ve lived more than 150 lives, prostitute, saint, romantic, every kind of woman, and that is marvellous to have this opportunity to change yourself,” she said.
“I’ve worked with the most important directors. They gave me everything.”
Cardinale was named a goodwill ambassador for the UN Educational, Scientific and Cultural Organisation for the defence of women’s rights in 2000.
CHICAGO — Right-hander Cade Horton was removed after three innings of his start in the Chicago Cubs‘ game against the New York Mets on Tuesday because of back tightness. The club said Horton was removed “as a precaution” after throwing just 29 pitches.
Horton, a leading NL Rookie of the Year candidate, allowed a leadoff homer to New York’s Francisco Lindor but settled down and looked sharp for the remainder of his short outing. Horton allowed two hits, struck out two and departed with the Cubs leading 5-1.
After the Cubs extended the advantage to 6-1, New York rallied against the Chicago bullpen, scoring five unearned runs against Michael Soroka to tie the game and later grabbing the lead in a matchup with playoff implications for both clubs.
Horton, 24, is 11-4 on the season with a 2.67 ERA over 118 innings. The win total leads all rookie pitchers and the ERA leads rookies who have logged at least 100 innings.
Donald Trump disparaged the Russian military and backed Ukraine to retake all its occupied territory in an astonishing about-turn on the war.
In a post on Truth Social, made after talks with Volodymyr Zelenskyy at the United Nations in New York, the US president said a return to “the original borders from where this war started is very much an option”.
“I think Ukraine, with the support of the European Union, is in a position to fight and WIN all of Ukraine back in its original form,” he wrote.
Mr Trump said “time, patience, and the financial support of Europe and, in particular, NATO” could help Kyv win back lost territory, and said Russia was in “economic trouble”.
He said Moscow had been “fighting aimlessly” for three-and-a-half years – and had it been a “real military power” it would have defeated Ukraine in less than a week.
“This is not distinguishing Russia. In fact, it is very much making them look like ‘a paper tiger’,” he added.
He later admitted he was surprised by Mr Trump’s comments, telling Fox News’ Special Report he has a better relationship with the president than before.
Image: Donald Trump and Volodymyr Zelenskyy at the United Nations. Pic: Reuters
Trump’s patience not ‘infinite’
Mr Trump also appeared to pour cold water on his hopes of persuading Vladimir Putin to sign a peace deal.
Speaking to Emmanuel Macron at the UN summit, he said their relationship had turned out to be meaningless.
Just last month, Mr Trump rolled out the red carpet for the Russian president at a summit in Alaska – in a push to expedite the war’s conclusion.
Before returning to the White House, he repeatedly claimed he’d be able to end the conflict in 24 hours.
Speaking at the UN Security Council, his secretary of state, Marco Rubio, admitted ending the war had proven an “extraordinary challenge”.
He said Mr Trump had “worked on it tirelessly”, but warned Russia his patience is not “infinite”.
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Rigby to Trump: Was Putin’s Alaska invite a mistake?
The US president has previously suggested Ukraine will never be able to reclaim all the territory Russia has occupied since seizing the Crimean Peninsula in 2014.
Ukraine has lost large areas of land in the east of the country.
In the Donetsk region, Russia now controls about 70% of the territory. Kyiv’s forces have been pushed back to four cities analysts have dubbed the “fortress belt”.
Moscow has partly annexed three other regions, too: Luhansk in the east, Zaporizhzhia and Kherson further west.
Image: The situation in Ukraine on 19 September
Trump tells NATO to shoot down Russian jets in its skies
Meanwhile, Russia appears to be provoking its neighbours to the west. Last week, Estonia said three Russian MiG-31 fighter jets violated its airspace for 12 minutes before Italian NATO jets escorted them away.
While talking to Mr Zelenskyy at the UN, Mr Trump was asked by reporters whether he thought NATO should shoot down any Russian planes that entered NATO airspace.
“Yes, I do,” Mr Trump replied.
On Truth Social, he said the US would continue to supply weapons to NATO, and it was for the alliance to “do what they want with them”.
Mr Trump also suggested the Russian people are not aware of “what is really going on with this war”.
He added: “Most of their money is being spent on fighting Ukraine. Putin and Russia are in big economic trouble and this is the time for Ukraine to act.”
He has called on European and NATO allies to increase economic sanctions on Moscow.
In a joint statement following the president’s comments, G7 foreign ministers said discussions were ongoing about additional economic sanctions on Russia.