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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.”

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Stanley Cup playoffs daily: Who wins Game 6 of Stars-Jets?

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Stanley Cup playoffs daily: Who wins Game 6 of Stars-Jets?

The Dallas Stars were in position to win their series against the Winnipeg Jets in Game 5 on Thursday; instead, the Jets blanked them 4-0, extending their postseason by at least one more game.

That game is Saturday in Dallas (8 p.m. ET, ABC/ESPN+). Will the Stars punch their ticket to the Western Conference finals — and a rematch against the Edmonton Oilers? Or will the Jets force a Game 7 back on home ice Monday?

Read on for a game preview with statistical insights from ESPN Research, a recap of what went down in Friday’s game and the three stars of Friday from Arda Öcal.

Matchup notes

Dallas Stars at Winnipeg Jets
Game 6 | 8 p.m. ET | ABC/ESPN+

With a 3-2 lead in the series, the Stars are -380 to win, per ESPN BET; the Jets are +290 to take the series. Dallas is +325 to win the Stanley Cup, while Winnipeg is +2200.

Including the series that have been completed this year, teams that have led 3-1 in a playoff series are 23-1 since 2023 (the only loser was the Bruins against the Panthers in the 2023 first round).

Can Connor Hellebuyck buck his nightmarish road/home split this postseason? He has gone 6-1 at home in the playoffs, with a 1.73 goals-against average and .916 save percentage; he’s 0-5 on the road, with a 5.84 GAA and .793 SV%.

Kyle Connor has been a reliable source of scoring for Winnipeg, with 16 points in 12 games. His 1.33 points-per-game rate is the third highest in a single postseason by an American-born player (minimum 10 games played), behind Jake Guentzel in 2018 (1.75) and Brian Leetch in 1995 (1.40).

Mikko Rantanen leads the goal- and point-scoring races this postseason, with nine goals and 19 points. His newly formed line with Mikael Granlund and Roope Hintz has outscored opponents 7-2 in 108:34 of ice time together.

Stars goalie Jake Oettinger has gone 17-6 with a 2.03 GAA and .924 SV% (with one shutout) in 23 career postseason games following a loss.


Öcal’s three stars from Friday

No. 34 scored the first goal of the game in the third period, which counts as the game winner. It was his first goal against the Panthers — and first against any team beyond the first round — in his postseason career.

2. Maple Leafs shot blockers

The Leafs blocked 31 shots in this game, including some key moments late in the third period, preserving a shutout for Joseph Woll and forcing a Game 7. This was Woll’s first career postseason shutout, and he got lots of help from his friends.

Pacioretty was responsible for the insurance goal in the third period, his third of the postseason as the veteran continues his quest for his first Stanley Cup.


Friday’s recap

Toronto Maple Leafs 2, Florida Panthers 0
Series tied 3-3 | Game 7 Sunday

With a trip to the Eastern Conference finals at stake for the Panthers — and a continuation of the playoff run on the line for the Leafs — the two teams remained scoreless through two periods, with memorable saves by both goaltenders. At 6:20 of the third period, Toronto captain Auston Matthews scored his first goal of the series, and that would prove to be all the team needed for the W; Max Pacioretty‘s goal at 14:17 added some reassurance. After a Game 5 he’d like to forget, Joseph Woll stopped all 22 shots he faced. The two teams head back to Toronto for Game 7 Sunday. Full recap.

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Max Pacioretty backhands a clutch goal for Leafs

Max Pacioretty scores Toronto’s second goal of the third period to give them a 2-0 lead in a must-win Game 6 vs. Florida.

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U.S. beats Germany 6-3 at ice hockey worlds

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U.S. beats Germany 6-3 at ice hockey worlds

HERNING, Denmark — The United States blew a three-goal first-period lead before beating Germany 6-3 at the ice hockey world championship on Saturday.

Conor Garland‘s power-play goal 4:50 into the third period proved to be the winner as the Americans moved level on points (11) with the Czech Republic, trailing Group B leader Switzerland by two points.

Tage Thompson struck 1:42 into the game on a power play for his fourth goal of the tournament. Frank Nazar doubled the advantage before Drew O’Connor made it 3-0 on a rebound with 5:43 left in the first.

But the U.S. is making a habit of squandering leads. The Americans lost a four-goal advantage before prevailing 6-5 over Norway in overtime Wednesday.

Germany scored three times in the second. Defenseman Erik Mic’s goal 8:43 into the period sparked the rally. Jonas Muller scored from the slot with 5:17 remaining and Wojciech Stachowiak tied it at 3-3 less than a minute later on a power play.

After Garland’s go-ahead goal, Logan Cooley made it 5-3 with 3:29 to go and Clayton Keller scored into an empty net with 1:53 left. Garland had three assists.

Germany has nine points.

In Stockholm, Finland defeated Latvia 2-1 to stay third in Group A with 11 points. Latvia has six points in fifth.

Later Saturday, Canada plays Slovakia and Sweden meets France in Stockholm, while the Czech Republic faces Kazakhstan in Herning, where Denmark takes on Norway.

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James Comey: Trump says ex-FBI director’s seashells post ‘meant assassination’

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James Comey: Trump says ex-FBI director's seashells post 'meant assassination'

A former FBI director has been interviewed by the US Secret Service over a social media post that Republicans say was a call for violence against President Donald Trump.

James Comey, who led the FBI from 2013 until he was fired in 2017 by Mr Trump during his first term in office, shared a photo of seashells appearing to form the numbers “86 47”.

James Comey, then the FBI Director, in July  2016. File pic: AP/J. Scott Applewhite
Image:
James Comey later removed the Instagram post. File pic: AP

He captioned the Instagram post: “Cool shell formation on my beach walk.”

Some have interpreted the post as a threat, alleging that 86 47 means to violently remove Mr Trump from office, including by assassination.

What does ’86 47′ mean?

The number 86 can be used as a verb in the US. It commonly means “to throw somebody out of a bar for being drunk or disorderly”.

One recent meaning of the term is “to kill”, according to the Merriam-Webster Dictionary, which said it had not adopted this meaning of 86 “due to its relative recency and sparseness of use”.

The number has previously been used in a political context by Matt Gaetz, who was President Donald Trump’s pick for attorney general but withdrew from consideration following a series of sexual misconduct allegations.

Mr Gaetz wrote: “We’ve now 86’d…” and listed political opponents he had sparred with who ended up stepping down.

Meanwhile, 47 is supposedly representing Mr Trump, who is the 47th US president.

Mr Comey later removed the post, saying he thought the numbers “were a political message” and that he was not aware that the numeric arrangement could be associated with violence.

“I didn’t realise some folks associate those numbers with violence. It never occurred to me, but I oppose violence of any kind, so I took the post down,” Mr Comey said.

Mr Trump rejected the former FBI director’s explanation, telling Fox News: “He knew exactly what that meant. A child knows what that meant… that meant assassination.”

Donald Trump Jr accused Mr Comey of “casually calling for my dad to be murdered”.

US Homeland Security Secretary Kristi Noem confirmed in a post on X that Mr Comey had been interviewed as part of “an ongoing investigation” but gave no indication of whether he might face further action.

The Secret Service is part of the Department of Homeland Security.

White House deputy chief of staff Taylor Budowich said Mr Comey had put out “what can clearly be interpreted as a hit on the sitting president of the United States”.

“This is deeply concerning to all of us and is being taken seriously,” Mr Budowich wrote on X.

Another White House official James Blair said the post was a “Clarion Call (…) to terrorists & hostile regimes to kill the President of the United States as he travels in the Middle East”.

Read more US news:
Smokey Robinson under criminal investigation
Cassie challenged over Diddy ‘freak off’ allegations

Mr Trump fired Mr Comey in May 2017 for botching an investigation into 2016 democratic presidential nominee Hillary Clinton, the White House said at the time.

While Mr Comey was the director of the FBI, the agency opened an investigation into possible collusion between the Trump 2016 presidential campaign and Russia to help get Mr Trump elected.

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