Connect with us

Published

on

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.”

Continue Reading

Entertainment

Influential artist Sir Michael Craig-Martin says he’s had ‘terrible things’ said about his work

Published

on

By

Influential artist Sir Michael Craig-Martin says he's had 'terrible things' said about his work

Sir Michael Craig-Martin is one of the most influential artists of his generation – but he says he’s had “terrible things” said about the work he’s now famous for.

The 83-year-old’s long career is now the subject of a major retrospective opening this weekend at the Royal Academy.

But he told Sky News: “I’ve had terrible things said about all the work that now people think is wonderful… If you can’t survive criticism… you’re in the wrong game.”

The Royal Academy retrospective brings together his life’s work in one show, including his early experimental sculpture, his landmark conceptual work and a new immersive digital work.

Read more entertainment news:
Painting of nude woman prompts police visit
Undiscovered Mozart music found

Fake heiress appears on TV show with sparkly ankle tag

While much of Sir Michael’s painting has been dominated with depictions of modern icons, like laptops and iPhones, he says technology has made it “harder for people to look” at his work.

“We’ve become probably the most visual age there’s ever been and at the same time it’s become harder and harder for people to actually look,” he said.

“[Paintings] don’t move – you have to come to them, you have to give them a little time,” he explained, adding that nowadays people are more “used to something that’s doing something for them”.

The subject matter of much of Craig-Martin’s large-scale, vivid colour paintings of everyday objects – from trainers to paperclips, glasses to coffee cups – is universally understood and easily accessible.

Pic: Royal Academy of Arts, London/David Parry
Image:
Pic: Royal Academy of Arts, London/David Parry

“What’s ordinary is what unites everybody,” he explains.

“When you buy a coffee, they give you the cup. You don’t buy the cup, it’s free with the coffee, and yet to make a painting out of it is to give it a certain kind of presence, a certain kind of dignity, a way of looking at it that may be different, to what its value or use is.”

Image:
Sir Michael Craig-Martin says it’s become harder for people to ‘actually look’ at art

Now in his 80s, Sir Michael’s work has become sought-after around the world. Not only has he proven to be one of the most successful artists of his generation, he’s also been one of the most influential teachers.

In the late 80s, his students at Goldsmiths would go on to be the headline-making Young British Artists, or YBAs as they became known – and they include Damien Hirst and Sarah Lucas.

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

“They were very, very young,” Sir Michael explained. “There were people who said to me that it was very dangerous for them to be having this kind of success because they were so young and my advice to them at the time was ‘if the door opens, it’s best to go through it’.”

Decades before, in 1974, he’d made headlines of his own with a piece called An Oak Tree – now widely considered a landmark moment in the history of conceptual art.

Pic: Royal Academy of Arts, London/David Parry
Image:
Pic: Royal Academy of Arts, London/David Parry

Recreated for the retrospective, provocatively you won’t find any big logs propped up in a gallery as the piece is just a glass of water on a glass shelf.

“People often do say to me… it changed my idea about what I thought art was, what it could be, my relationship, and that’s an amazing thing to be able to say.”

Challenging us all to look with fresh eyes at the ‘ordinary’ all around us, Michael Craig-Martin’s body of work is proof of why he is one of the most extraordinary artists working today.

Michael Craig-Martin is at the Royal Academy in London from 21 September to 10 December.

Continue Reading

US

Well-fitted suits, pearls and ‘the same’ red tie: What Donald Trump and Kamala Harris’s fashion tells us about them

Published

on

By

Well-fitted suits, pearls and 'the same' red tie: What Donald Trump and Kamala Harris's fashion tells us about them

The style choices of politicians have long been scrutinised by voters and the media.

Women have historically been subject to more inspection for their looks than men.

But all politicians are communicating through their style, according to two experts.

“We receive most of our information, many of us, through screens and through the visuals,” says Hazel Clark, professor of design and fashion at the Parsons School of Design in New York.

Democratic candidate Kamala Harris has been leaning into trouser suits.

Democratic presidential nominee Vice President Kamala Harris arrives to board Air Force Two at LaGuardia Airport in New York, Wednesday, Sept. 11, 2024. (AP Photo/Jacquelyn Martin)
Image:
Ms Harris arrives to board Air Force Two in New York. Pic: AP

Democratic presidential nominee Vice President Kamala Harris speaks during a debate with Republican presidential nominee former President Donald Trump at the National Constitution Center, Tuesday, Sept.10, 2024, in Philadelphia. (AP Photo/Alex Brandon)
Image:
Ms Harris during a debate with Mr Trump. Pic: AP

“The well-fitted suit, the more masculine suit, is telling voters that she is not a politician’s wife, she is not the president’s wife, she is the president,” says Deirdre Clemente, professor of history at the University of Nevada in Las Vegas.

She wore a dark suit to make her acceptance speech at the Democratic National Convention.

Pic: AP
Image:
The presidential hopeful wore a dark suit to make her acceptance speech at the DNC. Pic: AP

The look “gives that sense of the legal profession, judges and authority. I think it was just saying ‘I’m here to be taken seriously, I can be your leader’,” says Ms Clark.

Many of the audience were wearing white, thought to be a reference to the suffragettes, who fought for women to have vote.

Democratic presidential nominee and U.S. Vice President Kamala Harris embraces her husband, second gentleman of the U.S. Doug Emhoff, following her acceptance speech on Day 4 of the Democratic National Convention (DNC) at the United Center in Chicago, Illinois, U.S., August 22, 2024. REUTERS/Mike Blake     TPX IMAGES OF THE DAY
Image:
Many DNC audience members wore white as Kamala Harris made her acceptance speech. Pic: Reuters

Democratic presidential nominee and U.S. Vice President Kamala Harris celebrates with her husband, second gentleman of the U.S. Doug Emhoff, and vice presidential nominee Minnesota Governor Tim Walz and his wife Gwen, following her acceptance speech on Day 4 of the Democratic National Convention (DNC) at the United Center in Chicago, Illinois, U.S., August 22, 2024. REUTERS/Vincent Alban
Image:
Democratic presidential nominee Kamala Harris wore a dark navy or black suit to make her acceptance speech at the DNC. Pic: Reuters

“I think there’s a lot of weight in the choice of white in the audience of the DNC that night and her choice of a black suit was a power move,” Ms Clemente said.

Donald Trump has had a consistent style for many years – he’s known for his dark blue suit and silky red tie.

With wife Melania and daughter Tiffany at his 2017 inauguration. Pic: AP
Image:
Donald Trump at his 2017 inauguration. Pic: AP

Republican presidential nominee former President Donald Trump speaks during a presidential debate with Democratic presidential nominee Vice President Kamala Harris at the National Constitution Center, Tuesday, Sept.10, 2024, in Philadelphia. (AP Photo/Alex Brandon)
Image:
Donald Trump speaks during a presidential debate with vice president Kamala Harris. Pic: AP

“He seems to have been wearing the same red tie since the 1970s. It seems to have gotten longer,” said Ms Clemente.

“It is his way of projecting power, confidence and stability.”

And his vice presidential pick JD Vance seems to have adapted his style to match.

Republican presidential candidate former President Donald Trump and Republican vice presidential candidate Sen. JD Vance, R-Ohio, pray during the Republican National Convention Thursday, July 18, 2024, in Milwaukee. (AP Photo/Charles Rex Arbogast)
Image:
Donald Trump with Republican vice presidential candidate JD Vance at the Republican National Convention. Pic: AP

“It’s putting on a uniform to say we are all one, we are all following this person. I think sameness, perhaps, with the party as well,” said Ms Clark.

“With Trump it’s almost become like a costume now.”

Donald Trump's running mate JD Vance
Image:
Donald Trump and his running mate JD Vance have been seen wearing similar clothing. Pic: Reuters

Harris often wears a pearl necklace, a reference to her college sorority Alpha Kappa Alpha, which was founded by black women at Howard University.

California Attorney General candidate Kamala Harris arrives for a campaign rally at the Los Angeles Public Central Library in Los Angeles, Monday, Nov. 1, 2010. (AP Photo/Chris Carlson)
Image:
Kamala Harris wearing a pearl necklace in 2010. Pic: AP

“Her wearing of the necklace is absolutely a shout-out to all the women who have supported her and that sorority is central to that,” said Ms Clemente.

The vice president is also known for her love of Converse shoes.

Democratic presidential nominee Vice President Kamala Harris arrives to speak at a campaign event, Thursday, Sept. 12, 2024, in Greensboro, N.C. (AP Photo/Chris Carlson)
Image:
Vice president Kamala Harris wearing Converse shoes as she arrives to speak at a campaign event. Pic: AP

The trainers, which are associated with American basketball culture, “are a powerful cultural tool because what she’s saying is these shoes are just like the ones you have in your closet”.

Democratic presidential nominee Vice President Kamala Harris..arrives to speak on the final day of the Democratic National Convention, Thursday, Aug. 22, 2024, in Chicago. (AP Photo/Jacquelyn Martin)
Image:
Vice president Kamala Harris speaks on the final day of the Democratic National Convention. Pic: AP

Mr Trump and his supporters often wear the instantly recognisable red Make America Great Again baseball cap.

“The MAGA hat has an incredible amount of power, especially here in battleground states,” said Ms Clemente. “You see MAGA hats all around.”

Wearing a MAGA hat in March 2016 in Arizona. Pic: AP
Image:
Donald Trump wearing a red MAGA hat in 2016 in Arizona. Pic: AP

Baseball caps are “ubiquitous in being used to signify something, it’s like having a slogan on your t-shirt”, says Ms Clark.

One accessory all US politicians are rarely seen without is an American flag pin badge on their lapel, which can be used to show patriotism.

It may also project a message that “we are all fighting for the same team” despite political differences, said Ms Clemente.

Continue Reading

UK

‘Dangerously stretched’ Met Police has fewer officers working on unsolved murders

Published

on

By

'Dangerously stretched' Met Police has fewer officers working on unsolved murders

Fewer police officers are working on unsolved murder cases amid warnings the Metropolitan Police is dangerously stretched.

Five officers from the force are moving from a specialist cold case department investigating the 30-year-old murder of Atek Hussain to instead bolster basic command units.

Mr Hussain, 32, was stabbed in the heart as he returned from work in September 1994. He managed to stagger to his home and tell his family that his attackers were Asian before collapsing.

No charges have ever been brought in the case despite two focused appeals by the police on the 10th and 20th anniversaries of his killing.

Mr Hussain’s daughter Yasmin was 10 when she watched her father die in their family home. She told Sky News she had hoped the Met would launch a renewed appeal on the 30th anniversary of his death this week.

“I waited and waited as September approached, hoping they’d say something but all of the officers I’d been dealing with have either retired or moved on, and it seems nobody knows what to do with me,” she said.

“One person told me to call 101.”

More on Crime

Image:
Yasmin Hussain has launched her own appeal for help to find her father’s killers

The Met told Sky News the case is not currently active. However, no unsolved murder investigation is ever closed and Mr Hussain’s case was last reviewed by its Serious Crime Review Group in August.

“Should any new information come to light, it will be assessed accordingly,” it said in a statement.

“In order to better protect the public, including the prevention of future homicides, we are moving some experienced officers from specialist units to bolster BCU (basic command unit) public protection teams to ensure they have the right skills, experience and capacity.

“The MPS (Metropolitan Police Service) continues to maintain a strong capability to investigate cold case homicides. No unsolved homicide is ever closed and all cases remain under review.”

Read more from Sky News:
Body found in search for missing TV chaplain
Four arrested after ‘concerns’ about prison staff conduct

Woman, 70, admits causing death of baby girl

Clive Driscoll, a former Detective Chief Inspector of the Met Police who finally secured two convictions for the murder of Stephen Lawrence, explains how the forces deal with cold cases.

“Every two years you would review the case to see if there are opportunities. The one that always stands out is forensics opportunities. Forensics moved on while we’ve been talking. So that’s what you would do with a review, you would be looking to see whether or not something has changed from the last time you saw it.”

Mr Driscoll says forces across the country are facing challenges including a shortage of officers and staff, greater scrutiny of the police and an issue with confidence among officers.

Image:
Former Met Police DCI Clive Driscoll

“They feel that maybe their job has become harder,” he told Sky News before urging police units to go the extra mile.

“As hard as it may be for a police officer, it can’t be even a slightest comparison of how hard it must be for Mr Hussain’s children who’ve lost their father.”

Recent data shows the annual number of unsolved homicides across Britain has more than doubled since 2010. That is thought to be driven almost entirely by a surge in larger police forces, in particular the Met.

On Wednesday, Met Commissioner Sir Mark Rowley described the force as “dangerously stretched”, telling an audience at the Police Foundation that a wave of new pressures, a lack of investment, abuse and insults of the police and reduced confidence among officers has left London less safe.

Mr Driscoll warned that failing to properly review unsolved homicides sends a dangerous message.

“We don’t want to send the message out to people that feel they can take the life of a human being and after a certain amount of time ‘oh that’s alright then I’ve got away with it’. The message must always be that if there is an opportunity to affect an arrest, put someone before a court then we will take it. We must always show that we will not forget the victim and also that out there is someone who felt that they can take someone’s life.”

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Atek Hussain had spent the evening working at his family-run restaurant in Croydon before arriving home to Burnels Avenue in East Ham at around 2.35am on 18 September 1994.

Officers believe he had just got out of his blue Vauxhall Cavalier and was walking towards his front door when he was attacked and stabbed in the chest.

In the absence of a renewed public plea from the police, Yasmin Hussain has launched her own appeal for help finding her father’s killers.

If you have information that could help police, call 101 or post @MetCC, or to remain 100% anonymous contact the independent charity Crimestoppers on 0800 555 111, or visit crimestoppers-uk.org.

Continue Reading

Trending