BUSINESS NEWS IN NEW YORK
New York City, often referred to as the financial capital of the world, is a hub for business and commerce. From Wall Street to Silicon Alley. In this blog post, we’ll take a look at some of the latest business news from New York City.
Amazon to Open New Office in Manhattan
In early 2022, Amazon announced its plans to open a new 335,000 square foot office in Manhattan. The new space, located at 410 10th Avenue in Hudson Yards, will be home to more than 1,500 employees. Amazon’s decision to expand its presence in New York City is a testament to the city’s thriving tech industry.
Tesla Moves Headquarters to Austin, Texas
In December 2021, Tesla CEO Elon Musk announced that the company was moving its headquarters from Palo Alto, California, to Austin, Texas. While this news doesn’t directly impact New York City. Itdoes highlight the ongoing trend of companies leaving California in search of lower taxes and a more business-friendly environment.
New York City Sees Surge in Venture Capital Investment
According to a report from CB Insights, New York City saw a surge in venture capital investment in 2021, with a total of $37.7 billion raised by startups in the city. This represents a 60% increase from the previous year and puts New York City second only to Silicon Valley in terms of total venture capital investment.
Goldman Sachs Launches Cryptocurrency Trading Desk
Goldman Sachs made headlines in early 2022 when it announced the launch of its cryptocurrency trading desk. The move is a significant step for the financial giant, which had previously been hesitant to enter the cryptocurrency space. The new trading desk will allow Goldman Sachs to offer clients access to bitcoin futures and non-deliverable forwards.
Pfizer’s COVID-19 Vaccine Boosts Earnings
Pfizer, which is headquartered in New York City, saw a significant boost in earnings thanks to its COVID-19 vaccine. In the fourth quarter of 2021, the company reported revenues of $23.7 billion, up from $11.7 billion in the same quarter of the previous year. Pfizer’s vaccine has been a crucial tool in the fight against the COVID-19 pandemic, and the company is likely to continue to benefit from its success.
Uber and Lyft Drivers Granted Employee Status
In January 2022, the New York State Court of Appeals ruled that Uber and Lyft drivers should be classified as employees rather than independent contractors. The ruling could have significant implications for ride-hailing companies, as it means they will have to provide drivers with benefits such as minimum wage, overtime pay, and workers’ compensation.
New York City Mandates Vaccine Passports
In August 2021, New York City became the first major city in the United States to mandate vaccine passports for certain activities. The policy requires individuals to show proof of vaccination in order to enter indoor restaurants, gyms, and other venues. While the move has been controversial, it is expected to help boost vaccination rates and promote public health.
TikTok Opens New Office in Times Square
In November 2021, TikTok announced the opening of its new office in Times Square. The office spans 232,000 square feet and will be home to more than 2,000 employees. The move highlights the growing importance of social media and digital content creation in the business world.
New York City Imposes Cap on Delivery Fees
In January 2022, New York City imposed a cap on delivery fees for third-party delivery services such as DoorDash and Grubhub. The move was designed to protect small businesses from the high fees.