Contracts

Jackson Township to Require Local Labor in Public Contracts

Phil Stilton0

JACKSON, NJ – The Jackson Township Council has voted on a new ordinance that will require public contracts involving union labor agreements to provide opportunities to local union trade members. “This agreement with the unions strengthens our town’s commitment to its hard working blue collar tradesman,” Mayor Michael Reina said.  It has been a long journey to get it here and I am very grateful to the Council for fulfilling my request. It was my pleasure to sign this into law and to stand behind the men and women who had a part in building our town, our state, and

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New Jersey Introduces Gender Pay Equity Measures for State Contracts

Conservative Times0

TRENTON, NJ—In a significant move towards addressing gender pay inequity, a new bill mandates the Division of Purchase and Property within the State Department of the Treasury to enforce comprehensive reporting requirements for all bidders on state contracts. The legislation seeks to illuminate and address discrepancies in pay and job title distribution among genders within entities bidding for state contracts. Under the proposed bill, each bidder must provide a detailed report analyzing gender-based pay differences and the gender predominance within job titles. The Division of Purchase and Property is tasked with creating a standardized system for measuring and addressing gender

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FRANK RICCI: How The Teachers Unions Embed Socialism Into Their Contracts

The Daily Caller0

FRANK RICCI: How The Teachers Unions Embed Socialism Into Their Contracts Frank Ricci on January 27, 2024 From Boston to Los Angeles, teachers’ unions and their progressive counterparts have quietly devised an unprecedented method to bypass the legislative process by embedding unrelated policy issues deep within the intricate terms of teacher contracts. This new, covert strategy, hidden in plain sight, allows state and municipal officials to create sweeping policy changes that evade the scrutiny typically associated with customary legislative procedures, which include publicly available draft legislation, committee hearings, amendments and comprehensive floor debates. In Boston, teachers’ union president Jessica Tang announced they

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eBay to slash 1,000 jobs, scale back contracts

Reuters0

(Reuters) -eBay Inc will cut about 1,000 roles, or an estimated 9% of its current workforce, the e-commerce retailer said on Tuesday. “While we are making progress against our strategy, our overall headcount and expenses have outpaced the growth of our business,” eBay CEO Jamie Iannone said in a letter shared with employees. “To address this, we’re implementing organizational changes that align and consolidate certain teams to improve the end-to-end experience, and better meet the needs of our customers around the world.” The job cuts follow a wave of U.S. tech layoffs after the industry hired heavily during the pandemic,

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S.Korea factory activity contracts on cooling new orders -PMI

Reuters0

By Cynthia Kim SEOUL (Reuters) – South Korea’s factory activity contracted in December, a business survey showed on Tuesday, due to falling new orders, which were squeezed by weaker Chinese demand. The purchasing managers index (PMI) for South Korean manufacturers, compiled by S&P Global, was at 49.9 in December, slightly below 50.0 in November. The 50.0 point threshold also separates growth from contraction. New export orders declined for the fifth month in a row in December, as “anecdotal evidence highlighted weak Chinese demand,” S&P Global said in a statement. “The outlook for 2024 is positive but fairly muted, with the

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New Bill Forces State Energy Contracts to LGBTQ Owned Businesses

Conservative Times0

TRENTON, NJ – The New Jersey Assembly Telecommunications and Utilities Committee has reported favorably on Assembly Bill No. 5693. This legislation mandates the Board of Public Utilities (BPU) to develop a program aimed at promoting energy businesses owned by women, minorities, veterans, and members of the LGBTQ community in the state. This innovative program will potentially encompass public information campaigns, marketing, advertising, and various incentives. The BPU is granted the authority to determine the most effective means and methods for implementation. A key feature of the bill is the establishment of target percentages for energy procurement. Businesses and public entities

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French business activity contracts more than expected in December -flash PMI

Reuters0

PARIS (Reuters) – French business activity declined faster than expected in December, a survey showed on Friday, as demand for goods and services in the euro zone’s second-biggest economy deteriorated further. The HCOB France flash Purchasing Managers Index (PMI) for the country’s dominant services sector, compiled by S&P Global, came in at 44.3 points in December, a 37-month low. The index has now stayed below the 50 level that marks growth in activity for seven months running. A Reuters poll forecast for the December flash services PMI stood at 46.0 and the final November figure was at 45.4 The flash

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New Zealand economy unexpectedly contracts in third quarter

Reuters0

By Lucy Craymer WELLINGTON (Reuters) – New Zealand’s economy unexpectedly contracted in the third quarter as a number of industries including manufacturing and construction saw activity slow and household spending eased. Official data out on Thursday showed gross domestic product (GDP) fell 0.3% in the September quarter, lower than analysts’ forecasts of a 0.2% rise. It followed a revised 0.5% increase in the second quarter. Annual GDP decreased 0.6%, Statistics New Zealand data showed. The market had expected an increase of 0.5%. All goods-producing industries were down in the third quarter, led by a fall in manufacturing, said Ruvani Ratnayake,

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CEO of New Jersey Company Admits to Falsifying Data for Military Contracts

Charlie Dwyer0

TRENTON, N.J. – James Cai, the CEO of Toner Connect LLC based in Passaic, New Jersey, has pleaded guilty to making false statements regarding military equipment supplied to the U.S. Army. In a hearing before U.S. District Judge Robert A. Kirsch, Cai admitted to altering data plates on Chinese-manufactured forklifts to falsely indicate they were made in the USA. This action was in violation of the Buy American Act (BAA), a requirement for U.S. Army contracts. Between September 2018 and January 2019, Cai’s company was contracted to provide forklifts to various U.S. Army installations, including Fort Cavazos in Texas. Despite

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UK construction sector contracts sharply in November-PMI

Reuters0

By David Milliken LONDON (Reuters) – Britain’s construction sector activity fell sharply for a third month in a row in November, led by an ongoing slump in house-building as it bears the brunt of higher Bank of England interest rates, a survey showed on Wednesday. The S&P Global/CIPS UK construction Purchasing Managers’ Index (PMI) edged down to 45.5 from October’s reading of 45.6, well below the 50.0 growth threshold and the second-lowest reading since early in the COVID-19 pandemic. Lower prices for steel and timber and generally weaker demand pushed down raw material costs at the fastest rate since July

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Euro zone corporate lending contracts as economy shrinks: ECB data

Reuters0

FRANKFURT (Reuters) -Bank lending to businesses across the euro zone fell for the first time since 2015 last month, data from the European Central Bank (ECB) showed on Tuesday, as growth faltered with little prospect for a meaningful recovery. The 20-nation currency bloc’s economy has struggled all year and is likely in a recession now, as the so-far resilient job market and services sectors start to soften and manufacturing remains in recession, not least because of ECB rate hikes. Bank lending to businesses contracted by 0.3% in October from a year earlier, after a 0.2% expansion a month earlier, with

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Factbox-Airline staff seek new contracts amid booming travel demand

Reuters0

(Reuters) -North American pilots and flight attendants are pushing for better pay and working conditions during their talks over new job contracts with company managements. Members at some unions have voted to authorize a strike if a new contract is not reached. The aggressive stance comes as the U.S. airline industry struggles to boost staff levels to meet a surge in travel demand. The following is the status of contract negotiations at various companies: AMERICAN AIRLINES GROUP: American Airlines pilots on Aug. 21 approved a new contract that includes more than $9.6 billion in total pay and benefits increases over

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French business activity contracts again in November -flash PMI

Reuters0

By Sudip Kar-Gupta PARIS (Reuters) – French business activity contracted in November, according to a monthly survey, as demand for goods and services in the euro zone’s second-biggest economy deteriorated. The HCOB France flash purchasing managers index (PMI) for the services sector in November, compiled by S&P Global, came in at 45.3 points. This was marginally better than 45.2 points in October but below the 50 points level indicating a contraction in activity. It was also below a Reuters poll forecast for a November flash services PMI of 45.6 points. The flash manufacturing PMI for November fell to 42.6 points

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German service sector activity contracts in October – PMI

Reuters0

BERLIN (Reuters) – The German service sector slipped back into contraction in October amid persistent weakness in demand, a survey showed on Monday. The HCOB final services Purchasing Managers’ Index (PMI) fell to 48.2 in October from 50.3 in September, sliding back below the 50 level that signals growth in activity. The service sector’s performance continued to be undermined by a lack of incoming new work, the survey showed. “This downturn in new work has been ongoing since July, thus it looks like we are in for a few tough months,” said Cyrus de la Rubia, chief economist at Hamburg

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Chevron in talks on 15-year LNG supply contracts into Europe

Reuters0

By Ron Bousso LONDON (Reuters) – Chevron is negotiating contracts to supply liquefied natural gas (LNG) into Europe for up to 15 years as buyers expect the region to rely on imports for longer than previously thought, an executive at the U.S. oil and gas company said. The new willingness by buyers to agree on long-term supply deals comes after several European governments rolled back some green policies citing higher costs and economic concerns. European imports of the super-chilled fuel surged after Russia halted pipeline gas exports in the wake of Moscow’s invasion of Ukraine last year. Buyers initially sought

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Multiple States Argue Tax Company Violated Law with No-Poach Employee Contracts

Charlie Dwyer0

TRENTON, NJ – Attorney General Matthew J. Platkin led a coalition of 18 states and the District of Columbia in filing an amicus brief against tax preparation company Jackson Hewitt. The brief urges the U.S. District Court for the District of New Jersey to declare Jackson Hewitt’s “no-poach” provisions in its franchise agreements as presumptively unlawful. The plaintiffs in the case are former tax preparers for Jackson Hewitt who claim that they were negatively impacted by the company’s no-poach agreements. These agreements bar corporate-owned and franchise locations from hiring each other’s workers. According to the amicus brief, Jackson Hewitt and

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Michigan Man Pleads Guilty to Investment Fraud Scheme Involving Fake NASA Contracts

Indira Patel0

RICHMOND, Va. – A Marne, Michigan, man pleaded guilty today to a wire fraud charge arising from his participation in an investment fraud scheme. According to court documents, beginning in at least February 2014, Steven Vernon Cross, 52, along with co-defendant Pranit Patil, 34, an Indian national, engaged in a years-long scheme to defraud victims who lent funds to or invested in Cross’s company, Commonwealth Applied Silica Technologies, LLC (CAST). Cross falsely represented to victims that CAST had valuable contracts with the National Aeronautics and Space Administration (NASA) for silica processing. As part of the scheme, Cross provided victims with

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CEO Pleads Guilty to Transnational Scheme Involving Foreign Exchange and Cryptocurrency Futures Contracts

Indira Patel0

A former chief executive officer of an investment firm pleaded guilty yesterday to a “cherry-picking” scheme, in which he fraudulently misappropriated profitable trades to himself, and saddled his investors with losses. According to court documents, Peter Kambolin, 48, a U.S.-Russian national of Sunny Isles Beach, Florida, was the owner and chief executive officer of Systematic Alpha Management LLC (SAM), an investment firm that Kambolin marketed as offering algorithmic trading strategies involving futures contracts. Between January 2019 and November 2021, Kambolin, who at the time was a commodity trading advisor and a commodity pool operator, engaged in a cherry-picking scheme in

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Italy service sector contracts fractionally for second month – PMI

Reuters0

ROME (Reuters) – The Italian services sector contracted marginally for a second month running in September, a survey showed on Wednesday, signalling ongoing weakness in the euro zone’s third largest economy. The HCOB Purchasing Managers’ Index (PMI) for Italian services came in at 49.9 in September, virtually unchanged from 49.8 in August, and still fractionally below the 50 level that separates growth from contraction. The result was broadly as expected, with a Reuters survey of 15 analysts pointing to a figure of 50.0. August had marked the first contraction this year for a services sector that has held up better

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Kenya private sector activity contracts in September – PMI

Reuters0

NAIROBI (Reuters) – Private sector activity in Kenya contracted in September as rising fuel prices hurt business right across the manufacturing, services, wholesale, retail and construction sectors, a survey showed on Wednesday. The Stanbic Bank Kenya Purchasing Managers’ Index (PMI) fell to 47.8 in September from 50.6 a month earlier. Readings above 50.0 signal growth in business activity, while those below point to a contraction. The index has been in contraction territory for most of the year, with only January’s and August’s readings showing growth. “Elevated inflationary pressures and rising fuel bills acted to dampen client sales, whilst also leading

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Egypt’s non-oil activity contracts in September as backlogs rise -PMI

Reuters0

CAIRO (Reuters) – Egypt’s non-oil private sector shrank for the 34th straight month in September as a slowdown at ports and low consumer demand caused company backlogs to jump at the fastest rate in years, a survey showed on Tuesday. The S&P Global Purchasing Managers’ Index (PMI) fell to 48.7 from 49.2 in August, dropping further below the 50.0 threshold that separates growth from contraction. “Egyptian non-oil companies faced unprecedented pressure on their operating capacity in September despite sales continuing to fall,” S&P Global economist David Owen said. The PMI Backlogs of Work Index signalled a record pile-up of incomplete

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Turkish manufacturing activity contracts in September – PMI

Reuters0

ISTANBUL (Reuters) – Turkish factory activity contracted for the third consecutive month in September, although only very slightly due to a less pronounced slowdown in output and new orders, a survey showed on Monday. The Purchasing Managers’ Index (PMI) for manufacturing rose to 49.6 from 49.0 in August, according to the survey by the Istanbul Chamber of Industry and S&P Global, holding just below the 50-point line that denotes growth in activity. Production eased for the third month running, reflecting weak market conditions and a slower pace of new business coming in. Some firms saw demand holding up over the

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Qualcomm defeats consumers’ antitrust claims over chip supply contracts

Reuters0

By Mike Scarcella (Reuters) – Qualcomm on Tuesday defeated a consumer lawsuit in California federal court alleging the chipmaker’s contracts with device manufacturers had artificially boosted the cost of mobile phones in violation of U.S. antitrust law. U.S. District Judge Jacqueline Scott Corley in San Francisco ruled for Qualcomm on the merits of the case in a 15-page order, marking the latest setback for the plaintiffs in a long-running dispute that challenged the company’s patent licensing and exclusive-dealing chip agreements with Apple and other manufacturers. Qualcomm prevailed in 2020 against the U.S. Federal Trade Commission’s parallel lawsuit that alleged the

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‘Erroneous’: ICE Wasted Over $1 Million On Contracts To Transport Illegal Aliens, Gov’t Watchdog Says

The Daily Caller0

‘Erroneous’: ICE Wasted Over $1 Million On Contracts To Transport Illegal Aliens, Gov’t Watchdog Says Jake Smith on September 26, 2023 U.S. Immigration and Customs Enforcement (ICE) wasted over $1 million dollars on contracts for transporting illegal aliens, according to an inspector general report released on Monday. A number of problems with ICE’s oversight of transportation contracts led to $408,975 in “erroneous or unsupported” payments and $900,144 in expenditures that could have been put to better use, according to the report. The excessive spending is the result of ICE’s partial failure to follow federal guidelines for managing contracts and auditing

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France’s services sector contracts sharply in September – flash PMI

Reuters0

PARIS (Reuters) – France’s dominant services sector contracted at an even sharper pace in September, a monthly survey showed on Friday, as falls in demand and new orders weighed on the euro zone’s second-biggest economy. The HCOB France flash purchasing managers index (PMI) for the services sector, compiled by S&P Global, fell to a 34-month low of 43.9 points in September from a final 46.0 in August and well below a Reuters forecast of an unchanged level. That is the lowest since the 38.0 points recorded in November 2020, when France was in the midst of its second COVID-19 induced

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