News
NJ is the first state to offer certification for LGBTQ+ businesses
Credit: (AP Photo/Jeff Chiu) File photo: A Pride flag
New Jersey is now the first in the country, state officials say, to have a state-backed certification for LGBTQ+-owned businesses.
Originally established by Governor Phil Murphy in an executive order, the formal business certification process is now permanently written into state law.
Although state officials say this positions LGBTQ+-owned businesses for certain financial benefits, such as hiring opportunities like those already created for women-, minority- and veteran-owned businesses through similar state certification programs, legislative sponsors and advocates of LGBTQ+ people are also hailing this as a huge symbolic victory.
“This sends a clear message to all businesses looking to invest in New Jersey that we are a welcoming state,” said Gus Penaranda, executive director of the New Jersey Pride Chamber of Commerce.
According to a statement Murphy provided to NJ Spotlight News, making New Jersey’s LGBTQ+-owned businesses eligible for state-supported certification fits into a broader, more inclusive approach to economic development.
“From day one of our administration, our strategy has been to unleash broad-based economic growth for the state, creating new opportunities for all New Jerseyans,” Murphy said in the release.
“We have been guided by our values every step of the way and have enacted historic policies to protect the rights and freedoms of all workers and all business owners – so they can freely participate in the economy and contribute to our shared future,” he said.
Battle with Texas Governor Abbott
Admittedly, this is not the first time that Murphy – a second-term Democrat and former Wall Street executive who previously called himself a “pro-growth progressive” – has linked social values to his economic development goals.
Perhaps the best example of this approach came in 2022, when Murphy touted New Jersey’s strong abortion protections in a letter to dozens of out-of-state companies following the release of a pending U.S. Supreme Court decision that upset decades of precedent. national laws on abortion rights.
“As a potentially dangerous new reality emerges for women in other states across the country, I am proud of what we have done in New Jersey to protect women’s health care,” Murphy wrote in the letteraccording to published reports.
Murphy also highlighted concerns about values in a highly publicized debate with Texas Governor Greg Abbott in 2018.
Abbott, a Republican, wrote an op-ed published by the Star-Ledger that criticized Murphy for proposing tax increases in New Jersey. He also made overtures to concerned businesses in New Jersey and defended the generally lower tax environment in Texas.
In response, Murphy wrote his own op-ed that questioned Abbott’s record on issues ranging from education to health care. He also highlighted New Jersey’s “common sense gun safety laws” in the op-ed, published by The Dallas Morning News.
“It’s simple. If you would like to be part of an economic recovery in a state that recognizes the value of investments in public education, creates welcoming communities that protect LGBTQ residents and immigrants, defends women’s right to reproductive health care, then Nova Jersey is the place for you or your business,” Murphy wrote.
Fueling NJ High Tax Representative
Still, concerns about New Jersey’s reputation for high taxes, including on corporations, remain a big part of ongoing debates about the state’s overall business climate.
And this year, Murphy is drawing fresh criticism from New Jersey’s business community after proposing to increase taxes on the state’s most profitable companies as part of a proposed nearly $56 billion budget for the fiscal year beginning in July 1st.
Nearly 150 businesses applied for the state’s LGBTQ+ business designation in early May.
He introduced the tax proposal less than two months after a similar but not identical business tax surcharge levied in recent years in New Jersey expired.
A letter sent earlier this month by the New Jersey Chamber of Commerce, as well as dozens of New Jersey local and regional chambers of commerce, to all members of the Legislature focused on Murphy’s about-face on corporate taxes. He also highlighted other facets of the proposed budget, such as cuts to programs aimed at companies.
Budget business
“The budget will provide less support to an already overburdened and overregulated business community,” the letter said.
It remains to be seen what specific impact the proposed tax increase might have on New Jersey’s reputation among top business leaders, but concerns about cuts in investment and hiring have already been raised during recent legislative budget hearings.
According to John Boyd, principal of Princeton-based The Boyd Company, a leading corporate website consultant, Murphy’s tax proposal, if approved, would mean that New Jersey’s top corporate and business tax rate would remain at highest in the country.
And this is not something “New Jersey wants to be No. 1 in,” Boyd said.
“What you can never quantify are the companies that don’t consider New Jersey from the beginning of the site selection search. We call this ‘opportunity cost,’” he said.
One area where the emphasis on “social impact” is an advantage is the film and television industry, said John Boyd of Princeton-based The Boyd Company.
However, last year, New Jersey made the biggest jump in state-by-state rankings compiled by the business news network CNBC, which takes into account issues other than taxes.
Climbing more than 20 positions in just one year, to 19th place, New Jersey got its best grades in the categories education, life, health and inclusion.
“I can think of no better measure of our success than when CNBC recently named New Jersey the best state for business in America,” Murphy said earlier this year during his annual State of the State address before lawmakers. in Trenton.
How it works
Nearly 150 New Jersey businesses applied for the state’s LGBTQ+ business designation earlier this month, according to the Treasury Department, which oversees the certification process.
Certification is free for qualified New Jersey businesses that are defined by law as being at least 51% LGBTQ+ owned. The certification is valid for five years, at which point the company must reapply, Treasury officials said.
“As the first state in the country to codify a certification process for LGBTQ+-owned businesses, we are helping these companies succeed by supporting them in obtaining new business opportunities, building new economic partnerships, and increasing their visibility,” Murphy said in the statement.
According to Boyd, the site selection expert, one area where the emphasis on “social impact” is an advantage is the film and television industry, which Murphy has been courting in recent years with lucrative tax credits as he tries to reestablish New Jersey as a important center of the film industry.
Last week, tax credits enacted by Murphy helped cement a “studio partner” deal with Netflix Inc., with the streaming giant making a 10-year commitment to occupy a major movie studio in Monmouth County that Murphy says it has the potential to create thousands of people. of jobs and also benefit local small businesses and other suppliers.
“Phil Murphy has been very effective in reaching out to the film industry,” Boyd said.
“This is an industry that continues to be very sensitive to diversity and social impact and which, coupled with New Jersey’s generous film incentives, will potentially be one of its economic development legacies,” Boyd said.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.
Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
Follow all the updates here:
-
Thu, 11 Jul 2024 08:44 PM
Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
-
Thu, 11 Jul 2024 03:58 PM
Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
-
Thu, 11 Jul 2024 03:51 PM
Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
-
Thu, 11 Jul 2024 03:09 PM
LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
-
Thu, 11 Jul 2024 02:39 PM
LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
-
Thu, 11 Jul 2024 01:39 PM
LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
-
Thu, 11 Jul 2024 01:10 PM
Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
-
Thu, 11 Jul 2024 12:44 PM
LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
-
Thu, 11 Jul 2024 12:18 PM
Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
-
Thu, 11 Jul 2024 11:30 AM
Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
-
Thu, 11 Jul 2024 11:04 AM
LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
-
Thu, 11 Jul 2024 10:22 AM
LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
-
Thu, 11 Jul 2024 09:42 AM
LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
-
Thu, 11 Jul 2024 09:16 AM
Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
-
Thu, 11 Jul 2024 08:40 AM
LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
-
Thu, 11 Jul 2024 08:35 AM
LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
-
Thu, 11 Jul 2024 07:59 AM
LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
-
Thu, 11 Jul 2024 07:45 AM
Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
{{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}
News / Business / Latest Business News Live Updates Today, July 11, 2024
Source
News
Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
3.6 Crore Indians visited in a single day choosing us as India’s undisputed platform for General Election Results. Explore Latest Updates here!
Topics that may interest you
Larry Lepard – The impending bubble burst will be absolutely huge for Bitcoin
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Switchboard Revolutionizes DeFi with New Oracle Aggregator
Fintech unicorn Zeta launches credit as a UPI-linked service for banks
👀 Lido prepares its response to the recovery boom
Latest Business News Live Updates Today, July 11, 2024
Is Zypto Wallet a Reliable Choice for DeFi Users?
Larry Lepard – The impending bubble burst will be absolutely huge for Bitcoin
“You Only Need 0.02 BTC to Retire Forever – Here’s Why” – Willy Woo
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
-
DeFi6 months agoSwitchboard Revolutionizes DeFi with New Oracle Aggregator
-
Fintech9 months agoFintech unicorn Zeta launches credit as a UPI-linked service for banks
-
DeFi8 months ago👀 Lido prepares its response to the recovery boom
-
News6 months agoLatest Business News Live Updates Today, July 11, 2024
-
DeFi6 months agoIs Zypto Wallet a Reliable Choice for DeFi Users?
-
Fintech6 months agoFinTech LIVE New York: Mastercard and the Power of Partnership
-
News8 months agoSalesforce Q1 2025 Earnings Report (CRM)
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
News8 months agoThink Finance Loan Repayment Scam Victims to Get $384 Million
-
ETFs9 months agoGold ETFs see first outing after March 2023 at ₹396 cr on profit booking
-
Videos8 months ago“We will enter the ‘banana zone’ in 2 WEEKS! Cryptocurrency prices will quadruple!” – Raoul Pal
-
Videos9 months agoPREPARE! Millions of People Will Buy Bitcoin When the “ULTIMATE COLLAPSE” Begins in 2024 – Larry Lepard