Category: Economics

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The AACCNJ responds to the press announcement of the Murphy Administration’s Disparity Study

TRENTON, N.J. —  The African American Chamber of Commerce of New Jersey (AACCNJ) responds to the release of the Murphy Administration’s Disparity Study.

The Office of Diversity and Inclusion oversaw the effort, which was the first study of its kind to be commissioned by the State since 2003. It was conducted by Mason Tillman Associates, LTD.

Gov. Murphy recently signed a package of legislation into law in Trenton. (Rich Hundley III/ NJ Governors Office).

“On behalf of the 1.2 million black residents and over 88,000 black owned businesses in the state of New Jersey, the announcement of the completion of the disparity study, is the news that we have been patiently awaiting and have prepared our hearts and minds to receive,” said John E. Harmon, Sr., IOM., Founder, President & CEO, African American Chamber of Commerce of N.J. (AACCNJ).

“Acknowledgement is an essential step to establishing the proper pathway to a credible coexistence. Today’s announcement serves as confirmation of what we all knew, and we are eagerly looking forward to a focused strategic alignment with the Murphy Administration, said Harmon.”

“This study speaks to the intolerance for equitable participation in taxpayer funded opportunities resulting in wide social and economic disparities that cannot be glossed over. It is incumbent on this administration, and the legislature, to not try to appease Black and Brown People with well-crafted conciliatory statements given the magnitude of harm we have been dealt with over the years,” said John E. Harmon, Sr.

“As I read through the pages of the Disparity Study it is difficult for me to conclude that there was not a greater degree of awareness, which should have led our leaders to figure out how they could have procured more opportunities to make our state more equitable, while we awaited the completion of the Mason Tillman Study,” said Harmon.

“There were substantial gains for contract awardees and elected officials since 2015 and the economic benefits for Blacks and Brown people in our state have not been reciprocated. The Port Authority of New York and New Jersey completed its disparity study in 2017 with results that were almost identical. Herein, a lost opportunity to apply best practices to really produce a Stronger and Fairer Economy,” said Harmon.

“We just celebrated in the past week, what would have been the 95th birthday of Rev. Dr. Martin Luther King, Jr., his powerful words have even greater significance today,” said John E. Harmon, Sr.

“An individual has not started living fully until they can rise above the narrow confines of individualistic concerns to the broader concerns of humanity. Every person must decide, at some point, whether they will walk in the light of creative altruism, or in the darkness of destructive selfishness,” Dr. Martin Luther King Jr., Montgomery, AL. Aug. 11, 1957.

“As we move forward, we plan to work in partnership with the State to put forth best practices that will provide the constituency of the AACCNJ, and others, with consistent access to opportunities and resources that they can leverage to strengthen their enterprises and ideals while mitigating past underperformance,” said Harmon. “Our mutual goal henceforth is to have a more equitable participation in every area of the public sector wherein economic opportunities exist.”

“We put forth a call to action for your continued support of the AACCNJ, so that we may continue to advocate for a more equitable share of the state’s balance sheet, we have been a leading voice in the advocacy for the completion of this disparity study since our inception in 2007”, said Harmon. “We now claim a seat at the table to ensure that reciprocity, and recompense become a reality with what Dr. King called “the fierce urgency of Now,” on behalf of our constituents and the beloved community. Let us combat selfishness, which is self-destructive behavior, not providing opportunities for those with the capabilities to contribute to the success of the state; let us embark on a new chapter of authentic and transparent collective collaboration.

Background and timeline

Dec. 23, 2020 “The Department of the Treasury announced several key initiatives on Wednesday that will advance the Murphy Administration’s commitment to ensuring Minority-, Women-, and Veteran-Owned Businesses (MWVOB) can more fully participate in New Jersey’s multi-billion-dollar supply chain.1

“Chief among these initiatives is the commissioning of the first disparity study in 20 years to measure current spend data, which is viewed as key to identifying and opening up new opportunities for MWVOBs to contract with the State of New Jersey to provide goods and services. The disparity study has been a priority for the Murphy Administration from day one.”2

“This disparity study is not only long overdue, it is an integral part of our vision for a stronger, fairer, and more resilient, post-COVID economy that opens doors for diverse businesses to play a greater role in shaping our state’s future,” said Governor Phil Murphy. “This study will provide us with an opportunity to create a more equitable business environment, which is a win for us all.”3

“Recognizing how long it has been since the last study was conducted, we tried to ensure that this new study will capture as much data as possible, beyond just statistics that are available on our spend, but also including outreach to stakeholders and community groups as well,” said Treasurer Muoio. “This will give us the tools and the information necessary to determine where our strengths and weaknesses lie so we can implement more equitable procurement strategies moving forward. The state has a vast supply chain of goods, commodities, and professional and financial services and in a truly equitable society every qualified vendor in our state should have the opportunity to participate in the economy fueled by their tax dollars.”4

The goal, as laid out in the bid solicitation, is to research, structure, and conduct a comprehensive and legally defensible disparity study of the State’s contract awards in construction, goods, and services over a five year period (July 1, 2015 through June 30, 2020) to determine whether there is a disparity between the number of qualified minority, women, and veteran-owned businesses ready, willing, and able to perform services, and the number of vendors/contractors actually engaged to perform such services. The Disparity Study will include a review of contracts for construction, goods, commodities, and services and shall be appropriately structured so that the state may, if appropriate, use the information to fashion race- and/or gender-neutral, and if necessary, race- and gender-conscious methods of achieving those goals for state contracts and employment by state vendors.5

The State of New Jersey held a series of virtual business community meetings on Sept. 20, 21, and 22, 2021 regarding its disparity study. AACCNJ’s member organizations participated in the meetings conducted by Mason Tillman Associates.

Jan. 9, 2023. “In spite of so many challenges, black businesses continue as the fastest-growing business segment of our country, so we remain very hopeful. With 94% of the black vote going to Governor Murphy in his last statewide election, we look forward to learning more about the tangible actions he will take in the second half of his final term to help level the playing field for all of us, said John E. Harmon, Sr. “Notably, we eagerly anticipate the announcement and projected timeline on a statewide Disparity Study that will further identify barriers and inequalities within our communities and take them head on.”

“These times remind me of words that were expressed by the late Dr. Martin Luther King, Jr.: “The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy,” stated John E. Harmon, Sr. “We are now in those times once again and the optimal outcomes can be realized when the rules of engagement are clearly defined, and the playing field is available to all to compete effectively with value being the declared goal. In conclusion, the data in this study confirms that Black people are still at the bottom.”

 

1 https://www.nj.gov/treasury/news/2020/12232020.shtml

2 https://www.nj.gov/treasury/news/2020/12232020.shtml

3 https://www.nj.gov/treasury/news/2020/12232020.shtml

4 https://www.nj.gov/treasury/news/2020/12232020.shtml

 

About the African American Chamber of Commerce of New Jersey

The AACCNJ performs an essential role in the economic viability of New Jersey. While providing a platform for New Jersey’s African American business leaders, to speak with a collective voice, the AACCNJ advocates and promotes economic diversity fostering a climate of business growth through major initiatives centering on education and public policy. The Chamber serves as a proactive advocacy group with a 501(c) 3 tax exemption, which is shared by the National Black Chamber of Commerce.

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 IT’SUGAR unveils  exclusive Barbie Chocolate bars in  collaboration with Mattel close to Valentine’s Day

 

FT.  LAUDERDALE, Fla.  —   IT’SUGAR, one of the largest specialty candy retailers in the U.S., is excited to announce the launch of a licensing deal with Mattel, introducing three exclusive Barbie Chocolate Bars.

 

These delicious chocolate bars, priced at $3.99 each, will be available at IT’SUGAR stores and itsugar.com beginning on Thursday, Jan. 25.

 

The IT’SUGAR Exclusive Barbie Collection celebrate Barbie’s enduring legacy. The chocolate bars feature packaging inspired by Barbie’s signature style, creating a visual delight for fans and collectors alike. These delectable chocolate bars are just the beginning, as IT’SUGAR will soon introduce a variety of other Barbie-themed products in stores and on its website over the next month.

 

“We are excited to bring the magic of Barbie to life through our exclusive collaboration with Mattel,” said Justin Clinger, Assistant Vice President Creative and Marketing of IT’SUGAR.

 

“These bars are just the beginning, and a delightful way for fans of all ages to experience the iconic Barbie brand.”

 

On Thursday, Jan. 25, the IT’SUGAR Exclusive Barbie Chocolate Bars will also be featured prominently across IT’SUGAR’s social media channels. Customers and Barbie enthusiasts are invited to join the celebration of Barbie’s timeless allure with these exclusive treats. Engaging in the conversation on social media using the hashtag #BarbieBars allows you to stay connected and be part of this delightful experience.

 

IT’SUGAR Stores epitomizes what the brand is known for: thousands of varieties of over-the-top sweets, humorous products, and immersive candy experiences with featured shops, including Sour Patch Kids, OREO, Nerds, Skittles, Reese’s, and Starburst. It also includes shops devoted to retro and international candy, TikTok-trending treats, and much more, providing endless playful entertainment for sugar enthusiasts of all ages.

 

About IT’SUGAR: 

IT’SUGAR is one of the largest specialty candy retailers in the world, with over 100 locations in U.S. and Canada. IT’SUGAR isn’t just a candy store – it transforms how the world experiences their favorite sugary treats. Known for its absurd sugar innovations that celebrate lighthearted rebellion, IT’SUGAR aspires to a future where everyone has access to the pure joy that comes from indulging in a world with fewer restrictions and more SUGAR. IT’SUGAR is a member of BBX Capital, Inc.’s family of companies and a subsidiary of BBX Sweet Holdings. For more information, please visit www.IT’SUGAR.com

 

For more information, please visit www.itsugar.com.

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New Jersey Housing and Mortgage Finance Agency celebrates 40 years of service

TRENTON, N.J. — On Jan. 17, 2024, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) celebrates its 40th anniversary.

Since its founding 40 years ago, NJHMFA’s programs have directly benefited hundreds of thousands of New Jersey residents by providing affordable housing options and vital mortgage assistance.

Through the Low-Income Housing Tax Credit program, NJHMFA has financed 70,000 apartments, over 66,000 of which are affordable to low- and moderate-income households. Another 112 new multifamily developments are underway, which together will bring online another 9,000 affordable units. NJHMFA has helped more than 10,000 families buy their first home, representing more than $2 billion in market value at the time of purchase and nearly the same again in wealth created through equity.

NJHMFA has also helped more than 56,000 families facing housing instability by providing counseling and financial assistance. Beyond the numbers, NJHMFA’s work has improved thousands of lives: families have found stable homes, neighborhoods have been revitalized, and individuals have found support in their time of greatest need. Against this backdrop, NJHMFA’s 40th anniversary commemorates not only the Agency’s work, but the substantial impact investment in New Jersey’s residents can have on our communities and our future.

“For 40 years, the New Jersey Housing and Mortgage Finance Agency has helped many thousands of New Jerseyans become new homeowners,” said Governor Murphy.

“Our Administration’s partnership with NJHMFA has been essential to creating access to more affordable housing throughout our state. As the agency reaches this incredible milestone of an anniversary, we recognize the many programs the agency has created to make the American dream attainable for so many in our state.”

“NJHMFA exists to make New Jersey housing affordable to all New Jerseyans, and for 40 years, it has delivered. We have deployed innovative programs, policies, and partnerships, becoming a nationally recognized leader in affordable housing development and producing numerous award-winning and landmark properties,” said Executive Director Melanie Walter.

“NJHMFA is proud of the positive impact that we have on the lives of all New Jerseyans, particularly those looking for apartments or first homes that are affordable to them in the communities where they want to live. We look forward to continuing to support community development and revitalization in the years ahead.”

“Congratulations to the New Jersey Housing and Mortgage Finance Agency (NJHMFA) on 40 years of progressive and innovative work making communities more diverse, and municipalities economically stronger,” said DCA Acting Commissioner Jacquelyn A. Suárez.

“Today, New Jersey families and individuals with specialized housing needs have more options when seeking safe, affordable, and stable rental housing and homeownership opportunities. Without a doubt, New Jerseyans will continue to benefit from NJHMFA’s transformative work in the future.”

NJHMFA was created by an act of the New Jersey legislature merging the New Jersey Housing Finance Agency (HFA) and the New Jersey Mortgage Finance Agency (MFA) into a single organization to house the state’s affordable housing production capacity for both multifamily and single-family housing. Today, NJHMFA oversees a multifamily production portfolio that has grown to exceed $1.3 billion each year, and an approximately $1 billion annual single-family mortgage program. Over the past 40 years, NJHMFA has become the New Jersey state allocator of the federal Low-Income Housing Tax Credit (LIHTC), the host of the state’s preeminent down payment assistance program for new homebuyers, and the administrator of federal assistance programs designed to protect homeowners against the impacts of economic downturns.

Through the LIHTC program, created in 1984, NJHMFA has financed the creation or preservation of over 75,000 affordable apartments across 1,010 properties, with 66,000 of these units already completed and another 9,000 units forthcoming. These projects have provided thousands of low- and moderate-income residents throughout the state with safe and high-quality homes, cumulatively generated billions of dollars in the direct and indirect economic impacts of new construction, supported thousands of jobs, and helped municipalities advance their community development goals.

At the same time, NJHMFA has consistently expanded homeownership opportunities for low- and moderate-income households. Since the 2017 expansion in single-family programs, NJHMFA has allocated over $100 million in down payment and closing cost assistance to approximately 10,000 first-time low-and moderate-income homebuyers. These borrowers were able to make home purchases cumulatively valued at over $2 billion. Despite the challenges of recent interest rate hikes, this initiative has continued to grow, assisting about 2,500 households in 2023 alone. That same year, NJHMFA created a program specifically tailored to the needs of first-generation homebuyers, making New Jersey one of only a handful of states to offer such assistance.

In addition to creating multifamily housing opportunities and offering access to homeownership opportunities, NJHMFA works to effectively protect quality of life throughout the state by preventing the loss of homeownership. When the housing market collapsed in 2008, NJHMFA provided more than $320 million to over 8,000 impacted homeowners, as well as housing counseling that helped struggling homeowners avoid foreclosure. More than 56,000 New Jersey families have benefitted from NJHMFA’s free housing counseling initiatives. When the COVID-19 pandemic struck, NJHMFA developed the federally funded ERMA program, which has distributed more than $150 million to help more than 5,000 homeowners avoid foreclosure so far.

As NJHMFA marks its 40th anniversary, it uses the lessons of the past to shape its clear vision for the future. The Agency seeks to expand its impact, leveraging data resources, technology, and state and federal resources to meet the many diverse housing needs in evidence across the state. It will continue building strong community and development partnerships, optimizing resources, and addressing emerging housing issues proactively. In these ways, NJHMFA will remain at the forefront of New Jersey affordability, accessibility, and sustainability, supporting NJ residents and fostering community well-being in the decades ahead.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: https://NJHousing.gov/

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Business Economics Environment Government Lifestyle News Now! Science

New Jersey American Water files rate request driven by over $1.3 billion in investment

Request reinforces company’s commitment to providing safe, clean reliable and affordable service

 

CAMDEN, N.J. — (BUSINESS WIRE) — New Jersey American Water filed a petition Monday with the New Jersey Board of Public Utilities (BPU) requesting new rates, driven by more than $1.3 billion in capital investments through December 2024, to continue providing safe and reliable service.

 

The company continues to make needed investments to replace aging infrastructure, meet water quality and environmental regulations, provide resiliency of operations, increase fire protection, and meet customers’ other water and wastewater service needs.

 

“Our approach to long-term, efficient and consistent investments in our water and wastewater systems helps us continue to deliver high-quality, reliable service and fire protection for the more than 2.8 million people in 18 counties we serve. As the state’s largest water and wastewater utility, we believe it is essential that the service we provide is safe, complies with state and federal water quality regulations; reliable, so that it is resilient in the face of floods, droughts, and other weather-related impacts; and affordable,” said Mark McDonough, president of New Jersey American Water.

 

“One of the steps we are taking to address affordability is proposing a universal affordability tariff to expand our customer assistance program.”

 

If the company’s proposed rates are approved as requested, the water bill for the average residential customer using 5,640 gallons per month would increase about $11.30 per month. The average monthly residential wastewater bill would increase about $6.16 per month. The new affordability tariff, if approved by the BPU, would provide a 20 to 80 percent monthly bill reduction for income-eligible customers.

 

New Jersey American Water’s investment in replacing or rehabilitating nearly 176 miles of aging water mains is included in this rate request. Additional critical infrastructure projects included in the rate request are improvements to the company’s seven surface water treatment plants serving nearly all customers statewide; investments in its treatment facilities to comply with regulations for PFAS; replacement of aging, critical, large-diameter transmission mains and several large-scale pipeline replacement projects throughout the state to improve system reliability; replacement of thousands of utility-owned lead and galvanized service lines statewide; additional advanced leak detection technology; replacement or upgrades to improve reliability and efficiency at dozens of wells, pumping stations and other critical facilities statewide; and sewer system upgrades to meet environmental regulations throughout the company’s service areas.

 

The company’s rate request undergoes extensive public scrutiny by the BPU, the New Jersey Division of Rate Counsel, and the Office of Administrative Law. This process includes numerous interrogatories, public hearings and evidentiary hearings and can take nine months or more. To increase transparency of the process, the company’s petition and its associated exhibits are being posted to the Company’s website, newjerseyamwater.com, under Customer Service & Billing, Your Water and Wastewater Rates.

 

New Jersey American Water is seeking a total annual revenue increase of approximately $161.7 million. The increased rates proposed in the petition are a request only. The BPU will make the final decision regarding the actual increase. Once a final decision has been made, customers will receive information on the new rates in the mail and on the company’s website.

 

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders. For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X (formerly Twitter) and Instagram.

 

About New Jersey American Water

New Jersey American Water, a subsidiary of American Water, is the largest investor-owned water utility in the state, providing high-quality and reliable water and wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Facebook, X (formerly Twitter), Instagram, and LinkedIn.

AWK-IR

Contacts

Media Contact:
Denise Venuti Free

Senior Director of Communications & External Affairs

New Jersey American Water

Denise.Free@amwater.com

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Business Economics Energy Environment Lifestyle Regulations & Security

AdvanSix provides update on plant production rates

PARSIPPANY, N.J. — (BUSINESS WIRE) — AdvanSix (NYSE: ASIX) announced that it has experienced a process-based operational disruption at its Frankford, Pa., manufacturing site.

 

As a result, phenol and acetone production at the Frankford facility, as well as production at its Hopewell and Chesterfield, Va., facilities, have been reduced. There have been no health, safety and environmental issues associated with the event.

 

“We are keenly focused on the safe return of our operations to target rates and working collaboratively with our customers to mitigate the impact of our reduced output on their operations,” said Erin Kane, president and CEO of AdvanSix.

 

“We are confident in our action plan at Frankford and our ability to enable a return to planned utilization rates across our integrated value chain by the end of January. We have also taken the opportunity to pull forward planned maintenance work at our Hopewell facility originally scheduled for later in the first quarter.”

 

The Company expects to incur an approximately $18 to $23 million unfavorable impact to pre-tax income in the first quarter of 2024, including the unfavorable impact of fixed cost absorption, lost sales, and incremental cost to purchase replacement product.

 

The unplanned interruption did not have a material impact on fourth quarter 2023 results. The Company will further discuss its fourth quarter and full year 2023 financial results and outlook during the previously scheduled conference call with investors on Friday, Feb. 16 at 9 a.m. ET.

 

About AdvanSix

AdvanSix is a diversified chemistry company that produces essential materials for our customers in a wide variety of end markets and applications that touch people’s lives. Our integrated value chain of our five U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. Guided by our core values of Safety, Integrity, Accountability and Respect, AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, chemical intermediates, and plant nutrients. More information on AdvanSix can be found at http://www.advansix.com.

 

Forward Looking Statements

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, that address activities, events or developments that our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements may be identified by words such as “expect,” “anticipate,” “estimate,” “outlook,” “project,” “strategy,” “intend,” “plan,” “target,” “goal,” “may,” “will,” “should” and “believe” and other variations or similar terminology and expressions. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the U.S. and globally; the potential effects of inflationary pressures, labor market shortages and supply chain issues; instability or volatility in financial markets or other unfavorable economic or business conditions caused by geopolitical concerns, including as a result of the conflict between Russia and Ukraine, the conflict in Israel and Gaza, and the possible expansion of such conflicts; the effect of the foregoing on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.; our ability to sell and provide our goods and services; the ability of our customers to pay for our products; any closures of our and our customers’ offices and facilities; risks associated with increased phishing, compromised business emails and other cybersecurity attacks, data privacy incidents and disruptions to our technology infrastructure; risks associated with employees working remotely or operating with a reduced workforce; risks associated with our indebtedness including compliance with financial and restrictive covenants, and our ability to access capital on reasonable terms, at a reasonable cost, or at all, due to economic conditions or otherwise; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, natural disasters, pandemics and geopolitical conflicts and related events; price fluctuations, cost increases and supply of raw materials; our operations and growth projects requiring substantial capital; growth rates and cyclicality of the industries we serve including global changes in supply and demand; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, storage and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties or otherwise; failure to maintain effective internal controls; our ability to declare and pay quarterly cash dividends and the amounts and timing of any future dividends; our ability to repurchase our common stock and the amount and timing of any future repurchases; disruptions in supply chain, transportation and logistics; potential for uncertainty regarding qualification for tax treatment of our spin-off; fluctuations in our stock price; and changes in laws or regulations applicable to our business. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our filings with the Securities and Exchange Commission (SEC), including the risk factors in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022, as updated in subsequent reports filed with the SEC.

Contacts

Media

Janeen Lawlor

(973) 526-1615

janeen.lawlor@advansix.com

Investors

Adam Kressel

(973) 526-1700

adam.kressel@advansix.com

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Lorenzo Food Group, Inc. / York Street Market expands operations to include the Mid- and Southwest states

ENGLEWOOD, N.J. — (BUSINESS WIRE) — The country’s premier food services and logistics company is expanding. York Street Market, a subsidiary of Lorenzo Food Group, Inc. and a leading provider of fresh-food solutions, today announced its updated strategy for expansion into the Mid- and Southwest regions of the United States, with future plans to reach the West coast.

 

Through strategic partnerships and collaborations, owners Joe and John Lorenzo will bring their Grab-&-Go branded programs to new territories marking an expanded commitment to the highest standards of quality, freshness, and safety that have made York Street Market the biggest name in food services.

 

From Wisconsin to Memphis and west to Kansas City, the expanded Grab-&-Go program will capitalize on YSM’s expertise in innovative route planning to maximize efficiences and drive sales, bringing the widest variety of the freshest foods to a new and eager audience. Owner Joe Lorenzo expressed excitement for the new development, emphasizing YSM’s commitment to easing partner labor concerns, ensuring product consistency, and meeting the demand for safe, high-quality food.

 

Established in 1967 as a one-truck meat and cheese distribution route in northern New Jersey, Lorenzo Food Group, Inc. / York Street Market has since evolved to process over 300,000 orders annually, drive over 4 million miles a year, and service nearly half the country using its own distribution. With facilities and hub stations throughout its service areas, a dedicated transportation team managing a fleet of over 200 refrigerated trucks, and a proven record of excellence in private label and co-packing services, YSM leverages its unique infrastructure and industry expertise to control every step of the process, from order to delivery.

 

With this new growth into the Mid- and Southwest, York Street Market will increase its market share, strengthen its distribution and service networks, and improve its ability to serve and support its partners wherever they do business, from universities, airports, and hospitals, to convention centers, hotels, sports arenas, and beyond.

 

ABOUT Lorenzo Food Group, Inc. / York Street Market

Lorenzo Food Group, Inc. / York Street Market is a family owned and operated company offering fresh-food solutions for customers seeking a higher standard of quality and service. With turnkey and bespoke programs in catering, grab-&-go, boxed meals, and deli, York Street Market delivers first-class products at an equitable price, creating high-quality and cost-effective solutions for every partner.

Contacts

Daniel O’Donnell

Chief Operating Officer

732-616-7359

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Second TSMC factory for Arizona faces delays as US grants remain in flux

— The firm’s first fab in Arizona has been pushed back to 2025

— Biden White House has yet to hand out promised chip subsidies

 

Bloomberg:

 

Taiwan Semiconductor Manufacturing Co. announced another delay to its $40 billion site in Arizona, dealing a further blow to the Biden administration’s plans to boost manufacturing of critical components on U.S. soil.

Executives said their second plant in Arizona, whose shell is now being built, will start operations in 2027 or 2028, later than TSMC’s prior guidance of 2026. That’s after the company in July announced a delay to the first site, now due to start making 4-nanometer chips only in 2025, citing a lack of skilled labor and higher costs.

“Our overseas decisions are based on customer needs and the necessary level of government subsidy, or support,” Chairman Mark Liu said during TSMC’s earnings conference in Taipei on Thursday. The company’s upbeat outlook for the year drove a rally in chip stocks across Asia on Friday, with TSMC shares up as much as 6.3%.

Previously, TSMC had said it will make 3nm chips at the second factory, which is expected to be more advanced than the first in Arizona. But on Thursday, the company said that incentives from the U.S. government will help determine how advanced the tech inside will be, adding uncertainty to the project’s outcome.

Because of the setback with the first fab, TSMC has delayed its second factory too, according to Chief Financial Officer Wendell Huang. The Taiwanese chipmaker is in talks with the U.S. government about incentives and tax credits, Liu said. He also reiterated TSMC was working with the local union and trade partners in the state. The company has faced resistance to plans to bring in technicians from Taiwan for the construction project.

Pushing back the start of the second fab could mean a delay of as much as two years, time enough for semiconductor tech to advance by one generation.

More than a year after U.S. President Joe Biden signed the Chips and Science Act into law — which is supposed to provide tens of billions of dollars in subsidies to chipmakers expanding in the U.S. — the administration has yet to hand out any grants to major chipmakers like TSMC or Intel Corp. It has so far only provided some modest financial support to two minor industry players.

By contrast, TSMC publicized its plans for a more modest plant in Japan later than its Arizona project, but it has already received funds from the Japanese government. The facility is on track to start production in late 2024, according to the latest update the company provided.

 

— Techmeme

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Apple’s commissions from third-party iOS apps seemingly confrontational stance at odds with regulatory pressure

As of Thursday, developers can begin exercising their court-established right to tell US customers about better prices on the web. These awful Apple-mandated confusion screens are over and done forever.

 

John Gruber / Daring Fireball:

 

 

—  That take didn’t last long.

 

Sweeney, on Wednesday at 7 p.m., after Apple released the details of its intended compliance with the anti-steering (anti-anti-steering?) mandate from the Epic v. Apple case:

 

A quick summary of glaring problems we’ve found so far:

  1. Apple has introduced an anticompetitive new 27% tax on web purchases. Apple has never done this before, and it kills price competition. Developers can’t offer digital items more cheaply on the web after paying a third-party payment processor 3-6% and paying this new 27% Apple Tax.

[Sweeney’s points 2–4, complaining about Apple’s stringent design, presentation, and privacy demands regarding external links, omitted.]

 

Epic will contest Apple’s bad-faith compliance plan in District Court.

 

Sweeney’s description makes it sound as though Apple is demanding its commission from all web sales for apps and services that have an iOS app. They’re not. They’re only demanding the commission from web sales that occur within 7 days of a user tapping through to the web from the new External Purchase Links entitlement in an app. Any app or service that already sells over the web, without paying a cent to Apple, can continue to do so in exactly the same way.

 

 

Also, Apple has done this before: what they announced yesterday is almost exactly in line with their compliance with Netherlands regulations pertaining to dating apps in 2022.

 

Before yesterday:

  • iOS app developers could sell digital content and subscriptions over the web, without paying Apple any commission.
  • iOS apps outside the “reader” category could not link to, nor even tell users about, those web purchases from within their apps.

After yesterday:

  • Apps that wish to link to — or, I think, even inform users about — web purchasing options from within their iOS apps must (a) still offer Apple’s IAP for those items; (b) pay Apple its adjusted 27/12 percent commissions on web sales that come from inside iOS apps; (c) send Apple sales data monthly and submit to audits of their sales; and (d) follow Apple’s stringent design edicts for these in-app links to the web.
  • Apps that do not link out to their web stores from within their iOS apps using Apple’s new External Purchase Links entitlement can continue whatever they were doing before yesterday. For apps that do nothing new, Apple is collecting nothing new.

 

I’m only surprised that Sweeney was seemingly surprised by any of this. He genuinely seemed to think that Apple not only would, but had to allow links from within apps to the web for purchases without collecting any commission on those sales, and that developers could present those links however they chose.

 

I’m glad that Sweeney and Epic plan to contest this, because I’m genuinely curious whether Judge Yvonne Gonzalez Rogers sees Apple’s solution as complying with her injunction against their prior anti-steering rules. But I think it does comply.

 

To be clear, I think Apple should allow apps other than games to just tell users they can pay/buy/subscribe/whatever on the web, without any commission. That the rules which have applied only to “reader” apps since early 2022 should be extended to all apps other than games, perhaps alongside a requirement (which doesn’t apply to “reader” apps) that apps taking advantage of this also offer in-app purchasing.

 

I’d draw an exception for games — an exception that surely Sweeney would disagree with completely, given that he’s in the games business — because games are different, and hefty un-circumventable revenue commissions to platform owners are clearly standard for the video game industry. The iPhone and iPad are not PCs; they’re consoles for games and apps.

 

But I’m not sure at all that Apple is doing anything contrary to the law. Sweeney (and other critics of Apple’s stewardship of iOS as a tightly controlled console) believe Apple both shouldn’t and legally can’t comply with the anti-steering injunction this way. I only believe Apple shouldn’t, not that they legally can’t.

 

Most critics of Apple’s control over all iOS software are seemingly of the view that iPhones and iPads should, on principle, be largely like the Mac, where the App Store is an option, not the only game in town for software distribution. Personally, I am on the record wishing that Apple would allow some sort of “expert” or “developer” mode — chock full of warnings, perhaps even requiring a developer account to enable — that would basically offer the same options for installing third-party software on iOS as there are on the Mac. That’s me, personally, an expert user. But even setting aside every penny of revenue generated by the App Store,1 I see and understand many of the reasons why Apple wouldn’t want to do this. There are a lot of Mac users whose Macs are overrun by adware and other scammy software. I’m not talking about viruses or malware, even — but apps that just abuse the largely free-for-all nature of the Mac platform.

 

Basically, there’s an argument that iOS devices should be more like traditional PCs (including the Mac), on ethical or moral grounds. The “it’s my device, I should decide and control what software runs on it” argument. I get it. But I also get that most consumers’ Windows PCs, and many Macs,2 are riddled with bad software (privacy invasive, resource hogging, and all sorts of anti-user shenanigans you’d never think of) that App Store policies forbid. App Store review is far from perfect — I mean come on, that should go without saying — but it is undeniable that adversarial software is not a problem for any typical users on iOS. Nothing you install from the App Store can damage your iPhone or iPad experience. Nothing you install from the App Store is difficult to uninstall if you don’t like it. The same is true of dedicated game consoles like Switch, PlayStation, and Xbox — and to a lesser degree (because Google’s Play Store review seems comparatively lax) for Android.

 

But the cynical take is that it’s all about the money for Apple. Maybe the cynics are right! Let’s just concede that they are, and that Apple will only make decisions here that benefit its bottom line. My argument remains that Apple should not be pursuing this plan for complying with the anti-steering injunction by collecting commissions from web sales that initiate in-app. Whatever revenue Apple would lose to non-commissioned web sales (for non-games) is not worth the hit they are taking to the company’s brand and reputation — this move reeks of greed and avarice — nor the increased ire and scrutiny of regulators and legislators on the “anti-Big-Tech” hunt.

 

Apple should have been looking for ways to lessen regulatory and legislative pressure over the past few years, and in today’s climate that’s more true than ever. But instead, their stance has seemingly been “Bring it on.” Confrontational, not conciliatory, conceding not an inch. Rather than take a sure win with most of what they could want, Apple is seemingly hell-bent on trying to keep everything. To win in chess all you need is to capture your opponent’s king. Apple seemingly wants to capture every last piece on the board — even while playing in a tournament where the referees (regulators) are known to look askance at blatant poor sportsmanship (greed).

 

Apple’s calculus should be to balance its natural desire to book large amounts of revenue from the App Store with policies that to some degree placate, rather than antagonize, regulators and legislators. No matter what the sport, no matter what the letter of the rulebook says, it’s never a good idea to piss off the refs.

 

 

    1. That’s a metric buttload of pennies to set aside, to be sure. ↩︎
  2. iOS App Store policy critics often point to the Mac as all the evidence they need that Apple could open up software distribution on iOS with no ill effects to users. I wrote about this back in 2021, in a piece titled “Annotating Apple’s Anti-Sideloading White Paper”. Quoting from that column, which begins with a quote from Apple’s white paper:

    Page 9:

    iPhone is used every day by over a billion people — for banking, to manage health data, and to take pictures of their families. This large user base would make an appealing and lucrative target for cybercriminals and scammers, and allowing sideloading would spur a flood of new investment into attacks on iPhone, well beyond the scale of attacks on other platforms like Mac.

     

    Here Apple dances around the elephant in the room — the question of why iOS shouldn’t just work like the Mac with regard to non-App Store software. Apple’s deft argument is that there are far fewer Macs than iOS devices, making the Mac a less enticing target for scammers and crooks (including privacy crooks). That’s more or less the argument Windows proponents used to explain the profound prevalence of malware on Windows compared to the Mac back in the day, whilst Apple (and Mac proponents) argued otherwise, that the Mac actually was far more secure at a technical level.

     

    But the truth Apple won’t come out and say is that it’s both. The Mac was more secure by design, but also a far less enticing target because of how many more users were (and still are) on Windows. And, today, iOS is more secure and private than the Mac. That’s the nature of the Mac as a full PC platform.

     

    I’ll admit it: if Mac-style sideloading were added to iOS, I’d enable it, for the same reason I enable installing apps from outside the App Store on my Mac: I trust myself to only install trustworthy software. But it doesn’t make me a hypocrite to say that I think it would be worse for the platform as a whole.

     

    The Mac is fundamentally designed for users who are at least somewhat technically savvy, but tries its best to keep non-savvy users from doing things they shouldn’t. But you can always hurt yourself, sometimes badly, with any true power tool. The iPhone is the converse: designed first and foremost for the non-savvy user, and tries to accommodate power users as best it can within the limits of that primary directive.

     

 

— Techmeme

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Business Digital - AI & Apps Economics International & World Lifestyle Regulations & Security Technology

Vicarius remediation service for supply-chain attacks, raised a $30M Series B led by Bright Pixel, for total funding of $57M

Kyle Wiggers / TechCrunch:

 

 

—  If the pitches reaching my inbox are any indication, one of the hot new things in generative AI is “copilots” for cybersecurity.

Microsoft has one. Google, too. So does Vicarius, the vulnerability remediation platform — recently, it launched a text-generating AI tool, vuln_GPT, that helps write system breach detection and remediation scripts.

Perhaps it’s Vicarius’ trend following that caught investors’ attention — as well as (I’d wager to guess) the startup’s 5x year-over-year growth. Vicarius co-founder and CEO Michael Assraf tells me that the company’s customer base recently eclipsed 400 brands, including PepsiCo, Hewlett Packard Enterprise and Equinix.

Whatever put Vicarius on backers’ radars, the company recently closed a $30 million Series B round led by Bright Pixel Capital, with participation from AllegisCyber Capital, AlleyCorp and Strait Capital, Vicarius announced today. The round, at double Vicarius’ previous valuation — a valuation Assraf declined to disclose, unfortunately — brings Vicarius’ total raised to ~$56.7 million, the bulk of which Assraf says is being put toward advancing Vicarius’ product roadmap and doubling the size of its 43-person team.

 

“Vicarius automates much of the discovery, prioritization and remediation workload plaguing security and IT teams,” Assraf said. “An early adopter of product-led growth, Vicarius’s self-service model changes the cybersecurity solution buyer’s paradigm by letting customers transparently test and find value … before purchasing.”

 

Vicarius was founded several years ago by Assraf, Yossi Ze’evi and Roi Cohen, who noticed — at least the way Assraf tells it — that attackers were reusing the same “building” blocks to carry out cyberattacks.

 

“Those building blocks are third-party and operating system APIs provided by software and operating system-compiled libraries,” Assraf said. “The main idea [with Vicarius] was to build an intelligent permission manager for system-level APIs.”

 

Today, Vicarius analyzes apps for vulnerabilities and alerts customers to these vulnerabilities. When a patch isn’t available, Vicarius applies what Assraf calls “in-memory protection,” which ostensibly secures the app without the need for a software upgrade (color me a bit skeptical, though).

Vicarius also offers access to a community of security vulnerability researchers where researchers can share remediation and detection scripts and get rewarded for it with a virtual currency, as well as a community dataset that Vicarius uses to train the aforementioned vuln_GPT. Vuln_GPT, speaking of, doesn’t run completely unsupervised — Assraf says that all AI-generated scripts are “validated” before being pushed to Vicarius’ customers. (Customers can give feedback on the scripts from a module).

 

“We wish to emphasize that Vicarius is looking to lead AI-based vulnerability remediation at any stage,” Assraf said, “from detection to prioritization to proactive remediation.”

 

Vicarius is ambitious, to be sure, with plans to allow security researchers in its community to spend their currency on products, launch educational courses and integrate the Vicarius platform with existing ticketing platforms like ServiceNow and Jira. The startup also aims to grow into new markets, in particular Asia Pacific, while expanding into markets in which it currently does business, including North America and Europe.

 

“For years, enterprises have been struggling with deploying vulnerability management processes that require too many tools and create too many alerts and too much work for overburdened security teams,” Assraf said. “While most security processes advanced one or two generations, the vulnerability remediation cycle management lagged, exposing businesses to cyber risk. As a result, customers are looking for a single platform that consolidates, personalizes and scales the vulnerability remediation process.”

 

 

 

— Techmeme

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Business Digital - AI & Apps Economics Government International & World Regulations & Security Technology

The EU Council, Parliament reach a provisional deal on Anti-Money Laundering for crypto companies

—  Crypto firms have to do checks on transactions of 1,000 euro or more, and the framework adds measures to mitigate risks in transfers with self-hosted wallets

 

 

Sandali Handagama / CoinDesk:

 

 

Policymakers in the European Union on Wednesday reached a provisional deal on parts of a comprehensive regulatory package to combat money laundering that will force all crypto firms to run due diligence on their customers.

 

The Anti-Money Laundering Regulation (AMLR) is a broad-stroke effort to combat sanctions evasion and money laundering. It includes the creation of a single rulebook and sets up a supervisory authority that will also have purview over the crypto sector.

 

The European Parliament and Council (which gathers finance ministers from the bloc’s 27 member states) have agreed to measures, including for crypto firms to apply “customer due diligence measures when carrying out transactions amounting to €1,000 ($1,090) or more.”

 

The deal also adds measures to mitigate risks in relation to transactions with self-hosted wallets, Wednesday’s announcement said.

 

The EU last year finalized specific AML checks on crypto fund-transfers alongside its landmark Markets in Crypto Assets (MiCA) regulation. In December, the European Parliament and Council agreed on setting up the AML supervisory authority. Wednesday’s agreement specifically concerned the EU’s sixth money-laundering directive and the rulebook as part of the AMLR.

 

The package may have got tougher as it went through the EU’s complex legislative process in light of U.S. sanctions against crypto anonymizing tool Tornado Cash, as well as fears that crypto was being used to evade sanctions by Russia and even Hamas. A lawmaker leading the discussions on the package in Parliament last year assured the measures won’t seek to outlaw privacy-enhancing crypto.

 

Industry body, the EU Crypto Initiative, urged lawmakers in May 2023 to remove planned restrictions on privacy-preservation tools or, failing that, to include a “clear delineation between prohibited anonymous high-risk accounts and high-risk anonymizing instruments.”

 

“This agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organized and work together. This will ensure that fraudsters, organized crime and terrorists will have no space left for legitimizing their proceeds through the financial system,” Belgian Minister of Finance, Vincent Van Peteghem, said in a press statement.

 

 

 

— Techmeme