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Law360: "Rumored Reduction In Deutsche Bank Fine Has Critics Howling"

10/03/2016

Law360: "Rumored Reduction In Deutsche Bank Fine Has Critics Howling"

 . . .The rumored reduction in the fine Deutsche Bank will end up paying sent a signal to global markets that while the U.S. wanted to get tough on banks, it did not want the Justice Department to be a source of systemic risk, added John A. James, a professor at Pace University’s Lubin School of Business.

"A reduction from $14 billion to about $5 billion should calm the global financial markets about another possible collapse and the impact on stock exchanges and bond prices," he said.

Read more: http://www.law360.com/whitecollar/articles/846801

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New York Post: "Deutsche Bank rebounds after DOJ settlement scare"

10/03/2016

New York Post: "Deutsche Bank rebounds after DOJ settlement scare"

. . . “I don’t see anything that Deutsche Bank has done that deserves their being in a position to put their country, and the whole of the eurozone, into greater uncertainty,” John Alan James, a professor at Pace University’s Lubin School of Business, told The Post.

Read more: http://nypost.com/2016/09/30/deutsche-bank-rebounds-after-doj-settlement-scare/

 

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Fortune: "What It Will Take for This Fast-Growing Chain to Become the Next Chipotle"

10/03/2016

Fortune: "What It Will Take for This Fast-Growing Chain to Become the Next Chipotle"

Photo: Dominik Stein and Michael Heyne, co-founders of VERTS Mediterranean Grill

. . . “They will need really qualified people who know logistics and strategy and how to run a restaurant in the New York region,” says Bruce Bachenheimer, clinical professor of management and director of the Entrepreneurship Lab at Pace University.

Read more: http://fortune.com/2016/09/30/small-chain-chipotle/

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Pace University Opens First Design Factory Hub in New York City

09/30/2016

PACE UNIVERSITY OPENS FIRST DESIGN FACTORY HUB IN NEW YORK CITY

Official Partnership, Only the Second in U.S. and 11th in the World, Allows New York Students to Work with Leading Companies Like Porsche, Nokia and Others

NEW YORK – Pace University today opened the first-ever Design Factory Global Network (DFGN) institute in New York City, only the second DFGN hub in the United States and the eleventh in the world. This innovative collaboration connects Pace University students with companies all over the world to provide creative solutions to real, design-based problems through project-based learning. It builds on a previous partnership with the Design Factory Global Network, which has fostered relationships with leading industry organizations like Nokia, Porsche, Infinion and others.

The New York City Design Factory is an official part of the Design Factory Global Network. The Design Factory Global Network is a consortium of eleven universities around the world that leverages design thinking through a highly effective, project-based-learning approach. The DFGN hub, to be housed at the Seidenberg School of CSIS at Pace University’s New York City Campus, will occupy a new state-of-the-art studio space designed specifically for collaborative learning.

“The Design Factory program is one of the most exciting educational opportunities I have been involved with in 30 years in higher education. The students and their company partners learn together how to create better solutions and better products,” said Jonathan H. Hill, Dean of the Seidenberg School of Computer Science and Information Systems at Pace University. “Innovative thinking, creative problems solving and entrepreneurial skills are what the Design Factory focuses on developing. Its unique mix of academic theory, hands-on applied work and real world corporate sponsors perfectly complements the technology industry workplace our students will graduate into.”

“The most important shared quality by all DFGN institutes is the passion to strive for the best learning experience and outcome. In this sense, Pace has the most committed coaches and students!" said Kalevi Ekman, Chair of Product Development at the Department of Mechanical Engineering at Aalto University and Founder of the Design Factory Global Network. “Design Factory Global Network can learn so much from Pace – the true American drive and perseverance combined with scientific rigor.”

“The New York City Design Factory will provide the kind of exciting opportunities we need more of, fostering collaboration and partnerships between students and industry,” said Manhattan Borough President Gale A. Brewer. “Facilities like this one, and the project-based learning they facilitate, benefit students, local industry, and the city as a whole.”

In addition to the construction of the physical Design Factory, Pace University also announced the creation of the Product Development Project, inspired by a similar program at Aalto University in Helsinki. Through this problem-based-learning program, teams of students spend a semester creating and prototyping solutions to industry provided challenges. Overall, the Factory provides a foundation for Pace University to collaborate with innovative institutions and their faculty, as well as students on five continents. This proven model for collaboration with industry, allows companies to benefit from the creativity and outside perspective of Pace University students while simultaneously providing an opportunity to find and hire new talent. It also provides Pace University students with a unique, international and interdisciplinary learning experience.

Pace University Students have already participated remotely in the Product Development Project course at Aalto University in Finland, as well as the Product Innovation Project course at Graz University of Technology in Austria. They have developed innovative solutions for industry leading companies, including a smart shoe concept for Nokia, suggestions for rethinking the future of used car dealerships for Porsche Austria, and 3D imaging use cases for Infinion, among others.

About Design Factory

The original Design Factory was born in Helsinki, Finland from a research project focused on creating an ideal physical and mental working environment for product developers and researchers. Today Aalto Design Factory (ADF) is one of the spearhead projects and one of the first physical manifestations of Aalto University encouraging and enabling fruitful interaction between students, researchers, and professional practitioners. Demand for similar programs throughout the world gave way to the Design Factory Global Network (DFGN), a network of innovation hubs in universities and research organizations in five continents of the world. DFGN is on a mission to create change in the world of learning and research through passion-based culture and effective problem solving. Shared understanding and common ways of working enable Design Factories in the network to collaborate efficiently across cultures, time zones and organizational boundaries fostering radical innovations.

About Pace University

Since 1906, Pace University has produced thinking professionals by providing high-quality education for the professions with a firm base in liberal learning amid the advantages of the New York Metropolitan Area. A private university, Pace has campuses in New York City and Westchester County, enrolling almost 13,000 students in bachelor’s, master’s, and doctoral programs in its College of Health Professions, Dyson College of Arts and Sciences, Lubin School of Business, School of Education, Elisabeth Haub School of Law and Seidenberg School of Computer Science and Information Systems.

Sara Morell / 646-200-5291

sara.morell@berlinrosen.com

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WABC-TV Eyewitness News: "This woman gave hugs to distressed people after Hoboken train crash"

09/29/2016

WABC-TV Eyewitness News: "This woman gave hugs to distressed people after Hoboken train crash"

HOBOKEN, New Jersey (WABC) -- A woman who walked into the aftermath of the Hoboken train crash said she helped those in distress by giving them hugs.

Camille Marino, a student at Pace University, told Eyewitness News she had just gotten off her train and was walking up into the hub when she realized people were moving faster than normal -- and the scene quickly got chaotic.

"Everyone was running everywhere and I had no idea what was going on so I continued to walk towards what appears to be the scene and I saw the entire ceiling was caved in," Marino said. "The train was through the building. People were like crippling off the train."

And the scene got worse.

"A lot of people were injured. The first thing I saw was this older man bleeding from his hand. Walking out. People were crying. It was really stressful to see all of that," she said.

She then jumped into action.

I just saw a lot of women were crying mostly and everyone looked really stressed out on the account of what happened. My immediate reaction was to give them hugs and help them walk out by themselves and just be there for them and comfort them," Marino said. "It's what I know what I can do and could offer them."

After seeing this tragedy up close, she offered advice to others.

"Definitely to be more aware when you are doing your commute. It gets regular to you and you come through this process every day, but anything can happen any time and tell everyone you love them before you leave in the morning," Marino said.

Click here to watch the interview with Camille Marino. 

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SBA and Pace University Small Business Development Center Convene Alternative Lending Conference

09/29/2016

SBA and Pace University Small Business Development Center Convene Alternative Lending Conference

Panel offers practical strategies for small businesses and entrepreneurs in need of funding

New York – Shawn and Claire Buitendrop, owners of Shock and Awww Custom Designs, said that even though Katy Perry wore one of their dresses, they still didn’t make a lot of money off of the design.

“We even had to pay to ship it to her,” Claire said, underlining the difficulty of owning a small business, which has also designed clothes for Betsey Johnson and Andrew Bevan.

“We’ve had a small amount of success and are looking for financing to help our business grow,” she added. “Actually that has been part of our problem: Banks look at us and say, ‘Well you’ve already been successful, so we’re not going to loan you money.’”

The Buitendrop twins were among roughly 75 participants at Pace University for the U.S. Small Business Administration (SBA)/Pace University Small Business Development Center (SBDC) alternative lending panel last week. The event featured six Community Development Financial Institutions (CDFIs) who share a mission of providing credit, development support, capital, and financial services to underserved people and communities.

Accion East, LES People’s Credit Union, NYBDC-Excelsior Growth Fund, Washington Heights & Inwood Development Corp., TruFund Financial Services, INC, and BOC Capital were panelists. Each institution uses creative solutions to finance small businesses that traditional banks overlook. This was the SBA’s third of six panels scheduled for this year.

Bryan Doxford of the New York Business Development Corporation (NYBDC) told the audience he wants to answer three questions when evaluating a loan application: “What, why, and how. Exactly what do you need the money for; why do you want this specific amount; and how are you going to pay it back. There’s a big difference between ‘I think I need this much’ and ‘I need this amount’,” Doxford said.

Andrew Flamm, director of Pace’s SBDC, helped organize the panel. He said, “We’re thrilled to have partnered with the SBA on connecting emerging small business owners with crucial financing. The CDFIs serve an integral role in helping business owners who would not be able to access financing from mainstream financial institutions due to poor or a lack of credit, are startups, or for a host of other reasons.”

Beth Goldberg, director of the New York District Office of the SBA said, “The SBA has a long-standing partnership with the region’s CDFIs. We have 1.6 million small businesses in the New York District that employ more than 5 million people; not all of these can access the capital they need through traditional means. All we are trying to do is educate the small business community about other alternative sources for capital.”

Shawn Buitendorp said the program was very “enlightening.” She and her sister had researched different types of lending in the three years since they incorporated their business. “It was very, very interesting to hear what the lenders were looking for (in a client) and to understand where we were in that process,” she said. “We also had a chance to talk to other small business owners and compare our different needs for capital. Overall, I’d say it was very helpful and informative.”

The panel ended with each of the lenders telling a story about how they’d helped a business similar to Shock and Awww overcome various business hurdles. Doxford, of NYBDC, told how his institution helped a restaurant owner consolidate high-interest rate debt accumulated through online loans. He said NYBDC helped him lower his monthly payment and learn better business management skills. TruFund Financial Services’ Stephanie Thomas told about a business that secured a loan from her institution after hearing “no” from four other lenders. Rene Cruz, of BOC Capital, told about a subcontractor who took over a $10 million contract with the MTA after the transit agency fired the lead contractor and hired BOC’s client for the job. Cruz said his organization helped their client secure much-needed short-term financing and worked with them step-by-step to finish the job.

For additional information on SBA lending programs: www.sba.gov/financing

-###-

ABOUT THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)

The U.S. Small Business Administration (SBA) was created in 1953 and since January 13, 2012, has served as a Cabinet-level agency of the federal government to aid, counsel, assist, and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U.S. Virgin Islands and Guam. www.sba.gov

ABOUT THE PACE UNIVERSITY SMALL BUSINESS DEVELOPMENT CENTER (SBDC)

The Pace University Small Business Development Center (SBDC) is part of a statewide network of 24 regional centers located throughout New York State. Funded in part by the U. S. Small Business Administration and the State of New York, the Pace SBDC combines the resources of Pace University, the private sector, and government to help small business owners and aspiring entrepreneurs launch or grow their business.

ABOUT THE LUBIN SCHOOL OF BUSINESS

Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at Pace’s suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance. Its programs are designed to launch success-oriented graduates toward upwardly mobile careers. www.pace.edu/lubin

Contact: Bailey Wolff, (212) 264-1489

Bill Caldwell (212) 346-1597

Internet Address: http://www.sba.gov/news

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La Opinión: "Clinton y Trump recrudecen la batalla por votos en estados clave"

09/29/2016

La Opinión: "Clinton y Trump recrudecen la batalla por votos en estados clave"

Photo: Los candidatos Hillary Clinton y Donald Trump se midieron en Hofstra University. Spencer Platt/Getty Images

. . . En declaraciones a este diario, Jessica Lavariega-Monforti, profesora de Ciencias Políticas de la Universidad Pace en Nueva York, explicó hoy que Clinton está tratando de aprovechar el impulso que le dio el debate el lunes pasado.

Clinton “quiere bloquear el camino de Trump hacia los 270 votos del Colegio Electoral, que ambos necesitan para ganar la presidencia.  Ella necesita alterar la narrativa de la contienda para que no sea solo un voto contra Trump sino un voto por ella porque tiene más experiencia”, argumentó.

Read more: http://www.laopinion.com/2016/09/28/clinton-y-trump-recrudecen-la-batalla-por-votos-en-estados-clave/

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Financial Times: "Hillary Clinton viewed as winner in first US presidential debate"

09/28/2016

Financial Times: "Hillary Clinton viewed as winner in first US presidential debate"

. . . David Caputo, a politics expert at Pace University, said the debate was “clearly a decisive win” for Mrs Clinton, although he cautioned that debates usually only have a minimal impact on voter preferences.

“She made more substantive points, was controlled and countered when necessary. Mr Trump started well but did not develop his major points as well. The split screen often showed him fidgety and he interrupted her too often.”

Read more: https://www.ft.com/content/2deb39a0-84b9-11e6-8897-2359a58ac7a5

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Accounting Today: "Sustainability Disclosures Making Headway in Reports"

09/28/2016

Accounting Today: "Sustainability Disclosures Making Headway in Reports"

Companies are beginning to revamp their financial reports to incorporate sustainability disclosures in response to demand from investors.

Elisse Walter, a former chair of the Securities and Exchange Commission and a current director on the Sustainability Accounting Standards Board, spoke at a Financial Executives International and Ernst & Young conference on financial reporting at Pace University in New York about SASB’s standards.

“What SASB is doing is trying to establish where possible metrics for each one of these standards as you go from industry to industry, sector to sector, and trying to use metrics that are already out there, to have it be cost effective and not having to reinvent the wheel,” she said. “We are at a critical juncture where we will be moving from the provisional to the final standards and we really want to hear from the community what their reaction is to the standards so that we can effectively move into the next phase.”

SASB has found, as the SEC has, that some of the most valuable input comes during working group meetings rather than the public comment period.

“What has always been my experience at the SEC, and I was a rule writer for a long time, is that the public comment process can be extraordinarily helpful but often isn’t,” she said. “The people who are commenting have at their disposal the information that you need to make really informed decisions and certainly to inform a cost/benefit analysis. But it’s not necessarily in their self-interest to give you that information, and frequently they don’t when it’s not in their self-interest. It makes things much more difficult for the rule writer. SASB found, much to its great chagrin, that the public comment process was somewhat helpful but not nearly as helpful as what happened in the working groups where there actually was a dialogue back and forth of people giving their views.”

Walter acknowledged that investors are clamoring for more sustainability information. “They are very dissatisfied with the quality of the information, and they are doing things like issuing an increasing number of shareholder proposals, which I don’t think is the most cost-effective way to do this,” she said.

Walter noted that SASB is now in the process of forming an Investor Advisory Committee.

Former Financial Accounting Standards Board chair Leslie Seidman, who is now executive director of the Center for Excellence in Financial Reporting at Pace University’s Lubin School of Business, moderated a panel that included Walter, along with FASB vice chair James Kroeker and SEC director of corporation finance Keith Higgins. She asked Kroeker about some of FASB’s recent attempts to change the standards for a new definition of materiality.

“It turned out to be a lot more controversial than I ever thought it was going to be,” Seidman said.

Read more: http://www.accountingtoday.com/news/audit-accounting/sustainability-disclosures-making-headway-in-reports-79382-1.html

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Associated Press: "'Pokemon Go' Fervor Has Cooled, but the Game Isn't Dead Yet"

09/27/2016

Associated Press: "'Pokemon Go' Fervor Has Cooled, but the Game Isn't Dead Yet"

. . . The big challenge for "Pokemon Go" is to avoid the fate of "Candy Crush," says Pace University marketing professor Larry Chiagouris. Created by King Digital, "Candy Crush" because a smash hit; Activision Blizzard subsequently bought King for $5.9 billion. But while people still play the game, the fervor around it has died down.

When the game was at its peak, "you were getting invited to play Candy Crush every day" on Facebook, he said. "You don't get too many invitations to play Candy Crush anymore."

Read more: http://www.nytimes.com/aponline/2016/09/26/technology/ap-us-tec-pokemon-go-fad-or-not.html

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