Three Yonkers businesses are facing $43,000 in fines for not carrying workers compensation insurance. The New York State Workers’ Compensation Board said yesterday that Yonkers Auto Mall, Inc. at 1716 Central Park Ave., Yonkers Service Station at 1230 Nepperhan Ave. and Golden Yonkers Properties, Inc. at 365 S. Broadway violated state law by not carrying workers’ compensation insurance. Workers’ Compensation Board spokesman Brian M. Keegan said that his agency is working with Yonkers Auto Mall and it may rescind its $33,000 judgment. The board is also in discussion with Golden Yonkers Properties over its $6,000 judgment, as the company now has coverage. The board has not received a response from Yonkers Service Station, whose $4,000 judgment was filed March 31 in the state Supreme Court in White Plains.

Cici Crib, a store that sells children’s furnishings, clothes and bedding, has moved to a new location at 409 Main St. in Armonk. The business outgrew its former space, which was at 144A Bedford Road and near the new store. Christina Doherty, a former certified public accountant, owns the store.

Volatility in the financial markets will spill over into the government’s own budget plans this year, New York state Comptroller Thomas DiNapoli said yesterday at a breakfast sponsored by The Business Council of Westchester.

Twenty percent of state revenues come from Wall Street, he told the audience at Abigail Kirsch at Tappan Hill in Tarrytown. But corporate profits are not what they used to be.

Absent a strong turnaround in the second half of this year, the employee bonus pool for the end of 2008 will shrink, DiNapoli said. Job losses in the city’s financial sector are well under way. Subprime mortgages with adjustable rates will continue to reset into 2009, extending uncertainty about when credit problems will bottom out.

Local businesspeople can take comfort in two bright spots on the economic front, DiNapoli said.

Westchester has outperformed many areas of the state in a variety of benchmarks. Job growth in the county outpaced the statewide performance, reflecting strength in financial services and construction.

Local unemployment rates were lower by about a full percentage point, and average wages are higher. While growth in property values has slowed, its size is still a good indicator of the wealth of the region. It puts Westchester in a better position to weather the current credit crunch and related problems, DiNapoli said.
The other bit of good news involves the $155 billion retirement fund for state and local employees. It currently is funded at 104 percent of its expected liabilities, compared to the national average of 88 percent.

The strength of the state fund allowed the government to decrease the contribution rate levied on local government by a full percentage point last year, he said.
DiNapoli told the audience that no money has been set aside in the state budget for the estimated $15 billion that would be needed for a full reconstruction of the Tappan Zee Bridge.

The bridge project should be a priority for the state. DiNapoli said funding partnerships between government and the private sector should be explored.
“That doesn’t mean I’m endorsing that idea,” he said. “I’m endorsing discussing it.”

EpiCept Corp. of Eastview said yesterday that its listing on the Nasdaq market is endangered. The drug researcher said it is out of compliance with Nasdaq rules that require a market cap of $35 million for 10 consecutive trading days. EpiCept said it is working to regain compliance by a May 5 deadline.

Shareholders at the annual meeting of Morgan Stanley in Purchase yesterday rejected a proposal that called for a non-binding ratification vote by stockholders on executive pay.

About 63.2 percent of the shares represented and voting at the meeting voted against the proposal, or abstained, Morgan Stanley said. It was the second year in a row that the proposal had been rejected. It was put up by the pension plan of the American Federation of State, County and Municipal Employees.

A second resolution by Trillium Asset Management of Boston that called for Morgan Stanley to produce an annual report on how the company’s investment policies could address human rights needs was withdrawn.

A spokesman for the resolution expressed satisfaction at the meeting with actions that the investment bank had agreed to take addressing human rights.

More than 1,000 high school students from Rockland, Westchester, Orange and Putnam counties learned today how to weld pipes, operate an excavator, fashion a brick wall and perform many other trades at the eighth annual Hudson Valley Construction Career Day.

During the event at the Rockland Community College Field House, students also met with leaders from more than 20 construction and building unions and private employers. The career day was sponsored by more than 100 union locals and major trade associations.

“This year’s event was very successful—it’s the largest turnout we’ve had since beginning the career days,” said Ross Pepe, president of the Construction Industry Council of Westchester and Hudson Valley. “We had strong participation from the trade unions and apprentice training programs.”

Live demonstrations by union apprenticeship instructors and hands-on training for students included such crafts as painting, carpentry, ironworks, masonry, plumbing, electrical work and equipment operations.

The Women’s Enterprise Development Center Inc. of White Plains has been awarded a three-year grant from the U.S. Small Business Administration to support its mission of training low and moderate income women and men in the Lower Hudson Valley to achieve economic sufficiency. The center was awarded $100,000 for the first year of the three-year program. The grant was announced by U.S. Rep. Nita Lowey, D-Harrison.

Total compensation rose 44 percent last year for Alberto Weisser, the chief executive officer of Bunge Ltd., the White Plains agri-business giant that benefited from a worldwide boom in agricultural commodities.

Weisser’s compensation of $10.4 million in 2007 was up from $7.2 million the previous year, according to a company filing with the Securities and Exchange Commission.

Bunge, which processes oilseeds and sells fertilizer, margarine and other products, capitalized on the commodities boom to report strong results in 2007. For the year, profits rose 43 percent to $738 million and sales soared 71 percent to $44.8 billion.

Agricultural prices have been rising as developing countries modernize and add more meat and grains to diets. Bunge’s stock, which surged 61 percent in 2007, joined other agricultural stocks in having excellent years despite concerns about a slowing U.S. economy and housing market.

Weisser’s compensation package for 2007 included the following:
•Salary of $1.2 million, unchanged from 2006.
•Stock awards of nearly $4.08 million, up from $2.56 million in 2006.
•Options awards of $1.66 million , up from $1.38 million in 2006.
•Incentive plan compensation of $3.36 million, up from $1.15 million in 2006.

Retailer TJX Companies Inc. agreed to pay up to $24 million to settle claims made by MasterCard issuers related to hackers breaching the retailer’s computer system in 2006.

Under the settlement, banks that issued MasterCard-branded cards can recover costs and losses they claimed to have incurred in connection with the breach, according to MasterCard.

TJX, the parent company of the T.J. Maxx and Marshalls chains, said last year that credit-card and debit-card information for at least 46 million customers may have been affected by the breach. Information was stolen from transactions made between January 2003 and June 28, 2004.

“This agreement reflects MasterCard’s continuing commitment to working with merchants and our customers to reach appropriate and fair resolutions of data breach events,” Joshua Peirez, chief payment system integrity officer for Purchase-based MasterCard, said in a written statement.

Card issuers must have previously filed claims and agree to the settlement terms to be eligible for compensation, according to MasterCard. The settlement is contingent upon approval by at least 90 percent of the banks that issued the cards.

“We believe this settlement agreement provides a fair resolution for MasterCard and its issuing banks and look forward to a high level of issuer acceptance,” Carol Meyrowitz, president and chief executive officer of TJX, said in a written statement. “Beyond the many millions of dollars we have spent to add significant security to our computer system, we are installing security measures which exceed those of many other retailers and current industry requirements.”

The African American Chamber of Commerce of Westchester and Rockland Counties and the Metropolitan Transportation Authority will present workshops for disadvantaged, minority, or women-owned businesses on Saturdays from April 12 through May 10. The courses will be held at the chamber office at 100 Stevens Ave., Suite 202, in Mount Vernon from 9 a.m. to 5 p.m. Subjects covered in the free course include marketing, cost estimating, accounting and navigating a bureaucracy. To obtain a registration, go to www.aaccnys.org and fax a registration to 914-699-6279 by April 7. For more information, call 914-699-9050.

LICT Corp., a telecommunications and multimedia company based in Rye, announced that it recently sold several assets for $6.6 million, resulting in a significant capital gain for the company. LICT, formerly known as Lynch Interactive, said it will release additional details about the sale later.LICT also announced that the Federal Communications Commission has returned to the company its upfront payment of $15 million that was made in connection with the FCC’s auction of wireless spectrum licenses. LICT said that payment was returned after it was not high bidder for the licenses.In addition, LICT estimated that its revenues for the fourth quarter will be $25.6 million, compared with $24.3 million a year earlier.

Murray’s Chickens, a New City-based provider of poultry, said that it has introduced environmentally friendly packaging and eliminated the use of polystyrene, or foam trays, with its products.

“As a company that takes its social responsibility seriously, the foam tray was always a thorn in our side and we have long been exploring options”, said Steve Gold, vice president of marketing for Murray’s Chickens. “We’re excited to now offer a smart and environmentally-responsible alternative.”

Sheraton said that it will upgrade 100 hotels in the United States – nearly half its North American portfolio – to give a facelift to one of its key brands. The project also will involve the renovation of 50,000 guest rooms and re-design of more than 100 lobbies. Sheraton is a brand of White Plains-based Starwood Hotels & Resorts Worldwide Inc.

“We are leveraging Starwood’s proven history of building great lifestyle brands to enhance the entire guest experience for the company’s most global, recognized brand,” said Hoyt H. Harper II, senior vice president for Sheraton.

Sheraton said the company and its franchise owners will spend $1.3 billion on renovations and $2 billion on new hotel openings.

For 38 years, Clarence Smith has watched Essence Magazine mature into a well regarded lifestyle publication for African-American women and emerge as a trailblazing title in the publishing industry. Monthly circulation has grown from 50,000 to 1 million since Essence first hit newsstands in May 1970.

Given the success, it can be easy to overlook the early obstacles that accompanied the startup of the magazine by Smith and three other publishing newcomers. Smith detailed the early skepticism of banks and lenders during a keynote luncheon speech at the Ninth Annual Business-to-Business Exchange in White Plains.

“The financial community told us we are not about to lend any money to four black guys who never had any publishing experience in their lives to start a magazine for black women,” Smith recalled. “They saw the risk as too high.”

The key to success became attracting someone to the magazine who could increase its credibility.

The founders ended up meeting with Gordon Parks, a well-known photographer for Life magazine and a film director whose credits include the 1971 hit “Shaft.”

“He said to us, ‘I had never really done anything in my career that was directly assisting young black people. So I think I might take a chance on you guys.’” Smith recalled.

Parks, who died in 2006, became an instrumental figure at the magazine.

“He truly was the person who provided the look and creative approach to publishing that gave Essence magazine its signature,” Smith said. “We couldn’t pay him. We didn’t have the money to pay him. So we decided to ask him if he would accept some shares in the company….In exchange, he got to do something for a group of young black guys that particularly at that point in his life was important to do.”

Another key moment for Essence came later when publishing giant Time Inc. offered to buy the magazine for $3 million.

“We resisted that effort by Time but we did form a strategic alliance with them,” Smith said. “It worked for us because they had access to a great number of professional editors and all kinds of professional experience that we did not have access to. We on the other hand were able to give them a better understanding of the climate of 1969-1970 as it related to African-Americans.”

Smith said Essence’s embrace of outside help has important lessons for small businesses competing in a global economy.

“If you want build your businesses and think expansively, always keep your mind on cost controls of course,” Smith said. “But also engage yourself with those who can help you get there faster. Time is money. If you can get money in your hands today, it is always more valuable than the money you will get next year or the year after that.”

About 150 people attended the business exchange sponsored by the African American Chamber of Commerce of Westchester and Rockland Counties and Empire State Development Corporation’s division of Minority Business.

Organizers also recognized ‘08 Salute to women honorees. They are Georgette H. Geller-Petro, Connecticut branch manager for AXA Advisors; Brenda Scott, director for minority community affairs at Macy’s; Marline Grant, director for Verizon Engineering; and Ramdai Singh, regional manager for Washington Mutual.

Lynda Ireland, president and chief executive officer of New York/New Jersey Minority Supplier Development Council Inc., received the 2008 Madam C.J. Walker Award.

Bryam Healthcare Inc., a White Plains-based provider of clinical solutions and medical supplies, announced the national launch of its Latino Diabetes Program. The program is designed to remove language barriers for Spanish-speaking patients by providing all communications in Spanish and on-going diabetes educational support. There also are phone lines that connect the patient directly into Latino customer call centers throughout the United States. The company fills more than one million patient orders annually and serves 300,000 patients nationally.

The Internal Revenue Service will open offices in White Plains and West Nyack on Saturday as part of a national campaign to asssist Americans who are eligible for the economic stimulus payment but who normally don’t file an income tax return.

The local offices are among the 320 IRS sites nationally and 21 in New York state that will participate in what the tax agency is calling “Super Saturday.” The goal to prepare the simple Form 1040A for people who are filing a return solely to receive a stimulus payment.

Congress recently appproved the stimulus payments to help boost a U.S. economy that has been weakened by a slow housing market and the subprime loan crisis.

“For millions of Americans, filing a tax return is not routine,” IRS Commissioner Doug Shulman said in a written statement. “Their income is either too low or not taxable. But this year, filing a 2007 tax return is the only way to receive an economic stimulus payment.”

About 1.4 million New Yorkers who do not pay federal income taxes may be eligible for a $300 stimulus payment ($600 for married couples) if they have at least $3,000 in qualifying income, according to the IRS. Many households also will be eligible for an additional $300 for each qualifying child younger than 17.

Addresses and hours of the local offices participating in Super Saturday are:
•West Nyack, 242 W. Nyack Road, 9 a.m. – 3 p.m.
•White Plains, 210 E. Post Road, 9 a.m. – 3 p.m.

Taxpayers can find a complete list of IRS offices and partner sites providing assistance on Super Saturday at www.irs.gov or by calling an IRS hotline at 1-800-906-9887. If taxpayers have economic stimulus questions on Saturday, they also can call 1-866-234-2942 from 9 a.m. and 3 p.m.

PepsiCo Inc., the Purchase-based beverage and soft drink giant, increased total compensation by 23 percent last year for Chief Executive Officer Indra Nooyi.

Nooyi’s compensation package was valued at nearly $11.8 million in 2007, up from $9.6 million a year earlier, according to a company filing yesterday with the Securities and Exchange Commission.

The increased pay came at a time when PepsiCo is performing well in its core businesses and building sales for its soft drinks and snacks in fast growing international markets. Last year, the company’s net revenue increased 12 percent and core earnings per share surged 13 percent. Shareholders also benefited from a gain of 21 percent in the company’s stock price in 2007.

“Our brands are some of the best loved trademarks in the world, and we’re continually adding to their vitality through exceptional innovation and unmatched go-to-market execution,” Nooyi said in February when the earnings were released.

Nooyi’s 2007 compensation included:
•Salary of $1.3 million, up from $964,413 in 2006.
•$3.2 million in stock awards, up from $2 million in 2006.
•$2.8 million in option awards, up from $2.3 million in 2006.
•$3.2 million for a non-equity incentive plan, up from $3 million in 2006.
•$825,085 representing a change in pension value, down from $898,884 in 2006.
•Other compensation of $404,071, up from $344,775 in 2006.

The Rockland Industrial Development Agency has collected $145,000 in tax incentives and related fees from a California mortgage company that opened an office in Orangeburg which it later shut down, the IDA’s top officer said.

WMC Mortgage Inc. of Burbank refunded $97,000 in sales tax breaks to the IDA, plus 18 percent interest and attorneys’ fees, said Ronald Hicks, who also serves as president and chief executive of the Rockland Economic Development Corp.

The IDA and Empire State Development Corp. provided a package of incentives to lure WMC to Rockland in 2004. The company had an agreement to hire 300 workers within three years and keep them in place through 2010, but subprime mortgage problems led to financial difficulties that caused the company to close the Orangeburg office last year.

This was the first time that the IDA has had to recapture tax incentives after a business deal went awry, Hicks said. In January, Empire State Development said it recovered 60 percent of an $800,000 grant it provided to WMC.

A recently released survey of its membership by The Business Council of Westchester portrays entrepreneurs who are focused on growing their business, and growing it locally.

More than 300 members of the council were polled in the third quarter of last year. About 45 percent said they do 75 percent or more of their business locally, while 25 percent do most of their business regionally.

The biggest challenges facing respondents were, in descending order: planning for and achieving growth; the cost of doing business; innovation; and employee recruitment.

Average annual revenue for member companies was $16.2 million. Of those that own their own office space, property taxes averaged $90,000 last year, while those who lease paid $30,000 in average rent.

More than 85 percent of the businesses said they outsource at least one function in their company. Fifty-three percent said they outsource legal needs, 35 percent accounting, 32 percent information technology, and 22 percent marketing.

Nearly one in five companies said some of their employees worked from home. Of that segment, 80 percent said that all their employees worked from home.

Three-quarters of employers offer benefits, but just 63 percent provide health coverage. Thirty-six percent offer dental benefits.

Fifty-six percent of companies with one to 30 employees expected revenues to grow within a range of 1 to 10 percent in 2008, the survey said. Seventy-four percent of companies with 31 to 300 employees expected revenue gains in that range, while 53 percent of companies with more than 300 workers expected revenue gains in that range.

Community Housing Innovations Inc. of White Plains is seeking private partners to take a stake in nine low-income housing buildings in Mount Vernon, Yonkers and Peekskill that it wants to renovate.

CHI says it needs the investors to help pay for $1.48 million in energy renovations to the buildings, including efficient boilers and roofing. The buildings can’t pay for the improvement themselves because the rents on the 153 units average a below-market $855 a month, CHI Executive Director Alexander Roberts said.

The agency plans to form a for-profit affiliate that would own the buildings, with CHI as general partner and manager. The attraction to investors would be low income housing tax credits that are available with the project.

CHI appeared this week before the Westchester County Industrial Development Agency, which gave tentative approval to incentives for the proposal. CHI is looking for a $7.04 million bond to pay off an existing $4.86 million bond the IDA approved in 2001 for the buildings.

The IDA vote included $352,000 in mortgage tax, sales tax, and real estate tax benefits.

Roberts said he hoped to finish the deal and start the renovations by July. The buildings are: 54-58 S. 2nd Ave., 70 E. 4th St., 211-213 Franklin St., all in Mount Vernon; 33 Victor St., 170 Willow St., 22-24 Chestnut St., 25 Oak St., a.k.a. 56 Chestnut St., and 24 Pier St., all in Yonkers; and 400-404 South St. in Peekskill.