In the Media

Newark, NJ
Monday, October 16, 2017

The New York Times

"We have exactly what Amazon is looking for, in terms of expanding their company in a city that will help them grow and where it would have real social impact," said Mayor Ras J. Baraka in an interview. "Newark is an opportunity to make a real statement, about what they're trying to accomplish in the United States in the age of Trump."

On Monday afternoon, Gov. Chris Christie of New Jersey and Senator Cory A. Booker, the former Newark mayor, joined Mr. Baraka at Rutgers Business School, which shares its building in the city with Audible Inc., whose 1,000 employees produce and sell audio entertainment and which is owned by Amazon, to announce that Newark is the state’s official bid in the headquarters race.

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The Gulf Today
New York, NY
Monday, October 16, 2017

The Gulf Today

NEW YORK: Chinese economy could sustain current growth rate of over 6 per cent for the foreseeable future, a US expert has said.

"The growth rate has come down from the previous eight or 10 per cent, but that is still a very healthy rate and that should be the envy of any other country in the world," Farok Contractor, a distinguished professor at Rutgers Business School, told Xinhua.

Contractor noted that China has made enormous progresses in economic development for the past five years, highlighting poverty reduction and RMB internationalization.

"Today there are only about 50 million Chinese left in grinding poverty, according to the World Bank's criterion, so that's a wonderful accomplishment not just for China but for the whole world," he said.

Having visited China for many times, the professor noticed that income inequality in the country is being addressed, and that "more attention is being paid to relatively poor provinces like Guizhou."

"There has been a more balanced distribution of benefits and more balanced growth," he added.

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NextCity.org
Philadelphia, Pa.
Wednesday, October 11, 2017

Two years ago, Buffalo State College, University of Missouri–St. Louis, Rutgers University–Newark, Cleveland State University, Drexel University, and Virginia Commonwealth University each made a commitment to investing, hiring and purchasing locally. Now, a report from the Democracy Collaborative illustrates how they take seriously their role as "anchor institutions" when it comes to economic impact on their local economies. Rutgers faculty member, Kevin Lyons, led an effort to map out local procurement needs for hospitals and universities in the area. He found hospital socks were shipped in from out of state; now a local business provides them instead.

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The CPA Journal
New York, NY
Wednesday, October 11, 2017

The CPA Journal

The demand for accountants with data analytics skills is growing rapidly, providing for exceptional career opportunities. A recent McKinsey Global Institute study asserted that, even with additional university programs in data analytics becoming available, companies will need to train employees internally for many years to overcome the current skills shortage (The Age of Analytics: Competing in a Data-Driven World, December 2016.

McKinsey also noted that, while the estimated number of data science programs graduates could increase by 7% per year, the high-case scenario indicates a 12% annual growth in demand, leading to a shortfall of some 250,000 data scientists.

In addition, McKinsey described the equally important role of the business translator, who acts as the link between the analytical talent and the practical application of the analytical results to address business requirements.

The requirements for these business translators include not only an in-depth understanding of the data, but also organizational knowledge and industry or functional expertise that enables them to ask the data scientists the correct questions and derive the appropriate insights from their findings. These requirements appear analogous to the traditional requirements that an accountant be able to understand and explain the accounting results, but in this case, that expertise includes numerous forms of data.

Miklos Vasarhelyi, Ph.D. is the KPMG Distinguished Professor of Accounting Information Systems at Rutgers Business School, Newark, N.J., and serves as director of the Rutgers Accounting Research Center and the Continuous Auditing & Reporting Lab.

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Bloomberg
New York, N.Y.
Friday, October 6, 2017

None of the companies with operations on the island have said they expect shortages as a result of Maria, having stocked up inventories ahead of the storm, though industry watchers are concerned that bottlenecks could develop as Maria’s effects linger. "It takes time for the inventory to work its way through the system, and there’s a gap behind it,” said William McLaury, who worked in supply chain for Novartis AG for three decades and is now an assistant professor of professional practice at Rutgers Business School. "If power is going to be out, if roads are going to be impassable -- the longer that goes on, the bigger the impact."

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TopMBA.com
London, U.K.
Monday, October 2, 2017

Congratulations must of course also go to the winners of the $1 million Hult Prize, a team representing Rutgers Business School, and consisting of student Gia Farooqi, new graduates Hasan Usmani and Moneeb Mian, and alumna Hanaa Lakhani. Together they created the Roshni Rides start-up which uses a pre-loaded transaction card, encourages ride-sharing and employs existing rickshaw drivers.

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Asbury Park, NJ
Saturday, September 30, 2017

Asbury Park Press

New Jersey is home to half of the 20 counties nationwide that would be hit hardest by President Donald Trump's tax plan, according to a New York University study released Friday.

That's because they get big deductions from state and local taxes that the plan wants to eliminate, said Patrick J. Egan, the study's author and professor in the NYU department of politics.

Will the more robust standard deduction be enough to offset the loss of itemized deductions?

It begins to get complicated, depending on several factors, including the size of their property tax bill, said Jay Soled, a professor of accounting and information systems at Rutgers Business School in Newark and New Brunswick.

But New Jersey, an affluent state, ranked second in the percentage of taxpayers who used itemized deductions instead of standard deductions, according to a decade-old study by the Tax Foundation.

"Any high tax jurisdiction where you got the advantage of getting a deduction is worse off than a state like Alabama or Louisiana, where most people took the standard deduction," Soled said. "Now they'll get double the deduction."

Full Article



WalletHub
Washington D.C.
Thursday, September 28, 2017

Credit cards typically have higher interest rates than loans, with the exception of the "teaser" rates, which usually last for 1-2 years, according to John Longo, a professor of professional practice in finance and economics at Rutgers Business School. The interest on loans is often tax-deductible, so is often a better option, he said.

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TheStreet.com
New York, N.Y.
Tuesday, September 26, 2017

There's not only a debate taking place about whether NFL players should kneel or stand for the national anthem, there's a debate about how brands should respond. Nike was the first NFL corporate sponsor to directly respond to the issue. "I do believe corporations have to be sensitive of supporting players without getting sucked into the political argument," said Marc Kalan, a consumer marketing professional and professor at Rutgers Business School.

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The Inquirer
Philadelphia, PA
Friday, September 22, 2017

The Enquirer Daily Philly.com

For recent Rutgers graduate Hasan Usmani, the sight of the vast Karachi slum was a shock, despite his family connections and previous visits to Pakistan.

The 8,000-acre Orangi Town, home to 2.5 million people, many of them refugees from Afghanistan and Bangladesh, is barely livable, the 23-year-old said. Lacking adequate sewer lines, its streets are awash in wastewater when it rains. One resident told Usmani her children shower only once a week so the family can afford food.

"I was surprised to see people living in these conditions and surviving," Usmani said.

He and three other fellow Rutgers Business School students at Rutgers University in New Brunswick — Hanaa Lakhani, Gia Farooqi, and Moneeb Mian — had gone there in May with a project in mind to help the slum residents: solar-powered rickshaws. It was a concept that had won a regional competition earlier. When they got to Pakistan, an even better idea emerged: a ride-share program to better connect impoverished residents of the shantytown to rickshaws, an Uber of sorts.

This month, their pilot program, Roshni Rides, snagged first place and $1 million in start-up capital in the prestigious Hult Prize competition, founded by Swedish businessman Bertil Hult and funded by his family. The award has been dubbed the Nobel Prize for students.

Among the runners-up? A team from Harvard.

Full Article



WBGO
Newark, NJ
Thursday, September 21, 2017

WBGO

Fashion changes at such a rapid pace in the 21st century, yesterday's styles can literally end up in a landfill.  Experts call it fast fashion.

"Fast fashion is essentially a global industry that creates clothing very quickly from design to production.  The clothing is designed to be disposable," says Mary Rizzo, author of Class Acts:  Young Men and the Rise of Lifestyles and one of four panelists on The Cornwall Center City Dialogues series at Rutgers Newark.

Kevin Lyons is from the Rutgers Business School Department of Supply Chain Management.  His research finds him scouring landfills across New Jersey.

"Archeology happening in real time and fast to me is very fascinating.  I think people would be shocked to find out that a piece of clothing that was sold in September has already found itself in the dumpster by April."

The overflow of textiles is making an environmental impact.  Lyons believes it''s a crisis flying under the radar.

"When you think about fast fashion, it's not of the highest quality.  We're talking about materials that aren't made in nature in some cases like polyesters and a whole host of chemicals made for things that are iron free.  They don't tell you how or why but it's formaldehyde that makes the material non-ironable.  It's a huge environmental disaster and even the making of it.  In some cases if it's made oversees, the regulations using certain types of chemicals are not as strict as if it was made in the United States."

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nj.com
Newark, N.J.
Thursday, September 21, 2017

Walgreens announced Wednesday it will acquire 1,900 Rite Aid locations, including stores in New Jersey and in New York. The acquisition brings a two-year process to a close, as the deal lingered while some worried how boosting Walgreens' store count could affect competitive pricing. But Mahmud Hassan, a professor of finance and economics at Rutgers Business School, said that's less of a concern to him, as he predicts the deal will force Walgreens and CVS to compete for customers and slash prices. 

Read the complete story: 



Fortune
New York, NY
Thursday, September 21, 2017

Fortune Magazine

Why Startup Founders Should Be Required to Sign a 'No Go, Bro' Clause
By Wayne Eastman and Andrea Marino

The recent resignation of Social Finance CEO Mike Cagney, in the wake of allegations that he sexually harassed female employees, fostered a frat house culture, and misrepresented the firm’s finances to investors, raises the question of what boards and investors can do to check misconduct by startup executives.
Startup CEOs like Cagney, Travis Kalanick at Uber, and Taylor Freeman at UploadVR—accused in a recent lawsuit of bragging with his co-founder Will Mason about how many girls they were going to have sex with at company parties, and designating a room at the office as a "kink room"—can destroy as well as create billions of dollars in value for their companies, all while creating toxic work environments.

Whether they resign like Cagney and Kalanick or remain with the company like Freeman and Mason, startup executives typically own a large percentage of company stock. That often leads investors and boards to treat them gently when it comes to sexual harassment allegations and other forms of misconduct—but it should not.

Wayne Eastman is a professor in the Department of Supply Chain Management at Rutgers Business School-Newark and New Brunswick. Andrea Marino is a corporate attorney and consultant.

Full Article



NPR
Washington, D.C.
Wednesday, September 20, 2017

NPR

On a stage at the United Nations headquarters in New York City, the young executives of six start-up companies made their final, feverish bids to win the coveted Hult Prize. Each had formed and launched business ideas over the last year that would try to solve this year's Hult Prize challenge – improving the well-being of at least one million refugees over the next five years.

One team pitched an enterprise to bring fast and reliable web services to refugees, and two companies sought to connect displaced people to jobs through apps and digital workplaces.

The winner this year is a startup called Roshni Rides, Bill Clinton announced at the end of the competition last Saturday. The former president, who began working with the Hult Prize in 2010, continued to speak but a roar of cheers drowned out his words. As he inched toward the stage, Roshni Rides CFO Moneeb Mian said in a breathless falsetto, "Oh, my God, we won."

Roshni Rides provides a private shuttle service dedicated to ferrying refugees from their homes to schools, work, hospitals and markets. "[The company] has an immediate impact and addresses one of the greatest needs, which is mobility. If you can"t be mobile, you are a prisoner," says Ahmad Ashkar, the founder of the Hult Prize.

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CNN
New York, NY
Tuesday, September 19, 2017

CNN

For millions of displaced refugees living in camps, the ability to survive and rebuild their lives often depends on transportation.

Without it, refugee families are unable to get to hospitals, send children to schools, go to local job centers, even shop for food and everyday necessities.

"Lack of transportation robs refugees of their dignity and ability to be self-sufficient," said Gia Farooqi, co-founder of Roshni Rides.

Roshni Rides, a startup launched by four students at Rutgers Business School, studied the problem and created a solution: a rickshaw transportation network that works like a ride-sharing shuttle service.

The rickshaws take passengers on preset routes to important destinations like hospitals, schools and markets.

Roshni Rides, a ride-sharing rickshaw service for refugees won the $1 million Hult Prize startup contest.

Passengers pay using pre-loaded cards, similar to the New York City subway system, said Farooqi.

The concept was presented on Saturday the annual Hult Prize competition, which challenges college students to tackle global problems.

Roshni Rides -- founded by undergraduate business students Gia Farooqi, Hasan Usmani, Moneeb Mian, and Hanaa Lakhani -- beat out five other startup finalists and earned $1 million in funding. The startup was one of 50,000 entries, up from 25,000 submissions last year.

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ROI-NJ
Monday, September 18, 2017

ROI-NJ

A Rutgers Business School team’s transportation plan to return dignity to millions of refugees garnered it the $1 million Hult Prize for social entrepreneurship this weekend.

The prize is often referred to as the Nobel Prize for students.

The four-person team beat out finalists from Harvard University's Kennedy School, the Instituto Tecnolo'gico Auto'nomo de Me'xico, the University of Waterloo, the University of Calgary and York University. The students were the first Rutgers team to make the finals, beating out 50,000 participants from more than 100 countries.

Roshni Rides — using the Hindi word for light — uses existing rickshaws and their drivers, preloaded transaction cards and ride-sharing to create "a transportation network that connects refugees to critical resources and opportunities," senior Gia Farooqi said during the team's presentation.

She, along with new graduates Hasan Usmani and Moneeb Mian, as well as alumna Hanaa Lakhani, found that 2 million rickshaws in Pakistan were underutilized — including most pickups having just one rider, leaving three seats empty — even though their research found that 80 percent of refugees want to go to the same locations.

They used surveys to set a schedule based on demand, fleet size and number of pickup locations, and encouraged ride-sharing, then conducted a two-month pilot in Orangi Town, Pakistan, home to 2.5 million refugees.

In that time, more than 130 riders cut their transportation costs by 53 percent, while the income of the four drivers increased by 27 percent.

Roshni Rides used a preloaded card, similar to the New York subway's MetroCard.

Full Article



QUARTZ
New York, NY
Monday, September 18, 2017

QUARTZ

E-commerce means more deliveries than ever will pour into the world's cities. By 2020, e-commerce sales are expected to rise 85%, auguring a flood of packages. With urban congestion bad and getting worse, how will we get all those packages?

High-tech solutions to last-mile delivery have been on the horizon for decades, say logistics experts. But instead of jet packs, mostly we have gotten Amazon lockers and more night-time deliveries.

McKinsey looked for answers by assessing more than 20 logistical solutions now within reach as part of its September report on urban commercial transport.

"Some of those things have been around for long time," says Rutgers Business School professor and supply chain management expert Rudi Leuschner. "The question is, can you actually line up everyone to make it happen?" The biggest challenge is replacing and modifying old systems. Physical infrastructure as well as economic barriers such as competing delivery firms present massive hurdles for cities wishing to overhaul delivery. "I don't see any huge changes" in the near future, predicts Leuschner.

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Newark, NJ
Monday, September 18, 2017

myCentralJersey.com

A team representing Rutgers Business School won the $1 million Hult Prize for social entrepreneurship on Saturday, capping 11 months of entrepreneurial effort with a polished, convincing pitch about the ability of its rickshaw transportation business to improve the lives of refugees overseas.

Senior Gia Farooqi, new graduates Hasan Usmani and Moneeb Mian, and alumna Hanaa Lakhani, all of whom are New Jersey residents, created the Roshni Rides startup as a way of answering the 2017 Hult Prize Challenge of developing a business capable of restoring the dignity of 1 million refugees by 2022. The company uses a pre-loaded transaction card, encourages ride-sharing and existing rickshaw drivers.

Their ability to persuasively pitch the idea to the Hult judges enabled them to beat out finalist teams from five other schools: Harvard University’s Kennedy School, the Instituto Tecnológico Autónomo de México, the University of Waterloo, the University of Calgary and York University.

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New York, N.Y.
Sunday, September 17, 2017

Mack-Cali is on a mission to re-engineer the Harborside complex as a riverside destination for the city. The company has plans to add restaurants along the walkway and a ferry stop. It also is giving the property a $75 million face-lift and upgrade. "I think the concept now of turning the building inside out and marrying it to the environment to provide that seamless attachment is more current in thought in the last three to five years," said Kevin Riordan, executive director of the Center for Real Estate at Rutgers Business School. "And I think it’s been accelerating with millennials willing to live downtown."

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Fox Business
New York, NY
Sunday, September 17, 2017

Fox Business

Former President Bill Clinton awarded $1 million in seed funding to four Pakistani-American students who created a ridesharing rickshaw startup service to help refugees—especially women—travel to major points of interest in Pakistan.

The startup, called Roshni Rides, was developed by Rutgers University students who were participating in the 2017 Hult Prize Foundation competition that showcases more than 10,000 student volunteers in more than 500 on-campus university programs around the world. This year's challenge, which was issued by Clinton himself, was to find a way to restore human dignity and rights to millions of displaced people by 2022.

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