AGP Executive Report

Nor’easter Disrupts NJ: A powerful early-fall nor’easter is bringing coastal flooding, strong winds and power outages across New Jersey, with Surf City reporting 74 mph gusts and thousands without electricity as roads flood and some homes see inundation. State Politics: New Jersey Lt. Gov. Dale Caldwell resigned after ethics and sexual harassment findings, with Gov. Mikie Sherrill framing it as part of a needed culture change in Trenton. Trade & Retail Impact: A new Trump order banning certain Canadian imports starting Sept. 29 could ripple into NJ stores, with experts warning tariffs function like a tax on imported goods that can mean higher prices and fewer Canadian brands. Healthcare Crackdown: CMS cut off Medicare Advantage payments to 11 providers tied to $3.4B in alleged durable medical equipment billing fraud, including claims involving patients who were already deceased. Energy/Infrastructure: Hudson County saw its lowest diesel price at $5.74 for the week ending Sept. 19, while the broader Northeast braces for storm-related disruptions. Business & Growth: New Jersey’s Film Trail law aims to boost “Hollywood East” tourism by marking and promoting filming locations statewide. Local Economy/Travel: Breeze Airways added nonstop service between Charleston and Trenton-Mercer, expanding options for central NJ and the Philly region.

New Jersey Politics: Gov. Mikie Sherrill accepted Lt. Gov. Dale Caldwell’s resignation after an ethics investigation found “serious, repeated” violations, including sexual harassment and improper conduct tied to state business. Nor’easter & Local Business: A powerful nor’easter is intensifying with storm-force winds and flooding risk, prompting New Jersey shore towns and businesses to prep for another round of high water. Courts & Markets: A federal appeals court ruled states can regulate prediction markets, deepening the split that could reach the U.S. Supreme Court. Bankruptcy & Real Estate Tech: The U.S. Bankruptcy Court for the District of New Jersey approved HouseCanary’s first-day motions, allowing initial $3M DIP financing as it reorganizes. Energy & Environment: New Jersey fined a data center $1.1M after drone footage showed 62 unpermitted gas generators; the state gave the company 45 days to apply for permits. Healthcare & Pharma: Bristol Myers Squibb announced first results from a Phase 3 trial of ZENBEXUS (iberdomide) in relapsed/refractory multiple myeloma. Food Safety: USDA said more than 83 tons of meat were recalled nationwide over falsified inspection labels.

Brightline Restructuring: Brightline Florida’s operating entity says it will keep running while parent companies filed Chapter 11 in New Jersey as they restructure $5.5B debt, with $490M in new financing lined up to support service and expansion. Nor’easter Readiness: The Northeast and Mid-Atlantic brace for a rare fall nor’easter with damaging winds, coastal flooding and storm-drain prep, while insurers and regulators urge caution and claim readiness. NJ Leadership Shake-Up: Gov. Mikie Sherrill calls on Lt. Gov. Dale Caldwell to resign after an investigation found sexual harassment and ethics violations, escalating political pressure inside the administration. Data Center Enforcement: New Jersey fined a data center $1.1M after drone photos exposed 62 unpermitted gas generators, setting a 45-day shutdown deadline. Local Business Growth: PopUp Bagels plans its first Bergen County shop in Tenafly, partnering with chef Josh Capon for a limited-time carrot cake schmear. Energy & Costs: AAA reports gas prices remain volatile nationally, with pump costs still climbing amid Middle East-related supply concerns. Higher Ed Output: Sussex County colleges awarded 444 degrees and certificates in 2023-24, all tied to a single institution.

Nor’easter readiness: Flood-prone New Jersey communities and businesses are bracing for a weekend nor’easter, with residents in spots like Manasquan and Asbury Park already seeing overflow and testing floodgate systems to limit damage. Ethics & politics: Gov. Mikie Sherrill demanded Lt. Gov. Dale Caldwell resign after an outside investigation substantiated sexual harassment and ethics violations, including improper guest handling and attempts to secure a promotion for a state employee tied to him. Real estate & industry: Liberty Steel said it’s open to restarting talks with River Development over the Georgetown mill site, after the developer’s plan hit a dead end and the community pressed for a path forward. Atlantic City cannabis crackdown: A city official, Kashawn “Kash” McKinley, faces federal bribery-related charges tied to helping a cannabis business, including alleged kickbacks of cash and marijuana. Energy costs: GasBuddy data shows midgrade and premium prices remain volatile across NJ counties, with some stations in Hudson and Middlesex posting the week’s lowest reported rates. Corporate finance: HouseCanary won interim Chapter 11 financing access in New Jersey court, while Brightline is preparing a Chapter 11 filing to restructure $5.5 billion in debt. Food safety: USDA recalled more than 167,000 pounds of meat shipped with falsified inspection stickers after inspection failures.

High-Speed Rail Finance Shock: Brightline West’s parent is preparing an imminent Chapter 11 filing tied to the planned New Jersey project, underscoring how debt and slow ridership growth are colliding with big infrastructure timelines. Franchise Expansion: Perkins Restaurant and Bakery was named a top 10 full-service franchise brand by Entrepreneur, and it’s set to launch its Flagship Griddle and Go format in New Jersey in October. Legal/Antitrust: A federal judge dismissed Michigan’s antitrust case accusing major oil companies of suppressing renewables, a reminder that climate-related competition claims face steep legal hurdles. Consumer Data & Pricing: The FTC is urged to crack down on AI-fueled surveillance pricing, with the focus on adding real safeguards and consumer choice—not just more transparency. State/Regulatory Watch: A settlement in the Paramount Skydance antitrust fight includes commitments aimed at boosting film output and protecting workers, with New Jersey among the suing states. Local Business & Real Estate: Bergenfield residents are pushing back on proposed ordinances affecting side yards, property transfers and parking, arguing they weren’t given enough clarity before adoption. Energy Costs: GasBuddy data shows diesel and regular gas prices in parts of New Jersey remain volatile, with Middlesex and Morris counties seeing notable weekly lows. Biotech Moves: Claris Biotherapeutics is relocating its corporate HQ from Jersey City to San Francisco as it advances its lead eye therapy toward pivotal studies. Food Packaging Deal: Butterfly Equity agreed to acquire Sabert, a Sayreville-based sustainable food packaging maker, expanding the deal pipeline for New Jersey manufacturers.

Data Center Enforcement: New Jersey DEP hit Vineland data center operator DataOne with a record $1.07M fine for running 62 large natural-gas generators without required permits. Workforce & Skills: County College of Morris joined Princeton’s AI Hub and the NJ Council of County Colleges for a paid Registered Data Scientist apprenticeship aimed at getting more people into AI jobs without a four-year degree. Public Safety Tech Debate: Edison approved about 90 additional Flock license-plate readers, adding to the growing privacy fight over automated surveillance cameras. Health & Research: Rutgers Health and Weill Cornell Medicine won $3M to study how HIV affects the brain, focusing on actionable neurobiomarkers. Biotech/Pharma: Elevar Therapeutics won FDA approval for Lyrfigtu (lirafugratinib) as a second-line option for cholangiocarcinoma with FGFR2 fusions. Corporate Restructuring: HouseCanary filed for Chapter 11 in New Jersey to halt a planned foreclosure sale. Energy & Industry: SunOpta—now part of Refresco—opened a $35M plant-based dairy production line in Texas, boosting capacity as demand rises.

Independent Contractor Rules Debate: Trenton is bracing for Oct. 1 implementation of New Jersey’s new independent-contractor regulations, with arguments centered on labor law, tax revenue, and business costs—and whether the rules will make it harder for working families to earn income flexibly. Health Care Leadership: Hackensack Meridian Health CEO Robert Garrett is set to retire in 2027 after decades of hospital consolidation that expanded the system to 18 hospitals and 500 outpatient locations, while critics warn of higher prices and fewer choices. Second Amendment Challenge: A pro–Second Amendment group sued to overturn New Jersey’s ban on using items like knives and baseball bats for self-defense, arguing it violates the Second Amendment. Higher Ed Rankings: U.S. News’ 2027 college rankings put MIT at No. 1 and keep multiple New Jersey schools in the national top tier, including Rutgers-New Brunswick at No. 44 and Stevens at No. 59. Local Public Safety Tech: Cherry Hill will let its contract with surveillance-tech vendor Flock expire Dec. 31, ending its camera pilot amid public pushback. Data Center Enforcement: New Jersey fined a Vineland data center $1.07 million over pollution violations tied to unpermitted generators, adding to pressure on the state’s data-center footprint. Insurance & Business Moves: Plymouth Rock Assurance named Chris Taylor president and CEO of its Independent Agency Group, effective Oct. 12, signaling continued investment in the agency channel.

Data Center Crackdown: New Jersey DEP fined DataOne’s Vineland facility $1.07M after a July 29 inspection found 62 large natural-gas generators operating without required permits, with the order demanding permits or a shutdown. Offshore Wind Legal Fight: New Jersey joined a coalition of states suing the Trump administration to block offshore wind lease buybacks that would redirect about $1.4B in reimbursements to fossil fuel and geothermal projects. Energy Cost Politics: Sen. Anthony Bucco and Sen. Carmen Amato Jr. renewed a push for a bill letting NJ residents deduct state fuel taxes from gross income taxes as gas prices climb. Local Business & Policing: Burlington City residents and business owners urged restoring downtown police foot patrols, arguing vacant storefronts make the area feel less welcoming. Consumer Safety: Wakefern recalled Wholesome Pantry organic unsweetened apple sauce nationwide over elevated patulin mold-toxin levels; Buckhead Meat recalled tuna in multiple states over scombroid poisoning risk. Tech & Math: OpenAI is consulting a new independent panel of mathematicians hosted at Princeton’s Institute for Advanced Study to guide how it releases major math results.

Offshore Wind Legal Fight: New Jersey’s AG William Tong joined a coalition of seven states in suing the Trump administration to block deals that would cancel four planned offshore wind projects in exchange for $1.4 billion, arguing the moves misuse taxpayer dollars and ignore required lease-cancellation procedures. AI for Small Business: A Fed Third District study finds AI adoption among Delaware, New Jersey and Pennsylvania small firms at 37%, about 10 points below the national rate, with common uses focused on writing and marketing and productivity. Cybersecurity Leadership: Hedge Fund Association named Align Managed Services President Vinod Paul chair of its cybersecurity committee, signaling growing focus on cyber risk across alternative investments. Air Travel Disruption: A Verizon fiber cut tied to NJ construction triggered FAA ground stops and telecom outages across the Northeast, with Newark hit hardest as delays and diversions rippled through major airports. Healthcare AI Governance: Hackensack Meridian Health earned Joint Commission certification for responsible AI use, highlighting governance and patient-safety safeguards as AI adoption accelerates. Data Center Environmental Scrutiny: A new look at AI data centers argues the debate is broader than water use, pointing to incidents like diesel/oil spills tied to backup power needs. Casino Tech Expansion: Evolution expanded its live-dealer deal with Boyd Interactive, making Evolution the exclusive provider for MoheganSunCasino.com in New Jersey. Labor & Gig Economy: DoorDash agreed to a $131.5 million NYC settlement over minimum-pay compliance, including disputes over pay calculations for time spent online between deliveries.

Hollywood Antitrust: Twelve states and writers settled their Paramount-Warner Bros. Discovery merger lawsuits, clearing a key hurdle for the $81 billion deal; Paramount agreed to boost domestic film output, fund worker training, and set up monitoring tied to editorial independence. Aviation Disruption (NJ): A telecom failure tied to a severed fiber line in New Jersey triggered FAA ground stops and major delays across the Northeast, hitting Newark, Philadelphia, JFK, LaGuardia, Boston and Teterboro; officials say repairs are done but delays linger. Consumer/Travel Health: A CDC-led study using air samplers at Newark and other major airports found COVID genetic material in nearly all samples, while flu tracked more closely with other health signals—useful for early warning, not for proving infectious spread. Banking: BCB Bancorp outlined a fast credit cleanup plan, including loan sales and write-downs, as it prepares for a large third-quarter loss. Local Business & Economy: Wegmans plans a refrigerated distribution facility in Rochester and consolidates supply chain operations, with no job losses reported. NJ Courts: A federal court upheld an arbitration award ordering a concrete supplier to rehire an employee fired after a positive marijuana test.

Online Poker & Tech: PokerStars Ambassador David Lappin outlined the PokerStars Network, a push to unite fragmented player pools across Flutter’s markets to restore “liquidity is king” dynamics. NJ Infrastructure & Connectivity: GoNetspeed said its first South River customers are live on its 100% fiber network, with East Brunswick construction underway, aiming for symmetrical speeds up to 6 gigabits. Security Services Expansion: Summit Access & Security acquired Point Pleasant’s Top Security Locksmiths, keeping the NJ base and expanding mobile coverage across Monmouth, Ocean and Middlesex counties. Live Casino Content: Evolution became the exclusive live dealer provider for Boyd Interactive brands, including MoheganSunCasino.com in New Jersey. Transportation Finance: New Jersey Transportation Trust Fund Authority priced a $1.7 billion deal, with KBRA lifting ratings after years of fiscal stabilization. Business Litigation Watch: Kaplan Fox flagged multiple securities class-action deadlines tied to companies including Hyliion, Cogent, Dick’s Sporting Goods, EquipmentShare, UWM and others. Healthcare/Pharma: Merck won Japan approval for subcutaneous KEYTRUDA QLEX for all KEYTRUDA indications in Japan.

Cybersecurity & Critical Infrastructure: Federal agencies warn AI is helping attackers write faster exploit code for internet-exposed Siemens controllers used in power and water systems, raising the stakes for legacy industrial equipment. M&A & Antitrust: Paramount-Warner Bros. settlement talks continue without a deal as California AG Rob Bonta weighs conditions, while other states push for tougher limits before signing off. Regional Infrastructure: NY and NJ infrastructure chiefs flag nuclear power and affordable housing as top priorities as electrification and data centers drive demand. Telecom Buildout: EXA Infrastructure launches EXA Meridian, a planned 6,552-kilometer transatlantic subsea cable linking New Jersey and the UK, targeting service in 2029. Workplace Litigation: Amazon faces a new nationwide pregnancy-discrimination class action; NJ previously sued on similar grounds. Sports & Local Economy: NJ’s August jobs report shows a loss of 1,700 jobs while unemployment dips to 4.3%. Nonprofit Funding: Newark, Jersey City, Elizabeth and Plainfield nonprofits post big year-over-year jumps in government grant revenue, led by Choose New Jersey Inc and others. Tech & Finance Crime: DOJ charges Robinhood engineers in an alleged scheme using confidential crypto listing plans for trades. Consumer Safety: Whole Foods recalls specialty cheese in seven states, including New Jersey, over undeclared egg protein. Energy/Jobs Watch: Wonder plans layoffs of 533 NJ workers as production consolidation continues.

Gaza Backlash Hits Pop Economy: Ed Sheeran told a Philadelphia crowd that the situation in Gaza is “catastrophic and unjustifiable,” after the Macklemore tour controversy led to supporting acts walking out and a broader public fight over speech and brand risk. Sports Betting Push in NJ: BetMGM, Kalshi, Polymarket and Fanatics rolled out Week 2 promos targeting New Jersey bettors, including first-bet and trade/bonus offers tied to Eagles-Titans, Vikings-Bears, and other matchups. Gateway Tunnel Win for NJ Commuters: The Trump administration dropped its appeal in the Gateway tunnel funding fight, clearing the way for the $16 billion Hudson River rail project and its jobs impact. Data Privacy & AI Surveillance: Holyoke narrowed access to its Flock license-plate camera data after reports of immigration-related use, underscoring how local settings can reshape tech risk. Energy/Industry Labor Signal: Corning solar workers in Michigan voted to join the Steelworkers, a reminder of how federal incentives and tariffs are reshaping manufacturing and labor leverage. Local Business & Health: Valley Health System named its Chief Academic Officer to NJBIZ’s Education Power List, highlighting growth in graduate medical education. Environment Watch: Equinix reported a diesel spill at its Secaucus data center, with DEP saying cleanup is underway and impacts to the Hackensack River haven’t been reported.

Entertainment & Culture: Ed Sheeran opened his Philadelphia show with a Gaza apology, calling the situation “catastrophic and unjustifiable,” after the Loop Tour fallout that began when Macklemore was dropped over pro-Palestinian remarks; protesters gathered outside Lincoln Financial Field as supporting acts withdrew and ticket resale prices reportedly shifted. Real Estate & Housing Affordability: A TD survey finds first-time buyers are increasingly open to nontraditional paths—like 50-year mortgages, using a 401(k) if allowed, and buying fixer-uppers—as interest rates and limited inventory squeeze budgets. Retail Expansion: Toys “R” Us says it will add 120 new standalone stores this holiday season, growing its U.S. footprint from 40 to 160, including locations tied to New Jersey’s American Dream. Tech & AI in Academia: Stony Brook University named Donghee Yvette Wohn as the inaugural chair of its new Department of Technology, AI and Society, funded by a $5 million SUNY grant. Business & Policy: PureCycle said New Jersey’s recycled-content law supports its PureFive-based packaging push, as the state’s plastic recycling requirements ramp up toward 20% in 2027.

Tour Fallout & Protest Risk: Ed Sheeran is set to resume his Loop Tour in Philadelphia Saturday, potentially solo, after all supporting acts quit in solidarity with opener Macklemore, who was dropped following pro-Palestinian comments at MetLife Stadium in New Jersey; pro-Palestinian groups plan to protest outside the show. Legal/Policy: New Jersey’s AG Kwame Raoul-backed effort scored a major win as a federal judge permanently blocked the Trump administration’s SNAP penalty guidance, protecting states’ ability to provide food assistance to lawful permanent residents. Housing & Real Estate: Zillow reported Hunterdon County’s typical home value rose 1.6% in August 2026 to $635,506, while a separate Zillow analysis claims sellers can lose about $2,165 per home when the same agent represents both buyer and seller. Retail & Local Economy: Stop & Shop reopened a remodeled Wyckoff store with 800 new products and expanded multicultural offerings. Commercial Real Estate: Vango Development launched leasing at Parker East in East Rutherford, with 86 units priced from $3,250 and two months free incentives. Defense Spending: The U.S. Navy awarded contracts tied to EMALS support work at Lakehurst, New Jersey, and continued design for the Trident II D5LE2 missile.

PPP Ruling: The 3rd Circuit said a New Jersey car dealership that exceeded federal PPP loan limits early in COVID-19 isn’t entitled to partial forgiveness, backing SBA authority. Political Lawsuit: South Jersey power broker George E. Norcross III sued The Philadelphia Inquirer and editor Nancy Phillips for $100 million, alleging defamation tied to prosecutors’ notes. TikTok Money-Transfer Fight: New Jersey’s attorney general urged a court to hold TikTok liable for operating an unlicensed money transmission business through livestreaming payments. Public Safety Tech: Cherry Hill will end its contract with Flock license-plate cameras at year’s end, citing growing national pushback; the township is also weighing other tech. Housing & Development: East Rutherford’s Parker East began leasing 86 units with rents starting at $3,250 near NJ Transit. Workforce Shakeup: Wonder plans to lay off 533 NJ workers and open a new Gloucester County production/distribution facility. Rates Watch: The Fed raised its benchmark rate to a 3.75%-4% range, a move that could lift borrowing costs for NJ households. Corporate Expansion: Reckitt is progressing a $600M U.S. transformation, including integrating teams into its New Jersey campus.