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Aug. 20, 2025

Today's Highlights

Tariff revenue expected to offset tax bill impact, S&P says in U.S. credit rating hold

S&P Global expects “meaningful” federal government revenue from President Donald Trump’s broad tariff policies to “generally offset weaker” revenue expected from Trump’s recently enacted tax-and-spending bill. S&P Global cited that outlook on Monday as it maintained its AA+ rating on long-term U.S. sovereign debt and its A-1+ rating on “short-term unsolicited sovereign credit.” But the company warned, “We could lower the rating over the next two to three years if already high deficits increase, reflecting political inability to contain rising spending or to manage revenue implications from changes in the tax code.” (CNBC)

Murphy announces expanded transportation options for South Jersey

Gov. Phil Murphy today announced three initiatives to expand and modernize public transportation options in southern New Jersey. The governor unveiled an expansion of Camden’s electric bus fleet, a new express shuttle service between Vineland and Atlantic City, and a $5 million federal investment to grow "microtransit options" across South Jersey, expanding service options on “eds and meds” corridors. The initiative is designed to connect residents to jobs, schools, and healthcare facilities, the governor said. (Governor's Office)

Target CEO to step down amid company struggles

Target named an insider as its next CEO Wednesday, a decision that comes as the discount retailer tries to reverse a persistent sales malaise and to revive its reputation as the place to go for affordable but stylish products. Minneapolis-based Target said CEO Brian Cornell, who has led the company for 11 years, would step down on Feb. 1. The board of directors chose COO Michael Fiddelke, a 20-year Target veteran, to succeed him. (The Associated Press)

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The fever gripping the housing market seems to be breaking. Here’s why.

More homes have come on the market this year, but buyers aren’t biting the way they used to. Tired of high mortgage rates, surging insurance costs and stubbornly expensive listings, many are sitting on the sidelines. The ones who are interested are taking their time and searching for a good deal. More than one in four home sellers on Zillow cut their asking price in June, according to the real estate search engine. That’s the highest share on record for June since at least 2018, Zillow said. (CNN Business)

‘Happy Gilmore 2’ shoots to record-breaking $152.5M in NJ spending

The N.J. Motion Picture and Television Commission said the filming of the Netflix comedy Happy Gilmore 2 generated $152.5 million in qualified spending during its 64 days of production in the state. That's the highest-spending production in New Jersey since Gov. Murphy reinstated the state’s Film and Digital Media Tax Credit Program in 2018.The production filmed in 31 towns with an average daily spend of $2.3 million. The film’s impact included $1.2 million spent on lodging and $6.4 million on hiring extras. (BINJE)

Cornerstone NJ Member News

Smolin Lupin relocates to new Headquarters in Parsippany

Smolin Lupin, a certified public accounting and financial services firm, has officially opened its new 20,000-square-foot headquarters at 10 Waterview Blvd. in Parsippany. The move, which marks a significant milestone for the firm, was arranged by Resource Realty of Northern New Jersey (RRNNJ). Smolin Lupin relocated from nearby Fairfield, where it had been for 24 years. (BINJE)

Bristol Myers Squibb names Pennell SVP, worldwide head of medical affairs, hematology and oncology

Bristol Myers Squibb appointed Dr. Nathan Pennell as senior vice president, worldwide head of medical affairs, hematology & oncology. Pennell, a medical oncologist with 25 years of experience, will lead the BMS oncology medical affairs program, overseeing scientific strategy and execution, competitive intelligence, regulatory insights, and medical input for business development. Previously, Pennell served as head of thoracic oncology and clinical research at the Cleveland Clinic Taussig Cancer Center. (ROI-NJ)

Archer adds ex-Bergen County Chief Assistant Prosecutor Talarico as partner

Archer & Greiner said Aug. 19 that former Bergen County Chief Assistant Prosecutor Anthony C. Talarico has joined the firm as a partner in its corporate compliance, investigations & criminal defense practice group in the Hackensack office. Talarico brings more than a decade of experience handling high-profile, high-stakes criminal matters. (ROI-NJ)

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Novo Nordisk halves Ozempic price to $499 for US patients

As part of an effort to improve access to authentic versions of its GLP-1 medications, Novo Nordisk is cutting the cost of its popular diabetes drug Ozempic by nearly half. In an Aug. 18 press release, the Danish drugmaker announced cash-paying, uninsured U.S. patients with Type 2 diabetes can now purchase a monthly supply for $499. (NJBIZ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

BUSINESS MADE EASIER

Do business with fellow N.J. Chamber members — you can find them in our online directory.

N.J. Chamber Business Roundtable Series

Sept. 9 – Breakfast with Assembly Majority Leader Greenwald

National Conference Center, East Windsor, 8 a.m. to 10 a.m.

Enjoy a networking opportunity with attendees over breakfast, and then hear from Majority Leader Greenwald. The presentation will be followed by Q&A.

More information and register

Sept. 10 – Young Professionals Networking Mixer

NJ Sharing Network, New Providence, 5:30 p.m. to 8 p.m.

More information and register

Sept. 18 – Women of Inspiration Awards Reception

National Conference Center, East Windsor, 5 p.m. to 8:30 p.m.

The New Jersey Chamber is honoring 12 women who have used talent and hard work to create economic opportunities and help make New Jersey a better place to live and work.

More information and register

Sept. 25 – Member Networking Breakfast (Free to members)

New Jersey Audubon, Bernardsville, 9 a.m. to 10:30 a.m.

Register

Oct. 6 – Young Professionals Networking Mixer 

Fiserv, Berkeley Heights , 5:30 p.m. to 8 p.m.

Basketball star and Hall of Famer Nancy Lieberman will be our guest speaker at this special event sponsored by the N.J. Chamber Young Professionals Network.

More information and Register

N.J. Chamber Business Roundtable Series

Oct. 21 – The State of Transportation

National Conference Center, East Windsor, 8 a.m. to 10 a.m.

More information and register

Oct. 22 – NJ Chamber Legislative & Business Awards Reception

EisnerAmper, Iselin, 5 p.m. to 8 p.m.

We will recognize state leaders and advocates who have demonstrated an unwavering commitment to supporting N.J.’s business community.

See honorees and register

Nov. 6 – DE&I Trailblazer Awards Reception

Co-Hosted by African American Chamber of NJ and NJ Chamber

Pines Manor, Edison, 5:30 p.m. to 8 p.m.

More information and register

N.J. Chamber Business Roundtable Series

Dec. 2 – The State of Higher Education & Workforce Development

National Conference Center, East Windsor, 8 a.m. to 10 a.m.

More information and register

Dec. 11 – Annual Member Holiday Party (Free to members)

Calandra's Italian Village, 5 p.m. to 8 p.m.

More information coming soon

March 31 – April 1, 2026 – ReNew Jersey Business Summit & Expo

Harrah's Atlantic City

More information coming soon

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

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The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.