Results tagged “business”

Around 2 a.m. Wednesday, one Joseph Boyd, 46, sat down across from an unidentified teenager on the No. 2 train, exposed himself, and commenced masturbating, cops say. The gender of his 19-year-old witness hasn't been disclosed, but this person was uncomfortable with Boyd's indiscreet onanism, and voiced an objection. According to one account, Boyd fired back with the riposte, "I'm doing my business, you do yours!" Lazy kids. How would they like it if Boyd showed up at whatever fast food chain they work at and barked orders at them? The situation escalated when the pair exited the train at the Flatbush Avenue station, and Boyd allegedly threatened the teen with a pocketknife. But there happened to be a cop nearby, and he was swiftly arrested on charges of public lewdness and menacing. At press time, it was unclear whether his business was ever taken care. more ›

While a new Checker cab hasn't rolled off the line for nearly 30 years, and the iconic NYC symbols haven't actually been a part of the taxi fleet for nearly 10... the company has still been operating. CityRoom notes that they transformed into a manufacturer of car parts for General Motors, but this week, Checker Motors has called it quits after going bankrupt. 78-year-old owner David Markin told them: “It’s finished. Our family is very distressed about the closing of the company. But it became inevitable." His father Morris, a Russian immigrant, started the company in 1922. more ›

Fox says it's ready to pull its stations from Time Warner Cable lineups at midnight in its dispute with the cable operator over subscriber fees. News Corp president and COO Chase Carey wrote in a memo to staffers, "it looks like we will not reach an agreement and our channels may very well go off the air in Time Warner Cable systems at midnight [Dec. 31]," putting the 2010 fate of shows like American Idol, House and 24, not to mention sports programming like the Sugar Bowl, in jeopardy. more ›

Yesterday, former governor Eliot Spitzer spoke at Harvard University's ethics center to discuss big business and government, much to the dismay of one of the madams he used for his dalliances with escorts. He mostly discussed the economic crisis, but he did answer a question about the prostitution scandal that brought down his poltiical career. According to the NY Times, a man "with a long gray ponytail sticking out of his baseball hat," began, "I may sound like a conspiracy theorist," and then asked if there were "'ulterior motives' behind the timing of the disclosure of the prostitution ring that he said was leaked to the news media." more ›

A hedge fund founder and five other people were arrested in what the federal authorities say is the "biggest insider trading scheme ever involving a hedge fund" (NY Times) and the "biggest insider-trading ring in a generation" (Wall Street Journal). Those involved allegedly made $20 million on inside information about stocks like Hilton, IBM, Google and Advanced Micro Devices. more ›

Since Mayor Bloomberg was busy preparing for a mayoral debate and a standing agreement with the city’s Conflicts of Interest Board separates his private and political dealings, he wasn't involved when Bloomberg LP purchased BusinessWeek yesterday. But he thought it was a solid move on his media company's part, "I think it’s a great magazine." more ›

In its fall preview, New York magazine has assembled five different people—professors, economists, etc.—to give their thoughts on the future of NYC's economy—and it's helpfully arranged like a weather forecast, from "Those Clouds Still Look Ominous" to "Do I See Some Sun?" Here's a little from "The Storm’s Not Over Yet" prognosis (aka, glass is more half empty) from Independent Budget Office director Ronnie Lowenstein, "We’re expecting the city to lose a total of 250,000 jobs, and we’ve lost about half of that at this point. We are anticipating that we will continue to shed jobs through the second quarter of 2010... The financial sector is continuing to lose jobs, and because that remains the main driver for the local economy, that means nearly all of the other sectors of the local economy are shedding jobs as well. Credit remains very tight, and there’s a huge glut of unsold apartments, and that’s causing construction employment to plummet." Okay, let's just think about how the weather is nicer. more ›

New York magazine's cover story this week is titled "Is Goldman Sachs Evil? Or Just Too Good?", giving the once-over to the investment bank that just reported $3.44 billion in second quarter profits less than half a year after receiving $10 billion in TARP money from the government. The feature by Joe Hagan examines the bailout, the culture, and the firm's relationship with D.C. Then there are quotes like this one from former "Sheriff of Wall Street" and Love Gov Eliot Spitzer—"If all we are getting are newly empowered and capital-rich hedge funds that benefit from market volatility, then we are not only rebuilding the same edifice, but we’re contributing to the underlying rot in our economy"—as well as one from GS's communications director, "The cult of the individual, which I think has been a disadvantage to so many of the firm’s competitors, really doesn’t exist here. The more you have acceptance, the easier it is to be effective." And another Wall Street veteran puts it this way: "The god is Goldman. You subjugate yourself to that god, and in return we will make you a gazillionaire." more ›

The NY Times prefaces details about the second quarter of 2009 with this: "The good news is that Wall Street finished its best quarter in years on Tuesday — part of a dizzy spree that lifted the broad market 35 percent since early March. The not-so-good news? It would take almost three more rallies like that to push the Dow Jones industrial average back to 14,000 and return markets to where they were before the financial crisis." One analyst tells the Wall Street Journal, "The banks are making money the old-fashioned way, by making markets," but adds, "The pace is just not sustainable." So what's ahead? Some warn that the better returns may not be in the offing, because much of the system is bolstered by taxpayer aid; another analyst says the market will fall and rise within a certain range for a while, "Is the market still investable? Our answer is yes." In other news, ADP says that 473,000 jobs were cut in June; the number if higher than expected, which suggests "the labor market will be slow to improve even as other parts of the economy indicate the recession is abating." more ›

Six Flags Inc. declared for bankruptcy this morning after the company had been trying to clear its multi-billion dollar debt without having to go to court. New management took over the company in 2005 and began restructuring the theme park chain that has kept New Yorkers saving Coke cans for years in order to get discounted admission at Great Adventure in nearby Jackson, NJ. In the last few years, the company has sold ten parks, laid off 300 employees and instituted changes such as having more costumed characters and banning smoking in the parks. Recently they've gone so far as bringing back the nightmarish dancing speed freak, Mr. Six, the "old" man who seems to have found the courage to speak while he was away from the company. Six Flags's CEO Mark Shapiro said, “The current management team inherited a $2.4 billion debt load that cannot be sustained, particularly in these challenging financial markets." The latest snag for the company came when they had to temporarily shut down their Mexico City park due to swine flu. more ›

General Motors, an "icon of American business," has filed for Chapter 11 bankruptcy this morning at US Bankrutpcy Court in New York's Southern District. The NY Times reports, "The company was forced into the filing by President Obama, who is betting that by temporarily nationalizing the onetime icon of American capitalism, he can save at least a diminished automaker that is competitive." more ›

Toys R Us has announced its purchase of FAO Schwarz. According to the AP, "Toys R Us will operate FAO Schwarz's flagship store in New York City and a second store at Caesars Palace in Las Vegas. FAO Schwarz's Web site and catalog will continue to use the company's name." Toys R Us chairman and CEO Jerry Storch said, "We will work tirelessly to preserve the distinctiveness and integrity of the FAO Schwarz stores and brand as we grow the business and, indeed, take the brand to even greater heights." However, Storch did not details the financial agreement. FAO Schwarz has filed for bankruptcy protection twice and last year announced it would sell toys in Macy's stores. more ›

Yelp, the influential San Fransisco-based website that gives every Tom, Dick and Harry a forum to criticize everything from plastic surgeons to restaurants, has agreed to let small businesses publish their responses to criticisms on the site. Previously, businesses owners could only contact their haters directly or—more controversially—pay Yelp to bury negative reviews. But starting next week, businesses like this SF pizza restaurant will no longer be reduced to ironically printing quotes from bad reviews on their T-shirts. Come Monday, according to the Times, they'll be able to tell their side of the story of restaurants such as Otto Pizzeria, about which one Yelper opines: "The best part of the meal was when we walked outside and realized that we had just escaped HELL!" more ›

NYC businesses aren't the only ones threatening to leave for NJ—it turns out businesses all over the Empire State are threatening to leave for NJ and Connecticut! The NY Times looks at how NY is "Vulnerable to Poaching in Recession". While NJ and CT governments are offering nice deals, the Times adds, "some officials and business executives say the Paterson administration, reeling from a number of recent missteps, has been too poorly managed to respond effectively." One example: Pepsi, whose headquarters are in Purchase, was hoping that the Paterson administration wouldn't expand the bottle deposit requirements for non-carbonated drinks...only for Governor Paterson to expand the program and put a tax on non-diet sodas: "Now Pepsi is weighing a searing response: moving the headquarters of the Pepsi Bottling Group and more than 1,000 jobs, from Somers, in Westchester County, to Connecticut, which has been dangling a roughly $30 million incentive package." more ›

With intense concern over the city's economy, Mayor Bloomberg brought up one of his worries: How New Jersey is trying to poach NYC businesses. During his Friday segment on John Gambling's WOR show (listen), the Mayor said, "New Jersey has been going around to a lot of our New York City businesses, saying 'Taxes in New York are too high, move to New Jersey.'...There are a couple of these companies I am really worried might move. We're working very hard to convince them to stay." more ›

Senator Kirsten Gillibrand was in New York City yesterday, meeting different parts of her new downstate constituency: Business leaders and those who know gun violence first-hand. more ›

The private research organization the National Board of Economic Research says its economists have confirmed the U.S. is in a recession--and has been in on since December 2007. The Daily News adds, "What will they tell us next - that oxygen is good for the lungs?!" more ›

According to research firm ShoperTrak, Black Friday sales increase 3% over last year. Still, ShopperTrak says that's the smallest gain for "Black Friday" (the day after Thanksgiving) sales in three years--2007 Black Friday sales were 8.3% higher than in 2006. And the data is also tempered by the fact that many retailers offered deeply discounted items, which cuts into their profitability. On the online sales side, Amazon and eBay say their sales jumped on Friday--Amazon says topsellers include the iPod Touch, Canon Powershot camera, and Nintendo Wii console whereas the Nintendo Wii was the most searched-for item on eBay--but both are forecasting weaker holiday sales. Additionally, with Thanksgiving falling late this year, there are five fewer shopping days this holiday season than last year. more ›

The new bike lane on Grand Street that a local shop owner recently called the possible "demise of Little Italy" continues to draw attention with complaints that fire trucks are struggling to maneuver around the new setup of the block. Ernest Lepore, owner of Ferrara Cafe who originally talked to Villager, appears to have taken his case against the lane to the Post, telling the paper, "I saw one truck back up four or five times before being able to squeeze into the lane. The firefighter was visibly frustrated." more ›

Update: Here's the government's bailout plan for Citigroup: The government will invest $20 billion directly into Citigroup while also backing $306 billion in loans and securities (the Times says the plan is "complex"). In return, Bloomberg News says the government gets "$27 billion of preferred shares paying an 8 percent dividend." more ›

The new bike lane that extends along Grand Street between Varick and Chrystie Streets has been warmly received by many cyclists who like the way it's separated from traffic by a row of parked cars. Not so pleased are business owners through Soho, Little Italy and Chinatown, some of whom fear the bike lane will "hurt business and create a dangerous situation," according to The Villager. more ›

The Dow ended above 8,000, rising 494 points (+6.54%), most in the closing hour. The Nasdaq rose 5.19% and S&P; 500 was up 6.32%. The enthusiasm was due to news (or yet another leak) that President-elect Obama will nominate Timothy Geithner as Treasury Secretary. Geithner, who was born in Brooklyn, has been the New York Federal Reserve Bank President since 2003 and has also worked at the IMF and Council on Foreign Relations. While one trader told the NY Times, “It was almost a Geithner relief rally," another said, "What you’re seeing is a rally off the headlines. The markets are applauding change. It’s a hope that change will bring some sort of effectiveness to these plans and ultimately make a road map to come out of it.” more ›

Crain's says that Citigroup's announced 52,000-employee reduction is the "second-largest job cut ever undertaken by any company." (The largest one is from 1993, when IBM let go of 60,000.) Citigroup's job cuts--which many don't think are enough given its current condition--are global and some will be through asset sales (about half are layoffs). But Citi is NYC's "second-largest" employer "behind only the New York-Presbyterian Healthcare System," according to Crain's. more ›

Yesterday morning, the New York Stock Exchange's opening bell was rung by Grandma the Clown from the Big Apple Circus. The Post has details on what happened next: Master of Ceremonies Carrie "Harvey and Grandma wandered the floor trying to spread joy and merriment, placing funny red noses on exchange officials to touch the funny bones of even the most shaken traders." more ›

The Dow Jones fell 5.1% yesterday as worries about the economy returned with data about service sector-activity falling more than expected and jobs losses increasing more than expected. Futures are looking down again today, and that's in spite of the Bank of England slashed its key lending rate from 4.5% to 3%--its lowest since 1955. In fact, the BoE's rate cut was so unexpected that none of 60 economists surveyed by Bloomberg News predicted it (one said, It's absolutely staggering and deeply impressive"). Earnings data is driving the concern--Toyota forecast its "biggest drop in profit in at least 18 years" and Cisco predicts its "first revenue decline in" 5 years. more ›

Today, the NY Times looks at how layoffs are beginning at a "broad array of businesses across the New York region." Basically, it distills everything you've been hearing, thinking and fearing. more ›

Stocks were expected to fall this morning, as Asian markets were significantly down (Nikkei -6%, Hong Kong -13%, Shanghai -6%) as are the European markets, but U.S. new home sales rose unexpectedly in September by 2.7%, so stocks declined less severely than thought for this morning. Bloomberg News said that sales were "propelled by a drop in prices ahead of the latest turmoil in financial markets." more ›

"Worse-than-expected weekly jobless numbers" plus overall worries about a recession are driving stock future down today. CNBC reports that jobless benefits claims rose by a "larger than expected 15,000 last week." Additionally, there's also the news that Goldman Sachs will lay off 10% of its 32,500 employees, joining a number of other firms that will be firing employees after companies consolidate (Bank of America's purchase of Merrill Lynch, Barclays' takeover of Lehman Brothers). Also interesting from CNBC: "Most economists say the current downturn will be far harsher than the blip of the 1990-1991 or even 2000-2001 recessions." more ›

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A number of big companies, including Boeing, Wachovia, and AT&T;, are announcing disappointing earnings, which are moving stock futures to a lower open. Notably Wachovia, which is being taken over by Wells Fargo, had a $23.9 billion loss in the third quarter--"compared with net income of $1.6 billion" during the same period last year. Yahoo posted losses yesterday, but Apple says its 26% rise in third quarter profit was due to the new 3G iPhone; still, it wasn't enough to keep the U.S. markets from falling. Markets in Asia fell, and European markets are down. more ›