Even as many government agencies cut back, the Port Authority of New York & New Jersey is pressing ahead with plans to replace the central terminal at LaGuardia Airport.
The authority on Thursday authorized a $40 million study that should result in a new design for the 45-year-old terminal, which handles about 12 million passengers a year. ... Continue Reading »
Flip-flopping sentiment about the prospects for U.S. automakers battered stocks again Thursday as hopes rose then fell that lawmakers would soon put together an aid package for the companies. Stocks declined after a brief advance that came on hopes that Washington would agree to help Detroit's Big Three.
By the end of the session, the Dow ... Continue Reading »
In a sign the job market in the city is deteriorating, 70,000 New Yorkers received unemployment benefits in October, a 5% increase over the month before and the most in more than four years.
Compared with a year ago, the number of people on unemployment in October rose by nearly 20,000, or 37%, the sharpest year-over-year increase since May ... Continue Reading »
Shares of J.P. Morgan Chase & Co. reached their lowest point in five years Thursday as media reports indicated the Manhattan-based bank will cut about 10% of its investment bank staff in an effort to weather the global economic slowdown.
The bank cut at least six equity sales officials in New York on Thursday, according to a Reuters report ... Continue Reading »
Steve & Barry stores and its parent company have abandoned plans to keep stores open during bankruptcy protection and will liquidate them over the next few months, according to a bankruptcy court filing.
The retailer had filed for Chapter 11 bankruptcy protection in July after its growth plans were hurt as consumers cut back on spending. ... Continue Reading »
Shares of Goldman Sachs Group, until recently one of the most successful investment banks on Wall Street, closed Thursday below their initial public offering price in 1999.
The stock was trading at $49 a share in morning trading, $4 a share below the bank’s offering price of $53. It ended the day at $52, down 5.8% from Wednesday's closing ... Continue Reading »
Even the best lawyers in New York can’t talk their way out of the current financial crisis. Partners at Cadwalader Wickersham & Taft, formerly one of the most profitable law firms in the nation, are ousting the firm’s managing partner Robert Link, according to reports.
The mid-sized firm is having a rough year. After dominating the market ... Continue Reading »
Greg David is the Editorial Director of Crain's New York Business.
At last week’s Crain’s Small Business Awards breakfast, guest moderator Liz Lange was about to ask the panel of six New York entrepreneurs what the city could do to help them. But she paused and then added, “Well, maybe not much because as we all know the city is ... Continue Reading »
Bookseller Barnes & Noble Inc. swung to a loss in its third quarter, saying Thursday that "a significant drop-off" in traffic and consumer spending hurt business. The company also reduced its full-year sales and earnings forecasts.
Shares tumbled $1.27, or 10%, to $11.83 in morning trading, reaching $11.66 shortly after the market open, the ... Continue Reading »
Saudi Prince Alwaleed bin Talal says he plans to increase his stake in Citigroup to 5%.
Prince Alwaleed, who currently holds less than a 4% stake, has been buying shares of Citi believing they are undervalued and that the Manhattan-based bank has been taking necessary steps to improve its operations amid the ongoing credit crisis. ... Continue Reading »
Credit ratings agency Moody's Investors Service on Wednesday said it was placing ratings of Saks Inc. under review for a possible downgrade, due to lower-than-expected earnings in the third quarter.
On Wednesday, Saks reported it swung to a loss during the quarter, as sales fell 13% and the company resorted to deep discounts in order to ... Continue Reading »
Retailer New York & Co. said Thursday its loss narrowed in the third quarter, despite a big drop in sales at established locations.
For the quarter ended Nov. 1, the company reported a loss of $7.9 million, or 13 cents per share, from a loss of $16 million, or 26 cents per share in the prior year quarter.
The results included a ... Continue Reading »
Children's Place Retail Stores Inc.'s fiscal third-quarter profit nearly doubled Thursday, helped by a one-time gain related to its exit from the Disney Store North America business.
The children's clothing retailer reported net income climbed to $24.1 million, or 81 cents per share, compared with $12.3 million, or 42 cents per share, a ... Continue Reading »
GMAC Financial Services, the financing arm of General Motors, said Thursday that it had applied to the Federal Reserve to become a bank holding company, which would allow it to become eligible for aid under the Treasury’s $700 billion bank rescue plan.
The company said the change in status would shore up its capital position and allow it to ... Continue Reading »
The cost of commuting by bus or train in New York City would skyrocket next year under a plan unveiled Thursday by the nation's largest public transit system.
The Metropolitan Transportation Authority said it needs to raise fare revenue by 23% by June in order to plug a yawning budget gap worsened by the global financial crisis.
The ... Continue Reading »
The Bronx Zoo is bringing in reindeer and turning off the lights at its annual evening holiday light show.
Zoo officials have decided to hold a daytime Wild Wonderland instead of the usual nighttime event. On hand will be Clydesdale horses, reindeer and craft workshops where children can make eco-friendly tree ornaments.
By keeping ... Continue Reading »
Ambac Financial Group Inc.'s agreement to reduce its exposure to troubled collateralized debt obligations late Wednesday led an analyst to reduce her projected losses for the struggling bond insurer.
On Wednesday, Ambac said it paid about $1 billion in cash to cut exposure to four CDOs valued at about $3.5 billion. The deal will actually ... Continue Reading »
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