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Business | New York Post

Your source for breaking news, news about New York, sports, business, entertainment, opinion, real estate, culture, fashion, and more.

Last Build Date: Fri, 26 May 2017 17:10:35 +0000


US economy’s first quarter not as weak as first thoughtUS-ECONOMY-WALL STREET-CLOSING BELL

Fri, 26 May 2017 11:16:45 -0400

The US economy started 2017 out with a whimper, but it wasn’t quite as weak as first thought. The government revised up its January-March growth reading to a rate of 1.2 percent — better than an earlier estimate of 0.7 percent but well below President Trump’s ambitious growth targets. Growth in the gross domestic product,...

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Climate activists score major win with FidelityOf Mutual Interest-Women Investors

Fri, 26 May 2017 10:41:14 -0400

Fidelity Investments may support shareholder proxy proposals calling on companies to report on sustainability matters this year, a major shift by the Boston asset manager as climate activists gain more traction at large US corporations. While Fidelity will generally vote as company managers recommend on environmental or social issues, “Fidelity may support shareholder proposals calling...

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Low gas prices will mean more road trips this summerCheap Oil What to Know

Fri, 26 May 2017 10:29:36 -0400

Good news for summer vacationers! Gas prices promise to stay low through the coming warm-weather season as a global glut of oil continues. The current national average price for a gallon of regular gas is $2.37, up just pennies from $2.31 a year ago, according to AAA. The bright outlook for wandering US motorists is...

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Red Light Management owner set to take stake in Brooklyn BowlExploring New York's Trendy Williamsburg Neighborhood

Fri, 26 May 2017 00:15:04 -0400

Coran Capshaw, owner of Red Light Management, is set to take a minority stake in Brooklyn Bowl, the multi-city music venue, bowling alley and all round hipster hang-out, The Post has learned. Brooklyn Bowl, with locations in Las Vegas and London and a Virginia-based Lock’n festival, is part-owned by club impresario Peter Shapiro, who has...

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Altice cable deal gives Viacom shares much needed boostThe Hollywood Reporter's Annual Nominees Night Party

Thu, 25 May 2017 16:41:24 -0400

Sumner Redstone just got an early 94th birthday present. Viacom, the media giant controlled by the mogul and his family, reached a deal Thursday to remain on Altice’s 2.41 million household cable systems, both companies said in a statement. The news removed a major overhang on Viacom’s shares, given fears that the media conglomerate’s brands...

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New Amazon bookstore looks like airport desperation pit-stopAmazon Books store opens in New York

Thu, 25 May 2017 16:11:17 -0400

Amazon may have finally killed the bookstore once and for all — by opening one. The online retailer has launched New York’s first Amazon Books, a glorified airport stall located on the third floor at the Shops at Columbus Circle. Upstairs from Borders’ shuttered flagship bookstore, the cramped, 4,000-square-foot space takes no cash and has...

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Miami Marlins owner will have to cut price to sell team26.1f.Marlins.web (1)

Thu, 25 May 2017 10:42:26 -0400

Miami Marlins owner Jeffrey Loria, unable to attract a bid at his already reduced $1.3 billion asking price, may soon face a tough choice — cut the price a second time or take his money-losing team off the block, sources told The Post. Neither of the two bidding groups — including one with former Florida...

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Sears sees first quarterly profit in two yearsRetail Giant Sears Casts Doubt On Future Of Company

Thu, 25 May 2017 10:21:02 -0400

Sears Holdings reported its first quarterly profit in nearly two years, as the retailer benefited from the sale of its Craftsman brand and a program to cut $1.25 billion in costs, amid doubts about its ability to continue as a going concern. Shares of the company, headed by hedge-fund billionaire Eddie Lampert, were up 17...

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Best Buy shares surge 15 percent on strong sales, cost cutsBest Buy Reaps Big Profits On Big Ticket Items

Thu, 25 May 2017 09:49:56 -0400

Best Buy reported an unexpected rise in first-quarter comparable sales, and the No. 1 US electronics retailer said it planned to save $600 million in costs by the end of fiscal 2021, sending shares to an 11-year high Thursday. Shares of the company surged as much as 15 percent to $57.95 in morning trading. The...

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Bankers plotted to rip off clients in online chat room122816bnp1CS

Wed, 24 May 2017 23:31:51 -0400

Bankers say the damnedest things. A giant French bank on Wednesday was fined $350 million by New York regulators after investigators discovered a secret online chat room where traders and salespeople openly plotted to rip off clients — and discussed how they could throw authorities off their track. For six years, BNP Paribas gave a...

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This post office scam is as low-tech as thieves can get170524-mail-feature

Wed, 24 May 2017 23:16:30 -0400

Now I’ve heard everything. You already know about most of the high-tech scams being pulled these days. Like the phone call from a person who sounds awfully foreign but claims to be your grandkid in trouble overseas and in need of money. Or the sweet-voiced people who phone and claim they are from organizations that...

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Census Bureau cheated its workers and now it has to paycensus-bureau

Wed, 24 May 2017 22:52:13 -0400

The Census Bureau cheated its workers out of pay — and now the agency, which I believe is the worst-run organization in Washington, is likely going to pay for its sins. Big league. Lawyers for Census Bureau worker Alan Gross have already proven the wage theft case in court and are now trolling to find...

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Why Trump is having trouble keeping campaign promisesGOP Presidential Candidate Donald Trump Campaigns In Iowa

Wed, 24 May 2017 22:45:06 -0400

Here is President Trump’s main problem in regard to keeping his campaign promises, like tax cuts: He needs to get his budget through Congress, complete with massive spending cuts, but even Republicans won’t go along with it. I fear Trump won’t get his budget cuts, so he won’t be able to get his tax cuts...

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Investor claims he was defrauded by CEO of Blink Healthhandshake

Wed, 24 May 2017 22:35:49 -0400

The head of a discount generic-drug startup was so hard-up for a Hamptons house that he bilked his early investors and employees out of their stakes in the company, according to claims in an explosive lawsuit. Blink Health CEO Geoffrey Chaiken induced hedge-fund investor Michael Karsch in 2014 to provide a $1 million convertible loan...

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Editor of Jared Kushner’s Observer Media resignsThe New York Observer's New Look Hosted by Jared Kushner and Joseph Meyer

Wed, 24 May 2017 22:12:11 -0400

The editor of the Observer Media Group — owned by Donald Trump’s son-in-law Jared Kushner — resigned on Wednesday, a source told The Post. Ken Kurson, a friend and associate of Kushner who was appointed editor in chief in January 2013, is going to join Teneo Holdings, a CEO advisory firm, according to sources. In...

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Shake Shack is coming to the East VillageShake Shack Raises Prices For Upcoming IPO

Wed, 24 May 2017 17:58:33 -0400

Shake Shack is finally coming to the Village — the East Village, as it happens. Danny Meyer’s fast-growing burger chain has signed a lease on Astor Place that will open this fall, The Post has learned. The new location, which will span nearly 3,000 square feet on the northeast side of the building at 51...

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Trump Organization won’t identify hotel guests from foreign governmentstrump

Wed, 24 May 2017 16:34:33 -0400

WASHINGTON – The Trump Organization told the House Oversight Committee it’s “impractical” to identify all foreign government individuals staying in Trump hotels so it can turn over any profits from such stays to the US Treasury. A lawyer for the Trump Organization also raised the issue of privacy in trying to identify foreign government customers....

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Bitcoin soars to a new all-time highBitcoin Value Soars And Drops

Wed, 24 May 2017 15:55:33 -0400

Digital currency bitcoin hit a fresh record high on Wednesday, surging above $2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any...

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Companies targeted by activists are facing more pressureRetail Signs

Wed, 24 May 2017 15:27:28 -0400

Companies targeted by activist hedge funds will be going into their shareholder meetings next week with fewer allies than expected. Just this week, proxy advisory firms Glass Lewis and Institutional Shareholder Services have thrown their weight behind hedgies Mick McGuire of Marcato Capital and Jonathan Litt of Land and Buildings. Most recently on Wednesday, ISS...

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Equinox is getting into the upscale healthy dining trend170524-equinox-healthy-fast-food

Wed, 24 May 2017 13:07:52 -0400

A new front is about to open up in the battle among Manhattan’s luxe gyms. Equinox Sports Club has inked a deal with top restaurateur Phil Winser, co-founder of The Fat Radish and Silkstone Hospitality Group. The two-pronged plan is to introduce club members to upscale dining in a 3,500-square-foot space — with food choices...

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