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Preview: NY Post: Business

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: Sat, 24 Mar 2018 07:20:16 +0000


Toy tycoon leads crowdfunding effort to save Toys R Us brandToys R Us Bid Effort

Fri, 23 Mar 2018 21:51:26 -0400

A budding campaign to buy Toys ‘R’ Us has hit a few bumps in the road, but its billionaire backer said he’s just getting started. Toy tycoon Isaac Larian — founder and chief executive of MGA Entertainment, maker of Little Tikes, Bratz dolls and LOL Surprise — says he was in talks with several major...

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Already cheap MoviePass lowers its prices even moreAP4361182898050494

Fri, 23 Mar 2018 21:16:43 -0400

MoviePass — whose subscription service has already made going to the movies ridiculously cheap — just slashed its prices again. The all-you-can-watch cinema buffet announced Friday that for a limited time it is lowering its monthly rate to $6.95 from $9.95 for new subscribers. MoviePass already made theater chains like AMC apoplectic when it changed...

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Marcus Samuelsson accused of discriminating against black bartendersVanity Fair New Establishment Summit - Day 2

Fri, 23 Mar 2018 18:01:49 -0400

A former black employee is suing Ethiopia-born celebrity chef Marcus Samuelsson and one of his restaurants, claiming Samuelsson doesn’t like black bartenders, according to a new Manhattan federal lawsuit. In the unusual civil rights lawsuit, Campus Johnson says he was the only black male bartender out of 10 bartenders at Red Rooster in Harlem during...

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I was fired for refusing to go to rehab for my ‘social drinking’: suitR89432

Fri, 23 Mar 2018 17:36:21 -0400

They tried to make her go to rehab, but she said, “No, no, no.” An ousted merchandise manager with the online shopping company Rue La La says her ex-employer discriminated against her for the “disability” of alcoholism — while insisting she’s no lush. Now she’s filed a $5 million lawsuit against the e-commerce website claiming...

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Dow loses 400 points on worries about a trade warNY Stock Exchange Opens One Day After Dow Plunges In Reaction To Tariffs

Fri, 23 Mar 2018 15:38:35 -0400

The Dow got slammed again on Friday, dropping more than 400 points on worries about a looming trade war with China. After ducking in and out of positive territory for much of the day, the Dow Jones industrial average tumbled in the late afternoon to close down 424.69 points at 23,533.20. The drop capped a...

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Lawmakers formally ask Zuckerberg to testify on user dataNew Samsung S7 Worldwide Unveiling

Fri, 23 Mar 2018 15:17:49 -0400

Congress has a message for Mark Zuckerberg: You’re the one that we want. Members of the House and Senate formally asked the Facebook chief executive to come to Capitol Hill to explain how 50 million users’ data got into the hands of political consultancy firm Cambridge Analytica. “Mr. Zuckerberg has stated that he would be...

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BofA defrauded clients as it secretly routed trades to Bernie MadoffFILE: Madoff Suffers Heart Attack In Prison Bernie Madoff Pleads Guilty To $50 Billion Scheme To De-Fraud Investors

Fri, 23 Mar 2018 15:10:01 -0400

Bank of America secretly routed trades in order to enrich clients like Bernie Madoff while misleading other customers through “masked” messages for five years through 2013, according to the $45 million settlement with New York Attorney General Eric Schneiderman on Friday. BofA, which is led by CEO Brian Moynihan, sold stock at discounted prices to...

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Spotify says 2 million listeners blocked ads for freeFILE PHOTO: Headphones are seen in front of a logo of online music streaming service Spotify

Fri, 23 Mar 2018 15:05:07 -0400

Spotify said that about 2 million of its users have been accessing the ad-free version of its music-streaming service by using unauthorized apps, highlighting a potential revenue risk for the soon-to-be public company. The freeloaders — who represented 1.3 percent of its previously reported total user base — are still using third-party apps to gain...

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Elon Musk deletes Facebook accounts for Tesla and SpaceXElon Musk Answers Your Questions! - 2018 SXSW Conference and Festivals

Fri, 23 Mar 2018 13:37:39 -0400

Facebook pages for Tesla and SpaceX disappeared Friday after CEO Elon Musk got dared to delete them on Twitter. The road to the pages’ surprise demise began when WhatsApp co-founder Brian Acton, who sold the messaging service to Facebook in 2014 for $19 billion, tweeted Wednesday that “It is time. #deletefacebook.” Acton hasn’t elaborated on...

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Dropbox shares surge as much as 50 percent on first dayDropbox Debuts On Nasdaq Exchange

Fri, 23 Mar 2018 13:07:56 -0400

Dropbox’s shares soared by as much as 50 percent in their first day of trading on Friday as investors rushed to buy into the biggest technology initial public offering in more than a year even as the wider tech sector languished. The stock opened at $29 on the Nasdaq and shot up to as high...

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Lloyd Blankfein’s pay looks reasonable next to Jamie Dimon’sBloomberg Global Business Forum Held In New York

Fri, 23 Mar 2018 12:02:53 -0400

Lloyd Blankfein made 163 times the median Goldman Sachs employee last year — an eye-popping figure that’s nevertheless dwarfed by what JPMorgan Chase CEO Jamie Dimon got paid versus the rank-and-file. Blankfein, who is reportedly leaving the helm at Goldman in the next year or so, is expected to take home $21.9 million in total...

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Steve Wynn sells off final stake in Wynn Resorts for $2.1BSteve Wynn

Fri, 23 Mar 2018 11:49:01 -0400

Steve Wynn has cashed in his chips at Wynn Resorts. The 76-year-old billionaire — stung by a slew of sex-harassment allegations from employees — has sold the last of a stake in the Las Vegas gambling and hotel empire worth $2.1 billion, according to securities filings. Until this week, Wynn had an 11.8 percent stake...

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Target and Kroger are reportedly in merger talksTarget Corp. Reported A 4 percent increase in second-quarter profits

Fri, 23 Mar 2018 09:11:26 -0400

Discount retailer Target and grocery chain Kroger are in talks about a possible merger, tech-focused magazine Fast Company reported Friday, citing people with knowledge of the matter. The companies first started talks last summer about a partnership that could improve Target’s grocery business and give Kroger customers more access to merchandise and e-commerce, the report...

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Zuckerberg’s apology was not enough for Wall StreetFacebook Hosts Conference On Future Of Social Technologies

Thu, 22 Mar 2018 22:34:29 -0400

Mark Zuckerberg’s words did little to soothe anxious shareholders. The Facebook chief executive last Wednesday finally addressed the social network’s Cambridge Analytica scandal — but his “very sorry” mea culpa couldn’t stop another sell-off in the company’s shares. Facebook shares fell 2.7 percent on Thursday, to $164.89 — leaving them down nearly 15 percent from...

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iHeart ripped off $435M in ‘secret transactions’: suitshutterstock_272470895

Thu, 22 Mar 2018 22:33:33 -0400

A creditor group has sued iHeart Media, claiming the radio station giant “engaged in a series of secret and deceptive transactions” designed to dupe them out of $435 million. The group, which owns $475 million of notes issued before iHeart’s $17.9 billion buyout by two private equity firms in 2008, claims the company assured them...

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Comedian Byron Allen buys the Weather Channel for $300MPremiere Of Dimension Films' "47 Meters Down" - Arrivals

Thu, 22 Mar 2018 22:12:17 -0400

The Weather Channel TV network was sold Thursday — to comedian-turned-media mogul Byron Allen. Allen’s Entertainment Studios Inc. bought the 36-year-old TV staple from the Blackstone Group, Bain Capital and Comcast. Terms of the sale were not disclosed, but sources pegged the price at about $300 million. The network and its digital property —

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Nike shares jump over 6 percent after positive quarterly resultsNike To Lay Off 2 Percent Of Global Workforce Amid Drop In Sales

Thu, 22 Mar 2018 21:16:42 -0400

Nike has a new bounce in its step after reporting better-than-expected quarterly results. Shares of the sneaker and sports-apparel maker shot up more than 6 percent in after-hours trading, to north of $68, despite continued weakness in the US. Domestic sales fell 6 percent in the three months ended Feb. 28, the company reported —...

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Blade raises $38M in financing, plans to expand flight schedule080814_blade_9091_EP.jpg

Thu, 22 Mar 2018 19:21:02 -0400

Blade, the short-distance aviation company, has raised $38 million in a new round of financing led by investors Colony NorthStar and Lerer Hippeau. Airbus Helicopters and LionTree Ventures also participated in the round, which sources said increased the 4-year-old company’s valuation to $150 million. Blade, founded by former Sony executive Rob Wiesenthal, plans to use...

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Toys R Us founder Charles Lazarus dies before company180322-toys-r-us-founder-dead-feature

Thu, 22 Mar 2018 17:13:17 -0400

The founder of Toys R Us, Charles Lazarus, died on Thursday — hours before his beloved toy chain was to begin going-out-of-business sales. Lazarus, 94, opened his first toy store in 1957 in the suburbs of his Washington, DC, home — and by the 1980s had created the supermarket-of-toys format and had grown the chain...

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Bill Ackman scored a $100M profit on Nike shares2016 DealBook Conference

Thu, 22 Mar 2018 16:41:10 -0400

Bill Ackman bagged a $100 million profit on a recent Nike trade, sources familiar with his hedge fund told The Post. The struggling activist investor bought the passive Nike stake — an unusual move for the vocal money manager — during the fourth quarter of 2017. The roughly six-month investment, which his fund exited a...

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