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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: Wed, 20 Sep 2017 00:47:46 +0000


America’s first black millionaire was both brilliant and ruthlessCall Room Of New York Stock Exchange

Tue, 19 Sep 2017 16:25:59 -0400

The name Hamilton has perhaps never been more prominent, especially on Wall Street, thanks in large part to the acclaimed Broadway musical about the Founding Father who essentially created the nation’s financial system as the first secretary of the Treasury. Alexander Hamilton is undeniably a figure of global historical import, but even history buffs may...

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The Bronx makes pitch for Amazon’s new headquartersFILE PHOTO: Amazon logo is pictured in Mexico City

Tue, 19 Sep 2017 13:26:55 -0400

The Bronx is no longer burning — instead it’s yearning . . . for more jobs. More than two dozen elected officials from across the borough have sent a joint letter to Amazon CEO Jeff Bezos urging him to locate the e-commerce giant’s second national headquarters in The Bronx. “The Bronx offers more advantages to...

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Walgreens gets OK to buy 1,932 Rite Aid storesWalgreens

Tue, 19 Sep 2017 12:17:19 -0400

Drugstore chain Walgreens Boots Alliance said Tuesday it received regulatory clearance to buy 1,932 Rite Aid stores — 254 fewer stores than it had previously intended. The approved deal is for $4.38 billion. A previous agreement where Walgreens agreed to buy Rite Aid and nearly 4,600 of its stores for $9.4 billion was scotched by...

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American workers can’t catch a break or a pay raiseDepressed business people

Tue, 19 Sep 2017 12:02:56 -0400

Don’t hold your breath for a bigger pay raise next year. Despite an improving economy and jobs situation, American employers are tightening their belts. Pay raises for US employees are not expected to improve next year, according to a survey released Monday by global professional services company Aon, based on a survey of over 1,000...

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Kendall Jenner helps Adidas US sales pass Air JordanUS-FASHION-WEEK-ICONS BY CARINE ROITFELD

Tue, 19 Sep 2017 11:32:13 -0400

OMG, did Kendall Jenner just give the business to Michael Jordan? Less than four months after the 21-year old model officially signed on to promote the Adidas brand, the German athletic footwear maker has passed Nike’s Air Jordan to become the No. 2 selling sneaker brand in the US, according to an industry group. “This...

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Toys ‘R’ Us officially files for bankruptcytoys-r-us-logo

Tue, 19 Sep 2017 00:57:09 -0400

Toys “R” Us filed for bankruptcy Monday, becoming the latest victim in a retail industry rocked by online shopping and discount chains. The Chapter 11 filing is among the largest ever by a specialty retailer and casts doubt on the future of the company’s approximately 1,600 stores and 64,000 employees. The move comes just as...

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Judge all but tosses case against ‘rogue’ trader Guy Gentile

Mon, 18 Sep 2017 23:06:11 -0400

A federal judge all but tossed the government’s case against “rogue” trader and ex-FBI informant Guy Gentile — likely ending the 18-month civil fraud case that Gentile claims was brought in retaliation. US Judge Jose Linares ruled on Monday that the Securities and Exchange Commission’s claims have largely been withdrawn or thrown out. While Judge...

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The challenges of driving a yellow cab in the age of Uber091717Taxi6BS

Mon, 18 Sep 2017 22:35:38 -0400

If you want to know the effect Uber and Lyft are having on New York City’s yellow cabs, just take a ride to JFK’s taxi parking lot. At any time of day, there are hundreds of cabbies waiting desperately, most of the time for hours, in hopes of grabbing the industry’s consolation prize — a...

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DeVos’ family seeks deregulation of Amway so it can beat HerbalifeBetsy DeVos

Mon, 18 Sep 2017 22:23:52 -0400

Betsy DeVos’ well-connected family wants Amway to get a leg up on Herbalife — and it’s pushing Congress to make it happen. The US education secretary’s Michigan-based family, which is the controlling shareholder of privately held Amway, is backing a little-noticed amendment to the US House spending bill that would limit regulatory oversight of so-called...

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The Jets are failing off the field now tooFILE PHOTO - New York Jets owner Johnson speaks during a news conference at the Boys and Girls Club in Newark

Mon, 18 Sep 2017 21:34:23 -0400

New York’s two NFL teams were underperformers this year in a list of valuations released by Forbes magazine on Monday. Indeed, the Jets had the dubious distinction of being the only team that failed to appreciate in value in 2017. The Giants, meanwhile, posted a 6 percent gain, compared with an 8 percent average rise...

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Equifax may have suffered breach months before the massive hackBX189_4ED5_9

Mon, 18 Sep 2017 19:34:34 -0400

Equifax was hacked months before the breach that compromised the Social Security numbers and other personal information of 143 million Americans — and it may have been carried out by the same attackers, according to a new report. The credit reporting agency announced earlier this month that hackers broke into its system — and peeped...

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JPMorgan trading bitcoin for clients despite Dimon’s ‘fraud’ rantBusiness Leaders Speak At Fortune Global Forum In San Francisco

Mon, 18 Sep 2017 15:49:07 -0400

JPMorgan Chase has been routing customer orders for bitcoin-related instruments, a spokesman said on Monday, despite the bank’s chief executive calling the crypto currency “a fraud.” Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency....

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Jimmy Choo shareholders vote for Michael Kors takeoverjimmy

Mon, 18 Sep 2017 12:51:06 -0400

Luxury shoemaker Jimmy Choo on Monday said its shareholders voted in favor of a $1.2 billion takeover by fashion group Michael Kors. Almost all of the around 318 million votes cast at Jimmy Choo’s general shareholder meeting were in favor of the deal. Michael Kors agreed to buy Jimmy Choo in July. The British shoe...

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DOJ launches criminal probe of Equifax executivesequifax

Mon, 18 Sep 2017 11:35:36 -0400

The Justice Department has opened a criminal investigation into three Equifax executives who sold shares totaling nearly $2 million days after the company became aware that it had been hacked, according to a report. The DOJ is looking into whether the executives broke insider trading laws, according to Bloomberg. The executives being investigated are Equifax...

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Snap removes Al Jazeera channel in Saudi ArabiaYahoo Set To Invest $20 Million In Snapchat

Mon, 18 Sep 2017 09:19:18 -0400

Snap Inc. has been asked by the Saudi Arabia government to remove the Al Jazeera Discover Publisher Channel in that country because it violated local laws, the social media company said on Sunday. “We make an effort to comply with local laws in the countries where we operate,” a Snapchat spokesperson said in a statement...

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Top bank analyst says Goldman turnaround plan won’t workGoldman Sachs Executives Testify At Senate Hearing On Financial Crisis

Mon, 18 Sep 2017 09:11:56 -0400

Goldman Sachs CEO Lloyd Blankfein may be too puny to “muscle in” on new financial markets, according to a top banking analyst. Wall Street curmudgeon Dick Bove unleashed a blistering report on Goldman Monday, doubting that its execs can pull off a three-year plan to fix the bank’s stubborn trading slump. Bove likewise raised questions...

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Slack valued at more than $5B after Softbank investmentFILE PHOTO: The Slack messaging application is seen on a phone screen

Mon, 18 Sep 2017 09:11:21 -0400

Software startup Slack Technologies said it raised $250 million from SoftBank Group and other investors in its latest funding round, boosting the company’s valuation to $5.1 billion. The latest fund-raising, led by SoftBank through its giant Vision Fund and joined by Accel and other investors, lifted Slack’s total funds raised to $841 million, the enterprise...

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Northrop Grumman buys rocket maker Orbital for $7.8 billionUS-POLITICS-DEFENSE-ANNIVERSARY-B2

Mon, 18 Sep 2017 09:00:34 -0400

US defense contractor Northrop Grumman said on Monday it would buy missile and rocket maker Orbital ATK for about $7.8 billion in cash, giving it access to lucrative contracts with NASA and the US Army. The deal, which comes as North Korea tests threatening missiles, will also help Northrop increase its arsenal of missile defense...

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Mon, 18 Sep 2017 08:53:18 -0400

Wenner Media said it is exploring strategic options for its majority interest in Rolling Stone magazine, as the New York-based publisher continues to shift from its print media business amid falling ad revenues. The company recently sold its two other magazines, Us Weekly in March and Men’s Journal in June, highlighting the struggles of the...

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SAC trader accused of insider trading claims Bharara got it wrongNew York District Attorney Preet Bharara Announces Arrest Of Head Of Correction Officers' Benevolent Association

Mon, 18 Sep 2017 01:47:59 -0400

Preet Bharara’s credentials as the former “Sheriff of Wall Street” are facing yet another challenge from the old gang at SAC Capital. An ex-trader for billionaire Steve Cohen’s now-defunct hedge fund, who had flipped to cooperate with the feds in an insider-trading case, is now seeking to withdraw his 2013 guilty plea, claiming that former...

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