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LONDONYC

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  • Business briefs

    Thu, 17 May 2012 23:54:54 -0500

    Dimon on Hill JPMorgan Chase CEO Jamie Dimon has agreed to testify before Congress over the bank’s recent trading losses. Burkle filing Barnes & Noble’s stock slid 8.8 percent to $16.75 after Ron Burkle’s Yucaipa Cos. said in a regulatory filing that two of its funds...

  • Fifth turns it up

    Thu, 17 May 2012 23:42:12 -0500

    A new report has provided evidence to back up what brokers have been saying: it is harder for stores to find retail space in the prominent shopping corridors, with rents jumping as much as 75 percent on Fifth Avenue from 42nd to 49th streets since just one year ago. Ground...

  • Gov: No more food stamp ‘printing’

    Thu, 17 May 2012 23:39:58 -0500

    ALBANY — Gov. Cuomo moved yesterday to end what he called the “stigma” of fingerprinting food stamp recipients, forcing the city to abandon the anti-fraud strategy.Cuomo said he plans to issue regulations by mid-July to repeal the 14-year-old fingerprinting requirement.Mayor Bloomberg has defended the use of fingerprinting, which he...

  • Double trouble

    Thu, 17 May 2012 23:28:02 -0500

    Billionaire hedge-fund mogul Paul Singer has been burned both ways trying to make a buck off Ally Financial and its bankrupt mortgage unit, Residential Capital. And he appears ready to battle in bankruptcy court to avoid getting singed a third time. Singer’s Elliott Management owned a 2.3 percent...

  • Westfield inks WTC retail deal

    Thu, 17 May 2012 23:24:00 -0500

    After 11 years of grueling talks, a $93.9 million payment yesterday finally clinched a deal between the Port Authority and Westfield Group for control of the World Trade Center’s retail space.Global shopping mall developer Westfield wired the Port Authority a check, sources told The Post — the first...

  • Strine tells it straight

    Thu, 17 May 2012 23:23:15 -0500

    Delaware Chancery Judge Leo Strine — who presides over many corporate and shareholder lawsuits — told a Wall Street group that “fairness opinions” on the merits of a deal are mostly worthless. Strine made it clear that banks that hire a second adviser in hopes of removing the appearance of conflict fool...

  • Gap profits beat Street

    Thu, 17 May 2012 23:20:24 -0500

    Gap Inc. raised its yearly profit forecast, prompted by first-quarter earnings that topped Wall Street estimates and rising sales, sending its shares up 8 percent in extended trading. For the full year, Gap estimates earning $1.78 to $1.83 a share. For the first quarter ended April 28, the...

  • Lampert singing O no, Sears Canada

    Thu, 17 May 2012 23:20:08 -0500

    So long, and thanks for all the cash!After years of siphoning money from Sears’ stores in Canada and leaving them crippled, hedge-fund tycoon Eddie Lampert is looking to slash his 95-percent stake in their publicly traded shares.The news came as Chicago-based Sears Holdings yesterday swung to a $189...

  • The sky’s the limit

    Thu, 17 May 2012 23:05:43 -0500

    Some airlines are making more bucks by keeping their planes on the ground than flying them. In just three months during last year’s busy holiday season, commercial carriers collected a record $1.36 billion in fees from passengers to handle baggage and make changes in reservations, according to a...

  • Ready to launch

    Thu, 17 May 2012 23:04:52 -0500

    Happy FB day! One hundred eight days after it first filed to go public and more than eight years after a nerdy 19-year Harvard sophomore invented it in his dorm room, Facebook shares will start trading today in the largest tech IPO in history. Mark Zuckerberg’s social network giant...

  • Facebook tide is lifting many boats

    Thu, 17 May 2012 23:03:39 -0500

    Facebook founder Mark Zuckerberg may be famous for his hoodies, but his company’s hotly anticipated IPO is proving to have long coattails.Companies that work within Facebook’s ecosystem are seeing a sharp rise in their value — and their ability to raise cash.One of those companies is Vitrue...

  • Green ready to pocket Savers

    Thu, 17 May 2012 22:56:10 -0500

    Leonard Green & Partners is poised to add to its impressive line-up of retail brands.The Los Angeles private-equity shop has the inside track to purchase Savers, the 225-unit Bellevue, Wash.-based chain of for-profit thrift stores, The Post has learned.While the auction for Savers is not complete, Leonard Green...

  • Schilling bad pitch

    Thu, 17 May 2012 22:55:12 -0500

    The troubled videogame company helmed by former Red Sox pitcher Curt Schilling delivered a $1.1 million payment to Rhode Island yesterday — but the state economic development agency returned the check after learning it would bounce. 38 Studio’s failure to pay the amount when it was due May 1...

  • Reader’s Digest CEO: It’s time for a haircut

    Thu, 17 May 2012 22:54:56 -0500

    Just a little off the top, please.Reader’s Digest Association CEO Robert Guth is asking bondholders to take a 5 percent haircut on its senior debt.The company said yesterday that it was giving bondholders until June 14 to decide whether to accept the take-it-or-leave-it offer on senior secured...

  • Olympic outrage — and insult

    Thu, 17 May 2012 22:22:19 -0500

    This year marks the 40th anniversary of the massacre at the 1972 Olympic Games of 11 Israel athletes and coaches by Palestinian terrorists. As a reminder of the atrocity, the Israeli Olympic Committee asked that there be a moment of silence to honor the victims at the commencement of the...

  • Budget votes: Good news for NY’s kids

    Thu, 17 May 2012 22:22:19 -0500

    In school districts across New York, the voters have spoken: The property-tax cap overwhelmingly approved last year by Gov. Cuomo and the Legislature works. The cap has not only served to control tax increases, it’s also forced a major paradigm shift in the conversation over school property taxes. We...

  • It’s worth the hype

    Thu, 17 May 2012 22:22:19 -0500

    The world has never seen a company like Facebook. The first reason is historical. When the world shifted from portals (like America Online) to search engines, Google was the big winner. Now the shift is from search to social media, with Facebook as the big winner. The mega-trend is Portals...

  • Exit, stage Wright

    Thu, 17 May 2012 22:12:32 -0500

    Yesterday’s breathless campaign hysteria arose out of a not-really-much-of-a-scoop from the broadsheet across town: A rich guy in Omaha wants to spend a lot of money defeating Barack Obama. Stop the presses. Eek. Said rich guy sought the advice of a controversial consultant (who’d very much benefit from...

  • Undie-bomb blabbering: No way to fight terror

    Thu, 17 May 2012 22:11:35 -0500

    The Issue: Whether the administration is too publicly forthcoming with its terror-fighting intelligence. *** News about the latest “undie” bomber suggests that al Qaeda’s ability to slip an underwear bomb through airport security is something novel (“‘Undie’ Indiscretions,” Michael A. Walsh, PostOpinion, May 10). In fact, it is nothing new...

  • Indian Point: Still safe

    Thu, 17 May 2012 22:11:07 -0500

    Another year, another Nuclear Regulatory Commission safety inspection passed with flying colors by Indian Point. So will this finally silence the “shut it down” crowd — starting with Gov. Cuomo, who says his mantra “has always been ‘safety first’?” Don’t hold your breath. The NRC’s annual report card on...

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