The Statue of Liberty | blog

The Economist Thursday introduced a trial program that allows New Yorkers to “use their cellphones to order overnight home delivery of the new issue at the regular newsstand price,” according to Advertising Age, a BtoB sibling publication.

New Yorkers who receive weekly texts previewing the magazine’s stories will also receive a link to a Web page where they can order the issue. The magazine will then be delivered by 6 a.m. the next morning, meaning participants in the program can receive the publication before it appears on newsstands. These hand-delivered copies cost $6.99.

By: btobonline.com       Read more >>

In an economy where much construction has ground to a halt, charter schools are providing a minor but growing niche for the building and design industries in the New York City area.

According to the city, 21 new charter schools will open in September, though only two of them will be in new buildings. The state has 141 charter schools in operation, and about 100 are in the city.

“There’s a lot of construction of charter schools going on, especially relative to the slowdown in the market,” said David M. Umansky, the chief executive of Civic Builders, a Manhattan-based developer that specializes in charter schools.

By: nytimes.com       Read more >>

A federal bankruptcy judge has cleared the way for a sale of the bulk of General Motors Corp.’s assets to a new entity, opening the door for the troubled automaker to emerge from Chapter 11 early this week.

The decision, handed down by Judge Robert E. Gerber in New York late Sunday night, came over the objections of some 850 parties.
They argued in court last week that the sale would shortchange creditors, dealers, car owners and others.

GM countered by saying that the plan to emerge from bankruptcy in this manner was the best for all parties, and that delaying such a sale could jeopardize the automaker’s chances of receiving further aid from the federal government, potentially forcing a complete breakup of the company.

Indeed, last Harry Wilson, a member of the Treasury Department’s autos task force, testified last week that the government had no intentions of funding GM after July 10.

Judge Gerber, in his decision, clearly agreed with that opinion.

By: latimes.com      Read more >>

Citigroup Inc. is increasing the base salaries of many employees – reportedly by as much as 50 percent for some workers – as it restructures their compensation amid government restrictions on bonuses.

The higher salaries are not the equivalent of annual raises because bonuses are being lowered, according to a person familiar with the matter who requested anonymity because the plans have not been made public.

Employee compensation at financial companies, particularly in the form of bonuses, has brought criticism after the government gave the banks hundreds of billions in bailout dollars. Citi and the other companies who still hold bailout funds face limits on bonuses as part of a new government compensation oversight plan. The Treasury Department had no immediate comment about Citi’s change in compensation plans.

By: theolympian.com    Read more >>

Bank of New York Mellon Corp. (BK) has no plans to sell its stake in Hong Kong lender Wing Hang Bank Ltd. (0302.HK) even though it has made repaying the US$3 billion it owes the Troubled Asset Relief Program fund a priority, a senior Asia Pacific executive said.

“We are not looking to sell Bank of New York Mellon’s stake in Wing Hang Bank,” said Christopher Sturdy, Bank of New York Mellon’s Asia Pacific chairman. “The Wing Hang Bank investment has been very sound and profitable for the company - a really good investment for us over time and it continues to be so.”

Bank of New York Mellon now owns a 20.28% stake in the family run mid-sized Hong Kong lender - a legacy investment the bank has had since 1998 when it merged with Irving Trust Co.

By: onlinewsj.com     Read more >>

Taxi driver Kone Mahamadou avoids walking the streets near his Harlem home at night, convinced violence threatens to reclaim the neighborhood - even if NYPD statistics say otherwise.

“If you walk these streets, especially at night, you know crime is definitely not down,” said Mahamadou, 44, who lives near Adam Clayton Powell Blvd. and W. 131st St.

“It’s not safe. I don’t know where they get these statistics.”

Crime is still plummeting across the five boroughs - including Harlem’s 32nd Precinct, where Mahamadou lives - continuing a trend that began 15 years ago, according to the NYPD.

Yet many residents worried about the nation’s battered economy think crime is actually surging - an impression that does not surprise experts.

Nasdaq OMX Group Inc. (NDAQ) reported Thursday a 22% fall in first quarter profit Thursday and is examining further pricing initiatives amid continuing falls in its share of U.S. equity trading.

Bob Greifeld, chief executive of the transatlantic exchange operator, admitted he was “disappointed” with the U.S. equity performance, but pointed to potential earnings’ drivers in other areas such as clearing and derivatives.

He also pointed to some signs of life in the Initial Public Offerings market, with 98 applicants “on file”. “We are one or two ‘good news cycles’ away from having the IPO market come back in a reasonable format,” Greifeld said in an interview.

By: online.wsj.com     Read more >>