Copyright 2008 The New York Sun Wed, 18 Jun 2008 16:31:04 -0400 http://blogs.law.harvard.edu/tech/rss A. Balla :: Stories from The New York Sun http://www.nysun.com/authors/A.+Balla istoll@nysun.com (Ira Stoll) webmaster@nysun.com en-us A. BALLA http://www.nysun.com/real-estate/where-9-makes-buyers-real-estate-tycoons/64831/ Thu, 18 Oct 2007 00:00:00 EST Growing up in Astoria, Eric Outcalt had a view that included the General Motors Building, the Sherry-Netherland Hotel, and the Williamsburg Bridge. Now, he owns them. "I bought them all," he said. "Three bucks each." Don't count the 47-year-old Mr. Outcalt, who lives on Long Island and is a finance director at a car dealership, among the city's real estate tycoons: He purchased these properties through Weblo.com, a virtual universe where copies of real world assets are traded for real money... A. BALLA http://www.nysun.com/business/3rd-president-for-revson-foundation/64646/ Tue, 16 Oct 2007 00:00:00 EST The director of a publishing house that publishes Jewish literature is leaving her post to take over as president of the Charles H. Revson Foundation. Julie Sandorf, the director of Nextbook, a nonprofit organization that commissions books on Jewish themes, will become president of Revson in January. "Revson has long been considered the gold standard in philanthropy for its imaginative grant making and lasting impact," Ms. Sandorf said in a statement. As the foundation's president, Ms. Sandorf... A. BALLA http://www.nysun.com/business/ny-chinatown-emerges-as-major-banking-center/64428/ Fri, 12 Oct 2007 00:00:00 EST It looks like the real Wall Street is on Canal Street. With nearly $6 billion in deposits spread across three-dozen retail banks, Canal Street has some of the wealthiest branches in New York City. "There is no doubt that we have become a bit of a retail banking center," the City Council member representing Lower Manhattan, Alan Gerson, said. Banks in Chinatown are some of the largest in the city. While many branches across New York have less than $100 million in deposits, and $500 million is... A. BALLA http://www.nysun.com/business/subprime-mortgage-crisis-taking-a-toll/63950/ Thu, 4 Oct 2007 00:00:00 EST The first signs are emerging that the crisis in the subprime mortgage industry is resulting in heavy job losses in the financial sector. America's financial industry has announced nearly 130,000 job cuts so far this year, with more than half, or 69,664, by mortgage and subprime lending institutions, according to a report released yesterday by employment firm Challenger, Gray & Christmas. The news comes just in time for tomorrow's release of the Labor Department's nonfarm payroll employment... A. BALLA http://www.nysun.com/business/jobs-crunch-seen-at-finance-firms/63903/ Wed, 3 Oct 2007 12:59:48 EST Two days before the Labor Department is scheduled to release its jobs report, an important indicator of economic health, there are already signs that the crisis in the subprime mortgage industry is resulting in heavy job losses in the financial sector. Nearly 72,000 jobs were cut nationwide last month, with one in three resulting directly from the housing slump, as mortgage lenders, construction companies, and real estate firms cut jobs to deal with the liquidity crisis, according to the... A. BALLA http://www.nysun.com/business/nasdaqs-chief-makes-case-for-middle-east-hubs/63818/ Wed, 3 Oct 2007 00:00:00 EST Nasdaq's chief executive, Robert Greifeld, is saying it would be a mistake to fear doing business with Middle East financial hubs such as Dubai and Qatar, as they have adopted American capitalist values and could serve as an inspiration for the rest of the region. "Qatar and Dubai want to be like us — they want to be great capitalists," Mr. Greifeld said yesterday at a conference hosted by the Economist Group. Under a complicated agreement struck last month, Nasdaq sold 19.9% of its shares to... A. BALLA http://www.nysun.com/business/wall-street-losses-seen-affecting-citys-economy/63763/ Tue, 2 Oct 2007 00:00:00 EST When Citigroup Inc. announced an estimated decline of 60% in third quarter profits yesterday, citing large losses because of the liquidity crisis, there was a feeling of déjà vu among market analysts. They have been hearing the same thing from the other New York-based financial banks: Lehman Brothers, Bear Stearns, and Morgan Stanley were all hit by the credit crisis. The only bank to emerge unscathed is Goldman Sachs. With so many banks posting large losses, analysts are predicting job cuts... A. BALLA http://www.nysun.com/business/citigroup-sees-sharp-loss/63733/ Mon, 1 Oct 2007 13:47:16 EST Citing large losses in mortgage-backed securities and credit markets, Citigroup Inc. said today it is expecting a decline of 60% in its third quarter compared to the same period last year. The bank will officially release its third quarter results on October 15. Citi said it expects write-downs of $1.4 billion in credit markets and $1.3 billion in securities backed by subprime mortgages and leverage-buyout loans. It is also predicting loses of about $600 million in fixed income credit trading... A. BALLA http://www.nysun.com/business/dollars-fall-starts-to-stir-worry/63549/ Fri, 28 Sep 2007 00:00:00 EST Concern is growing in New York, in the wake of last week's meeting of the Federal Reserve Board, over the quickening collapse of the value of the dollar, as foreign investors proclaim that a "for sale" sign has been hung on the city and economists and analysts warn that a collapsing currency bodes ill for the economy. In the week since the Fed's meeting, the soundness of the dollar has been ebbing rapidly, with the greenback's value plunging to a 732nd of an ounce of gold from a 708th of an... A. BALLA http://www.nysun.com/business/weak-dollar-brings-tourist-shoppers-to-citys/63605/ Fri, 28 Sep 2007 00:00:00 EST Walking through major Manhattan department stores, Europe is in the air: British, German, and French accents are everywhere. In growing numbers, European tourists are traveling to New York to shop, because a weaker U.S. dollar means their euros and pounds go much further here than they would at home. "America is on sale right now," a spokeswoman for 12 Marriott hotels in New York City, Kathleen Duffy, said. "We are absolutely seeing an increase in international travelers at our area hotels... A. BALLA http://www.nysun.com/business/700-surge-expected-in-health-care-costs/63341/ Tue, 25 Sep 2007 00:00:00 EST Next year, health care costs in New York City are expected to surge by nearly $700 for each employee, the largest increase in more than four years. The cost for one employee will rise 8.7%, to $8,719, according to a report released yesterday by the human resources firm Hewitt Associates. This year, costs were up 3.5%. The cost increases are being driven by higher HMO premiums and indemnity plans. The city's numbers are in line with the national average, which is also expected to rise 8.7%, to... A. BALLA http://www.nysun.com/business/after-ports-failure-dubai-buys-portion-of-nasdaq/63145/ Fri, 21 Sep 2007 00:00:00 EST Through a holding company, Dubai has acquired one-fifth of the Nasdaq stock market, a transaction carried out just a year after the failed bid by Dubai Ports World to acquire several American ports. "Such a large stake in a U.S. exchange by a foreign government raises some serious questions," Senator Schumer, who led the charge against the port deal, wrote in a letter sent yesterday to the Treasury Department. Under a complicated agreement, Borse Dubai, which is majority-controlled by the... A. BALLA http://www.nysun.com/business/markets-rise-despite-7-drop-in-earnings/63082/ Thu, 20 Sep 2007 00:00:00 EST While the markets yesterday rode the wave of Tuesday's Federal Reserve Bank rate cut, the optimistic outlook for investment banks was tempered as Morgan Stanley's third-quarter earnings report failed to meet Wall Street expectations. The country's second largest investment bank reported a 7% drop in its income from continuing operations to $1.47 billion, compared with $1.59 million during the same period last year. "The credit market deteriorated significantly during this quarter," Morgan... A. BALLA http://www.nysun.com/business/key-indexes-wax-as-fed-lowers-interest-rate/62903/ Wed, 19 Sep 2007 00:00:00 EST More bullish news could lie ahead, following a day when every major index surged after the Federal Reserve Bank cut its key interest rate by half a point — its most aggressive rate reduction in four years. The market was already buoyant yesterday on news that Lehman Brothers Holdings Inc. posted better than expected third-quarter results. Lehman Brothers, which reported a net income loss of 3.2%, was the first of several large investment banks with earnings releases this week, and analysts...