Developer Kent Swig on brink of foreclosure on 740 Park co-op

Latest Business News

• 70 Pine St. sold to Berman’s Metro Loft for $205M

  Just days after being declared a landmark by the city, 70 Pine St. has been sold for $205 million — or about $186 a square foot. Nathan Berman’s...   2:14 PM

• Facebook names Netflix CEO to board of directors

  PALO ALTO, Calif. -- Facebook said Thursday it named Netflix CEO Reed Hastings to its board of directors, adding a sixth member to a body expected to...   1:58 PM

• Pecker’s American Media buys money-losing US business of OK! magazine

  American Media is buying the money-hemorrhaging US edition of OK!, the company announced today. The magazine had been put on the block by the Northern...   1:02 PM
• 

  Tiffany replaces CFO, adds COO title

  Jewelry retailer Tiffany & Co. is replacing its chief financial officer as it reshuffles longtime executives and adds a chief operating officer position. The company says 45-year-old Patrick F. McGuiness will replace 55-year-old James Fernandez as...   10:52 AM
• 

  Weekly jobless claims climb by 9K to 429K, missing expectations

  WASHINGTON -- US applications for unemployment compensation rose by 9,000 to a seasonally adjusted 429,000 in the week ended June 18, the Labor Department said Thursday, pointing to persistent weakness in the jobs market. Initial claims from two...   8:56 AM

• BJ's is seeking more

  BJ's Wholesale Club wants a sweetened offer of $55 a share -- or nearly $3 billion -- from a pair of buyout firms that are looking to take it private...   3:45 AM
• 

  Madoff yacht 'Bull' hit by bear boat market

  Bernie Madoff's turbocharged yacht, one of the fastest on the French Riviera, is in the discount rack at 50 percent off its original asking price -- but even at that price, hedge-fund bargain hunters are showing little interest. It's not because...   1:48 AM
• 

  Stock scam hyped with Trekkie talk

  Wall Street bad boy Ross Mandell was the mastermind behind a decade-long scheme to pump unwitting investors for money to fund pipe-dream companies -- and then blew the profits from the fraud on a swinging lifestyle, including birthday parties, strip...   8:56 AM

• Regions hit with $210M penalty

  Regions Financial agreed to cough up $210 million to settle claims its Morgan Keegan brokerage firm misled investors about risky subprime mortgages...   1:08 AM

• Bair: US banks think 'small'

  US banks are lobbying to escape the "too-big-to-fail" designation that will require them to meet higher capital standards and develop plans for...   3:45 AM

• Pols out $1.7M in Stanford dough

  Five Democratic and Republican national political committees must return more than $1.7 million in contributions received from indicted financier R....   12:46 AM

• Winklevosses throw in Facebook towel

  Call it the epilogue to the hit movie "The Social Network." The Winklevoss twins, who won a dubious fame as the sore losers in the Oscar-winning...   3:45 AM
• 

  Page us, Google: Senate

  Google's reluctance to provide a top exec for testimony to a Senate panel probing its market power has prompted threats of subpoenas for Chief Executive Officer Larry Page and Chairman Eric Schmidt. In a letter dated June 10, the Democratic...   3:45 AM

• Apple's app suit sapped

  Apple will "probably" lose its court bid to stop Amazon.com from using the term "Appstore" for a service selling programs for Android devices, US...   3:45 AM

• Blame pinned on BP

  An internal investigation by the owner of the Deepwater Horizon drilling rig, Transocean Ltd., puts most of the blame for last year's disastrous Gulf...   12:56 AM

• EU keeps Greece on hook

  Europe kept the pressure on Greece to push forward with a painful austerity program yesterday after Athens cleared the first hurdle in avoiding a...   3:45 AM

• Ferragamo IPO fires up

  Salvatore Ferragamo SpA received orders for more than twice the shares on sale in its initial public offering, sources said. So far this year, more...   12:56 AM

• Business briefs

  Mortgages Applications for US home mortgages fell 5.9 percent last week, after a sharp bounce the week before, the Mortgage Bankers Association...   12:23 AM

• Apple's iPhone is top-selling cell at both AT&T; and Verizon

  SAN FRANCISCO -- In the five months since Apple's iPhone debuted on Verizon's network, it has already become the carrier's top-selling handset,...  
• 

  NBC gives Donald a Trump-sized raise to $160M

  Playing the presidential card has paid off for Donald Trump. The real-estate mogul and reality-TV host -- who kept viewers and the NBC network guessing until the last minute whether he would make a serious run at the Oval Office -- got a...  
• 

  Mandell pins blame on Sky Cap brokers

  A lawyer for Wall Street "bad boy" and wannabe reality-TV star Ross Mandell kicked off his client's criminal trial yesterday by pinning the blame for investor losses on "four or five rogue brokers." Mandell "didn't know that four or five rogue...  
• 

  Greek PM survives key vote

  Greek Prime Minister George Papandreou survived a confidence vote in parliament, winning a gamble on his government's survival and the danger of a devastating debt default that could spark a global financial meltdown. Papandreou had called the...  
• 

  Apple rises despite fear of iPhone delay

  Apple shares bounced back from a seven-month low yesterday, shrugging off a pessimistic analyst's report that said consumers might have to wait until October to get their hands on the iPhone 5. Ittai Kidron, an analyst with Oppenheimer & Co.,...  

• Dimon's in rough

  It's been a tough 48 hours for Wall Street boss Jamie Dimon. The CEO of JPMorgan Chase is being forced to cough up $156.6 million to settle claims...  

• Sears seeks tax break on HQ

  Eddie Lampert is angling for a big tax break in states across the nation, including New Jersey. The penny-pinching billionaire -- who as chairman...