Top News & Analysis New York City

More

  • NEW YORK, May 3- U.S. prosecutors on Tuesday charged nine people with defrauding investors into buying the now essentially worthless stock of LED lighting provider ForceField Energy Inc, causing $131 million of losses. They follow the April 2015 arrest of Richard St. Julien, a Canadian citizen who was ForceField's executive chairman, on charges he orchestrated...

  • WASHINGTON— MetLife has been fined $20 million by Wall Street's policing body for misleading customers in switching them from variable annuities contracts into more expensive ones. FINRA also ordered MetLife Securities Inc. to return $5 million to customers "for making negligent material misrepresentations and omissions" on applications for switching...

  • Harry Harrison, the co-head of Barclays' non-core division, told the London court on Tuesday that he had learnt during on-the-job training about the importance of setting Libor benchmark interest rates independently from a bank's commercial interests. Jay Merchant, Alex Pabon, Jonathan Mathew, Stylianos Contogoulas and Ryan Reich have each pleaded not...

  • ASBURY PARK, N.J.— In a story May 1 about a new hotel set to open in Asbury Park, The Associated Press reported erroneously on one of the reasons visitor Madeleine Berk loves the city. Greetings from Asbury Park, opening first hotel in 50 years. Designer Anda Andrei and hotel operator David Bowd have transformed the vacant Salvation Army Retired Officers Home into...

  • *Sees $1.2 bln in deal costs over next 4 years. May 3- Perfume maker Coty Inc sharply raised its estimate of costs related to its $12.5 billion acquisition of beauty product brands from Procter& Gamble Co, sending its shares down as much as 7 percent on Tuesday. The New York- based company said it now expected costs related to the acquisition to total about $1.2 billion...

  • The company's shares were down 3.8 percent at $57.53 in morning trade on the New York Stock Exchange, amid a broader decline in energy stocks. The company's refining throughput margin fell to $7.96 per barrel in the first quarter, from $12.39 per barrel last year. After adjustments, Valero reported earnings of 60 cents per share, while analysts, on average, were...

  • *Iraq, Saudis, Iran all signal higher output. Iraq said its oil shipments from southern fields averaged 3.4 million barrels per day in April, up from 3.3 million bpd in March. Iran is also raising output after its emergence from Western sanctions in January and has nearly doubled exports to almost 2 million bpd since the start of the year.

  • May 3- Biogen Inc plans to spin off its hemophilia drug business as a publicly traded company, leaving the drugmaker to focus on developing drugs for neurodegenerative diseases, the company said on Tuesday. The new company will include treatments Eloctate and Alprolix for hemophilia A and B, which had total sales of $554.2 million in 2015, about 5 percent of...

  • NEW YORK, May 3- The yen jumped to an 18- month high against the dollar on Tuesday, extending gains on persistent doubts the Bank of Japan will intervene to stem a dramatic rise that has undermined attempts to reflate the world's third-biggest economy. At this stage, the market is sceptical whether they will follow through, "said Steven Englander, global head of G10...

  • *Higher aluminium prices could trigger China restarts. *China suspends release of some commodities output data. LONDON, May 3- Copper fell on Tuesday as funds took profits and manufacturing data from China undermined confidence, but expectations of stronger demand in the top consumer helped support prices.

  • *Australia rate cut, China data raise growth concerns. Treasury yields fell to their lowest levels in nearly two weeks on Tuesday after weak Chinese data and a surprise interest rate cut in Australia raised concerns about the global economy and central banks' ability to boost sluggish growth. "I think people are realizing monetary policy is at its maximum point...

  • PHILADELPHIA— The Philadelphia Police Department is moving to end a requirement that recruits have at least two years of college credits under their belt— a shift the new commissioner says is needed to alleviate hiring woes. Both changes were approved April 20 by the city's Civil Service Commission. Roughly 10 percent of local departments nationwide require...

  • NEW YORK, May 3- U.S. pharmaceutical companies dominated an annual global ranking of top 10 large-cap stocks with the best five-year returns, according to an analysis released on Tuesday by Boston Consulting Group. Companies with over $4 billion in market cap were considered for the list and ranked based on share gains and dividend yields between 2011 and 2015.

  • CARACAS/ HOUSTON, May 3- Venezuelan state oil firm PDVSA has issued at least $310 million in debt to companies including General Electric Co as it negotiates private issuances to pay off its suppliers, industry sources told Reuters, stretching the finances of a company that bondholders already worry is on its way to default. The securities are not bonds but offer...

  • May 3- Biogen Inc plans to spin off its hemophilia drug business as a publicly traded company, leaving the drugmaker to focus on developing drugs for neurodegenerative diseases, the company said on Tuesday. Biogen said it considered a number of alternatives including a sale before deciding to split the business in a tax-free transaction, which it said would...

  • May 3- Sprint Corp on Tuesday reported a wider quarterly loss and added fewer subscribers than expected, but vowed to cut more than $2 billion in costs in the current fiscal year to stop the red ink. Sprint's net loss widened to $554 million, or 14 cents per share, from $224 million, or 6 cents per share, and fell short of the average analyst estimate of a net loss of 12...

  • Global company sales jumped 20 percent to $13 billion, which was $1 billion more than Wall Street had expected. But the quarter included five more days of sales in the United States than the year-ago quarter, adding revenue of $900 million in the most recent period. But he said investors are eager to hear how Pfizer's overall strategy might change, following the...

  • NEW YORK— When life handed Beyonce lemons, she made... watermelon water? WTRMLN WTR, a startup beverage company that makes cold-pressed watermelon juice, announced Tuesday that Beyonce has joined as an investor. Beyonce said in a statement that her investment is also "an investment in female leaders, fitness, American farmers and the health of people and our planet.

  • NEW YORK _ Reis Inc. on Tuesday reported first-quarter earnings of $1.6 million. On a per-share basis, the New York- based company said it had profit of 14 cents. This story was generated by Automated Insights using data from Zacks Investment Research.

  • The companies said in a regulatory filing on Tuesday that the Securities and Exchange Commission had requested additional information about the deal to be included in the proxy statement, which the companies may not mail to shareholders before the SEC completes its review. Williams shareholders need to vote on the transaction, and the SEC must sign off on the...