Business

Manhattan Sees Record Number Of Vacant Apartments

CNBC reports: Manhattan had its worst May in a decade for new rental leases, as residents leave the city and the real estate industry remains on lockdown, according to a new report. New leases fell 62% last month, according to a report from Miller Samuel and Douglas Elliman. May also saw the largest year-over-year increase in new listings in nearly …

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Dow Plunges 1800 Points Amid Renewed COVID Fears

CNBC reports: The Dow Jones Industrial Average plunged more than 1,800 points on Thursday and was on pace for its worst day since the March sell-off as coronavirus cases increased in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines. The 30-stock Dow traded …

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Brand New NYC Neiman Store Shopped As Office Space

The New York Post reports: The Neiman Marcus store at Hudson Yards is being eyed for office space. Opened barely a year ago at the swanky mega mall it anchored on Manhattan’s West Side, the bankrupt luxury retailer is considering closing the store for good while its landlord shops the three-story, 188,000-square-foot space to office tenants. Related Companies and Oxford …

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25,000 Retail Stores Forecast To Close Permanently

CNN reports: As many as 25,000 retail stores in the United States are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry. So far in 2020, more than 4,000 stores have said they will permanently close, according to a report released …

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AMC Theatres “Doubts” It Can Remain In Business

CNN Business reports: AMC Theatres, the world’s biggest movie theater chain, said on Wednesday that it has “substantial doubt” it can remain in business after closing locations across the globe during the coronavirus pandemic. The theater chain, which closed its theaters earlier this year, expects to have lost between $2.1 billion and $2.4 billion in the first quarter. The company …

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Saks Wraps Flagship Manhattan Store In Razor Wire

The New York Post reports: Saks Fifth Avenue surrounded its flagship Manhattan store with razor wire on Tuesday to keep thieves from smashing their way in and making off with troves of expensive merchandise, The Post has learned. The luxury retailer has also hired private security guards with specially trained dogs to protect the premises in the wake of Monday …

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Apple Donates To Criminal Justice Reform Nonprofit

The New York Post reports: Apple CEO Tim Cook condemned the “senseless” police killing of George Floyd in a note to employees announcing that the tech giant would donate money in response to the incident. “I have heard from so many of you that you feel afraid — afraid in your communities, afraid in your daily lives, and, most cruelly …

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Philly Residents Guard Target Store Against Looters

Philadelphia’s ABC News reports: Officials in Philadelphia closed off much of Center City after peaceful protests over George Floyd’s death turned into a weekend filled with destruction, with store windows smashed, merchandise taken from stores and police vehicles and structures set afire. And while looters continued to break into stores across the Philadelphia area on Sunday, it was a much …

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Pharma CEOs Made 4X CDC Pandemic Budget In 2019

Axios reports: The CEOs of 179 health care companies took home almost $2.5 billion in 2019, a majority of which came from cashing out stock, according to an Axios analysis of financial filings. The big picture: That amount is four times what the Centers for Disease Control and Prevention had to study and prepare for all “emerging and zoonotic infectious …

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NYC Bill Would Open Streets And Sidewalks For Dining

The New York Times reports: The New York City Council introduced legislation Thursday afternoon, backed by the restaurant industry, requiring the mayor to find a way to open streets, sidewalks and public plazas to outdoor dining. Corey Johnson [photo], the Council speaker, and Councilman Antonio Reynoso of Brooklyn are spearheading the effort. “The restaurant and the food industry has been …

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Apple To Open About 100 Stores In US This Week

NBC News reports: Apple plans to open approximately 100 stores in the United States this week, a company representative told CNBC. In total, about 130 out of 271 Apple Stores in the United States will be open by the end of the week. Apple operates 510 stores around the world. Apple’s retail openings are being closely watched as both a …

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Theme Park: We’ll Be Open But You Might Get COVID

The New York Post reports: “Note that any public location where people are present provides an inherent risk of exposure to COVID-19 and we cannot guarantee that you will not be exposed during your visit,” reads a disclaimer on the park’s website. The blunt notice came alongside Universal’s announcement that its Florida theme parks would welcome visitors again on June …

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Latin America’s Largest Airline Declares Bankruptcy

Axios reports: LATAM Airlines Group SA said in a statement early Tuesday the firm and its affiliates in in the United States, Chile, Peru, Colombia and Ecuador have filed for Chapter 11 bankruptcy protection in the U.S. Why it matters: Latam is Latin America’s largest airline and its shareholders include Delta Air Lines. CEO Roberto Alvo noted in the statement …

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NYSE To Reopen: Masks Required, Handshakes Banned

The Wall Street Journal reports: The New York Stock Exchange is set to reopen its famed trading floor Tuesday, but it won’t be going back to normal. Only one-quarter of the NYSE’s usual population of traders will be back when the floor resumes business after a two-month closure prompted by the coronavirus pandemic. Traders who return must wear masks, avoid …

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US Airlines Are Filling Passenger Seats With Cargo

The New York Daily News reports: Airlines have long carried freight alongside passengers, but it never made sense to use their planes exclusively for cargo. That changed in March. As companies eliminated thousands of flights, cargo space became scarce and the price of sending goods by plane shot up, creating an economic case for repurposing idled passenger planes. “The cargo …

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Hertz Declares Bankruptcy In US And Canada [VIDEO]

Yahoo Finance reports: Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business. “The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company’s revenue and future bookings,” Hertz said in a press …

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Hertz Shares Plunge On News Of Imminent Bankruptcy

MarketWatch reports: Shares of Hertz Global Holdings Inc. fell more than 30% in the extended session Friday after The Wall Street Journal reported the car-rental company’s bankruptcy could come as early as Friday night. Hertz has failed to reach a deal with top lenders, the newspaper reported, citing people familiar with the matter. Nationwide restrictions on travel put in place …

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Victoria’s Secret To Permanently Shutter 250 Stores

ABC News reports: Victoria’s Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada. This news comes as the lingerie giant continues to see a plummet in sales during the coronavirus pandemic. With these closures, the brand’s parent company, L Brands, will eliminate 22% of the company’s 1,091 stores in addition to 1.26 …

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Chrysler Building To Get Viewing Deck After 75 Years

Oh look, normal news. The New York Post reports: It’s the Chrysler Building’s time to shine. The Art Deco skyscraper, built in 1928, is getting a brand-new observation deck. The Landmarks Preservation Commission (LPC) unanimously approved building owner RFR Realty’s proposal for a glass-walled viewing platform that will be open to the public. Alongside architecture firm Gensler, RFR presented renderings …

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Feds Arrest Ex-Green Beret In Escape Of Ex-Nissan CEO

Reuters reports: U.S. authorities on Wednesday arrested a former Special Forces soldier and another man wanted by Japan on charges that they enabled the escape of former Nissan Motor Co boss Carlos Ghosn out of the country. Federal prosecutors in Massachusetts said that former U.S. Green Beret Michael Taylor, 59, and his son, Peter Taylor, 27, helped Ghosn last year …

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