Net income fell 85 percent, however, because of charges related to store closures and corporate layoffs.
The City Council on Wednesday approved the rezoning of 230 blocks in Jamaica, Queens, marking the fourth neighborhood rezoning approved during the Adams administration. The plan is expected to create 11,800 housing units, of which 4,200 will be permanently affordable. The rezoning includes the largest Mandatory Inclusionary Housing zone — which requires a certain percentage of housing units to be set aside as affordable — ever mapped in the city. Before approving the proposal, the City Council reduced the density allowed in areas south of downtown Jamaica and removed portions of certain districts along the southern corridor from the rezoning. The […]
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The agency announced moves to cut regulatory obstacles for the makers of biosimilar drugs, which are akin to generics and may help lower drug costs.
As expected, the Federal Reserve made another move on Wednesday, cutting its benchmark interest rate by a quarter point for the second time in less than two months. It’s the second time the central bank lowered the rate metric in six weeks and one of two cuts the bank previously signaled could be coming this year. In comments at the central bank’s September meeting, authorities teased more interest rate cuts before the new year, though Fed chair Jerome Powell cast uncertainty over that in public comments on Wednesday. “Available indicators suggest that economic activity has been expanding at a moderate […]
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The company reported that it spent a higher-than-expected $34.9 billion in capital expenditures during its quarter.
Joseph Chetrit, one of New York’s biggest dealmakers, was indicted Wednesday on felony charges of tenant harassment. He joins his brother Meyer Chetrit, who was indicted last month, as a codefendant in the case. The district attorney has accused the Chetrits of harassing two septuagenarian tenants in a Chelsea loft building. He pleaded not guilty. Joseph is now one of the biggest names in the New York real estate industry to face criminal charges. The indictment underscores the Manhattan district attorney’s focus on prosecuting housing and real estate-related crimes. The Chetrits allegedly left the two senior tenants at 111-117 West […]
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The president signaled he would discuss the sale of Nvidia’s Blackwell chips in a summit on Thursday, a move U.S. officials warned would be a “massive” national security mistake.
The move benefits the Serbian politician Milorad Dodik, who had received support from Rudolph W. Giuliani, Michael T. Flynn, Laura Loomer and high-priced lobbyists.
The layoffs at factories in Michigan, Ohio and Tennessee follow the elimination of a $7,500 federal tax credit for electric cars.