CA, Sesame Workshop combine forces; other business briefs
CA, 'Sesame Street' teaming up
Islandia software company CA Technologies is teaming up with Elmo and Big Bird to encourage science education. CA, one of the biggest public companies on Long Island, said Wednesday it will pledge $1 million to Sesame Workshop, the nonprofit behind the show "Sesame Street," to support more exposure to science, technology, engineering and math for children. The effort will result in a STEM hub on the Sesame Street website with videos, games and other activities that will help children learn about the topics in fun ways. "Through this initiative, we are hoping to help young people discover an interest in technology and consider educational opportunities and careers in technical fields," said Andrew Wittman, CA's chief marketing officer. -- Lisa Du
Job recruiting forums next week
Three companies will be recruiting next week to fill more than 100 full- and part-time positions. From Monday to Wednesday, staffing agencies GoodTemps and Adecco, and hearing aid manufacturer Widex, will be at the Suffolk County One-Stop Employment Center, 725 Veterans Memorial Hwy., in Hauppauge. Company representatives will be on hand from 10 a.m. to 2 p.m. as follows: Monday, GoodTemps, hiring for office jobs; Tuesday, Widex, hiring office and manufacturing jobs; and Wednesday, Adecco, hiring warehouse and skilled jobs. The jobs include both temporary and permanent positions.-- Lisa Du
$31M: Hyatt Place selling price
The Hyatt Place Garden City hotel was sold for $31 million to Summit Hotel Properties Inc., the buyer said in a news release. South Dakota-based Summit said it plans to put about $305,000 in improvements into the 122-room hotel on North Avenue in Garden City. Several days before the sale closed on Dec. 27, the Town of Hempstead Industrial Development Agency approved the transfer of benefits on the property to the new owner that the previous owner, South Carolina-based Oto Development Llc, received in the form of payments in lieu of taxes.-- Ted Phillips
Morgan Stanley cuts 1,600 jobs
The investment bank Morgan Stanley plans to cut about 1,600 jobs, nearly 3 percent of its workforce, a person familiar with the bank said Wednesday. The cuts, about half of which will be in the U.S., will focus on senior ranks at the bank. Morgan Stanley's investment banking unit has been asked to cut about 6 percent of its staff. Back-office functions, including human resources and communications, have also been asked to cut staff. Like many big banks, Morgan Stanley has already been cutting jobs as it deals with a sluggish economy and new regulations that are crimping some of its former sources of revenue. As of Sept. 30, the bank had about 57,700 jobs, down 7 percent from the roughly 62,200 it had the year before.
SEC opening Herbalife inquiry?
Questions over Herbalife Ltd.'s business model have pummeled the nutrition and weight loss company's shares and reputation in recent weeks. Now the company is reportedly the target of an SEC inquiry. The Wall Street Journal reported Wednesday that the Securities and Exchange Commission has launched a probe into the Los Angeles company. The newspaper cited an unnamed person close to the inquiry. Representatives for the SEC and Herbalife both declined to comment. Herbalife has been grappling with questions about its business model, which involves using a network of distributors to sell its products. Last month, Pershing Square Capital Management's William Ackman said he had concluded that the company is a pyramid scheme. At the time, Herbalife vehemently denied the accusation.-- AP