Inside Long Island Business

Get the latest news and trends on Long Island companies and the people behind them.

Drug company asks for tax breaks to expand in Nassau

PL Developments, is shown at 200 Hicks St.,

(Credit: Chris Ware)

A local drugmaker is asking Nassau County for tax breaks to expand.

PL Developments plans to invest $8.1 million in renovations to a factory at 200 Hicks St. in Westbury, and to purchase and equip a factory at 609-2 Cantiague Rock Road in Hicksville, according to Nassau County Executive Edward Mangano.

The manufacturer of generic drugs employs 569 people and has promised to hire an additional...

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Adams: Direct federal Sandy aid to businesses

Kenneth Adams, head of Empire State Development, said

(Credit: Newsday/Karen Wiles Stabile)

New York’s primary economic development agency wants to direct federal aid to help businesses hurt by superstorm Sandy, its chief executive said Thursday.

“We hope that some of the funding will be available for business recovery,” Empire State Development Corp. president and chief executive Kenneth Adams said at a business forum in Hauppauge. “That could be low-cost financing -- low cost loans...

Read more », operational after being hacked

An undated file image of Newsday's headquarters in


The and websites were hacked but now are again fully operational, officials said today.

Kelly McAndrew, a vice president for Cablevision Systems Corp., which owns both sites, confirmed the attack had occurred. She declined to say how long the sites were affected but said the problems had been resolved.

“An unauthorized third party illegally accessed the content...

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Survey: LI business confidence slips

The Long Island economy seems more stormy in

(Credit: Newsday , 2004 / Ken Spencer)

Long Island businesses say they are less confident about the local economy than they were a year ago, according to a survey released Thursday.

Asked to rate their confidence in the Long Island economy on a scale of one to 10, the average was 4.9 compared to 5.1 a year earlier. Despite the overall confidence level, businesses were more optimistic in several key areas.

“Most of the statistics...

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Employers face Friday pay-notification deadline

Under the Wage Theft Prevention Act, which took

(Credit: iStock)

Friday is the deadline for employers to provide employees a state-mandated annual written notice of their pay rates and regular pay days.

Under the Wage Theft Prevention Act, which took effect almost two years ago, companies have to provide workers the notice by Feb. 1. And employers have to provide the information to new hires, as well.

  And companies have to provide the information...

Read more » says 2Q revenues are up

Jim McCann, chief executive of in his

(Credit: Danielle Finkelstein, 2010)

Carle Place-based florist and gift retailer,  said its second quarter revenues rose despite superstorm Sandy and "fiscal cliff" worries, but the company's profits fell from the same period last year.

The online retailer's revenues for the quarter ending Dec. 30, 2012  were $253 million, a 5.5 percent increase from the 239.8 million in sales reported in...

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No venture capital funding for LI companies

Angel investors passed over Long Island companies in

(Credit: iStock)

For the second quarter in a row, venture capital skipped over Long Island.

No Long Island companies received investments from venture capital firms in the last three months of 2012, according to the MoneyTree report published by PricewaterhouseCoopers and the National Venture Capital Association.

 Some 107 companies in the New York metropolitan area, most in Manhattan, received...

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Al Gore to speak at March LIA luncheon

Former Vice President Al Gore will be the

(Credit: AP)

Former Vice President Al Gore will speak at the Long Island Association's biannual luncheon.

Gore will participate in a conversational discussion with LIA president Kevin Law at the organization's March 8 luncheon at the Crest Hollow Country Club in Woodbury.

Law said he expects to discuss Long Island's recent attempts to build up an innovation economy with Gore, as the former vice president...

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AG funds post-Sandy insurance help for LI, NYC

Long Beach homes damaged by superstorm Sandy. (Jan.

(Credit: Newsday / Alejandra Villa)

Eighteen groups on Long Island and in New York City will receive funding to help residents cope with insurance problems related to superstorm Sandy, the state’s top law enforcer said.

New York State Attorney General Eric Schneiderman’s office will provide $732,000 to the groups to help homeowners with issues “including improper denials of insurance claims, long delays collecting benefits,...

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Three LI bank companies report increased earnings

Three locally based banking companies, New York Community

(Credit: iStock)

Three locally based banking companies, New York Community Bancorp, First of Long Island and Suffolk Bancorp, Wednesday reported their fourth quarter net incomes rose from a year earlier.

Westbury-based New York Community, the largest bank headquartered on Long Island, said it earned $122.8 million, or 28 cents a share, in the three months ended Dec. 31, up 4.4 percent from a year earlier....

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