Inside Long Island Business
Get the latest news and trends on Long Island companies and the people behind them.
It's tax time, and that means tax refund time for some of us.
What will you do with your refund? Save it? Spend it?
If you're planning to spend it, will you use it for something special, like going on a vacation or buying a new car? Or will you use it to pay off debt or cover current bills?
Vote and leave a comment; results and a selection of comments will appear in next...Read more »
New York State is conducting its fifth competition for business plans devised by college students, Gov. Andrew M. Cuomo announced this week.
The deadline for submitting applications on Long Island is March 14.
Students will be competing for more than $500,000 in prizes with the final round to be in Albany on April 25.
“In the past, this program has paired young entrepreneurs with...Read more »
Planet Payment, a payment and currency processing provider in Long Beach, reported higher sales and earnings Thursday due to higher transaction volumes.
Sales at the company was $12.2 million for the last quarter of 2013, compared to $11.9 million in the year-ago period. Quarterly profit was $200,000, up from a loss of $100,000 in the 2012 quarter.
"I believe our achievements in...Read more »
Kimco Realty Corp., a real estate investment trust based in New Hyde Park, will have a stake in the $9.4 billion purchase of grocery store chain Safeway, Inc. by private equity firm Cerberus Capital Management LP.
The deal, which was announced Thursday afternoon after the stock market close, will merge Safeway with fellow grocer Albertsons, which is owned by Cerberus through the company AB...Read more »
Forest Laboratories Inc. has begun a cost-cutting effort that could lead to the elimination of 10 to 20 percent of its workforce on Long Island, according to a company spokesman.
The Manhattan-based company, which is known for developing branded prescription drugs, employs more than 600 people in its Commack and Hauppauge locations.
The company spokesman declined to give exact figures...Read more »
Chembio Diagnostics Inc. on Thursday reported a loss for the final three months of 2013 on falling sales of its rapid tests for the AIDS virus and syphilis.
The Medford-based manufacturer said it lost $262,000 in the October-December period compared with a profit of $492,000 a year earlier.
Sales in the fourth quarter dropped a tenth of 1 percent to $7.86 million.
Lawrence Siebert,...Read more »
Gabila's Knishes has kicked production into high gear, but demand is still outstripping supply for its fried square knishes after a five-month absence.
"We have customers telling us they're literally flying off the shelf," said Stacey Ziskin Gabay, executive vice president and general counsel of the Copiague-based maker of square, fried knishes.
Ziskin Gabay said that many outlets reported...Read more »
Site plans for the Nassau Coliseum redevelopment, led by developer Bruce Ratner, will be submitted to the Town of Hempstead within two months, and a building permit application will be filed by fall, said Ed Blumenfeld, the president of Blumenfeld Development Group, which is partnering with Ratner on the project.
"We hope that in the next 30 to 60 days we can have some announcements," Blumenfeld...Read more »
Consumer confidence in the metropolitan area declined last month as the stock markets were roiled and winter intensified.
The Siena College Research Institute reported Wednesday that its consumer confidence index for Long Island, New York City and its northern suburbs was 77.6 points in February, down 3.4 from the previous month.
Index readings above 76.01 points mean the number of people...Read more »
A New York State Supreme Court judge has denied an attempt to speed up the foreclosure process on a $103 million loan taken out by the Long Island Marriott Hotel and Conference Center in Uniondale, owned by New York Islanders owner Charles Wang.
Judge Roy S. Mahon denied the motion for summary judgment to foreclose on the Marriott, citing inadequate proof that the lenders held the securitized...Read more »