Business briefs

LONG ISLAND

On 'Inc. 5000' fast-track list

Thirty-one Long Island companies were named to the "Inc. 5000," an annual list of the 5,000 fastest- growing companies in America compiled by Inc. magazine, with two local businesses landing in the top 10 percent. The list ranks the companies by three-year revenue growth from figures submitted by the businesses. Two local companies made it into the top 500 on the list. Renegade Furniture Group of Hewlett, which owns a portfolio of furniture retail websites and manufactures its own line of items, had revenue in 2012 of $9.8 million, making its three-year revenue growth 2,926 percent. It employs 17 people and was ranked No. 129 on Inc.'s list. Ultraflex Power Technologies in Ronkonkoma was ranked No. 299. Its revenue in 2012 was $2.2 million, making its three-year sales growth 1,454 percent. The company employs 12 people.

Thuro Metal upgrade, hiring

With help from tax breaks, Thuro Metal Products Inc. is upgrading its operations in Brentwood and adding 15 employees to the 50 already there, the state said Monday. The Empire State Development Corp. is providing $200,000 in tax credits, which are tied to job creation and investment commitments, the announcement said. The company plans to invest more than $3 million in new machinery and equipment, plus renovations to its facilities, the state said.

State post-Sandy assistance

State officials will be in Long Beach today to help homeowners and business people harmed by superstorm Sandy. Gov. Andrew M. Cuomo's administration won approval for its plan to use federal Community Block Grants to aid homeowners and businesses ravaged by the Oct. 29 storm. Those seeking assistance must apply to the state. Representatives of the Department of Financial Services will be in a mobile command center at Waldbaum's Plaza, 85 E. Park Ave., from 9 a.m. to 5 p.m.NATION

Creating 2nd-largest exchange

Stock exchange operator BATS Global Markets is buying Direct Edge to create the nation's second-biggest stock exchange. The new company will account for about 21 percent of the approximately 6.5 billion shares that are traded daily on exchanges, according to BATS. It would leapfrog over the Nasdaq and rank behind the New York Stock Exchange. The deal is part of a trend of consolidation among global stock exchanges. The deal is expected to close in the first half of next year. -- AP

Starbucks cafe for Colombia

Starbucks Coffee Co., which has exported coffee beans from Colombia for more than four decades, plans to open its first cafe in the Andean country in 2014 and serve only locally grown coffee. The world's biggest coffee chain hopes to open at least 50 coffee shops in cities across Colombia in the next five years, starting in the capital, Bogota. The announcement by the Seattle based-firm coincided with protests by local coffee growers who are demanding the government provide more aid to counter low global prices and cheap imports hitting the world's biggest producer of washed arabica beans. -- Reuters

Top Penney shareholder selling

Hedge fund manager William Ackman, the single biggest shareholder in J.C. Penney Co., is selling his stake in the retailer. Ackman's $11-billion Pershing Square Capital Management is offering its roughly 39.1 million shares for sale, a person familiar with the deal said. J.C. Penney also issued a regulatory filing. The move comes two weeks after the 47- year-old billionaire left the retailer's board after a fight over top management's direction. Ackman built his stake in J.C. Penney three years ago and has lost hundreds of millions on the investment as an ambitious makeover of the store failed.-- Reuters