TODAY'S PAPER
54° Good Morning
54° Good Morning
Business

Biz Buzz

LONG ISLAND

Orbit inks new $5.7M Navy deal

Hauppauge defense electronics and software firm Orbit International Corp. said one of its units has a new $5.7 million U.S. Navy contract to supply a component of a gunfire control system for guided missile destroyers. The company said the Navy has already placed a $1 million initial order. The contract is part of the Navy's $16.6 billion AEGIS Modernization Program, which will upgrade 84 older ships in a 20-year refitting schedule. The contract positions Orbit "for continued strong operating performance in 2012," chief executive Mitchell Binder said in a statement. -- Joseph Mallia


New digital unit for Newsday

Newsday launched a news and information website and mobile apps for the lower Hudson Valley on Monday. The initiative, called Newsday for Westchester, consists of 25 journalists reporting on news, sports, entertainment and business in Westchester, Rockland, Orange, Dutchess, Ulster and Putnam counties. Customers of Cablevision Systems Corp.'s Optimum Online service will have free access to the website, newsday.com/Westchester, and apps for the iPhone and iPad. Others may purchase a digital subscription. "We have assembled a great team of local journalists," said Diane Goldie, digital editor in Cablevision's Local Media Group, which also includes Newsday. There are no plans for another print edition. "This is a digital-only initiative," said Newsday spokesman Paul Fleishman. -- James T. Madore


NATION

Microsoft invests in bookseller

Books and bits united on Monday as Microsoft provided an infusion of money to help Barnes & Noble compete with top electronic bookseller Amazon. In exchange, Microsoft gets a long-desired foothold in the business of e-books and college textbooks. The two companies are teaming up to create a subsidiary for Barnes & Noble's e-book and college textbook businesses, with Microsoft making a $300 million investment to take a 17.6 percent stake. The deal gives Barnes & Noble ammunition to fend off shareholders who have agitated for a sale of the Nook e-book business or the whole company, but the companies said Monday they are exploring separating the subsidiary, dubbed Newco, entirely from Barnes & Noble.


Yahoo Olympic coverage to grow

Yahoo plans to double its Olympics presence this summer, aiming to be the top website for the fourth straight Games. Yahoo is sending 25 people to cover the Summer Games in London -- twice as many as it had at the Winter Games -- including U.S. gold medal winners Shannon Miller and Dan O'Brien. It also plans to cover the games in dozens of languages. Despite not paying for exclusive rights to cover the games, Yahoo says it has been the No. 1 global destination for Olympics coverage for the past three games. In February 2010, Yahoo Sports had 32 million unique visitors and 254 million page views for the Vancouver Games, it says. NBC, which paid for exclusive U.S. broadcast rights, had 19 million visitors and 251 million page views.


22-year sentence in fraud case

A former high-tech executive convicted of defrauding investors of at least $30 million was sentenced Monday in San Francisco to 22 years in prison after a judge denounced him for fleecing nearly 100 victims to finance an "obscene lifestyle" of private jets, gaudy jewelry and Swiss bank accounts. U.S. District Judge Charles Breyer said Samuel "Mouli" Cohen was "nearly sociopathic" for refusing to show remorse for actor Danny Glover and others who suffered after he told them a company Cohen launched was about to be acquired by Microsoft Corp. The fraud caused the collapse of the nonprofit charity Vanguard Public Foundation, which Glover and singer Harry Belafonte founded in 1972, prosecutors said. -- AP

Comments

We're revamping our Comments section. Learn more and share your input.

More news