One Liberty rental income rises
One Liberty Properties, a Great Neck real estate investment trust, reported an uptick in rental income and profits in the second quarter. The company collected $11.7 million in rent from April through June, a nearly 7 percent rise over the same period in 2011, it said Wednesday. The increase was due to 12 properties acquired since March 2011, the company said. Net income rose by nearly 12 percent, to $5.75 million, as expenses rose 6.4 percent, to $5.18 million. One Liberty has generated $17.9 million in net proceeds from property sales so far this year, trust president and chief executive Patrick J. Callan Jr. said. Funds from operations dropped nearly 6 percent, to $6.3 million. One Liberty purchases, owns and manages retail, industrial, office and other properties under long-term leases. Its shares fell 2.23 percent in trading Wednesday. -- MAURA MCDERMOTT
Fuoco Group buys AIB Forensics
Fuoco Group, a Hauppauge-based accounting and financial consulting firm, announced on Wednesday it acquired AIB Forensics. Financial details of the deal were not disclosed. AIB Forensics is owned by Alan Blass, a former deputy auditor for New York City's Department of Investigations. It is based in Lawrence, with an office in South Florida. The three employees at AIB's Lawrence office will join Fuoco, and Blass will become director of Fuoco's new forensics unit, Fuoco Fraud and Forensics. Fuoco plans to hire new employees with accounting and litigation backgrounds as part of its efforts to expand the new unit, said Krysta Lyons, Fuoco's marketing director. In January, Fuoco bought information technology firm XT Group to form a new company, Fuoco Technology. -- LISA DU
Fannie net income at $2.2B
Fannie Mae earned $2.2 billion from April through June, its second quarterly gain in net income since being taken over by the government during the 2008 financial crisis. The mortgage giant said Wednesday it is paying $2.9 billion to the Treasury Department, its second straight quarterly dividend. It attributed the increase in earnings to improving home prices and fewer foreclosures. "We think home prices have stabilized," Fannie president and chief executive Timothy Mayopoulos said in an interview on CNBC. Fannie, taken over by the government during the financial crisis after massive losses on mortgages, has received about $116 billion so far from the Treasury Department, the most expensive bailout of a single company. So far Fannie has repaid about $26 billion.
About.com sold for $270M
The New York Times Co. is selling its troubled website About .com for $270 million. The site, which provides basic information on a wide variety of topics, is being sold to St. Louis-based Answers.com, according to a person familiar with the matter. The Times confirmed discussions of a sale but said no definitive agreement has been reached. About .com caused the Times to record a $195-million write-down in the April-June quarter, pushing the company to a loss despite a revenue gain. The Times purchased About.com in 2005 for roughly $410 million.
Google's Internet search engine is getting more personal by highlighting on its main results page information drawn from its users' Gmail accounts. The feature announced Wednesday marks Google's latest attempt to deliver data that people are seeking more quickly as it tries to maintain the dominance of its lucrative Internet search engine. Google Inc. is initially testing the feature with 1 million Gmail users who must sign up to participate. Gmail users who join the trial will be shown a list of relevant emails on Google's main search results page if the correspondence contains a word entered in a search request. -- AP