Rental spaces for displaced firms
A Melville-based landlord announced on Wednesday that it is offering month-to-month leases for businesses displaced by superstorm Sandy. TOTUS Business Center, a subsidiary of T.Weiss Realty Corp., rents group office spaces in Melville where tenants share a receptionist and office equipment. The buildings have power, Internet access and phone lines. CEO Ted Weiss said they have room for at least 90 people in two buildings and have furnished offices in other office buildings that could be set up on 48 hours notice. "Whatever it takes to put these people back in business," Weiss said. Rents start at $695 a month, which Weiss said is the regular rate on a year lease.
Strong profits for MasterCard
MasterCard's net income rose strongly in the third quarter as its overseas business thrived, the company said Wednesday. The payments company's business grew by virtually every measure. It processed 8.7 billion transactions, an increase of 24 percent over last year. Excluding the United States, people spent 15 percent more money using MasterCard-branded cards on a local-currency basis. Americans spent about 7 percent more using MasterCard plastic. The overall volume of purchases rose 12 percent on a local-currency basis to $676 billion. MasterCard's business grew as it won new partnerships overseas and acquired a loyalty reward provider in the United States. The payments network, based in Purchase, N.Y., said that its net income rose to $772 million, or $6.17 per share, from $717 million, or $5.63 per share in the same period a year earlier. Revenue rose 5 percent, to $1.92 billion in the three months ended Sept. 30 from $1.82 billion a year ago.
Treasury: We'll keep debt in check
U.S. Treasury officials said Wednesday that when the government hits the debt ceiling at the end of this year, they can employ "extraordinary" measures to keep the government functioning until sometime early next year. Treasury Assistant Secretary Matthew Rutherford said the Treasury would employ the same types of procedures it has used previously to keep borrowing under the current debt limit of $16.39 trillion until Congress votes to increase the debt ceiling. The nation's debt currently stands at $16.16 trillion. The United States has never failed to meet its debt obligations, although the last battle over raising the debt limit in August 2011 went to the last minute before a compromise was reached between the Obama administration and Congress. -- AP
Trading stops at Knight Capital
Knight Capital Group Inc., one of the largest U.S. market makers, shut down trading of equities after backup power failed at its headquarters in Jersey City amid a blackout following Sandy. No new orders for stock trades are being accepted, according to a memo from Knight, which almost went bankrupt in August after a computer error flooded the market with unintended transactions. The company's BondPoint trading platform was switched to a backup data center in Purchase, N.Y., and not affected, a spokeswoman said by phone. Knight is one of dozens of Wall Street firms being affected by power outages after superstorm Sandy flooded parts of New York and New Jersey on Monday.
Boss of 'London Whale' sued
JPMorgan Chase & Co. sued the executive responsible for supervising Bruno Iksil, the trader nicknamed the "London Whale" whose market-moving wagers led to a $6.2 billion trading loss. Javier Martin-Artajo, Iksil's boss in the chief investment office, is a defendant in a London lawsuit filed Oct. 22 by the bank and made public Wednesday. The court filings didn't reveal any details of the complaint. Both men have left the bank. A spokeswoman for the Manhattan-based bank declined to comment on the litigation by email. Martin-Artajo's lawyer also declined to comment. -- Bloomberg News