67° Good Morning
67° Good Morning

Biz Buzz







Buy back for assisted living sites


A Garden City developer plans to buy back six Long Island assisted living facilities, in what the company president on Wednesday called a sign of confidence in the future growth of the market. The Engel Burman Group has agreed to pay $318 million to repurchase the Bristal facilities in East Meadow, East Northport, Lynbrook, North Hills, North Woodmere, Westbury and Massapequa. Engel Burman sold the facilities to Canada-based Chartwell Seniors Housing Real Estate Investment Trust and ING Real Estate Australia for $320 million in 2007. The move reflects confidence in "the strategic growth we see in this market for years to come," Jan Burman, Engel Burman president, said in a statement. -- Maura McDermott







Late car loan payments fall


The rate of late payments for auto loans fell nationally in the first three months of the year to the lowest level in more than a decade. For the January to March quarter, the rate of U.S. auto loan payments at least 60 days overdue declined to 0.36 percent, down about 27 percent from the same period last year, credit reporting agency TransUnion said Wednesday. That's also down about 22 percent from the last three months of 2011. The auto loan delinquency rate has fallen on an annual basis for 10 consecutive quarters. One key reason: After the last recession, many borrowers made keeping up with their car payments a priority over other types of financial obligations, including credit cards and home loans. -- AP



Cable carriers team up on Wi-Fi


Comcast Corp., the biggest U.S. broadband provider, is teaming up with other large cable companies to create a nationwide network of Wi-Fi hot spots, helping them fend off competition from phone carriers. Time Warner Cable Inc., Cablevision Systems Corp. (owner of Newsday), Bright House Networks Llc and Cox Communications Inc. are part of the pact, the companies said Wednesday. The five cable carriers will let one another's Web customers connect laptops, tablets and other mobile devices to their metropolitan-area Wi-Fi networks, totaling more than 50,000 hot spots. They are trying to ward off phone companies such as Verizon and AT&T, which are expanding onto their turf by offering TV and broadband access. -- Bloomberg News



2012 Cruze added to fed probe


U.S. safety officials have added the 2012 model year to an investigation of engine fires in the Chevrolet Cruze compact car. The National Highway Traffic Safety Administration said last month it was investigating the 2011 Cruze because of two complaints of fires that engulfed and destroyed the cars. In documents posted on its website this week, the agency asked GM for information about fires in 2011 and 2012 Cruzes. The request focused on electrical wiring and on a computer module that controls the transmission. Initially the government probe covered about 177,000 Cruzes from the 2011 model year. GM spokesman Alan Adler said it now covers about 370,000 cars. The Cruze has not been recalled. -- AP



HP to lay off 27,000 workers


Hewlett-Packard Co. confirmed plans to cut 27,000 jobs as the growing popularity of smartphones, the iPad and other mobile devices makes it tougher for the company to sell personal computers. The cuts, announced Wednesday, will affect about 8 percent of the company's nearly 350,000 employees by the time they are completed in October 2014. Word of the mass layoff had leaked out last week. HP said it hopes to avoid as many layoffs as possible by offering early retirement packages. The Palo Alto, Calif.-based company expects to save as much as $3.5 billion annually from the job cuts and other austerity measures. HP's shares surged as high as 10 percent in extended trading after the announcement. -- AP


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

More news