Daily News (New York, NY) articles from June 2001

Daily News (New York, NY) archives from June 2001

Gourmet Food Firm Buys Harlem, N.Y., Site for Headquarters, Retail Store.
June 1, 2001... Byline: Eric Herman Jun. 1--Citarella, whose stores peddle truffles and foie gras to gourmet shoppers, has bought a city-owned site in Harlem with plans to turn it into a headquarters, packaging facility and retail store. In a deal...

Bill Gates Visits New York To Tout Microsoft's New Workplace Software.
June 1, 2001... Byline: Rachel Scheier Jun. 1--Bill Gates came to New York yesterday to push the latest version of Microsoft's workplace software, Office XP, but the highlight of his visit was when Clippy got fired. Clippy, that wide-eyed paper...

Online Brokerage of New York Bank To Fire 180 Employees.
June 1, 2001... Byline: Judith Schoolman Jun. 1--CSFBdirect, the online brokerage of Credit Suisse First Boston, said yesterday it will fire 180 employees -- 14 percent of its U.S. workforce -- due to slow trading activity. This is its second round of...

Daily News, New York, Publishing Column.
June 1, 2001... Byline: Paul D. Colford Jun. 1--IF THERE HAD BEEN AN APPLAUSE METER at yesterday's presentation of the Pulitzer Prizes, it might have shown the ovation for Associated Press photographer Alan Diaz was the longest and loudest. It was Diaz,...

Investors Seek Stock Market Bargains.
June 1, 2001... Byline: Judith Schoolman Jun. 1--Stocks reversed course yesterday with investors looking for bargains, especially in the battered tech sector, even as new economic data pointed to continuing trouble on the economic front. A Labor...

Book Publisher Houghton Mifflin Sold to French Media Giant Vivendi.
June 2, 2001... Byline: Phyllis Furman Jun. 2--One of the last independent educational book publishers, Houghton Mifflin, home of the American Heritage Dictionary, has been sold to French entertainment and media giant Vivendi Universal for $2.2 billion....

Unemployment Drops in May But Production at Factories Continues to Slide.
June 2, 2001... Byline: Judith Schoolman Jun. 2--Employers across the country cut fewer jobs than expected last month and unemployment in May surprisingly dropped to 4.4 percent , but production at factories continued a 10-month slide. Still, all this...

Daily News, New York, Peter Siris Column.
June 2, 2001... Byline: Peter Siris Jun. 2--For the past few years, I have warned about the risk of listening to the buy and sell ratings of Wall Street analysts. It is not that I am opposed to them. My wife is an analyst, and I used to be one too. It is...

Refineries' Higher Output in Summer Will Help Lower Gas Prices.
June 3, 2001... Byline: William Sherman Jun. 3--After a season of soaring gas prices, two bits of relief are just around the corner. The cost of gasoline at the pump is expected to drop by as much as 21 cents a gallon this summer as refineries across...

Time Inc.'s In-House Newsletter Folds.
June 4, 2001... Byline: Paul D. Colford Jun. 4--Time Inc.'s fourth-oldest publication has folded, though most magazine junkies will never know it's gone. FYI, a biweekly newsletter begun in 1940, was sent only to the 13,000 employees of the publishing...

Officials Still Hope Offices Will Be Built over New York Bus Terminal.
June 4, 2001... Byline: Eric Herman Jun. 4--In March 1998, the Port Authority of New York and New Jersey announced an ambitious, some might even say audacious plan -- to induce a private developer to build an office tower over its bus terminal at Eighth...

Daily News, New York, Peter Siris Column.
June 4, 2001... Byline: Peter Siris Jun. 4--As a rule, I try not to predict what the markets and the Fed are going to do. It is a losing bet that can only make me look stupid. This week, however, I am going to break my rule and stick my head out on a...

American Airlines Begins to Phase Out TWA Logo, Customer Perks.
June 4, 2001... Byline: Nancy Dillon Jun. 4--TWA-faithfuls know the end is drawing near. American Airlines acquired bankrupt Trans World Airlines for $2.8 billion in April. And already American, the metro area's No. 2 carrier in terms of passenger...

Children's Books Publisher Files for Bankruptcy Again, Gets Bought Out.
June 5, 2001... Byline: David Andelman Jun. 5--Super Mario Bros., meet Frosty the Snowman. Golden Books, home to 500,000 titles and characters who have tickled the fancy of children for generations, declared bankruptcy for the second time in two years...

Realty Firm Wins Bidding War for New York Office Building.
June 5, 2001... Byline: Eric Herman Jun. 5--After a bidding war that drove up the price for the 23-story office building at 317 Madison Ave., SL Green Realty has prevailed with an offer of nearly $110 million, the Daily News has learned. SL Green is...

Daily News, New York, Publishing Column.
June 5, 2001... Byline: Paul D. Colford Jun. 5--THE SHAKEUP AT U.S. News & World Report will continue beyond the exit of editor Stephen Smith and the naming of executive editor Brian Duffy as his successor. Sources said layoffs are expected to thin the...

Report: Four Major Companies Control Half of All Minutes Spent on Internet.
June 5, 2001... Byline: Rachel Scheier Jun. 5--Cyberspace may be a vast frontier, but it's increasingly controlled by just a few powerful players. Half of all the minutes Americans spend online are controlled by only four companies: AOL Time Warner,...

Harley-Davidson Aims for Record Year.
June 6, 2001... Byline: David Andelman Jun. 6--The hog is getting fatter. These may be lean times for the nation's auto industry and the economy at large, but for Harley-Davidson, granddaddy of big cruising motorcycles, it promises to be another...

Daily News, New York, Media Column.
June 6, 2001... Byline: Phyllis Furman Jun. 6--Morning biz-TV newsman David Faber is angling for a new job that could land him beyond reporting on stocks, bonds and deals. Faber's contract with CNBC expires in December and he's said to be winning...

Stocks Rise for Fourth Straight Session.
June 6, 2001... Byline: Judith Schoolman Jun. 6--Stocks rose for a fourth straight session yesterday, powered by computer chip companies and hopes that the worst news about corporate profits is behind us. Yesterday's tech-stock surge was touched off...

Conde Nast Hires Top Editor for Self Magazine.
June 7, 2001... Byline: Paul D. Colford Jun. 7--A prominent vacancy in publishing was filled yesterday when Conde Nast announced that Lucy Danziger, former editor of defunct Women's Sports & Fitness, will rejoin the company as editor in chief of...

Future in Doubt for Technology Magazine Business 2.0.
June 7, 2001... Byline: Paul D. Colford Jun. 7--The future of tech business magazine Business 2.0 looked bleak yesterday as editorial sources said they were producing no content for publication beyond mid-July. But expectations grew that Time Inc. is...

Future Still Looks Bleak for Time Inc. Magazine Business 2.0.
June 7, 2001... Byline: Paul D. Colford Jun. 7--The future of tech business magazine Business 2.0 looked bleak yesterday as editorial sources said they were producing no content for publication beyond mid-July. But expectations grew that Time Inc. is...

Cisco Systems Pulls Out of Proposed New York Office Tower.
June 7, 2001... Byline: Eric Herman Jun. 7--The proposed office tower over the Port Authority bus terminal blew a flat tire yesterday following word that Cisco Systems decided not to become the building's main tenant. The development cast some doubt...

Stocks Fall After Four-Day Hot Streak.
June 7, 2001... Byline: Judith Schoolman Jun. 7--Stocks broke a four-day winning streak yesterday as discouraging outlooks from computer giant Hewlett-Packard and financial powerhouse J.P. Morgan Chase helped push investors to sell. Adding to the...

Aetna Admits to Paying Expired Medical Benefits.
June 8, 2001... Byline: Nancy Dillon Jun. 8--Ailing insurance leader Aetna admitted yesterday that lousy record keeping has resulted in millions of dollars being paid to people with expired medical benefits. "We are overpaying substantially," John...

Intel Reassures Shareholders That Sales Remain Consistent.
June 8, 2001... Byline: Rachel Scheier Jun. 8--In a shred of encouraging news against what has been a bleak landscape for tech companies lately, No. 1 computer chip giant Intel said yesterday that sales won't fall below previously lowered expectations....

New Publisher Buys Business Magazine.
June 8, 2001... Byline: Nancy Dillon Jun. 8--Speculation over the fate of Business 2.0 magazine ended yesterday when staffers were told that Time Inc. -- publisher of new economy-focused eCompany Now, as well as Fortune and Money magazines -- paid $68...

Technology Consulting Firm Cuts Jobs.
June 8, 2001... Byline: Eric Herman Jun. 8--Accenture, the management and technology consulting firm, said yesterday that it would shed up to 1,400 workers, or 2 percent of its workforce. The firm will cut 600 jobs from a global workforce of about...

Florida, New Jersey Men Charged with Stealing Millions from Securities Firm.
June 9, 2001... Byline: Barbara Ross Jun. 9--Two New Jersey men and another from Florida were accused yesterday of stealing $27.7 million from a bankrupt securities firm that lost $214 million for its investors. Manhattan prosecutors said William...

Prices Fall for Office Space in Manhattan.
June 9, 2001... Byline: Eric Herman Jun. 9--Office space in Manhattan continued to get cheaper last month, as the market for commercial office space showed further signs of softening. Average asking rents for office space in Manhattan dropped to...

Computer Glitches Temporarily Halt Buying, Selling on NYSE.
June 9, 2001... Byline: Judith Schoolman Jun. 9--The Big Board came to a screeching halt for almost an hour and a half yesterday as computer glitches forced New York Stock Exchange executives to temporarily halt all buying and selling. Traders roamed...

Daily News, New York, Peter Siris Column.
June 11, 2001... Byline: Peter Siris Jun. 11--Forget Microsoft, Intel, Cisco Systems, Wal-Mart and other mega caps. Most of these companies are stuck in the whirlwind of the slowing economy. If you are an individual investor, there are much better...

Viacom Chairman to Stay in Top Spot as Long as He Can.
June 11, 2001... Byline: Phyllis Furman Jun. 11--Viacom chairman Sumner Redstone was sitting in his plush midtown office one morning this week wearing a piece of red thread tied around his left wrist, a good luck charm given to the media mogul by a rabbi...

New York-Based Clothing Retail Empire Files for Bankruptcy.
June 12, 2001... Byline: Judith Schoolman Jun. 12--Bankruptcy yesterday came between Warnaco and its Calvins. Reeling from a costly licensing battle with Calvin Klein, a first-quarter loss and a warning to lenders its mounting debt was raging out of...

Report: New York Needs Much More Office Space or Will Face Crippling Problem.
June 12, 2001... Byline: Eric Herman Jun. 12-- New York City needs the equivalent of 12 new World Trade Center towers in the next 20 years or will face a crippling of its future economic growth, according to a report issued yesterday by a group of business...

Daily News, New York, Media Column.
June 12, 2001... Byline: Paul D. Colford Jun. 12--The decline in magazine ad pages deepened dramatically as the industry posted a 16.9 percent falloff last month compared to May 2000. The double-digit downturn followed drops of 9.5 percent in April...

Investors Sell Off Stocks as Companies Hint at Profit Shortfalls.
June 12, 2001... Byline: David Andelman Jun. 12--The warning season for companies expecting profit shortfalls is well under way, and investors reacted yesterday by selling off groups of stocks that looked weak. Tech companies of all sizes were hit...

Decline in Magazine Advertising Drops Dramatically.
June 13, 2001... Byline: Paul D. Colford Jun. 13--The decline in magazine ad pages deepened dramatically as the industry posted a 16.9 percent falloff last month compared to May 2000. The double-digit downturn followed drops of 9.5 percent in April...

Daily News, New York, Wall Street Column.
June 13, 2001... Byline: Judith Schoolman Jun. 13--The stock market staged a dramatic turnaround yesterday after a dismal beginning on grim forecasts by some heavyweight tech companies gave way to bargain hunting and a burst of optimism. Nokia, the...

Daily News, New York, Media Column.
June 13, 2001... Byline: Phyllis Furman Jun. 13--A new boss and big changes at NBC are raising questions about the future of CNBC chairman Bill Bolster. CNBC insiders are increasingly buzzing about Bolster, the former president of WNBC/Ch. 4, who...

Nokia Lowers Sales Expectations.
June 13, 2001... Byline: David Andelman Jun. 13--Nokia is worried people are too attached to their cell phones. The world's No. 1 cell phone maker warned that its sales would be a lot worse than Wall Street had expected, largely because people aren't...

New York Business Leaders Call for Increased Office Space Development.
June 13, 2001... Byline: Eric Herman Jun. 13--New York City needs the equivalent of 12 new World Trade Center towers in the next 20 years or will face a crippling of its future economic growth, according to a report issued yesterday by a group of business...

Executive Resigns from Online Stock Paper.
June 14, 2001... Byline: Rachel Scheier Jun. 14--Dave Kansas, who led TheStreet.com newsroom since its 1996 launch and became a multimillionaire -- on paper -- in the process, said yesterday he'll resign his post as editor in chief. Kansas, who will...

SEC Charges Executives for Fraud in New York Court.
June 14, 2001... Byline: Robert Gearty Jun. 14--Two men were charged yesterday in a Manhattan Federal Court indictment with defrauding investors of $2 million by persuading them to buy stock in a bogus company. Michael Nnebe, 40, of Orange, N.J., and...

Kraft Disappoints with Initial Public Offering.
June 14, 2001... Byline: Nancy Dillon Jun. 14--Kraft's ballyhooed debut on the New York Stock Exchange yesterday turned out as bland as watered-down Kool-Aid. Shares in the maker of Altoids, Cheez Whiz and SnackWell's cookies failed to gain even 1...

Kraft's Hyped Stock Debut Comes to Bland Ending in First Day of Trading.
June 14, 2001... Byline: Nancy Dillon Jun. 14--Kraft's ballyhooed debut on the New York Stock Exchange yesterday turned out as bland as watered-down Kool-Aid. Shares in the maker of Altoids, Cheez Whiz and SnackWell's cookies failed to gain even 1...

Daily News, New York, Wall Street Column.
June 14, 2001... Byline: JUDITH SCHOOLMAN Jun. 14--Wall Street's mood soured yesterday as more companies joined the chorus of warnings about sales and profit shortfalls, solidifying views the economy won't turn around anytime soon. Yet, a glimpse of...

Crown Publishers to Release Fifth in `Clan of the Cave Bear' Series in May.
June 15, 2001... Byline: Paul D. Colford Jun. 15--It has taken Jean Auel 11 years to write "The Shelters of Stone" and readers will have to wait another year for publication of the fifth book in her enormously popular Earth's Children series, which began...

Regulators' Demands Kill GE's Proposed $40 Billion Deal for Honeywell.
June 15, 2001... Byline: David Andelman Jun. 15--It was to have been the final masterpiece from a legendary conductor -- the man who assembled the symphony of businesses that is General Electric, delaying his planned retirement to orchestrate the biggest...

Reports Shows Job Growth in New York Outpaces National Average.
June 15, 2001... Byline: Nancy Dillon Jun. 15--The rate of local job growth may not be as brisk as it was when it peaked last September, but a new report shows the city's increase in the last year far outpaced the national average. The state Labor...

Daily News, New York, Stock Market Column.
June 15, 2001... Byline: Judith Schoolman Jun. 15--The daily drumbeat of profit warnings socked stocks again yesterday, and concerns over the likely demise of the $41 billion GE-Honeywell merger sent chills through the broader market. Word from GE boss...

Daily News, New York, Stock Market Column.
June 16, 2001... Byline: Judith Schoolman Jun. 16--Nortel's stunning profit warning coupled with fear the economy may not rebound until next year pulled stocks down again yesterday, as the Nasdaq closed out its worst week since December. The Nasdaq...

Telecom Equipment Maker Nortel Networks Cuts Another 10,000 Jobs.
June 16, 2001... Byline: Rachel Scheier Jun. 16--In the latest corporate disaster from the tech sector, Nortel Networks yesterday slashed another 10,000 jobs and said it can't predict when it may return to profitability. The telecom equipment maker...

Daily News, New York, Guerrilla Investing Column.
June 17, 2001... Byline: Peter Siris Jun. 17--Don't get too greedy. This is not the time to try to be a hero. Why? Because this stock market is starting to look dangerous. I'm still relatively fully invested, but for the first time in months, I am...

Investors Find Strength in Small Companies.
June 18, 2001... Byline: David Andelman Jun. 18--Small is good. Smaller is even better. What that means, at least for investors, is that small companies have been the place to be this year and so-called micro-caps have been an even better place. ...

Macintosh Repair Shop Is an Institution for New Yorkers with Computer Woes.
June 18, 2001... Byline: Rachel Scheier Jun. 18--You shop Zabar's for good Nova and the 26th Street Flea Market in Chelsea for urbane junk. When your hard drive unexpectedly crashes -- zapping tax records, newly completed musical scores or the lone...

New York-Based Low-Fare Airline to Double Number of Jets.
June 19, 2001... Byline: Nancy Dillon Jun. 19--New York-based JetBlue Airways, the low-fare airline that offers leather seats throughout coach and showed the Super Bowl live on its in-flight TV system, said yesterday it ordered 30 new jets, twice the...

Advertising Whiz Developed Madison Ave. Skills in Bronx, N.Y.
June 20, 2001... Byline: Nancy Dillon Jun. 20--Advertising exec Linda Kaplan Thaler, the brains behind Clairol's shampoo-as-aphrodisiac "Urge to Herbal" commercials, credits her success to a cherished secret weapon: her 1960s Bronx upbringing. "We had...

Oracle Uplift Helps Nasdaq Halt Nosedive.
June 20, 2001... Byline: Judith Schoolman Jun. 20--Better-than-expected results from software heavyweight Oracle helped break a seven-session Nasdaq losing streak by the slimmest of margins yesterday, but an after-hours warning from a big telecom equipment...

Daily News, New York, Lenore Skenazy Column.
June 20, 2001... Byline: Lenore Skenazy Jun. 20--If ever there was a punch line the late-night comics couldn't resist, it was this: "Anal leakage." "Anal leakage" is to the modern monologue what "mother-in-law" was to Henny Youngman: The joke that...

Airlines Face Decline in Revenues.
June 21, 2001... Byline: David Andelman Jun. 21--Airlines are set to record the largest monthly decline in their revenues in a quarter century as business travel has dried up, and tourists are staying home in droves. "Corporations are cutting back...

New York Job Fair Draws 4,000.
June 21, 2001... Byline: Nancy Dillon Jun. 21--More than 4,000 New Yorkers trekked to Madison Square Garden yesterday in search of a better gig. "The numbers seem much greater today than eight months ago," said Sourabh Sen, an executive at financial...

No. 2 Editor at New York Times Shifts to Writing.
June 21, 2001... Byline: Paul D. Colford Jun. 21--New York Times managing editor Bill Keller, who had been a leading candidate for the top job in the newsroom, will instead become a columnist for the paper's op-ed page and a senior writer for The New York...

Developers Move Ahead with Plans to Expand Manhattan, N.Y., Building.
June 21, 2001... Byline: Eric Herman Jun. 21--The owners of 55 Water St. in lower Manhattan are taking a bold step -- going ahead with plans to construct a 14-story addition without having signed a single new tenant. While the slowing economy has most...

Nasdaq Increases 2 Percent Despite Disappointing Forecasts.
June 21, 2001... Byline: Judith Schoolman Jun. 21--Investors went on a late-session buying spree yesterday, pushing the Nasdaq up nearly 2 percent even as the latest string of disappointing forecasts indicated just how badly corporate profits are...

Half of Eleven New Power Generators Ready to Start, New York Officials Say.
June 22, 2001... Byline: Elizabeth Hays Jun. 22--As summer arrived yesterday, the New York Power Authority had roughly half its controversial new electric-generating turbines up and ready to go on line. Power Authority spokesman Louis Rodriguez said...

Daily News, New York, Wall Street Column.
June 22, 2001... Byline: Judith Schoolman Jun. 22--The still weakening economy took center stage yesterday as a Fed rate cut next week looked ever more likely amid a new report on the job market showing that companies are still cutting their workforces....

Daily News, New York, Media Column.
June 22, 2001... Byline: Paul D. Colford Jun. 22--MEDIA MOGULS AMONG FORBES RICHEST: Forbes' new ranking of the world's billionaires gives Ted Turner bragging rights in his feud with rival Rupert Murdoch. The list puts Turner, the AOL Time Warner vice...

New York Times Promotes Columnist to Editorial Page Editor.
June 22, 2001... Byline: Paul D. Colford Jun. 22--One of the most influential shapers of political opinion in the country -- The New York Times' editorial page -- will be led by Gail Collins, the witty and often acerbic columnist who now writes for the...

New York-Based Dime Bancorp in Merger Talks.
June 23, 2001... Byline: Judith Schoolman Jun. 23--A year after fighting off a hostile takeover bid from one bank, Dime Bancorp said yesterday it was in talks to be bought by another, reportedly by Seattle-based Washington Mutual. Dime acknowledged it...

Jeffords Lands Deal with Simon & Schuster.
June 23, 2001... Byline: Paul D. Colford Jun. 23--A month after Sen. Jim Jeffords rocked Washington by quitting the GOP and tipping the balance of power in the U.S. Senate, the Vermont independent has landed a two-book deal with Simon & Schuster. The...

Time Inc. Promotes a Number of Executives.
June 23, 2001... Byline: Paul D. Colford Jun. 23--A round of big promotions yesterday at Time Inc. was sure to fuel new speculation about who may ultimately succeed Don Logan as chairman and CEO of the magazine giant. Logan, 56, expanded the duties of...

Seattle-Based Washington Mutual to Buy New York's Dime Bancorp.
June 26, 2001... Byline: Judith Schoolman Jun. 26--Another legendary New York banking name bit the dust yesterday. Dime Bancorp, the 142-year-old community bank where customers years ago -- many years ago -- could deposit as little as 10 cents, will...

Supreme Court Says Publishers Need Writers' Consent to Reprint Articles on Web.
June 26, 2001... Byline: Eric Herman Jun. 26--Bringing copyright law into the Internet Age, the Supreme Court ruled yesterday that publishers cannot reprint freelance articles on the Web without the writers' consent. The ruling caps an eight-year legal...

Tower Records Faces Tough Financial Future.
June 26, 2001... Byline: Phyllis Furman Jun. 26--Leading music retailer Tower Records is facing a credit crunch. The chain, best known for its deep selection of records and typically knowledgable salespeople, may be forced to seek bankruptcy...

Dow Jones Average Declines Due to Anticipated Interest Rate Cut.
June 26, 2001... Byline: David Andelman Jun. 26--Uncertainty over the size of an expected new interest rate cut from a two-day Fed meeting that begins today sent the Dow Jones industrial average lower, but pushed the Nasdaq into a narrow gain yesterday....

Bear Stearns Announces New Leader.
June 27, 2001... Byline: Judith Schoolman Jun. 27--Bear Stearns' legendary boss Ace Greenberg handed the baton to CEO Jimmy Cayne yesterday, ushering in a new generation of top management at the Wall Street brokerage. As part of the changing of the...

Daily News, New York, Media Column.
June 27, 2001... Byline: Phyllis Furman Jun. 27--HMV WANTS TO TURN DOWN THE VOLUME in New York -- again. The giant music chain that's closed some stores already in the city, has been trying to unload its prominent E. 86th Street and Lexington Avenue...

Citigroup Rents Out Floors in Its Manhattan Headquarters.
June 28, 2001... Byline: Eric Herman Jun. 28--Citigroup is scaling back. The nation's largest bank has decided to put nearly 200,000 square feet of office space in its Park Avenue headquarters on the market -- a bad omen for property owners renting to...

Federal Reserve Cuts Rate by a Smaller Percentage than Expected.
June 28, 2001... Byline: Judith Schoolman Jun. 28--The Fed cut short-term interest rates yesterday by a smaller than expected quarter-percentage-point to 3.75 percent , a level not seen in seven years, and indicated it might not be the last move. Taken...

Lucent May Lay Off 10,000 Workers.
June 28, 2001... Byline: Rachel Scheier Jun. 28--Lucent, the troubled New Jersey telecom trying to extricate itself from financial quicksand, may be preparing to lay off as many as 10,000 more workers. Word of the imminent cuts reportedly will be...

Tech Downturn Forces Nasdaq to Cut Jobs.
June 28, 2001... Byline: Nancy Dillon Jun. 28--The Nasdaq Stock Market is cutting 137 jobs, about 10 percent of its total staff, due largely to a drastic falloff in fees collected from initial public offerings. Manhattan-based Nasdaq collected entry...

New York Newspaper Names New Business Editor.
June 28, 2001... Jun. 28--David Andelman, a longtime business journalist with experience at The New York Times, CBS News and Bloomberg News, is the new business editor of the Daily News. Andelman, who joined the paper last January, succeeds Scott Wenger,...