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

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

Greenspan `Ambiguous' about Possible Interest Rate Cut.
March 3, 2001... Byline: Judith Schoolman Mar. 3--Fed chief Alan Greenspan kept Wall Street guessing about the timing of the next interest rate cut, while praising workplace productivity gains and suggesting tax cuts are a good way to spend the...

Fed Chairman's Remarks Lead to Tumultuous Day for Financial Markets.
March 3, 2001... Byline: Judith Schoolman Mar. 3--Fed chief Alan Greenspan kept Wall Street guessing about the timing of the next interest rate cut, while praising workplace productivity gains and suggesting tax cuts are a good way to spend the...

Daily News, New York, Peter Siris Column.
March 3, 2001... Byline: Peter Siris Mar. 3--HERE'S A SIMPLE GAME that will help you understand the current stock market. Take a rubber ball. Hold it in the air. Drop it. Watch it bounce. Go to the third floor of a building. Repeat the process. The...

Daily News, New York, Guerilla Investing Column.
March 4, 2001... Byline: Peter Siris Mar. 4--Here's a simple game that will help you understand the current stock market. Take a rubber ball. Hold it in the air. Drop it. Watch it bounce. Go to the third floor of a building. Repeat the process. The...

Prices of Manhattan Co-Ops Drop.
March 6, 2001... Byline: Eric Herman Mar. 6--Prices for Manhattan co-ops fell 18 percent in February from January, the freshest indication that the frenzied real estate market of the past few years has begun to cool. But the overall market remains...

Users Find Ways to Get around Napster Attempt to Block Access.
March 6, 2001... Byline: Rachel Scheier Mar. 6--Napster began blocking access to about 1 million copyrighted music files late Sunday -- an 11th hour peace offering to the record industry -- but yesterday the screening technology appeared to have major...

Former TWA Owner Joins Group in $650 Million Bid for Airline.
March 6, 2001... Byline: David Andelman Mar. 6--Carl Icahn may wind up owning TWA -- again. The billionaire New York financier -- who owned the airline from 1985 to 1993, including when it first filed for bankruptcy -- has joined with a buyout group...

Trans World Airlines Machinists Union Says It Will Work with Top Bidder.
March 12, 2001... Byline: David Andelman Mar. 7--Though TWA's machinists and Carl Icahn parted on bitter terms a decade ago, the union says it's prepared to work for the top bidder for the bankrupt airline -- even Icahn. "We'll deal with the highest and...

New Jersey-Based Bank To Remain Open Seven Days A Week in New York.
March 12, 2001... Byline: Nancy Dillon Mar. 9--Sunday may be a day of rest -- especially for most New York banks -- but starting this fall, New Jersey-based Commerce Bancorp plans to lure city customers by opening its doors here seven days a week. ...

Donald Trump Remains Hopeful for New York Residential Development.
March 12, 2001... Byline: Eric Herman Mar. 12--Sixteen years after he bought the biggest chunk of undeveloped land in Manhattan, Donald Trump's vision of a new neighborhood alongside the Hudson River has yet to materialize. But a quiet three-building...

Goldman Sachs Abandons Plans to Build Facility in New York.
March 12, 2001... Byline: Eric Herman Mar. 7--Goldman Sachs has abandoned its plans to construct a massive trading facility in lower Manhattan. The investment bank had hoped to build an addition onto 55 Water St., a two-building complex consisting of a...

Daily News, New York, Guerilla Investing Column.
March 12, 2001... Byline: Peter Siris Mar. 12--YOU PROBABLY HAVE HEARD as many stories about the Nasdaq's plunge as you have about Puffy and J. Lo or Clinton's pardons, so I'll spare the details. Focusing on the drop in the Nasdaq will not be good for...

Daily News, New York, Wall Street Column.
March 12, 2001... Byline: Judith Schoolman Mar. 7--In further signs that employment on Wall Street is as volatile as the stock markets, financial giant Citigroup is expected to trim up to $2 billion in costs -- including possible job cuts -- while UBS...

Daily News, New York, Media Column.
March 12, 2001... Byline: Phyllis Furman Mar. 7--JAMIE KELLNER, THE broadcasting maverick behind teeny bopper hits "Dawson's Creek" and "Buffy, the Vampire Slayer," has been named chairman of Turner Broadcasting as part of a major TV shake-up at media giant...

New York Media Dominate Nation's News Agenda, Industry Survey Suggests.
March 12, 2001... Byline: Paul D. Colford Mar. 8--Flash! New York's media rule the nation's news agenda. "More than 10,000 journalists work on the island of Manhattan, and this has resulted in an unparalleled concentration of media power, even in the...

Federal Authorities Indict Alleged Mob Associates for Investment Fraud.
March 12, 2001... Byline: Mike Claffey Mar. 9--In yet another Mob Comes to Wall Street case, the feds announced yesterday the indictment of 20 crooked brokers, including two Gambino associates, for allegedly scamming investors out of $50 million from 1994...

Federal Judge Orders Napster to Begin Blocking Trading of Copyrighted Music.
March 12, 2001... Byline: Rachel Scheier Mar. 7--A federal judge handed the record industry a mixed victory yesterday when she ordered Napster, the popular online song-swapping service, to begin blocking its users from trading copyrighted music. San...

Daily News, New York, Peter Siris Column.
March 12, 2001... Byline: Peter Siris Mar. 12--THE NEWEST SPORT is beating up Merrill Lynch's Henry Blodget, Mary Meeker of Morgan Stanley Dean Witter and the other Wall Street analysts who suckered us all into the Internet craze. As readers of this column...

New York-Based Sports Marketing Firm Survives Economic Slowdown.
March 12, 2001... Byline: Nancy Dillon Mar. 12--Brandi Chastain's sports bra may have dominated the spotlight after the U.S. won the 1999 Women's World Cup soccer championship, but sports marketers Debra Zeyen and Lisa Sherman said a much bigger story took...

Netscape Founder's New Internet Venture Cuts Initial Share Price.
March 12, 2001... Byline: Rachel Scheier Mar. 9--Loudcloud, brainchild of the founder of Netscape, dashed hopes yesterday that its high-profile Wall Street debut might resurrect some of the vanished magic of Internet stock market glory. On the eve of...

Pilots Union to Oppose Acquisition of TWA by Icahn Investor Group.
March 12, 2001... Byline: David Antelman Mar. 8--The Airline Pilots Association said yesterday it will oppose the acquisition of bankrupt TWA by an investor group backed by Carl Icahn. "Icahn's proposal is not a viable option for TWA for numerous...

Yahoo Issues Profit, Revenue Warning, Announces CEO Will Step Down.
March 12, 2001... Byline: Judith Schoolman Mar. 8--Yahoo, one of the Internet's bedrock companies, warned yesterday that profits and revenues would fall short of expectations and said CEO Tim Koogle is stepping down, capping a day of wild stock market...

Indictment Accuses Long Island, N.Y., Brokerage Firm of Fraud.
March 13, 2001... Byline: Robert Gearty Mar. 13--Thousands of investors fell prey to a corrupt Long Island brokerage firm that allegedly scammed its clients out of $18 million, federal prosecutors charged yesterday. An indictment unsealed in Manhattan...

Talks for Control of New York's World Trade Center Near Conclusion.
March 13, 2001... Byline: Eric Herman Mar. 13--With negotiations for control of the World Trade Center set to end tomorrow, Port Authority officials believe they hold a winning hand over the city on a critical property tax issue that may wind up in court....

New York Bear Fund Managers Finds Success Betting Against the Markets.
March 14, 2001... Byline: David Andelman Mar. 13--Charlie Minter, a bear among bears, thinks we ain't seen nothin' yet. Before we see the S&P 500 index at 1,500 again (it closed yesterday at 1,180), we'll see it at 500, he said. "We believe this...

J.P. Morgan Plans to Release Office Space in Manhattan.
March 14, 2001... Byline: Eric Herman Mar. 14--In a sign of softness in the Manhattan real estate market, J.P. Morgan Chase plans to give up nearly half its office space at 1166 Sixth Ave., the Daily News has learned. The company plans to sublet about...

Daily News, New York, Media Column.
March 14, 2001... Byline: Phyllis Furman Mar. 14--Stuart Varney--co-anchor of CNN's ratings-challenged "Moneyline News Hour" since Lou Dobbs abruptly departed in 1999--has quit after feuding with network founder Ted Turner and battling with news execs over...

Women File Sex-Discrimination Lawsuit against MetLife.
March 14, 2001... Byline: Judith Schoolman Mar. 14--MetLife has been hit with a sexual discrimination lawsuit filed by five current and former female employees who allege the insurance giant prevented them and other women from advancing. Stella...

Stock Markets Recover from Drastic Falls.
March 14, 2001... Byline: Judith Schoolman Mar. 14--Investors licked their wounds and looked for bargains yesterday after Wall Street's record-smashing drubbing on Monday pushed many to buy stocks that looked like they could fall no lower. "Selling...

Manhattan Venture Capital Forum Focuses on Female Entrepreneurs.
March 14, 2001... Byline: Nancy Dillon Mar. 14--Though gun-shy in this frosty economic environment, many local venture capitalists are still clamoring for good ideas. That was the message at yesterday's Springboard 2001 investment forum in lower...

Fox News Promotes Anchor Bill O'Reilly.
March 15, 2001... Byline: Phyllis Furman Mar. 15--Fox News Channel anchor and best-selling author Bill O'Reilly signed a new six-year contract yesterday -- a deal reportedly worth as much as $24 million. The new contract will move O'Reilly beyond his...

Daily News, New York, Guerrilla Investing Column.
March 15, 2001... Byline: Peter Siris Mar. 15--My daughter likes me to read to her at night. One of her favorite books is "Chicken Little," the one in which the chicken runs around screaming that the sky is falling. Last night, I couldn't find the book, so...

European Beef-Safety Alert Hurts McDonald's Quarterly Profits.
March 15, 2001... Byline: Nancy Dillon Mar. 15--Alarm over European beef safety is taking a bite out of McDonald's first-quarter profits, the fast-food giant said yesterday. "We believe the current restrictions on large gatherings and travel in the...

Daily News, New York, Media Column.
March 15, 2001... Byline: Paul D. Colford Mar. 15--This year's National Magazine Awards -- the Oscars of the business -- will spotlight some of the more literary titles, as The New Yorker and Esquire led the field in nominations announced yesterday. The...

Talks Reopened for Privatization of New York's World Trade Center.
March 15, 2001... Byline: Eric Herman Mar. 15--The Port Authority has tentatively decided to open negotiations with Silverstein Properties for control of the World Trade Center, even though it had reached a preliminary $3.25 billion deal with Vornado...

Federal Reserve Links Consumer Spending to Plunging Stock Market.
March 21, 2001... Byline: David Andelman Mar. 21--Alan Greenspan's Fed recognized yesterday for the first time that Americans feel poorer because of the stock market. "For the first time I can remember, the Fed is recognizing this negative wealth effect...

Daily News, New York, Media Column.
March 21, 2001... Byline: Phyllis Furman Mar. 21--SONY'S TURNING DOWN THE VOLUME on big-time rap label Loud Records. Frustrated with its paltry profits, Sony Music has ordered cutbacks at Loud, the home of Wu Tang Clan and deceased rapper Big Pun, music...

Councilman Seeks Investigation of J.P. Morgan Tie in World Trade Center Sale.
March 21, 2001... Byline: Eric Herman Mar. 21--City Council Speaker Peter Vallone called yesterday for an investigation into a potential conflict of interest because J.P. Morgan Chase -- which was advising on the sale of the World Trade Center -- owned...

Daily News, New York, Lenore Skenazy Column.
March 21, 2001... Byline: Lenore Skenazy Mar. 21--Hello, ma'am? Yes, you, next to the can recycling machine. I represent Shady Futures, New York's premier assisted living facility for those retiring on their Nasdaq "millions." I was wondering if I could...

Supreme Court Decision Favors Private Arbitrators in Labor Disputes.
March 22, 2001... Byline: Nancy Dillon Mar. 22--Employers can force workers to take their complaints to private arbitrators, which tend to award smaller damages, rather than to courts, the U.S. Supreme Court ruled yesterday. In the 5-4 decision, which...

New York-Based Internet Firm To Cut 10 Percent of Staff.
March 22, 2001... Byline: Rachel Scheier Mar. 22--DoubleClick, New York's biggest Internet company and the No. 1 online ad agency, said yesterday it's cutting another 10 percent of its staff as part of a reorganization amid the current market chill. ...

Music Group To Close Label To Boost Profits.
March 22, 2001... Byline: Phyllis Furman Mar. 22--Record giant Warner Music Group is getting ready to shut down a label founded by music legend Quincy Jones and fire employees across all of its divisions as part of an ongoing effort to boost profits, Warner...

AOL Plans to Cut Magazine Division's Editorial Budget.
March 22, 2001... Byline: Paul D. Colford Mar. 22--Time Inc. insiders say the magazine division of AOL Time Warner is moving forward with plans to cut as much as 5 percent from this year's editorial budget. But insiders added that speculation...

Daily News, New York, Publishing Column.
March 23, 2001... Byline: Paul D. Colford Mar. 23--Newsweek management has jolted some of the magazine's own staffers by naming a No. 3 editor from outside the ranks of hard news. Chairman and editor-in-chief Rick Smith and editor Mark Whitaker...

Charles Schwab Announces Plans to Cut 13 Percent of Its Workforce.
March 23, 2001... Byline: David Andelman Mar. 23--Charles Schwab, the nation's No. 1 discount brokerage, said yesterday it will slash up to 13 percent of its workforce -- as many as 3,400 jobs -- as stock trading has tanked and promises to remain in the...

Markets Experience Cautious Optimism.
March 24, 2001... Byline: Judith Schoolman Mar. 24--Something unusual happened on Wall Street yesterday: buyers outnumbered sellers. Modest optimism marked the day even though the Dow Jones industrial average sank temporarily--for the second day in a...

Discount Retailer Files for Bankruptcy.
March 24, 2001... Byline: Nancy Dillon Mar. 24--Labels For Less, the off-price designer clothing merchant with 14 Manhattan stores, has filed for bankruptcy protection. Court papers said officials of the private company are considering restructuring...

New York Firm Buys Chicago-Based Ad Agency.
March 26, 2001... Byline: Nancy Dillon Mar. 20--True North, the ad agency that gave Americans "Got Milk?" and the sweater-clad men's chorus in Amazon.com's Christmas commercials, is being swallowed by No. 3 Interpublic Group for nearly $2 billion. ...

New York Cartoonist Innovates Ways to Make Money.
March 26, 2001... Byline: Rachel Scheier Mar. 19--In the 40 years he's been drawing cartoons, Sam Gross has come up with a lot of ideas for making money. Like a screen saver made up of lawyer cartoons, a promotion to post a cartoon of the week in...

CNBC Alleges Contract Prevents Anchor from Working for a Competing Network.
March 26, 2001... Byline: Phyllis Furman Mar. 16--CNN is furious over CNBC's plans to air a report featuring ex-"Moneyline News Hour" anchor Lou Dobbs, saying his CNN exit agreement bans him from working for a competing network. CNN execs called Dobbs'...

New York Selects Dallas-Based Firm To Lead Development of New Penn Station.
March 26, 2001... Byline: Eric Herman Mar. 16--A signature Manhattan development project got the green light yesterday as state officials tapped a political ally of President Bush to be the lead developer of a new Penn Station. The Pennsylvania Station...

Dow Ends Worst Week in Its History.
March 26, 2001... Byline: Judith Schoolman Mar. 17--Stocks finished out a horrendous week yesterday by rewriting the record books, posting the biggest one-week point drop in the Dow Jones industrial average. The five-day drop in the total value of U.S....

Earthlink E-Mail Users Experience Mail Delivery Problems.
March 26, 2001... Byline: Rachel Scheier Mar. 20--Unlucky EarthLink E-mail users have been getting a rude awakening to the pitfalls of electronic correspondence, with several million messages falling into a "black hole." The problem started about two...

Daily News, New York, Guerrilla Investing Column.
March 26, 2001... Byline: Peter Siris Mar. 17--Coming March 25, Hollywood awards the Oscars. Not to be outdone, the Daily News is pleased to present the first annual Curry Awards, celebrating dubious achievements on Wall Street. The Christmas Wish List...

Investors Buy Bargain-Basement Stocks As Markets Close Higher for a Change.
March 26, 2001... Byline: Judith Schoolman Mar. 20--Wall Street investors gobbled up bargain-priced stocks yesterday after record-setting tumbles last week and in anticipation of an interest rate cut by the Federal Reserve today. No matter the size of...

New York Investors Look for Silver Lining in Market's Worst Week Ever.
March 26, 2001... Byline: David Andelman Mar. 19--After the worst one-week point drop for the Dow Jones industrial average and one of the worst ever for the broader markets, can investors expect anything better in the days to come? Although the Dow...

Daily News, New York, Publishing Column.
March 26, 2001... Byline: Paul D. Colford Mar. 16--IT'S BEEN A great week for Time's Donald Barlett and James Steele. First, three major pieces on money's magical influence in politics that the investigative duo wrote last year earned the newsweekly a...

Manhattan-Based Publications Giant Cuts 160 Jobs.
March 26, 2001... Byline: Paul D. Colford Mar. 17--Primedia yesterday announced the elimination of 160 jobs in its business-to-business operations -- 140 from its Intertec Publishing unit and another 20 positions at IndustryClick, its hub of online business...

New York Real Estate Trust, Agency Disagree in World Trade Center Deal.
March 26, 2001... Byline: Eric Herman Mar. 16--Negotiations between Vornado Realty and the Port Authority over control of the World Trade Center foundered because the agency insisted Vornado assume some of its debt, sources said yesterday. The authority...

New York Officials Reach Deal To Buy Land for New Stock Exchange.
March 26, 2001... Byline: Eric Herman Mar. 16--The city's plan for a new trading facility for the New York Stock Exchange cleared a big hurdle yesterday, with officials reaching a deal with J.P. Morgan Chase to buy land needed for the building for $220...

Dow Jones Advances, Nasdaq Drops.
March 26, 2001... Byline: Judith Schoolman Mar. 16--Blue-chip stocks rose yesterday after record-breaking declines earlier in the week, but still-nervous investors continued to sell techs as continuing economic weakness prompted yet more news of layoffs and...

New York Port Authority Halts World Trade Center Talks with Interested Party.
March 26, 2001... Byline: Eric Herman Mar. 20--The bidding for control of the World Trade Center was thrown into doubt last night as the Port Authority of New York and New Jersey broke off talks with Vornado Realty for a 99-year, $3.25 billion lease. ...

International Oil Firm, Environmentalists' Families Go to Court in New York.
March 27, 2001... Byline: Nancy Dillon Mar. 27--The tug of war between international oil giant Royal Dutch/Shell Group and the relatives of two tortured and executed Nigerian environmentalists is going to trial in Manhattan, thanks to the U.S. Supreme...

Daily News, New York, Publishing Column.
March 27, 2001... Byline: Paul D. Colford Mar. 27--It may come to be known as "Logan's Run." At Time Inc., the giant AOL Time Warner magazine division led by chairman Don Logan, staffers are increasingly wondering who among them may ultimately leave....

Real Estate Mogul Places Bid to Buy Retail Property in New York.
March 27, 2001... Byline: Eric Herman Mar. 27--One of New York's hottest up-and-coming real estate moguls could be stopped in his tracks by a lawsuit seeking to block the sale one of New York's most prominent retail properties. Eric Hadar, 37, stunned...

Dow Jones Industrial Average Improves after Sell-Off.
March 27, 2001... Byline: Judith Schoolman Mar. 27--Wall Street optimists crept out of hibernation yesterday, extending the Dow Jones industrial average's bounce from the end of last week as some investors bet that old-economy stocks couldn't fall much...

Technology Mutual Funds Continue to Find Support Despite Stock Downturn.
March 27, 2001... Byline: David Andelman Mar. 27--Investors are continuing to pour cash into tech mutual funds despite the tech-stock meltdown and with no immediate prospects for a dramatic or sustained recovery. While the average tech fund has plunged...

Profit Warning Leads to Falling Shares of New York-Based Clothing Maker.
March 28, 2001... Byline: Nancy Dillon Mar. 28--Shares of New York clothing maker Warnaco fell apart at the seams yesterday, one day after the largest maker of Calvin Klein jeans and underwear warned its operating losses would be "substantially greater"...

Rise in Consumer Confidence Causes Stock Market to Surge.
March 28, 2001... Byline: Judith Schoolman Mar. 28--A surprise boost in consumer confidence sent Wall Street on a buying spree yesterday, indicating that at least some investors think the markets have already bottomed out. "Maybe consumers are not as...

Disney to Cut 4,000 Jobs.
March 28, 2001... Byline: Phyllis Furman Mar. 28--Disney said yesterday it will slash 4,000 jobs, or 3 percent of its global workforce, making it the latest media and entertainment company to fall victim to the weakening economy. The cuts will come...

Rosie O'Donnell Magazine Hits New York Newsstands Before Its On-Sale Date.
March 28, 2001... Byline: Paul D. Colford Mar. 28--The food and drink have been ordered, Marc Anthony will entertain and Chelsea Piers will be party central next Monday night. But, unexpectedly, the center of attention has already made an entrance. ...

Daily News, New York, Media Column.
March 28, 2001... Byline: Phyllis Furman Mar. 28--AOL Time Warner is cutting more than 600 music jobs in the next few days -- and that's just the beginning of an overhaul of the lumbering music division being orchestrated by its boss, Roger Ames. Up...

Nasdaq Moves Toward Goal of Becoming Private Investment Firm.
March 29, 2001... Byline: Judith Schoolman Mar. 29--The Nasdaq stock market took a leap toward its goal of becoming a private, for-profit company by selling a 10 percent stake to an investment firm for $240 million yesterday. "This was an important...

Daily News, New York, Stock Market Column.
March 29, 2001... Byline: Judith Schoolman Mar. 29--What a difference a day makes. The mood on Wall Street fell back into the dumps yesterday as the latest round of profit warnings from one-time high-flyers Nortel Networks and Palm sent tech stocks...

Telecom IPO Maintains Asking Price.
March 29, 2001... Byline: Nancy Dillon Mar. 29--Shares of Lucent spin-off Agere Systems managed to hang on above their twice-slashed $6 IPO price yesterday, a feat that astonished many telecom industry insiders. "I was no fan of the offering prior to it...

Parent Company Puts Brooks Brothers on the Rack.
March 30, 2001... Byline: Judith Schoolman Mar. 30--Brooks Brothers, the tony clothing store that has dressed business and political leaders from Abraham Lincoln to J.P. Morgan to Bill Clinton, was put on the sale rack yesterday by its cash-strapped British...

Formerly of CNN's Moneyline, Stuart Varney in Talks to Join CNBC.
March 30, 2001... Byline: Phyllis Furman Mar. 30--Two weeks after abruptly quitting CNN's "Moneyline News Hour," financial newsman Stuart Varney is in talks to join arch-rival CNBC, sources said yesterday. If a deal is struck, Varney would likely become...

Hundreds of Firms Announce Warnings of Financial Results.
March 30, 2001... Byline: David Andelman Mar. 30--Companies have begun warning at the most intense pace in years that their businesses are heading into the dumps. The warnings are likely to accelerate in coming weeks, keeping pressure on the stock market....

Family Asks New York Court to End Partnership, Sell Hotel.
March 30, 2001... Byline: Eric Herman Mar. 30--Three members of the strife-ridden Milstein real estate clan want to end the family partnership that runs the Milford Plaza Hotel and put it up for sale. In a lawsuit filed in Manhattan Supreme Court...

Daily News, New York, Publishing Column.
March 30, 2001... Byline: Paul D. Colford Mar. 30--Let the bidding begin. Morgan Stanley Dean Witter is expected to announce, possibly as soon as today, that it's been asked by British magazine giant Emap to seek offers for all of its U.S. titles except...