Standard & Poor’s lowers Moog’s credit rating
Moog Inc.’s credit rating was cut a notch by Standard&Poor’s Corp., as the recession cuts into the Elma aerospace company’s key industrial and commercial aerospace markets, the ratings agency said Wednesday. (Updated: 06/25/09 7:01 AM )
Buffett bids pass $200,000
OMAHA, Neb. (AP)—It’s extremely unlikely billionaire Warren Buffett would ever pay $2.1 million for lunch, because the Omaha investor prefers hamburgers and Cherry Cokes. (Updated: 06/25/09 7:01 AM )
Restitution delayed
NEW YORK (AP)—Financier Bernard Madoff will not be ordered to pay restitution at his sentencing, a judge said Wednesday, citing the complexity of the multibillion-dollar fraud. (Updated: 06/25/09 7:01 AM )
Business calendar
The Business Calendar runs each Sunday in the Business section. Notices of meetings, seminars and workshops of interest to the Buffalo-area business community should be sent to the Business News Desk of The News, Box 100, Buffalo, N. Y. 14240, faxed to 849-4587 or emailed to
fin@buffnews.com
by the preceding Thursday. Tuesday (Updated: 06/21/09 7:06 AM )
GM chairman vows to ‘learn about cars’
Edward E. Whitacre Jr. built AT&T Inc. into the biggest U. S. provider of telephone service over a 43-year-career. By his own admission, he becomes chairman of General Motors Corp. knowing nothing about the auto industry. (Updated: 06/21/09 7:06 AM )
Business people
Crowley Webb and Associates, a marketing communications agency located in Buffalo, promoted Matt Low to vice president, associate creative director. Low joined the agency as an intern while finishing his degree in communication studies at Canisius College. He was then hired as copywriter in 2000, promoted to senior copywriter in 2003, and became copy supervisor in 2005. (Updated: 06/21/09 7:06 AM )
IPOs / Week of June 22
NEW YORK (AP)—The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT (
www.renaissancecapital.com
) and SEC filings. Chemspec International Ltd. (Updated: 06/21/09 7:06 AM )
Executive trading
Here are the week’s reports of trading in the stocks of local companies or in the companies that have significant local operations, by directors and executives of the companies: (Updated: 06/21/09 7:06 AM )
Evans Bancorp: Ware, Nancy W.,
director, purchased 225 shares of common at $13.50 each on June 17 and now directly and indirectly holds 2,075. (Updated: 06/21/09 7:06 AM )
Make the best of graduation money
It’s the season for graduation gifts. And for most high school, college and grad school grads, there’s one gift that’s king: cash. (Updated: 06/21/09 7:06 AM )
Skimping on insurance to save some money can be a risky choice
CHARLOTTE, N. C. — Barry Miller figured he was saving $100 a month when he scaled back his disability insurance. After all, he was healthy. (Updated: 06/21/09 7:06 AM )
Don’t write off your GM stock quite yet
You own GM stock, but when will it be viewed as worthless and be a write-off? (Updated: 06/21/09 7:06 AM )
The rundown on baggage fees
A rundown of baggage fees at major U. S. airlines: (Updated: 06/21/09 7:06 AM )
Apple’s Jobs reportedly had liver transplant
NEW YORK— Apple Inc. co-founder and CEO Steve Jobs, whose recovery from pancreatic cancer appeared less certain when he had to take medical leave in January, received a liver transplant two months ago but is recovering well, The Wall Street Journal reported Saturday. (Updated: 06/21/09 7:06 AM )
St. Lawrence Seaway at 50: A bypass for Buffalo’s port
In the shadow of Bethlehem Steel’s empty coke ovens and the new towering windmills generating electricity, the crew of the Port of Buffalo was busy loading limestone onto a ship last week. (Updated: 06/22/09 5:54 PM )
State of chaos leaves business in the lurch
The state’s economic development programs are in disarray, just when we need them most. (Updated: 11/20/09 9:33 AM )
Local Ford UAW chief sees big role for Woodlawn plant
Charles Gangarossa is a labor leader during a transformational time in the auto industry. (Updated: 06/21/09 12:32 PM )
Airlines stack up new fees on travelers
MINNEAPOLIS — As if charging $15 to check a bag weren’t enough, two airlines are asking for $5 more beginning this summer if you pay at the check-in counter—a fee on top of a fee. (Updated: 06/21/09 7:24 AM )
Stocks log first weekly loss since May
NEW YORK — Caution has once again overcome the stock market. (Updated: 06/20/09 6:46 AM )
Rally inmanagedcare
Managed care stocks surged this week as the effort for an overhaul of the nation's health care system wobbled in Washington. (Updated: 06/20/09 6:46 AM )
Billionaire Stanford jailed in alleged $7 billion Ponzi fraud
WASHINGTON — Brash Texas billionaire R. Allen Stanford was indicted and jailed Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery. (Updated: 06/20/09 6:46 AM )
Area small businesses back ‘public option’ in health insurance
An informal survey by an advocacy coalition found that small business owners in New York state overwhelmingly support the idea of a “public option” as part of a national health insurance reform effort, and are willing to pay to make “quality, affordable coverage” available. (Updated: 06/20/09 6:46 AM )
Northtown Automotive plans upgraded outlet in Clarence
Northtown Automotive Cos. has bought property on Main Street in Clarence that it intends to make a “destination retail outlet” for auto sales, said Larry Schreiber, a Northtown vice president. (Updated: 06/20/09 6:46 AM )
Nestle recalls Toll House dough
NEW YORK — Federal authorities are investigating a new outbreak of a bacteria-triggered illness, this time related to a sweet treat treasured by the heartbroken and children-at-heart — packaged raw cookie dough. (Updated: 06/20/09 6:46 AM )
Crowds flock to retailers as Apple unleashes iPhone 3G S
SAN FRANCISCO — Apple Inc. drew crowds to the release of its new iPhone, using the promise of faster speed and more features to keep shoppers from defecting to Research In Motion Ltd. and Palm Inc. (Updated: 06/20/09 8:30 AM )
Amherst IDA helps Diagnostic Imaging Associates
For the second time in just over a month, the Amherst Industrial Development Agency is granting tax breaks to a radiology group that plans to upgrade the breast screening capabilities of its local office. (Updated: 06/20/09 6:46 AM )
States get less from personal income tax
ALBANY — State personal income tax collections dropped 26 percent nationwide through first four months of this year compared with a year ago, putting many states’ already-shaky budgets into deeper trouble, a research institute reported. (Updated: 06/20/09 6:46 AM )
Doucette deeds away 10 homes to investors
A controversial young real estate investor, who at one time was implicated in a damaging property-flipping scheme in Buffalo, has deeded 10 of her homes to a group of Pennsylvania investors who hold the overvalued mortgages. (Updated: 06/20/09 6:54 AM )
New owners at Star Tribune
MINNEAPOLIS (AP)—The Star Tribune’s main lenders will become its new owners and choose new management under a reorganization plan designed to help the financially struggling newspaper emerge from bankruptcy protection in September. (Updated: 06/20/09 6:46 AM )
GM revamp threatened
NEW YORK (AP)—A group of General Motors Corp. bondholders and some of the automaker’s labor unions have filed objections to the company’s plan to sell its assets to a new company to emerge from bankruptcy protection. (Updated: 06/20/09 6:46 AM )