New York pushes for more venture capital investment with new program
Empire State Development has created a program to encourage more venture capital investment in New York.
The program, New York Ventures, will oversee the state’s innovation investment funds, which gives money to early-stage tech companies. That includes the New York State Innovation Venture Capital Fund, a $100 million multi-stage fund, and Innovate NY Fund, a $45 million seed-stage fund. The funds are meant to spark more investment in upstate New York.
Last year saw a significant drop in venture… Read More
Verizon workers stay on the job, despite lack of deal
Members of the Communications Workers of America and the International Brotherhood of Electrical Workers will continue working without a contract for Verizon Communications after they failed to reach agreement on a deal for about 37,000 workers by this weekend’s deadline.
These workers are on the East Coast, from the mid-Atlantic into the Northeast, the Wall Street Journal explained, and largely work as wireline technicians and call center staff; that is, Internet, telephone, and television services.… Read More
Pharmaceutical company, Shire, to buy New York developer of an eyedrop for pinkeye for $300M
Shire Pharmaceuticals in Lexington plans to buy a small New York biotech, Foresight Biotherapeutics, developing an eyedrop designed to cure all causes of pinkeye for $300 million.
Shire (Nasdaq: SHPG), which is based in Ireland but has most of its executives and its largest concentration of employees in Massachusetts, said it plans to buy Foresight Biotherapeutics today in an all-cash deal.
The company has just three employees and has gotten $17 million so far in funding since it was founded in… Read More
Why downtowns might have the secret to winning millions in Cuomo cash
The Capital Region group that is drawing up a plan to compete for millions in state economic development money is looking at the downtown revitilization for inspiration.
The last day to submit applications to fund economic development projects was Friday. Now, the Capital Region committee will have a better idea of what they have to work with to win one of three $500 million awards.
"It is clear that the urban environment is one of the biggest opportunities that the entire region has. We have a… Read More
Planet Fitness plans $238 million IPO next week
Planet Fitness is planning to go public this week in an offering that could raise upwards of $233 million, according to IPO fund manager Renaissance Capital.
The fitness chain plans to be listed on the New York Stock Exchange under the ticker "PLNT," and estimates that it will price its stock between $14 to $16, according to Renaissance.
Headquartered in Newington, New Hampshire, Planet Fitness has 100 of its 1,014 locations in New York, according to its website. The company has reportedly been… Read More
Obama to issue new climate change regulations today
U.S. President Barack Obama will introduce environment regulations today focusing on power plant carbon emissions, according to a report by the Wall Street Journal.
The regulations have drawn criticism from industry officials and Republicans in Congress. The rules would would require power plants to cut 32 percent of their carbon dioxide emissions by 2030 from levels established in 2005.
The rules also include a goal of 28 percent electricity generation from renewable resources for the country… Read More
Quirky founder steps down as CEO
Ben Kaufman, the 28-year-old CEO and founder of Quirky and Wink, has stepped down as chief executive officer, according to a blog posted on the company's website.
Chief financial officer Ed Kremer will take over as chief executive.
"In light of our ongoing strategy to focus our efforts and resources on Wink, our founder, Ben Kaufman, will no longer serve as the CEO of Quirky," the blog post read.
The news comes a week after the company, which helps inventors take their ideas to market, filed a… Read More
Saratoga Springs restaurant owner talks about fierce competition and the changing dining scene
Ryan McFadden moved with his wife and co-owner, Sonja, to Saratoga Springs, New York and opened Henry Street Taproom in 2012. In the three years since the couple opened the restaurant, he's seen a number of changes in the city's restaurant scene.
Saratoga Springs is known for its food and, during the summer months, attention on Saratoga's dining options increases because of the number of visitors who come to town for the thoroughbred meet at Saratoga Race Course.
The city issued 179 eating and… Read More
American Pharoah wins Haskell. Is the Travers next?
American Pharoah cruised to a win in the Haskell Invitational in New Jersey Sunday, fueling anticipation that the first Triple Crown winner in 37 years could run in the Travers next.
The 3-year-old colt won easily in his first race in eight weeks since capturing the Triple Crown with a win in the Belmont Stakes in Elmont, New York.
Trainer Bob Baffert and Justin Zayat, the son of Ahmed Zayat, American Pharoah's owner, each have said that the thoroughbred could run in the Travers on Aug. 29, the… Read More
Hillary Clinton calls for end of Cuba embargo to open pathways for U.S. business
Hillary Clinton called for Congress to lift the trade embargo against Cuba during a speech in front of about 150 members of the press and general public at Florida International University’s Wertheim Performing Arts Center.
The Democratic presidential candidate on Friday highlighted the many ways lifting the embargo could help aid Cubans and open up opportunities for Americans and U.S. businesses, and outlined how she would help to open relations if elected in 2016.
"We should help more Americans… Read More