New York health insurer drops some Medicare plans, forecasts deficit for 2015
MVP Health Care, an insurer based in Schenectady, New York, is dropping some of its plans tied to Medicare and raising rates for other related coverage under the health care program for elderly people.
Denise Gonick, president and CEO of MVP Health Care, delivered the announcement during a news conference this morning. She also said the Schenectady-based insurer with about 700,000 members in New York is projecting it will run at a deficit in 2015 because of the issue.
Gonick said the decision was… Read More
Sears to borrow $400M from own CEO's hedge fund
Sears Holdings Corp. will borrow $400 million from its CEO's hedge fund after failing to turn around its long-term struggles in the first half of this year.
With the money from Edward Lampert's ESL Investments, plus about $665 million Sears (NASDAQ: SHLD) pulled in from spinning off Lands' End and selling some real estate, the Wall Street Journal reported that the retailer has raised about $1 billion this year.
The company also posted a loss of about $1 billion through the first six months of… Read More
Albany health centers receive share of New York's $15 million in federal dollars
Community health centers in New York state are receiving about $15 million to hire 257 new workers and improve access to health care for patients.
That's according to the federal Department of Health and Human Services, which is distributing the money tied to the Affordable Care Act.
States received $295 million total to hire about 4,750 people under the ACA program, the department announced recently. Among the issues is an effort to improve access to primary care services.
Three centers in the… Read More
Level Up Con brings attention to software industry in Albany area
The upcoming Level Up Con technology conference seeks to bring more recognition to the software development industry in the Albany, New York region.
"A lot of people around here don't realize how much business comes into this area from places like Silicon Valley" said Clarke Foley, an event organizer who works for MadGlory. "The software community doesn't get much attention in our area. There's such a large amount of talent around here."
Foley points to Rensselaer Polytechnic Institute, a private… Read More
Albany business latches on to craft beer craze
As the popularity of craft beer swells, August Rosa, co-owner of a craft beer retail shop in downtown Albany, New York, anticipates increased competition for shelf space among craft brewers.
Brew, a retail shop for craft beer, is banking on the staying power of the craft beer movement. Rosa and business partner Joshua Cotrona are targeting residents in the Center Square neighborhood of Albany as customers. The idea for the business came about when Rosa, then a resident of the neighborhood, realized… Read More
United Airlines to offer buyouts to flight attendants
Some United Airlines (NYSE: UAL) flight attendants could be up to $100,000 richer soon.
The Chicago-based airlines said late Monday it is prepared to offer contract buyouts of up to $100,000 to qualified flight attendance as part of what the carrier is calling an "Enhanced Early Out Program."
United is offering Program participants a one-time opportunity to voluntarily separate from the company and receive a lump sum severance payment of up to $100,000, depending on a flight attendant's service… Read More
Manufacturing company expands into New York
Graphene Frontiers, a manufacturing company that began at the University of Pennsylvania, will open a satellite office at SUNY Polytechnic Institute in Albany, New York.
The company and college are partnering on fabrication and production processes for Graphene Frontiers' technology, a manufacturing process for graphene used in commercial and inudstrial applications. Graphene Frontiers will invest $5 million in the nanotech center, including tools, equipment and operating costs. The project will… Read More
Coca-Cola brings back Surge
Attention 1990s caffeine addicts -- The Coca-Cola Co. has brought back Surge 12 years after killing the brand.
The move marks the first time the Atlanta beverage giant has brought back a defunct brand.
"The brand, which will be offered in its original formula in 12-packs of 16-oz. cans featuring the same retro design from yesteryear, is part of an innovative distribution deal between Coca-Cola and Amazon," Coca-Cola said on its website.
The citrusy beverage will be available exclusively through… Read More
Darden investor group: 3 reasons Olive Garden turnaround plan is wrong
One of Darden Restaurants Inc.'s largest investor groups has some pretty strong feelings about how the company is working to improve its earnings.
New York-based Starboard Value LP, which has long been critical of how management and board members have been handling turnaround plans at Orlando-based Darden (NYSE: DRI), on Sept. 12 issued a 294-page report with its own suggestions on how Darden can fix things. Among the suggestions: What Darden needs to do to reverse the decline at its largest restaurant… Read More
New York biotech industry growth ranks among highest in nation (Video)
About 3,300 workers will be needed to meet growing demand among biotechnology companies, drug developers and medical device makers during the next decade.
That's according to a new report by MedTech, a biomedical trade group based in Syracuse, New York. which is hosting a two-day conference that started Monday. The event has drawn top executives from dozens of health care companies to the Albany, New York region.
Among them was John Babitt, a partner at Ernst & Young LLP, who focuses on life science… Read More