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5/1/2016 :: Albany, NY :: Albany Jobs :: Contests :: Blogs :: Advertising :: Deals :: My Account :: My Planner :: Sitemap :: Pay Bill

Local Albany Business Headlines

Cuomo probing Buffalo Billion program
Gov. Andrew Cuomo is calling for the review of his signature economic development program in Buffalo — the Buffalo Billion. In a statement, released Friday after 5 p.m., Cuomo's counsel Alphonso David said an ongoing investigation has "raised questions of improper lobbying and undisclosed conflicts of interest" in some of the Buffalo Billion's programs. Last year, U.S. District Attorney Preet Bharara subpoenaed records from Empire State Development and SUNY Polytechnic Institute related to the…
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Rensselaer Polytechnic Institute startup wins statewide business plan competition
Dual:Lock, a startup from Rensselaer Polytechnic Institute, wins this year's New York Business Plan Competition, known as one of the largest student business plan competitions in the northeast. Dual:Lock, an advanced firearm security company, wins $100,000 in prizes from the competition, held today at SUNY Polytechnic Institute in Albany. "The solution is simple. We take immediate access and security and combine them," said Timothy Oh of Dual:Lock during the final round of presentations in front…
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GlobalSpec acquired by NYC professional association
GlobalSpec has been acquired by The Institute of Electrical and Electronics Engineers — the world's largest technical professional organization. The company, based about six miles southeast of Albany in East Greenbush, New York, will be renamed IEEE GlobalSpec Inc. It will be a for-profit subsidiary of IEEE, which is headquartered in New York City. The sale price was not disclosed. GlobalSpec, a search engine for engineers looking for parts, was one of the region’s most visible tech companies…
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Soft-Tex names next CEO as co-founder announces retirement
Soft-Tex International has named its next leader after longtime chief executive officer and co-founder Art Perry announced plans to retire at the end of June. Perry will be succeeded by Jeff Chilton, who has served as president of sales and marketing at Soft-Tex since January 2014. The Halfmoon, New York, company makes mattresses, pillows and bedding that have been sold by Macy's, Bed Bath and Beyond and the QVC network. The leadership change was reported Friday by trade publications Furniture…
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$24.3 million Monument Square development canceled in downtown Troy
Kirchhoff Properties announced today it canceled plans for the $24.3 million mixed-use development at One Monument Square in downtown Troy, New York, blaming city officials for the decision to halt the controversial project. Kirchhoff Properties, based in Pleasant Valley, said it had terminated its contract with the city to buy a vacant 1.2-acre parcel along the Hudson River where more than 100 apartments, retail and office space would have been built. Company officials faulted the city for allegedly…
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How this community bank grew almost 40 percent in first quarter
Kinderhook Bank grew net income by almost 40 percent in the first quarter of 2016 compared to the first quarter of 2015. The growth stems from the Columbia County-based community bank increasing its assets, loans and deposits all by double-digits. Net income grew to $842,000 in 2016 from $606,000 in 2015. "This strategy to be the premier community bank is resonating. It is helping our growth," said John Balli, CEO and president of Kinderhook. "We've been around since 1853, but we were maybe a little…
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Here's the Pennsylvania bank that bought First Niagara branches
Northwest Bancshares, based in Warren, Pennsylvania, will acquire 18 of First Niagara's branches in New York — expanding its presence in this state. The move comes as KeyCorp looks to close its acquisition of First Niagara by the third quarter of 2016. Key was required to sell some of First Niagara's branches to resolve antitrust concerns caused by the banks' geographic overlap. The branches sold include 13 in Erie County and five in Niagara County, worth about $1.7 billion in total deposits. Northwest…
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Architecture ID reveal: We couldn't school you
Our perfect puzzlers are always teaching us something new. This week we learned we couldn't school you when it came to the John Schoolcraft House in Guilderland, New York. The house was built in the early 19th century and was added to the National Register of Historic Places in 1982. Your feedback helps us improve! Let us know with an email or a post on Facebook or Twitter what you thought of this week's puzzle. Was it too easy? Would you rather have a challenge? Thanks to everyone for playing,…
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It's official: Comcast buying DreamWorks Animation
Comcast Corp.'s NBCUniversal unit will buy DreamWorks Animation for $41 a share. The $41 a share price point is a 27 percent premium on the price of DreamWorks Animation stock (NASDAQ: DWA), which closed at $32.20 on Wednesday. The all-cash deal values DreamWorks Animation at $3.8 billion, and is expected to close by the end of 2016. After the deal is completed, Katzenberg, the current DreamWorks Animation CEO, will become Chairman of DreamWorks New Media, which will be comprised of the company’s…
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Intel CEO: company restructuring to focus on 'cloud'
Intel Corp.'s major restructuring that will eliminate 12,000 jobs — including more than 560 in Chandler— is all about positioning the company for the Internet of Things, according to CEO Brian Krzanich. In a blog post on the company's website, Krzanich lays out where he thinks the future will lay for the Santa Clara, California-based Intel (Nasdaq: INTC). Much of that involves transforming the company from one that was dominant in supplying chips for personal computers to one that's going to…
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