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8/22/2014 :: Albany, NY :: Albany Jobs :: Contests :: Blogs :: Advertising :: Deals :: My Account :: My Planner :: Sitemap :: Pay Bill

Local Albany Business Headlines

Acquisition positions Saratoga company to expand motor fuel gas distribution business
American Natural Gas LLC of Saratoga Springs, New York is preparing to install 15 to 20 new motor fuel distribution systems in the next year after gaining access to capital by selling a majority stake in the company. Founded in 2011 by Drew West of Saratoga Springs, American Natural Gas design, installs and manages compressed natural gas distribution systems for companies with large commercial truck fleets. American Natural Gas, a subsidiary of ANG Holding Inc., last week announced that a majority…
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Apple suppliers hint at iPhone 6 production trouble
Apple suppliers have warned that an issue with display panel production could delay the expected launch of the tech giant's iPhone 6 smartphone, according to a report by Reuters. While there's still plenty of cushion time between September 9 -- when Apple (NASDAQ: AAPL) has a news gathering scheduled, ostensibly to unveil the phone-- and the holiday shopping season, the report cited suppliers' worries that the problems could result in a limited number of devices at launch, or even a full delay…
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Severe flooding causes state of emergency in upstate New York communities
Flooding closed more than a dozen roads across Montgomery County New York Thursday evening, prompting the county to declare a state of emergency. County Executive Matthew Ossenfort declared a state of emergency at 10:45 p.m. Thursday following reports of a mudslide and severe flooding across much of the county. The county's emergency management office and sheriff's depatment reported closures on state, town and county roads, as well as disruptions on parts of the New York State Thruway west of…
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Albany not friendly to first-time home buyers
A ranking of the 300 largest American cities shows that Albany, New York is among the least attractive locations for first-time home buyers. According to a study by Wallet Hub, a personal finance site run by Evolution Finance, found that Albany ranks 253rd in the country for first-time home buyers when you factor in median prices, property taxes, appreciation and price-to-rent ratios. The seven most attractive cities in the country are located in Oklahoma and Texas with Broken Arrow, Oklahoma leading…
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Existing home sales up, distressed sales fall to 6-year low
After a sluggish spring and summer, housing sales appear to be picking up. The National Association of Realtors says sales of existing homes rose 2.4 percent in July to the highest annual pace of the year. Distressed home sales -- foreclosures and short sales -- accounted for just 9 percent of all sales in July, down from 15 percent a year ago and the first time distressed sales were in the single-digits since NAR started tracking the category in October 2008. Even with the uptick in existing home…
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Mortgage rates have hit a new 2014 low -- again
Housing sales have slowed, but it's hard to make the argument that higher borrowing costs are the reason. Freddie Mac says 30-year mortgage rates fell to the lowest level of the year this week. A separate report Thursday shows sales activity has begun to pick up. The average rate on a 30-year fixed-rate mortgage in the week ending Aug. 21 was 4.10 percent, down from 4.12 percent last week. A year ago, 30-year rates were averaging close to 4.6 percent. A 15-year fix averaged 3.23 percent this…
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New York cashes in on Bank of America's $16.65 billion mortgage settlement
New York is in line to receive an $800 million share of Bank of America Corp's $16.65 billion mortgage case settlement with the U.S. Department of Justice. New York Attorney General Eric Schneiderman said Thursday that the state will receive at least $300 million in cash plus $500 million in relief to consumers. The Charlotte, North Carolina-based bank (NYSE:BAC) and the Department of Justice announced a settlement Thursday that announced BofA would pay $9.65 billion in cash and provide an additional…
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Analysts: Dollar General must address antitrust concerns to win Family Dollar
Dollar General Corp. will need to address antitrust concerns if it wants to acquire Family Dollar Stores Inc. (NYSE:FDO), analysts say. On Thursday, Family Dollar board unanimously rejected an unsolicited, all-cash bid of $9.7 billion from Dollar General, citing those regulatory concerns. The discount retailer also said it did not want to jeopardize an existing $8.5 billion deal with Dollar Tree Inc.(NASDAQ:DLTR). That deal is expected to close in early 2015. It's unclear what Dollar General’s…
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Another incubator launches, but this time it's just for Bitcoin ideas
New tech startup incubators are so common these days they hardly rate as news. But here's one with an untraditional, hyper-specific focus: Bitcoin-related companies only. Bitcoin Center NYC said in a media release today it has created a program that will supply "a workspace, tech support and event coordination for startups to build a prominent industry profile." Today marks the first public solicitation for companies, but executive director Raymond Cline says the startup relationships have been…
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Step-by-step: the explosives that will destroy the Wellington annex (Video)
Albany Business Review got an inside look at the explosives that will be used to implode the 11-story former Wellington Hotel Annex in downtown Albany, New York. Ray Kukowski, field operations manager at Controlled Demolition Inc. of Maryland, shows how a detonator will set off one of the sticks of dynamite that will be placed inside a concrete column on a lower floor. Click the photo on this page to watch the video. The implosion, scheduled for 9:30 a.m. on Saturday, Aug. 23, is expected to take…
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