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Stocks fall as traders await Friday’s GDP report
Stocks fell Thursday as investors took a dim view of the latest report on unemployment and warily waited for the government's reading on second-quarter gross domestic product. Stocks initially rose on upbeat earnings reports, but momentum quickly faded. The Dow Jones industrial average fell about 20 points in afternoon trading and other major stock indexes also [...]

Nassau audit finds living wage shortfalls
Nassau County's living wage law was enacted to ensure that those who work for companies contracting with the county are adequately paid, but some employees were still shorted out of their fair share last year. One temp agency - Island Search Group in Westbury - shortchanged its employees out of $107,647, according to an audit completed [...]

Citigroup paying $75M to settle fraud charges
Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. The Securities and Exchange Commission announced the settlement with Citigroup on Thursday. It said the company repeatedly made misleading statements in calls with analysts and regulatory [...]

Judge refuses to block Aqueduct ‘racino’ deal
A state judge has refused to block the state Lottery Division from awarding a contract to a Malaysia-based company to operate 4,500 electronic slot machines at the Aqueduct racetrack in Queens. The sole remaining bidder for the project is Genting New York, an offshoot of a Malaysian company. Three other potential bidders made no offers and [...]

Mortgage rates hit low of 4.54 percent
Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. The average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week, mortgage company Freddie Mac said Thursday. That's the [...]

Southwest reports $112 million 2Q profit
Southwest Airlines Co. added an upbeat note to a strong quarter for the airline industry by reporting a $112 million profit for spring and early summer. The nation's biggest discount airline said Thursday that its adjusted earnings were 29 cents per share in the second quarter, enough to beat analysts' expectations. Revenue rose 21 percent thanks to [...]

Disney gets digital as it unveils store design
Disney is placing a new bet on retail. In an effort to turn its movies into an even bigger marketing engine, the Walt Disney Co. today unveiled a new store design at Roosevelt Field Shopping Center that includes a mini movie-theater as well as other uses of video. The Burbank, Calif.-based company today gave a tour of [...]

NY guv, lawmakers seek SUNY compromise
Gov. David Paterson and key Assembly members are trying to negotiate a compromise that would give public universities more autonomy, including the ability to raise tuition without the Legislature's approval. But no deal was struck in a nearly two-hour closed door meeting with State University of New York Chancellor Nancy Zimpher. The leading black and Hispanic legislators [...]

New financial regs could cost LI banks
Community banks were not the direct target of the financial overhaul bill President Barack Obama signed into law last week, but they still may have to come up with money to comply with the accompanying regulations. One of the biggest changes the 2,000-plus-page bill calls for is the creation of the Consumer Financial Protection Bureau, which [...]

Halpin: Tuckahoe’s big lie
By Patrick Halpin A proposal to turn an old dilapidated group home into a supermarket and retail stores in the East End hamlet of Tuckahoe has become one more example of a region willing to argue over the color of the plywood on its abandoned property. Developer Robert Morrow is proposing a $30 million retail-center project on [...]