PrintPower outage gets quick response
A power outage on the Upper East Side and in the Bronx brought to mind last July's massive blackout in Queens, which left thousands of residents and businesses in the dark for nine days. Consolidated Edison responded quickly, and power was restored for most customers within an hour, though commuters suffered delays and the Metropolitan Museum of Art was evacuated. The utility, which urged energy conservation as the temperature neared 90 degrees, insisted that it is prepared to meet peak demand this summer.
NBC, News Corp. name online CEO
nbc universal inc. and News Corp. named Jason Kilar (below) as chief executive of their still-unnamed online venture, slated to launch in September. Mr. Kilar worked at Amazon.com for nearly a decade, most recently as senior vice president of worldwide application software.
Tourism offices open in Asia
nyc & company opened its first satellite offices in Asia, including outposts in Tokyo, Shanghai and Seoul. The move is part of Mayor Michael Bloomberg's goal to attract 50 million annual visitors to the city by 2015.
Green medals
the first jane jacobs medals, created to honor the late urban activist, were awarded to Greenmarket founder Barry Benepe and environmental activist and Green Worker Cooperatives founder Omar Freilla. Each winner will receive $100,000.
Yahoo exec joins MSLO
martha stewart Living Omnimedia hired Wendy Harris Millard, chief sales officer at Yahoo Inc., to fill the new post of president of media. Ms. Millard, who has sat on the board of Martha Stewart Living for three years, will oversee the publishing, Internet and broadcasting divisions.
Rent hikes
the city's Rent Guidelines Board approved increases of 3% for one-year lease renewals and 5.75% for two-year renewals for the city's 1.1 million rent-stabilized apartments. The rates apply to leases renewed between Oct. 1, 2007, and Sept. 30, 2008.
ITT acquisition
technology product provider ITT Inc. agreed to purchase closely held International Motion Control for $395 million. The maker of motion and flow-control products had revenue of $200 million last year.
Funds-of-funds play
blackrock inc. agreed to pay upward of $1.7 billion for Quellos Group's funds-of-funds business. The purchase would create one of the world's largest funds-of-funds providers, with more than $25.4 billion in managed assets.
Editorial pact in Dow Jones talks
dow jones & co. and Rupert Murdoch's News Corp. reached an agreement in principle to preserve the editorial integrity of The Wall Street Journal. WSJ reporters protested the potential sale and proposals to cut pay and health benefits by coming to work late on June 28.
Bear Stearns funds probed by SEC
the securities and exchange Commission is investigating the near-collapse of two Bear Stearns hedge funds that lost big after making risky bets on subprime mortgages. The inquiry is informal and has not resulted in any subpoenas or official requests for documents.
Topps reviews takeover offer
topps co.'s board of directors said it would review an unsolicited $425 million takeover bid from rival Upper Deck Co. The maker of baseball cards and bubble gum had agreed to be acquired by Michael Eisner's Tornate Co. and Chicago-based Madison Dearborn Partners for $385 million.
People meter deal
arbitron inc. said that Clear Channel Communications Inc. agreed to use its portable people meter electronic ratings tracker. The multiyear contract covers the country's 50 largest radio markets.
Blackstone IPO loses steam
blackstone group's stock fell below its offering price of $31 a share. The decline came days after the firm's initial public offering and suggests that it may be difficult for other private equity firms to go public.
NY Life president
theodore mathas, chief operating officer at New York Life Insurance Co., was given the additional title of president. He succeeds Frederick Sievert, who is retiring after 15 years with the company.
Sales records at Grand Central
retail sales at Grand Central Terminal rose 6% in 2006 to a record $160.3 million, propelled by a 3.2% increase in Metro-North Railroad riders and the city's tourism boom. The Grand Central Oyster Bar & Restaurant had the highest revenue--$14.2 million--of any operation there.
Pfizer aims to improve image
pfizer inc. invited its largest institutional shareholders to a meeting to discuss governance policies and practices, including those involving executive compensation. The move comes as Pfizer seeks to cut 10,000 jobs, or 10% of its work force, amid a tepid sales outlook.