Will New York be next for the fracking-fueled job boom?
Tuesday, September 18, 2012 - 11:32 Spencer Platt/Getty Images A hydraulic fracturing site. A fracking-fueled job boom has erupted in parts of the U.S. and wages of gas workers have increased. But in New York fracking is banned. That hasn’t stopped an upstate New York school from offering training courses for work in gas fields, because many expect Gov. Andrew Cuomo to lift the ban. Natural gas drilling using hydraulic fracturing, or fracking, is banned in New York State. But that hasn’t stopped an upstate New York educational organization from offering training courses for work in natural gas fields. For $1,000, students can enroll in the five week Gas Industry Careers course that teaches technical skills used in natural gas extraction, like basic welding and rough terrain forklift driving. Dick Lindhorst, coordinator of adult job training for the Broome-Tioga Board of Education Services, says job seekers in his region near the Pennsylvania border will be prepared when the fracking ...
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Weak earnings drag down stock market
Wednesday, October 24, 2012 - 03:00 Spencer Platt/Getty Images Traders work on the floor of the New York Stock Exchange in New York City. Blame bad earnings reports from several companies, including DuPont -- its stock dropped nine percent. The chemical company’s profits fell short of expectations, amid news it’s laying off 1500 people. 3M and the aerospace and buildings company United Technologies also fell. These are heavy hitters and when they struggle, it shows up in the overall numbers. One bright spot was UPS, which gained three percent. It’s an important company to watch because if it’s doing well, companies are shipping, which means consumers are buying. PNC Financial Services chief economist Stuart Hoffman says it could be a sign shoppers feel good as the year closes. "We actually think the holiday season will be a good one. It won’t be great, but we think sales will be three to four percent higher than last year." Wall Street’s rough ride didn’t continue overseas ...
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25 years after Black Monday, what lessons are learned
Friday, October 19, 2012 - 13:47 Spencer Platt/Getty Images Traders work on the floor of the New York Stock Exchange. The markets tumbled Friday, but the declines were nothing compared to the Black Monday crash of Oct. 19, 1987. The Dow Jones shed 22 percent -- the equivalent of a 3,000-point drop today. Twenty-five years ago, John Herzog was on the trading floor of his firm Herzog Heine Geduld when the floor fell out of the Dow. "Every phone ringing, every trader screaming," he recalled. Herzog's father had always warned him that 1929 could happen again. And, that day, that's how it felt. "The fear and trembling that comes into your stomach when you experience something like this is something you cannot forget," Herzog said. Most experts say the 1987 crash was caused by a few things: interest rate squabbles with other countries, the rise of computerized Program Trading, and something called Portfolio Insurance, a way of hedging bets. Things are not too different today, says Professor Richard ...
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Yelp starts branding companies for buying fake reviews
Thursday, October 18, 2012 - 13:01 Spencer Platt/Getty Images Employees of the online review site Yelp at the East Coast headquarters of the tech company in New York City. The popular review site will now post online alerts outing businesses suspected of soliciting paid recommendations. Social media sites have made it easy to get recommendations for everything from restaurants to doctors and dog walkers. But as the old saying goes, "If a thing seems to good to be true...?" These days, your friend might be getting a kick back for posting that cute raincoat on Facebook. And that trendy-looking, new hair salon might be paying people to write fake reviews. Y elp is taking a bold step today to “out” businesses that are paying for reviews . If it catches a business doing it, they’re going to post an alert on their site that reads, “We caught someone red-handed trying to buy reviews for this business.” Weeding out “fake” or “purchased” reviews isn’t new to Yelp. The site ...
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Pell grants: Comparing candidates' comments against the record
Wednesday, October 17, 2012 - 05:13 Spencer Platt/Getty Images Republican presidential candidate Mitt Romney (L) and President Barack Obama talk to each other during a town hall style debate at Hofstra University October 16, 2012 in Hempstead, New York. One issue that didn’t come up much in the debate last night was education. Though, both candidates touched on the issue of college affordability. Governor Romney said as president he would protect the federal Pell grant program for low-income students, saying "I want to make sure we keep our Pell — Pell Grant program growing." The declaration was a surprise to some people as the federal budget written by Romney’s running mate Congressman Paul Ryan would make far fewer students eligible for Pell grants. Mark Kantrowitz, who publishes the financial aid website Finaid.org , says, "It seems to be in conflict with his prior statements. My guess is he’s being careful in his choice of words." Meanwhile, President Obama talked up his own ...
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