Business/Economy

The WBFO Business & Economy News Desk is funded by The M&T Charitable Foundation.

topsmarkets.com

Financial restructuring is underway at Tops Markets, now that the company has filed for chapter 11 in U.S. Bankruptcy Court. But will it be enough to keep the company afloat for the long haul?

New York State Comptroller's Office

When the final figures came out in sales tax collections across New York in 2017, there was good news for county governments in Western New York and for some cities.

Tops Markets

Tops Markets has put an end to the speculation, confirming Wednesday morning that it is filing for reorganization under Chapter 11 bankruptcy.

Chris Caya / WBFO News

For supporters of Buffalo's Elmwood Village, the good news is major development along the popular shopping strip. The bad news is that there are a lot of vacant storefronts. However, there is a push to figure out why the gap.

Dresser Rand

The union representing 250 machinists at Dresser-Rand in Wellsville said it was "shocked" to learn the Coats Street plant will close, laying off its 250 employees.

Google Maps

A popular Elmwood Avenue restaurant is now under new ownership. Pano's Restaurant has been sold to local developer Chason Affinity Companies, which plans to keep the iconic eatery open under its familiar name.

Is cryptocurrency here to stay as an investment?

Feb 19, 2018
bitcoin.com

Anyone who has followed Bitcoin’s rollercoaster ride in the investment market knows about its volatility. But that’s not stopping many people from rolling the digital dice, including many millennial investors. The cryptocurrency service continues to gain popularity.

Tops Friendly Markets, a Western New York staple for decades, may be heading for bankruptcy. Bloomberg.com is reporting the supermarket chain could file papers this month seeking court protection from creditors. Following the story is  Jim Fink of Business First who believes the news may be premature. 

National Public Radio

Some Democratic lawmakers are pushing for a measure that would make anonymous political ads on Facebook and other social media illegal. They say the ads are being abused to falsely represent their positions on issues.


Wegmans

Three area Wegmans will be closing overnights.

disneyinstitute.com

Niagara University will host a one-day professional development course in downtown Niagara Falls next month, featuring one of the biggest names in the entertainment and leisure business. Local organizers hope that once the name attracts participants, those guests will also get a look at the Cataract City's assets.


Michael Mroziak, WBFO

The future Explore & More Children's Museum at Buffalo's Canalside will have a late local icon's name added to the building when it opens next winter. The Ralph C. Wilson Jr. Foundation is providing a $6 million challenge grant to help complete construction and support its long-term sustainability.


WBFO file photo

On Thursday, Gov. Andrew Cuomo will detail his proposals to help New Yorkers affected by changes to the federal tax law. But Republicans who rule the state Senate are cool to the ideas, including one that creates a payroll tax instead of a state income tax.


Mike Desmond/WBFO

There's increasing concern around Buffalo about the effects of reassessment on property tax bills. The issue drew a large crowd Monday night to First Presbyterian Church in Allentown.


Gov. Andrew Cuomo’s budget director said 30-day amendments to the governor’s spending plan, which is due out later this week, will include an overhaul of the state’s tax code. It will include plans to ease the effects of the loss of the state and local tax deductions in the new federal tax overhaul.


Mike Desmond/WBFO

Potholes are as common to Western New York winters as gray skies and school closings. But commuters, street crews and auto repair technicians have reached a consensus that this year's pothole problem is one of the largest in recent memory. 

Level Financial Advisors

Think all millennials are spending their money on expensive coffee and avocado toast? If so, you might be surprised by the results of a new Bank of America survey.

Chris Caya WBFO News

While the use of technology continues to grow, a new survey of local CEOs shows many companies across the region are slow to change.


Chris Caya WBFO News

Confidence in New York's economy among upstate CEOs is down compared to a year ago.

Ireland's PR strategy

Feb 6, 2018

Happy St. Patrick's Day! Here are some need-to-know numbers for your day. 

via GIPHY

A Republican candidate for governor is calling for hearings on controversial tourism signs on the New York State Thruway and other highways set up by the Cuomo Administration. The federal government says the signs are illegal and will withhold federal funds if they are not removed.


File Image/Marketplace (Kai Ryssdal & Robert Garrova)

The bulls ran wild in 2017 and into 2018 but have now given way to a sharp drop in the stock market. The Dow Jones Industrial Average dropped more than 1,100 points on Monday, which followed a 666-point decline on Friday. WBFO asked a local financial advisor, what's going on in the stock market?


Updated at 4:55 p.m. ET

The stock market went on a wild ride again on Monday, with the Dow Jones industrial average closing down 1,175 points, its worst point drop in history. The Dow closed down 4.6 percent and turned negative for the year.

At one point Monday afternoon, the Dow was down 1,579 points — the largest intraday point drop in the history of the index.

Bon-Ton Eastern Hills

Bon-Ton Stores, saddled with debt and struggling with weak sales as shoppers abandon traditional department stores, said Sunday it filed for Chapter 11 bankruptcy protection and was exploring a sale of all or part of the company.

Wallethub

New York’s economy benefits from immigrants more than any other state, according to a new national study.

WalletHub, a personal finance website, analyzed 19 metrics and assigned each state a score based on  the economic impact of immigrants. New York topped the list, followed by California and New Jersey.

The data weighed included immigrants’ household incomes, the number of jobs created by international students and their contributions to innovation.

Michael Mroziak, WBFO

State lawmakers, business and real estate developers as well as local preservation advocates gathered Thursday to send a united message to Governor Andrew Cuomo: do not remove from the budget a tax incentive they say is critical to continued economic redevelopment.


Mike Desmond / WBFO News

This spring, when you head into your favorite licensed establishment and look at the taps, you will see a new beer with an old name. Buffalo's Community Beer Works is reviving Iroquois Beer.

Avery Schneider / WBFO News

A group of advocates say a state law that helps ensure employment opportunities for people with disabilities is in need of an overhaul.


WBFO file photo/Mike Desmond

The cost of parking a vehicle at several downtown Buffalo lots, as well as the means by which lot operators enforce payments, has one board member at Buffalo Place accusing the owners of price gouging. The president of a local parking lot business, though, says what they're doing is fair, legal and reflective of market demands.


Google Maps

The one-time Wildroot complex on Bailey Avenue in Buffalo is getting closer to being an official city landmark. The plan was approved Tuesday in the Common Council's Legislation Committee and sent to the full Council.

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