WBFO Business & Economy Desk

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

TC Buffalo Development

TC Buffalo Development introduced its plans for a huge new e-commerce storage and distribution center Monday night to the Grand Island Town Board. The project would be larger than anything currently on the island.

Chris Caya/WBFO News

Flavored liquid used in e-cigarettes would be banned in New York under Gov. Andrew Cuomo's proposed budget. Vaping advocates say the ban could hurt the local economy and cost hundreds of people their jobs. 


Updated at 5:40 p.m. ET

Stocks took another steep dive Friday, deepening a multi-day rout fueled by fears about the coronavirus' impact on the global economy.

The Dow Jones Industrial Average fell 357 points on Friday, capping a week in which the blue chip index fell 3,583 points or 12.4%. The Dow is down 16.3% from its recent peak on Feb. 12.

The S&P 500 stock index lost 11.5% for the week and is now down 14.6% from the all-time high it reached only last week.

Buffalo Sabres

The Buffalo Sabres are restructuring their ticket policy for next season. Th restrucuring will include increasing prices by an average of 2.5%.

Updated at 4:05 p.m. ET

Stocks continued their free-fall on Thursday, with major indexes falling into correction territory. The Dow Jones Industrial Average tumbled nearly 1,200 points as worries mounted about the economic toll of a widening coronavirus epidemic.

The Dow ended the day down 4.4%, and nearly 13% below its recent peak on Feb. 12. A drop of 10% from a recent high is the technical definition of a "correction."

State officials spoke loudly when they announced IBM had agreed to set up in Buffalo, enticed by $55 million in public dollars. Now, their silence on the tech giant's apparent struggles here speaks volumes. As Jim Heaney of Investigative Post reports, four floors of IBM's seven-floor operation are now vacant. Inquiries--including Freedom of Information requests--have gone unanswered. The lack of transparency, Heaney says, follows a familiar pattern for many of Gov. Andrew Cuomo's economic development initiatives in Western New York.


Karen Dewitt / WBFO Albany Correspondent

New York’s ban on single-use plastic bags at grocery stores and other outlets takes effect March 1, and stores that haven’t already made the change are gearing up for it. But one food store in Albany has never offered its own plastic bags in its 40-year history, and they say no one has been bothered by that.


File photo

Buffalo Mayor Byron Brown says he is "disappointed" Panasonic will be ceasing North American solar production and exiting its partnership with Tesla to produce solar panels at the company's Riverbend plant.

Tom Magnarelli / WRVO News

Some convenience store owners in New York State are worried about the new plastic bag ban going into effect this weekend. Their concerns are over the possible cost increase and limited availability of paper bags, as stores make the switch.

Chris Caya/WBFO News

Buffalo may be known for its chicken wings and fish frys, but Western New Yorkers also have an appetite for locally produced healthy foods. In WBFO’s Farm-to-Table series, we meet entrepreneurs in the region's growing industry and how they're helping to change the local economy. 


Farm-to-Table: Using fish to grow food

Feb 25, 2020
Chris Caya/WBFO News

Donuts, chicken wings and fish frys are certainly popular in Buffalo, but residents also have an appetite for a variety of locally grown healthy foods. In WBFO's Farm-to-Table series, we meet entrepreneurs in the growing industry, including a unique farm without fields that relies on fish for growing leafy greens and herbs.


Michael Mroziak, WBFO

Lt. Gov. Kathy Hochul visited a Buffalo business planning to move to Lackawanna next year, and grow its workforce upon completing the move. TRS Packaging will receive $400,000 for job skills training, one of numerous awards announced by New York State Monday.

Farm-to-Table: Raising pigs the old-fashioned way

Feb 24, 2020
Chris Caya/WBFO News

Buffalo may be known for its chicken wings and fish frys,  but Western New Yorkers also have an appetite for locally-produced healthy foods. In WBFO’s Farm-to-Table series, we meet entrepreneurs in the region’s growing industry. At a family farm in Darien, a healthcare professional is raising pigs the old-fashioned way.


Thomas O'Neill-White / WBFO News

Cars will be returning to another section of Main Street, under a financial deal between Buffalo Mayor Byron Brown and developer Doug Jemal.

Fantasy Island

Fantasy Island has provided its final roller coaster ride and wild west show to Western New York and Canadian families.

 

The longstanding Grand Island amusement park announced Wednesday afternoon it is permanently closed after nearly 60 years in business, citing financial difficulties. 


Michael Mroziak / WBFO News

For many longtime local residents, what's going on at the former Bethlehem Steet site in Lackawanna may seem unusual. Erie County is looking for a developer to build manufacturing space on the property.

Buffalo Urban League Young Professionals

It’s the third year of Black Restaurant Week sponsored by the Buffalo Urban League Young Professionals. Its President, Mark Glasgow, is hoping the event will draw people from all across Buffalo to experience what the African American community has to offer.


T-Mobile / Sprint

New York state will not try to block the proposed merger involving T-Mobile and Sprint.

Pantano & Associates LLC

Since it was initially proposed, the Outer Harbor residential development Queen City Landing has sparked a number of questions from community interests.  The height of the main tower and how the complex would restrict public waterfront access have been two of the major concerns. Jim Fink of Business First says developer Gerry Buchheit has altered the proposal. While a 20-story tower remains at the heart of the plan, Fink says a 2.5-acre green space has been added to make the location "welcoming" to the public. The alterations will need approval through the city's regulatory process before becoming reality.


Tesla / Twitter

Tesla CEO Elon Musk says he will be at the company's "Gigafactory 2" facility on South Park Avenue in Buffalo in April.

Kyle S. Mackie / WBFO News

U.S. Sen. Charles Schumer (D-New York) called on Western New York dollar stores to stop carrying “potentially dangerous” over-the-counter topical products like ointments and cosmetics in Cheektowaga Monday.

Mike Desmond / WBFO News

State officials are showing off a vast plan for economic development on Buffalo's East Side called the East Side Avenues effort.

Karen Dewitt / WBFO Albany Correspondent

Gov. Andrew Cuomo has proposed a commission to look at improving conditions for workers in the so-called gig economy, where people work job to job with few employment rights. But some workers say they are worried that the changes could actually harm their ability to earn money.


Emyle Watkins / WBFO News

"Shocked and speechless" was how the president of the Buffalo Newspaper Guild described the sale of The Buffalo News to Lee Enterprises. It could be a major change for the region, in an industry where cuts and consolidation are already common. For more information about the new owner and what the sale could mean for Western New York, WBFO's Marian Hetherly talked with Jim Heaney, a reporter at the News from 1986-2011 and now editor of Investigative Post, a nonprofit investigative reporting center based in Buffalo.


Fredonia Chamber of Commerce

And the winner is.... Those were the words anxiously clung to Tuesday evening, as "Small Business Revolution" live-streamed which of its Top 5 finalists would receive a $500,000 small business makeover. In the end, there was good news for the packed crowd inside and outside the Fredonia Opera House - and a special live appearance by the television show's co-host.

Chris Caya/WBFO News

Wegmans is getting a jump on New York state's new law banning retailers from using single-use plastic bags.

Heidinger tapped as new leader of 43North

Jan 27, 2020
43north.org

43North, the startup competition that aims to attract new businesses to Buffalo, has a new leader now that the organization's board of directors has tapped Colleen Heidinger to succeed Alex Gress as president.


Google Maps

The Bed Bath and Beyond retail chain has announced it will be closing as many as 40 of its more than 900 stores across the country in the first half of this year.

PUSH Buffalo

PUSH Buffalo is planning a training center on the city's West Side, although far smaller than the Northland Workforce Training Center complex on the East Side.

Store closings announced by Pier 1 Imports and Valu will affect Western New York.

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