Business

Business, economic news

Lynne Sladky / AP

On the campaign trail, President-elect Donald Trump promised to run government like a business and slash "excessive regulations." Yet, he also promised to resurrect one of the biggest bank regulations in modern history: The Glass-Steagall Act of 1933.

Courtesy of Pixabay

Banking regulators in New York have issued the first fines stemming from the leaked Panama Papers. Mega Bank of Taiwan will have to pay $180 million for ignoring possible money laundering. This is expected to be the first of many penalties related to the discovery of widespread tax avoidance.

AP Photo/Thomas Ferrigno

Average Wall Street bonuses were down 9 percent last year to $146,200 as industry profits declined, New York's comptroller reported Monday.

Industry-wide profits decreased by 10.5 percent, the third straight yearly decline, according to the annual estimate from State Comptroller Thomas DiNapoli. The comptroller said revenues were weak, especially from trading and underwriting. Profits were at their lowest reported level since 2011.

The bankrupt Suffolk OTB is trying to get its plan for a Video Lottery Terminal (VLT) casino in Medford finalized before a bankruptcy court hearing in April. However, community opposition is making that difficult.

(AP Photo/Mike Groll)

New York Governor Andrew Cuomo said he’s fighting a proposed merger of Key Bank with first Niagara Bank. He said it would limit choice for New York consumers and could possibly violate antitrust laws

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