Financial 411: A New Plan for St. Vincent's Hospital
Thursday, March 10, 2011
Jobless Rate Holds Steady in New Jersey
Unemployment in New York state and New York City rose slightly in January. On Thursday, new figures from across the river show New Jersey's unemployment rate held steady at 9.1 percent. But while the unemployment rate didn't change, in a separate survey, New Jersey lost 13,000 jobs from December to January.
More Layoffs at AOL
AOL says it will let go 900 people — nearly half of its workforce. The bulk of the people are currently based in India. CEO Tim Armstrong says the company has no immediate plans for further layoffs.
Stocks nose-dived on news of an unexpected spike in weekly unemployment filings, along with disappointing economic news from China. The Dow declined 228 points, closing below the psychological 12,000 mark, at 11,985. The Nasdaq shed 51 points, ending the day at 2,701, and the S&P 500 slumped to 1,295, with a loss of 25 points.
Developer, Health Care Provider Unveil Plan for St. Vincent's
The historical St. Vincent's Hospital closed its doors and filed for bankruptcy last year, citing about $1 billion in debt. Today, its trustees announced a plan to reopen a medical facility in one part of the West Village complex, while selling off the rest of the property to a developer who plans to builds hundreds of apartment units, an elementary school and a park. WNYC's Fred Mogul explains the details of the deal between North Shore-LIJ and Rudin Management Company, a New York-based developer.