Financial 411: Weekly Business Roundup
Friday, June 17, 2011
For a third straight day, Republican senators in Albany conferenced behind closed doors only to emerge saying they have no agreement on whether to bring a bill legalizing same-sex marriage to the floor for a vote.
But lawmakers have a lot of other matters on their plates before the session ends on Monday, such as renewing New York City's rent regulations. The law that sets rents for about 1 million New York City residents expired midnight Wednesday because Albany legislators didn't renew it. Governor Andrew Cuomo has said he wants the rules strengthened, but he hasn't said much more.
The due date is also quickly approaching for a city budget that could contain teacher layoffs. A wrench was thrown into negotiations when the labor umbrella group, the Municipal Labor Committee, balked at the idea of letting the city tap into its Health Insurance Stabilization Fund. Mayor Michael Bloomberg and the City Council have until the end of the month to iron out an agreement on the budget.
Turning to global economics, bankers and others contemplated the idea of contagion. Specifically, could the Greek debt crisis spread? On Friday, word came that German Chancellor Angela Merkel is said to be backing off from her earlier demand that private institutions bear some of the losses resulting from the Greek debt crisis. After an initial bailout, Greece is again close to defaulting on its debts. What could this mean for the country, the rest of Europe, and the global economy?
We'll review this week's business and economics news with Greg David, director of the Business & Economics Reporting Program at the CUNY Graduate School of Journalism.
The Dow rose 43 points, ending at 12,004. The index clocked a small gain for the week. The Nasdaq had a small decline of seven points, closing at 2,616. The S&P 500 added four points, settling at 1,272.