IBM To Buy Risk Analytics Firm Algorithmics For $387 Million -- IBM this morning announced a deal to buy Algorithmics, a risk analytics software and advisory service based in Toronto, for $387 million. The company said Algorithmics helps banks, investment and insurance businesses "assess risk, address regulatory requirements and make more insightful business decisions." The company is being acquired from Fitch Group, which is majority owned by Fimalac, a Paris-based holding company.
9/11 Funds for Business Go Unclaimed -- The city's independent budget office says more than 10% of promised Sept. 11 aid from the federal government will probably never arrive, because few companies used the $2.9 billion of tax credits, and Congress doesn't seem interested in translating those unused benefits into cash. The conclusion came in a report issued Wednesday summarizing the $20.5 billion aid package that New York got in the wake of the attacks. The majority of that money was for rebuilding at the World Trade Center site, which has been spent or will be spent as that work continues.
CSR! CSR! CSR!
Apple defends itself after pollution allegations -- Apple has defended its environmental record after allegations that some of its suppliers are polluting in China. The technology giant said that it was committed to the highest standard of social responsibility. The comments come after a report by Chinese environmental groups claimed a number of Apple manufacturers were discharging harmful pollutants.
Steelworkers of the Sky -- To get to the top of One World Trade Center as it stands in mid-August, just shy of 1,000 feet above Lower Manhattan, higher than anything else on the island's southern end, first you walk to the middle of the blast-resistant concrete cathedral that will become the building's lobby. From there, a hoist takes you to the 39th floor, whose perimeter has already been glassed in. A sign spray-painted in screaming construction orange -- "EXPRESS ALL DAY" -- directs you to a second hoist, inside which Don McLean is singing, "Bye, bye, Miss American Pie . . ." and men in hard hats decoupaged with flag decals are bobbing their heads to the beat.