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Business

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Heat pump maker sees 38% jump in earnings

WaterFurnace Renewable Energy Inc. on Monday reported second-quarter earnings of $3.01 million, or 24 cents a share, a 38 percent increase over the $2.18 million, or 18 cents a share, posted for the same three months of 2013.

The Fort Wayne-based maker of geothermal heat pumps trades on the Toronto Stock Exchange, but U.S. dollar values are listed here.

WaterFurnace also reported second-quarter revenue of $33.1 million, a 30 percent increase from the $25.5 million in sales during the quarter ended June 30, 2013.

In June, WaterFurnace announced it is being acquired for about $350 million in cash by NIBE Industrier AB, a Swedish company 10 times the size of WaterFurnace.

WaterFurnace will operate as a separate entity led by its current executive team, officials announced.

The sale is expected to close this month.

Agency warnsabout Bitcoin risks

Federal regulators are warning consumers about the risks of using virtual currencies such as Bitcoin.

The Consumer Financial Protection Bureau said Monday it will begin fielding complaints from people who rely on products such as Bitcoin and online exchanges for such currencies.

In issuing an advisory warning, the agency noted that the currencies are not backed by the government, have volatile exchanges rates and are targeted by hackers and scammers. And unlike bank accounts, Bitcoin-based deposits are not federally insured.

“Consumers are stepping into the Wild West,” CFPB Director Richard Cordray said.

Barneys to settlein profiling probe

Barneys has agreed to pay $525,000 to resolve allegations that minorities were singled out as suspected shoplifters at its flagship store.

Barneys shoppers and ex-employees complained that detectives followed minority customers around – even after staffers identified them as frequent patrons – and disproportionately investigated their credit-card use, so much so that some salespeople even avoided serving minority shoppers so as to avoid getting calls from store investigators, state Attorney General Eric Schneiderman said Monday in announcing the settlement.

Besides the $525,000 in fines and expenses, Barneys will hire an “anti-profiling consultant” for two years, update its policy and record-keeping on detaining customers suspected of theft, and improve training of security and sales personnel.

Deal inked forTrade Center Wi-Fi

Officials say commuters and visitors at the World Trade Center will be able to take advantage of free WiFi.

The Port Authority of New York and New Jersey announced an agreement with Boingo Wireless on Monday.

In May, the board authorized the installation of Wi-Fi at the World Trade Center. The multiyear agreement will include complimentary Wi-Fi in the retail areas of the World Trade Center transportation hub, as well as the PATH station.

It’s predicted that the transportation hub will be used by about 200,000 daily commuters and millions of visitors a year.

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