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New York

No Merrill one more blow to WTC

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Merrill Lynch’s decision not to move to a new World Trade Center skyscraper is another setback for the delayed, over-budget project. A commitment from Merrill Lynch, which just reported a quarterly net loss of $4.65 billion, could have helped attract other commercial tenants. A Port Authority spokesman said discussions between Merrill Lynch and developer Larry Silverstein “ended over economic terms.” Meanwhile, its new CEO, John Thain, has struggled to revive the firm. [Bloomberg] and [NYT]