In the Region
J&J recalls hip-replacement products
Johnson & Johnson's artificial-joint business is recalling two hip-replacement products. The company has major operations in the Philadelphia area. DePuy Orthopaedics Inc. said Thursday that it was recalling two hip-replacement products because new data, about to be released, show higher-than-expected rates of patients' needing a second hip replacement. The products are the ASR Hip Resurfacing System and the ASR XL Acetabular System.
- AP
Agency investigates PJM allegation
An allegation by
PJM Interconnection L.L.C. of manipulation in Mid-Atlantic and Northeast U.S. electricity markets triggered an investigation by the
Federal Energy Regulatory Commission. The agency opened an investigation after PJM, Norristown, and its independent market monitor,
Monitoring Analytics L.L.C., said unnamed participants made trades to gain a financial advantage, according to FERC's order Wednesday. PJM, which operates a wholesale power market in all or part of 13 states and the District of Columbia, said "trades were undertaken with the intent of manipulating PJM market rules," according to the order.
- Bloomberg News
Pa. table revenue reported
Total revenue from table games at Pennsylvania's nine casinos was $17.5 million in July, the first month of table-games play, the state
Gaming Control Board said Thursday. Because the casinos began opening their combined 624 table games in the middle and latter parts of July, the figure represents results for a partial month. The state's share of the revenue, through a sales tax, was $2.5 million, the board reported. The Parx casino, Bensalem, had $2.3 million in table-games revenue last month, generating $326,000 in state sales taxes, and Harrah's Chester Downs, Chester, posted table-games revenue of $2 million and $276,000 in sales taxes. By contrast, the state's casinos produced $211.1 million from slots in July.
- Paul Schweizer
PPL granted $77.5M increase
The
Pennsylvania Public Utility Commission has agreed to a negotiated $77.5 million increase for
PPL Electric Utilities Corp. that goes into effect Jan. 1. The Allentown utility had requested $114.7 million. The 1.6 percent increase in the utility's distribution charge applies to all customers. It does not affect the larger power-generation portion of a customer's bill, which customers can manage by shopping around among competitive suppliers.
- Andrew Maykuth
Dollar Financial buying Swedish firm
Dollar Financial Corp., Berwyn, which provides payday-lending, check-cashing, and money-transfer services, said it was buying Swedish Internet lending business
Folkia Group AS for $28 million. Dollar Financial expects the acquisition to add to its earnings immediately and will update its fiscal 2011 outlook after the deal closes. Shares of Dollar Financial closed up 56 cents, or 3.72 percent, at $15.62.
- AP
Lockheed secures $69M contract
The Defense Department awarded a $69 million contract to Lockheed Martin Missions Systems & Sensors, Moorestown. The contract, announced by U.S. Rep. John Adler, makes the
Lockheed Martin Corp. unit the Aegis Ashore engineering agent to support the design of the AA Missile Defense Test Complex, the AA deployment sites, and other critical military operations.
- Inquirer Staff
Met-Pro profit, sales increase
Met-Pro Corp. said net income increased as net sales improved, new-order bookings were up, and the backlog of orders rose in the second quarter, which ended July 31. Net income for the Harleysville maker of product-recovery, pollution-control, and fluid-handling equipment was $1.6 million, or 11 cents a share, compared with $1.2 million, or 8 cents a share, in the year-earlier quarter. Net sales were $21.4 million, up 2.6 percent, on new-order bookings that increased to $22.1 million, or 14 percent. Shares closed down 18 cents, or 1.96 percent, at $8.99.
- Roslyn Rudolph
Former post office ready for IRS
Brandywine Realty Trust, Radnor, said it had completed the $252 million rehabilitation of the 30th Street Post Office building as well as the $90 million Cira South garage and retail project across the street. The former post office is leased for 20 years to the Internal Revenue Service, which has accepted possession of the premises and will begin moving 5,000 employees to the facility next week.
- Alan J. Heavens
Elsewhere
$24.2 million penalty for American
Federal officials have hit
American Airlines with a record penalty of $24.2 million over maintenance lapses that caused thousands of canceled flights in 2008. The
Federal Aviation Administration said Thursday that American failed to take steps to prevent chafing of electrical wires in the wheel wells of its McDonnell Douglas MD-80 series jets. The FAA says the wiring could have led to fires and fuel-tank explosions. American vowed to challenge the proposed penalty.
- AP
HP raises offer for 3Par
Hewlett-Packard Co. said Thursday that it was increasing its offer for data-storage-maker
3Par Inc. to about $1.69 billion, topping a bid from rival
Dell Inc. just hours after it was made public. HP's latest offer is for $27 a share in cash. Earlier, Dell said 3Par had accepted its second offer of $24.30 a share in cash, or $1.52 billion. Dell made its first offer, $18 a share, for 3Par on Aug. 16. HP kicked off the bidding contest with its counteroffer Monday. HP and Dell see 3Par as a way to build up their "cloud computing" businesses, delivering software, data storage and other services to customers over the Internet.
- AP
One in 10 risk foreclosure
One in 10 American households with a mortgage was at risk of foreclosure this summer as the government's efforts have done little to stem the housing crisis. About 9.9 percent of homeowners had missed at least one mortgage payment as of June 30, the
Mortgage Bankers Association said. That number, which is adjusted for seasonal factors, was down slightly from a record high of more than 10 percent as of April 30. In a worrisome sign, the number of homeowners starting to have problems with their mortgages increased after trending downward last year. The number of homes in the foreclosure process fell slightly, the first drop in four years.
- AP
Mortgage rates hit new low
Mortgage rates fell to the lowest level in decades for the ninth time in 10 weeks. Mortgage buyer
Freddie Mac said the average rate for a 30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971. Rates on one-year adjustable-rate mortgages fell to an average rate of 3.52 percent from 3.53 percent.
- AP
