Pa. offers $1.2M in Endo move
Pennsylvania officials offered Endo Pharmaceuticals Holdings Inc. a financial incentive package worth $1.2 million in connection with the relocation of its corporate headquarters and 500 employees. The drugmaker announced Monday that it would move from four buildings in Chadds Ford to a 300,000-square-foot, two-building complex to be constructed in the Malvern area. The Governor's Action Team has offered a $750,000 Opportunity Grant and $462,000 in job-creation tax credits, according to Steve Kratz, press secretary for the state Department of Community and Economic Development. - Mike Armstrong
Two to advise U.S. insurance office
The U.S. Department of the Treasury appointed the commissioner of the Pennsylvania Department of Insurance, Michael Consedine, and Scott E. Harrington, a professor at the Wharton School of the University of Pennsylvania, to the Federal Advisory Committee on Insurance. The 15-member committee will advise the Treasury's Federal Insurance Office, established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. - Harold Brubaker
Most metro unemployment rates fall
The U.S. Labor Department said unemployment rates fell in 280 large metro areas from August to September, including the Philadelphia-Camden-
Wilmington region. Rates rose in 61 areas and were unchanged in 31. Nationwide, employers added a net 103,000 jobs in September. And the unemployment rate was 9.1 percent for the third straight month. The Philadelphia regional unemployment number fell from 9.1 percent in August, to a preliminary 8.4 percent in September. Unlike national and state data, metro unemployment figures aren't adjusted for seasonal changes. Many of the areas with the sharpest drops were cities such as Philadelphia with large universities that likely added jobs in September. - AP
Teva cuts sales and profit forecast
Teva Pharmaceutical Industries Ltd. cut its sales and profit forecast for the year after fewer new U.S. generic-drug introductions led to its first drop in quarterly earnings in four years. Based in Israel, Teva has operations in North Wales and has broken ground on a new facility in Northeast Philadelphia. Revenue for the year will be $18.3 billion to $18.6 billion, and earnings excluding some costs will be $4.92 to $5.02 a share, the company said. Teva in July had forecast sales of $18.5 billion to $19 billion and earnings in the range of $4.90 to $5.20 a share. - Bloomberg News
Elsewhere
Bills ease small-business regulation
The U.S. House of Representatives moved to make it easier for small companies and banks to raise capital - and presumably spur economic growth - without being faced with costly federal registration rules. The two measures, which passed with bipartisan support, allow small companies to sell more shares to potential investors and community banks to increase the number of shareholders they can have before they have to register with the Securities and Exchange Commission. The bills now go to the Senate, where similar bills have been introduced. - AP
GOP to introduce FCC limits
Republican lawmakers said they would introduce legislation to limit concessions that the Federal Communications Commission may impose on merging companies. Rep. Greg Walden (R., Ore.), chairman of a House subcommittee that oversees the FCC, cited as "troubling" agreements such as one between Philadelphia-based Comcast Corp.'s and the Democratic- majority FCC as Comcast sought approval for its purchase of NBC Universal. Comcast in January offered to not interfere unfairly with subscribers' Internet traffic, and it received approval for the purchase the next day. - Bloomberg News
Syms files for bankruptcy, will close
Discount retailer Syms Corp. and its subsidiary Filene's Basement have filed for bankruptcy protection and plan to close all 46 of their stores. The company has a Syms in Berwyn. Syms acquired Filene's Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to turn the chain around. Syms and Filene's Basement stores are mostly in the Eastern United States and employ about 2,450 people, the company said. - AP
Companies reinstating 401(k) match
Most of the companies that either suspended or reduced their 401(k) matches during the economic downturn have reinstated them, business consultant Towers Watson said in a study. An analysis of 260 mid- to large-sized companies shows that 75 percent of those that took the step to cut costs have restored their match. Most are continuing the match at the previous level. - AP
Solyndra bailout was considered
Days before Solyndra Inc. collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and a new board of directors, including two directors appointed by the Energy Department. Officials rejected the plan. Solyndra received a $528 million federal loan before filing for bankruptcy. - AP
Money fund yields unchanged
The average seven-day yield on taxable money-market funds was 0.02 percent this week, unchanged from last week, according to iMoneyNet Inc. A seven-day yield is an annual yield that is based on the preceding seven days' level of income by the fund. The average yield on tax-free funds was unchanged at 0.01 percent this week. - Reid Kanaley
