More to travel over July 4 holiday
More than a half-million Philadelphia-area residents will hit the roads for the July 4 holiday, an increase of 4.6 percent from a year ago, AAA Mid-Atlantic said. The auto club projects that 572,000 area residents will travel 50 miles or more. The increase is because the holiday falls midweek, on Wednesday, and gasoline prices are lower than a year ago, AAA said. The holiday travel period is defined as July 3 to July 8. About 25 percent of travelers are expected to begin their trips on Friday. — Linda Loyd
Convention Center fee to disappear
Elimination of the 8 percent labor management fee charged to groups at the Pennsylvania Convention Center formally will take effect Sunday, according to the Pennsylvania Convention Center Authority, which oversees the center. The fee elimination was announced in April and is intended to make the Convention Center and the city more competitive in attracting group business. Other changes designed to enhance customer service include mandatory hospitality training of workers, a new customer service booth on the show floor, and increased transparency of labor rates and hours. "The elimination of the 8 percent labor management fee reflects our commitment to reducing costs for our customers, as well as improving the overall customer experience," Ahmeenah Young, president and CEO of the Authority, said in a statement Wednesday.
— Suzette Parmley
Ruger buys stake in Kodabow
Firearms manufacturer Sturm, Ruger & Co. Inc., Southport, Conn., has purchased a minority interest in West Chester crossbow manufacturer Kodabow, a start-up that made its first sale in 2010 and had revenues of close to $1 million last year., Terms of the investment were not disclosed. In a statement, Michael O. Fifer, Ruger's president and CEO, said the investment "reflects our interest in one of the faster growing segments of the hunting market." Kodabow founder Chuck Matasic said Ruger's stake in his company "validates" Kodabow's business model of producing high-quality crossbows that are accurate and reliable. Ruger, founded in 1949 with manufacturing facilities in Newport, N.H., and Prescott, Ariz., shipped more than one million firearms last year, Matasic said. In an interview last August, he said his plan was for Kodabow to reach $30 million to $40 million in sales within five years. — Diane Mastrull
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Barclays to pay $450M in settlement
Barclays P.L.C. and its subsidiaries will pay more than $450 million to settle charges that they tried to manipulate interest rates that can affect how much people pay for loans to attend college or buy a house. Britain's Barclays is one of several major banks reportedly under investigation for such violations. The incidents took place between 2005 and 2009 and sometimes took place daily, the U.S. Commodity Futures Trading Commission said Wednesday in announcing the settlement. A $200 million civil penalty levied against Barclays is the largest in the CFTC's history. Barclays also agreed to pay $160 million as part of an agreement with the Justice Department's criminal division on a related matter. It will also pay nearly $93 million to British regulators. The Justice Department said its related criminal investigation continues. Barclays has agreed to cooperate with that investigation. — AP
Madoff brother to plead guilty
The brother of Ponzi scheme king Bernard Madoff is scheduled to plead guilty this week to conspiracy in a criminal case resulting from the multibillion-dollar fraud, court papers say. Peter Madoff is the former chief compliance officer at the private investment arm of Bernard Madoff's business. Court papers signed by a federal judge in Manhattan on Wednesday show that Peter Madoff is to plead guilty Friday to conspiracy to commit securities fraud and other offenses, including falsifying records. Madoff also agreed to the criminal forfeiture of $143 billion, including all of his real and personal property. Madoff agreed to serve 10 years in prison, the court papers say. — AP
Prices fall with more cars in pipeline
New-vehicle prices have dropped $500 in the last year, mainly because Japanese automakers have restocked dealers after car shortages in 2011. The Kelley Blue Book auto pricing service says models from Japanese automakers such as the Toyota Prius and Honda Accord have seen the biggest declines. Detroit's models haven't dropped quite as much. Toyota, Honda and smaller Japanese automakers ran short of cars after an earthquake and tsunami hit Japan in March 2011, knocking out power and hampering auto assembly and parts production. The shortages weren't fully resolved until a few months ago. With few cars to sell last summer, Toyota and Honda dealers had little reason to offer discounts. But now that they're fully restocked, the discounts are back. — AP
