Delta adds N.Y. flights
Delta Air Lines will begin new service between Philadelphia and New York LaGuardia Airport starting Wednesday. It's part of Delta's expansion in New York. The five flights to LaGuardia depart Philadelphia at 6:50 a.m., 10:35 a.m., 2:10 p.m., 4:08 p.m. and 7:48 p.m. Delta already serves JFK airport with three daily flights from Philadelphia. Delta wants "to become the preferred airline in New York" connecting passengers to "key business markets," said senior vice president Gail Grimmett. "That includes daily jet service between Philadelphia and LaGuardia." — Linda Loyd
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Job openings on the rise in May
U.S. employers advertised more jobs in May than April, a hopeful sign after three months of weak hiring. Job openings rose to a seasonally adjusted 3.6 million, the Labor Department said in its Job Openings and Labor Turnover survey. That's up from 3.4 million in April. It's also the second-highest level in nearly four years, just behind March's 3.7 million. A rise in openings could mean hiring will pick up in the coming months. It typically takes one to three months to fill a job. Even with the increase, the competition for jobs remains fierce. There were 12.7 million unemployed people in May, or an average of 3.5 unemployed for each open position. That's down from a ratio of 3.7 in April. In a healthy job market, the ratio is usually around 2 to 1. — AP
Recoveries rise in Madoff scheme
Ezra Merkin's bankrupt Ariel and Gabriel funds, so-called feeder funds for Bernard Madoff's Ponzi scheme, will pay investors $110 million, bringing total recoveries to more than $500 million. The funds' third cash payment, which has been approved by a New York Supreme Court judge in Manhattan, will be delivered within about 10 business days, liquidator Bart M. Schwartz said in a statement dated July 11 that was e-mailed to Bloomberg News. The payments are separate from the money recovered for Merkin's former investors by New York Attorney General Eric Schneiderman in a $410 million settlement of a state lawsuit against the investment adviser, Schwartz said. The $500 million payback from the two Merkin funds may be the largest so far in the Madoff case, Schwartz has said. Irving Picard, who is liquidating the Madoff brokerage, has paid customers about $333 million since the fraud collapsed in December 2008. More distributions to Ariel and Gabriel investors are coming, Schwartz said in the statement. — Bloomberg News
FBI investigating futures firm
Peregrine Financial Group Inc., a futures brokerage, is being probed by the FBI and sued by a commodities regulator after a suicide attempt by the firm's founder, Russell Wasendorf Sr. Peregrine has a $200 million "shortfall" in customer funds, according to a Commodity Futures Trading Commission complaint filed in federal court in Chicago. The whereabouts of the funds were unknown, the CFTC said, alleging that they were misappropriated by the firm and its founder. Wasendorf is in a coma after trying to kill himself Monday outside Peregrine's Cedar Falls, Iowa, offices, according to the agency's complaint, which names him and the company as defendants. The CFTC seeks a court order freezing Peregrine assets and preserving its paperwork. The National Futures Association "and other officials" have frozen all customer money, the firm's e-mail said. Wasendorf owns the entire firm, it said. — Bloomberg News
Leaks of economic data probed
Federal criminal and civil investigators looked into possible leaks of economic data that the government provides early to news organizations, according to a report released by the Labor Department. The Securities and Exchange Commission, the FBI and the Labor Department's inspector general are among authorities that reviewed possible leaks over the last four years, according to the report. It's unclear whether any of their probes are continuing or have resulted in any charges. None of the three agencies would comment. The probes are part of a broader investigation of insider trading by the SEC and federal law enforcement authorities. Their investigation has resulted in dozens of charges and several high-profile convictions, mostly of hedge fund employees. The Labor Department this spring revoked early access to the economic data for a handful of companies that deliver data to high-speed traders but produce little or no original news content. Among them is Need to Know News, part of Deutsche Borse Group, which produces no original news content. The company offers audio and computer delivery of economic data, according to its website. Labor also revoked access for RTTNews, among others. — AP
$3.1M but no bonus for Diamond
British bank Barclays has agreed to a resignation package with former CEO Bob Diamond that calls for him to forfeit up to $31 million in bonuses and incentives, but receive a year's salary, pension and other benefits worth $3.1 million. Diamond resigned last week after Barclays was fined $453 million by U.S. and U.K. regulators for making false reports of its borrowing costs between 2005 and 2009. Diamond's lavish compensation has long been a sore point with Barclays' critics. Last year, he received $9.7 million, including $3.4 million in deferred incentives, and also received $8.8 million for tax equalization. — AP
Coke stock split approved
Shareholders have approved the Coca-Cola Co.'s first stock split in 16 years. The company announced the two-for-one split in April, citing its expectation to double revenue over this decade. The split increases the number of Coca-Cola shares to 11.2 billion from 5.6 billion. Shareholders will receive one additional share of stock on Aug. 10 for each share held. Companies split stocks when they think their share price has gotten too expensive or if the stock is trading too far above similar companies' stock. Stock splits can also help companies with liquidity because the share price usually benefits from a bump immediately after the split. — AP
Derivatives regulation advances
The U.S. government took a step toward regulating the $800 trillion derivatives market, listing transactions that would fall under new financial regulatory rules. The Commodity Futures Trading Commission voted to subject credit default swaps, foreign-exchange swaps and interest-rate investments to the rules, which take effect this fall. — AP
