Record deposits at Vanguard
Vanguard Group Inc., the biggest U.S. mutual-fund firm, attracted a record $24.3 billion from clients in January, mostly into stocks, as signs of an improving U.S. economy have prompted investors to return to equities. January's deposits were more than 40 percent greater than the previous monthly record of $16.8 billion, achieved in the same month in 2012, said John Woerth, a spokesman for Valley Forge-based Vanguard. - Bloomberg News
Aqua N.J. names Asselta president
Nicholas Asselta, a former New Jersey state legislator and a member of the state's Board of Public Utilities, has been named president of Aqua New Jersey, a water utility with 51,000 accounts in 22 municipalities. Asselta will replace William B. Davis, who was promoted last year to vice president of corporate development for the parent company, Aqua America Inc., of Bryn Mawr. Aqua New Jersey is based in Hamilton. Asselta, 61, worked for Times Graphic Inc., before he was elected to the Vineland Board of Education in 1993. He became a Republican assemblyman in 1995 and a state senator in 2003, and was appointed to the utility regulatory commission in 2008. - Andrew Maykuth
Babich heads Checkpoint Systems
Checkpoint Systems Inc., of Thorofare, named George Babich Jr. to the position of president and CEO, effective immediately. Babich, 60, has held both posts on an interim basis since May 2012. He has been a Checkpoint director since 2006 and will remain on the board. Checkpoint develops anti-theft and inventory labeling technologies for retailers and their supply chains. - Reid Kanaley
NBCU names Uva to head Telemundo
NBCUniversal head Steve Burke announced that the entertainment company hired the former CEO of Univision, Joe Uva, to head its Hispanic franchise, including Telemundo. Also, Bonnie Hammer was promoted to head all cable channels and Lauren Zalaznick will direct innovation, monetization and emerging technology at NBCUniversal. All three will report to Burke. NBCUniversal is majority owned by Philadelphia's Comcast Corp. - Bob Fernandez
Elsewhere
Small biz cautious on borrowing
The Thomson Reuters/PayNet Small Business Lending index edged up to 112 in December from a revised 111.1 in November. The numbers reflecting cautious borrowing was in line with other reports on small business activity during December. Owners were waiting to see whether Congress would raise taxes and slash the federal budget. Lawmakers raised taxes on individuals earning at least $400,000, and couples earning at least $450,000, affecting some owners who report business income on their personal tax returns. Lawmakers put off action on budget cuts until March. - AP
Mixed view in rising factory orders
U.S. factory orders increased 1.8 percent in December from November when orders had fallen 0.3 percent. Orders for durable goods, items expected to last at least three years, rose 4.3 percent, reflecting strong gains for military and civilian aircraft. Orders for non-durable goods such as petroleum products, chemicals and paper declined 0.3 percent in December after a 1 percent drop in November. But demand for core capital goods, a category considered a proxy for business investment plans, dipped 0.3 percent in December following strong gains of 3.3 percent in November and 3 percent in October. - AP
Buffett in deal with Cigna
Warren Buffett's Berkshire Hathaway Inc. will get $1.8 billion in investment assets as part of a deal to assume liabilities from Cigna Corp. Cigna will also fund the deal with $100 million in cash, according to a statement today from the Connecticut-based insurer. Omaha-based Berkshire will cover as much as $4 billion of Cigna's liabilities tied to claims on retirement products with guaranteed benefits. - Bloomberg News
Canada stops making cents
Canada has begun phasing-out its penny, whose production costs have come to exceed its monetary value. The Royal Canadian Mint officially ended its distribution of one-cent coins to financial institutions. While people may still use pennies, the government has issued guidelines urging store owners to start rounding prices to the nearest nickel for cash transactions. Electronic purchases will still be billed to the nearest cent. New Zealand, Australia, the Netherlands, Norway, Finland, Sweden and others have also dropped the penny. - AP
Yum expects profit to fall in 2013
Yum Brands, the parent company of KFC, Pizza Hut and Taco Bell, expects profit to fall in the year ahead as it deals with concerns over its chicken suppliers in China. Yum said it expects profit to decline as it works to rebuild consumer confidence. It first warned of troubles late last year after media reports that its suppliers were giving chickens unapproved levels of antibiotics. The company also reported disappointing fourth-quarter results. - AP
