Business news in brief

A traditional Cossack dance commemorated EasyJet's inaugural flight to Domodedovo airport in Moscow from London Gatwick on Monday. The discount carrier is going head to head with British Airways for the business-travel market. To win the route, it guaranteed a $186 round trip fare for three years.
A traditional Cossack dance commemorated EasyJet's inaugural flight to Domodedovo airport in Moscow from London Gatwick on Monday. The discount carrier is going head to head with British Airways for the business-travel market. To win the route, it guaranteed a $186 round trip fare for three years. (CHRIS RATCLIFFE / Bloomberg News)
Posted: March 19, 2013

In the Region

A.C. to hold fantasy-sports tourneys

New Jersey will allow casinos in Atlantic City to run fantasy sports tournaments this year after an attempt to legalize betting on professional and college games in the state was blocked by a federal judge. New Jersey's Division of Gaming Enforcement announced temporary regulations that will allow the casinos to accept entry fees and pay out winnings for fantasy sports games. The regulations will run for 270 days starting on April 22 with the intention of becoming permanent, according to the announcement. The fantasy sports tournaments will not be considered gambling under state law and entry fees will not result in revenue for the state, according to the regulations. The main purpose of the regulations will be to help casinos expand their customer base and draw more people to Atlantic City. Gov. Christie signed a bill last month allowing casinos to take online bets in an attempt to help Atlantic City casino business. - Bloomberg News

Montgomeryville Wegmans hiring

Wegmans Food Markets Inc. said it was taking applications for full-time jobs at its store scheduled to open in November at Montgomery Mall. Of a total 600 jobs at the new store, 200 will be full-time, Wegmans said. The company will make 500 local hires in all, it said. Applicants for full-time positions may apply online at www.wegmans.com/careers, or call 877-934-6267, for more information. Part-time jobs will be filled at a later time, the store said. - Reid Kanaley

Amtrak names new chairman

Amtrak's board of directors has selected Anthony R. Coscia as its new chairman. Coscia, 53, of North Caldwell, N.J., is a real estate finance attorney who previously served as chairman of the Port Authority of New York and New Jersey. Coscia, appointed to the nine-member Amtrak board by President Obama in 2010, replaces fellow Democrat Thomas C. Carper of Illinois, whose term expired Saturday. - Paul Nussbaum

Triumph completes unit purchase

Berwyn aircraft parts maker Triumph Group Inc. completed its purchase of United Technologies Corp.'s Goodrich Pump & Control Systems unit for an undisclosed sum, the companies said. The sale was a divestiture required by regulatory authorities as a condition of United Technologies' purchase of Goodrich Corp. That 2011 deal was valued then at $18.4 billion. Triumph had said the unit acquisition will add 530 employees and about $195 million in annual revenue. - Reid Kanaley

Pa. table game revenue down

Table games revenue at Pennsylvania's 11 gambling halls last month totaled $55.3 million, a 2.1 decrease from a year ago, when revenue from blackjack, poker, and other games was $56.6 million and the state had one fewer casino. February's tables revenue translated to nearly $8 million in state tax revenue, according to figures posted by the Pennsylvania Gaming Control Board. Coupled with figures on slot machine revenues released earlier this month, total February casino gambling revenue in Pennsylvania was $251.3 million, compared with $272.2 million in February 2012, a decrease of 7.7 percent. - Suzette Parmley

Recall at compounding pharmacy

New Jersey-based compounding pharmacy Med Prep Consulting Inc. announced a nationwide recall of its compounded products due to potential mold contamination. The Monmouth County company said the recall was prompted by detection of particles in infusion bags of magnesium sulfate sent to a Connecticut facility. New Jersey, Pennsylvania and Delaware hospital pharmacies that contract with the company also got plastic infusion bags, plastic infusion devices, plastic syringes, and glass vials of its products. A Boston-area compounding pharmacy was shut down in 2012 when bacteria in a steroid caused an outbreak of fungal meningitis. - David Sell

RAIT hikes dividend, stock up

Shares of RAIT Financial Trust, of Philadelphia, rose 5.8 percent after it boosted its quarterly dividend 20 percent to 12 cents per common share. The dividend will be paid on April 30 to holders of record on April 3, the company said. RAIT owns $1 billion in commercial real estate, mostly apartments. The stock closed at $7.82, up 43 cents. - Inquirer staff

Elsewhere

Builder confidence falls

The National Association of Home Builders/Wells Fargo builder sentiment index fell to 44 from 46 in February. It was the second decline in home-builder confidence since January, which was preceded by eight straight monthly gains. A measure of current sales conditions declined from February's reading. - AP

Chrysler recalls Challenger

Chrysler is telling owners of about 2,500 Dodge Challenger muscle cars with V-6 engines not to drive them because a short in a wiring circuit can set them on fire. Owners also are being told not to park the cars in a garage or near a structure until the problem can be fixed. The cars are from the 2013 model year and have V-6 engines. They were made during the eight weeks that ended Jan. 24. - AP

T-bill rates fall

The Treasury Department auctioned $35 billion in three-month bills at a discount rate of 0.085 percent, down from 0.095 percent last week. An additional $30 billion in six-month bills was auctioned at a discount rate of 0.110 percent, down from 0.115 percent last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,997.85 while a six-month bill sold for $9,994.44. That would equal an annualized rate of 0.086 percent for the three-month bills and 0.112 percent for the six-month bills. Separately, the Federal Reserve said the average yield for one-year Treasury bills was unchanged at 0.15 percent last week, the same as the previous week. - AP

comments powered by Disqus
|
|
|
|
|