Business news in brief

Posted: July 14, 2013

In the Region

Gasoline prices keep climbing

U.S. retail gasoline prices are gaining at the fastest pace since February and may keep climbing as crude prices surge and refinery units, including one at the former Sunoco plant in Philadelphia, shut for repairs. Pump prices have risen nationwide four days in a row, advancing 3 cents a gallon to an average of $3.55 Friday, said AAA, the motoring group. AAA said gasoline rose five cents per gallon in the last week in Southeastern Pennsylvania, and eight cents per gallon in South Jersey. - Bloomberg News

Navy Yard 'Hub' director goes

Pennsylvania State University president Rodney Erickson on Friday offered his best wishes to Henry C. "Hank" Foley, the university's vice president of research and the executive director of the Energy Efficient Buildings Hub at the Philadelphia Navy Yard, who is leaving for a job in Missouri. The university announced in June that Foley, who has worked at Penn State for 13 years and is also dean of the graduate school, was departing to become the executive vice president for academic affairs at the University of Missouri System. In late June the U.S. Senate Appropriations Committee voted to defund the EEB Hub, which Foley directed while based in State College. - Andrew Maykuth

Plosser: Hurry the taper

Federal Reserve Bank of Philadelphia president Charles Plosser, who has opposed the Fed's current round of asset purchases, said the central bank should begin tapering its $85 billion in monthly bond buying in September and end the stimulus by year-end. "That would be a healthy thing for the economy. We can do it gradually," said Plosser, who does not vote on monetary policy this year. Fed Chairman Ben Bernanke said last month the Fed is on track to begin reducing its bond buying later this year and halt the program by around mid-2014 if the economy performs in line with central bank forecasts. - Bloomberg News

Elsewhere

Twinkies return - early

Wal-Mart and other retailers are making Twinkies available this weekend, even though Hostess says it asked stores to wait until Monday to start selling the spongy yellow snack cakes. The world's largest retailer said the cakes were available at about 1,600 stores and that about 3,000 of its 4,000 U.S. stores should have them by Sunday morning. Hostess went bankrupt late last year and Twinkies and some other Hostess brands were sold to private equity firms Apollo Global Management and Metropoulos & Co. - AP

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