December 11, 2014 |
TRENTON - The New Jersey Economic Development Authority on Tuesday approved $118 million in tax incentives for Subaru of America and an additional $40 million for Cooper Health System to relocate their operations in Camden. The health system, whose Cooper University Hospital already is a major presence in the city, intends to move 353 back-office jobs from Cherry Hill and Mount Laurel to Federal Street in downtown Camden and add 19 new jobs in the city, according to the application made to the EDA. Camden Mayor Dana Redd, who attended the EDA board's meeting, said the projects would help Camden return to its former glory as an economic hub of South Jersey.
December 5, 2014 |
Rather than taking on the hard work of genuine tax reform, Congress plans to continue its sloppy approach to the issue by extending roughly 50 temporary tax breaks for another year. That sets up another crisis next year. It also means individuals and businesses can't keep accurate budgets because they don't know if their tax breaks will survive the next hostage-taking episode in Washington. The wind energy business, for example, is slumping because a key tax credit expired last year.
December 3, 2014
T HE PRESSURE is on this holiday season. Cashiers will be pushing store-issued credit. And for many of you, the pushiness isn't pleasant. Yet you cave. Credit.com found that 31 percent of shoppers felt store clerks "bullied" them into opening store-branded credit accounts. During the holiday shopping season, 28 percent of consumers said they succumbed and signed up. But it turns out the discounts dangled to get people to give in aren't enough to overcome the regrets they have later.
November 24, 2014 |
We love to toast the Internet as an amazing engine for connection, creativity, and growth. We rarely want to dwell on its darker side - the vast cyber-badlands where ne'er-do-wells freely roam. On the Web, you can get away with nearly anything if you have the technical skills to pull it off and the wiliness to stay ahead of the law. Just ask a Nigerian prince - or one of his sorry victims. But if it's the Wild West out there, here's reason for hope. Last week, a Texas company became one of the first reined in by frontier marshals armed with new authority out of Washington - though this time, Wyatt Earp was played by the Federal Trade Commission and state officials in Texas, Illinois, and Ohio.
November 14, 2014 |
HARRISBURG - Pennsylvania got a double whammy of bad news Thursday in separate reports, one projecting a nearly $2 billion budget deficit, and another saying the state had maxed out its borrowing. The Independent Fiscal Office, in its long-term economic and budget outlook report, estimates a $1.85 billion shortfall in fiscal year 2015-16, based in large part on reliance on onetime revenue sources. "The non-recurring revenues and one-time costs savings employed in the FY 2014-15 budget contribute significantly to this deficit," said Matthew Kittel, the fiscal office's director, adding that rising pension costs also are a factor in the poor fiscal outlook.
November 12, 2014 |
Defense contractor Lockheed Martin will receive $107 million in tax credits to operate in Camden, the state Economic Development Authority said Monday. The company will create laboratory facilities in two downtown buildings and move about 250 jobs from the company's headquarters in Moorestown, according to the EDA. The company also has a laboratory in Cherry Hill. The company told the EDA that some of the jobs that will go to Camden are in danger of being eliminated due to increased competition in the defense industry, and that the subsidy will help save them.
November 8, 2014 |
EVEN BEFORE the clues fell into place leading investigators to rescue Carlesha Freeland-Gaither, Detective James Sloan knew two things: The 22-year-old abduction victim was more clever than her captor, and she was going to make it home safely. "I won't say something if I don't believe it," Sloan said yesterday of the promise he'd made to Carlesha's mother, Keisha Gaither, early in the investigation, that she would see her daughter alive again. The first of many clues that led to Freeland-Gaither's safe return home after authorities found her in Jessup, Md., with her alleged kidnapper on Wednesday was provided by the young woman herself, police said.
November 4, 2014 |
A Philadelphia tax preparer pleaded guilty Monday to multiple counts of tax fraud after falsifying hundreds of clients' returns. Edward J. Rorie, 50, doctored 968 returns between 2009 and 2011, seeking inflated refunds totaling $3.85 million, according to the U.S. Attorney's Office. The returns claimed miscellaneous tax credits and fictitious expenses the filers were not entitled to receive, netting more than $100,000 in losses for the IRS. The credits Rorie fraudulently claimed included the First Time Home Buyer Tax Credit, the Hope Tax Credit, the Earned Income Tax Credit, education credits, child care credits, and the Recovery Act's Additional Child Care Credit.
November 1, 2014 |
Teva Pharmaceutical Industries Ltd. said Thursday its third-quarter profit rose compared with the same period last year in large part because it stopped trying to sell generic medicine in markets where the profit was too small, cut expenses, and converted patients to a new version of its multiple sclerosis medication. Teva's net income rose from $711 million in the third quarter of 2013 to $876 million in the same period this year. Sales for the third quarter were almost flat, decreasing from $5.059 billion in 2013 to $5.058 billion in the third quarter this year.
October 19, 2014 |
American Express unveiled a new effort Friday to combat credit-card fraud with a big assist - from President Obama. He announced the American Express Small Merchant EMV Assistance Program during a news conference in Washington, detailing a $10 million initiative designed to help merchants defray the cost of replacing check-out terminals with ones that will accept secure, chip-based credit cards. So-called EMV technology offers greater payment security by storing data on a chip embedded in a credit card, assuming payment terminals are equipped to read the chip.