October 13, 2014 |
HOUSTON, Pa. - Philadelphia's reindustrialization starts 300 miles away at a sprawling processing plant in Southwestern Pennsylvania where liquid fuels extracted from Marcellus Shale gas begin a cross-state journey to the Delaware River. In the last five years, a forest of metal distillation towers has sprung up like a poplar grove from the Washington County countryside, surrounded by rows of cylindrical storage tanks. The complex, owned by MarkWest Energy Partners of Denver, separates high-value liquid fuels such as propane and butane from the "wet" natural gas produced near here, the sweetest spot in the prolific Marcellus Shale formation.
September 20, 2014 |
James Shorten Cross, 97, an oil-industry expert who helped lay the groundwork for the country's Strategic Petroleum Reserve during the energy crisis of the 1970s, died Thursday, Sept. 11, of causes related to aging at White Horse Village in Newtown Square. Dr. Cross lived in Merion starting in 1953, and 10 years later moved to Hunting Hollow Farm in Edgmont. He retired to White Horse Village in 2006. From 1953 until 1975, Dr. Cross served as chief economist and director of the Economics and Industry Affairs Department for Sun Oil Co. In 1968, he was appointed director of the Office of Statistical Services in the U.S. Department of the Interior's Emergency Petroleum and Gas Administration.
September 15, 2014 |
TRENTON - New Jersey lawmakers are returning to the Statehouse from summer break facing a withering indictment of the state's finances: two credit downgrades from Wall Street ratings agencies criticizing poor long-term fiscal planning. The immediate effect, an increase in the cost of borrowing, may not be too burdensome given the current low interest rates. But the downgrades by Standard & Poor's and Fitch Ratings, the seventh and eighth on Gov. Christie's watch, magnify the state's systemic fiscal problems.
September 5, 2014 |
Edith Thomas Edmunds, 94, a former junior high school teacher in Pennsauken, died Wednesday, Aug. 20, at home. Edith Thomas grew up in several towns in Chester County, where her father, William, "worked for Abbotts Dairies and started off in a horse-drawn wagon" delivering door-to-door, daughter Nancy Edmunds said. "What she wanted to do was to be a home economics teacher for junior high girls," her daughter said. Mrs. Edmunds earned a bachelor's at Drexel University and taught home economics at the former Pennsauken Junior High School until the late 1950s or early 1960s, her daughter said.
September 1, 2014 |
The Atlantic City region is on the brink of a short-term economic disaster. Atlantic City made history 36 years ago when it opened the first legal casinos in the United States outside Las Vegas. Now it's doing so again as casino employment - which for years exceeded the number of city residents - drops precipitously after a decade of steady decline. The closing of three casinos, starting with Showboat and Revel this weekend followed by Trump Plaza two weeks later, and the rapid-fire loss of 5,700 jobs, draw historic comparisons to longer-term collapses of U.S. industries such as steel.
August 4, 2014 |
ATLANTIC CITY - The fallout over mass layoffs from three potential casino closings next month could have a severe impact on the Shore economy, as those whose livelihoods depend on a thriving casino industry brace for the worst. Local retailers, restaurants, and other businesses that rely on casino workers are expecting a hit. Experts say the region could also see an exodus of laid-off workers, especially among those who live in Atlantic City, as they seek jobs and futures elsewhere. About 6,500 workers from Showboat, Trump Plaza, and possibly Revel could all lose their jobs from Aug. 31 to Sept.
July 14, 2014 |
A gusher in tax credits for companies seeking to locate in Camden is the product of a blockbuster economic incentives package passed by the New Jersey Legislature last year. After the 76ers landed a 10-year, $82 million tax break in June to open a practice facility across the Delaware River, the state Economic Development Authority last week approved $260 million in tax credits over the same period for the energy tech firm Holtec International to open a manufacturing plant on the Camden waterfront.
June 9, 2014 |
Friday's jobless figure - 6.3 percent - for May (same as April) means the economy is improving, but slowly, the experts say. Is this what an economic recovery is supposed to feel like? This month marks five years since the end of the Great Recession. Starting with a chart about the job numbers, CNN Money presents 17 visuals to illustrate the recovery. Unemployment has fallen from 10 percent in late 2009, gross domestic product has wobbled, stocks have soared, mortgage foreclosures have plummeted.
June 6, 2014 |
On meeting Ukraine's president-elect, Petro Poroshenko, in Warsaw Wednesday, President Obama said the United States was "absolutely committed to standing behind the Ukrainian people . . . not just in the coming days . . . but in the coming years. " That commitment is important because Ukraine has become the symbol of whether Russia can get away with destabilizing its European neighbors. Poroshenko must not only reform a sinking economy but also combat armed pro-Russian militias that have grabbed chunks of eastern Ukraine.
May 10, 2014 |
WEST CHESTER In the latest step toward a 10-year economic development strategy, Chester County government and business leaders are encouraging residents to visit a newly launched website and fill out a questionnaire about the direction the county should take. The strategy, called the VISTA 2025 initiative, is an effort to balance economic progress and the preservation of natural and historic resources, and is to guide future projects and spending. The plan will help the county maximize its assets and address its challenges, Commissioner Ryan Costello said.