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NEWS
July 18, 2016 | By Mark Fazlollah, Craig R. McCoy, and Dylan Purcell, STAFF WRITERS
For decades, millionaire Main Line businessmen Richard Ireland and Brian McElwee have plied politicians with campaign money while landing government contract after contract. None of it has provoked much attention. But now the two little-known partners are drawing scrutiny beyond political circles. In the latest probe into "pay to play" in Pennsylvania, federal prosecutors and the U.S. Securities and Exchange Commission have subpoenaed a host of documents from the businessmen.
NEWS
July 15, 2016 | By Jacob Adelman, STAFF WRITER
Bohlin Cywinski Jackson, the architecture studio behind the Liberty Bell Center on Independence Mall and the cube-shaped Apple flagship store in New York City, is moving its Philadelphia operations into the $500 million East Market development between 11th and 12th Streets on Market Street. The firm will lease 18,525 square feet at 34 South 11th St., an eight-story former warehouse that most recently served as the city's Family Court building and is now being heavily renovated, developers National Real Estate Development and SSH Real Estate said in a release on Wednesday.
BUSINESS
July 12, 2016 | By Joseph N. DiStefano, Staff Writer
Back in the 1860s, before there was a Sun Oil Co. , Philadelphia was home to a disruptive, fast-growing petroleum sector, including the industrial-lubricants firm now known as Houghton International Inc. Houghton is still here, along with publicly traded rival Quaker Chemical Co. of Conshohocken. Houghton boss Michael Shannon says they're "like Villanova and St. Joe's," friendly neighborhood rivals. But the business - and its owners - have left petroleum behind and gone profoundly international.
BUSINESS
July 7, 2016 | By Linda Loyd, STAFF WRITER
Drug maker Merck said that it will acquire a controlling interest in Vallée S.A., a private producer of animal health products in Brazil. Under the terms, Merck's animal health business in Madison, N.J. will acquire 93 percent of Vallée for $400 million, based on current exchange rates. The agreement is subject to regulatory review. Under the deal, Vallée's portfolio of more than 100 products including parasiticides, anti-infectives and vaccines for livestock, horses, and companion animals, will be combined with Merck's animal-health division.
BUSINESS
July 2, 2016 | By Chris Mondics, Staff Writer
Cross-border deals, a big source of revenue for law firms in Philadelphia and beyond, likely will take a hit from the British vote to exit the European Union, lawyers who specialize in international transactions say. Mergers-and-acquisitions activity had already been softening by June 23, the day of the Brexit referendum, as high asset valuations had begun to discourage investors. But the British vote to leave the EU created a whole new set of problems. For many American companies, the United Kingdom long has been a launching pad for selling into the European continent.
BUSINESS
July 2, 2016 | By Harold Brubaker, STAFF WRITER
HealthRight L.L.C., of Conshohocken, has agreed to acquire HealthNext L.L.C., a Philadelphia company that offers employers roadmaps for reducing health-care costs, HealthRight said Thursday. The price was not disclosed, but John Palumbo, chief executive of HealthRight, which provides consumer health services online, estimated the combined value of the two companies at $100 million. Together, the two firms have 200 employees, Palumbo said. He said HealthNext's principals will become part of senior management at HealthRight.
BUSINESS
July 2, 2016 | By Chris Mondics, Staff Writer
For businesses and health-care institutions, the threat of cyber fraud is on the rise, unleashing fierce competition among law firms and consultants seeking to advise them. Medical records are especially ripe targets because fraudsters can milk the full value of a health-insurance policy. But, for all the high-tech and legal firepower available, some experts say the best protection may be better training of employees. As the threat rises, so have the ranks of lawyers making it a specialty.
NEWS
June 29, 2016 | By Martha Woodall and Jeremy Roebuck, STAFF WRITERS
A federal jury entered a $2.3 million judgment against the Philadelphia School District and the late Superintendent Arlene C. Ackerman on Monday, finding that she discriminated against a Bucks County company by steering a $7.5 million no-bid contract to a smaller, minority-owned firm that had not sought the work. Newtown-based Security & Data Technologies Inc. (SDT) filed the racial discrimination suit after, it said, Ackerman and the School District "deselected" it in 2010 for a contract to install surveillance cameras at 19 schools that the state had deemed "persistently dangerous.
NEWS
June 26, 2016 | By Chris Mondics, Staff Writer
For now, the status quo will remain. The decision by United Kingdom voters to exit the European Union means the British government must now negotiate the terms of its withdrawal, which could take up to two years. The stakes are enormous for Europe and much of the world. London could lose its primacy as an investment center. Yet the effect on the U.S. economy will likely be small. Certainly, the news rattled the stock market, which saw a 610-point drop in the Dow Jones industrial average Friday.
NEWS
June 25, 2016 | By Jacob Adelman, STAFF WRITER
A venture involving affiliates of Memphis-based Poag Shopping Centers has acquired the 293,000-square-foot Shops at Valley Square retail and office complex in Warrington, real estate services firm CBRE said in a release Thursday. The Poag affiliates and real estate funds managed by Ares Management L.P. of Los Angeles paid about $82 million for the property, according to CBRE executive vice president Brad Nathanson, who helped represent seller iStar Financial Inc. of New York in the deal.
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