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NEWS
September 26, 2014 | BY REGINA MEDINA, Daily News Staff Writer medinar@phillynews.com, 215-854-5985
THE FUTURE OF the Walter D. Palmer Leadership Learning Partners Charter School is unclear after a Common Pleas judge yesterday denied the school's emergency petition seeking funds from the school district. Judge Nina Wright Padilla agreed with the district's argument - and with a spring ruling by the state Supreme Court - that the district was required to fund only the 675 students enrolled at Palmer, a cap set in a 2005 agreement. There 1,290 students currently attending Palmer.
NEWS
September 26, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - Pressure is ramping up on Gov. Christie and the Legislature to develop a long-term plan to shore up New Jersey's depleted transportation fund. For decades, the state has borrowed money to finance road and bridge repairs, instead of finding new revenue to pay for maintenance and upgrades. Now, that policy has resulted in a crisis: All revenue from the state gasoline tax is devoted to more than $1 billion in debt service, and the Transportation Trust Fund won't have enough money to last through fiscal year 2016, which begins in July.
BUSINESS
September 22, 2014 | By Harold Brubaker, Inquirer Staff Writer
Atlantic City has become a place where hedge-fund managers go to lose their shirts. Three of the four Atlantic City casinos that closed this year (or four of five, if Taj Mahal closes in November) were controlled by hedge funds that suffered deep - but difficult to measure - losses. By contrast, operators with deep experience with casinos bought Resorts and the former Trump Marina (now Golden Nugget) in 2010 and 2011. Both casinos are showing signs of turning the corner - although the Atlantic City market overall remains far from settled.
NEWS
September 21, 2014 | By Amy Worden, Inquirer Staff Writer
STATE COLLEGE, Pa. - Citing increased costs and the desire to create a business innovation program, Pennsylvania State University will seek a 6 percent increase in state funding next year. President Eric Barron, speaking at a board of trustees meeting Friday, called the request a "modest increase" aimed in large part at creating a "strategic partnership" with the state to bring business leaders to campus to help guide ideas developed by student researchers into the marketplace. The board-approved request of $307 million represents an increase of $17 million over last year.
NEWS
September 19, 2014 | BY MORGAN ZALOT and DANA DiFILIPPO, Daily News Staff Writerszalotm@phillynews.com, 215-854-5928
HER LIFE WAS short, but little Nicoletta Rose had an impact on many. An outpouring of support continued Thursday for the baby girl who died Monday after being delivered by emergency C-section after her mother was struck by a stray bullet that later killed her. As of Thursday night, an online donation fund set up by a family friend had raised nearly $6,000 - surpassing its initial $2,000 goal - to help cover funeral expenses for Nicoletta and...
BUSINESS
September 19, 2014 | By Joseph N. DiStefano, Inquirer Staff Writer
An investigation into an unsuccessful investment by the Pennsylvania State Employees' Retirement System (SERS) has "found no evidence of illegality" by Anthony Clark, the system's former chief investment officer, who persuaded the system to pump $250 million into Tiger Management Advisors as the first step in a planned hedge fund strategy. "Whether Clark intentionally misled the board by seeking to conceal Tiger's poor performance is open to question," the investigator, former acting state attorney general Walter Cohen, added in his two-page note to the board summarizing his findings.
NEWS
September 18, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - The director of the agency that manages New Jersey's $80 billion pension fund confirmed Tuesday that the state had sold its stake in a fund managed by a venture-capital firm with ties to a prominent Massachusetts Republican, months after the investment drew scrutiny over pay-to-play concerns. The state earlier this month sold its interest, valued at $12.7 million, in General Catalyst Group VI for $14.1 million in cash to Washington University in St. Louis, the Treasury Department said.
NEWS
September 18, 2014 | By Joe Dolinsky, Inquirer Staff Writer
Standing before about 500 3- and 4-year-olds at Franklin Square, the head of Philadelphia's school district made his case for more money for prekindergarten education. "What we know is that if kids have access to high-quality pre-K, then they're already off to a beautiful start," Superintendent William R. Hite Jr. told the children and more than 200 advocates and providers who packed the square. "Quite frankly, it's the difference between reading at a third-grade level and not. That's a big indicator for us for future success of a child.
NEWS
September 17, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - The state Treasury Department has sold its stake in a venture-capital fund tied to a Massachusetts gubernatorial candidate who contributed to the New Jersey Republican State Committee, Fortune reported on Monday. The State Investment Council's $15 million investment in a fund managed by General Catalyst Partners is the subject of an audit commissioned by the Treasury Department in May. Prompted by a report by the website PandoDaily, the department's chief auditor was asked to determine whether the investment had violated New Jersey's pay-to-play laws, which prohibit the department from investing in a fund whose investment managers have donated to state political parties or committees in the preceding two years.
BUSINESS
September 16, 2014 | By Erin E. Arvedlund, Inquirer Columnist
If you are unhappy with fees charged by active money managers, stop paying them. Low-cost index funds track the stock market, say Mitch Tuchman and Charley Ellis at ReBalance IRA. "There hasn't been a five-year period in over six decades when a 50-50 stock-and-bond portfolio has not shown a positive return," said Tuchman, of Palo Alto, Calif. "If you own markets through indexing, your portfolio always recovers in a correction. There is a way to really win at this game - by playing not to lose.
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