April 6, 2014 |
PHILADELPHIA Bring out the drag. Saturday night, the Crystal Tea Room will come alive with song and dance and wild wigs for the 15th annual Black-Tie GayBINGO, a fund-raiser for HIV/AIDS awareness and education. Makeovers will be auctioned, awards will be given, and the "Bingo Verifying Divas" will keep the audience on its toes through midnight. And there will be drag. Lots of it. "It's not going to be your grandmother's bingo night," said Robb Reichard, executive director of the Philadelphia AIDS Fund.
April 4, 2014 |
DFC Global Corp., a payday and pawnshop lender based in Berwyn, on Wednesday announced its sale to a Dallas private-equity firm for $9.50 per share, or $366.5 million. The deal was signed on the same day a new regulator of consumer finance took over in the United Kingdom, which is DFC's biggest market. Already last year, tougher lending rules - including one that limited the number of rollovers of short-term loans - went into effect in the United Kingdom, resulting in a steep decline in DFC's projected profits for the fiscal year ending June 30. DFC has cut its prediction for this year's cash earnings from as much as $240 million in August to $156 million now. The United Kingdom, where DFC has 596 locations, accounted for 47.5 percent of DFC's $262.3 million in revenue in the quarter ended Dec. 31. In the United States, which accounted for just 12.2 percent of DFC's revenue in the quarter, regulators are also writing tougher payday lending rules.
April 3, 2014 |
P HELIM McAleer , the filmmaker behind "FrackNation," the conservative response to the Academy Award-nominated "Gasland," wants to make a TV movie about Kermit Gosnell , the Philadelphia abortion doctor convicted of first-degree murder last year. McAleer and his producing partners have taken to the crowdfunding site Indiegogo ( igg.me/at/gosnellmovie ) to raise money for the movie. "Hollywood is not interested in funding this kind of film," McAleer said.
April 2, 2014 |
Pennsylvania Aging Secretary Brian Duke visited a retirement community Monday on Roosevelt Boulevard to talk up the governor's current and proposed budget, saying how committed the governor was to aging services. In the current budget, Duke said, the governor increased funding for aging services by $50 million - $20 million of that going to reduce waiting lists for home and community-based services through what is known as the Options program. This is funding, through the Department of Aging, using lottery money for home-delivered meals, adult day care, and other home and community services.
April 1, 2014 |
If you're a fan of buying low and selling high, then some (but not all) markets outside the U.S. might represent value for your portfolio. We interviewed Mebane Faber (his first name is Scottish, pronounced "meb-bin"), a portfolio manager running about $350 million in assets. His firm recently launched a new exchange-traded fund called the Cambria Global Value ETF (GVAL). This fund invests in roughly 100 stocks in the world's most undervalued markets, and Faber says those are - brace yourselves - Greece, Russia, Hungary, Ireland, Spain, Czech Republic, Italy, and Portugal.
March 29, 2014 |
PHILADELPHIA When times were good, Andrew Bogdanoff raked in more than $1 million a year from his commercial financing firm and spent thousands each month on luxury cars, elaborate trips abroad, and expensive jewelry. Last month, he grossed just $13 - an income scraped from his new job as a kitchen assistant in federal prison. On Thursday, Bogdanoff, 67, was sentenced to 18 years and four months behind bars for the crimes that brought about his abrupt financial fall - a punishment his victims hope will spur tighter regulations to stop financial crimes perpetrated against small business owners.
March 28, 2014 |
Pennsylvania motorists, already facing higher prices at the gas pumps, will see some vehicle fees rise next week, courtesy of the transportation-funding law approved last year. Act 89, the transportation measure advocated by Gov. Corbett and narrowly approved by the legislature in November, will provide about $2.3 billion more a year by 2018 for better roads, safer bridges, and improved public transit. This year, the revenue will be about $350 million, but it will increase each year as taxes and fees rise.
March 22, 2014 |
University fund-raising campaigns often last years and start with a quiet phase. La Salle University's effort was to last a mere 24 hours and began with a rush. By 2 p.m. Thursday, 14 hours into its first-ever fund-raising blitz, the university had reached its goal and then some. "Donations are coming in so fast, it's tough to keep up," the university tweeted. "Last count, we've raised $38,818 from 373 donors!" The university's one-day drive, called "Lasallian Day of Giving: Spring La Salle Forward," had a goal of getting 320 people to contribute.
March 20, 2014 |
COATESVILLE While the Coatesville Area School District struggled with a multimillion-dollar deficit, it paid for retirement benefits in 2012 to an administrator who was ineligible for them, according to a multiyear state audit report released earlier this month. By exceeding its budget and causing a deficit in its general fund, the district is also violating the state Public School Code, the report said. The audit, which spanned from June 3, 2010, to April 26, 2013, revealed that the district has continuously overestimated the revenue it thought it would generate and had a "dramatic $31.1 million drop" in its general fund balance over a seven-year period, which has put it in an "unstable financial position.
March 20, 2014 |
Amtrak wants to use operating profits from the Northeast Corridor for major construction projects on the corridor, instead of subsidizing long-distance trains elsewhere in the nation. Revenues from passenger operations on the 453-mile corridor between Washington and Boston will exceed operating costs by about $290 million next year, Amtrak president Joseph Boardman said in a letter Tuesday to congressional leaders. Boardman asked that Amtrak be allowed to use that operating surplus to help pay for $735 million in capital costs on the corridor, including new railcars, station improvements, and rail and signal upgrades.