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BUSINESS
April 1, 2014 | By Erin E. Arvedlund, Inquirer Columnist
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.
NEWS
March 29, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
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.
BUSINESS
March 28, 2014 | By Paul Nussbaum, Inquirer Staff Writer
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.
NEWS
March 22, 2014 | By Susan Snyder, Inquirer Staff Writer
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.
NEWS
March 20, 2014 | By Michaelle Bond, Inquirer Staff Writer
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.
BUSINESS
March 20, 2014 | By Paul Nussbaum, Inquirer Staff Writer
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.
NEWS
March 19, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON A Senate panel on Monday advanced a proposal to restore funding to New Jersey's depleted open-space program by amending the state's constitution to dedicate a portion of revenue from the corporate business tax to preserving land. The plan drew cautious optimism from environmental groups, which agree in principle on the need to fund open-space preservation but are wary of diverting money from other eco-friendly causes. Specifically, the amendment would dedicate 6 percent of corporate business tax revenue - about $150 million annually - to the preservation of open space, farmland, and historic sites for 30 years.
NEWS
March 15, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
George E. Norcross III, a co-owner of The Inquirer and the Philadelphia Daily News, sent fund-raising invitations this week to employees of the newspapers seeking contributions for his brother's congressional campaign, a move his spokesman described Thursday as inadvertent. The messages, delivered to the work e-mail addresses and mailboxes of several reporters at offices in Center City and Cherry Hill, prompted a complaint from the union that represents newsroom employees at the papers' parent company, Interstate General Media.
NEWS
March 14, 2014 | By Jonathan Tamari, Inquirer Washington Bureau
WASHINGTON Sen. Robert Menendez (D., N.J.) on Wednesday sharply criticized the Christie administration's handling of Hurricane Sandy relief programs, blaming Trenton, not Washington, for long delays in getting aid to homeowners. Menendez did not mention Gov. Christie by name, but in a hearing attended by two Democratic senators and no Republicans, it was clear he was trying to rebut the Republican governor's complaints that federal red tape was the biggest culprit slowing recovery from the 2012 storm.
NEWS
March 14, 2014 | By Claudia Vargas, Inquirer Staff Writer
Let the fight in City Hall over the precious and few millions in new spending money begin. At least when it comes to new cars and trucks. City Council begins its budget hearings Wednesday to decide how Mayor Nutter's proposed $4.5 billion pot of money will be disbursed in the fiscal year that starts July 1, and some fuss is already being made over what vehicles will be purchased. During last week's budget address, Nutter proposed $12 million in new funding for the Office of Fleet Management.
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