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BUSINESS
December 25, 2015 | By Jacob Adelman, Staff Writer
A South Korean fund is buying the former postal building near 30th Street Station that houses the IRS's local offices, as the Asian country's investors increasingly tap U.S. real estate for stable returns. The fund, managed by Seoul-based Korea Investment Management Co., is under contract to buy the 862,700-square-foot building now known as Cira Square from Brandywine Realty Trust for $354 million, Brandywine CEO Jerry Sweeney said Wednesday. It's the latest acquisition by South Korean fund managers drawn to U.S. office buildings occupied by government or investment-grade tenants with plenty of time left on their leases, said Lucy Fletcher, a managing director at real estate services firm JLL. Such assets appeal to Korean managers, who generally target a steady return of about 6 percent to satisfy the pension and insurance funds they serve back home, said Fletcher, who directs JLL's international capital group in Chicago.
BUSINESS
December 23, 2015 | By Jane M. Von Bergen, Staff Writer
The grip-and-grin moment won't be happening Jan. 4 at the Convention Center when a favorite charity of the newly inaugurated mayor of Philadelphia, Jim Kenney, will host a private reception for its largest donors. "We think it's the right thing to do for the kids," said Edward J. Coryell, the leader of the Carpenters union, explaining why the union is donating $100,000 to the Fund for the School District of Philadelphia. It's the biggest donation so far in the fund-raising drive being conducted by Kenney, as part of his inaugural bash at the Convention Center, the School District fund's chief executive said Monday.
NEWS
December 12, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - One of the lawyers at the firm hired by Gov. Christie to conduct an internal investigation into the George Washington Bridge lane-closure scandal is now cohosting a fund-raising event for his presidential campaign. The firm, Gibson, Dunn & Crutcher, continues to represent the governor's office and had billed nearly $8 million through May. That's being funded by taxpayers. Attorney Debra Wong Yang, a partner at Gibson Dunn's Los Angeles office, is cohosting a reception for the governor at the Los Angeles home of the hedge-fund executive Steven A. Cohen, according to an invitation obtained by the Hollywood Reporter.
NEWS
December 12, 2015 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON - New Jersey Senate President Stephen Sweeney on Thursday outlined his proposal to amend the constitution to require the state to make its contributions to the public employee pension system, brushing off criticism from Gov. Christie that he was bowing to the interests of union "bosses" who "own" the senator. "This isn't about unions," Sweeney (D., Gloucester) said at a Statehouse news conference. "This is about fairness. " Under Sweeney's proposal, which would require legislative and voter approval, the state would be required to contribute about $3 billion to the pension system in fiscal year 2018.
BUSINESS
December 10, 2015 | By Linda Loyd, Inquirer Staff Writer
Mayor-elect Jim Kenney said Tuesday that top priorities in his administration will be expanding prekindergarten, adding jobs, and cutting the wage tax. "We need to grow jobs in every sector," but especially among "a large cohort of people" who don't have a college education and need good-paying jobs, Kenney told a Greater Philadelphia Chamber of Commerce breakfast meeting. "That's the waterfront," he said, referring to a plan to create up to 10,000 jobs at the Packer Avenue Marine Terminal and at Southport, at the Navy Yard's eastern end. "And that's some of the industrial-style jobs, manufacturing, distribution, and warehousing.
NEWS
December 6, 2015 | By Chris Palmer, Inquirer Harrisburg Bureau
HARRISBURG - Gov. Wolf said Friday that he and Republican leaders have agreed on how they will distribute an additional $350 million to state schools once the long-overdue state budget is enacted - a key issue as budget negotiations enter their final phase. Still, by day's end, that revelation - which legislative leaders did not comment on - stood as the only new development in the five-month-old impasse, as lawmakers declined to detail any progress following a day of closed-door meetings in the Capitol.
NEWS
December 5, 2015 | By Michaelle Bond, Inquirer Staff Writer
Chester County officials announced Thursday they will immediately stop payments to the state until legislators pass a budget, following the lead of Bucks County. Other counties have threatened similar actions. The county has been using its reserves to pay for human services. But as of Jan. 1, there will be no more funding for human-services providers, the county commissioners said. "Even for Chester County, we are at the breaking point," Commissioner Michelle Kichline said. The county's solicitor will investigate legal actions the county can take against the Commonwealth for failing to provide funding, they said.
NEWS
December 5, 2015 | By Jessica Parks, Inquirer Staff Writer
A former Montgomery County hedge fund has agreed to pay $6.8 million in fines and restitution in a fraud settlement with the U.S. Securities and Exchange Commission. The SEC said Covenant Partners' two owners, William B. Fretz Jr. and John P. Freeman, raised millions of dollars from 1999 to 2014, mostly from their family and friends. "Rather than investing the money as promised," the SEC wrote, "they funneled more than $1 million to [a business of theirs that was failing], paid themselves nearly $600,000 in performance fees they had not earned, and used fund assets to repay personal obligations.
NEWS
December 3, 2015 | BY STEPHANIE FARR, Daily News Staff Writer farrs@phillynews.com, 215-854-4225
A BROOKHAVEN woman who allegedly stole more than $40,000 from her 92-year-old mother added insult to injury by creating a fraudulent GoFundMe page where she falsely claimed that her mom was in declining health, according to the Delaware County District Attorney's Office. Carol Mongrandi, 53, of Patton Avenue near Victor, has been charged with theft, receiving stolen property, forgery and related offenses for allegedly exploiting her aging mother. Investigators with the Delco D.A.'s office were tipped off to Mongrandi when her mother stopped paying her bills at Lima Estates, where she had lived for 35 years without missing a payment.
BUSINESS
December 2, 2015 | By Bob Fernandez, Inquirer Staff Writer
Philadelphia's wireless venture Bamboowifi is showing some kick. Cofounders David Platt and James Gregory, who met as Muay Thai kickboxers, have secured a $15,000 grant in SugarHouse Casino community development funds to install six to eight Wifi hot spots on North Third Street in Northern Liberties. The duo also are talking with officials in Old City about extending the hot spots farther south on Third to Market Street - an area known as N3RD Street, or "nerd street," for its Web development and tech firms.
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