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BUSINESS
July 30, 2016 | By Erin Arvedlund, Staff Writer
Vanguard closed to new shareholders one of its most popular dividend mutual funds Thursday, saying it topped out at $30 billion as yield-hungry investors sought to earn income on their portfolios. Current investors in the Vanguard Dividend Growth Fund can still put money in, but new investors are out of luck. It's yet another sign that dividend-paying stocks have become the new bonds. Currently, 300 of the S&P 500 index companies yield more than the 10-year Treasury note, a phenomenon that has not occurred since 2009, according to data from asset-management firm Nuveen.
BUSINESS
July 26, 2016
Reinvestment Fund, a Philadelphia nonprofit rebuilding distressed towns and cities through the use of capital and information, has named Saul A. Behar to its board. He is vice president and general counsel at the University City Science Center. The City Avenue Special Services District has elected Kevin Michaels and Mark C. Reed to its board. They replace C. Kevin Gillespie and Lita Cohen. Michaels, managing partner at Cross Properties, is a major property owner in the district.
NEWS
July 23, 2016 | By Jacob Adelman, STAFF WRITER
Hartford Financial Services Group's mutual funds unit is moving from Radnor to a larger space at the Chesterbrook Corporate Center in nearby Wayne, according to a company spokeswoman. Hartford Funds' headquarters will relocate from its 49,000-square-foot offices at 100 Matsonford Rd. to the new 76,000-square-foot space at 690 Lee Rd. in spring 2017, Jill Gordon said in an email Thursday. The move impacts 260 Hartford employees who work in the Radnor office, she said. jadelman@phillynews.com 215-854-2615 @jacobadelman
NEWS
July 22, 2016 | By Claudia Vargas and Tricia L. Nadolny, STAFF WRITERS
When the Kenney administration announced its new contract with the city's blue-collar union on Friday, it suggested that changes to the union's retirement plan would benefit the city's underfunded pension fund. "Making the pension fund sustainable has been a key goal of my administration from the beginning," Mayor Kenney said in the announcement of the $175 million four-year contract. But when questioned this week, administration officials could not say by how much the pension deficit would be reduced given the changes.
NEWS
July 21, 2016 | By Tricia L. Nadolny, Staff Writer
The city of Philadelphia is on a hiring spree, sparked by the recently passed sweetened-beverage tax. More than two dozen jobs have been posted since last week, and city officials say more are on the way. They range from data analysts and school-health specialists to a workforce manager for a prekindergarten expansion, all listed as the city prepares to launch both the tax and the programs it will fund. "These are important early steps that we need to take to make sure the programs are implemented effectively," city finance director Rob Dubow said.
NEWS
July 21, 2016
The charges against longtime political insider Melonease Shaw for allegedly stealing money from a welfare program add more slime to the goo attached to the city Democratic Party, which doesn't seem to mind that it has become synonymous with public corruption. For years, Shaw has danced with Philadelphia's political elite to pay for a spectacular lifestyle that included discounted rent for her offices, free catering and parking, and $3,000 in line dance lessons. She also danced more than a few contracts out of public officials.
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 16, 2016
ISSUE | EDUCATION Fund schools equally As a former member of the Lower Merion school board, I disagree with the commentary about the controversies involving charter schools and student testing ("Can Real World and Education World get along?" Wednesday). Neither annual testing nor state-based curricular standards will help our young people learn. We already know that large numbers of students in Lower Merion test "advanced" and that too many students in the Philadelphia School District - whether in charter schools or traditional public schools - test "below basic.
NEWS
July 16, 2016 | By Martha Woodall, Staff Writer
The Philadelphia School District will receive an additional $50 million in state funds this fiscal year under the spending plan approved Wednesday in Harrisburg, district officials said. While that's $6 million less than expected, officials said the shortfall was manageable and could be partially offset by the district's share of funds collected from ride-sharing services in the city. "I do think that it is important to acknowledge the governor, the leaders of both parties, and the Philadelphia delegation," Superintendent William R. Hite Jr. said during a short news briefing on the budget Thursday.
NEWS
July 16, 2016 | By Claudia Vargas, Staff Writer
The Democratic National Convention's host committee went to court Thursday to stop the release of any fund-raising records pending the outcome of an appeal the committee filed at the same time. The Philadelphia 2016 Host Committee is fighting the release of the quarterly fund-raising reports it is required to file with the Philadelphia Authority for Industrial Development (PAID), the public agency that guaranteed it a $15 million line of credit. Last month, the state Office of Open Records ordered those reports released to the public.
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