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BUSINESS
February 22, 2016 | By Harold Brubaker, Staff Writer
Few areas of American commerce have been left untouched by entrepreneurs using the tools of the Internet to connect people with ways to spend money. In May, a potentially vast new area will open up: Small companies will be able raise capital from small investors through licensed Web portals. Think crowd-funding on Kickstarter or Indiegogo, except now the contributors will get a real claim on the offering company - however much or little that turns out to be worth - instead of a prize.
BUSINESS
February 19, 2016 | By Harold Brubaker, STAFF WRITER
Campbell Soup Co. has committed $125 million to new venture capital fund, with the goal of investing in startups that are transforming the food industry from farms to home delivery, the Camden company's chief executive officer told analysts Wednesday. Denise Morrison, the CEO, said that since 2010 about 400 startups in the food industry had received about $6 billion in venture-capital funding. "To date our participation in that space has been limited," she said, citing Campbell's unspecified investment in Juicero Inc., a startup developing a new technology for juicing fruits and vegetables, according to a 2014 patent application.
BUSINESS
February 19, 2016 | By Bob Fernandez, Staff Writer
As Comcast Corp.'s CFO, Michael Angelakis negotiated the deal that brought entertainment conglomerate NBCUniversal to the Philadelphia cable giant in 2011 for $30 billion. He soon followed that with a hugely successful bet expanding Universal's theme parks, further diversifying Comcast away from cable. Now Angelakis is going out on his own, with $4 billion in Comcast money, creating an independent investment fund, incorporated as "Atairos," that could produce returns or diversified properties for Comcast.
NEWS
February 18, 2016
By Gaetan J. Alfano, Deborah R. Gross, and Mary F. Platt Pennsylvania's business community has watched with growing concern as our commonwealth's schools have fallen deeper and deeper into crisis over the last several years. In the wake of drastic funding cuts, school districts across our state have been forced to lay off thousands of teachers while cutting Advanced Placement classes, art, music, and extracurricular opportunities and losing crucial support staff like guidance counselors and nurses.
NEWS
February 18, 2016 | By Claudia Vargas, Staff Writer
Philadelphia's fiscal watchdog has called for city officials, the Pension Board, and the city's municipal unions to do something to address the looming pension crisis. "We felt as a board that we wanted to remind the administration and City Council and others of PICA's interest in this topic and to respectfully suggest that all parties work together for this very serious matter," Suzanne Biemiller, who chairs the Pennsylvania Intergovernmental Cooperation Authority, said during Tuesday's board meeting.
NEWS
February 18, 2016 | By Tricia L. Nadolny, Staff Writer
Calling the state's funding system "irrational," the City of Philadelphia's lawyers weighed in Tuesday on a long-standing suit against the Pennsylvania Department of Education that is being heard by the state's highest court. "Poorer districts have less ability to raise money for their schools, and, at the same time, have a greater need for funding because their students require extra support," City Solicitor Sozi Tulante wrote in the brief. "This funding system has left Pennsylvania with the most unequal distribution of education dollars of any state in the country.
BUSINESS
February 16, 2016
With stocks falling last week to 2013 levels, it's a good time to count what this is costing taxpayers. We're all in the markets - even if we don't have retirement plans - through our massive communal investment in public-worker pension funds. Philadelphia lost 3.06 percent on its pension investments in calendar-year 2015, city records show. Neighboring Montgomery County 's plan squeezed out a profit of just 0.29 percent. The city's 2015 earnings were dragged down by money-losing investments in junk bonds, hedge funds, foreign stocks, and real estate.
NEWS
February 15, 2016 | By Chris Brennan, Staff Writer
U.S. Rep. Chaka Fattah, facing federal trial on racketeering charges, has found himself a bit strapped for funds for his reelection campaign. But that does not mean the residents of the Second Congressional District are not hearing from the 11-term Democrat. Fattah has radio commercials airing on WDAS-FM and WURD-AM, advertising a congressional art contest and a meeting about applying to military academies. A glossy mailer noting his accomplishments over more than two decades in the House arrived in the mail last month.
BUSINESS
February 12, 2016 | By Harold Brubaker, STAFF WRITER
Einstein Healthcare Network said Wednesday that it reached its $150 million fund-raising target five months early and will seek to add another $5 million or $10 million to the total by June. The tax-exempt network, which has hospitals in Philadelphia, East Norriton and Elkins Park, started the fund-raising effort six years ago with the goal of $100 million, but raised its target to $150 million in September 2013. The purpose of the campaign is to pay not only for buildings and equipment, but also for "innovations in patient care, expanded teaching and research opportunities, and enhanced community outreach and programming," Einstein said.
NEWS
February 10, 2016
By Shawn McCoy Hillary Clinton, Bernie Sanders, and Donald Trump have little in common, but they have one point of agreement: to make hedge funds the political punching bag of 2016. Democratic socialist Sanders offers an "average folk vs. hedge-fund manager" dichotomy at his rallies. Republican Trump claims, "The hedge-fund guys are getting away with murder. They make a fortune, they pay no tax. It's ridiculous, OK?" Democrat Clinton, whose daughter is married to a hedge-fund manager, complains, "There's something wrong when hedge-fund managers pay less in taxes than nurses or the truckers I saw on I-80.
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