April 2, 2015 |
The Christie administration extended the term of a $40 million loan to Atlantic City that was due Tuesday, a move that was expected because the city's highly-publicized financial woes have locked it out of the capital markets. Atlantic City now has until the end of June to repay the money borrowed in December to help the city pay its bills following a steep decline in property-tax revenues caused by casinos' successful appeals for lower assessments. Kevin Lavin, Atlantic City's emergency manager appointed by Gov. Chistie in January, said last week that by June he expected to have detailed proposals on how to close Atlantic City's projected $101 million budget gap for this year.
March 28, 2015 |
Stepping gingerly into one of the finance industry's longest-running controversies, the Consumer Financial Protection Bureau said Thursday that it has begun shaping rules to govern payday loans and other small, short-term credit offered at triple-digit interest rates - products that consumer advocates have for years labeled debt traps. The agency's announcement - quickly embraced by President Obama, blasted by lenders' lobbyists, and hesitantly welcomed by advocacy groups - was long foreseen.
March 20, 2015 |
Midfielder Danny Cruz, who played in 70 games the previous three seasons for the Union, has been loaned to a team in Norway. Cruz, 25, will play for FK Bodo/Glimnt of Tippeligaen, the top division in Norway. The loan is for the 2015 season. "He needs to be getting 90 minutes, and we thought at this moment in his career it was more likely to happen in Norway," coach Jim Curtin said Wednesday. "This will be a great experience for him. He will see a new league, get different challenges that come with that, and hopefully when he comes back he will be better than ever.
March 17, 2015 |
Exhausted after his shift as a waiter, Richard P. Miller, then a 21-year-old college senior, jumped into his rickety Volkswagen bug and headed back to his school. He didn't make it. "I fell asleep at the wheel and hit a bridge abutment going about 40 m.p.h.," said Miller, now 62, president and chief executive of Virtua Health Inc., the three-hospital health system based in Marlton. Helicoptered to a shock-trauma unit in Maryland, "I actually ended up on a ventilator and I ended up on dialysis and wasn't given much chance," he said.
March 14, 2015 |
SolarCity Corp., the nation's largest rooftop photovoltaic developer, is hoping a new day is dawning for solar in Southeastern Pennsylvania. The San Mateo, Calif., company announced Thursday a bundle of new financing options aimed at customers in the Peco Energy Co. service territory. SolarCity and its competitors typically install their systems on customers' roofs for no money down. The campaign is aimed at reversing the shrinkage in the Pennsylvania solar market, which went into hibernation after 2011, when federal and state incentives dwindled.
March 12, 2015
J OHN LI, 29, and Jeff Zhou, 26, both of Center City, co-founded Fig Loans, a startup that aims to provide small, short-term loans to borrowers who otherwise would be payday- or pawn-loan customers. Fig is a semifinalist in the Business Plan Competition at Wharton, where Li and Zhou are MBA students. I spoke with Li. Q: How'd you come up with the idea for Fig Loans? A: I looked at the balance sheet of a public payday lender, and they have a 10-percent profit margin, 30 percent is advertising, 30 percent is loan losses and 30 percent is overhead.
February 22, 2015 |
EVERYONE WATCHING the Union has waited a long time for the team to fulfill its promise to sign a striker who can truly lead the team's attack. Yesterday, the team finally got its man: Fernando Aristeguieta, of French club Nantes and Venezuela's national team. He'll come to PPL Park on loan for the duration of the 2015 MLS season. The Union will have the option to purchase his rights afterward. "He adds a different quality up front and has experience at both the international and club levels," Union technical director Chris Albright said in a statement issued by the team.
February 4, 2015 |
Developer Dranoff Properties has repaid a $3 million loan, with $1.28 million in interest, on the Victor Lofts luxury apartment building on the Camden waterfront, the Delaware River Port Authority said Monday. The DRPA lent Dranoff the money in 2003 to convert the old Radio Corp. of America "Nipper" Building into 341 apartments. The building was listed for sale last fall, but Carl Dranoff said Monday that his company might keep it. "We're considering our options to retain, refinance, or sell it," he said.
January 8, 2015 |
IT'S NO SECRET the Union has spent many months trying to get rid of goalkeeper Zac MacMath. The team tried repeatedly to trade him, to no avail. It left him unprotected in the expansion draft in the hope that Orlando City or New York City FC would take him, and neither did. So the Union was yet again stuck with three starting-caliber goalkeepers, including two - Algerian Raïs Mbolhi and Jamaican Andre Blake - who are starters on their respective national...