June 30, 2014 |
It's not like it used to be. Dozens of traders, brokers, and market-makers descend to the basement trading floor of the old Philadelphia Stock Exchange at 1900 Market St. every working day, down from the many hundreds that shouted orders in the 1980s and '90s. At least they have cooler gear these days. PHLX , founded in 1790, was sold to the global Nasdaq OMX Group Inc. by members and investors for $652 million in 2007, as high-speed trading was turning even the frantic New York Stock Exchange floor into a quiet retreat for aging professionals.
June 24, 2014
HEY, budget watchers, there's good news and bad news. OK, I'm kidding, there's no good news. Your governor and Legislature are wandering Dante's circles of hell en route to some agreement certain to be late, contain new taxes and meet all the low expectations that Pennsylvanians learn to live with. Current status? The first circle, limbo: Nobody has a clue how it all turns out. Philly schools, pension reformers, free-market boozers and others reliant on action from Harrisburg can do nothing at this stage but wait.
June 9, 2014 |
Bridge safety can depend as much on what happens under a bridge as on it. A giant pile of dirt stored beneath an I-495 bridge in Wilmington is the chief suspect as the cause of tilting that forced the closure of the span last week. The episode is reminiscent of a 1996 fire in stacks of discarded tires under I-95 in Port Richmond that closed a section of the interstate for a week and forced traffic restrictions for months. In 2012, traffic was restricted for six weeks on I-195 near Trenton after a dump truck on the New Jersey Turnpike struck a pillar supporting an I-195 overpass and burst into flames, killing the driver and damaging the structure.
June 3, 2014 |
FOLLOWING the famed days of the "Southwest Philly Floater," former La Salle guard Tyrone Garland is trying to make his jump into professional basketball. Though he momentarily put basketball to the side and had graduation at the forefront of his mind following a disappointing season, Garland is taking another shot to advance his career. Garland recently signed with 23-year-old agent Gilad Berkowitz, of Berkowitz Career Ventures. Berkowitz is a current law student at Duke who is certified with the National Basketball Players Association.
May 13, 2014 |
Herb Hauls grew up far from environmental nirvana, in an asphalt-heavy North Philadelphia neighborhood where buses and cars junked up the air and blades of grass were few. He earned a degree in electrical engineering at Drexel University, working first at Peco Energy Co. and then for the Navy in ship acquisitions, overseeing vessels' electric plants and control systems. He cleared six figures last year, he said. Now, he's mowing lawns for a living. This is not an act of desperation.
April 7, 2014 |
CHICAGO - It was Ryne Sandberg's first chance to have an umpire's call reversed, but the Phillies manager declined. With runners at first and second and one out in the top of the fourth inning, catcher Wil Nieves hit a grounder at Mike Olt that was a tailor-made double play for the Chicago Cubs third baseman. He fielded it cleanly, moved toward the bag at third, and threw over to first for the final out of the inning. Chicago left the field. The Phillies took the field. Cliff Lee started warming up. And then Sandberg emerged from the visitors' dugout for a conversation with third-base umpire Hal Gibson, who assured the manager that Olt had pushed off the bag to start the double play.
April 6, 2014 |
Philadelphia will lose more than 600 jobs when homegrown Destination Maternity Corp. leaves its headquarters at Fifth and Spring Garden Streets for South Jersey. But unlike other gloomy portraits of corporations defecting to the suburbs, this one may have a silver lining for the city. Diverse proposals are emerging to buy the retailer's headquarters and distribution complex, a colossal parcel of nearly eight acres in an industrial-zoned enclave that has changed little as neighboring Old City and Northern Liberties grew into upscale residential communities over the last two decades.
April 1, 2014 |
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.
March 25, 2014
IF YOU are a business in Pennsylvania, you can live in a tax paradise without having to move to the Cayman Islands. In some cases, you just have to move across town. In 1998, in order to stimulate job growth, the Legislature created a device called Keystone Opportunity Zones - areas where businesses could move and pay virtually no state and local business taxes for 15 years. Philadelphia has a number of KOZs - the Cira Centre and the Naval Yard, to name just two - where businesses have clustered.
March 23, 2014 |
VOORHEES Last year's passage of the Economic Opportunity Act rejiggered the formula to give South Jersey access to grants and tax incentives to lure businesses and investors - development carrots that the more heavily populated northern end of the state previously held claim to. Six months after the measure became law, many say the ripple effect is already being felt regionally. Among them are officials in Camden County and those as far south as Cumberland and Salem Counties who gathered Friday in Voorhees.