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Philadelphia

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  • EXCLUSIVE-LAW FIRMS BINGHAM, MORGAN LEWIS, AGREE TO MERGE. Sept 20- Leaders of two of the United States' largest law firms, Boston- based Bingham McCutchen and Philadelphia's Morgan Lewis& Bockius, have agreed to merge, according to three people familiar with the matter.

  • US economic rebound slow to reach Philadelphia Thursday, 18 Sep 2014 | 12:03 AM ET

    WASHINGTON— The nation's economic recovery has been slow to reach the Philadelphia metropolitan area and income inequality has widened, hurt in part by an exodus of residents and a continued collapse in mid-wage jobs. Philadelphia posted the largest income drop among large metro areas outside the Sun Belt, a sign of its persistently weak job market.

  • Fed keeps rates low, but brace for the inevitable Thursday, 18 Sep 2014 | 12:02 AM ET

    WASHINGTON— Record-low interest rates will be around for at least a few more months, the Federal Reserve made clear Wednesday. "Borrowers should see the writing on the wall," said Greg McBride, chief financial analyst at Bankrate.com.

  • Fed signals plan to keep key rate at record low Wednesday, 17 Sep 2014 | 2:02 PM ET

    WASHINGTON— The Federal Reserve signaled Wednesday that it plans to keep a key interest rate at a record low because a broad range of U.S. economic measures remain subpar. "In the Fed's mind, the economy still has work to do, but it's improving," said Mike Arone, an investment strategist with State Street Global Advisors.

  • Online sleuths aid probe into gay couple's beating Wednesday, 17 Sep 2014 | 11:44 AM ET

    PHILADELPHIA— Police searching for a group of people suspected in the beating of a gay couple got an outpouring of help from Twitter and Facebook users, who located a photo of the clean-cut young men and women at a restaurant and helped match names to faces.

  • Exodus hits U.S. law firm Bingham amid merger talks Wednesday, 17 Sep 2014 | 9:37 AM ET

    Sept 17- Twenty-two partners have jumped ship en masse from Bingham McCutchen's marquee restructuring practice, raising questions about the fate of the law firm's closely watched merger talks with the larger Morgan Lewis& Bockius.

  • Barcelona, Spain, tops innovative cities contest Wednesday, 17 Sep 2014 | 8:02 AM ET

    Barcelona was awarded 5 million euro as top finisher. Four others were awarded 1 million euros each: the metropolitan area of Kirklees, England, and the cities of Stockholm; Warsaw, Poland; and Athens, Greece.

  • Philadelphia cigarette tax tops legislative agenda Tuesday, 16 Sep 2014 | 2:24 PM ET

    HARRISBURG, Pa.— Philadelphia's school system drew nearer to a badly needed infusion of cash with a unanimous Pennsylvania House committee vote Tuesday in favor of a $2- a-pack cigarette tax in the city.

  • MALVERN, Pa., Sept 16- As U.S. investors race into Vanguard Group mutual and exchange-traded funds at breakneck speeds, the No. 1 mutual fund company's overseas operations have expanded at a comparative snail's pace.

  • DC to Philly Amtrak service resumes Tuesday, 16 Sep 2014 | 5:55 AM ET

    WASHINGTON— Amtrak suspended service from Washington to Philadelphia on Tuesday after a freight train knocked down overhead wires on the tracks. The Northeast Regional takes passengers from Washington to Philadelphia, while the Acela Express provides service to Wilmington, Delaware, which is on the way to Philadelphia.

  • Once-troubled reverse mortgages poised for rebound Monday, 15 Sep 2014 | 2:43 PM ET

    Industry analysts expect strong growth as the housing market improves, particularly in once hard-hit Sun Belt areas including Phoenix, Miami and San Diego, California, and aging Americans find value in growing old in their homes. They are also being boosted by high-appreciation, gentrifying neighborhoods in older cities such as New York's Brooklyn borough.

  • Speculation swirls over Fed language on rate hike Monday, 15 Sep 2014 | 12:58 PM ET

    WASHINGTON— When the Federal Reserve issues a policy statement after it meets this week, the financial world will be on high alert for two words:. The presence or absence of that phrase will trigger a rush to assess the likely timing of the Fed's first increase in interest rates since it cut them to record lows in 2008..

  • NJ Transit expands mobile tickets to south Jersey Thursday, 11 Sep 2014 | 6:01 AM ET

    The agency has expanded its My Tix application to 59 bus routes in the south Jersey and Philadelphia area. Customers must download the free My Tix application at the App Store for iOS phones and the Google Play Store for Android devices. My Tix is available on all NJ Transit rail lines.

  • Ex-Florida prison chief monitors Michigan contract Thursday, 11 Sep 2014 | 12:05 AM ET

    Rick Snyder's administration has hired the former chief of prisons in Florida and Indiana to oversee Michigan's troubled three-year, $145 million contract with a company supplying inmates with food. Ohio also has fined Aramark for similar contract violations.

  • Five Below tops 2Q profit expectations Wednesday, 10 Sep 2014 | 5:35 PM ET

    PHILADELPHIA— Five Below Inc. on Wednesday reported profit of $8.3 million in its fiscal second quarter. Analysts expected $152.6 million, according to Zacks. For the current quarter ending in October, Five Below said it expects revenue in the range of $136 million to $138 million.

  • District Judge Katherine Polk Failla dismissed a lawsuit by the New York Bankers Association, which said the law gave the city illegal power to regulate banks and conflicted with federal and state law.

  • ATLANTIC CITY, N.J., Sept 8- Governor Chris Christie pushed past a sea of angry protesters on Monday to meet with business leaders and politicians on ways to save troubled Atlantic City, which has lost a quarter of its 12 casinos already this year.

  • NEW YORK, Sept 8- The Dow and S&P 500 ended lower on Monday after a drop in energy shares, while the Nasdaq edged higher with Yahoo. Shares of Exxon Mobil fell 1.5 percent and Schlumberger's were down 2.1 percent, among the biggest drags on the S&P 500..

  • Ursinus College President Bobby Fong dies at 64 Monday, 8 Sep 2014 | 4:21 PM ET

    COLLEGEVILLE, Pa.— Ursinus College President Bobby Fong, a son of Chinese immigrants who rose to become one of the few Asian-Americans at the helm of U.S. colleges, died Monday. Ursinus announced his death on its website, saying it was from natural causes. An Ursinus spokeswoman said she could not immediately confirm that.

  • Officer's widow sues Philadelphia-area gun dealer Monday, 8 Sep 2014 | 11:38 AM ET

    The lawsuit filed by Lynsay Fox alleges that In Site Firearms and Law Enforcement Supplies knew or should have known that Michael Henry, the man who bought the gun that killed Bradley Fox, was purchasing the gun for someone else and that there was an "unreasonable and foreseeable risk" that the handgun would be used to cause harm.