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Top News & Analysis Philadelphia

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  • BOSTON— Boston's mayor and City Council are again looking for pay raises that could make them among the best compensated of comparable cities across the country. Mayor Marty Walsh filed a proposal Monday giving his office a $24,000 raise to $199,000 a year. Not to be outdone, City Council President Bill Linehan proposed to boost pay on the 13- member panel by...

  • But Heidi Hubbard, a lawyer for Coventry, said AIG had been aware that Coventry was selling certain policies at a gain and never objected. Coventry, founded by Philadelphia philanthropist Alan Buerger, is the "leader and creator" of the life settlement industry, according to its website. AIG bought nearly 7,000 life settlements from Coventry with a total face...

  • Aug 26- Wall Street racked up its biggest one-day gain in four years on Wednesday as fears about China's economy gave way to bargain hunters emboldened by expectations the U.S. Led by Silicon Valley stalwarts Apple, Amazon and Google, the surge put the brakes on a six-day losing streak that saw the S&P 500 surrender 11 percent. Some of the late-day rally was driven...

  • *Cameron International soars on Schlumberger deal. Aug 26- Wall Street rallied more than 3 percent on Wednesday afternoon as fears about China's economy gave way to bargain hunters emboldened by expectations the U.S. All 10 major S&P 500 sectors were up, led by the technology index's 4.3 percent gain, raising expectations that Wall Street could snap a six-day...

  • La Salle University lays off 3 percent of workforce Wednesday, 26 Aug 2015 | 6:31 AM ET

    PHILADELPHIA— La Salle University's new president has announced the Philadelphia school has laid off 23 employees just two months into her tenure. Colleen Hanycz says she knew La Salle needed to make some changes but the cuts weren't something she anticipated. The Philadelphia Inquirer reports a $12 million deficit and a declining freshman enrollment is to...

  • Urban areas where commuters endure the most extra hours Wednesday, 26 Aug 2015 | 12:01 AM ET

    Traffic congestion nationally reached a new peak last year and is greater than ever before, according to a report by the Texas A&M Transportation Institute and INRIX Inc. Their analysis is based on federal data on the number of cars on the road and on traffic speed data collected by INRIX on 1.3 million miles of urban streets and highways. 1. Washington, D.C.-...

  • *China cuts interest rate for second time in two months. Aug 25- A strong rally on Wall Street evaporated on Tuesday and stocks ended with deep losses as concerns about China's economy outweighed lower valuations that some saw earlier as bargains. Investors cited more worries that a slowdown in China could hobble global growth, even after the country's central...

  • Lannett beats Street 4Q forecasts Tuesday, 25 Aug 2015 | 4:21 PM ET

    PHILADELPHIA _ Lannett Co. on Tuesday reported fiscal fourth-quarter profit of $33.9 million. Lannett expects full-year revenue in the range of $425 million to $435 million. Lannett shares have risen roughly 9 percent since the beginning of the year.

  • Airbnb to start collecting taxes in Paris Tuesday, 25 Aug 2015 | 3:23 PM ET

    Aug 25- Online home-rental marketplace Airbnb Inc said on Tuesday it would begin collecting and remitting tourist taxes from guests on behalf of rental apartments in Paris. Airbnb, whose most popular city is Paris with more than 50,000 listings, said it would collect 0.83 euro per person per night for reservations made in Paris on or after Oct. 1.

  • WASHINGTON, Aug 25- Five Federal Reserve banks renewed their calls in July for the central bank to raise the rate it charges commercial banks for emergency loans, minutes from the Fed's discount rate meeting last month showed. Ahead of the Fed's July 28-29 policy-setting meeting, directors of the Cleveland, Dallas, Philadelphia, Kansas City and Richmond Fed...

  • PHILADELPHIA— A winner of TV's "Top Chef" is being sued over a failed restaurant in Philadelphia. A Lancaster contractor says chef Kevin Sbraga still owes $106,000 for kitchen equipment installed at the now-shuttered Juniper Commons. Clark Food Service Equipment's lawsuit, filed Friday in Philadelphia Common Pleas Court, calls the South Street restaurant an "...

  • *Platinum down 4.5 pct, palladium at 3- year low. NEW YORK/ LONDON, Aug 24- Gold turned lower on Monday, as the dollar pared losses, and U.S. shares and other commodity markets staged a comeback while the white precious metals fell on concerns about the Chinese economy. Platinum dropped as much as 4.5 percent, palladium hit a three-year low at $563.72 an ounce and silver...

  • *Wyndham hackings caused $10.6 mln in fraudulent charges. Aug 24- A U.S. appeals court said the Federal Trade Commission has authority to regulate corporate cyber security, and may pursue a lawsuit accusing hotel operator Wyndham Worldwide Corp of failing to properly safeguard consumers' information. The FTC wants to hold Wyndham accountable for three...

  • *Wyndham hackings caused $10.6 mln fraudulent charges. Aug 24- A U.S. appeals court said the Federal Trade Commission has authority to regulate corporate cybersecurity, and may pursue a lawsuit accusing hotel operator Wyndham Worldwide Corp of failing to properly safeguard consumers' information. Noting the FTC's broad authority under a 1914 law to protect...

  • NEW YORK— A New York auction of American coins from 1792 to the 1830 s could bring as much as $20 million. The coin was acquired in Philadelphia after its mintage by British author and House of Lords member William Strickland. "It's undoubtedly the most valuable $10 gold piece in existence and may also set a new record for any pre-Gold Rush United States gold coin,"...

  • Aug 24- A U.S. appeals court said on Monday the Federal Trade Commission has the authority to regulate cybersecurity, and may pursue a lawsuit accusing hotel operator Wyndham Worldwide Corp of failing to safeguard consumers' personal information. The 3-0 decision by the 3rd U.S. Circuit Court of Appeals in Philadelphia upheld an April 2014 ruling that allowed...

  • *Chinese market falls 8 percent. Aug 24- Wall Street opened sharply lower on Monday with the Dow Jones industrial average losing more than a 1,000 points following a more-than 8 percent drop in Chinese shares and a selloff in oil and other commodities. The New York Stock Exchange invoked a rule saying market makers don't have to disseminate price indications...

  • *Chinese market falls 8 percent. Aug 24- Wall Street looked set for another rout on Monday following a more-than 8 percent drop in Chinese shares and a selloff in oil and other commodities, with the Dow set to open below 16,000 for the first time since February 2014. S&P 500 e-minis were down 64.5 points, or 3.27 percent, with 1,107,188 contracts traded at 8:43 a.m. ET.

  • Aug 24- Wall Street looked set for another rout on Monday as alarm bells rang across world markets following a more-than 8 percent drop in Chinese shares and a steep fall in prices of oil and other commodities. The lack of new measures from Beijing to support Chinese stocks following an 11 percent drop last week sparked a free-fall in global equities and a selloff...

  • A $74 million building next to Rowan University opened this month, the latest and largest addition to a yearslong project to connect the growing university with the modest downtown of Glassboro; and a development of retailers and student housing is opening next to The College of New Jersey in Ewing that could become a sort of downtown for a suburb that doesn't...