LATEST REGIONAL BUSINESS NEWS
Sovereign Bancorp, Philadelphia, has raised $1.9 billion in stock and debt so it can "handle any further deterioration in the economy," said chief executive officer Joseph P. Campanelli, who is based in Boston.
- Quaker Chemical Corp. will spend $19.8 million to triple production at its Middletown, Ohio, plant, which makes steel, cleaner and hydraulic fluids, the company said today.
- A liquified gas production facility in Bethlehem has expanded its capacity by 600 tons a day, the two partners in the plant said today.
- Met-Pro Corp. of Harleysville said today that it won a $600,000 contract to supply parts to a U.S. electric utility company.
- FMC Corp., the Philadelphia-based chemical company, announced today that it will acquire the hydrocolloids ingredients business of Wayne, N.J.-based International Specialty Products. The purchase price was not disclosed.
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A Boeing Co. assembly line worker from Trevose was arrested today on charges of hacking wires on a $30 million Chinook helicopter being assembled at a Ridley Township plant last week.
- » More headlines >>
- Wall Street tumbled Tuesday after oil prices spiked to a new record above $129 a barrel and a government report raised investors' concerns about the impact of inflation on consumer spending. The Dow Jones industrials fell more than 200 points.
WALL STREET
NATION AND WORLD
Inflation at the wholesale level slowed in April following a huge increase in March although prices for a number of items from prescription drugs to pasta shot upward.
- Gold prices shot higher Tuesday, approaching a one-month high after crude oil spiked to a new record and the dollar fell _ inflationary moves that fed safe-haven buying of precious metals.
- Oil prices spiked to a new trading high Tuesday, sweeping toward $130 a barrel as supply concerns intensified the momentum buying that has lifted crude deeper into record territory. Gasoline, meanwhile, reached an average of $3.80 at the pump for the first time.
- Merck & Co. has agreed to pay $58 million as part of a multistate settlement of allegations that its ads for the once-popular painkiller Vioxx deceptively played down the health risks.
- Treasury prices rose Tuesday as another record run in oil prices sent stock market investors fleeing to the safety of government debt.
- » More headlines >>
FROM SUNDAY'S INQUIRER
- First-person account, video, photos, an interactive graphic and more
Speak up: Slow our coal use?
The price of coal is soaring. Demand is up. No one could be happier than Greene County's miners, who dig the steady work and fat paychecks.
WAYNESBURG, Pa. - All night and day, trains rumble through the hills and valleys of Greene County, where coal is king and the rails carry away the crown jewels, 42 million tons of black bituminous a year, now fetching double its price of just two years ago.
BUSINESS PEOPLE
Keep up with local hirings, departures, insider trades and board moves. Go to the Business People page.
Keep up with local hirings, departures, insider trades and board moves. Go to the Business People page.
BUSINESS FEEDS
A page of feeds from business sources around the Web. Click here.
A page of feeds from business sources around the Web. Click here.
Tax season is over, but it's not too early to get in shape for next year. IRS spokesman David Stewart is still available to answer your questions. Also, find a full page of tax-help articles and links.
Here's how to reach the business news desk.
Tax season is over, but it's not too early to get in shape for next year. IRS spokesman David Stewart is still available to answer your questions. Also, find a full page of tax-help articles and links.
- Vote: Which Shore Beach is best?
Today's Inquirer
The big reveal is set for Thursday, but the drumroll will be a bit less dramatic now that four South Jersey Shore towns have declared themselves winners in the state's first Top 10 Beaches contest.
- There are roadblocks to leasing the Turnpike
Today's Inquirer
In the largest bid ever for the private operation of a U.S. toll road, a Spanish toll-road operator and a U.S. investment firm have offered $12.8 billion to lease the Pennsylvania Turnpike for 75 years, Gov. Rendell said yesterday.
- View a Sample
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MORE BUSINESS HEADLINES
SPECIAL REPORTS
- Overview: The regional economy
- Your Turn: Join in the discussion forum
Check out the special report by the Inquirer and Daily News business staffs on the region's top 100 companies, CEO salaries, local faces, an interactive database, and more.
- What Is Your Home Worth?
Subprime Pain
Many homeowners with adjustable mortgages face growing monthly payments. Some wonder where the money will come from.
THE YEAR AHEAD
People and issues as selected by Inquirer business editors
“This city is going to turn itself around,” Michael Nutter said, “whether it wants to or not.” The mayor-elect is among key individuals, institutions and issues expected to put their mark on 2008.
Philadelphia Business Today
Philadelphia Business Today, 5/20 - The latest on the Pennsylvania Turnpike lease deal, plus a trucking company closes. It's all on Philadelphia Business Today.
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