Friday, April 25, 2014
Inquirer Daily News

Business news in brief

A man carries a sack of turnips at a market near Jammu, India. The Indian rupee continued its slide for the fourth day against the dollar. The rupee is at an eight-week low on fears of the effect a tapering of Federal Reserve stimulus bond-buying will have on the world economy.
A man carries a sack of turnips at a market near Jammu, India. The Indian rupee continued its slide for the fourth day against the dollar. The rupee is at an eight-week low on fears of the effect a tapering of Federal Reserve stimulus bond-buying will have on the world economy. CHANNI ANAND / AP
A man carries a sack of turnips at a market near Jammu, India. The Indian rupee continued its slide for the fourth day against the dollar. The rupee is at an eight-week low on fears of the effect a tapering of Federal Reserve stimulus bond-buying will have on the world economy. Gallery: Business news in brief

In the Region

New name for marketing group

The nonprofit Greater Philadelphia Tourism Marketing Corp. announced that it will do business under a new name, Visit Philadelphia. "It's a strong call to action that tells people exactly what we want them to do - visit Philadelphia," said Meryl Levitz, president and CEO of the company. The name has been in the works since 2010, when the organization launched visitphilly.com (formerly gophila.com). - Reid Kanaley

Washington OKs Boeing breaks

Washington state Gov. Jay Inslee gave final approval to a package of tax breaks for Boeing Co. in hope of landing the airplane maker's new 777X. Now attention is focused on a contract vote later this week by the machinists union. Boeing has sought the tax benefits - valued at $9 billion through 2040 - and a broad new contract with the machinists as part of a long-term deal to build the 777X in Washington. In unusual swiftness, lawmakers returned to Olympia last week for a special session dedicated to Boeing, approving the legislation ahead of the union vote. Some machinists have indicated opposition to the contract because it includes concessions - and a large crowd of workers rallied against the proposal. Boeing has said some design work on the new plane will be done in the Philadelphia area. Boeing has a large facility in Ridley Township, Delaware County. - AP

Unilife deal with MedImmune

Unilife Corp., which is based in York, Pa., said it struck a deal with MedImmune, a subsidiary of drugmaker AstraZeneca, to produce devices that can be worn by patients needing injectable drugs. Unilife's ReadyToGo wearable injectors are supplied to the patient prefilled with the drug and ready for injection with no extra steps or parts required. - David Sell

Teva, Israel agree on tax

Teva Pharmaceutical Industries Ltd. agreed to pay Israel $565 million in taxes, joining fertilizer maker Israel Chemicals Ltd. in releasing profits accumulated since 2005 under a law designed to encourage investments. Teva is Israel's largest publicly traded company and has multiple facilities in the Philadelphia suburbs. Teva's decision settles a controversial practice in Israel that allowed multinational companies to refrain from paying taxes as long as they did not release the profits, under a law enacted by the state to encourage investments. Teva was criticized recently for cutting jobs in Israel while taking advantage of tax policies. - Bloomberg News

Elsewhere

Another retailer to open early

Target Corp. was the latest retailer to say it will open earlier on Thanksgiving. The Minneapolis-based discounter said it will open at 8 p.m. on the holiday - an hour earlier than last year. Stores will remain open throughout the night and close at 11 p.m. on the day after Thanksgiving known as Black Friday. Target also will offer hundreds of deals online on Thanksgiving morning. - AP

Free-trade talks resume

European and U.S. officials resumed negotiations on a trans-Atlantic free trade agreement despite angry protests in Europe over American electronic spying and threats to call off the talks. The five-day discussion in Brussels, Belgium, had already been postponed because of the U.S. government shutdown and faced added uncertainty amid outrage over reports that the U.S. National Security Agency tapped the phones of European leaders such as German Chancellor Angela Merkel. Between them, the United States and the 28-nation European Union already account for almost half the world's economic output. A tariff-busting pact would create the world's largest free-trade area and, supporters say, could create millions of jobs. - Los Angeles Times

Novartis sells unit for $1.7B

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