Sunday, August 17, 2014
Inquirer Daily News

Business news in brief

Indians selling leather goods chat as they wait for customers near a parking lot in Kolkata. India´s finance minister, P. Chidambaram, unveiled a restrained mini-budget for the government´s remaining months in office, saying the deficit has narrowed and pledging to keep public spending steady.
Indians selling leather goods chat as they wait for customers near a parking lot in Kolkata. India's finance minister, P. Chidambaram, unveiled a restrained mini-budget for the government's remaining months in office, saying the deficit has narrowed and pledging to keep public spending steady. BIKAS DAS / AP
Indians selling leather goods chat as they wait for customers near a parking lot in Kolkata. India´s finance minister, P. Chidambaram, unveiled a restrained mini-budget for the government´s remaining months in office, saying the deficit has narrowed and pledging to keep public spending steady. Gallery: Business news in brief

In the Region

 

Children's opens care center

 

Children's Hospital of Philadelphia said it opened a pediatric urgent care center in King of Prussia. Urgent-care centers are designed to offer after-hours care in situations that do not require the emergency room, with lower co-pays and shorter wait times than emergency rooms. Last year, Children's opened its first urgent care center, in Mays Landing, N.J. - Harold Brubaker

 

Fisker sale hearing set

 

U.S. Bankruptcy Judge Kevin Gross in Wilmington is scheduled Tuesday to consider approving the sale of Fisker Automotive Holdings Inc. to China's Wanxiang Group for $149.2 million. Wanxiang won an auction for the plug-in hybrid carmaker last week in bidding against Hybrid Tech Holdings L.L.C. Both bidders had expressed interest in using the abandoned General Motors plant in Wilmington that Fisker took over in 2010. Fisker sought creditor protection last year after defaulting on a $529 million U.S. government loan. It had drawn about $192 million of the initial commitment. - Bloomberg News

 

 

Pa. gas well fire is out

 

A natural gas well fire that injured one worker and left another unaccounted for has gone out, company officials said. Chevron Corp. said the blaze at the well and an adjacent well in Dunkard Township, about 50 miles south of Pittsburgh, was no longer burning as of about 3 p.m. Saturday. Officials said the blaze had been going out intermittently but gas kept hitting a superheated crane left on the pad and reigniting. The crane must be removed, and equipment has been brought in to do that. Water tanks that have been installed at the site will be filled and used to cool the well site and equipment so work can be done safely, an official said. The fire erupted Feb. 11. - AP

 

 

 

 

Elsewhere

 

Euro bank deal sought

 

Finance ministers from the 18-nation eurozone are trying to agree with European lawmakers on the timely creation of a body that can unwind or restructure ailing banks. Dutch Finance Minister Jeroen Dijsselbloem said he was confident an agreement on the so-called single resolution mechanism would be reached to ensure the legislation can be passed in April. But German Finance Minister Wolfgang Schaeuble cautioned there was only a limited scope for compromise. European Parliament lawmakers have rejected the ministers' proposal and threatened to shelve the project unless the governments offer significant concessions. Failure to pass the legislation before the parliament's term expires in May would delay the project until 2015. The body would be part of a wider banking union, the bloc's main effort to stabilize its financial system. - AP

 

 

Claim manager sold for $4.4B

 

A group led by Starr Investment Holdings said it is buying MultiPlan Inc., which helps manage claims for large health insurers. The purchase price was $4.4 billion, according to a person close to the deal, who spoke on condition of anonymity because the companies did not publicly disclose terms. Starr and Switzerland-based Partners Group said their group had agreed to buy MultiPlan from private equity firms Silver Lake and BC Partners. Starr is part of C.V. Starr & Co., which is led by former American International Group Inc. CEO Maurice "Hank" Greenberg. MultiPlan says on its website that it has nearly 900,000 health-care providers under contract and processes 40 million claims a year for payers in health care and other markets. - AP

 

Disabled struggle to find work

 

Most Americans with intellectual or developmental disabilities remain shut out of the workforce, despite changing attitudes and billions of dollars spent on government programs to help them. Even when they find work, it's often part time, in a dead-end job or for pay below minimum wage. A recent survey finds only 44 percent of intellectually disabled adults are in the labor force, while just 34 percent are working. That compares with the 83 percent of nondisabled working-age adults who are in the workforce. The survey commissioned by Special Olympics finds 28 percent of working-age adults with intellectual disabilities have never held a job. Disability advocates say the jobs picture will remain bleak until there are better programs to help disabled people find jobs while they are still in school. - AP