Saturday, September 20, 2014
Inquirer Daily News

Business news in brief

Suntory Holdings, the Japanese company that in January announced a $16 billion deal to buy the U.S. whiskey-maker Beam Inc., for the first time will have someone outside the founding family as president. At a Tokyo news conference Tuesday, Nobutada Saji (left), Suntory chairman and CEO, posed with incoming president Takeshi Niinami, 55, who previously was chairman of the convenience-store operator Lawson Inc. and who takes his post Oct. 1.
Suntory Holdings, the Japanese company that in January announced a $16 billion deal to buy the U.S. whiskey-maker Beam Inc., for the first time will have someone outside the founding family as president. At a Tokyo news conference Tuesday, Nobutada Saji (left), Suntory chairman and CEO, posed with incoming president Takeshi Niinami, 55, who previously was chairman of the convenience-store operator Lawson Inc. and who takes his post Oct. 1. Bloomberg
Suntory Holdings, the Japanese company that in January announced a $16 billion deal to buy the U.S. whiskey-maker Beam Inc., for the first time will have someone outside the founding family as president. At a Tokyo news conference Tuesday, Nobutada Saji (left), Suntory chairman and CEO, posed with incoming president Takeshi Niinami, 55, who previously was chairman of the convenience-store operator Lawson Inc. and who takes his post Oct. 1. Gallery: Business news in brief

In the Region

 

 

 

Montco official to head DVRPC

 

Leslie S. Richards, a Montgomery County commissioner, has been elected to chair the board of the Delaware Valley Regional Planning Commission, the nine-county agency that funnels federal transportation funding to the Philadelphia region. Richards replaces James Simpson, who resigned last month as New Jersey transportation commissioner. Simpson's successor will be the vice chair of the DVRPC board. The other newly elected officers are Camden Mayor Dana Redd, secretary, and Ronald Henry, Gov. Corbett's representative, treasurer. - Paul Nussbaum

 

Quaker buys out joint venture

 

Quaker Chemical Corp., of Conshohocken, said it acquired the remaining 49 percent ownership in its Quaker Chemical affiliate in Australia for $8 million from its joint-venture partner, Nuplex Industries. Quaker had been a joint partner in the Australian venture for 50 years. It sells Quaker products to the metalworking, steel, tube and pipe, and mining industries in Australia. - Reid Kanaley

 

Merscorp faces damages trial

 

Merscorp Inc., the operator of an electronic mortgage registry known as MERS, must face trial to determine how much it owes Pennsylvania counties for shortchanging them on mortgage recording fees, a judge ruled. Merscorp and its Mortgage Electronic Registration Systems Inc. unit violated state law when it failed to properly record home loans that were sold or transferred, U.S. District Judge J. Curtis Joyner ruled in Philadelphia. The conduct misled homeowners facing foreclosure and created uncertainty about property ownership in the state, he said. As a result, the company must face trial on damages, the judge ruled. The case was brought by the recorder of deeds in Montgomery County on behalf of other recorders in the state. - Bloomberg News

 

New Deloitte life science chief

 

Deloitte L.L.P., which does consulting work for drug and health-care companies, said Homi Kapadia will be vice chairman and leader of its national life sciences industry practice, and will work from the firm's Philadelphia office. "We are moving to an era in which the growth and success of a life sciences company depends upon new relationships on the clinical delivery and payment sides, and upon having the right scale and level of capabilities globally," Kapadia said in a statement. Deloitte, which also provides tax, financial advisory and audit-enterprise risk services, has about 4,000 employees worldwide in its health-care division. - David Sell

 

Phila. is 'innovation district'

 

Philadelphia ranks as one of the country's top new "innovation districts," according to a report from the Brookings Institution think tank. University City, home to Drexel University, University of Pennsylvania, University of the Sciences, and Children's Hospital of Philadelphia, is the driving force behind the innovation, Brookings says. Brookings says innovation districts are geographic areas where "anchor" institutions and companies cluster and connect with start-ups, business incubators, and accelerators. - Erin Arvedlund

 

 

 

 

 

Elsewhere

 

Home prices up from May

 

Data provider CoreLogic said U.S. home prices increased 8.8 percent in May compared with 12 months earlier. The pace of gains has slowed as more homes have come onto the market, according to CoreLogic. On a month-to-month basis, prices rose 1.2 percent from April to May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer weather, which can affect sales. Prices increased the most in Western states, including Hawaii, California, and Nevada. Home sales began to stall in the middle of last year. - AP

 

Aereo seeks public support

 

Online TV-streamer Aereo Inc. asked subscribers to send tweets, e-mails, and Facebook messages to their representatives in Washington. "Tell them your stories of why having access to a cloud-based antenna is important to you and your families," Aereo's top executive, Chet Kanojia, said in the letter. The Supreme Court decided last week Aereo's streaming service was similar to a cable company and it had to negotiate with the TV networks to transmit their programming. Aereo suspended its operations Saturday to evaluate its options. - Bob Fernandez

 

Clothing-chain war heats up

 

Ousted American Apparel CEO Dov Charney has increased his stake in the clothing chain to nearly 43 percent as he fights to keep control of the company he founded in 1998. Charney was able to increase his stake through a partnership with the financial firm Standard General, which is lending him the money. But the board is scrambling to make its own moves to keep him out. Legal experts say the dispute will likely end up in the courts at a tough time for the Los Angeles-based company, which has lost money since 2010. The company, which made its name with American-made goods and provocative advertising, is in a cash squeeze. - AP

 

Construction spending up

 

Construction spending edged up 0.1 percent in May after a much stronger 0.8 percent April increase, the Commerce Department reported. Construction activity totaled $958.1 billion at a seasonally adjusted annual rate in May, up 6.6 percent from a year ago. - AP

 

 

 

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