Unisys Corp. is moving its headquarters and 225 management jobs to Two Liberty Place in Center City from Blue Bell. Stephanie Naidoff, Philadelphia's commerce director, said the city would give Unisys up to $1 million in yearly job-creation tax incentives. "We wanted to change the face of Unisys to our clients and partners, and to people we're recruiting," Unisys chief executive officer Joseph McGrath said. Unisys employs 775 in Blue Bell. The company is considering alternative locations in the Philadelphia suburbs for the more than 500 who will not make the move to Center City. It also employs 650 at its Malvern research-and-development center. About 1,000 others work at Unisys offices or with clients in the Philadelphia area. Worldwide, the company has 29,500 employees. See:
Federal Communications Commission Chairman Kevin Martin secured a limit on Comcast Corp.'s growth Tuesday in a 3-2 vote. The new regulation will limit Comcast to 30 percent of the pay-TV market in the United States, halting the billion-dollar acquisitions that have made it the largest cable company in the nation. Supporters say the new regulation will help independent programmers and could lead to smaller rate increases for consumers. Tim Winter, president of Parents Television Council, which has criticized the cable industry for forcing consumers to buy channels they do not want or find offensive, said the new regulation was "pushback on an industry that is running amok." Comcast said after the FCC vote that the 30 percent limit was perverse and that it had been previously overturned in the courts. See:
The New Jersey Casino Control Commission's denial of a license renewal to the Tropicana Casino owner sent a clear message: Atlantic City isn't going back. It's steamrolling ahead amid an insatiable arms race in this seaside resort to build more hotel towers, tony shopping malls, and mega-casinos to ward off slots competition from Delaware, New York and Pennsylvania. A state-appointed trustee - former New Jersey Supreme Court Justice Gary Stein - has been in control of the casino since the commission voted Dec. 12 to deny owner Columbia-Sussex Corp.'s bid for a license renewal. Stein and the commission will decide on a process to sell the Tropicana. Among the potential bidders are Cordish Co., of Baltimore, the developer behind the Walk, a $204 million outlet mall in the heart of downtown Atlantic City, which recently formed a gaming-management company with former Tropicana executive Dennis Gomes; gambling mogul Steve Wynn, who developed the Golden Nugget in 1980, which is now the Atlantic City Hilton Casino; and the Mohegan Tribal Gaming Authority, which operates the Mohegan Sun Casino in Connecticut and Mohegan Sun at Pocono Downs, a slots parlor in the Poconos. See:
Morgan Stanley reported Wednesday a $9.4 billion write-down from bad bets on mortgage-related debt, leading it to take a $5 billion infusion from an arm of the Chinese government. The write-down, nearly triple the amount Morgan Stanley warned of in November, pushed the giant investment house to the first quarterly loss in its 73-year history. Chairman and chief executive officer John Mack accepted blame for the loss in its fiscal fourth quarter, and he said he would forgo his annual bonus, which last year topped $40 million. Morgan Stanley is among several Wall Street firms to be rocked by the unfolding credit crisis - and to be forced to reach out to a foreign government to secure a major investment to shore up its books. Thursday, the Bear Stearns Cos. Inc. said a bigger-than-expected write-down in its mortgage portfolio caused the first loss in that company's 84-year history. The nation's fifth-largest investment bank took a $1.9 billion write-down in the quarter ended Nov. 30 as its mortgage-backed securities continued to lose value. That was much larger than the $1.2 billion it said in November that it expected. See:
Campbell Soup Co. has thought for a while that V-8 juice and high-priced, premium-quality chocolate don't go well together. Thursday, it announced a deal to sell its Godiva Chocolatier Inc. unit to a Turkish candy- and cookie-maker. The Camden company said that it agreed to sell Godiva to Yildiz Holding A.S., based in Istanbul, Turkey, for $850 million. Campbell, which has owned Godiva since 1974, put it up for sale in August, saying it wanted to concentrate on making V-8, soup and snacks. Godiva will be part of Yildiz's Ulker Group. Ulker, which has no operations now in North America or Western Europe, is expected to continue to make Godiva chocolates at its plant in Reading, and in Brussels, Belgium, a Campbell spokesman said. The Reading plant employs about 480 people. See:
Unionized Asian firms are supposed to get 5 percent of the work on the Convention Center expansion. That's not likely to happen.