Business news in brief

Sovereign Bancorp Inc., Philadelphia, reported that chief executive officer Joseph Campanelli had a 23 percent increase in total compensation to $4.44 million. Campanelli's salary, bonus and stock awards increased in 2007, his first full year leading Sovereign since replacing ousted CEO Jay Sidhu in October 2006, according to a regulatory filing by the bank yesterday. The stock had fallen 11 percent this year through last week's close. Shares closed yesterday up 37 cents, or 3.64 percent, at $10.52.

- Bloomberg News

US Airways Group Inc., the parent company of Philadelphia's dominant carrier, will return three leased Boeing Co. 737s this year to further slow growth in response to climbing jet-fuel prices. The carrier, with 86 737s in its main fleet of 358 jets, said last week that it would reduce 2008 flight capacity an additional 2 percent to 3 percent, on top of initial plans to trim 1.5 percent. US Airways will return the three jets when their leases expire in August, spokesman Philip Gee said.

- Bloomberg News

Britain plans to require drug companies to share more information with regulators about clinical trials after an investigation recently concluded that GlaxoSmithKline P.L.C. deliberately withheld information about an antidepressant, Seroxat. The company has a U.S. headquarters in Philadelphia. GlaxoSmithKline rejected the suggestion that it withheld information. "We firmly believe we acted properly and responsibly," said Alastair Benbow, the company's European medical director.

- AP

Shares of InterDigital Inc., King of Prussia, rose as much as 19 percent in morning trading after the company said it was in talks with Nokia Oyj to settle a mobile-phone patent dispute. InterDigital shares on the Nasdaq closed at $22.31 - up nearly 15 percent, or $2.85. They had gone as high as $23.22 in morning trading.

- Tom Belden

Moody's Investors Service has rated $154.3 million of debt at Doylestown Hospital - a combination of new and existing bonds - at a lower "Baa1." The Bucks County hospital's bonds were previously rated at "A3." Two new bonds totaling $139 million will have an underlying rating of "Baa1." Moody's cited population growth and affluence in the hospital's neighborhood and improving operating income as pluses. But, it said, competition from other hospitals in the region and a decline in heart-surgery volumes were cause for concern.

- Stacey Burling

PHH Corp., a Mount Laurel provider of mortgage and vehicle fleet-management services, was removed from Standard & Poor's Corp.'s credit watch list, though the ratings firm said PHH's outlook remained unclear. PHH shares rose 92 cents, or 5.23 percent, to $18.52.

- Paul Schweizer

The Internal Revenue Service said in a statement that some local IRS offices would be open Saturday to help people file a tax return in order to receive their Economic Stimulus Payment, or rebate. The following IRS Taxpayer Assistance Centers will be open from 9 a.m. to 3 p.m. Saturday: In Philadelphia, the center at 600 Arch St.; in Jenkintown, 801 Old York Rd.; and in King of Prussia, 601 S. Henderson Rd.

- Rhonda Dickey

Isolagen Inc., Exton, said it had sold its Switzerland facility for $6.4 million to Dernier Batz S.A., a subsidiary of the Swatch Group Ltd. The biotechnology company, which is developing a collagen-injection treatment, said cash from the sale would enable it to further implement its business plan for 2008. Isolagen shares rose 4 cents, or 10.81 percent, to close at 41 cents.

- Linda Loyd

Community College of Philadelphia plans to announce tomorrow an expansion of its First Class program to three additional business groups. The program provides a free first class to employees who are members of the Greater Philadelphia Chamber of Commerce and the Philadelphia Convention and Visitors Bureau who have never taken a college-credit course. First Class will expand to include those working for the Greater Philadelphia Hispanic Chamber of Commerce, the African American Chamber of Commerce, and the Asian American Chamber of Commerce. Classes currently cost about $345 for a three-credit course for a Philadelphia resident.

- Tom Belden

Food-services company Aramark Corp. has announced new steps to keep ballparks green - and not just on the field. The privately held Philadelphia company said in a news release that it would implement and expand recycling practices at Citizens Bank Park as well as Coors Field, Fenway Park, McAfee Coliseum, Minute Maid Park, Oriole Park at Camden Yards and PNC Park.

- Roslyn Rudolph

The Justice Department has approved Sirius Satellite Radio Inc.'s $5 billion buyout of rival XM Satellite Radio Holdings Inc. The merger was approved despite opposition from consumer groups and an intense lobbying campaign by the land-based radio industry. Regulators said the merger was not likely to substantially hurt competition or consumers.

- AP

Interest rates on short-term Treasury bills rose in yestrday's auction. The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.200 percent, up from 1.100 percent last week. An additional $22 billion in six-month bills was auctioned at a discount rate of 1.550 percent, up from 1.310 percent last week. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,969.67 while a six-month bill sold for $9,921.64.

- AP

The Federal Reserve said yesterday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 1.35 percent last week from 1.52 percent the previous week.

- AP