Business news in brief

Federal drug-safety regulators said they were investigating whether the cholesterol-lowering drug Vytorin can increase a patient's risk of developing cancer. However, the

Food and Drug Administration

said patients should not stop taking Vytorin, because the evidence of a cancer link is unclear. Vytorin, a combination of

Merck & Co. Inc.'s

Zocor and

Schering-Plough Corp.'s

Zetia, has been heavily promoted as a novel way to reduce cholesterol. Also, Rep. John D. Dingell (D., Mich.), chairman of the House Committee on Energy and Commerce, and Rep. Bart Stupak (D., Mich.), chairman of its Oversight and Investigations Subcommittee, sent a letter to the chief executives of the drug company partners, giving them two weeks to supply detailed information about a clinical study that prompted the FDA's investigation. Merck has major operations in the Philadelphia area.

- AP

Peco Energy Co.'s

natural gas operation, which serves 480,000 customers in Southeastern Pennsylvania, is asking the

Pennsylvania Public Utility Commission

for a $10.83, or 7.6 percent, increase in the average monthly bill of residential customers. The proposal was made in a settlement petition after the utility reached an agreement with six groups that objected to its March proposal to increase monthly bills by an average of $12.79. In total revenue, Peco is looking for an increase of $76.5 million, or 22 percent less than it asked for in March. The settlement also would increase Peco's aid to low-income customers and expand energy-efficiency programs.

- Harold Brubaker

Standard & Poor's Ratings Services cut the credit rating on

Foamex L.P.

to junk status because of the Linwood company's weak operating performance and continued soft demand for its foam products in key housing and automotive markets. The ratings agency said the main operating subsidiary of

Foamex International Inc.

might have to seek covenant relief from lenders in the next several quarters. Foamex, which has its roots in Scott Paper Co.'s foam division, was cobbled together through acquisitions in the 1980s and 1990s and has long struggled under a heavy debt load.

- Harold Brubaker

Angela M. Snyder

will become new chief executive officer and president of

The Bank

effective Sept. 1, the Woodbury bank announced. She has been chief operating officer and president of retail services.

Scott H. Kintzing

, vice chairman of The Bank, said she would continue to serve on The Bank's board of directors. The $2 billion Bank has 43 community banking offices in Atlantic, Burlington, Camden, Cumberland, Gloucester, Mercer, Monmouth, Ocean, and Salem Counties.

- Roslyn Rudolph

Oracle Corp.

founder

Larry Ellison

, a longtime fixture on the list of the world's richest people, is now ensconced atop the Associated Press' rankings of the top-paid chief executive officers in the United States. Never shy about flaunting his estimated $25 billion fortune, Ellison established himself as the best-paid CEO among major U.S. companies by persuading Oracle to award him a fiscal 2008 pay package valued at $84.6 million under the AP's calculations.

- AP

Food-maker

H.J. Heinz Co.

said its fiscal first-quarter profit rose 11 percent, fueled by double-digit sales growth in North America and Europe. The earnings offset a drop-off in Heinz's U.S. restaurant business, which is slowing on weaker consumer demand as people grapple with increasing food and fuel costs and eat more meals at home. For the three months ended July 30, the Pittsburgh company said it earned $229 million, or 72 cents a share. That compares with a year-earlier profit of $205.3 million, or 63 cents a share. Revenue in the quarter rose 14 percent to $2.58 billion, an increase from $2.25 billion during the same period a year earlier. The earnings beat the expectations of analysts.

- AP

Burger King Holdings Inc.

said its profit surged 42 percent in its fiscal fourth quarter, driven by a rise in sales at established locations and a slew of promotions. But investors instead focused on a hit to margins from higher food costs and expenses for sprucing up older locations. Shares fell $1.95, or 7.10 percent, to close at $25.50. The Miami chain said it earned $51 million, or 37 cents a share, in the quarter ended June 30, up from $36 million, or 26 cents a share, a year earlier. That beat Wall Street analysts' expectations by 3 cents a share, according to a poll by Thomson Reuters. Revenue rose 9 percent, to $646 million from $590 million a year earlier. Analysts predicted revenue of $634.6 million.

- AP

Wal-Mart Stores Inc.

has settled a lawsuit it filed to avoid paying millions of dollars in a retirement package for former executive

Tom Coughlin

, court officials and Coughlin's attorney said. Court officials said terms of the settlement between the former Wal-Mart vice chairman and the retailer would be sealed for 20 days. Wal-Mart sued Coughlin in 2005, contending it should not have to pay Coughlin because he embezzled hundreds of thousands of dollars from the company. The retirement benefits were estimated at between $12 million and $16 million. Coughlin pleaded guilty in January 2006 to federal charges of wire fraud and tax evasion.

- AP

The

Federal Aviation Administration

is proposing an $18,000 civil penalty against

United Airlines

for two maintenance violations the FAA said occurred before a United jet skidded off a runway and ended up in three feet of snow in February. A Feb. 25 flight with 125 people aboard slid off the runway after landing in Jackson Hole, Wyo. No one was seriously hurt. The National Transportation Safety Board said in March that the A320 at Jackson Hole and another United A320 that also skidded off a runway had crossed wiring in their main landing gear. It is believed that caused the wheels to lock. United checked all its A320s and found a third with the wiring problem. United said it had not yet received a copy of the FAA's letter and that immediately after the incident it took the "corrective steps."

- AP