Business news in brief

GlaxoSmithKline P.L.C. chief executive officer Andrew Witty plans to announce two "small" acquisitions soon, after walking away from five potential purchases or partnerships since October. The drug company has major operations in the Philadelphia area. Recent turmoil in the financial market hasn't led to any "great bargains," Witty said in an interview at Bloomberg News' London office. The executive, who has focused mostly on transactions of less than $1 billion since taking the job two years ago, said prices are still being pushed up by competition. He declined to elaborate on acquisition plans. - Bloomberg News

The head of the Federal Reserve Bank of Philadelphia warned against attempts by some in Congress to politicize the central bank. In a speech to Delaware business leaders, Charles Plosser took aim at a proposal to make the head of the New York Fed a presidential appointee, saying it would skew power toward Washington and Wall Street. He also criticized a proposal that would allow any member of Congress who disagrees with a Fed monetary policy decision to demand an audit by the Government Accountability Office. - AP

Simon Property Group Inc. says it is withdrawing its $6.5 billion bid to acquire rival shopping-mall owner General Growth Properties Inc. General Growth's properties include Neshaminy Mall in Bensalem and Christiana Mall in Newark, Del. Simon has an ownership stake in the King of Prussia Mall as well as the Franklin Mills, Montgomery, Oxford Valley, and Granite Run malls. Simon issued its decision after U.S. Bankruptcy Court Judge Allan Gropper in New York approved the plan by an investor group led by Canadian property manager Brookfield Asset Management Inc. - AP

Casino operator Penn National Gaming Inc. and MI Developments Inc. have formed a joint venture that will own and run the Maryland Jockey Club, the companies said. Penn National and MI will work together to strengthen racing operations at Laurel Park and at Pimlico Race Course, which hosts the Preakness Stakes. Penn National Gaming closed down $1.82, or 6.36 percent, at $26.78. MI Developments' stock dropped 12 cents to $13.15. - AP

PhotoMedex, Montgomeryville, said it sold 534,000 shares of common stock at $6 each. The pharmaceutical company said it would use the $3.2 million in proceeds for general corporate purposes. PhotoMedex sells skin-care products, focusing on such conditions as acne, psoriasis, and sun damage. - Paul Schweizer

USA Technologies Inc. said it had received orders so far for $2.5 million of the $3 million worth of securities it hopes to sell to raise working capital, including to finance its e-Port cashless-payment products. The Malvern company said it expects to close the offering on Wednesday. - Roslyn Rudolph

Consumer borrowing posted an unexpected increase in March, only the second gain in the last 14 months. It could be a sign that households are feeling more confident about boosting spending. The Federal Reserve reported that consumer borrowing rose by $1.95 billion in March, compared with the $3.85 billion drop that economists had expected. - AP

New York pension-fund officials said they had reached a proposed $600 million settlement of securities-fraud allegations against mortgage lender Countrywide Financial Corp. The settlement is subject to approval by a federal judge and isn't expected to be final until September. New York Comptroller Thomas DiNapoli said the deal covers allegations that Countrywide made misstatements about its lending practices, artificially inflating the price of its securities ahead of the national housing collapse in 2007. - AP

American International Group Inc., the insurance giant bailed out by the federal government, reported net income of $1.45 billion for the first quarter as its struggling insurance business showed signs of improvement. The company also said that recovering credit markets and efforts to streamline its operations contributed to improved performance. - AP

The Obama administration has sent Congress a proposal to create a $30 billion support program to unfreeze credit for the nation's small businesses. The $30 billion fund would provide support to small and medium-size banks, with assets under $10 billion, to encourage them to increase lending to small businesses. - AP

Consumer Reports magazine is lifting a "Don't Buy" recommendation for a Lexus sport utility vehicle that failed an emergency handling test. The magazine said the 2010 Lexus GX 460 luxury SUV passed the test after a dealership updated software that runs its electronic stability control system. Toyota Motor Corp. recalled about 10,000 of the SUVs in the United States in April after the magazine told readers not to buy them. The automaker also stopped selling them. - AP

Regulators shut down banks in Florida, Minnesota, Arizona, and California, bringing the number of U.S. bank failures to 68 this year. The

Federal Deposit Insurance Corp.

took over

the Bank of Bonifay

, Bonifay, Fla., which had $242.9 million in assets and $230.2 million in deposits; and

Access Bank

, in Champlin, Minn., with $32 million in assets and $32 million in deposits. The FDIC also seized

Towne Bank of Arizona

, Mesa, Ariz., with $120.2 million in assets and $113.2 million in deposits; and

1st Pacific Bank of California

, San Diego, with $335.8 million in assets and $291.2 million in deposits.

- AP

The Securities and Exchange Commission is launching an examination of the $2.8 trillion municipal securities market that will lead to new investor-protection laws and regulations, according to Mary Schapiro, SEC chairman. The SEC commissioner, Elise Walter, will lead the inquiry, which will include hearings on segments of the market for state and local government securities, according to Schapiro's speech. The address was delivered by Andrew Donohue, director of the division of investment management, to the Investment Company Institute, spokesman Kevin Callahan said. Schapiro sent Donohue to deliver the talk after Thursday's stock market plunge. - Bloomberg News