Business news in brief

The Delaware River Port Authority plans to borrow $320 million, the agency said. The DRPA, jointly set up by Pennsylvania and New Jersey, may benefit from a sparse market for debt, said John Flahive, Boston-based director of fixed income for BNY Mellon Wealth Management, which manages about $20 billion in municipal bonds. "You won't have a lot of competition, so it's not a bad time to come to the market," Flahive said in an interview. The bi-state agency plans to use proceeds from the debt sale to redeck two bridges, upgrade commuter train cars for the Port Authority Transit Corp., and improve railroad tracks, John Hanson, chief financial officer for the DRPA, said. - Bloomberg News

Greenwood Racing Inc., the owner of Parx casino in Bensalem, said Leonard DeAngelo had been named chief executive officer and president as of Monday. Bill Hogwood, Greenwood Racing's former CEO, has been appointed deputy chairman of the company, the company said. DeAngelo most recently was senior vice president of Asian operations for Las Vegas Sands Macau. Before that, he was the executive vice president of operations for Penn National Gaming Inc., Wyomissing, and president of the Hilton Casino Beach Resort and the Sands Hotel and Casino in Atlantic City. - Suzette Parmley

Shire P.L.C. received FDA approval for its ADHD treatment Daytrana to be used for teens ages 13 to 17. The medication, which is administered by transdermal patch, had been approved previously by the U.S. Food and Drug Administration for patients ages 6 to 12. Shire, which is based in Dublin, Ireland, has headquarters in Basingstoke, England, and operations in Chester County. - Roslyn Rudolph

Gov. Rendell signed legislation paving the way for the transfer of 180 acres at the Navy Yard to create a new Southport Marine Terminal in South Philadelphia. The total land for Southport will be 239 acres. The state Department of General Services on May 12 issued a solicitation for bid proposals. Shipping companies, terminal operators, and investment banks have until 10 a.m. July 19 to submit technical concept proposals. A preferred bidder is expected to be chosen in September. - Linda Loyd

BP P.L.C. said it had no plans to issue new shares to help pay for the Gulf of Mexico oil spill, giving its shares a further boost amid rumors of interest from sovereign wealth funds. BP spokesman Mark Salt said that BP "is always happy to welcome new shareholders or existing shareholders who wish to increase their shareholdings, but there's no current plans to issue new equity to anyone." The company's statement is good news for investors whose own holdings would be diluted by a larger stock base. Recent reports have suggested that a number of Middle East sovereign wealth funds are considering purchasing a stake in BP, helping calm fears of a full takeover. BP declined to comment on "market rumor and speculation." Shares in the company closed up $2.56, or 8.7 percent, at $31.91 on the New York Stock Exchange. - AP

Lockheed Martin Corp. says it plans to reduce its executive ranks by February, a move that comes as the Pentagon pressures military contractors to cut overhead costs on huge weapons programs. Directors and vice presidents are being offered financial incentives to leave by Feb. 1 under a voluntary separation program. The company doesn't say how many employees are expected to leave or how many qualify. Lockheed has almost 11,000 employees in the Philadelphia region. - AP

The agency that manages China's $2.5 trillion in foreign reserves said it made a profit last year despite the global crisis and expressed confidence it can make a profit in the future. Beijing has been sensitive to criticism at home of its handling of the reserves after some foreign investments soured, and Europe's debt crisis has prompted questions about the safety of China's holdings. The reserves made a "relatively good profit" in 2008 and 2009, the worst two years of the crisis, the State Administration of Foreign Exchange said in a statement that didn't give specific figures. The agency also said it should make a profit even if China's currency, the yuan, rises against the dollar. - AP

The European Union's executive commission told Bulgaria that it must bring its deficit below 3 percent of GDP by 2011 after the Balkan nation sharply revised its public finance forecasts for this year. The Bulgarian government blames a drastic fall in tax revenues and extra infrastructure spending needs for forcing it to raise its expected budget gap from 1.9 percent to 3.9 percent of gross domestic product. The sudden, and large, change in the figure has alarmed EU officials, who called on Bulgaria to tighten spending controls and push through planned changes to public administration, health care, education, and pensions. - AP

The Transportation Department says Delta Air Lines, American, and Hawaiian will get four new routes to Haneda airport in Tokyo. The airport has been off-limits to U.S. airlines since 1978. Currently, U.S. airlines fly to Narita airport, but that is farther away from the center of Tokyo and less attractive for business travelers. The decision on Tuesday finalizes a tentative decision issued in May. - AP

Interest rates on three-month bills rose to their highest level since April, while rates dipped on six-month bills in Tuesday's auction. The Treasury Department auctioned $30 billion in three-month bills at a discount rate of 0.165 percent, up from 0.160 percent last week. Another $30 billion in six-month bills was auctioned at a discount rate of 0.205 percent, down from 0.215 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 $9,995.83. A six-month bill sold for $9,989.64. - AP