Business news in brief
In the Region
Area job total falls for 29th month
The Philadelphia metro area lost jobs in November for the 29th straight month, the
U.S. Bureau of Labor Statistics
reported Thursday. However, the loss of 2,300 jobs, or 0.1 percent compared with November 2009, was the smallest decline during the 29 months. The drop left the region with 2,712,300 jobs. By industry, education and health services had the largest gain from a year earlier, 1.9 percent, followed by leisure/hospitality, 1.4 percent. The sharpest drops were in government and manufacturing, which both lost 2.4 percent of their jobs. The area consists of Philadelphia and its seven suburban counties in Pennsylvania and South Jersey, plus Salem County, N.J.; New Castle County, Del.; and Cecil County, Md.
- Paul Schweizer
Payment completed to fired CEO
Mace Security International Inc.
, Horsham, said it had made its second and final payment to former chief executive officer Louis D. Paolino Jr. under a settlement the sides reached in October. The total payment to Paolino, who contended he was wrongfully fired in 2008 and won an arbitration ruling on the matter last year, was $4.6 million. The company also said it had borrowed $1.35 million to help cover the final payment. Mace, which has nearly completed the sale of its car washes, now focuses on making products for electronic surveillance and personal defense, such as its Mace spray.
- Paul Schweizer
Unisys gets $28M NASA contract
Unisys Corp.
, Blue Bell, was awarded a $28 million contract from
NASA
to provide support systems for simulation and flight-research projects at its Langley Research Center in Hampton, Va. The contract has a three-year base period with one two-year option valued at $20.5 million and exercisable at the discretion of the government.
- Diane Mastrull
Five Below enters Chicago market
Five Below Inc., Philadelphia, said it was expanding into the Chicago market with the signing of leases for 12 stores. The retailer said the stores would open in the spring as the first of 20 outlets it planned to open in the Chicago market this year. In all, Five Below said, it expects to add 50 stores this year, which would bring its total to about 200 outlets in 15 states along the East Coast and in the Midwest. The company sells low-priced fashion and electronics accessories to teens and preteens. - Paul Schweizer
No Aramark foie gras, PETA says
People for the Ethical Treatment of Animals
said it had persuaded Philadelphia food-service company
Aramark
to stop including foie gras in its offerings. PETA and other animal-rights advocates contend the delicacy, made from the enlarged livers of ducks and geese, results from force-feeding the animals. Aramark did not respond to a request for comment.
- Diane Mastrull
Grants aimed at conservation
Niche Investments Ltd.
, Lansdale, and
Indian Valley Podiatry Associates
, Souderton, have been awarded matching grants up to $7,500 each from the Small Business Advantage Program for projects aimed at reducing energy consumption and preventing pollution. Niche plans to install a high-efficiency boiler and insulation; Indian Valley, dental digital radiography equipment. The grant program, administered by the
Pennsylvania Department of Environmental Protection
, is open to businesses with no more than 100 employees.
- Diane Mastrull
Elsewhere
Positive view of municipal entities
U.S. municipal governments, facing more than $100 billion in budget deficits this year and the expiration of federal stimulus funding, will be able to weather lower demand for debt and increased borrowing costs,
Moody's Investors Service
said. No states rated by Moody's will default this year, although a few local governments may miss payments, the company said in a report. Few U.S. municipal governments borrow to fund short-term operating needs, the rating company said.
- Bloomberg News
Geithner urges debt-limit increase
Treasury Secretary Timothy F. Geithner urged lawmakers to raise the federal debt limit in the first quarter of 2011, saying a failure to act could make it impossible for the United States to access global credit markets. Geithner made his plea in a letter to House Speaker John Boehner (R., Ohio), Senate Majority Leader Harry Reid (D., Nev.), and all other members of Congress. The Treasury estimates the debt limit could be reached as early as March 31, and "most likely" between then and May 16.
- Bloomberg News
Volcker leaving advisory board
Paul Volcker is leaving as chairman of a presidential advisory board that's being reshaped to have more of a business-outreach mission. Volcker has been chairman of the
President's Economic Recovery Advisory Board
since it was established by executive order two years ago. He provided advice on economic issues and the rewriting of regulations for financial institutions. The so-called Volcker rule banned proprietary trading at banks and restricted their investments in private-equity and hedge funds.
- Bloomberg News
EU: Bondholders to share in tab
The
European Union
is moving ahead with plans to shield taxpayers from having to bail out big banks in the future, but there are substantial obstacles to making bondholders share losses. The EU's executive commission on Thursday presented plans that could give national regulators the power to force the owners of bank bonds to accept so-called haircuts - a reduction in the amount of money they are owed.
- AP
Where to get IRS forms, publications
The
IRS
said it would no longer automatically mail paper tax packages. Forms and publications are available at
» READ MORE: www.irs.gov
. The IRS also operates 401 centers nationwide where it offers assistance and where taxpayers can pick up many IRS forms and publications. Locations are listed on the IRS website; go to "Contact My Local Office" on the Individuals page. Many libraries and post offices offer free tax forms during filing season, and many large grocery stores, copy centers, and office-supply stores have forms to copy, or call 1-800-829-3676 to order current-year forms. The IRS asks that taxpayers wait until after Monday to place requests.
- AP