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Business news in brief

Securities and Exchange Commission (SEC) flag.
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In the Region

Harrisburg in SEC settlement

In the first such settlement ever agreed to by a U.S. city, Harrisburg has agreed to implement remedial measures to settle Securities and Exchange Commission charges accusing it of securities fraud for "misleading public statements" as the cash-starved city's finances deteriorated in the late 2000s and debts piled up in the wake of a failed public incinerator project and other questionable borrowing. The SEC says Harrisburg failed to provide the public documents required by cities that sell bonds, from 2009 to 2011. The city has cooperated with the investigation, Philadelphia-based SEC officials Elaine Greenberg and Mark D. Zehner said in a statement. - Joseph N. DiStefano

Pipeline project moves ahead

Sunoco Logistics Partners L.P. announced it is moving ahead with a pipeline project to export natural gas liquids like propane and butane from its ocean terminal in Nederland, Texas, after receiving commitments from shippers. The Mariner South project would carry the fuels in an existing Sunoco Logistics pipeline to Nederland from Mont Belvieu, Texas, where Lone Star NGL L.L.C. operates a storage and processing complex. Lone Star is a joint venture involving Energy Transfer Partners L.P., which is also the general partner of Sunoco Logistics. Producers of natural gas liquids are scrambling to find markets for the fuels, which are produced in abundance as part of the shale-gas boom. Sunoco Logistics is also building a project called Mariner East to export Marcellus Shale liquids from its Marcus Hook terminal. - Andrew Maykuth

Triumph acquires factories

Triumph Group Inc., the Berwyn-based aircraft-parts maker, said it had acquired Primus Conglomerates factories in Farnborough, England and Rayong, Thailand, from Oregon-based Precision Castparts Inc., for an undisclosed sum. Triumph says Primus employs 650 making engine components and assemblies for Airbus, Aircelle, Bombardier, and Rolls-Royce. - Joseph N. DiStefano

Qlik acquires software supplier

Qlik Technologies Inc., Radnor, said it had acquired one of its software suppliers, NComVA A.B., a Swedish company that develops "advanced visualization technology." QlikTech has used NComVA in its QlikView business-intelligence platform since 2011, the company said. In its first-quarter report, QlikTech said it would pay a maximum $10.9 million for NComVA. QlikTech's founders are from Sweden and the company's R&D labs are in that country. - Joseph N. DiStefano

Order bars sale of Atlantic Club

The Rational Group, which owns PokerStars, won a temporary restraining order barring Atlantic City's Atlantic Club from selling itself to anyone else. Last week, the Atlantic Club declared that the deal for PokerStars to buy the casino was dead, but declined to comment further. In its court papers, PokerStars also revealed for the first time just how cheaply it planned to acquire the casino: $15 million, by far the lowest price ever paid for a casino in Atlantic City. In applying for the restraining order, PokerStars argued that it had given the Atlantic Club $11 million of the $15 million purchase price. In return, PokerStars claims, the Atlantic Club wants to kill the deal and receive an additional $4 million as a termination fee. - AP

Perelman gives $100M to Columbia

Billionaire investor Ronald Perelman, a University of Pennsylvania graduate who donated $25 million to his alma mater in February, has now pledged $100 million to New York-based Columbia Business School to develop a new facility aimed at strengthening innovations and programs for future business leaders. Perelman, 70, controls cosmetics company Revlon Inc. and is chief executive officer of MacAndrews & Forbes Holdings Inc., which invests in industries including consumer products, entertainment, and financial services. He's been a member of Columbia's board of overseers since 1994. - Bloomberg News


Aircraft repair shops questioned

Oversight of aircraft repair stations by U.S. aviation regulators is marred by inspectors who haven't been trained and a system that can't identify the areas of highest risk, according to a government audit. Independent repair shops, used increasingly by airlines trying to cut costs, could not account for tools, document the training of their mechanics, and prove work had been done properly, the report by the Transportation Department's inspector general found. The report is the latest by government auditors to raise questions about how the Federal Aviation Administration oversees repair shops in the U.S. and other nations. Inspector General Calvin Scovel and his predecessor raised similar issues in reports in 2003 and 2008. - Bloomberg News

Buffett defends Heinz deal

Investor Warren Buffett said he expected Berkshire Hathaway Inc. to own a stake in ketchup-maker H.J. Heinz Co. forever, and doesn't see a problem in taking a partner - the Brazilian investment firm 3G Capital Inc. - in the $23.3 billion deal. Buffett said he does not consider 3G a traditional private equity firm because it is investing a significant amount of its own money and it runs businesses. Generally Berkshire buys companies outright and allows them to continue operating largely unchanged. Buffett says he hoped Berkshire Hathaway's stake in Heinz would grow over time. - AP