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Business news in brief

In the Region

Spirit adding Phila. flights

Spirit Airlines, which now flies from Philadelphia to five cities, will add daily nonstop flights to Detroit and Fort Lauderdale, Fla., starting April 29. The Miramar, Fla.-based carrier, which offers lower base airfares but charges passengers extra for virtually everything including a carry-on bag, announced last month that it will begin a nonstop daily flight from Philadelphia to Los Angeles International Airport, beginning April 14. Spirit flies from Philadelphia to Atlanta, Chicago, Dallas-Fort Worth, Las Vegas, and Myrtle Beach, S.C. The new flights to Detroit and Fort Lauderdale are available for purchase immediately, the airline said. Spirit operates more than 375 daily flights to 56 destinations in the United States, Latin America, and the Caribbean. - Linda Loyd

Lennar buys area properties

U.S. home-building giant Lennar Corp. of Miami has acquired more than 450 homes and buildable home sites, including properties in Southeastern Pennsylvania and South Jersey, from Orleans Homes of Bensalem. The purchases "will immediately establish Lennar in the Pennsylvania marketplace while expanding our presence throughout the region," New Jersey Division president Don Bompensa said Wednesday. The properties are within communities of single-family residences and townhouses in Concord, Yardley and Blue Bell; Medford, Moorestown and Jackson, N.J.; and Wallkill, N.Y. - Jacob Adelman

DRPA approves 2016 budget

Crossing the Delaware won't cost any more in the new year. The Delaware River Port Authority approved its 2016 operating budget Wednesday, and no bridge toll or rail fare increases are included. That's despite a discount for regular bridge users that went into effect this month. The discount is expected to deprive the DRPA of $5.9 million in annual revenue, but growing numbers of drivers crossing the four bridges should compensate for the loss, officials said. "This budget allows us to do those toll discounts and still put $40 million into the general fund," said John Hanson, the agency's CEO. The $290.7 million budget is $7.9 million larger, almost 2 percent, than the 2015 budget. Big cost increases came from a $1.5 million pay increase for nonunion workers and $2.27 million in increased pension costs. The agency is anticipating about $333 million in revenue next year, a $4 million increase from 2015. - Jason Laughlin

CEO now magazine editor

Stephen K. Klasko evidently doesn't have enough to do as chief executive of the $2.2 billion Jefferson Health, which is expected to get bigger by merging with Aria Health. Klasko has added the job of editor-in-chief of Healthcare Transformation, the publisher, Mary Ann Liebert Inc. said Wednesday. There is no subscription charge. The debut December issue, with a member of the founding editorial board pictured on the cover and an interview with Jack Welch, Klasko's partner in an MBA program, inside, is available at Rothman Institute founder Richard H. Rothman, a professor of orthopedic surgery at Sidney Kimmel Medical College at Thomas Jefferson University and a member of the nonprofit's board, provided an unspecified money to launch the publication. - Harold Brubaker

Grasso: No ties to Del. board

Richard Grasso, former chief executive of the New York Stock Exchange, and Joseph Grano, former CEO of UBS Financial Services, are not associated with the Delaware Board of Trade, Joseph Zito, Grasso's longtime lieutenant and a spokesman for both men, confirmed Wednesday. Grasso and Grano were listed as advisors to the board in a July statement by New Castle County officials, who at the time were arranging approval for a $15 million revenue bond to raise capital for the exchange. County executive Thomas Gordon said last week that he "moved a $3 million investment" from the county's park endowment into private DBOT notes paying 6 percent annual interst, backed by DBOT software. However, Grasso "never committed, and last week informed them he would not be involved," Zito said. - Joseph N. DiStefano


Yahoo adjusts breakup plan

Internet pioneer Yahoo, under pressure from unhappy shareholders and desperate to avoid a huge investment-related tax bill, will break itself apart - just not in the way it had previously planned. The company will now aim to spin off its struggling Internet business - essentially, everything associated with the Yahoo brand name - into a new company. Yahoo itself would then become little more than a holding company for its $32 billion stake in Chinese e-commerce giant Alibaba. For most of the last year, Yahoo had planned instead to spin off the Alibaba stake into a separate holding company called Aabaco. That corporate maneuver was designed to sidestep more than $10 billion in taxes Yahoo might otherwise owe. The IRS jeopardized that plan by refusing to guarantee a tax exemption. - Associated Press