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Taxi industry claims PPA purposely trying to 'ruin' them in lawsuit

Friday September 23rd, 2016 07:04:15 PM Alison Burdo
The behavior of Philadelphia Parking Authority Executive Director Vince Fenerty Jr., is eliciting calls for his dismissal, and on Wednesday, his repeated choice of words could lead a judge to upend the way ride-sharing companies like Uber and Lyft operate in the city.More than 100 cab companies, representing nearly 80 percent of the licensed taxicabs and dispatchers in Philadelphia, are challenging what they call the PPA's "openly hostile" and unequal treatment within the for-hire taxi industry,…

2 former rival sports firms launch merged company

Friday September 23rd, 2016 06:28:41 PM Kenneth Hilario
A company created as a result of two former rival sports league firms joining forces is ready for business.Over the summer, Philadelphia Sports Network, a company that managed more than 200 leagues, featuring various sports, a year in Philadelphia, merged with Philly Sport & Social, a co-ed adult sport and social club.The Philadelphia Sports Leagues was the result of the merger. It opened for business on Friday and has begun registering teams and players for its inaugural season — the Winter…

Mural Arts rebrands with new name, visual identity

Friday September 23rd, 2016 05:29:09 PM Kenneth Hilario
The City of Philadelphia Mural Arts Program this week, almost quietly, underwent a rebranding complete with a new visual identity, name, and website and mobile app, which its leaders say will not only make it more relevant today but pave the way for the future.The arts organization, which has created nearly 4,000 art works in Philadelphia since it was founded in 1986, has changed its official name to Mural Arts Philadelphia after operating under its previous moniker over those three decades.NOW…

Local fintech company raises $1.6M to accelerate growth

Friday September 23rd, 2016 04:52:52 PM Jeff Blumenthal
WealthHub Solutions, the 2-year-old provider of software for trusts administration professionals, has completed its first round of institutional financing.The Conshohocken-based company raised $1.6 million from individual investors and institutions including Rittenhouse Ventures and Ben Franklin Technology Partners.WealthHub CEO Jim Marks said the company will use the financing to accelerate its growth and expand product development.“This will help with sales and marketing,” Marks said.…

Sixers unveil NBA's largest training complex

Friday September 23rd, 2016 04:32:28 PM John George
The Philadelphia 76ers unveiled their new Camden training complex Friday morning, with team Managing Owner Josh Harris calling it "the best in all professional sports."The 125,000-square-foot training complex along Camden's waterfront is the largest in the National Basketball Association."We have a created a facility that meets and exceeds the needs of today's athlete," said David Blitzer, the team's co-managing owner. "We feel like we are at the very start of something great here."The complex…

Philadelphia-based Blackstone affiliate opens Miami outpost

Friday September 23rd, 2016 04:16:03 PM Nina Lincoff
Global wealth firm Lombard International announced Thursday the opening of a Miami office, located at 801 Brickell Ave.The Philadelphia-based wealth structuring solutions and insurance has offices across the world including in New York, Belgium, France, Italy, Bermuda and Switzerland. Lombard is owned by funds managed by investment giant Blackstone Group.Lombard is looking at the new Miami office as a way to further cement its relationship with Latin American high net worth clients. The South…

NOW RANKED: 50 On Fire, the fastest-growing companies in Greater Philadelphia

Friday September 23rd, 2016 04:03:24 PM Clara Lefton
The Philadelphia Business Journal held our first ever 50 On Fire in Philly Awards event at the SugarHouse Casino.At the event, designed to honor the fastest-growing companies in Greater Philadelphia, the Business Journal revealed the actual ranking of each company. The 50 On Fire list is based off of revenue growth over a three-year time period from 2013-2015.A few minutes with the Top 10 of the 50 on Fire in PhillySpecifically, the final list ranking comes from averaging the percent change…

Wells Fargo shareholder sues the bank for breaching fiduciary duty

Friday September 23rd, 2016 03:26:30 PM Riley McDermid
A longtime Wells Fargo shareholder has sued the bank for breaching its fiduciary duties by creating a sales culture that incentivized misconduct and lead to its recent banking scandal, hurting both its reputation and stakeholders with a financial interest in it.William Sarsfield, a senior adjunct professor in finance at Golden Gate University in California, filed the lawsuit in San Francisco Superior Court on Thursday.His complaint focuses on the fallout experienced by the bank since it admitted…

KeyCorp gets final approval for First Niagara deal

Friday September 23rd, 2016 02:52:28 PM Jeff Blumenthal
KeyCorp has cleared its last hurdle in its $4.1 billion acquisition of First Niagara Financial Corp., with plans to convert computer systems and rebrand branches scheduled for next month.Cleveland-based KeyCorp acquired First Niagara on August 1 after the Federal Reserve signed off on the deal. On Thursday, the Office of the Comptroller of the Currency gave its approval for the two subsidiaries, First Niagara Bank and KeyBank, to merge.Conversion of First Niagara systems and clients to KeyBank…

Bucks County hotels have best summer in a decade

Friday September 23rd, 2016 02:51:47 PM Kenneth Hilario
Bucks County's lodging industry has some cause to celebrate: It's had the best summer in nearly a decade when it comes to occupancy, due in large part to the increase in out-of-town visitors.The occupancy for Bucks County's hotels and bed-and-breakfasts hit a near 10-year record from May through August, according to tourism agency Visit Bucks County, citing data from Visit Philadelphia, Tourism Economics and STR Inc.Visitor spending generated $895 million in economic impact, supporting 12,000…

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