Taxpayers on the hook for $3 trillion in pensions

Even if the costly state pension system undergoes reform, taxpayers could get stuck with a hefty bill.
Under the current system, unfunded benefit liabilities – the amount states owe in promised retirement benefits beyond what they’ve collected — exceed $3 trillion.
But even moderate policy changes, which are highly controversial, would only trim that […]

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Wendy’s/Arby’s wraps Russian deal

Wendy’s/Arby’s Group Inc. is continuing its international expansion.
The Atlanta-based restaurant company announced a deal Tuesday between its international subsidiary and a Russia-based franchisee to open 180 dual-branded Wendy’s/Arby’s locations in Russia in the next 10 years.
“Russia is a dynamic market which offers significant long-term expansion potential,” Wendy’s/Arby’s CEO Roland Smith said in a release.
The deal […]

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SR One leads investment in NeuroTherapeutics Pharma

SR One, the venture investment arm of pharmaceutical firm GlaxoSmithKline plc, has co-led a $43 million second-round, venture-capital financing of NeuroTherapeutics Pharma Inc.
Fidelity Biosciences, a Cambridge, Mass., division of Fidelity Investments, and MPM Capital, a Boston-based VC firm, co-led the round, according to NeuroTherapeutics Pharma, which announced the financing Thursday.
New York-based biopharmaceutical company Pfizer Inc. […]

Kroenke’s major sports holdings

St. Louis Rams
NFL
1995
40 percent stake
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Arsenal
English Premier League soccer
2007
29.9 percent stake
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Denver Nuggets
NBA
2000
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Colorado Avalanche
NHL
2000
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Colorado Rapids
Major League Soccer
2003
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Colorado Mammoth
National Lacrosse League
2004
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Pepsi Center in Denver
arena
2000
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Dicks […]

Jobs says no to tethered iPad

Apple Inc. CEO Steve Jobs has reportedly quashed the hopes of prospective iPad buyers who thought they might be able to access the Internet with the new devices using their iPhone data plan.
Swedish record producer Jezper Soderlund reports that he asked Jobs about the practice known as tethering in an e-mail:
"I'll keep it short.
I'm Jezper […]

King Says Hedge Funds Didn’t Cause Him to Lose Sleep in Crisis

Bank of England Governor Mervyn King said officials didn’t lose sleep during the financial crisis worrying about the failure of hedge funds, whose model provides a potential solution in regulating the banking system.
“After the failure of Lehman Brothers and the need to recapitalize the banking system, it became very clear that hedge funds, […]

Roth IRAs for teens pay off at tax time

Saving for a teenager’s retirement might sound far-fetched, especially with college costs looming. Who’s got time or money to be planning for the 2060s?
Yet setting up a Roth individual retirement account for your teen can be a smart and rewarding move to consider at tax time. You don’t have to be rich, either.
[…]

Bernanke Lays Groundwork for Exit, Avoids Timetable

Federal Reserve Chairman Ben S. Bernanke laid more groundwork for exiting his record expansion of credit without saying when he’ll take the first step.
Bernanke yesterday described how the Fed might use tools such as interest it pays on banks’ deposits to tighten credit “at some point.” In congressional testimony, he said a potential […]

New Phoenix Coyotes owners commit to long-term lease

The prospective new owners of the Phoenix Coyotes are willing to sign a long-term lease to keep the team in Arizona, but they also are looking at playing some “home” games in western Canada to boost revenue and attendance.
Ice Edge Holdings Inc. also is talking about parking charges at the Glendale-owned Jobing.com Arena to help […]

Home Prices in 20 U.S. Cities Rose for Fifth Month

Home prices in 20 U.S. cities rose in October for a fifth consecutive month, putting the housing market and economy farther along the path to recovery.
The S&P/Case-Shiller home-price index increased 0.4 percent from the prior month on a seasonally adjusted basis, after a 0.2 percent rise in September, the group said today in […]