Transit workers hit picket lines in PhillyUPPER DARBY — Commuters scrambled Tuesday to find alternate ways to travel as transit workers in Philadelphia hit the picket lines after the city’s main transit agency and a union representing about 4,700 workers failed to reach a contract agreement.The union went on strike at 12:01 a.m. today, shutting down Southeastern Pennsylvania Transportation Authority buses, trolleys and subways that provide about 900,000 rides a day. The strike does not affect commuter rail lines and most service outside the city.

CenturyLink to buy Level 3 for $24BNEW YORK — CenturyLink said Monday that it will pay about $24 billion to buy telecommunications company Level 3, in an effort to expand its services for businesses.CenturyLink provides internet, TV and phone services to consumers, as well as data and IT services for businesses. Level 3, based in Broomfield, Colorado, provides data, video and other communication services to businesses and government agencies.Level 3 shareholders will receive about $66.50 in cash and a portion of CenturyLink stock for each share of Level 3 they own. The companies valued the deal at $34 billion, when debt is included.

Sony’s 2nd-quarter profit plunges 86%TOKYO — Sony Corp.’s net profit plunged 86 percent in the last quarter from a year earlier, the company said today, as its profitability was hammered by a strong yen and lagging smartphone sales.The Japanese electronics and entertainment giant reported a $45.8 million net profit in July-September. Net profit was 33.6 billion yen in the same period a year earlier.Sales dropped nearly 11 percent to $16.1 billion in the last quarter, down from 1.89 trillion yen a year earlier, the company said in a statement.A strong yen hurts earnings of Japanese exporters when translated into yen.