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Stage union to vote on contract with symphony
PNC switches partner
PNC Financial Services Group Inc., Pennsylvania's biggest bank, signed an agreement with Wells Fargo & Co. to offer mortgages in the Washington, D.C., area, with plans to expand the partnership to its other markets later this year. PNC will offer the loans through its branches, its PNC Advisors' offices or through its call center, the company said Wednesday. The banks will split fees collected from the mortgages PNC originates, said PNC spokesman Patrick McMahon. The partnership replaces one entered into in 2003 between Pittsburgh-based PNC and PHH Corp., he said. Both companies will provide an undisclosed amount of start-up capital to fund the mortgage offerings, McMahon said.
Sony shuffles executives
Sony Computer Entertainment America Inc. said Wednesday it was shuffling its executive ranks, just a week before its Japanese parent is slated to announce a massive strategy overhaul. Under the management change, Andrew House, who has overseen marketing and promotions for SCEA since 1996, will be chief marketing officer at Sony Corp., a newly created position. Jack Tretton, who oversees sales at SCEA, in Foster City, Calif., will become co-chief operating officer for the division, reporting to Kaz Hirai, president and chief executive. The moves come a week before Sony will tell analysts about its strategic plans. "This sounds to me like a preview of what we're going to see next week," Caris & Co. analyst Mark Stahlman said.
US Airways cuts Johnstown flights
US Airways is cutting flights from Johnstown to Washington Dulles International Airport on Oct. 13. The Johnstown flights included a stop in Altoona. Direct flights from Altoona to Dulles will continue, the airline said, although the airline's Altoona-to-Pittsburgh flights will be cut Nov. 9. Direct flights from John Murtha Johnstown-Cambria County Airport to Pittsburgh will continue. The Dulles flight cuts were an unwelcome surprise to officials who run the Johnstown airport, who were planning an advertising campaign based on the Dulles flights called "Fly from Johnstown."
Delie named bank CEO
Vincent J. Delie Jr. has joined First National Bank of Pennsylvania as president and CEO of the Pittsburgh region. Delie was previously executive vice president and division manager for corporate banking for National City Bank of Pennsylvania. Delie replaces Andrew Hasley, a local bank veteran, who was named president and CEO of Allegheny Valley Bank in July. Delie, of Sewickley, will oversee all aspects of commercial lending in First National Bank's Pittsburgh and Southern regions. He will also be in charge of the retail and private banking operations in the Pittsburgh region. First National Bank is the largest subsidiary of FNB Corp., based in Hermitage, Mercer County.
Education firm faces inquiry
Education Management Corp. said the U.S. Securities and Exchange Commission is inquiring into the trading of its common stock. The Pittsburgh-based company, in its annual report filed Tuesday, said this likely relates to trading by a former director prior to a third-quarter earnings announcement. The stock rose 11 percent May 6 after a report of improved earnings and an analyst upgrade. The company said the trades "appeared to violate" securities laws, although the unnamed former director later paid $530,000 to the company, representing his/her profit. The company said it reported this payment to the SEC, which will be recorded as increase in shareholders' equity in the first quarter of fiscal 2006; the company is cooperating with the inquiry.
Levin furnishing new jobs
General Industries of Charleroi and Levin Furniture will break ground today for construction of a 110,630-square-foot distribution center at Levin headquarters in Smithton. The project is expected to create 44 jobs. Robert Levin said state loans totaling $2.5 million will help finance the $5 million warehouse and distribution center expansion. Levin Furniture operates a dozen retail showrooms in Western Pennsylvania and eastern Ohio, employing about 700 people. Levin said he expects sales to reach $140 million this year, up sharply from $57 million in 1997, when Levin moved to the Smithton facility.
World Health under SEC probe
Medical staffing firm World Health Alternatives Inc. said it is under investigation by the U.S. Securities and Exchange Commission. The Wilkins-based company, which has struggled since founder and chief executive Rich McDonald resigned last month, also said in an SEC filing that it's paying management consulting firm Alvarez & Marsal LLC $125,000 a month. Two Alvarez managing directors are working at the firm: Scott Phillips as chief restructuring officer, and Dr. David Friend as an unnamed executive officer. The Alvarez team will suggest cost cuts and may develop a restructuring plan that could include a bankruptcy filing.
PDG Earnings
PDG Environmental Inc. reported second-quarter net income of $374,000, or 3 cents per diluted share, up from $295,000, or 2 cents a share, one year ago. Revenue for the quarter ended July 31 totaled $16.3 million, up 8 percent from $15.2 million a year ago, according to the Churchill-based provider of asbestos and lead abatement and other environmental services.
Other business news
More Business Briefs headlines
- Yahoo shares up on new talk of deal
- Starbucks closing 600 stores nationwide
- Dominion plans gas pipeline across state
- American Eagle stock falls after exec gives notice
- GM, Ford shares drop to new lows
- Survey results show drivers of new cars less satisfied
- Chicago boatmaker cuts 1,000 jobs to reduce costs
- Mylan Inc. and Barr Pharmaceuticals Inc. wins patent ruling
