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Business briefs
Residential telephone customers in Pennsylvania would save at least $128 million if Verizon Communications enters the state's long-distance market, according to a nonprofit group in Washington that claims to represent the interest of residential customers. The Telecommunications Research and Action Center estimated that Verizon's entry into the long-distance market would result in lower prices that should save residential customers $51 million a year on long-distance charges and $77 million a year on local charges. The center based its findings on the experience of New York residential customers during the first year Verizon offered long-distance in that state. The Federal Communications Commission is weighing Verizon's application, and a decision is expected this month.
Laurel Networks Inc.
Laurel Networks Inc., a Robinson Township-based designer of telecommunication network routers, sees the telecommunications market beginning to stabilize, with carriers are finally devising working capital budgets for 2002, said Steve Vogelsang, a Laurel co-founder and vice president of marketing. Laurel Networks has improved its flagship product to make it compliant with the Internet Engineering Task Force working document, which Laurel engineers helped author. Laurel, which employs 130, was founded two years ago by six former Fore Systems employees, has developed a new router that simplifies telecommunications networks.
Chevron Corp.
The only remaining barriers to Chevron Corp.'s $39 billion acquisition of fellow oil titan Texaco Inc. is a nod from shareholders -- and a hefty sale of assets that federal regulators made a condition of their approval Friday. The Federal Trade Commission voted 4-0 to approve the merger, which would create the second-largest oil company in the nation and the world's fourth-largest. Chairman Timothy J. Muris recused himself from the vote. San Francisco-based Chevron agreed to buy Texaco in October 2000 in a stock deal valued at $39.3 billion.
General Motors Corp.
General Motors Corp. passed the death sentence on its struggling Oldsmobile division in December. Now the execution date has been set. GM said Friday it would end production of the Oldsmobile line with the 2004 model year, although production of the Intrigue and Aurora would end sooner. ``Oldsmobile production has remained unprofitable,'' the company said. Sales of through August were down 14.5 percent from the first eight months of 2000. August sales were off 14.9 percent from last year. Oldsmobile is the oldest automotive brand name in U.S. history.
Seven Springs Mountain Resort
Seven Springs Mountain Resort in Somerset County selected Pittsburgh-based Flaherty Sabol Carroll Marketing Communications as its new marketing and public relations agency. The announcement comes just two months after Seven Springs, the largest year-around resort in the state, unveiled plans to invest more than $230 million in facility improvements and residential development as part of a five-year master plan that includes the addition of a new hotel, three residential communities, ski terrain & lifts and a waterpark.
Marconi Plc
Marconi Plc's credit rating was lowered two notches to the highest junk grade by Moody's Investors Service on concern that slower sales at the U.K.'s biggest phone- equipment maker will hurt its ability to pay off debt. Moody's cut the senior debt rating to ``Ba1'' from ``Baa2'' and said the outlook is negative. The rating action affects about $3.2 billion of Marconi debt securities, Moody's said.
Newsletter
An electronic bulletin board and e-mail newsletter service for Pittsburgh's high technology sector promises to keep local techies networked as it promotes the region's technology economy to venture capitalists and others both inside and outside the region. Launched in July, www.pitttechnews.com, says 300 have signed up for its free newsletter.
Bloomberg Pittsburgh Index
Pittsburgh-area stocks fell on Friday. The Bloomberg Pittsburgh Index, a price weighted list of companies with operations in the region, declined 3.34 to 171.20.
Circuit City Stores Inc.
Shares of Circuit City Stores Inc. tumbled more than 21 percent Friday after the retailer said its electronics store sales sank in the second quarter. The report came a day after rival electronics retailer Best Buy Co. said its sales were stronger than anticipated in the same period. Circuit City Stores, which owns Circuit City and CarMax stores, said its overall sales fell 9 percent to $2.89 billion for the quarter ending Aug. 31 from $3.18 billion last year.
From staff reports, The Associated Press, Dow Jones, Knight-Ridder, Reuters and Bloomberg News.
Laurel Networks Inc.
Laurel Networks Inc., a Robinson Township-based designer of telecommunication network routers, sees the telecommunications market beginning to stabilize, with carriers are finally devising working capital budgets for 2002, said Steve Vogelsang, a Laurel co-founder and vice president of marketing. Laurel Networks has improved its flagship product to make it compliant with the Internet Engineering Task Force working document, which Laurel engineers helped author. Laurel, which employs 130, was founded two years ago by six former Fore Systems employees, has developed a new router that simplifies telecommunications networks.
Chevron Corp.
The only remaining barriers to Chevron Corp.'s $39 billion acquisition of fellow oil titan Texaco Inc. is a nod from shareholders -- and a hefty sale of assets that federal regulators made a condition of their approval Friday. The Federal Trade Commission voted 4-0 to approve the merger, which would create the second-largest oil company in the nation and the world's fourth-largest. Chairman Timothy J. Muris recused himself from the vote. San Francisco-based Chevron agreed to buy Texaco in October 2000 in a stock deal valued at $39.3 billion.
General Motors Corp.
General Motors Corp. passed the death sentence on its struggling Oldsmobile division in December. Now the execution date has been set. GM said Friday it would end production of the Oldsmobile line with the 2004 model year, although production of the Intrigue and Aurora would end sooner. ``Oldsmobile production has remained unprofitable,'' the company said. Sales of through August were down 14.5 percent from the first eight months of 2000. August sales were off 14.9 percent from last year. Oldsmobile is the oldest automotive brand name in U.S. history.
Seven Springs Mountain Resort
Seven Springs Mountain Resort in Somerset County selected Pittsburgh-based Flaherty Sabol Carroll Marketing Communications as its new marketing and public relations agency. The announcement comes just two months after Seven Springs, the largest year-around resort in the state, unveiled plans to invest more than $230 million in facility improvements and residential development as part of a five-year master plan that includes the addition of a new hotel, three residential communities, ski terrain & lifts and a waterpark.
Marconi Plc
Marconi Plc's credit rating was lowered two notches to the highest junk grade by Moody's Investors Service on concern that slower sales at the U.K.'s biggest phone- equipment maker will hurt its ability to pay off debt. Moody's cut the senior debt rating to ``Ba1'' from ``Baa2'' and said the outlook is negative. The rating action affects about $3.2 billion of Marconi debt securities, Moody's said.
Newsletter
An electronic bulletin board and e-mail newsletter service for Pittsburgh's high technology sector promises to keep local techies networked as it promotes the region's technology economy to venture capitalists and others both inside and outside the region. Launched in July, www.pitttechnews.com, says 300 have signed up for its free newsletter.
Bloomberg Pittsburgh Index
Pittsburgh-area stocks fell on Friday. The Bloomberg Pittsburgh Index, a price weighted list of companies with operations in the region, declined 3.34 to 171.20.
Circuit City Stores Inc.
Shares of Circuit City Stores Inc. tumbled more than 21 percent Friday after the retailer said its electronics store sales sank in the second quarter. The report came a day after rival electronics retailer Best Buy Co. said its sales were stronger than anticipated in the same period. Circuit City Stores, which owns Circuit City and CarMax stores, said its overall sales fell 9 percent to $2.89 billion for the quarter ending Aug. 31 from $3.18 billion last year.
From staff reports, The Associated Press, Dow Jones, Knight-Ridder, Reuters and Bloomberg News.
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- 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
