TribLIVE

| Business


Business Briefs

Roundup: Mylan advances in bidding for drug portfolio; Apple’s stock bounces back to hit a new high; more

By Staff and Wires 12:01 a.m.
Mylan advances in bidding  for drug portfolio, report says Mylan Inc., several private equity groups and Indian drug makers have advanced to the second round of bidding for a portfolio of drugs being sold by GlaxoSmithKline GSK, according to the …

Roundup: PetSmart considers selling itself; Peanut, almond butter recalled for salmonella risk; more

By Staff and Wires
PetSmart to consider selling itself PetSmart says it is considering putting itself up for sale after receiving pressure from investors. The pet supply chain said Tuesday that it will weigh “strategic alternatives” after a board review that included conversations with …

Roundup: Heinz recalls baby food in China; Older Honda Accords, Civics top most stolen car rankings; more

By Staff and Wires
Heinz recalls  baby food in China  over lead concerns H.J. Heinz Co. recalled baby cereal in China after testing revealed lead content that was higher than allowed. The Downtown-based food company said four batches of Heinz AD Calcium Hi-Protein Cereal …

Roundup: ‘62 Ferrari 250 GTO sells for record $38 million at Monterey Car Week; McCormick recalls ground oregano for possible salmonella; more

By Staff and Wires
’62 Ferrari 250 GTO sells for record $38M A 1962 Ferrari 250 GTO sold at auction on Thursday  night in Carmel, Calif., for about $38 million — a record, but far less than many experts had predicted. Classic car experts …

Roundup: Chiquita rejects new $611M takeover bid; Wal-Mart cuts profit outlook as sales stay sluggish, costs mount; more

By Wires
Chiquita Brands rejects  new $611M takeover bid Banana distributor Chiquita Brands said it is rejecting a $611 million buyout offer from investment firm Safra Group and the Brazilian agribusiness and juice company Cutrale Group. Chiquita said the offer, extended on …

Roundup: Regulators approve Range’s plans to close impoundment; Dealers expected to expand new-car incentives; more

By Staff Reports
Range’s plans approved to close impoundment State regulators have approved Range Resources Corp.’s plan to close a Washington County gas drilling wastewater impoundment that is a the subject of environmental citations. The state Department of Environmental Protection imposed 10 conditions …

Roundup: Citizens expands commercial banking; 360fly raises $17.8M for camera launch; more

By Staff and Wires
Citizens expands commercial banking Citizens Financial Group is expanding commercial banking services nationwide. The Rhode Island-based bank, a subsidiary of Royal Bank of Scotland, said Wednesday that it was hiring teams of commercial bankers in Washington, Charlotte, Atlanta, Dallas and …

Rex Energy increasing drilling acreage with purchase from Shell

By Tribune-Review
Rex Energy Corp. said Tuesday it agreed to buy drilling rights beneath more than 200,000 acres of land in Pennsylvania and Ohio from an affiliate of Royal Dutch Shell. The State College-based company said it would spend $120 million on …

Business roundup: Citizens Financial Group names directors with IPO experience; more

By Staff and Wires
Citizens’ board  adds directors  with IPO experience Two board members have joined Citizens Financial Group as the Rhode Island-based bank prepares to break from its corporate parent in the United Kingdom. In joining Citizens’ board, Mark Casady and Robert Gillespie …

Roundup: Oxford trims plans for Downtown tower; GNC discloses compensation for new CEO; more

By Staff
Oxford trims plans for Downtown office tower on Smithfield Street Oxford Development Co. has scaled down its plans for a Downtown office tower on Smithfield Street — lopping multiple floors from the building. The plan calls for an energy-efficient LEED-certified …

Horsehead Holdings reports wider 2Q loss

By John D. Oravecz
Horsehead Holdings Corp. reported a second-quarter loss and said Shell Chemical continues to review Horsehead’s closed plant in Center and Potter for a proposed petrochemical complex. Crafton-based Horsehead’s net loss of $5.1 million, or 10 cents a share, compared with …

Roundup: Shale gas production hits a record; US regulators: Banks’ failure plans inadequate; more

By Staff and Wires
Marcellus shale gas production  hits a record Gas production from the Marcellus shale beneath Pennsylvania, West Virginia and Ohio reached record levels in July, the Energy Information Administration said Tuesday. As the agency predicted, total production exceeded 15 billion cubic …

Business roundup: Feds seek GM’s subprime records; U.S. airfares on the rise; more

By Staff and Wires
Feds seek GM’s subprime records The lending unit of General Motors Co., the largest American automaker, said the Department of Justice has subpoenaed documents related to its subprime lending practices. The July 28 subpoena covers documents related to origination and …

Roundup: Huntington Bancshares to cut 200 jobs; Kennametal posts drop in 1Q profit; more

By Staff and Wires
Huntington Bancshares to cut jobs in 6 states Huntington Bancshares is laying off about 200 employees across six states as part of a restructuring. The Columbus, Ohio-based bank did not say how many people would be affected in Pittsburgh, where …

Roundup: U.S. Steel’s stock soars to a three-year high; Casey pushes administration for action on tax inversion deals; more

By Staff and Wires
U.S. Steel’s  stock soars  to 3-year high U.S. Steel Corp.’s stock soared nearly 20 percent to a three-year high on Wednesday, a day after it reported an improved bottom line that beat analysts’ estimates and a stronger forecast for the …

Bayer posts higher sales, earnings

By Bloomberg News
Bayer AG’s second-quarter operating earnings rose on improved sales of new heart, cancer and eye drugs even as a stronger euro and the weaker performance of older products restrained profit. Earnings climbed 1 percent to $2.95 billion, the Leverkusen, Germany-based …

Roundup: Study finds 35 percent in U.S. facing debt collectors; JPMorgan paying $650K to settle CFTC charges; more

By Staff and Wires
Study: 35%  in U.S. target  of debt collectors More than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies, according to a study released on Tuesday by the Urban Institute. These consumers fall …

Roundup: Range Resources increases profits to $171.4 million in Q2; Zillow to buy Trulia; more

By Staff and Wires
Quarterly profits rise for Range Resources Range Resources Corp. continued to increase its profits by bolstering its gas well production in the Marcellus shale despite pipeline and processing glitches. The Fort Worth company with a regional headquarters in Cecil posted …

Roundup: Citizens Bank parent says 6-month profit doubles; Former Heinz CEO leaving EDMC board; more

By Staff and Wires
Citizens Bank parent 6-month profit doubles; cost-cutting on track Royal Bank of Scotland Group Plc said first-half profit almost doubled as impairment charges fell and forecast it will meet a cost-cutting target of $1.7 billion in 2014. Britain’s largest state-owned …

Roundup: Wabtec 2Q profit jumps 18.9%; American Airlines boosts profit on higher revenue; more

By Staff and Wires
Wabtec 2Q profit jumps 18.9%; raises forecast for year Rail supplier Wabtec Corp. on Thursday posted an 18.9 percent increase in second-quarter profit because of strong growth in both its freight car and transit technology segments. Net income was $88.7 …