Roundup: BNY Mellon starts brand campaign; FiOS TV adds sports charges; more
BNY Mellon starts branding campaign this weekend
The Bank of New York Mellon Corp. is starting a global, multi-media brand campaign on Saturday that repositions its metals-colored, arrow-shaped logo over larger “BNY Mellon” lettering and begins referring to itself as “The Investments Company for the World.” Print and digital ads will begin running this weekend in Barron's, followed by placements in The New York Times, The Wall Street Journal, Bloomberg, Reuters and the Financial Times, said bank spokesman Ronald Gruendl. He declined to provide the campaign's budget. In early January, BNY Mellon hired Judy Hu as chief marketing executive, whose 30 years in marketing included stints at General Electric Co., General Motors Corp. and Leo Burnett, the giant ad firm. As part of the brand push, CEO Gerald Hassell will ring the closing bell on the floor of the New York Stock Exchange on Wednesday.
Apple loses out to Exxon Mobil
Apple Inc. surrendered the title of the world's most valuable company to Exxon Mobil Corp. after concern over slowing growth drove the shares to the biggest loss in the Standard & Poor's 500 Index. Apple's 12-month reign as the No. 1 stock ended after the shares slumped 17 percent this year, worse than any other companies in the benchmark gauge for equities. The decline reduced its market capitalization to $413 billion, below Exxon Mobil's $418 billion. Apple shares have fallen by 37 percent from a record in September amid concern that mounting costs and competition may curtail growth.
FiOS to charge for sports channels
With sports-channel costs soaring, Verizon Communication Inc.'s FiOS TV service says it will surcharge millions of customers $2.42 a month for regional sports networks and this week started its first non-sports cable-TV package. FiOS Select HD costs $49.99 a month as compared with $64.99 for a FiOS package with ESPN and other sports channels. DirecTV, the nation's second-largest pay-TV operator after Comcast Corp., also is implementing sports-related surcharges. The actions are taken amid a national debate over sports entertainment, which is estimated to account for half the programming costs in the typical cable- and satellite-TV bill. These are costs in all-sports channels and general-entertainment cable channels with sports, such as TNT.
Subway sorry its ‘Footlong' short
Subway is apologizing that its “Footlong” sandwiches fell short of expectations. The world's largest fast-food chain faced widespread criticism last week when a man posted a photo online showing a “Footlong” next to a tape measure that showed it to be just 11 inches. Subway said Friday that it's redoubling efforts to “ensure consistency and correct length” in all its sandwiches. The company noted last week that bread length could vary when franchisees don't bake to its exact specifications and that it would reinforce policies to ensure consistency. It declined to comment on lawsuit filed this week by two New Jersey men over the subs.
Sports complex seeks financing
The next step in developing a 78-acre Legacy Sports complex in the western portion of Allegheny County is to secure private financing to develop the site with sports fields, green space and a park, according to county officials. The latest action to complete full ownership of the property was taken on Friday by the Redevelopment Authority of Allegheny County, which approved spending $25,000 to purchase a 1.6-acre site, the last piece that was not under county ownership. The property, in portions of Moon, Robinson and Coraopolis, will provide sports field for a variety of sports, said Dennis Davin, the agency's executive director. It will permit extension of the Montour Trail.
Other business news
• Imperial Land Co., owner of a 2,000-acre site near Greater Pittsburgh International Airport in Findlay, wants to provide an 800-acre site for pad-ready development. In an effort to accomplish this, the company wants to obtain tax-increment financing for installation of utility lines and other environmental improvements for the property, called Westport Woods. Approval to prepare a financing plan for the project was approved Friday by the Redevelopment Authority of Allegheny County.
• Discount clothing and accessories retailer Marshalls will open its first Washington County store late this year at the Washington Crown Center Mall. The store will occupy a former antique store space next to Sears. The mall in North Franklin has more than 60 stores and is owned and managed by the Pennsylvania Real Estate Investment Trust. Marshalls has 10 stores in Western Pennsylvania.
• Former Allegheny County Commissioner Robert Cranmer will continue to serve as the county's lobbyist in Harrisburg with approval by the Redevelopment Authority of Allegheny County to extend his contract through Dec. 31 for $42,000, the same as the previous year.
• A $24,000 grant from PNC Foundation will enable Allegheny General Hospital to renew its Workforce Home Benefit program, which encourages its employees to purchase a home on the North Side, close to the hospital. The funds will be used for education workshops for employees, including how to obtain a mortgage from Neighborworks Western Pennsylvania, a nonprofit dedicated to promoting financial empowerment through homeownership.
• WVS Financial Corp., McCandless, said net income jumped 59 percent to $325,000 in the quarter ended Dec. 31, versus $204,000 a year ago. That equaled 16 cents a share, vs 10 cents. The company's West View Savings Bank operated six branches in the Pittsburgh area.
— Staff and wire reports