Business category, Page 97
U.S. Steel still weighing interest from ‘highly credible bidders’ as it considers sale
U.S. Steel says it is still reviewing bids to buy the iconic Pittsburgh-based company, but executives on Friday refrained from giving a timeline for a decision. On the steelmaker’s third-quarter earnings call, David Burritt, president and CEO, noted that after “receiving multiple unsolicited proposals from credible bidders, ranging from the...
Economy grew at a 4.9% pace last quarter, fastest since 2021Video
The U.S. economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months. Gross domestic product accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The...
Argentine restaurant, Balvanera, opens its doors in Pittsburgh’s Strip District
For the owners of the Argentine restaurant Balvanera, opening in the Strip District is a bit of a homecoming. Meredith Boyle grew up in Aspinwall. On one of their many trips back to her hometown, her husband Chef Fernando Navas fell in love with the city as well. So when...
Southwest Airlines quarterly profit slides 30%, says growth will slow next year
DALLAS — Southwest Airlines’ third-quarter profit fell 30% to $193 million despite record revenue as leisure travel boomed over the summer. The airline’s labor costs rose sharply, however, more than offsetting the increase in revenue. Southwest predicted Thursday that a key measure of pricing power will fall sharply in the...
Bud Light to return as the UFC’s official beer next year as it recovers from a conservative backlash
NEW YORK — Bud Light is set to return as the official beer of the UFC in the U.S. next year as the brand tries to recover from a conservative backlash to a promotion with a transgender influencer. Under a new multiyear marketing deal between the promoter of mixed martial...
Autoworkers reach a deal with Ford, a breakthrough toward ending strikes against Detroit automakers
DETROIT — The United Auto Workers union said Wednesday it has reached a tentative contract agreement with Ford that could be a breakthrough toward ending the nearly 6-week-old strikes against Detroit automakers. The four-year deal, which still has to be approved by 57,000 union members at the company, could bring...
Armstrong County hospital considers affiliation with Indiana, Punxsutawney hospitals
Armstrong County Memorial Hospital said Wednesday it is considering a possible affiliation with the hospitals in Indiana and Punxsutawney, in another sign of Western Pennsylvania’s hospitals banding together in a difficult time for community health care systems. The Kittanning-based hospital said Wednesday it signed a nonbinding letter of intent “to...
Strongest U.S. economic growth since 2021 puts Fed in tough spot
The U.S. economy likely expanded in the third quarter at the fastest clip in nearly two years, a surprising acceleration primarily powered by a consumer reaping the benefits of resilient job growth, rising wealth and easing inflation. Gross domestic product is projected to have grown at an annual rate of...
John Dorfman: The sweet spot between small and midsize stocks
I’m partial to small and midsize stocks, and I especially like the size that’s right on the border between them. “Large” in the stock market these days means $10 billion or more in market value, by my classification. Midsize stocks are $1 billion to $10 billion, and small stocks are...
Uno Pizzeria in Waterfront has closed
Uno Pizzeria and Grill, one of the original tenants at The Waterfront in Homestead, has baked its last pie. A note on the Facebook page of the Boston-based chain said it is permanently closed. The Waterfront management office confirmed the restaurant has gone dark. Calls to the restaurant were unanswered...
California Gov. Newsom has surprise meeting with China’s leader Xi amid warm welcome in Beijing
BANGKOK — California Gov. Gavin Newsom had a surprise meeting with Chinese leader Xi Jinping in Beijing on Wednesday after being warmly welcomed by other senior leaders in a display of friendliness that stands in sharp contrast to the dialogue between the U.S. and China in recent years. The governor...
States sue Meta claiming its social platforms are addictive and harm children’s mental health
Dozens of states, including California and New York, are suing Meta Platforms Inc. for allegedly harming young people and contributing to the youth mental health crisis by knowingly and deliberately designing features on Instagram and Facebook that addict children to its platforms. A lawsuit filed by 33 states claims Meta...
Westinghouse to base its nuclear battery operations in EtnaVideo
Nuclear power pioneer Westinghouse is expanding its footprint in Western Pennsylvania and renewing its commitment to nuclear innovation with a new facility in Etna. Westinghouse signed a lease for an 87,420-square-foot building at 51 Bridge St. The Cranberry-based company plans to make the most critical component of its eVinci nuclear...
Officials celebrate Pa.’s 2 hydrogen hubs, but many details remain shrouded in secrecyVideo
Spotlight PA is an independent, nonpartisan, and nonprofit newsroom producing investigative and public-service journalism that holds power to account and drives positive change in Pennsylvania. HARRISBURG — Pennsylvania officials are celebrating the Biden administration’s announcement that it will invest $1.6 billion to build hydrogen hubs partially located in the state...
United Concordia strikes deal for $3 billion dental contract with DOD
A dental subsidiary of Highmark Health inked a 5-year deal with the Department of Defense. United Concordia Companies, Inc. has been awarded a more than $3 billion contract to administer the Tricare Dental Program, which covers about 1.8 million active duty service members, National Guard and Reserve members and their...
Feds award nearly $25M to Pittsburgh high-tech energy projects
Two projects seeking to advance high-tech energy efforts in the Pittsburgh area were recently awarded nearly $25 million from the U.S. Department of Energy. Duquesne Light is receiving $19.7 million to enhance grid flexibility and improve the power system’s resilience against extreme weather events caused by climate change, while Carnegie...
$43M CCAC facility to focus on robotics, other advancing technologies
Justin Starr spent years working in Pittsburgh’s robotics industry and saw first-hand the disconnect between the skills students often leave colleges with and those his industry desperately sought. “We always had great success on the engineering end, but when it came to getting technicians to do things like actually build...
Tech startup for sexual assault survivors moves to Lawrenceville
A health care tech startup that provides at-home early evidence kits for sexual assault survivors has moved its headquarters to Pittsburgh. Leda Health has officially moved from the Brooklyn borough of New York City to Lawrenceville. The Butler Street location is under construction, with the goal to be completed Nov....
Panera Bread sued after Pa. student dies from ‘charged lemonade’
Panera Bread has been sued after the death of a University of Pennsylvania student. The student — who had a heart condition — had reportedly drank one of the chain’s “charged lemonades” prior to passing away. NBC News reports how the lawsuit was filed Monday in the Philadelphia Court of...
Chevron buys Hess for $53 billion, 2nd megadeal in the oil patch this month as energy prices soar
Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Crude prices rose sharply in early 2022 with Russia’s invasion of Ukraine and are hovering around $90 per barrel...
Allegheny County Council proposal would ban single-use plastic bags
Allegheny County Council is set to consider a ban on single-use plastic bags that largely mimics a similar measure recently implemented in Pittsburgh. The measure is set to be introduced to County Council on Tuesday. Council members Anita Prizio, Olivia Bennett, Michelle Naccarati-Chapkis and Paul Klein are sponsoring the legislation....
Rollout of Pittsburgh’s plastic bag ban leaves some customers, businesses confused
Pittsburgh officials say they are working to address areas of confusion as the city’s plastic bag ban takes effect. The ban, meant to reduce litter and waste, went into effect earlier this month. It prohibits most single-use plastic bags, but allows exceptions for unpackaged prepared foods, produce bags, meat packaging,...
Bus driver shortage leaves schools, public transit agencies scrambling
A shortage of drivers is pinching school bus companies and public transit agencies that are left scrambling to transport students and workers, fill vacancies and keep their current stable of employees from burning out. “It’s just hard to get drivers. We just can’t figure it out,” said James Varner, manager...
Company bosses and workers grapple with the fallout of speaking up about the Israel-Hamas war
NEW YORK — Starbucks accused a union representing thousands of its baristas of damaging the brand and endangering co-workers with a pro-Palestinian tweet. The CEO of a prominent tech conference is facing boycotts after he publicly suggested Israel was committing war crimes. Company bosses have vowed never to hire members...
Average long-term U.S. mortgage rate surges to 7.63% — highest level since 2000
LOS ANGELES — The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000. The average rate on the benchmark 30-year home loan rose to 7.63% from 7.57% last week, mortgage buyer Freddie Mac said Thursday. A...
