Pittsburgh Business News - Local Pittsburgh News | The Pittsburgh Business Times

Dow edges up Thursday

Patty Tascarella — Thu, 24 May 2012 20:43:15 +0000

The Dow Jones Industrial Average managed a 33.60-point gain Thursday, ending trading at 12,529.75, up 0.27 percent. Nasdaq fell 10.74 points, or 0.38 percent, to 2,839.38. Among a sampling of Pittsburgh companies, Education Management Corp. (Nasdaq:EDMC) saw the biggest percentage change, down 5.04 percent to $8.11 per share, a penny above its 52-week low. Allegheny Technologies Inc. (NYSE:ATI) slipped 2.36 percent to $34.78 per share. But PPG Industries Inc. (NYSE:PNC) rose 3.37 percent to $104.20...

Oxford introduces office tower plan

Tim Schooley — Thu, 24 May 2012 20:42:34 +0000

Oxford Development Co. proposed both a big vision and a back-up plan today in its 50th-anniversary bid to join Downtown’s new building boom. The company’s leadership introduced a plan to replace a long established six-story building at 441 Smithfield Street with a new 33-story, 772,000-square-foot office tower, based on a design by Green Tree-based DLA+ Architecture & Interior Design. Then they laid out the back-up plan: A full renovation of the established 441 Smithfield Street building, which...

Juniper Village license restored

Kris B. Mamula — Thu, 24 May 2012 18:56:18 +0000

Westmoreland County personal care home Juniper Village at Huntingdon Ridge has passed a state Department of Public Welfare inspection deficiency-free, the facility announced on Wednesday. “This is a tremendous accomplishment and one which few senior living residences ever achieve,” Juniper Communities Regional Director Cindy Longfellow said in a prepared statement. “It is truly a testimony to the leadership training and oversight that has been put in place and to staff attention to quality...

UPMC fires back in antitrust lawsuit

Kris B. Mamula — Thu, 24 May 2012 18:54:26 +0000

Highmark Inc. has been buying up real estate in the region with plans to open outpatient centers that compete with community hospitals, part of a bigger strategy to club independent hospitals into acquiescence, a new federal court filing alleges. Community hospitals accept Highmark’s “take it or leave it contract renewals, denials of coverage, slow pay tactics and future (patient) steering” out of fear of losing revenue to Highmark’s medical malls and outpatient centers, which are planned...

Scenes from Innovation Works Investor Day - Slideshow

Malia Spencer — Thu, 24 May 2012 17:32:30 +0000

The annual Investor Day of the nonprofit seed-stage investment group Innovation Works was held Thursday. The day was also the culmination of the latest class of Innovation Works' accelerator AlphaLab. Each of the six companies made their best pitch to potential investors as well as officially launching themselves in the market. We wrote about the companies Wednesday as well as Innovation Works' annual report. But here's what you would have seen if you attended Investor Day, courtesy of our tech...

DeYoung to serve as AIA secretary

Tim Schooley — Thu, 24 May 2012 15:46:12 +0000

Richard DeYoung, president and chief executive officer of North Side-based WTW Architects, one of Pittsburgh’s largest architecture firms, will serve as secretary for the national organization of the American Institute of Architects. An active member of the organization both locally and nationally, DeYoung, who has been president of WTW since 2003, was elected to serve for the organization’s 2013-2014 term. For his new role, DeYoung said in a prepared statement: “I am committed to a comprehensive...

CFO of the Year winners discuss globalization, uncertainty

Jennifer Curry — Thu, 24 May 2012 14:53:21 +0000

Three Pittsburgh-area CFOs discussed the challenges and opportunities of doing business in an increasingly globalized and uncertain world at a panel discussion held at the Rivers Club Thursday morning. The Pittsburgh Business Times hosted the event, which included winners from the 2011 CFO of the Year award program. Panelists included Craig Creaturo of II-VI Inc., Matthew Davin of Dynamics Inc. and Larry Friend of Werner Ladder Co. “Globalization is one of the main things we’ve seen across...

Wabtec wins $34M NYC subway contract

Paul J. Gough — Thu, 24 May 2012 14:47:57 +0000

Wilmerding-based rail manufacturer Wabtec Corp. will provide brake parts for 473 New York City transit cars that will be delivered between 2013 and 2015. The $34 million contract includes Wabtec (NYSE: WAB) brakes, couplers, door operators and event recorders for the Kawasaki subway cars. Only 103 of the cars will be new, while the rest are existing cars that will be upgraded. "This is a significant project to expand and modernize a portion of the subway car fleet in New York City, and we're pleased...

Port Authority on holiday service Monday

Thu, 24 May 2012 14:46:21 +0000

The Port Authority of Allegheny County will be on a holiday schedule Monday in honor of Memorial Day. The transit agency said the holiday schedule will affect bus, T and incline service, and the customer line will be open from 8 a.m. to 4:30 p.m., even though the Downtown Service Center will be closed. There will be two-car light rail service for most of the weekend, as well as extra T and subway service possible for the Pirates games.

Bruster's Real Ice Cream to open in Guyana

Paul J. Gough — Thu, 24 May 2012 14:45:24 +0000

Bruster's Real Ice Cream has gone international with a franchise agreement to open a location in Georgetown, Guyana. The Pittsburgh-based ice cream retailer signed a master franchise agreement with W&T George and Co. Ltd. for the Guyana location. There are 14 more Bruster's Real Ice Cream locations that could be opened by W&T George including in Jamaica, Suriname, Barbados, and Trinidad and Tobago. Guyana is a country on the northern coast of South America. Georgetown is the largest city in the...