Dominion subsidiary files to raise $400M in IPO
In an effort to raise capital for a natural gas exporting plan at its Cove Point facility on the Chesapeake Bay in Lusby, Md., Dominion Midstream Partners, a subsidiary of Richmond, Va.-based energy company Dominion Resources, filed Friday to raise $400 million in an initial public offering. The limited partnership, founded earlier this month, owns all interests in Dominion Cove Point LNG LP, and its Cove Point facility, which currently operates as a liquefied natural gas import and storage facility. Even if it receives the necessary capital, Dominion Midstream Partners must still receive regulatory approval before being able to build the facility and export natural gas.
Pa. in bottom half in women’s-owned firms
From 1997 to 2007, Pennsylvania's 297,700 women-owned firms employed 304,400 and raised approximately $52.3 billion, according to the American Express OPEN State of the Women-Owned Businesses Report. Pennsylvania ranked 27th in terms of adding women-owned businesses and 37th in revenue growth for women-owned firms from 1997 to 2014. During the same period, the Pittsburgh metropolitan statistical area had an estimated 52,800 women-owned firms, which employed 62,700 and added approximately $9.5 billion to the economy. Pittsburgh ranks 24th out of 25 MSA's in adding women-owned firms and 23rd in terms of revenue growth between 1997 and 2014.
Firms settle FTC charges over mobile app security
Two companies — Fandango and Credit Karma — have agreed to settle U.S. Federal Trade Commission charges that they failed to take reasonable steps to secure their mobile apps, leaving millions of consumers’ sensitive personal information at risk. The agency said, among other things, the two companies disabled a critical default process known as SSL certificate validation. As a result, the apps were vulnerable to an attacker intercepting any information sent or received. The settlements require the companies to establish security risk programs and undergo independent security assessments every other year for the next 20 years.
Amid growing competition, McDonald’s plans giveaway
McDonald’s is giving away free coffee to its customers for a limited time as competition for the breakfast crowd intensifies. The world’s biggest hamburger chain announced Friday that participating U.S. locations will offer free small McCafe coffees during breakfast hours from Monday through April 13. The announcement comes as Taco Bell rolls out ads to promote its new breakfast menu. Chains like McDonald’s, Taco Bell and Starbucks are all fighting for a piece of the breakfast market because people are increasingly buying breakfast on the go.
As Ford earnings grow, so does Mulally compensation
Ford Motor Co. boosted CEO Alan Mulally’s compensation by 11 percent last year to $23.2 million as the automaker posted record earnings in North America and Asia. Mr. Mulally received $2 million in salary, $5.88 million in bonus and $15.3 million in stocks, options and other compensation, Dearborn, Mich.-based Ford said Friday in a regulatory filing. That compares with $2 million in salary, $3.95 million in bonuses and $15 million in other compensation for 2012. Mr. Mulally, 68, is a former Boeing Co. executive credited with forging a collaborative culture at Ford. Ford has earned $42.3 billion in the last five years after losing $30.1 billion from 2006 through 2008.
From staff and wire reports