Business Briefs: Do­min­ion sub­sid­i­ary files to raise $400M in IPO

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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


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