NYSE prods FAB to submit plan for filing SEC report
The New York Stock Exchange is giving FAB Universal until next Thursday to submit a plan for filing its annual report with the Securities and Exchange Commission or face delisting from the stock exchange. The Pittsburgh-based digital content provider's failure to file the report on time triggered the notice. Trading in FAB shares was halted in November after critics accused the company of not disclosing a bond offering and exaggerating the magnitude of its Chinese operations. The company subsequently restated its financial statements to reflect the bond offering and said it is investigating the other allegations. When asked whether FAB intends to meet the April 17 deadline, company spokesman Greg Jakub declined comment.
Pittsburgh lost jobs over last 12 months
The U.S. Bureau of Labor Statistics released metropolitan-area employment statistics for February on Wednesday, and the comparison was not good for Pittsburgh. The Pittsburgh metropolitan statistical area had the second-largest loss of jobs year over year of any of the 286 metropolitan areas the bureau tracks. The region lost 5,200 jobs over the year. For the 38 largest metropolitan areas with more than 750,000 jobs, Pittsburgh had the largest percentage decline of jobs, losing one-half of 1 percent of the jobs. It was one of only four of the 39 largest regions that lost jobs.
Talk on creating good jobs to be held Friday
Zeynep Ton, a professor at the Massachusetts Institute of Technology Business School and the author of "The Good Jobs Strategy," will be speaking from 1:30 to 3 p.m. Friday at the Kelly-Strayhorn Theater. The program, sponsored by the Keystone Research Center, is free and open to the public.
Latitude 40 operator agrees to merger
Latitude 360, a Jacksonville, Fla., company that operates three venues including Latitude 40 in North Fayette, has agreed to merge with Kingdom Koncrete, a public company. The transaction expected to close by early May is meant to allow Latitude 360, which will retain its name, to apply to trade over the counter under the symbol LATX.
Toyota recalls 1.8M vehicles in the U.S.
Toyota Motor Corp. is recalling nearly 1.8 million vehicles in the U.S. for various safety problems, including air bags that may fail to deploy. The Japanese automaker announced the U.S. recall Wednesday as part of a broader recall of 6.39 million vehicles — and 27 Toyota models — globally. In the U.S., the recall includes the 2009-10 Corolla, 2009-10 Matrix, 2008-10 Highlander, 2009-10 Tacoma, 2006-08 RAV4 and 2006-10 Yaris.
Twitter tweaks website to attract new users
As Twitter looks to broaden its appeal beyond its 241 million users, the company is introducing a redesign of profile pages that includes bigger photos, more user controls and a distinct resemblance to Facebook. As part of changes, users will be able to “pin” one of their tweets to the top of the page to give others an idea of the topics they like to tweet about.
Wholesale stockpiles up 0.5 percent in February
Wholesale businesses boosted stockpiles by 0.5 percent in February following an increase of 0.8 percent in January, the Commerce Department reported Wednesday. Sales rose 0.7 percent in February, rebounding from a sharp 1.8 percent drop in January blamed in part on severe weather that cut into demand.
Mars to buy P&G pet-food brands
Mars Inc., the closely held maker of Pedigree and Whiskas brands, agreed to buy three Procter & Gamble Co. pet-food brands for $2.9 billion, cementing its lead in the industry. The transaction will be completed in the second half of the year, the companies said Wednesday. The acquisition gives Mars the Iams, Eukanuba and Natura lines.
From staff and wire reports