Business Briefs: 4/10/14


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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


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