Pittsburgh does well on tax ranking
Among major world cities and job centers, Pittsburgh has one of the lowest tax burdens for foreign-owned, newly relocated businesses, according to a report by accounting firm KPMG. Of the U.S. cities measured, Pittsburgh came in fifth, behind Cincinnati, Cleveland, Atlanta and Baltimore. Pittsburgh‘s business tax burden is 18.1 percent below the U.S. total tax baseline. Globally, Pittsburgh ranked 15th of the 107 world cities measured. Best in the world is Toronto, the report says. The KPMG report measured a business’s potential tax burden — including corporate income taxes, property taxes and statutory labor costs — over its first decade of operation.
Oracle to buy Micros for $5.3 billion
Oracle Corp. said Monday it has agreed to buy Micros Systems Inc. for $5.3 billion as CEO Larry Ellison seeks to reignite slowing growth by adding software for hotels and restaurants, Oracle said in a statement Monday. The Redwood City, Calif.-based software maker came close to acquiring Micros six years ago only for the deal to fall through at the last minute.
Chester Engineers acquires The Bioengineering Group
Moon engineering services firm Chester Engineers Inc. has acquired Salem, Mass.-based Bioengineering Group for an undisclosed figure. Robert Agbede, president of Chester Group, said the acquisition will allow the company to provide “a full range of scientific, engineering, landscape planning, design and construction services.” Bioengineering Group CEO Wendi Goldsmith will join Chester‘s engineering team as a national sustainability practice leader.
EDMC receives waiver from lenders
Lenders to Downtown-based Education Management Corp. have agreed to waive terms of their loans that call for the company to maintain a certain debt-to-equity ratio. According to a filing with the Securities and Exchange Commission, the company has until July 18 to come up with a five-year business plan as part of the waiver, which will be in place until Sept. 15. In the same filing, EDMC said Danny D. Finuf, who had resigned as president of Brown Mackie Colleges, rescinded his resignation and was reappointed to the job.
Allergan rejects Valeant offer as ‘inadequate’
Allergan Inc. said its directors met over the weekend and unanimously concluded the $54 billion tender offer by Valeant Pharmaceuticals International Inc. is “grossly inadequate.” The Irvine, Calif., company urged shareholders not to tender their shares.
Sales of existing homes up 4.9 percent in May
The National Association of Realtors reported Monday that sales of existing homes increased 4.9 percent in May to a seasonally adjusted annual rate of 4.89 million homes. The monthly gain was the fastest since August 2011, but even with the increase, sales are still 5 percent below the pace in May 2013.
Honda, Mazda, Nissan issue recalls over air bags
Honda, Mazda and Nissan are recalling millions of vehicles globally for defective air bags manufactured by supplier Takata Corp. that could possibly explode.