Gas prices here decline
Drivers filling up in the Pittsburgh region are seeing gasoline prices 4.3 cents lower than a week ago. According to GasBuddy.com, the average per-gallon price in the region is $3.63, compared with the national average of $3.54. Pittsburgh gas prices Sunday were 31.7 cents per gallon below the average from a year ago, and Patrick DeHaan, GasBuddy's senior petroleum analyst, predicted that "the best is likely yet to come."
$12M raised for startups
A new venture capital fund with ties to the nonprofit Innovation Works has raised $12 million to invest in local startup businesses. Terri Glueck, spokeswoman for Innovation Works, confirmed the money raised will be invested in local companies with potential to create high-paying jobs. The fund, named Riverfront Ventures, filed a notice with the Securities and Exchange Commission that it is trying to raise $25 million and will not take investments of less than $250,000.
Forbes 400 lists two locals
Two businessmen from Pittsburgh are on the Forbes 400 -- the magazine's annual list of the richest people in the U.S. Henry Hillman, 94, is ranked 235th with net worth of $2.4 billion; and Richard Scaife, 81, is ranked 371st with net worth of $1.4 billion. Topping the list was Bill Gates, 57, co-chair of the Bill and Melinda Gates Foundation, with net worth of $72 billion.
JPMorgan pays amid probes
JPMorgan Chase has agreed to pay at least $750 million to resolve U.S. and British regulatory probes of its record trading loss last year, people with knowledge of the negotiations said. The bank's bad bets on derivatives -- placed by British trader Bruno Iksil, who became known as the London Whale because his trading book was so large -- prompted authorities to open investigations into the firm's controls and disclosures last year as losses surpassed $6.2 billion.
Factory output increases
U.S. factories increased output in August by the most in eight months, helped by a robust month at auto plants. Manufacturing production rose 0.7 percent last month from July, the Federal Reserve said Monday. Automakers increased production 5.2 percent. Overall industrial production rose 0.4 percent in August.
Boise Inc. acquired
Packaging Corp. of America is buying Boise Inc. for about $1.27 billion. Shareholders of Boise Inc., a maker of packaging and paper products, are being offered a 26 percent premium to their stock price Friday. Both companies' boards unanimously approved the acquisition, which is expected to close in the fourth quarter.
Also in business...
Paul Bacharach, president and CEO of Uniontown Hospital/Fayette Regional Health System for the past 21 years, is leaving Dec. 1 to become president and CEO for the Gateway Rehab system. Uniontown CFO Steve Handy will take over CEO duties at the hospital. ... Fay Painter Morgan was named president and chief executive officer of the Passavant Hospital Foundation. She succeeds Ralph DeStefano, who retired.businessnews