Weak aluminum prices hurts Alcoa's Q2
Alcoa Inc.'s second-quarter loss widened due to weak aluminum prices, although the results were slightly better than expected after excluding restructuring and legal costs. The company continues to see strong sales of aluminum products for automobiles and airplanes. Alcoa said Monday that its loss in the April-through-June quarter was $119 million, or 11 cents per share. That compared with a loss of $2 million, or break-even on a per-share basis, a year earlier. Excluding $195 million in special items such as restructuring expenses, Alcoa said that it would have earned 7 cents per share, a penny more than analysts expected. Revenue fell 2 percent to $5.85 billion. Alcoa shares rose 11 cents, or 1.4 percent, to end regular trading at $7.92 before the financial results were released. The shares dropped 2 cents in after-hours trading.
Pittsburgh Brewing owner names new CEO
New York-based Uni-World Capital LP, the private equity firm that owns Pittsburgh Brewing Co., today named Brian G. Walsh as the new CEO of the company that manufactures Iron City beer. Mr. Walsh, 58, was president and CEO of Long Trail Brewing Co. in Bridgewater Corners, Vt., for six years, during which time the company acquired Otter Creek Brewing Co. of Middlebury, Vt. Earlier in his career he worked for Labatt USA.
American borrowing sees rapid increase
Americans increased their borrowing in May at the fastest pace in a year. Borrowing in the category that includes credit cards reached its highest point since the fall of 2010. Increased borrowing typically means that consumers are feeling more confident. Americans stepped up their borrowing by $19.6 billion in May compared with April, the Federal Reserve said Monday in its monthly report on consumer credit. That was the biggest jump since a $19.9 billion rise in May 2012. Total borrowing reached a record $2.84 trillion.
Cost of unleaded gas down 1.1 cents here
The average cost of regular unleaded gasoline is down 1.1 cents per gallon over the past week in Pittsburgh, averaging $3.52, according to GasBuddy.com. The national average has fallen less than a penny since last week, averaging $3.49.
Thomson Reuters survey held amid probe
Thomson Reuters Corp. will suspend the early release of a consumer survey to select traders as part of an agreement with the New York Attorney General's office, which is probing the matter. New York Attorney General Eric Schneiderman is investigating the release of the Thomson Reuters/University of Michigan index of consumer sentiment to high-frequency traders two seconds ahead of other Thomson Reuters subscribers, the state said Monday. The two-second advantage is enough time for traders to take "unfair advantage" of access to the information, the attorney general's office said in a statement.
Fiat makes offer to buy Chrysler stock
Italian automaker Fiat has exercised a third option to buy a small amount of Chrysler stock, but the sale won't go through until a U.S. court settles a dispute over the price. Fiat said Monday that it offered $254.7 million for another 3.3 percent of Chrysler's outstanding equity. Fiat already owns 58.5 percent of Chrysler, with the remaining 41.5 percent held by a trust that pays medical bills for retired United Auto Workers union members. The Italian company wants to buy all of the trust's stock and fully merge Chrysler and Fiat.
Fiat has been trying to arrange financing to buy the trust's stock. Fiat expects a court ruling sometime this month.
State says new law will 'streamline' registration
A bill just signed by Gov. Tom Corbett will "streamline business incorporation by setting up both online and expedited registration processes," according to the state. The law also reduces the filing fee that businesses must pay when updating business addresses, from $70 to $5. Another bill signed by the governor will provide a dedicated line of funding for the state Insurance Department, steering a portion of insurance industry fees and assessments already being collected back to the department.