Jump in profit at BNY Mellon
Bank of New York Mellon reported Wednesday that net income rose 79 percent to $833 million, or 71 cents a share, from $466 million, or 39 cents, a year earlier, as a stock-market rally boosted fees for overseeing client assets. BNY Mellon beat the 59-cent-a-share average estimate of 15 analysts surveyed by Bloomberg. Assets under management increased by 10 percent to $1.43 trillion compared with a year earlier, and rose 0.2 percent from the previous quarter.
Satisfaction rises for utilities
Western Pennsylvania electric utilities Duquesne Light and West Penn Power both rose in customer satisfaction according to the J.D. Power 2013 Electric Utility Residential Customer Satisfaction Study. Duquesne Light ranked third in customer satisfaction among the largest utilities in the eastern part of the country, after a 4 percent gain since last year. West Penn Power followed in the number four spot, having improved by 2 percent. The study, in its 15th year, measures customer attitudes about prices, billing practices and customer service.
KFC begins testing concept
KFC is tossing out the bones and the quaint image of founder Col. Harland Sanders as it gets ready to test a slightly more upmarket restaurant called "KFC eleven" near its headquarters in Louisville, Ky. The new concept will serve flatbreads, rice bowls, salads and only boneless pieces of its Original Recipe chicken. The name of the test restaurant is a reference to the 11 herbs and spices used in the Original Recipe.
Housing starts slowed in June
U.S. builders started work on fewer homes in June, mostly because apartment construction fell sharply. Developers began construction at a seasonally adjusted annual rate of 836,000 homes in June, the Commerce Department said Wednesday. That was nearly 10 percent below May's total of 928,000. Applications for permits to build single-family homes rose for the third straight month to 624,000, the highest since May 2008. Overall permits fell to 911,000 in June from 985,000 in May.
Barclays will fight $453M fine
Barclays, Britain's second-biggest bank, vowed to fight fines of almost half a billion dollars for manipulating electricity prices in California and other western states, setting the stage for a courtroom battle with U.S. regulators. The Federal Energy Regulatory Commission on Tuesday ordered the U.K.-based bank and four of its former traders to pay $453 million in civil penalties for fixing power prices between November 2006 and December 2008.
Heathrow plans new runway
Heathrow unveiled new proposals Wednesday to create a third runway at the London airport -- saying that the ideas will allow a vast expansion at Europe's busiest air hub. The cheapest option would cost 14 billion pounds ($21 billion), the most expensive 18 billion pounds.
Also in business ...
The newest concept store from Findlay retailer Dick's Sporting Goods -- a Field & Stream store targeting outdoor enthusiasts -- is set to open Aug. 16 in Cranberry. ... Portfolio Creative, a Columbus, Ohio-based staffing and recruiting firm targeting the advertising and marketing sectors, has entered the Pittsburgh market with an office on Penn Avenue in East Liberty.businessnews