• Allegheny Valley Bancorp, parent company of Allegheny Valley Bank, said persistently low interest rates and a high level of loan pay downs squeezed revenue and led to a 50 percent decline in profits for the second quarter. Net income was $436,000, or 45 cents per share, down from $880,000, or 92 cents, in the same quarter last year.
• Commercial National Financial Corp., parent company of Commercial Bank & Trust of PA in Latrobe, said net income rose 10 percent in the second quarter to $1.3 million, up from $1.2 million in the same period last year. Per-share profits rose 9 percent to 47 cents, up from 43 cents.
Naked juices not 'all natural'
PepsiCo says it will no longer label its Naked juices as "all natural" after a lawsuit complained that the drinks contain ingredients that don't fit that bill. The Purchase, N.Y., company is paying $9 million to settle the lawsuit. PepsiCo also plans to jump into the premium bottled water market with a drink called Om, following the popularity of Coca-Cola's Smartwater. PepsiCo, which also makes Aquafina bottled water, plans to launch the line next year, according to the trade publication Beverage Digest.
Toyota top selling automaker
Toyota shrugged off sluggish sales in China to stay the world's top selling automaker for the first half of this year, outpacing U.S. rival General Motors Co. Toyota Motor Corp. sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year, according to numbers it released Friday. GM said it sold 4.85 million vehicles worldwide in the six months. For the second quarter alone, GM had a slight edge, outselling Toyota by about 10,000 vehicles.
Hotel renovations complete
Shadyside Inn All Suites Hotel has completed a two-year renovation of its 100 rooms and property. Each room features new hardwood flooring and modern artwork. The hotel also has added a 40-person conference room.businessnews