Vote on $1.1 billion sale of rue21 set for Sept. 12
The shareholder vote on a plan to sell Cranberry teen clothing retailer rue21 has been scheduled for Sept. 12 at the company's headquarters in Thorn Hill Industrial Park, according to a Securities and Exchange Commission filing. Earlier this year, rue21 announced plans to sell the business for $1.1 billion to a major investor.
Consumer price index continued to rise in July
The consumer price index rose 0.2 percent in July after a 0.5 percent increase in June. Excluding food and gas costs, which are volatile, "core" inflation also rose 0.2 percent in July, the Labor Department said Thursday. Over the past 12 months, consumer prices have risen 2 percent. Core prices have increased 1.7 percent in the past 12 months, below the Federal Reserve's 2 percent inflation target.
Deadline nears for those who owe unemployment system
Workers who have received more in unemployment compensation than the amount to which they were entitled and employers that have not made the mandatory unemployment contributions have until midnight Aug. 31 to pay up without having to pay interest and penalties. Julia Hearthway, secretary of the state Department of Labor and Industry, said Pennsylvania will then step up enforcement, which could include criminal prosecution.
Publicis Groupe will acquire Columbus-based Engauge
Engauge Marketing, a 250-employee advertising and digital services agency based in Columbus, Ohio, with an office in Pittsburgh, has agreed to be acquired by French company Publicis Groupe. Publicis earlier this summer announced a merger with Omnicom Group, which includes businesses such as BBDO Worldwide and Ketchum. Engauge was formed in 2007 as a result of the merger of Ten United, Spulogic and Direct Impact.
Auto production leads factory output lower
Output at U.S. factories declined slightly in July, reflecting what is believed to be a temporary drop in auto production. Manufacturing output edged down 0.1 percent in July compared with June, the Federal Reserve reported Thursday. Overall industrial production, which includes factories, mines and utilities, was flat in July as a 2.1 percent surge in mining was offset by a 2.1 percent drop in utility output. Output in manufacturing, the most critical component of industrial production, is up a modest 1.3 percent from the level of a year ago.
From staff and wire reports