New partners to boost WiMax

Clearwire and Sprint Nextel said yesterday they would combine their wireless broadband units to create a $14.55 billion communications company. The new company, which will retain Clearwire's name, will continue developing a mobile network based on WiMax technology, which promises faster speeds than the latest cellular networks, for movies, games and other data services. The new company is looking for a U.S. network deployment reaching 120 million to 140 million people by the end of 2010. Rivals such as AT&T Inc. and Verizon Wireless have eschewed WiMax, opting instead for upgrades to their current wireless broadband networks and a future technology called Long Term Evolution.

Area women win governor's award

Four Western Pennsylvania women yesterday were among the 10 recipients of the Governor's Achievement Awards, which recognize individuals who overcame personal barriers and benefited from Pennsylvania's work force development initiatives. The area recipients were: Jenira Owens, 19, Mercer County, a freshman at Penn State's Shenango Valley campus; Nancy Yuhas, Cambria County, a stay-at-home mother for 26 years and cancer survivor who is now an office employee; Denise McCullough, 43, Westmoreland County, a cancer survivor and now an operating room nurse at UPMC Presbyterian/Shadyside; and Kashawna Jackson, who was in a juvenile detention center in her teens and is now a youth counselor at Holy Family Institute. The awards are sponsored by the the departments of Aging, Education, Labor & Industry and Public Welfare, and Pennsylvania Partners.

Equitable prices public offering

Equitable Resources said it priced a public offering of 7.5 million shares of its common stock at $67.75. Equitable said it intended to use the net proceeds from the offering for general corporate purposes, including for Appalachian natural gas drilling, development and infrastructure projects.

Oil, gas spending hits record

Spending by the oil and natural gas industry on drilling and equipping wells in the United States jumped by 44 percent in 2006 to an all-time high of $109.8 billion, according to the American Petroleum Institute. Expenditures on natural gas wells accounted for 54 percent of the spending, while oil wells accounted for 34 percent.

Also in business …

US Airways was first in March among major carriers in on-time performance, with 79.1 percent. The placement triggers a $50 bonus for US Airways employees … Medical device company Cohera Medical Inc. said it has closed a round of financing for more than $7.6 million. Cohera plans to use the proceeds of the transaction to fund clinical trials for a new surgical adhesive and pre-clinical development for other products … Mylan Inc. said it received final approval from the Food and Drug Administration to market ropinirole hydrochloride tablets, the generic version of GlaxoSmithKline's Requip. The drug is used to treat Parkinson's disease … PepsiCo Inc. raised its annual dividend 13 percent to $1.70 a share.