Economic program aims to aid minorities, women

The state Department of Community and Economic Development said yesterday that it was expanding a program that provides assistance to minority-owned and women-owned small businesses to 15 counties in Western Pennsylvania. The program will include a $2 million fund consisting of $1 million in loans from Pittsburgh-based Bridgeway Capital and another $1 million -- $500,000 in loans and $500,000 in grants -- from the Pennsylvania Community Development Bank. Among the counties covered in the expanded program are Allegheny, Armstrong, Beaver, Butler, Fayette, Washington and Westmoreland. The program, the Business Opportunity Fund, began in March as a pilot program in 13 Central Pennsylvania counties.

Building contracts' value off in August, up for year

The value of contracts for future construction in the Pittsburgh region slipped by 3 percent in August but was 3 percent higher than the first eight months of 2007. McGraw-Hill Construction reported that residential and nonresidential contracts in August totaled $298.9 million, down from $309.4 million in August 2007. For the year to date, contracts were valued at $1.78 billion, up from $1.72 billion for the same period last year. The region includes Allegheny, Armstrong, Beaver, Butler, Fayette, Washington and Westmoreland counties.

Heinz tries to resolve infant formula snafu

The H.J. Heinz Co. has been working to explain a change in its Nurture brand infant formula to parents in New Zealand. When a vendor advised it couldn't supply Heinz anymore, the company filled in short term with a version produced in the United Kingdom. An Australian supplier will handle the work starting later this year. There were news reports of parents complaining the change caused problems for their babies. The company apologized on its Web site for any concerns but said most babies should adjust quickly.

Retail group paints grim holiday season

Holiday sales are expected to grow at the slowest pace in six years as shoppers worry about jobs, the housing and stock markets and high gas and food prices, according to a forecast from the National Retail Federation being released today. The Washington-based trade association predicted that total holiday sales will rise a modest 2.2 percent for the November and December period from a year ago, to $470.4 billion. It would be the slowest pace since 1.3 percent in 2002.

Barclays takes over Lehman's U.S. unit

Barclays PLC said yesterday it completed the $1.75 billion purchase of Lehman Brothers Holdings Inc.'s U.S. division. More than 10,000 employees have been offered jobs, Barclays said in an e-mailed statement. Barclays will keep the rights to the Lehman Brothers name.

Also in business ...

Mylan received Food and Drug Administration approval to market carbidopa and levodopa, generic versions of Schwarz Pharma's Parcopa, used to treat Parkinson's disease ... Microsoft Corp., seeking to revive the share price after a 29 percent slump this year, plans to buy back as much as $40 billion in stock, raise its dividend and issue its first commercial paper.