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Business news briefs: 10/29/09
Thursday, October 29, 2009
Damon's chain files for bankruptcy reorganization

The restaurant chain Damon's International has filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the Western District of Pennsylvania, just days after another chain owned by the same Pittsburgh-based company submitted its filing. Both Damons and Max & Erma's Inc., which filed for Chapter 11 bankruptcy last week, were bought in 2008 by G&R Acquisitions, led by Gary Reinert Sr. Both were based in Columbus, Ohio.

Credit cards offers would break new law, Pew says

None of the credit cards offered online by the 12 largest U.S. banks would meet requirements of new federal curbs on the industry's rates and fees, a report from the Pew Charitable Trusts said. All of the cards surveyed used practices considered "unfair or deceptive" by the Federal Reserve, according to the report released yesterday by the Philadelphia-based nonprofit organization. The study examined almost 400 cards advertised by banks and credit unions and compared terms for cards offered in July 2009 and December 2008. Most of the new federal rules are scheduled to begin Feb. 22.

Verizon set to launch iPhone challenger

Verizon Wireless' answer to the iPhone -- the Droid -- will go on sale for $200 next week as the company taps into the growing appetite for smart phones that go far beyond making calls. The new device by Motorola Inc. also could give a boost to Google Inc., which used the Droid to unveil new mapping software that could challenge standalone navigational devices, sending GPS gadget maker Garmin Ltd.'s stock plunging.

Alle-Kiski plans outpatient center

Alle-Kiski Medical Center plans to open an outpatient services center in the Wilson Square Professional Building currently under construction in Vandergrift. The center will offer services such as routine X-rays, mammography, EKG, sleep lab studies, a phlebotomy blood draw station and space for community health education classes. Groundbreaking is scheduled tomorrow, with plans to open the professional building next spring.

Glaxo posts increase in quarterly earnings

London-based GlaxoSmithKline PLC, which has about 450 employees in the local area, posted an 11 percent rise in third-quarter earnings due to strong sales of the flu drug Relenza. The company reported a net profit of $2.35 billion, compared with $2.1 billion a year earlier. Revenue increased 15 percent to $11.08 billion.

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First published on October 29, 2009 at 12:00 am