Business news briefs: 07/12/12
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A plastics maker is receiving $15 million in state support to help acquire part of Sunoco's shuttered refinery in the Philadelphia suburb of Marcus Hook. Gov. Tom Corbett said Wednesday that Braskem America's decision will create 28 new jobs and retain more than 200 jobs, including 10 at its Technology and Innovation Center in Pittsburgh.
A free workshop for first-time homebuyers is set for July 23 from 6 to 8 p.m. at the Landmarks Housing Resource Center on Rebecca Avenue in Wilkinsburg. Attendees will learn about affordable mortgages, down-payment options, grant money for closing costs, programs for public housing residents and credit counseling and restoration programs. To register, call 412-242-2700. Sponsors include the Pittsburgh Housing Development Association, Pittsburgh History and Landmarks Foundation and Dollar Bank.
U.S. wholesale companies added modestly to their stockpiles in May. But sales at the wholesale level dropped by the largest amount in three years. The Commerce Department said Wednesday that wholesale stockpiles rose 0.3 percent in May but sales at the wholesale level fell 0.8 percent, the biggest decline since March 2009.
In its monthly report released Wednesday, OPEC forecast lower demand for its crude next year as global economic growth slows and predicted markets will be "comfortable" because of increased supply from outside the group. The Organization of Petroleum Exporting Countries said oil inventories among developed nations are "high," and rising in emerging economies, giving an "additional cushion to the market."
Former Barclays Plc Chief Executive Officer Robert Diamond offered to return to U.K. Parliament to challenge lawmakers who said he wasn't telling the truth about the bank's relationship with regulators. "The comments made at today's hearing have had a terribly unfair impact upon my reputation, which is of paramount concern to me," Mr. Diamond said in a letter to Andrew Tyrie, chairman of the Treasury Committee. "I look forward to discussing this issue with you further if you wish to do so."
Drama is surrounding Carmike Cinemas Inc., the fourth-largest U.S. cinema chain, on speculation that the company may be a takeover target. Takeover prospects have increased since China's Dalian Wanda Group agreed in May to buy AMC Entertainment Holdings Inc., the No. 2 U.S. chain, for $2.6 billion, said Eric Wold, a B. Riley & Co. analyst. Carmike officials weren't immediately available to comment, said spokesman Rob Rinderman.
First Published July 12, 2012 12:00 am