Business Briefs: PNC not seeking mergers or acquisitions right now
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PNC Financial Services Group, which acquired about 400 bank branches in the Southeast from Royal Bank of Canada in March, is not interested in more mergers or acquisitions, Chairman and CEO James Rohr said Monday. Because of the potential for internal growth, "We have little or no interest in using our capital for M&A at this time," Mr. Rohr said during a financial services conference hosted by Barclays in New York City. Loan demand continued to grow for the Pittsburgh-based bank in the third quarter, although at a slightly slower pace than in the first half of the year when it "was perhaps the highest in the industry," Mr. Rohr said. Overall, Mr. Rohr said he expected PNC's results for the second half this year to be stronger than the first, "resulting in another good year for PNC."
Microsoft plans to open more than 30 holiday stores this fall, including one at Ross Park Mall. In addition to carrying the company's line of products, the holiday stores are meant to teach customers how to "get the most out of their Microsoft-enabled devices," the announcement from the Redmond, Wash., computer giant said. Ross Park Mall already houses an Apple store, selling products from the Cupertino, Calif., rival to Microsoft.
FedEx has taken over sponsorship of the Great Hall inside Heinz Field, according to the Steelers organization. The facility had been sponsored by Coca-Cola until earlier this year when the team switched soft drink sponsors to go with Pepsi. The new sponsorship deal is for 10 years, and is effective immediately. No financial details were given. Shipping giant FedEx is based in Memphis, Tenn., but its FedEx Ground division is based in Moon. The Great Hall is used to house historic memorabilia as well as the new Pub 33, and TV shows such as "Steelers Huddle" and the "McDonald's Steelers KidZone" are taped there.
The Federal Trade Commission filed deceptive advertising charges against two marketers for claiming that their products can stop and prevent bed bug infestations using natural ingredients such as cinnamon and cedar oil. The marketer of Rest Easy repellent settled the charges by agreeing not to make unsupported claims. A $265,000 judgment against the company was suspended because of the inability to pay, the FTC said. The other marketer, Cedarcide Industries and others, which touts Best Yet! treatment for bed bugs and head lice, is being sued by the agency.
Bankrupt photography pioneer Eastman Kodak Co. is losing more executives and plans to cut an additional 1,000 jobs by the end of the year as it shrinks into a commercial printing-focused company, the Rochester, N.Y.-based company said in a statement Monday.
Federated Investors completed its previously announced purchase of $4.4 billion in money market fund assets from a subsidiary of Fifth Third Bancorp. Terms were not disclosed.
First Published September 11, 2012 12:00 am