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Business news briefs: Gas prices rebound to $3.406 in Western Pa.
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Gasoline prices, which had been falling steadily, rebounded slightly this week with the average price for a gallon of regular, unleaded gasoline in Western Pennsylvania at $3.406, up 1.8 cents per gallon from a week ago, according to the AAA Fuel Gauge. Last year at this time, the average was $3.624. Nationwide, the average price is $3.381. The Energy Department's Energy Information Administration said Tuesday in its monthly report that demand will remain low this year and gasoline prices will average $3.49 a gallon.
Avere Systems announced Tuesday that it raised an additional $20 million in Series C round funding, bringing its total to $52 million. The company, which is based in Ross, makes computer storage optimization technology. Funding, which was led by venture capital firm Lightspeed Venture Partners of Menlo Park, Calif., will be used to increase the market presence of Avere's FXT Series Edge filers.
The former Blue Cross Blue Shield of Delaware is now officially known as Highmark Blue Cross Blue Shield Delaware, following the affiliation of the two organizations, which was approved last year. Pittsburgh's Highmark Inc. and its new Delaware partner are advertising the name change, made official on Monday, with TV, radio, newspaper and magazine ads.
Urban Lending Solutions ranked 31st on Black Enterprise Magazine's BE 100 list of the largest black-owned businesses in the United States for 2012. The provider of residential mortgage products and services is based Downtown and is listed as having 800 employees and revenue of $104.2 million in 2011.
Job openings rose in May to a seasonally adjusted 3.6 million, the Labor Department said Tuesday. That's up from 3.4 million in April. It's also the second-highest level in nearly four years, just behind March's 3.7 million. Still, the competition for jobs remains fierce. There were 12.7 million unemployed people in May, or an average of 3.5 unemployed for each open position. In a healthy job market, the ratio is around 2 to 1.
U.K. bank Barclays has reached a resignation package with ex-chief executive Bob Diamond in which he will forfeit up to 20 million pounds ($31 million) in bonuses and incentives but receive a year's salary, pension and other benefits worth 2 million pounds. Mr. Diamond resigned last week after Barclays was fined $453 million by U.S. and U.K. agencies for making false reports of its borrowing costs between 2005 and 2009.
Wilmerding-based Wabtec Corp. announced Tuesday it is providing electronically controlled pneumatic braking equipment for 159 locomotives for Rio Tinto, an Australia-based mining company. The contract is valued at $28 million. ... Indianapolis-based appliance and electronics chain hhgregg officially opens its fifth Pittsburgh-area store Thursday on McKnight Road in Ross. About 40 employees have been hired.
First Published July 11, 2012 12:00 am
