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Pittsburgh Business Times
Credit card delinquencies soar in Pittsburgh; here's how it stacks up
Credit card delinquencies in Pittsburgh surged 59.04% in the first quarter of 2024, compared with a year earlier.<\p> Pittsburgh was No. 27 on a list of 100 cities with the biggest increases in delinquencies, according to a new study released by WalletHub on Wednesday. <\p>
Chatham University closing student housing facility at Eden Hall
Chatham University is closing Orchard Hall, the student housing facility at its Eden Hall campus in the north suburbs, as it also expands its housing options at its main campus in Shadyside to include the former Family House building on nearby Centre Avenue.<\p> The decision to close the Orchard Hall residential building, built in 2015, comes after Chatham never succeeded in filling it, according to an email announcing the decision by Chatham Vice President for Academic Affairs Lisa Lambert.<\p>
These Pittsburgh flights are among the most bumpy in the country
Two routes in and out of Pittsburgh International Airport are among the 10 with the highest average turbulence in North America, according to a ranking by the air-turbulence tracking website Turbli.<\p> The two routes are Charlotte-Pittsburgh and Pittsburgh-Raleigh/Durham, which both connect Pittsburgh with airports in North Carolina. Turbli ranks the 589-mile Charlotte-Pittsburgh route with the second-highest amount of average turbulence for a flight for the entire year of 2023. Only the Nashville-Raleigh/Durham route had a higher incidence of turbulence, according to Turbli data.<\p>
Federated Hermes says Fed rate cuts are coming, here's why
As the minutes of the Federal Open Market Committee's June meeting were released on Wednesday, Federated Hermes Inc. forecast two rate cuts this year, but allowed that when the first occurs "is more uncertain than ever."<\p> Still, the Pittsburgh-based international investments firm had been a stickler for just one reduction, even in the first quarter when economists predicted at least three before disappointing inflation data triggered a series of pushbacks.<\p>
Viatris closes divestiture of OTC business
Viatris Inc. announced that it has closed the divestiture of most but not all of its over the counter (OTC) business to Cooper Consumer Health, a European OTC drug manufacturer and distributor on July 3.<\p> The company announced in October that it had entered into agreements to divest its OTC business, as well as its women's health care business and its Active Pharmaceutical Ingredients (API) business in India, according to a release.<\p>
S&T to be latest bank to plant its flag in red-hot part of Pittsburgh
S&T Bank's application to open a new Pittsburgh branch was approved by the Pennsylvania Department of Banking & Securities.<\p> The location, 5817 Penn Ave., is in a part of East Liberty that's soaring in popularity with the tech sector — and other banks. PNC in April consolidated three nearby branches into a new site at 161 South Saint Clair Street and F.N.B. Corp. relocated its office from 6000 Centre Ave. to 5585 Penn Ave. last month.<\p>
New brewery in Hazelwood to open on Fourth of July
Hazelwood beer fans have something extra to celebrate this Fourth of July — an all new brewery is opening.<\p> Hazel Grove Brewery will have its grand opening at noon on Thursday. Opened by husband and wife Steve and Barbara Hartman and business partner Larry Adams, the brewery will serve a variety of beers, including an amber ale, a hazy IPA, a coffee stout and even some non-alcoholic brews, but the standout is expected to be Belgian whites.<\p>
Legislation to establish antitrust statute passes state house
A bipartisan vote in the Pennsylvania House of Representatives seeks to authorize state government to pursue antitrust action in Pennsylvania.<\p> Amid state budget negotiations yet to be passed, the state house passed House Bill 2012, called the Open Markets Act, in a bipartisan vote of 112 to 89, according to an announcement by the House Democratic Communications Office.<\p>
These are America's most-delayed flights
Airlines are expecting record-breaking traffic for the summer — and for the July Fourth holiday — but fliers on many routes would be wise to build in some extra time for their travel plans. <\p> That's according to an analysis by The Business Journals of the latest on-time data from airline analytics company Cirium Inc. The analysis looked at routes with at least 20 flights. <\p>
The furries are back: Anthrocon set to break records this weekend
For many, celebrating Independence Day will mean spending time with family and friends outdoors, enjoying the warm summer weather, attending picnics, watching fireworks and more. <\p> This will certainly be the case for many in Pittsburgh as the city is set to host its annual Fourth of July Fireworks display and celebration centered around Point State Park. But Wednesday will also mark the start of another annual tradition for downtown: Anthrocon. <\p>
Could a rooftop tourist attraction be coming to U.S. Steel Tower?
Those visiting Pittsburgh could soon have the chance to experience a vertigo-inducing thrill atop the U.S. Steel Tower, akin to Chicago’s famous tilting ledge on the Hancock building or New York City’s Empire State Building observatories.<\p> The building’s leasing agent, CBRE, has been approached by multiple companies wanting to develop a tourist attraction, said Vice Chairman Jeremy Kronman. Ideas range from view booths that tip forward to harnessed walks along the ledge. The proposals are currently under evaluation.<\p>
Mylan no longer under antitrust investigation
The DOJ announced on Tuesday that it had informed Canonsburg-based pharmaceuticals company Viatris that, Mylan, which is now part of Viatris, as well as Mylan's former president Rajiv Malik are no longer under investigation for alleged antitrust practices. The decision effectively clears Mylan, which in 2020 merged with Pfizer unit Upjohn to create Viatris, of any potential charges related to the probe.<\p> The antitrust division of the Department of Justice had been investigating Mylan and other major pharmaceutical companies for alleged anticompetitive business practices in fixing prices of generic drugs. Viatris said in a release that the outcome affirms its longstanding position: That there was "no evidence of wrongdoing on the part of Mylan or its employees."<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Three Rivers Heritage Trail report puts economic impact in millions
With more than a million visitors each year enjoying the trail network along the region's rivers, a new report estimates use of the Three Rivers Heritage Trail bolstered the economy to the tune of $26.5 million in 2023.<\p> The Friends of the Riverfront, which manages the trail, released the impact report, which found the trail's use also brought in $5.7 million in tax revenue and helped spur $987 million worth of development. <\p>
Vibrant Pittsburgh event talks DEI, identifies areas for improvement
Business leaders and decision-makers gathered in the Union Trust Building Theatre Tuesday to hear about the state of diversity, equity and inclusion in Pittsburgh companies during Vibrant Pittsburgh’s annual Report to the Region, where the results of this year’s Vibrant Index were revealed.<\p> The report compares 100 businesses’ DEI standards to the nine pillars that make up best practices. At the event, Vibrant Pittsburgh presented the latest data with commentary from three panelists, who emphasized the economic incentives for businesses to upgrade their DEI practices and discussed how data can be used to make that happen.<\p>
Dick’s Sporting Goods extends PGA Tour Champions sponsorship
PGA Tour Champions announced yesterday that their Dick’s Sporting Goods sponsorship was extended for another five years. The extension means the Dick's Open will continue through at least 2029. <\p> The annual golf tournament, which is hosted by En-Joie Golf Club in upstate New York, is operated by Broome County Community Charities Inc (BCCC). The tournament has donated over $20 million since its founding in 2007. Primary recipients have included the UHS Foundation and Lourdes Hospital Foundation.<\p>
New Pirates-themed ice cream flavor comes to Giant Eagle
Those looking to show off their Pittsburgh pride now have a sweet, new way to do so. Perry’s Ice Cream’s personalized flavor, Bucco Batter, is now available at Giant Eagle.<\p> As the official ice cream of the Pittsburgh Pirates, Perry’s Ice Cream is giving fans a new way to support their team. A portion of the proceeds of each sale will be donated to the Pirates Charities, which supports youth programs focused on health, fitness and education. <\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
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