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Pittsburgh Business Times
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>
Matthews fires back after Tesla files lawsuit in California
Pittsburgh-based manufacturer Matthews International Corp. fired back Monday at Tesla, claiming the automaker is trying to bully it into not being able to share Matthews' battery-production innovations.<\p> Tesla late Friday filed a seven-count civil lawsuit against Matthews (Nasdaq: MATW) in U.S. District Court in Northern California, alleging Matthews had stolen trade secrets about how it makes batteries and then had given them to competitors. Tesla's lawsuit alleges the damages will end up being more than $1 billion under the Defend Trade Secrets Act of 2016.<\p>
F.N.B. promotes insider, streamlines bank operations
F.N.B. Corp. said it has enhanced bank operations with a single, streamlined reporting structure, enabling the Pittsburgh-based financial institution to more effectively apply automation, drive efficiency and innovation, further strengthen its focus on risk management and create a superior customer experience.<\p> Justin Kurth leads the merged bank operations organization in his new role as executive vice president, director of banking enterprise operations. <\p>
EKTO VR secures patent for virtual reality boots
As virtual reality technology has evolved, motion has remained a key issue, for a variety of reasons. The technology for the upper half of the body has remained relatively unchanged, as mobility is limited, but walking has presented challenges for developers in terms of affordability and motion sickness. EKTO VR, a company based on the North Side, has patented virtual reality boots.<\p> "We are at the forefront of a VR revolution and our technology is poised to transform the way people engage with virtual reality, making it more natural and immersive than ever before," CEO Brad Factor said in a prepared statement.<\p>
Optimism as Sharon Regional Medical Center moves to auction date
There’s optimism in Mercer County that a buyer could be found for Sharon Regional Medical Center, which is part of the Steward Health System Chapter 11 bankruptcy process and the auction of its assets that begins Monday, June 24.<\p> The 163-bed hospital is one of the largest hospitals in northwestern Pennsylvania, which a decade ago became part of privately held Community Health Systems, which in 2017 sold it to emerging hospital owner Steward Health System. Now it’s at risk for closure along with other Steward hospitals around the country, and the next few days are likely to be critical as potential buyers emerge.<\p>
Remembering Sy Holzer: PNC exec gave back to region, built connections
Sy Holzer was effectively Pittsburgh's ambassador to Pittsburgh, a corporate executive with an urge to give back and a skill for connectivity. <\p> Holzer passed away at 75 on June 16, Father's Day, appropriate and poignant for someone who nurtured young people inside and beyond PNC Financial Services Group Inc. where he worked for roughly 45 years, and the region he served on multiple levels for even longer.<\p>
CMU alumni clean up at Tony Awards
Carnegie Mellon University was well-represented at this year's Tony Awards, recognizing excellence in live Broadway theatre.<\p> The 77th annual Tony Awards were held on Sunday, June 16 at the David H. Koch Theater at Lincoln Center for the Performing Arts in New York. Three CMU alumni heard their names called out as Tony winners, bringing home four awards. Overall, CMU alumni currently hold 64 Tonys.<\p>
Census update reveals changing Pittsburgh population
A major asterisk all but buries the lead when it comes to a new analysis by the University Center for Social and Urban Research at the University of Pittsburgh on population trends in the region generated from the U.S. Census Bureau's American Community Survey.<\p> After decades of morale-sapping population declines for Pittsburgh and its surrounding region, UCSUR reports the census data shows the city's overall population to be stable or perhaps increasing slightly amid lots of major changes at the neighborhood level.<\p>
U.S. Steel cuts back slightly on second-quarter earnings forecast
United States Steel Corp. on Monday pulled back slightly on its previous optimism for the second quarter, saying adjusted earnings would be at the lower end of the forecast made at the beginning of May.<\p> The Pittsburgh-based steelmaker said it expected $425 million in adjusted EBITDA — earnings before income taxes, depreciation and amortization — for the second quarter ended June 30. That's ahead of the first quarter's $414 million but still impacted by what were challenging steel market conditions and pricing. U.S. Steel (NYSE: X) had May 2 forecast between $425 million and $475 million in adjusted EBIDTA.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
MSA Safety debuting a new product at the NFPA Conference & Expo
MSA Safety is debuting a new flame detector at the National Fire Protection Association (NFPA) Conference & Expo. This detector along with MSA Safety's leading gas and flame detection solutions portfolio are going to be showcased at NFPA Conference & Expo in Orlando, Florida.<\p> MSA Safety Inc. has been a main producer of safety products and technologies since 1914 with more than 5,000 associates through over 40 international locations.<\p>
Sy Holzer, PNC exec and Pittsburgh community leader, dies at 75
Sylvan “Sy” Holzer, a corporate and civic leader whose more than four decade career at PNC Financial Services Group Inc., culminated by serving as president and CEO of its Pittsburgh region for 19 years, passed away on June 16 at age 75.<\p> He is survived by his wife Cathy, two children, five grandchildren and his brother.<\p>
Aurora CEO, writing on AI alignment, notes other companies' 'faux pas'
In a recent publication from Aurora Innovation Inc., CEO Chris Urmson discussed artificial intelligence alignment and noted "various AI faux pas" from other companies, including one from Google, his former employer.<\p> AI alignment is the aim of ensuring that AI systems are steered towards a person or group's intended goals. Alignment has historically been a researched and debated topic going back to the origins of the field in the 1950s and 60s, but widespread discussion has grown extensively in recent months following the rapid expansion of the industry.<\p>
Senator urges widening of clean-energy tax credit to spur development
Pennsylvania Sen. Bob Casey on Friday wrote a letter to the secretary of the U.S. Treasury and the Department of Energy, and urged them to allow tax credits for current and former fossil fuel projects aimed at clean energy production in Appalachia.<\p> The tax credit for clean energy set out in the Inflation Reduction Act was hoped to include nonrenewable sources of clean energy, including the oil and gas industry, to jump start a hydrogen and clean-energy revolution in Appalachia. Many projects that are being contemplated for Pennsylvania and West Virginia, including some of the Appalachian Regional Clean Hydrogen Hub (ARCH2), are contingent on the tax credits that will make it easier and cheaper to move forward with the capital.<\p>
Blank Rome hires software firm in-house lawyer turned acting GC
Blank Rome LLP said Gavin Eastgate has joined its Pittsburgh office as of counsel in the commercial litigation practice group.<\p> Eastgate, a seasoned antitrust and competition lawyer, had been acting general counsel at TeleTracking Technologies Inc. since last November, capping almost four years at the Pittsburgh-based health care software company.<\p>
Hard Rock Cafe featuring Pittsburgh-inspired burger at all locations
Pittsburgh, or at least at Pitts-burger, is going global. <\p> That’s thanks to the Hard Rock Cafe, which is debuting a lineup of five locally developed and culturally inspired burgers on its menu at all of its 300-plus locations across the world. Included in that lineup is a Pittsburgh-inspired burger, the only U.S.A. representative to be included.<\p>
Klaber's Viewpoint: Opportunities at intersection of energy sources
In an era of extremism on many issues, there seems to be emerging examples of a more realistic approach to energy solutions. We have seen in just the past few weeks exciting examples of the interrelated nature of various energy sources, all right here in our region. Let’s hope this is a harbinger of a more cohesive, sensible approach to energy, at least locally.<\p> Last week, the Pennsylvania Department of Environmental Protection’s (DEP) Energy Programs Office released its Assessment of Solar Development on Previously Impacted Mine Lands in Pennsylvania. <\p>
Grafe Auction selling off contents of rue21's headquarters office
The discount scanvengers have another week to browse the selection of mannequins, printers, file cabinets, cubicle farm accoutrements and other sundry merchandise totaling 673 auction items in all up for sale out of the soon-to-be former headquarters office of rue21 in Warrendale.<\p> All of the items are available for bidding on the website of Grafe Auction, based in Minnesota. <\p>
Abridge partners with Texas-based health service provider
Following a months long pilot program, Abridge signed an enterprise-wide agreement with CHRISTUS Health, a Texas-based health system, the latest in a series of advances for the NVIDIA-backed artificial intelligence company.<\p> The AI technology transcribes and then documents conversations between clinicians and patients. A survey conducted alongside the pilot program found that 78% of clinicians noted a reduction in cognitive load and 40% reported a decrease in feeling burnt out.<\p>
UPMC paid $17M in deferred compensation to former CEO in 2022
UPMC paid former President/CEO Jeffrey Romoff more than $17 million in the calendar year 2022, the year after he retired after a long career at the Pittsburgh-based health organization he led through extraordinary growth over the last several decades.<\p> Romoff's $17.8 million compensation included $8.6 million in bonus and incentive compensation along with $9.2 million in other reportable compensation, according to a federal tax document UPMC filed last month and previously unreported. That means Romoff, who retired as of Aug. 1, 2021, after a career at UPMC that stretched back to 1973, was by far the highest-paid employee or former employee of the Pittsburgh-based nonprofit health care organization in 2022. It was about $6 million higher than his successor's compensation in the same period. The financial data, though reported through June 30 of 2023, is for calendar year 2022.<\p>
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