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Pittsburgh Business Times
FERC approves Mountain Valley Pipeline
The Federal Energy Regulatory Commission on Tuesday approved the Mountain Valley Pipeline, clearing the way for the $7.85 billion pipeline to be put into service carrying natural gas from the Marcellus Shale.<\p> A letter from the director of the Office of Energy Projects approved the application by Equitrans Midstream Corp. (NYSE: ETRN), based in Canonsburg, to place the pipeline into service.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
PNC announces $500M credit facility and that's just the start
PNC Bank announced the closing of a $500 million senior secured credit facility for Seismic, a San Diego-based software firm.<\p> It was the kind of deal PNC and fellow big banks crave, given that corporations have been conservative when it comes to spending, particularly with interest rates at the highest point in more than two decades.<\p>
Lenzner, Megabus owner Coach USA files for Chapter 11 bankruptcy
Coach USA, the owner of Megabus and Lenzner lines, filed late Tuesday for Chapter 11 bankruptcy protection as the bus company struggled in the wake of drastic changes to Americans' transportation habits during and after the Covid-19 pandemic.<\p> The filing in U.S. Bankruptcy Court in Delaware also includes several dozen other coach and tour companies owned by Coach USA including several in the Pittsburgh region including Lenzner Tours Inc., Pennsylvania Motor Transit, Lenzner Tours Ltd., Lenzner Transit Inc., Lenzner Transportation Group Inc., all of Sewickley, and Butler Motor Transit Inc. in Butler. Coach USA is headquartered in Paramus, New Jersey, just outside of New York City, but owns a number of bus companies around the country.<\p>
UPMC and Washington Health System officials celebrate affiliation
On Wednesday morning, a new flag rose over the campus of what was once called Washington Hospital, marking a new era of health care for the rural communities just south of Pittsburgh. <\p> The flag bore the hospital's new name — UPMC Washington, a name it adopted officially just last week when the merger between UPMC and Washington Health System closed, nearly a year after it was first announced. <\p>
Echo Realty lands Barnes & Noble for Meridian redevelopment
The book store business is back enough that America's largest remaining chain store, Barnes & Noble, has committed to establishing a new store at The Meridian, Echo Realty's redevelopment along Penn Avenue in Shadyside.<\p> Echo announced landing Barnes & Noble, detailing the company will establish a 10,791-square-foot store at redevelopment project, the latest name tenant at a project anchored by a Market District by Giant Eagle store and a previously announced Shake Shack.<\p>
Datastrike acquires company, now serves more than 200 clients
Warrendale-based data infrastructure service provider Datastrike has completed its acquisition of database and cloud management provider MiCore Solutions, making the company "the largest managed service provider specializing in data infrastructure services for small- and mid-sized businesses."<\p> With this acquisition, the combined company now services more than 200 clients and thousands of databases, all of which are managed in North America. The company does not manage the data directly, but rather as an infrastructure service provider manages the software that holds the data. Terms of the acquisition deal were not released.<\p>
Gainey administration goes live with combined application process
Real estate developers of all kinds will have one less choice to needlessly complicate the start of their application and approval process by the city of Pittsburgh starting on Wednesday.<\p> That's the day on which the city's new OneStopPGH portal will first start to accept new applications, offering a combined technology platform that replaces what were formerly two applications, the Zoning Development Review Application and the Building Permit Application.<\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
'There's a lot to be excited about PNC,' CFO says. Here's why
Repricing fixed rate assets gets PNC CFO Rob Reilly excited. That's why PNC is still projecting record net interest income in 2025. <\p> "It's really good growth," Reilly said Tuesday afternoon at the Morgan Stanley U.S. Financial Conference in New York. "Even I can do that math."<\p>
The List: Environmental firms in region employ almost 4,000 in region
A dozen environmental firms in the Pittsburgh region employ more than 100, including testing firms, analytics companies, robotics businesses and engineering firms from southwestern Pennsylvania that work in some capacity to address environmental issues.<\p> The largest on the list are a pair of the region’s largest engineering firms — Civil & Environmental Consultants Inc., with 485 local employees, and GAI Consultants Inc., with 378 workers in the region. Keystone Clearwater Solutions LLC, HDR and Xylem Inc. all top 300 workers and round out the top five on the List of Environmental Firms, published this week.<\p>
CMU study finds robots could help and hinder disabled individuals
Over the past few years, all across the globe and in Pittsburgh, universities and companies have been testing and utilizing sidewalk robots to deliver food. A new study from Carnegie Mellon University's computer science school found that these public service robots could be used for more than just deliveries, but that these robots could also cause problems for people with disabilities.<\p> "[Sidewalk robot's] operation on public paths poses challenges for people with mobility disabilities who face barriers to accessibility, such as insufficient curb cuts," the report reads. "Our study aims to set the stage for a more inclusive future around public service robots."<\p>
PIT airport named to inaugural aviation industry hall of fame
Pittsburgh International Airport has made its mark as the sole airport in an inaugural aviation hall of fame honoring the industry's best and most distinguished.<\p> The airport was one of nine given the Air Transport World Hall of Fame award, which honors people, companies and organizations of distinction in global aviation. Pittsburgh International Airport was one of only a handful of winners that included Air Canada, American Airlines, Delta Air Lines, Korean Air, Emirates and former Eithad Airways CEO James Hogan. Air Transport World is a big trade publication in the aviation industry and had previously awarded Pittsburgh International Airport as its 2017 Airport of the Year.<\p>
Point Park University announces teach-out plan for PTC students
Less than one day after Pittsburgh Technical College announced that it will be closing its doors following the end of the current term, a local university has released details outlining a teach-out plan it is offering to affected students.<\p> Point Park University said on Tuesday that it has reached an agreement to honor tuition rates for PTC students as well as accept all of their PTC-earned credits. <\p>
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