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Pittsburgh Business Times
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>
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>
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>
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>
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>
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