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Pittsburgh Business Times
Keeping small sustainable: Community banks zero in on advantages
In an environment where the mantra “bigger is better” reverberates, community banks with assets under $15 billion are making the most of their flexibility and connectivity, points many say gives them an edge over their larger competitors.<\p> Only two banks headquartered in the 10-county Pittsburgh metro have total assets that top $15 billion — PNC Financial Services Group Inc. ($562 billion) and F.N.B. Corp. ($46 billion). The rest are all smaller, more community-based banks.<\p>
20 People to Know: John Robinson, Michael Baker International
John Robinson leads Michael Baker International’s Pittsburgh operation, which has about 500 employees and works on some of the region’s biggest projects, including the new terminal at Pittsburgh International Airport. Robinson joined Michael Baker, the region’s largest engineering firm, in late 2023 from contractor PJTC Holdings Inc., parent of PJ Dick, the region’s largest construction firm. Before that, he worked with PNC Bank as director of development and led the development of the bank’s LEED-certified headquarters building. <\p> I was excited to learn just how agile we are. We are not a change-averse company. If there is a better way to do something, we do it. If you have an innovative idea, you can pitch it, and frequently we implement it. <\p>
10 local leaders participate in Harvard Business School program
Last week, a delegation of 10 local business leaders traveled to Harvard University to participate in the Young American Leaders Program.<\p> Members of the local delegation were selected by Leadership Pittsburgh Inc. and the Allegheny Conference on Community Development. It was the sixth year that Pittsburgh leaders have been invited to participate.<\p>
KaliVir secures FDA approval for cancer treatment clinical trials
O'Hara Township-based KaliVir Immunotherapeutics received approval from the U.S. Food and Drug Administration to take its experimental oncolytic cancer treatment to human trials.<\p> "One of the reasons why I left academia and founded KaliVir was in order to have the opportunity to actually develop the therapies that I was building in the lab and to actually take them to the step where we can treat patients," Chief Scientific Officer Stephen Thorne said. "To actually have gotten to that stage is fantastic and is obviously a big career goal."<\p>
Point State Park renovations will need to negotiate historic standards
Look for the new vision plan to bring new recreational and other amenities to a portion of Point State Park to face some scrutiny from the state agency that owns and manages it.<\p> Last month, the Allegheny Conference on Community Development, City of Pittsburgh and Allegheny County jointly introduced a new vision plan for downtown that included refashioning three so-called connective corridors to better make the Golden Triangle more accommodating for residents, including families. The three corridors included a stretch near the Cultural District, Market Square and Point State Park. <\p>
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>
Details announced for Pittsburgh's Fourth of July celebration
The City of Pittsburgh will host the 2024 Independence Day Celebration on Thursday, July 4, highlighted by free family activities, music, food and entertainment at Point State Park, Liberty Avenue and along the North Shore.<\p> “The Independence Day tradition in Pittsburgh is one that is enjoyed by people throughout the region," Pittsburgh Mayor Ed Gainey said in a release. "It brings thousands of people together to celebrate with one another. We are fortunate to have amazing partners with us to create a welcoming event for all. Let's all safely enjoy the Fourth of July festivities.” <\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>
20 People to Know: Don Rivetti, Pittsburgh Regional Transit
Don Rivetti leads maintenance and upkeep at Pittsburgh Regional Transit. He is responsible for nearly 800 PRT maintenance division employees who keep more than 700 buses, 80 light-rail vehicles and 400 nonrevenue vehicles on the road. He also oversees maintenance training and materials management. In addition to his primary job functions, Rivetti is responsible for the agency’s zero-emissions roll out plan and the transition to an entirely zero-emissions fleet of vehicles by 2045. <\p> It’s hard to talk about changes in the public transit agency without discussing the swift and dramatic shift in ridership from the pandemic. We’re still feeling the effects, from the continuation of people working from home to different ridership patterns and behaviors to a more-focused approach on our core riders. The other biggest change I’ve witnessed is how on-vehicle technology has evolved so quickly in the last five to 10 years. It wasn’t long ago when you’d pick up a paper schedule, go wait on the corner for your bus to come and then read a book until you arrived at your destination. Technology has evolved quickly, and it has greatly improved our ability to serve riders. <\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>
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