Business & labor at a glance
RTI board of directors chooses new member
PITTSBURGH – The board of directors for RTI International Metals Inc. has elected David Hess as a new director, effective immediately.
“Dave will add valuable perspective to our board of directors,” said Dawne S. Hickton, vice chair, president and CEO. “We appreciate his willingness to serve as a director and look forward to benefiting from his 35 years of broad experience across the aerospace industry.”
Hess retired in January as president of Pratt & Whitney, a division of United Technologies Corp. Previously he was president of Hamilton Sundstrand, the United Technologies division where he began his professional career in 1979. He also previously headed the company’s Aerospace Power Systems business segment.
Hess also has been chairman of the Aerospace Industries Association, serving as a voice for the industry during the challenging congressional budget sequestration of that year.
First Niles stock stands, Cortland Bancorp rises
First Niles Financial stock remained unchanged to close at $9.25 a share in trading Monday. Cortland Bancorp climbed 30 cents, closing at $15.50 a share.
Huntington reports third quarter earnings
COLUMBUS – Huntington Bancshares Inc. reported third quarter net income of $155 million, or $.18 per common share.
Compared to its second quarter, net income was down $10 million, or 6 percent.
Third quarter expenses included the acquisition of 24 Bank of America branches, the acquisition of Camco, and the planned consolidation of 26 branches by the end of the year.
Huntington had $4.1 billion year-over-year increase in the number of loans and leases.
“We continued to deliver solid year-over-year revenue growth, while maintaining a disciplined balance sheet,” said Steve Steinour, chairman of Huntington Bancshares. “Performance highlights include ongoing strength in commercial and auto lending, which support our expectation of a strong back half of the year driven by solid demand and a quality pipeline.”
Huntington Bancshares Inc. is a $64 billion-asset regional bank holding company. It is a six-state retail bank located in Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky.
U.S. investigating Honda for incomplete reports
DETROIT – Federal regulators are investigating whether Honda Motor Co. failed to report deaths and injuries that occurred in its vehicles.
Federal law requires automakers to report any claims they receive alleging that defective vehicles or parts caused a death or injury. They are required to submit those claims on a quarterly basis, along with consumer complaints, production information, warranty claims and other incidents.
The National Highway Traffic Safety Administration said Monday that Honda may have failed to report incidents related to Takata air bags as well as other defective parts. Honda has recalled more than 5 million vehicles in the U.S. since 2008 to fix a potentially fatal defect in air bags made by Japanese auto supplier Takata. The bags can rupture after a crash and injure occupants with shards of metal.
Temporary fix would keep Grand Canyon hotels open
FLAGSTAFF, Ariz. – A temporary contract for services at the Grand Canyon’s popular South Rim will ensure that mule rides and the park’s most iconic hotels and restaurants remain open to millions of visitors, the park’s superintendent said.
A new 15-year contract worth up to $1 billion for services at the South Rim is up for bid for a third time after previous bids didn’t meet the park’s terms. That contract won’t be awarded before the current one held by Xanterra Parks & Resorts expires Dec. 31.
Grand Canyon Superintendent Dave Uberuaga said park regulations allow a temporary contract to be awarded to a concessions company for up to a year to fill the gap.
Bio-Rad paying $55M to resolve bribery claims
WASHINGTON – Bio-Rad Laboratories Inc. has agreed to pay about $55 million to resolve U.S. authorities’ allegations that it failed to prevent bribery of officials in Russia, Thailand and Vietnam and falsified records to hide the payments.
The Securities and Exchange Commission and the Justice Department announced settlements Monday with Bio-Rad, which makes instruments used in bio-medical research. The regulators said the company paid some $7.5 million in bribes to officials in the three countries from 2005 to 2010 to win business, enabling it to make $35 million in illicit profits.
Staff, wire reports