Business news in brief
In the Region
Pa. gambling revenues up 24 percent
Pennsylvania's nine casinos reported a nearly 24 percent surge in gambling revenues last month to $231.2 million compared with a year ago, thanks largely to a second month of poker, blackjack and other table games. The nine properties' 636 table games generated $34.6 million in revenue, led by Parx casino in Bensalem with $6.3 million, followed by Harrah's Chester Casino & Racetrack with $5.9 million in gross table revenue. Slot machine revenues also rose last month, up 5.2 percent from a year ago, to $196.6 million, despite having one fewer Saturday than in August 2009. The opening of SugarHouse Casino on Thursday on the Philadelphia waterfront will add 40 table games to the market. - Suzette Parmley
UGI unit to transport Marcellus gas
A subsidiary of UGI Corp., Valley Forge, entered into an agreement to transport natural gas produced by a Marcellus Shale driller in Wyoming County. UGI Energy Services Inc. struck the deal with Citrus Energy Corp. to build a pipeline network to deliver gas from Citrus wells to the Tennessee Gas Pipeline Co.'s interstate pipeline in Susquehanna County. The Tennessee pipeline carries the gas to northeast markets. UGI previously said it planned to invest $300 million during the next two years on Marcellus Shale infrastructure projects. The Citrus project is designed to carry up to 120 million cubic feet of gas a day. - Andrew Maykuth
Sunoco fined for air-quality violations
Sunoco Inc., Philadelphia, agreed to pay $130,000 in state penalties for air-quality violations last year at its Marcus Hook refinery. Sunoco Refining and Marketing reported excessive releases of carbon monoxide, sulfur dioxide, nitrogen oxide and particulate matter from January to September 2009, according to Joseph A. Feola, Southeast Regional director of the Department of Environmental Protection. He said that equipment failures accounted for the emissions, and that Sunoco had corrected the problems. The facility was fined $173,310 in December for 2008 air-quality violations. - Andrew Maykuth
New home for Pinnacle Foods
Pinnacle Foods Group L.L.C., Mountain Lakes, Morris County, N.J., has relocated its South Jersey headquarters to the Woodcrest Corporate Center in Cherry Hill, a $6 million move that the company said would enable it to add 90 employees to its staff of 130. Pinnacle previously had its South Jersey offices in the Executive Campus in Cherry Hill. About $1.1 million of the cost came from state grants. The local office handles administrative and information technology functions. Pinnacle's brands include Duncan Hines baking products, Vlasic pickles, and the Swanson, Birds Eye, Mrs. Paul's and Aunt Jemima frozen foods. - Paul Schweizer
Elsewhere
Unemployment rises in 27 states
More than half of U.S. states saw their unemployment rates rise in August, the largest number in six months. The jobless rate increased in 27 states last month, the Labor Department said. It fell in 13 and was unchanged in 10 states and Washington, D.C. Nevada reported the nation's highest unemployment rate for the fourth straight month, at 14.4 percent. North Dakota posted the lowest jobless rate, 3.7 percent. Jobless rates fell in both Pennsylvania and New Jersey. New Jersey's rate dropped to 9.6 percent from 9.7 percent in July. Pennsylvania's rate fell to 9.2 percent from 9.3 percent in July. - AP
Adobe earnings up 69 percent
Software maker Adobe Systems Inc. said quarterly net income soared, boosted by higher revenue in all its business segments. Adobe earned $230.1 million, or 44 cents per share, in the three months that ended Sept. 3. That's an increase of 69 percent from a year ago. Adjusted earnings were 54 cents per share in the latest quarter, surpassing analysts' expectations of 49 cents per share. Adobe says revenue jumped 42 percent to $990.3 million from $943 million last year. - AP
Abbott plans 3,000 job cuts in deal
Abbott Laboratories said it would eliminate 3,000 jobs and take almost $1.3 billion in charges during the next two years as it integrates its Solvay pharmaceuticals business. Abbott said it expected $810 million to $970 million in restructuring costs and $310 million in integration costs. Abbott, which employs almost 90,000 people, said it would cut jobs in manufacturing, commercial operations, research and development, and staff functions. Most of the jobs that will be eliminated are based in Europe, and almost all are part of Solvay's operations. - AP
Private-plan premiums fall
Medicare says premiums for seniors enrolled in private health-insurance plans will dip by 1 percent on average next year. That will bring the average monthly premium to about $35, a roughly 50-cent cut, Medicare officials said. The fate of Medicare Advantage plans has been a concern because the new health-care law cuts payments to private insurers. However, significant reductions are still a couple of years away. The Obama administration says the program is strong and expected to remain so. - AP
Ireland sells $2B in bonds
Ireland sold euro 1.5 billion ($2 billion) in government bonds in a test of whether international investors would keep buying Irish treasuries despite the country's deficit, the biggest in debt-burdened Europe. Analysts called the auction a success, noting it attracted bids 5.1 times the amount of bonds on offer. But analysts cautioned that Ireland had to pay higher-than-expected interest rates, reflecting investors' fear of an eventual Irish default. The higher rates could be an additional financial burden. Ireland is on course to post a 2010 deficit exceeding 20 percent of GDP, by far the worst in the 27-nation European Union. - AP
Group: Airline industry rebounding
Global airlines have rebounded faster than expected from the recession after losing nearly $26 billion during 2008 and 2009, the industry association said Tuesday, raising its profit forecast for this year. The International Air Transport Association said airline profits for 2010 would likely total $8.9 billion on revenue of $560 billion, more than the group's June forecast of $2.5 billion profit on sales of $545 billion. - AP