IN BRIEF
PITTSBURGH — PNC Financial Services is planning a $400 million skyscraper to serve as its headquarters in downtown Pittsburgh.
The finance giant unveiled plans for the new building Monday after spending the last year quietly acquiring seven properties.
PNC chairman and CEO James Rohr said the Tower at PNC Plaza will be a symbol of the company's “deep bond” with the region.
Rohr said PNC's workforce has doubled over the last decade thanks to expansion and acquisitions. About 3,000 employees with work in the 800,000-square-foot building, including PNC's top executives.
Rohr said PNC will foot the entire bill for the project and is not seeking public money.
PNC still needs to acquire three properties from the redevelopment authority. Construction is expected to start next year and scheduled to wrap up in 2015.
BOSTON — The Department of Justice is trying to halt H&R Block's plans to acquire the creator of TaxACT software, saying the deal would leave just two major competitors in the do-it-yourself tax preparation market.The agency on Monday filed an antitrust lawsuit arguing that the transaction would eliminate a strong rival of H&R Block and Intuit, maker of such programs as Quicken and TurboTax.Regulators say those two companies and TaxACT account for 90 percent of tax preparation software sales, with H&R Block and TaxACT second and third behind Intuit.“TaxACT is an aggressive competitor in the market, and is feared” by the other two companies, Christine Varney, an assistant attorney general, told reporters on a conference call.H&R Block announced plans in October to pay $287.5 million in cash to acquire 2SS Holdings, the parent of 2nd Story Software, the privately held company that created TaxACT. H&R Block said it would combine its H&R Block At Home digital business and the TaxACT business into a single unit led by TaxACT management, but will continue to sell both brands.The Justice Department said the deal would create an opportunity for H&R Block to coordinate with Intuit, based in Mountain View, Calif., on prices, quality and other business decisions.
NEW YORK— Oil dropped more than 2 percent Monday as the dollar strengthened and an energy research group said it expected the growth in Chinese demand for oil to slow.At the pump, gas prices continued to fall as oil retreated.Platts, the energy information arm of McGraw-Hill, reported that the rapid rise in China’s oil consumption slowed in April. China consumed 9.37 million barrels per day in April, up 8.3 percent from the same period last year, but down from the 10 percent average growth in the first quarter. A decelerating economy and high oil prices were “denting end-user demand” in China, Platts said. China is the second biggest oil user in the world behind the U.S.Other government data shows that gasoline demand in the U.S. has declined for two months as pump prices rose above $4 per gallon. The Platts report suggests that international demand also has been hurt by higher prices.“You have to ask how unrealistic it’s been that prices have been pushed up to this level,” analyst and trader Stephen Schork said. “There could be further weakness in this market.”
