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Business News in Brief

Inquirer Staff Report

Posted: June 03, 2012

IN THE REGION

PGW announces lower gas rates

Philadelphia Gas Works on Friday announced the latest decrease in natural gas rates, which have been falling because of low commodity prices. The new rate for residential customers is $1.35623 per hundred cubic feet, down about 2.5 percent. Rates also decreased for commercial, industrial and municipal customers. In the last year, PGW’s residential natural gas rate has fallen 13 percent. On an annualized basis, a typical PGW residential customer bill is now $181 less than 12 months ago. PGW is required to adjust its gas-cost rate quarterly to reflect market conditions, and must pass commodity costs through to customers without markup. Natural gas costs have decreased because of surplus production of shale gas from such formations as Pennsylvania’s Marcellus Shale. In New Jersey, Public Service Electric & Gas Co. filed for a 5.2 percent decrease in gas rates on Friday. The decrease, which would take effect in the fall, would reflect a typical residential customer savings of $59.56 a year. — Andrew Maykuth

Greyhound offers tickets

Greyhound Lines Inc. on Friday said it would offer $1 one-way tickets to passengers marooned by the federal shutdown of Chinatown bus operators in Philadelphia and elsewhere. Greyhound said that the fares would be valid for travel until June 16 and that customers would need to show their ticket and proof of purchase at a Greyhound terminal to receive the special rate. The offer was in response to the closure this week of 26 bus operators based primarily in Pennsylvania and New York for safety violations. — Paul Nussbaum

NLRB orders Sands bargaining

Over the last 23 years, Sheldon Adelson has built the world’s largest casino company, and without a worker joining a labor union. Now, a group of security guards making $13 an hour may end Adelson’s winning streak. The National Labor Relations Board has ordered Sands Casino Resort Bethlehem to begin bargaining with its 130 security guards as a labor union. Pending appeal to a federal court, Local 777 would become the first union in a Sands $35 billion gaming empire. Sands officials called the ruling routine, and pledged to appeal the matter to a federal appeals court in Washington. — Allentown Morning Call

ELSEWHERE

Carmakers report sales gains

Many of the biggest carmakers reported double-digit sales gains in May compared with a year earlier. Toyota, as expected, led sales increases with an 87 percent rise from a year earlier, when an earthquake in Japan crippled its factories. Chrysler reported a 30 percent increase, followed by VW at 28 percent and Nissan at 21 percent. Ford sales rose 13 percent and GM was up 11 percent. — AP