Slot revenue up in Pa.
The Pennsylvania Gaming Control Board reported that tax revenue produced from slot machines — which are taxed at 55 percent in the commonwealth — for the 12 months ending June 30 totaled $1.35 billion. That was an increase of 4.8 percent from the same period in 2010-11. Since the opening of the first casino in November 2006, tax revenues from slot machines have totaled $6 billion. The money has been used to fund homeowner property tax reductions; to increase purses in the state's horse racing industry; for economic development projects and local fire and emergency company grants; for communities that host casinos; and the state's General Fund. The board also released slots revenue figures for June that ranked Parx in Bensalem (up 7 percent from June 2011), Rivers in Pittsburgh (up 6.6 percent), Sands in Bethlehem (up 5.5 percent), and Harrah's in Chester (down 0.43 percent) as the Top 4 slots revenue generators among the state's 11 casinos. Last month's total slots revenue was up 6.24 percent from June 2011. — Suzette Parmley
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Banks' ‘living wills' released
Federal regulators, seeking to prevent a repeat of taxpayer-funded bailouts of the financial system, released summaries of plans for breaking up nine of the world's largest banks in the event of an emergency. The Federal Deposit Insurance Corp. and Federal Reserve posted the public portions of so-called living wills on websites as required by the 2010 Dodd-Frank Act. The documents outline more detailed proposals submitted privately describing how regulators could dismantle the companies if they fail. The banks required to file were JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley, Barclays P.L.C. Deutsche Bank AG, Credit Suisse Group AG and UBS AG. — Bloomberg News
Bank probed in manipulation allegations
Energy regulators are investigating whether JPMorgan Chase & Co. manipulated electricity markets in California and the Midwest, resulting in higher prices and possibly millions of dollars in improper payments to JPMorgan generators. The Federal Energy Regulatory Commission said in court documents this week that bidding practices in the bank's commodities business "may have been designed to manipulate" the markets. The regulators said they have been investigating JPMorgan since August. FERC generally does not make investigations public, but on Monday it filed papers in federal court in Washington to try to force the bank to hand over 25 e-mails that regulators want to examine. JPMorgan says the e-mails are privileged. Bank spokeswoman Jennifer Zuccarelli said the bank believes it has "complied in all respects with the law." — AP
Merger completed, with CEO surprises
Duke Energy Corp. and Progress Energy Inc. said they had completed their merger now valued at about $32 billion to form the nation's largest electric company. But the normally routine event came with a twist. Progress' Bill Johnson, who was tapped to lead the combined company as president and chief executive, has decided to leave by "mutual agreement," the companies said. Duke CEO Jim Rogers, who was expected to be executive chairman, has instead been named CEO of the new company. Whether it was Johnson or the company's board that had a last-minute change of heart is unclear. But as late as Monday, Duke staffers were describing Johnson as the pending CEO and scheduling post-merger interviews for him as the top manager. The company declined to answer questions about the switch. — AP
Cyprus, ‘troika' estimate bailout
Cyprus began talks Tuesday with the European Union and the International Monetary Fund to gauge how much bailout money it may need to prop up banks weighed down by their huge exposure to Greek debt. Finance Minister Vassos Shiarly said officials from the so-called troika — the European Commission, the European Central Bank, and the IMF — will meet with Cyprus government and central bank authorities, among others, during the course of the week to gather information. Cyprus last week became the fifth EU country to ask for financial aid from its partners in the common currency union. The tiny island nation needs at least $3.5 billion to support its banks. — AP
Wal-Mart's Mexico chief retires
Wal-Mart Stores Inc. Vice Chairman Eduardo Castro-Wright, a key figure in a bribery probe at the company's Mexico operations, retired on Sunday. The Justice Department and Securities and Exchange Commission are probing allegations that the retailer approved as much as $24 million in bribes as recently as 2005, when Castro-Wright ran the Mexico business. Castro-Wright, 57, retired on schedule, David Tovar, a Wal-Mart spokesman, said in an e-mail. — Bloomberg News
New image, voice for Chuck E. Cheese
Chuck E. Cheese has been given the pink slip. The company that operates the chain of children's pizza restaurants is retiring the giant rodent's outdated image, and the man who voiced its character for nearly two decades. CEC Entertainment Inc. said it planned to launch a national ad campaign Thursday with a revamped image of Chuck E. Cheese as a hip, electric-guitar-playing rock star. It's just the latest makeover for the 35-year-old mascot, which started life as a New Jersey rat who sometimes carried a cigar. CEC Entertainment, is based in Irving, Texas. According to ShowbizPizza.com, a Chuck E. Cheese fan site, Duncan Brannan, the man who voiced the mascot in commercials since 1993, learned of his replacement only after coming across "Chuck's Hot New Single" online and realizing it was sung by someone else. CEC Entertainment says that Brannan wasn't fired but that it simply "chose to utilize new voice talent." — AP
Orders report eases fear on manufacturing
Orders placed with U.S. factories rose in May for the first time in three months, easing concern that manufacturing is faltering. The 0.7 percent increase in bookings followed a revised 0.7 percent drop in the prior month, the Commerce Department said. Europe's debt crisis and a slowdown in Asian markets including China is restraining exports, weighing on the outlook for manufacturers. Excluding transportation equipment, factory orders increased 0.4 percent in May after falling 0.9 percent the prior month. Bookings for durable goods, those meant to last at least three years climbed 1.3 percent, also the first gain in three months. They make up just over half of total factory demand. — Bloomberg News
