BUSINESS DIGEST || Ribbon-cutting event
The Youngstown/Warren Regional Chamber announced Paramex Capital LLC will host a ribbon-cutting event for the business at 10:30 a.m. Monday. The business, owned by Parambir Sandhu, is in Suite 115 at 6960 Market St. The company helps small businesses seek the capital needed to operate or expand. The Youngstown-based company serves Northeast Ohio and western Pennsylvania.
For more information, visit www.paramexcapital.com.
The Youngstown/Warren Regional Chamber announced a ribbon-cutting ceremony for Coral Rose Boutique in the Eastwood Mall is scheduled for 10 a.m. today. The shop is in the JCPenney concourse. It offers a curated line of clothing, jewelry, handbags, accessories and personal-care products.
PNC net income
The PNC Financial Services Group Inc. this week announced second-quarter net income of $1.4 billion, compared with net income of $1.1 billion in the second quarter of 2017 and $1.2 billion in the first quarter of 2018.
The Pittsburgh-based bank’s revenue increased by $213 million compared with the first quarter and $264 million compared to the second quarter of 2017, to $4.3 billion. Compared with the second quarter of 2017, loans grew 2 percent to $223 billion, and deposits increased 2 percent to $265 billion.
Group plans mixer
Mahoning Valley Young Professionals will host its July 2018 Mixer from 5:30 to 8:30 p.m. Thursday at Kennsington Grille.
The event will feature networking, appetizers and a cash bar. The event is free for members and $5 for non-members. Kennsington Grille is at 4171 Westford Place.
Nissan recalls nearly 105K small cars
Nissan is recalling nearly 105,000 small cars to replace Takata passenger air-bag inflators that can explode and hurl shrapnel at drivers and passengers.
Included are the 2011 Versa sedan and the 2011 and 2012 Versa hatchback. It only applies to cars that have been registered in 42 states and Washington, D.C., as part of a coordinated phase-in of Takata recalls.
Takata uses the chemical ammonium nitrate to create a small explosion to inflate the air bags in a crash. But the chemical can deteriorate due to high temperatures and humidity and blow apart a metal canister.
At least 23 people have died worldwide and about 300 have been hurt.
Owners will be notified by mail and dealers will replace the inflators for free. The recall starts this month.
Funding deadline looms for rail project
A $13 billion project to build a new rail tunnel into New York is scrambling to stay in the running for key federal funding as today's deadline looms.
According to the federal Department of Transportation, the tunnel project, the largest component of the Gateway rail project that plans to replace century-old rail infrastructure in New York and New Jersey, is lacking some key components to remain eligible for billions in federal grants.
On Friday, officials sent a letter to DOT requesting an extension past today's deadline, when the two-year project development phase is scheduled to expire.
Failure to get an extension could put the project's already tenuous financial prognosis in further jeopardy and send officials back to square one.