UBS promotes Khan to steer wealth management

UBS promotes Khan to steer wealth management

The symbol of Swiss lender UBS is observed at its headquarters, as the unfold of the coronavirus disease (COVID-19) proceeds, in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann

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NEW YORK, July 13 (Reuters) – UBS (UBSG.S), the world’s most important prosperity supervisor, on Tuesday named Iqbal Khan the sole head of the Swiss bank’s world-wide prosperity management division in an executive board reshuffle.

Khan, who joined Switzerland’s major bank in 2019 to co-head its flagship division, will just take more than when co-president Tom Naratil methods down in Oct following a long time with the lender.

Naureen Hassan, the second-rating officer at the New York Federal Reserve, replaces Naratil in his 2nd part as president of UBS Americas, the bank claimed in a statement.

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Below Chief Govt Ralph Hamers, UBS has sought to leverage technologies and integrate fintech acquisitions to strengthen revenues, develop its client base and cut charges. go through more

“Our Worldwide Wealth Management small business and our Americas region are strategically important, and both of those offer significant advancement prospects for us,” Hamers reported in a assertion.

Khan earlier led lesser rival Credit history Suisse’s (CSGN.S) intercontinental prosperity administration division. Khan was thrust into the spotlight just after leaving Credit Suisse when he confronted a non-public detective who was adhering to him and his wife.

That incident prompted a felony criticism, multiple sackings and enforcement proceedings in opposition to Credit rating Suisse, where further more spying cases emerged, prompting the CEO to give up.

Khan has kept a somewhat reduced general public profile given that the spying incident, but resources familiar with UBS say he is popular with staff members and clients and could be a CEO prospect.

When Khan joined UBS, it was noticed as a bid to assistance the lender cope with sluggish action amid wealthy shoppers, extremely-low interest fees and greater level of competition from U.S. rivals.

Underneath Khan and Naratil, UBS overhauled its prosperity administration business by slicing layers of center management to give community teams additional autonomy, growing lending to ultra-rich consumers and bulking up its digital offerings to entice extra clients.

In 2021, UBS invested $1.4 billion to buy U.S.-targeted electronic investing system Wealthfront, which has a lot more than $27 billion underneath administration. It also rolled out a hybrid electronic wealth administration platform. study a lot more

The prosperity management division’s pre-tax gains were up 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2021 in contrast with 2019. Considering the fact that Khan joined, the division has brought in far more than $50 billion in internet new financial loans and extra than $150 billion in fresh price-building customer inflows.

UBS general has sent robust success in new yrs, scheduling its greatest annual earnings considering the fact that the international monetary disaster in 2021 and its best first-quarter web revenue in 15 years at the get started of 2022. read through much more

But inflation, soaring desire prices, commodity shocks and the Ukraine war have hit economic markets and prompted a lot of buyers to become much more danger averse and retreat from borrowing.

UBS is established to report next-quarter results on July 26.

Hassan, who will be a part of the bank’s government ranks in October, served as initially vice president and main operating officer at the New York Fed. She has also labored at Morgan Stanley.

Naratil, who has been with UBS due to the fact it acquired U.S. brokerage Paine Webber in 2000, joined the executive board as main money officer in 2011 and then turned main running officer. He headed prosperity administration in the Americas from 2016.

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Reporting by Elizabeth Dilts Marshall Enhancing by Richard Chang and Edmund Blair

Our Standards: The Thomson Reuters Rely on Principles.

McKinsey and Workday team up to unleash the power of finance and people data for businesses

McKinsey and Workday team up to unleash the power of finance and people data for businesses

The explosion of facts across organizations has revolutionized how leaders believe about driving modify. Nonetheless, information-pushed options to transfer faster and make superior-knowledgeable finance and men and women conclusions are hard to seize and execute. With this in brain, McKinsey and Workday have teamed up to carry McKinsey-proprietary awareness and analytics, benchmarks, and recommendations onto the Workday Enterprise Management Cloud.

This alliance presents authentic-time knowledge-pushed insights and recommendations for the C-suite to resolve problems in finance and human means. The mix of McKinsey’s skilled insights throughout industries and features paired with Workday’s revolutionary technology and analytics allows clientele to deal with enterprise troubles and improve returns from their engineering and data investments. In 1 case, for case in point, the collaboration among Workday and McKinsey resulted in a genuine-time dashboard that identifies sources of attrition – at the specific stage – to assistance retain essential expertise. McKinsey is also setting up a workforce of in-household experts to build methods specifically within just the Workday system.

“Companies right now are navigating an progressively dynamic natural environment, which necessitates new and revolutionary ways to remedy business problems,” explained Chano Fernandez, co-CEO of Workday. “By operating with McKinsey, we appear forward to offering the next technology of analytics and insights to the C-suite so that our joint customers can handle key business needs in finance and HR and increase their financial commitment in Workday.”

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There is possibly no superior time than now for an alliance among McKinsey and Workday, which will support leaders make flourishing and resilient corporations.

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Bob Sternfels, McKinsey worldwide taking care of spouse
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McKinsey and Workday have presently realized substantial effects in their original stage of function, together with enhancing Workday Strategic Sourcing by building a dynamic negotiation analytics engine to examine procurement bids. Within just the 1st sixteen months of implementation, McKinsey and Workday refined, piloted, and properly deployed the technologies with much more than 30 purchasers, capturing them practically $2 billion in price savings as measured by McKinsey.

“Leaders are on the lookout for the engineering and experience that will support them make the greatest selections doable in this complicated instant,” mentioned Bob Sternfels, McKinsey international controlling companion. “There is potentially no far better time than now for an alliance concerning McKinsey and Workday, which will support leaders build flourishing and resilient businesses.”

New single-stock ETFs let investors short Tesla without shorting Tesla

New single-stock ETFs let investors short Tesla without shorting Tesla

A new, exotic ETF solution hit the tape this 7 days — one inventory ETFs.

The ETFs, managed by AXS Investments, are the initial of their type to be approved by the Securities and Trade Commission — although very similar products have existed for many years in Europe.

These new funds permit traders to limited shares like Tesla (TSLA), or make a levered prolonged guess on a title like Nike (NKE) or Pfizer (PFE), with a normal brokerage account.

An additional “democratization” of some of the riskier trades readily available to expense industry experts.

SINGLE STOCK ETFs LAUNCH IN THE U.S.

One Inventory ETFs Start IN THE U.S.

Compared with quite a few ETFs — which for some have grow to be synonymous with index cash like the Vanguard 500 Index Fund (VOO) — these merchandise are evidently intended for active traders and not passive investors. Reason remaining: leverage is frequently misunderstood and isn’t really for the faint of coronary heart.

Leveraged products can bring about considerable losses for traders although the underlying stock chops close to and appears to “do nothing at all.”

The goal of a 2x ETF, for instance, is to mirror two situations the overall performance of the underlying inventory or index just about every day. If overall performance is measured on a lengthier time period, the benefits can drastically vary.

Consider the following hypothetical case in point of a inventory and its 3x ETF, which is trying to reflect the daily underlying efficiency of a specified inventory situations three.

Each securities investing at $100 per share and experience 7 risky periods exactly where the stock trades up or down at minimum 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} above the period of time.

At the stop of our hypothetical time period, the fundamental inventory is basically flat even though the 3X ETF is down over 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

LEVERAGED ETFs PERFORM POORLY WHEN MARKETS ARE CHOPPY

LEVERAGED ETFs Execute Poorly WHEN Markets ARE CHOPPY

Chopping all over with volatility kills these products’ returns, which is the number a single lesson traders need to have to remember.

Let us search at a further case in point of this dynamic, but just one happening in the true earth these days.

The Nasdaq 100 (^NDX) has been less than pressure all yr and is at present down about 27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ProShares Limited QQQ ETF (PSQ) makes an attempt to return the inverse of a long situation, though the ProShares UltraPro Quick QQQ ETF (SQQQ) aims to return 3 occasions the inverse of that item each individual day.

PSQ — the unlevered quick — has returned that which the Nasdaq 100 shed — or 27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

The 3X version is returning a healthier 74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} — but which is shy of the 81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} that an uninformed investor may perhaps have been anticipating (3 x 27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.= 81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}).

Over the previous year, the general performance difference gets more tough, with the unlevered limited up 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} whilst the 3x levered brief ETF up only 9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. On lengthier time frames — examine out the 5Y efficiency on the chart earlier mentioned, for instance — the imbalance only receives worse.

Regulators warn

Regardless of the SEC’s approval of the new ETFs, regulators have been warning buyers about risks in these merchandise. SEC chairman Gary Gensler has raised considerations about these new ETFs, and SEC commissioner Caroline Crenshaw has been outright important.

“[I]n addition to presenting important investor security concerns, in intervals of sector anxiety or volatility, leveraged and inverse products can act in surprising strategies and probably lead to broader systemic dangers,” Crenshaw wrote this 7 days on the SEC’s web-site.

Crenshaw also issued a warning to registered expenditure advisors (RIAs), declaring it would be “difficult” for them to advocate these products and solutions when “also honoring his or her fiduciary obligations.”

Compared with inventory brokers, RIAs have a fiduciary obligation to act in their customers’ greatest economic pursuits.

—

Jared Blikre is a reporter focused on the marketplaces on Yahoo Finance Dwell. Comply with him @SPYJared.

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Provident Financial (NASDAQ:PROV) Now Covered by Analysts at StockNews.com

Provident Financial (NASDAQ:PROV) Now Covered by Analysts at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of Provident Fiscal (NASDAQ:PROV – Get Ranking) in a report released on Saturday. The business set a “keep” rating on the fiscal companies provider’s stock.

Individually, Piper Sandler minimize their price goal on Provident Money to $15.50 in a investigation be aware on Monday, July 4th.

Provident Money Inventory Effectiveness

NASDAQ:PROV opened at $14.80 on Friday. The stock’s 50-working day basic moving typical is $14.59 and its 200 day easy shifting normal is $15.76. The agency has a market place capitalization of $107.89 million, a PE ratio of 11.21 and a beta of .55. The corporation has a brief ratio of .98, a present-day ratio of .98 and a financial debt-to-fairness ratio of .63. Provident Monetary has a twelve month small of $13.76 and a twelve thirty day period large of $18.25.

Provident Monetary (NASDAQ:PROV – Get Score) final introduced its quarterly earnings effects on Tuesday, April 26th. The economical solutions provider reported $.23 EPS for the quarter, lacking analysts’ consensus estimates of $.24 by ($.01). Provident Economical had a web margin of 25.79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a return on fairness of 7.80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The agency experienced income of $8.65 million for the quarter, in comparison to analyst estimates of $9.10 million. During the similar interval in the preceding calendar year, the business posted $.21 earnings per share.

Hedge Money Weigh In On Provident Monetary

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An institutional trader a short while ago elevated its place in Provident Economic inventory. Federated Hermes Inc. elevated its stake in Provident Money Holdings, Inc. (NASDAQ:PROV – Get Rating) by 7.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the duration of the initially quarter, according to the business in its most current disclosure with the Securities and Trade Fee (SEC). The firm owned 30,459 shares of the money companies provider’s inventory after acquiring an extra 2,234 shares throughout the quarter. Federated Hermes Inc. owned about .42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of Provident Fiscal worthy of $504,000 at the end of the most the latest reporting interval. 60.15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is at present owned by institutional buyers.

Provident Monetary Enterprise Profile

(Get Rating)

Provident Economical Holdings, Inc operates as the holding business for Provident Cost savings Lender, F.S.B. that delivers neighborhood banking expert services to shoppers and small to mid-sized firms in the Inland Empire location of Southern California. Its deposit products and solutions include things like checking, price savings, and dollars industry accounts, as very well as time deposits and personal loan portfolio is composed of single-spouse and children, multi-family, commercial genuine estate, development, house loan, business business, and shopper loans.

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Stocks close higher after upbeat retail sales, strong Citi earnings

Stocks close higher after upbeat retail sales, strong Citi earnings

U.S. shares rallied Friday to cap a four-day dropping streak on Wall Avenue. Sentiment was buoyed by much better-than-expected retail revenue knowledge and a surprise earnings conquer from Citigroup (C).

The S&P 500 surged 1.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while the Dow Jones Industrial Typical added 657 points, or approximately 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The tech-significant Nasdaq climbed 1.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Blowout second-quarter final results from Citi lifted shares of banking industry friends to put up the greatest intraday rally for the sector since May perhaps, in accordance to Bloomberg information. The mega bank noted an 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} soar in profits for the time period to $19.64 billion, one particular day following traders mulled a established of disappointing financials from JPMorgan (JPM) and Morgan Stanley (MS). Shares of Citi shut up 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Wells Fargo (WFC) and Lender of America (BAC) received 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, respectively.

“In a challenging macro and geopolitical setting, our group sent good final results and we are in a sturdy posture to temperature unsure situations, presented our liquidity, credit score top quality and reserve stages,” Citigroup Chief Govt Officer Jane Fraser explained in the earnings assertion.

Meanwhile on Thursday, JPMorgan manager Jamie Dimon cautioned in article-earnings remarks that dangers to the U.S. economy look “nearer than they were being before” and reported “never-ahead of-seen quantitative tightening” is envisioned to have damaging outcomes, just one particular day immediately after one more crimson-hot inflation report spurred speculation among the strategists that the Federal Reserve may perhaps go as far as to hike prices a complete share level afterwards this thirty day period.

Federal Reserve Board of Governors member Christopher Waller reported Thursday he would be open up to backing an improve of 100 basis factors if impending financial releases place to solid consumer paying.

NEW YORK, NEW YORK - JULY 12: People make their way near to The New York Stock Exchange, on July 12, 2022 in New York. Wall Street is back to falling amid recession, the S&P 500 closed 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower while tech stocks pushed the Nasdaq down 2.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. (Photo by John Smith/VIEWpress)

NEW YORK, NEW YORK – JULY 12: People today make their way near to The New York Inventory Exchange, on July 12, 2022 in New York. Wall Avenue is again to falling amid economic downturn, the S&P 500 closed 1.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} reduce when tech stocks pushed the Nasdaq down 2.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. (Photo by John Smith/VIEWpress)

“I’m only stating, you can find a assortment of possible outcomes from a soft landing to a challenging landing, pushed by how much interest costs go up, the performance of quantitative tightening, and defective, risky marketplaces,” Dimon stated in a phone with Wall Road analysts Thursday.

Retail profits rose extra than envisioned in June, pointing to continued strength among U.S. buyers even in the experience of many years-high inflation and problems around an economic slowdown, knowledge from the Commerce Department showed Friday. The broadest evaluate of retail buys climbed 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in June from the prior thirty day period, though May’s figure was downwardly revised to exhibit a .1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} fall in profits — the initially drop this 12 months. Economists surveyed by Bloomberg anticipated retail gross sales to rise .9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} very last thirty day period.

In other places in economic releases, shopper sentiment rose a bit in July to a looking through of 51.1, for every the College of Michigan’s hottest survey. Estimates referred to as for the determine to appear in at 50, according to Bloomberg consensus facts. The report’s carefully-watched inflation anticipations facts moderated notably, with prolonged-run inflation anticipations slipping to 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at the finish of June.

Shares of Pinterest (PINS) rallied 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after the Wall Avenue Journal claimed activist expenditure agency Elliott Administration took a 9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake in the social-media platform, starting to be the biggest stakeholder in the enterprise as it grapples with a decline in users.

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Alexandra Semenova is a reporter for Yahoo Finance. Abide by her on Twitter @alexandraandnyc

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Openings and Closings: Business happenings around the region | Business News

Openings and Closings: Business happenings around the region | Business News

From new apartments being approved to restaurants reopening and ready to serve, here’s a look at what’s happening with businesses in your neighborhood.







Lehigh Valley O&C

DUTCH SPRINGS: 4733 Hanoverville Road, Lower Nazareth Township

The quarry lake and surrounding land that was home to an aqua park and diving venue finally has new owners. Warehouse developer Trammell Crow Co. paid $16.1 million for the acreage in Lower Nazareth and Bethlehem townships. That transaction, more than a year in the making, paves the way for the construction of two warehouses, each close to 300,000 square feet.

The 50-acre quarry lake will open again under the leadership of Ken Kraft and Jim Folk, two local scuba divers. No opening date has been set so far for diving. The water park will not reopen.

Trammell Crow, a division of CBRE Group Inc., bought the property from Recreational Concepts, a company led by Stuart Schooley and Janes Wells-Schooley.

Recreational Concepts paid $97,662 in 1980 for the old mine that became a regional water park, considered by many residents to be a gem of the Lehigh Valley. Get the full story. 

***

NEUWEILER LOFTS: 401 N. Front St., Allentown

The redevelopment of the old Neuweiler & Son Brewery along the Lehigh River won city approval Tuesday.

Manhattan Building Co. plans to convert the site into 282 apartments covering more than 324,000 square feet, and 38,000 square feet of retail space with 370 parking spaces.

The seven-story building as proposed will have a café bar, conference room, gym, lounge and swimming pool.

Much of the brewery will be demolished, but the Neuweiler tower will remain. Neuweiler’s was built in 1913 and closed in 1968 as national beer brands took over the market. That trend has since reversed, with the growth of the craft beer movement. Read more here. 

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PA-ALLENTOWN-READING HOLISTIC CHAMBER OF COMMERCE, BERKS COUNTY, LEHIGH VALLEY AND REGION

A new chamber of commerce will link clients and practitioners of holistic practices, who use treatment methods outside of traditional Western medicine: reiki masters, nutritionists, massage therapists, acupuncturists and more.

President Alicia McBride said the chamber will help holistic businesses grow and provide a way for patients and practitioners to meet. The PA-Allentown-Reading branch is the first holistic chamber in Pennsylvania.

The organization was founded in California in 2012 and according to its website, has chapters in several states. The local chamber’s first meeting will be held via Zoom on July 21. Read more about the Chamber of Commerce. 

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AIR PRODUCTS AND CHEMICALS WAREHOUSES: 7201 Hamilton Blvd., Upper Macungie Township

Three big warehouses covering 2.61 million square feet in total won approval from the township’s Zoning Hearing Board, with some conditions attached. The gas and chemical company’s former campus became available for development when Air Products moved its offices a mile away last year.

Prologis Inc., which owns millions of square feet of warehouse space in the Lehigh Valley, will develop the site, using about one quarter of the 235-acre tract.

Residents complained about the warehouses adding more truck traffic to an already congested area, but the land is zoned for commercial use. The board listened to six hours of testimony over two hearings before voting Thursday. Read the latest here. 

***

LIFESTYLE BARBER ACADEMY: 353 Northampton St., Easton

Fernando Cardenas has opened the barber academy off Center Square, providing a career option for “the next generation of barbers who are looking to begin a career and change their life while still enjoying their life and not breaking the bank.”

The academy trains new barbers who can then receive a Pennsylvania Barber’s License, according to the business’s website.

Lifestyle Barber Academy held its grand opening earlier this month, on conjunction with the Greater Lehigh Valley Chamber of Commerce.

***

PA RYE COMPANY: 536-538 Hamilton St., Allentown 

A new bar and restaurant featuring Rye whiskey will open downtown this summer. City Center Investment Corp., the development company led by J.B. Reilly, said it has leased space to Dan Gonazlez and Jesse Haik. PA Rye Co. will occupy 6,200 square feet, with a bar on the first floor and a restaurant on the second floor. They will also open a wine store.

In addition to various Rye whiskeys, with an emphasis on Pennsylvania brands, the new bar will have 16 beer taps, a seasonal cocktail list and a wine list. Small plates will be available for $10 through $18.

PA Rye Co. will open from 3 p.m. to 2 a.m. Wednesday through Sunday. The full story is here. 

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WOODMONT VALLEY: Route 100, Lower Macungie Township

The Township has cleared the way for a housing development on the site of an old Allen Organ showroom. The building on the 14-acre property will be demolished, making room for retail space and 120 residential units. Read the full story here. 

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STRATEGIC WEALTH ADVISORY: 1275 Glenlivet Drive, Upper Macungie Township

The wealth-advisory firm was acquired by Informed Family Financial Services, a Montgomery County-based business. Informed Family Financial has offices in Norristown and Pottstown, and now adds Strategic Wealth’s locations in Birdsboro, Berks County, and Upper Macungie in Lehigh County.

Terms of the transaction were not disclosed.

Earl Schultz and Shannon LaRose of Strategic Wealth will stay with the merged company, which will operate under the Informed Family Financial brand. Read the full scoop here. 

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WIZ KIDS 2: 4817 Freemansburg Ave., Bethlehem Township

The steak sandwich store reopened Friday. The Madison Farms Wiz Kids closed for renovations after an electrical fire in April. There are now two Wiz Kids again; the original location is on Elizabeth Avenue in Bethlehem.

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MISSION AUTISM CLINICS, 1510 Valley Center Parkway, Hanover Township, Northampton County

A ribbon cutting at 4 p.m. Friday, July 22, and tours of the facility will be available during an event held with the Greater Lehigh Valley Chamber of Commerce. Mission Autism Clinics provides individualized therapy for children with autism.

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CHAMPION 2.0 HAND CAR WASH: 250 Line St., Easton

The car wash will hold a ribbon-cutting ceremony at 10:30 a.m. on Saturday, July 23. Champion provides cleaning, inside and out; waxing; scratch removal, and more services.

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BELLA PIZZA II: 578 Chestnut St., Emmaus

Bella Pizza II is opening at the location of the now closed Joe’s Pizza II in Emmaus. Joe’s Pizza II closed July 17 and starting July 20, customers can order from Bella Pizza II, the owner tells 69 News. 

The restaurant located at 578 Chestnut St. has been operated by the same family for 15 years. The current owner says the family is retiring. 

The owner, Michael D’agostino, who has 45 years in the pizza restaurant business, tells 69 News a new family will operate the business and will begin serving the community on July 20 under the name Bella Pizza II.

The original Bella Pizza is located in Richland, Lebanon County.

The restaurant will be closed on July 18, 19 for cleaning and upgrades. Read more here. 

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Berks O&C

MORGANTOWN LOGISTICS CENTER WAREHOUSE: Route 10 in Cumru Township

Developers of a proposed distribution center warehouse off Route 10 in Cumru Township took their plans directly to township residents Tuesday, but many who attended the open house seemed to challenge the idea or oppose it.

Hundreds of people, some with signs reading “No Route 10 Warehouse,” flowed in and out of Berks Nature Center for the three-hour event regarding the $80 million, 738,720-square-foot Morgantown Logistics Center warehouse.

There was no formal presentation, but a dozen placards gave details about the project. The project is proposed for 75.2 acres at Morgantown Road (State Route 10) and Freemansville Road.

New details included that the project represents a more-than-$115 million investment, creating 197 construction jobs and 300 jobs once operational, and annual tax revenues of more than $237,000 once a tax abatement program county commissioners approved for the project in March runs out.

A second hearing for the project is scheduled before the township Planning Commission at 6 p.m. Aug. 1. Read more here. 

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Poconos Coal O&C

THE PYRAMID GYM: 230 Ochre St., Lehighton

The Pyramid gym in Lehighton, which called itself Carbon County’s largest fitness and sports club, has permanently closed.

It ended its decade-long run on July 1.

It’s not clear what led to the closing of the center, which offered yoga, cardio, strength, active senior workouts and such activities as youth baseball and soccer camps.

The Pyramid was closed from March 2020 until June 2020 because of COVID-19, during which time it suspended payments for memberships, then reopened with a smaller capacity.

The gym opened in May 2012 as Pyramid Sports Performance Center at the former Scotty’s Fashions clothing manufacturing facility.

The three-story, 53,000-square-foot former factory had a fitness center, several rooms with artificial turf for field sports and lines of batting cages and pitching tunnels. A multipurpose room lined with mats was used for Zumba, yoga and Pilates.

Owners said the closest comparable fitness centers were in the Lehigh Valley.

The website says anyone who paid membership past July 1 or anyone with leftover package credits or class passes should have gotten an email with refund information.

It says gift certificates “will be refunded based on certain criteria,” and directs holders to Spotts’ email at alyssa@pyramidsportsperformance.com. It says gift certificates from basket raffles or community events will not be honored. More details here. 

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LOKI & LAYLA CANDLE COMPANY: 301 S. Centre St., Pottsville

The Loki & Layla Candle Company in Pottsville, which combines candles, pet care and body care, opened with a ribbon-cutting Wednesday.

It’s in the former site of Needleplay Tattoo, Schuylkill County’s longest-running tattoo and body piercing studio.

Joe Barnes, who with his fiancée Ashley Michel, owns the store, makes all of the products and said new ones are added almost weekly. All candles are vegan/kosher and free of phthalates – chemicals used in most commercial soaps and shampoos. The candles come in more than 100 scents.

The business also donates $1 of every product sold is donated to charities, organized by the brand, to military families and friends, bat conservation, and a fund to help people with veterinary bills.

The store is open 10 a.m. – 7 p.m. Thursdays, 11 a.m. – 9 p.m. Fridays and Saturdays, and 11 a.m. – 4 p.m. Sundays. It’s closed Mondays and Tuesdays. Learn more here. 

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ST. LUKE’S HEALTH CENTER: 174 Harvest Lane, Pocono Summit 

St. Luke’s Health Center at Pocono Summit is set to open next week.

The 17,500-square-foot center, at 174 Harvest Lane, provides comprehensive health care for families, including walk-in urgent care and lab services, primary care, orthopedics, physical therapy and pediatrics.

The Care Now walk-in urgent care center will open at 8 a.m. on Monday, July 18, and the other services will open over the course of the week.

Officials said the new center will offer services in spaces that are designed with patients in mind, with a spacious lobby, comfortable waiting areas, state-of-the-art technology and plenty of parking.

The health center opening comes only a few weeks after the recent opening of St. Luke’s Family Medicine-Tobyhanna, a primary care practice just 6.5 miles away in the Mountain Center.

The new health center also is just 14 miles from St. Luke’s Hospital’s Monroe campus in Stroud Township. That 180,000-square-foot medical center opened in October 2016, with an adjacent four-story 37,500-square-foot office building.

A four-story, 170,000-square-foot hospital expansion broke ground this spring and is scheduled to open in early 2024.

St. Luke’s said that with the new Pocono Summit Primary Care, families can establish relationships with a primary care provider for ongoing preventive care, routine care and care for acute and chronic health conditions. More details here. 

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VITO’S COAL FIRED PIZZA: 400 Terry Rich Blvd., St. Clair

Vito’s Coal Fired Pizza & Restaurant in St. Clair, has a newly expanded and remodeled bar area.

The restaurant, which was the first coal oven pizza place in the Schuylkill county area when it opened more than a dozen years ago, held a ribbon-cutting for the expansion on July 1.

Owners Vito and Kelly Valenti “decided to remodel to give their customers a fresh new experience … a new, modern look,” said Schuylkill County Chamber of Commerce President Robert Carl Jr. “A fun place to dine and enjoy beverages of people’s choice.”

The expansion also created a larger seating area, which meant adding more jobs, Vito Valenti said.

“This restaurant is superbly successful,” Carl said.

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Southeastern PA O&C

NORRISTOWN BRICK: 741 Forrest Ave., Norristown

Outdoor Living Supply, a Minnesota-based company that sells landscape accessories, acquired the Montgomery County business for an undisclosed price.

Norristown Brick was founded in 1986 and sells masonry materials and “hardscaping,” the manmade features used in landscape architecture. Russell Lyons, owner and operator of Norristown Brick, will continue to lead the business.

Outdoor Living Supply said in a statement that it is expanding in the northeastern U.S.

Private equity firm Trilantic Capital Management L.P. has invested in Outdoor Living Supply. The full story is here. 

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RECOVERY CENTERS OF AMERICA: 49 E. Lancaster Ave., Malvern

The new mental health outpatient center will treat people both with and without a substance-use disorder, citing an immediate need for services across Pennsylvania, particularly for young adults. Recovery Centers of America also operates in Devon, near Malvern, but said the new office will allow it to serve more people.

Care is available in person, virtually, or in a hybrid format. Among the illnesses treated are bipolar disorder, depression, anxiety and other mental issues including eating disorders.

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WELLS FARGO: 125 W. Lancaster Ave., Ardmore

The bank branch in Ardmore is due to close, according to a federal bank regulator. Wells Fargo and other banks are closing branches as digital banking increases in popularity, although Wells Fargo recently opened a new Allentown branch.

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CHRISTIANACARE: 1015 West Baltimore Pike, West Grove

ChristianaCare, a Delaware health care organization, said Wednesday that it has completed its purchase of the former Jennersville Hospital in West Grove.

ChristianaCare and Tower Health, which owned Jennersville Hospital, first announced an agreement of sale on June 14.

But opening services at the new ChristianaCare West Grove Campus will take some time, ChristianaCare said. The purchase included the hospital, which has been closed since Dec. 31, 2021, and Tower Health’s interest in two office buildings, plus an additional 24-acre parcel adjacent to the hospital. The purchase price was $8 million.

The acquisition did not include any personnel or practices that are currently operating.

ChristianaCare said that since the purchase was announced, its leaders have met with community leaders “to listen and learn.” Learn more here. 

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SMOOTHIE Q: 600 Heritage Dr Ste 106, Pottstown 

Smoothie Q off of High Street, in the shopping center anchored by Parma Pizza, opened with a ribbon-cutting Tuesday. It sells healthy smoothies, acai bowls, a variety of Jamaican patties and coco bread.

Owners Frank and Heather Anderson said they moved to the area and wanted to offer the community health and wellness. The Andersons say they have made smoothies at home for more than 10 years as a couple, and Frank Anderson for more than 25 years.

The Andersons also said Smoothie Q “is committed to community service and giving back in means of feeding the hungry, families who need assistance due to disabilities, orphans and more.”

They said they hope to assist families in need in the area, and ask the community to patronize Smoothie Q and drop off names of local families in need into their recommendations box. It’s open to anyone, not just those in Pottstown.

At the end of the month when the funds are allocated, the Andersons will help feed four families in need by way of gift cards to their local grocery store.

Every Friday, Smoothie Q also will donate part of its proceeds among its community, Joni & Friends, and The Life House.

The business offers 14 kinds of smoothies, all with banana as an ingredient. In addition, it offers acai bowls; Jamaican beef, chicken, veggie and spinach patties; coco bread; and vitamin C and elderberry shots.

Smoothie Q is open 7:30 a.m.-7:30 p.m. Monday-Friday and 8 a.m.-5:30 p.m. Saturday. It’s closed Sunday. Get the full scoop. 







Western NJ O&C

UNITY BANCORP.: 64 Old Highway 22, Clinton, New Jersey

The Hunterdon County-based bank was added to the Russell 2000, an index of publicly traded companies that measures the performance of small U.S. companies. Unity, which trades on the NASDAQ stock market under the ticker symbol UNTY, was added to the index June 27.

The bank has about $2.1 billion in assets and $1.8 billion in deposits. Unity has 19 branches in New Jersey and the Lehigh Valley. Read more here. 

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TOBY’S CUP: 857 Memorial Parkway (Route 22), Lopatcong Township

The hot-dog shack on the north side of Route 22 is due to reopen Aug. 13. A sign at the roughly 80-year-old roadside stand said Toby’s will be back after renovations.

Toby’s started as a hot-dog cart in Phillipsburg, according to the stand’s website, before moving to Lopatcong. The current owner is Dan Risis, who also owns The Phillipsburg Antique Mall at 340 Fleming Drive.

The hot-dog stand has served generations of Warren County residents and was a favorite of Lafayette College students making late-night “doggie” runs. The full scoop is here. 

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T-MOBILE: 1272 U.S. 22, Pohatcong Plaza, Pohatcong Township

The phone company has opened a new store at the shopping center just east of Phillipsburg on the south side of Route 22. T-Mobile is the surviving brand after a merger between that company and Sprint. The new store is part of T-Mobile’s move into small towns and rural communities.

The new store is open Monday through Saturday from 10 a.m. to 8 p.m., and on Sunday from 11 a.m. to 6 p.m.

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