Pennsylvania tops Nevada in gaming tax collections

ALLENTOWN, Pa.

Pennsylvania collected more in taxes from commercial casino gambling than any other state, including gambling heavyweight Nevada, a newspaper reported.

Pennsylvania's tax revenue from commercial casinos approached $1.1 billion in the fiscal year that ended June 30, The Morning Call of Allentown reported Monday. Indiana was second with $878 million and Nevada third with $831 million.

A comparison by the American Gaming Association also showed Pennsylvania ahead in the 2009 calendar year.

Pennsylvania has just nine casinos operating, but its 55 percent tax rate on slot machine gambling more than makes up for it. By comparison, Nevada takes 8 percent from its 260 casinos.

Grant Govertsen, co-founder of Las Vegas-based Union Gaming Group, analysts for the worldwide gaming industry, said, "A higher tax rate brings in more money, but that usually means fewer jobs and less capital investment."

NEW YORK

FedEx boosts forecast for current quarter, full year

In another sign of confidence in the global economy, FedEx Corp. on Monday raised its earnings outlook for the current quarter and full year.

The world's second-largest package delivery company said an overall boom in air and truck shipments is being driven by its speedy international priority service, where it ships high-value goods like computers, iPhones and e-readers. Shipments are particularly strong out of Asia. Besides gadgets, the company's next largest international priority segments are electrical components like disk drives and flash memory, vehicle components, high-end luxury goods and drugs and medical supplies.

HARTFORD, Conn.

United Technologies to cut 1,500 more jobs in 2010, '11

United Technologies will cut 1,500 this year and next on top of the 900 positions it has already eliminated in 2010, the company said Monday.

The industrial conglomerate last week posted an almost 14 percent increase in second-quarter net income, citing a "relentless focus on cost." It cut deeply into its payroll during the worst of the recession, cutting 11,600 jobs last year.

These most recent job cuts come, however, with the company posting its first increase in revenue in about two years as aerospace and refrigerated transportation orders rebounded. The company also raised its profit expectations.

DEARBORN, Mich.

Ford introduces new -- and untraditional -- Explorer

The Ford Explorer used to be one of the best-selling vehicles in the U.S., but as demand for big, trucklike SUVs fell, so did its sales.

Now Ford is trying to breathe new life into the Explorer by reinventing it as a more carlike, fuel-efficient utility.

Ford begins a marketing campaign Monday for the 2011 Ford Explorer, which will be in dealerships this winter.

The Michigan-based automaker promises a utility vehicle with seating for seven that has similar fuel economy to a Toyota Camry sedan. At $28,190, the base price is also $1,000 less than the 2010 Explorer.

It's priced competitively, midway between the Toyota 4Runner and Jeep Grand Cherokee.

BRUSSELS

EU starts antitrust inquiries into American tech giant IBM

The European Union opened two antitrust investigations against IBM Corp. on Monday, accusing the American technology giant of abusing its position in the mainframe computer market.

One investigation stems from complaints by emulator software vendors T3 and Turbo Hercules, which accuse IBM of tying the sale of mainframe hardware to its mainframe operating system, the European Commission said.

The opening of EU antitrust investigations does not mean the European Commission has proof of any wrongdoing, only that it sees cause for a deeper look into corporate behavior.