While Pittsburgh International Airport is getting ready to break ground on a $1.1 billion modernization plan for its passenger terminal, the airport's CEO says the future is in cargo.
While public [spending on American infrastructure fell by $9.4 billion from 2007 and 2017, Pittsburgh has decided to take the opposite approach. "With our [airline] partners, we have determined that we need to make this infrastructure investment," CEO Christina Cassotis told Cheddar Thursday.
She said she hopes, through modernizing the airport, passengers will see it "as more than just a facility … to get on and off the plane to get to your Uber or your taxi." She also noted that sustainability will be a "huge factor" in the new terminal, scheduled to open in 2023.
"We are redefining what it means to be an airport in the United States," Cassotis said.
While the investment in a new passenger terminal is underway, the airport is also trying to increase its cargo business, which Cassotis called "a huge deal for us." Amazon is currently not using its airport to transport packages, but she said, "We would love to welcome them."
"We believe that we've got the facilities and the geography for a logistics play. We're going after cargo," she said.
Cassotis noted that the $19 million federal grant was awarded for a cargo terminal last month was the first of its kind. The new terminal will help Pittsburgh attract attention far beyond the Pennsylvania border, and show potential new cargo partners "we are national critical infrastructure."
In October, Pittsburgh International Airport also announced it is investing in a microgrid to become 100 percent self-reliant on its own electricity generation. The project is slated to be completed by 2021. It's predicted by Peoples Gas utility and the airport authority it will save the airport about $500,000 a year, or about 7 percent of the airport's annual electric bill.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
Online broker Robinhood Markets will join the S&P 500 index Online broker Robinhood Markets will join the S&P 500 index as its stock rides higher on a cryptocurrency wave.
