TranSystems promotes YSU alum

TranSystems promotes YSU alum

CLEVELAND

TranSystems, an engineering and consulting firm for the transportation industry, announced the promotion of James Fisher from senior associate to principal.

Fisher has more than 25 years of experience in real estate, including right-of-way acquisition. Most recently, he has been focused on broadening client relationships in the Ohio and Pennsylvania areas. Fisher earned his bachelor’s degree in business administration from Youngstown State University.

Drilling permits

COLUMBUS

The Ohio Department of Natural Resources issued 24 permits for horizontal drilling between Jan. 4 and Jan. 10. Twelve of those permits were issued to Hilcorp Energy Co. to drill in Columbiana County. A total of 1,766 horizontal permits have been issued with 1,300 of them drilled with 712 producing.

New position at Penn National

WYOMISSING, PA.

Penn National Gaming Inc., which owns Hollywood Gaming at Mahoning Valley Race Course in Austintown, announced Friday the appointment of Chris Sheffield as senior vice president managing director I-Gaming, a newly created position at the company.

Sheffield joins Penn National from Betfred, a United Kingdom-based bookmaker, and will be responsible for setting the company’s strategy as it prepares for the launch of online gaming initiatives across its portfolio.

Oil, gas rally snaps 5-day losing streak

NEW YORK

A surge in oil and gas companies pulled the stock market out of a five-day slump Friday, as the price of crude swung higher.

Oil prices jumped after the International Energy Agency predicted drillers would cut production this year. Exxon Mobil, Chevron and other energy companies led all 10 sectors of the Standard & Poor’s 500 index to gains, climbing 3 percent. Oil’s seven-month slide had cut its price by more than half.

Funding boom for tech startups

SAN FRANCISCO

Venture capitalists poured a whopping $48.3 billion into U.S. startup companies last year, investing at levels that haven’t been seen since the heady days before the dot-com bubble burst in 2001.

A new report issued Friday shows software and biotechnology companies were the leading recipients of venture funding in 2014, which rose more than 60 percent from the previous year.

Experts say the surge comes as tech startups are performing well in public stock offerings, and shows that investors recognize the power of new technology to disrupt and replace old industries. But it also underscores a nagging concern that investors may be sinking money into some companies at inflated values.

The new figures come from the quarterly “Money-Tree Report” issued by PricewaterhouseCoopers and the National Venture Capital Association, based on data from Thomson Reuters.

Vindicator staff/wire reports