BUSINESS DIGEST ||

Alcoa’s 2Q income

NEW YORK

Lightweight metals leader Alcoa reported second-quarter 2016 net income of $135 million Monday.

Year-over-year, second quarter 2016 results compare with net income of $140 million, or $0.10 per share.

Year-over-year, a 4 percent revenue increase from recent acquisitions and organic growth was offset by a 14 percent revenue decline due primarily to lower aluminum and alumina pricing and the impact of curtailed, divested and closed operations.

As a result of these combined factors, Alcoa reported second-quarter 2016 revenue of $5.3 billion, down 10 percent from $5.9 billion in the second quarter of 2015.

Alcoa bought RTI International Metals Inc. of Pittsburgh last year for $1.5 billion. RTI was headquartered in Weathersfield Township until 2008. RTI’s Niles location remains open.

Ohio gas prices fall

COLUMBUS

Ohio’s gas prices continued to fall heading into the workweek.

A gallon of regular gas in Ohio was averaging $2.10 in Monday’s survey from auto club AAA, the Oil Price Information Service and WEX Inc. That’s down 11 cents from the average of around $2.21 reported this time last week and 60 cents below the state average a month ago.

Monday’s national average of $2.23 remained higher than Ohio’s average price, but 15 cents lower than the national average a month ago. This time last year, the state average was $2.62 and the national average was $2.76.

Starbucks to raise workers’ base pay

NEW YORK

Starbucks is boosting the base pay of all employees and store managers at U.S. company-run stores by 5 percent or more.

In a letter sent to workers Monday, CEO Howard Schultz said that the amount of the raise – which will occur in October – will be determined by geographic and market factors. Starbucks doesn’t disclose specifics on starting salaries for employees, saying it’s determined on a market-by-market basis.

Starbucks has approximately 7,600 company-run stores across the country.

UFC is sold for $4B

LOS ANGELES

In less than 16 years, the UFC has grown from a money-losing company in a widely reviled sport into a global entertainment property worth $4 billion.

While the UFC and its new owners figure out the company’s next steps, Lorenzo and Frank Fertitta are tapping out of mixed martial arts with a remarkable return on a $2 million investment.

The UFC has been sold for approximately $4 billion to a group led by Hollywood entertainment conglomerate WME-IMG, both companies confirmed Monday.

The sale will spectacularly benefit the Fertitta brothers and UFC President Dana White, who first persuaded his wealthy high-school buddies to buy the cage-fighting promotion in 2001.

White also owned 9 percent of the company, and he isn’t going anywhere despite his own windfall: He’ll remain the boss and public face of the UFC while keeping an ownership stake.

Staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .1210.14.32

Aqua America, .71 34.40 —.20

Avalon Holdings,2.53.04

Cortland Bancorp, .2815.00.00

Farmers Nat., .168.93 .08

First Energy, 1.44 36.11.09

Fifth/Third, .5217.42.17

FirstMerit Corp., .6820.06 .28

First Niles Financial, .129.00.00

FNB Corp., .4812.70.18

General Motors, 1.5230.13.47

General Electric, .9232.21.01

Huntington Bank, .28 8.85.13

iHeartMedia Inc.,1.19 .11

JP Morgan Chase, 1.9262.27.44

Key Corp, .3411.22.13

LaFarge, .3417.57 .00

Macy’s, 1.51 34.86.50

Parker Hannifin, 2.52 111.87.54

PNC, 2.0481.06.44

Simon Prop. Grp., 6.40221.752.19

Stoneridge 15.69 —.01

Talmer Bank, .20 19.34.16

United Comm. Fin., .10 6.08.01

Selected prices from Monday’s 4 p.m. close.