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Three internists have left Monroeville-based Premier Medical Associates to join the University of Pittsburgh Medical Center, according to spokesman Paul Wood.

Drs. George Wahal, Andrew Margolis and Kahir Ariff will become UPMC doctors next month, Wood said. The move was in the works before Premier reached agreement July 8 with West Penn Allegheny Health System to accept 30 primary care doctors who were employed by the health system, Wood said.

The West Penn Allegheny-Premier deal followed nine months of negotiations, which will increase Premier’s heft as a medical care provider in the city’s eastern suburbs while helping West Penn Allegheny cut losses associated with its employed physicians’ group. Premier is the biggest independent physicians’ group in the region; UPMC is the dominant hospital network, followed by West Penn Allegheny.

In May, UPMC reported its operating income rose 16 percent year-over-year for the first nine months of 2010. West Penn by contrast, saw an operating loss of $5.2 million between January and March, and announced last month it planned to trim 1,500 jobs and close the emergency room at its hospital in the city's Bloomfield neighborhood.

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Porn sites could soon be swapping their .com for the sexier .xxx.

On Friday, the Internet Corporation for Assigned Names and Numbers board of directors approved the new top-level domain — that’s the technical name for the .com, .xxx or .net part of a URL — and sent it on to the next committee.

"It’s been a long time coming, but I’m excited about the fact that .xxx will soon become a reality. This is great news," said Stuart Lawley, chairman of ICM Registry, the nonprofit organization that has been leading the charge to establish the new TLD.

But final approval is still months away. "The board approved the movement forward on .xxx, but .xxx itself has not been approved," said ICANN spokesman Brad White.

Now the ICANN Governmental Advisory Committee, an organization of 100 governments, must take up the issue and offer public policy advice on .xxx. Its recommendations, alongside that of the ICANN board, will be considered as part of the approval process, said ICANN Chairman Peter Dengate Thrush.

He expects .xxx could become a reality by 2011.

ICANN has jurisdiction over top-level domains because it is the private nonprofit that manages the Internet naming system no teletrack payday loans. Through unique numerical addresses for each site — the IP address — individual websites are able to find and connect.

The long strings of numbers, however, are difficult to remember, so human-friendly domains were created. For example, it is easier to type in CNNMoney.com than it is to recall 157.166.159.230.

ICANN hasn’t wanted to allow every possible top-level domain. In 2007, the body rejected ICM’s original application to create .xxx. But an independent review board, consisting of a panel of experts, ruled that the rejection was wrong.

"We’ve accepted the decision of this panel, which means that the accountability mechanism has worked," Thrush said. "It’s a fantastic example of the accountability mechanism actually working."

ICM Registry said the .xxx domain is beneficial to the public because it sends an obvious signal that the domain contains pornography, which is desired by some and avoided by others.

Also on Friday, ICANN approved top-level domains that use strictly Chinese characters. 

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The Environmental Protection Agency is hosting four public information meetings in the coming weeks on hydraulic fracturing, used in natural gas drilling, to look at its impact on drinking water. One of the meetings is scheduled in Canonsburg, south of Pittsburgh.

Fracing is a process which involves pumping millions of gallons of water mixed with friction-reducing chemicals and fine sand into a well at high pressure to break up the dense shale and release the natural gas trapped inside. The technique, along with the advent of horizontal drilling technology, has made the gas-rich shale formations economically possible to develop, but it also has led to new challenges when it comes to ensuring the water is cleaned up properly after use.

Southwestern Pennsylvania is an area where fracing is of particular interest, due to the widespread Marcellus Shale natural gas play in the area.

The EPA meetings will provide public information about the scope of a proposed study on fracing, and will solicit public comment. Those wishing to participate should contact the EPA at least 72 hours in advance.

The meetings are scheduled as follows:

• July 8 in Fort Worth, Texas
• July 13 in Denver, Colo.
• July 22 from 6 p.m. to 10 p.m. at the Hilton Garden Inn in Canonsburg
• Aug. 12 in Binghamton, N.Y., for three sessions

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TOP PROFIT GROWTH

Dollar figures in millions

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Harris Corp. has entered into an agreement to buy privately held SignaCert Inc., an IT compliance solutions provider.

The terms of the deal were not disclosed.

Harris officials said the deal will expand its position as a leading provider of cyber solutions for government and commercial customers. Portland, Ore.-based SignaCert’s customers include government, financial services and health care companies.

“This acquisition will expand our presence in the growing $10 billion cyber solutions market,” said Dale Meyerrose, vice president and general manager of Harris Cyber Integrated Solutions. “Acquiring SignaCert will strengthen our cyber leadership team, and Harris will be better positioned to provide solutions that address the national priority of enhancing critical cyber infrastructure.”

Melbourne-based Harris Corp. (NYSE: HRS) is an international communications and information technology company serving government and commercial markets worldwide.

The company has $5 billion of annual revenue and more than 15,000 employees.

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Warren Buffett offered his strongest defense yet of Goldman Sachs, saying he doesn’t believe the investment bank acted improperly in a sale of subprime-related securities at the heart of a Securities and Exchange Commission fraud case.

"I do not hold against Goldman at all that an allegation has been made," Buffett said Saturday at Berkshire’s annual shareholder meeting in Omaha. He adds that he "loves" Berkshire’s lucrative investment in Goldman preferred stock and believes the firm remains the best investment bank in the world.

The fraud case and reports that the Justice Department may pursue a related criminal case have hit Goldman’s stock hard. Shares have dropped 22% in the past two weeks and closed Friday at their lowest level since last July.

But Buffett defended the bank and its CEO, Lloyd Blankfein, even as some on Wall Street are wagering the SEC case may lead to Blankfein’s departure. Asked who else should run Goldman (GS, Fortune 500) if Blankfein had to step down, Buffett said he has "never given that a thought. There’s really no reason."

The SEC stunned Wall Street two weeks ago by filing a civil fraud case alleging that Goldman misled investors in a 2007 sale of subprime-backed debt, by failing to disclose that a hedge fund manager who was betting against the investment helped to select the securities in the transaction.

The hedge fund manager, John Paulson, made $1 billion when the investment lost all its value within months. That caused major losses at two big European banks.

The SEC said Goldman deceived the investors in the deal, known as Abacus 2007-AC1, by failing to disclose the inherent conflict posed by Paulson’s bet against the portfolio.

Goldman has said it acted properly, and Buffett said he believes ACA, a bond insurer that made a $900 million bet on Abacus that was backed by Dutch bank ABN Amro, failed to weigh the risks involved.

"They made what turned out to be a dumb insurance decision," Buffett said. "I don’t see what difference it made who was on the other side of the deal."

Buffett made his comments in response to shareholder questions at the Berkshire (BRKA, Fortune 500) annual meeting.

One questioner brought up Buffett’s 1991 testimony before a House subcommittee on the Salomon Brothers Treasury bond scandal, in which Buffett - who had just taken charge of Salomon as the Treasury actions threatened to bring it down — famously promised to be "ruthless" when any employee acted in a way that hurt the firm’s reputation.

But both Buffett and his longtime investing partner, Berkshire Vice Chairman Charlie Munger, made clear they don’t view the allegations against Goldman as rising to the seriousness of that case, in which Salomon was accused of trying to manipulate the market for Treasury securities.

"There’s no question that the … press of the past few weeks hurt the company," Buffett said, adding that "the allegation of something" did not fall in his "category of losing reputation."

Munger noted that he would have voted with the two Republicans on the SEC who opposed bringing a civil fraud charge against Goldman. He and Buffett also agreed they didn’t believe Goldman had a duty to disclose to shareholders when it received a so-called Wells notice — a letter from the SEC indicating charges were likely.

And though Buffett acknowledged the past two weeks have been "painful" for Goldman, he said the allegations are actually positive, in one way, for Berkshire.

The company made a $5 billion preferred stock investment in Goldman in September 2008, at the height of the financial crisis. The shares pay Berkshire $500 million in annual dividends — or more than $15 a second, Buffett said.

Buffett said he has been expecting Goldman, as is its right, to buy Berkshire out of the costly preferred shares by paying Berkshire $5.5 billion. Berkshire would then likely reinvest those funds in safe securities paying around $20 million annually.

But with investigations swirling around Goldman, regulators aren’t likely to soon allow Goldman to repay Berkshire, Buffett said. That means the healthy dividend checks should keep rolling in for a while.

"Every day that Goldman doesn’t call our preferred is money in the bank," Buffett said. "That’s $15 a tick. Tick, tick, tick. I don’t want those ticks to go away."

Berkshire earnings soar

Buffett also reported Saturday that operating earnings at Berkshire Hathaway (BRKB) rose 30% from a year ago in the first quarter, as economic activity has picked up this spring.

Berkshire posted a first-quarter profit of $3.6 billion. That reverses a year-ago loss of $1.5 billion. As always, the results were heavily affected by gains and losses on the firm’s investments and derivatives contacts.

Excluding those noisy factors, as Buffett prefers to, Berkshire’s operating profit rose to $2.2 billion in the quarter from $1.7 billion a year earlier.

The gains were driven by strong results at Berkshire’s operating businesses, which range from utilities and railroads to metalworking and furniture.

Profit at the company’s regulated businesses, including big electric generator MidAmerican Energy and recently acquired railroad Burlington Northern, more than doubled to $555 million.

Earnings at the company’s manufacturing, service and retail arms rose sharply as well, jumping 85% to $477 million.

Insurance earnings slipped from a year ago though, to $1.16 billion from $1.2 billion a year earlier. Berkshire owns auto insurance giant Geico among other insurance businesses.

While jobs are returning slowly after a long recession, "business is coming back more than slowly," Buffett told CNNMoney.com. He said March and April were "very strong months" in the company’s operating businesses.

"People have regained confidence to some degree," Buffett said. "There has been a real resurgence in demand." 

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The House narrowly approved a landmark health care reform bill late Sunday, ending several months of political maneuvering and much debate among Americans.

The bill extends coverage to 32 million Americans and stop insurers from denying coverage for pre-existing conditions. The bill will basically create near-universal coverage for Americans.

But some Republicans say the bill will increase health care costs and risk private health insurance coverage, along with cutting Medicare funding and raise taxes by almost $1 trillion.

President Obama and House Democratic leaders reached a last-minute agreement with abortion opponents to get the final few votes needed to establish near-universal coverage.

The Democrat-led House had more than 216 votes committed late Saturday, but the abortion agreement cemented the reform of the health care system.

A companion Senate bill must be approved, but lawmakers say they have the votes, likely leading to the president’s signature and ending a century-long battle for coverage of most Americans.

“It will control costs, strengthen Medicare and reduce the deficit,” said U.S. Rep. Doris Matsui, a Democrat from Sacramento. “Our plan gives people … more consumer protections, and puts medical decisions back in the hands of patients and their doctors.

“Insurance companies will be prohibited from denying coverage based on pre-existing conditions or from rescinding policies from people once they get sick,” said Matsui, a member of the House Energy and Commerce Rules and Committee payday loan no faxing. “All of these are tools used by insurance companies to segment the market and maximize profits.”

Under the law, most Americans must have insurance, either from their employer or a federally approved individual plan – or face a penalty. Families who earn less than $88,000 per year would be eligible for subsidies, part of the cost for the health care program.

And Medicaid – the federal-state health care program for the poor – would be greatly expended, to families up to 133 percent of the federal poverty level, or about $29,300 for a family of four, according to an Associated Press report. Adults without children also would be covered starting in 2014.

Parents with children can extend health care coverage to age 26.

In 2014, consumers can start shopping for individual coverage that meets the federal requirements.

The bill cuts about $500 billion from payments to hospitals, nursing homes and other health care providers that treat Medicare patients. And the federal government will eliminate $200 billion for Medicare-type coverage by insurance companies.

Health care insurance companies say seniors would face higher premiums for private insurance, leading more to join Medicare

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Japan posted a current-account surplus in January as exports climbed for a second month, an indication overseas demand is sustaining the nation’s recovery.

The gap was 899.8 billion yen ($9.9 billion) compared with a deficit a year earlier, the Ministry of Finance said in Tokyo today. The median estimate of 26 economists surveyed by Bloomberg News was for a 783.9 billion yen surplus.

The report highlights the role overseas shipments have continued to play in propping up the world’s second-largest economy. Further export gains in coming months will prompt businesses to boost spending on plant and equipment, helping support the rebound, according to economist Akiyoshi Takumori.

“This confirms that the economy is recovering, led by solid overseas demand,” said Takumori, chief economist at Sumitomo Mitsui Asset Management Co. in Tokyo. “Although the level is still low, the recovery will fuel production and make companies more comfortable with increasing investment.”

Today’s data adds to signs of sustained expansion in the first quarter. Factory production rose at the fastest pace since May and the unemployment rate fell to a 10-month low in January. The Finance Ministry said last week capital spending also fell 18.5 percent in the three months ended Dec. 31. While that was the 11th straight decline, it was also the smallest drop in a year.

The current-account gap increased by 1.032 trillion yen from a year earlier, the second highest jump since comparable data were made available in 1986, the government said. Exports rose 40.6 percent in January from a year earlier, also the biggest advance since 1986, and imports advanced 7.1 percent.

China Shipments

Shipments to China rose at the fastest pace since 1985 in January, while exports to the U.S. advanced for the first time in more than two years, customs-cleared trade data showed last month. Today’s figures don’t include regional breakdowns.

The export rebound has been driven in part by favorable year-on-year comparisons. Shipments had plunged last year in the wake of a global credit crunch caused by the collapse of Lehman Brothers Holdings Inc. Japan posted its first current-account deficit in 13 years in January 2009 as a result.

Overseas shipments of Nissan Motor Co. cars rose 29.6 percent in January, while Mitsubishi Motor Corp. shipped more than double the amount of vehicles compared with the same month a year ago, according to the Japan Automobile Manufacturers Association.

Economy Expanded

The Cabinet Office will say the economy expanded at a revised 4 percent annualized pace last quarter, according to the median estimate of 27 economists surveyed by Bloomberg News. Preliminary figures showed 4.6 percent growth. The report is due on March 11 at 8:50 a.m. in Tokyo.

“Right now the economy is being pulled by exports and inventory adjustments,” Naoki Iizuka, a senior economist at Mizuho Securities Co. in Tokyo, said before the report was released. “Once we enter the second quarter, manufacturers’ capital spending will be a new contributor to the economy’s growth.”

A separate report today showed bank lending fell for a third consecutive month in February, sliding 1.6 percent from a year earlier, as companies cut spending.

On a seasonally adjusted basis, the current-account surplus widened to 1.71 trillion yen in January. Exports rose 8.8 percent from December, and imports climbed 2.3 percent.

The income surplus, the difference between money earned abroad and payments made to foreign investors in Japan, narrowed 8.1 percent to 911 billion yen in January from a year earlier, the ministry said.

The current account tracks the flow of goods, services and investment income between Japan and its trading partners. It includes trade not shown in the customs-cleared balance.

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Dubai’s debt troubles have exposed the fallacy of its once much-vaunted “model” of raising shining cities in the desert with foreign residents, finance and labor.

They have also set in train a power shift toward Abu Dhabi.

On Wednesday, Dubai’s government said it will ask creditors of two of its flagship firms, Dubai World and property group Nakheel, for a debt standstill as it restructures the Dubai World group.

Questions are now being raised by investors about whether Abu Dhabi will bail out Dubai and at what price?

Though Abu Dhabi is the United Arab Emirates capital, the seat of most of its oil wealth and the largest of the seven self-governing emirates by size, it took a back seat in recent years as Dubai undertook spectacular real estate projects as a tourism and finance hub.

Dubai’s population rocketed to 1.5 million, as white-collar professionals from around the world took plum jobs in a country marketed as a liberal enclave in the Gulf sun.

An army of Asian workers was hired to construct the glitzy projects, drawing accusations of slave labor from rights groups, while Dubai’s own citizens dwindled to a small minority, bringing strains as cultural values mixed warily.

Since the financial crisis, the credit-driven boom has ground to a halt, many of the more affluent foreigners have left and the freewheeling emirate — a dynastic autocracy under the Al Maktoum family — is left with up to $80 billion in debts.

Abu Dhabi has stepped in to help, but avoided a direct bail-out of its neighbor — but it could be drawn into more direct backing if its own prestige is affected by Dubai’s woes.

“In exchange for Abu Dhabi providing cash, it wants Dubai to eliminate or reform a lot of the tangled web of competing of Dubai-based companies,” Eurasia Group said on Wednesday.

“Dubai has been resistant to some of Abu Dhabi’s demands, and its leaders have seen their political power and prestige dissipate in wake of the financial crisis.”

The federal central bank — effectively under Abu Dhabi control — took up $10 billion of a $20 bond issue by Dubai government earlier this year, and this week two Abu Dhabi banks took up $5 billion.

POWER SHIFT

The fiasco is playing into Abu Dhabi’s ambition to unify UAE policies, clean up the Gulf state’s image and project the country as a political power in the region.

The power shift is a sensitive issue — Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum said this month the UAE was one big family and detractors who talk of division should “shut up.” 

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