Economy & Innovation

News about the economy, business, and innovation happening in the St. Louis region.

(Maria Altman, St. Louis Public Radio)

St. Louis soon could begin using the eminent domain process against land owners within the proposed site for the National Geospatial-Intelligence Agency on the city's north side.

Members of the aldermanic Housing, Urban Development and Zoning Committee voted 8-1 on Wednesday for a resolution that listed 37 property owners who could be forced to sell their land to the city. The resolution is  expected to go before the full board on Friday.

A row of small flats in Glasgow Village, an unincorporated community in north St. Louis County.
Jason Rosenbaum | St. Louis Public Radio

Owners of rental property in unincorporated St. Louis County will have to register with the county — and potentially face closer governmental scrutiny.

But critics say they’re planning to go to court over legislation that they contend is overly burdensome against poor and minority tenants.

(Maria Altman, St. Louis Public Radio)

International accounting firm KPMG looked at cities all over the United States and landed on St. Louis for its information tech expansion.

The company already has an office in downtown St. Louis with 270 employees. Over the next three years, it plans to add 175 IT positions, the company announced at a press conference today.

Karen Vangyia, the managing partner of the local office, said St. Louis is one of the fastest growing markets for technology jobs. She pointed to computer science programs at several local universities and the availability of professionals.

(Flickr/Laurence Livermore)

BioSTL has grabbed a $500,000 grant from the Small Business Administration.

It was one of just three Regional Innovation Cluster Initiative grants the SBA is giving out nationally and is meant to spur small business growth.

(Maria Altman, St. Louis Public Radio)

The Mississippi River basin got its first-ever report card from the America’s Watershed Initiative ... and it was nothing to write home about.

The overall grade is D+.

After rejecting a number of earlier offers, British-based beer company SABMiller accepted in principle a 69 billion British pound ($106 billion) offer from Budweiser brewer Anheuser Busch InBev.

If Tuesday's agreement is finalized, the new beer company will be the largest in the world and control two top U.S. brands in Budweiser and Miller Genuine Draft, according to The Associated Press.

Fashions R Boutique owner Juanita Morris sets out merchandise in her new Florissant location, after her original store burned in the riots following the Darren Wilson grand jury decision in November 2014.
Stephanie Lecci | St. Louis Public Radio

When riots broke out in Ferguson and Dellwood last year following the grand jury decision in the Michael Brown-Darren Wilson case, Juanita Morris' business of 28 years burned to the ground.

In one night, Morris lost the building that housed Fashions R Boutique and almost all of her inventory. But she vowed to rebuild, even in the face of what she called “some dark days.”

U.S. Army Corps of Engineers, Kansas City District

A study of four possible sites for the National Geospatial-Intelligence Agency’s relocation is out, and the city of St.Louis is very much in the running.

(You can read the 468 page report here.)

The NGA is planning to move from its current location south of downtown St. Louis and build a new $1.6 billion facility.

Aine O'Connor | St. Louis Public Radio

If you don’t know Robert Reich from his term as the 22nd U.S. Secretary of Labor under the Clinton administration, perhaps you’ve heard his commentaries on “Marketplace.” The economist and scholar has written fifteen books on the state of the American economy and recently released his sixteenth, “Saving Capitalism: For the Many, Not the Few.”

St. Louis Public Radio

Monsanto announced Wednesday it would shed 2,600 employees in the next 18 to 24 months as the company deals with declining seed sales.

The seed giant reported a $495 million loss, or about $1.06 per share, for its fiscal fourth quarter.

It’s not clear how many jobs will be affected at its Creve Coeur-based headquarters. The cuts represent about 12 percent of Monsanto’s workforce, and spokeswoman Sara Miller said they will take place globally across all functions.

Peabody Energy HQ
(St. Louis Public Radio)

The coal industry has hit hard times.

This summer several coal companies, including Alpha Natural Resources and Patriot Coal, filed for bankruptcy.

St. Louis-based Peabody Energy, the world’s largest private coal company, is not immune. The coal giant’s share price has fallen nearly 97 percent in the last five years. The company recently did a reverse stock split, bundling 15 shares into one in order to avoid share prices going below $1.

Peabody Energy spokesman Vic Svec said as a commodity business, they’re used to the volatility.

(courtesy Cortex/Chris Cross)

A little more West Coast is moving into St. Louis.

The music streaming company Pandora opened an office inside Cortex, St. Louis’ innovation district, on Monday.

"Pandora came looking for us," said Dougan Sherwood, co-founder and managing director of CIC St. Louis, which is housed in the @4240 building.

Sherwood said officials with Pandora, which is based in Oakland, Calif., wanted to replicate the culture they have at their headquarters.

Brian Rohlfing is co-founder of Watchdog Creative, the company behind the Stop Harassing Me Now app.
Watchdog Creative | provided

A new anti-bullying app available on Google Play is the brain child of a handful of St. Louis dads. The Stop Harassing Me Now app, which is also designed to combat domestic violence, records flagged calls and texts and stores them in a secure database in case they are needed as evidence.

Left: Audience members at an Ameren employee diversity festival clap when Ameren's $2.5 million donation is announced on Sat. Oct. 3, 2015 in St. Louis. Right: Rev. Earl Nance Jr. of Heat Up St. Louis shakes hands with Ameren CEO Warner Baxter.
Camille Phillips | St. Louis Public Radio

​Updated at 10 a.m. Oct. 4 with more detail on recipients - Ameren Corporation has pledged $2.5 million dollars to programs that support the Ferguson Commission’s priorities to reduce poverty and improve educational opportunities in St. Louis. The commission’s other priorities include justice and racial equity.

Ameren announced the funding Saturday during an employee festival celebrating diversity.

Marshall Griffin | St. Louis Public Radio

Five public schools in Missouri will have their cyber security measures reviewed as part of an initiative announced Wednesday by State Auditor Nicole Galloway.

She told reporters that more than 250 K-12 schools nationwide have suffered data breaches over the past 10 years. One of those was the Park Hill district in Platte County, near Kansas City, which is among the five being audited.

(U.S. Federal Reserve Board)

Federal Reserve Chairwoman Janet Yellen made opening remarks Wednesday at the Community Banking in the 21st Century Research and Policy Conference at the Federal Reserve Bank of St. Louis.

Yellen’s speech did not touch on monetary policy.

Aine O'Connor | St. Louis Public Radio

Tomorrow’s long-awaited opening of Ikea has some “St. Louis on the Air” Twitter followers already prepping for a lengthened commute. 

Joseph Leahy / St. Louis Public Radio

Ikea's newest blue and yellow box store that opens Wednesday on Vandeventer Avenue in St. Louis is the biggest sign yet of a building boom that’s transforming what was once a relatively sparse neighborhood into a bustling part of town.

As of right now, St. Louis County Executive Steve Stenger effectively has a five-person coalition on the St. Louis County Council -- including its two Republican members.
Jason Rosenbaum, St. Louis Public Radio

The St. Louis County Council could hold a final vote tomorrow on legislation requiring landlords of rental properties in unincorporated St. Louis County to obtain licenses. The stated intent is to ensure proper maintenance of the buildings.

But the bill is receiving pushback from landlords and some housing advocates who contend the measure is too burdensome -- and could produce unintended consequences, including potential for discrimination.

A sign greets visitors to the main entrance of the Ikea store at Vandeventer Avenue and Forest Park Avenue opening 9 a.m. Sept. 30. The 380,000 square-foot store is the Swedish company's 41st U.S. location.
Nassim Benchaabane