Economy & Innovation

Economy
2:30 pm
Sat August 24, 2013

Sinai Village Plans To Begin Phase Two Of Housing Development In East St. Louis

Pastor Herman Watson, left, and former U.S. Congressman Jerry Costello at the dedication ceremony. Land has been secured to begin phase two of Sinai Village in East St. Louis, which will build 30 more homes in the Winstanley Neighborhood.
Credit Erin Williams

Public officials and religious leaders gathered in East St. Louis Saturday to celebrate the expansion of a major housing project aimed at providing low-income residents with an affordable place to live.

The Mount Sinai Development Corporation has secured land to add 30 homes to the original 30 that were completed two years ago in the Winstanley Industry Park Neighborhood.

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JetLinx
12:04 pm
Thu August 22, 2013

Charter Flight Provider JetLinx To Open A St. Louis Location

With local business and political leaders watching, Lambert Airport director Rhonda Hamm-Niebruegge speaks about the arrival of JetLinx to St. Louis.
(Rachel Lippmann/St. Louis Public Radio)

A Missouri Air National Guard facility that has been vacant since 2009 is getting a new life, thanks to a company that's hoping to capitalize on the growing demand for general aviation traffic at Lambert-St. Louis International Airport.

Charter flight provider JetLinx announced today that it will spend about $1 million to convert one of the buildings into a terminal for its clients. It will be the only general aviation company at Lambert with its own fleet of planes, which is expected to start operating in September.

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Business
4:10 pm
Wed August 21, 2013

Appeals Court: Peabody Liable For Heritage Retirees Benefits

Peabody Energy's headquarters in St. Louis.
(UPI)

Peabody Energy will have to pay health benefits for retirees of a former subsidiary after an appeals court reversed a federal bankruptcy judge’s decision.

The ruling Wednesday from the three-judge US Court of Appeals bankruptcy panel affects 3,100 retirees attached to Heritage Coal.

Peabody had earlier agreed to continue paying retiree health benefits when Heritage was spun off along with Patriot in 2007.

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Economy
4:37 pm
Tue August 20, 2013

Express Scripts Set To Expand Following Millions In Tax Breaks

Current Express Scripts headquarters in St. Louis.
(Rachel Lippmann/St. Louis Public Radio)

Missouri approved $6.8 million in tax incentives Tuesday for St. Louis-based Express Scripts to expand.

The pharmaceutical benefits company is set to add 1,500 jobs, and plans to spend the next year constructing a 220,000 square foot building in North St. Louis County.

“Incentives are an option that are on the table for businesses," Express Scripts spokesperson Brian Henry said. "And we evaluate those as we consider our expansion. So for us, incentives are a way for us to drive the business and continue to drive what we do for business and clients.”

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St. Louis on the Air
4:09 pm
Tue August 20, 2013

Report: St. Louis Economy Improving But Challenges Persist

Multi-axis machined defense part made by Homeyer Precision Manufacturing
(Courtesy: Homeyer Precision Manufacturing)

The Workforce Solutions Group at St. Louis Community College released its fifth annual State of the St. Louis Workforce Report earlier this month. The report is a compilation of data from 1,200 employers and surveys of more than 180 students.

The Executive Summary states:

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Business
2:35 pm
Tue August 20, 2013

Judge Approves Patriot Coal Settlement With Union

Retired coal miner Charles Whitlow of New Athens, Ill. shows the pills he takes each month. He is among 10,000 retired miners whose health benefits have been affected by Patriot Coal's bankruptcy.
Maria Altman St. Louis Public Radio

A federal bankruptcy judge approved a new labor agreement Tuesday between St. Louis-based Patriot Coal and the United Mine Workers of America.

Judge Kathy Surratt-States granted Patriot’s request for a new collective bargaining agreement.

About 1,800 UMWA members voted in favor of the agreement Friday, which would restore most of the wage cuts that Patriot had previously sought.

It also would put a VEBA, or Voluntary Employee Beneficiary Association, in place of the current health benefits that about 10,000 retired miners currently have.

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Business
4:14 pm
Tue August 13, 2013

UMWA Back In St. Louis

UMWA members rally in front of Peabody's headquarters in St. Louis Tuesday.
Credit Maria Altman / St. Louis Public Radio

Members of The United Mine Workers of America were in St. Louis again Tuesday, rallying over miners’ retiree benefits.


The protest took place just one day after the union reached a tentative agreement with Patriot Coal.


But officials were turning their attention back to Peabody, which created the now bankrupt Patriot in 2007.


UMWA officials, including secretary treasurer Dan Kane, repeated at the rally in front of Peabody’s headquarters that the corporation is still responsible to its former employees.

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Economy
2:15 pm
Tue August 13, 2013

With New $1M, Official Says St. Louis On Track To End Chronic Homelessness By 2015

(via Flickr/woodleywonderworks)

The BEACH Project, an initiative focused on quickly creating permanent housing and additional services for the city’s chronically homeless, received an additional $1 million to continue its mission.

Bill Siedhoff, director of human services for the City of St. Louis, says that the funding is essential for the project’s goal to end chronic homelessness in St. Louis by 2015.

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Economy
3:25 pm
Thu August 1, 2013

Jury Still Out On Missouri Sales Tax Holidays - Are You Shopping This Weekend?

Credit (via Flickr/andrewarchy)

Ready, set, shop. 

A new school year is approaching, and shoppers will head to stores this weekend for a tax-free holiday on school supplies, electronics and some clothing. 

John Mollenkamp, acting director of the Missouri Department of Revenue, says shoppers can save up to 8 or 9 percent if local governments also participate in the tax breaks.

UMSL associate professor of economics Lea Kosnik said such sales make people excited to run to the stores and spend money they may not normally spend.

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Business
4:43 pm
Tue July 30, 2013

UMWA Brings Protest To Arch Coal

Credit (via Arch Coal)

A fight over retiree health benefits landed in front of Arch Coal’s Creve Coeur headquarters Tuesday morning.


The United Mine Workers of America union argues Arch and Peabody Energy both bear responsibility for 10,000 miners’ health benefits jeopardized in another company’s bankruptcy.


St. Louis-based Patriot Coal was spun off from Peabody in 2007 and then bought a former Arch subsidiary in 2008.


The UMWA has filed suit against both Peabody and Arch in West Virginia claiming they purposely shed liabilities such as retirees’ health benefits.

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