Economy & Innovation

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

(UPI/Boeing Aircraft Handout)

A senior administration official says China will announce deals Wednesday to purchase $45 billion in U.S.
exports, including a $19 billion agreement to buy 200 Boeing airplanes, according to the Associated Press.

The official says the deal will create 235,000 jobs in the U.S.

It is important to note, however, that these planes will be commercial aircraft. Moreover, the St. Louis division of Boeing, which produces military aircraft, is unlikely to benefit directly from today's deal.

A report by Dan Verbeck, KCUR

Workers at the Ford plant in suburban Kansas City received good news today from the automaker and Missouri's governor.

The number of full-time jobs will hold steady and the plant will make a $400 million expansion with help from the state.

Looks like the Boeing 787 Dreamliner will stay, well, a dream for just a bit longer.

Boeing Co. is pushing back the delivery date for its new 787 until at least July.

(via Flickr/iLoveMountains.org)

In addition to the story about mining you may have heard on NPR's All Things Considered this evening, a St. Louis-based coal company, Arch Coal, is in some trouble for one of their mines in West Virginia.

The U.S. Environmental Protection Agency is making good on a 9-month-old threat and revoking a permit for West Virginia's largest mountaintop removal mine.

The Better Business Bureau received more than 200 complaints nationwide about an auto warranty marketer based in suburban St. Louis.

Stop Repair Bills of St. Peters also is getting an "F" grade from the Better Business Bureau.

The company markets auto repair plans, but Bill Smith, a trade practice investigator with the BBB, says customers are missing the fine print.

St. Louis-based Monsanto Co. says higher sales of corn, soybean, vegetable and cotton seeds helped the company earn a profit in the first quarter of the fiscal year.

Flickr/Rob Lee

A survey says that economic growth in the Midwest will continue into the first half of the new year, but what does that really mean?

Flickr Creative Commons user Victim Public

 

As many Missourians wrap up a weekend marked by celebration and plenty, somewhere near 16% of the state's population struggles with food insecurity.

Pharmaceutical giant Express Scripts announced today that it will invest $73 million to expand its St. Louis headquarters. The construction of the company's fourth building in the area is expected to create 150 new jobs.

Two men pleaded guilty to federal charges today in East St. Louis in an auto contract robo-calling scheme that had 15,000 victims in all 50 states. Here's a breakdown of the people, places and charges involved:

These two men were the president and vice president of Transcontinental Warranty...

- Christopher D. Cowart, 49 of Ft. Lauderdale, Florida and

- Cris D. Saganelli, 45, of Boca Raton, Florida

Aaron Doerr

The Senate voted this afternoon to move ahead with Obama's compromise tax cut package.  A final Senate vote is expected Tuesday. But the bill still faces an uncertain future in the House. 

(Flickr Creative Commons User Dan4th)

A third person has been sentenced to prison for his role in the St. Louis towing scandal.

A federal judge on Friday sentenced 52-year-old Gregory Shepard to 10 months in prison and fined him $10,000. Shepard pleaded guilty in September to one count each of mail fraud and bribery.

(St. Louis Public Radio)

Illinois is set to get millions of dollars for high-speed rail projects that were supposed to go to two other states. But that news may not be as good as it sounds.

St. Louis Public Radio

Often tax legislation is a little bit muddled. We try to break down Obama's latest for you and let you know what your U.S. Senators, Kit Bond and Claire McCaskill, think as they go to vote on the bill.

(Flickr Creative Commons User Robert S. Donovan)

The president of Custom Janitorial Services and Supplies is facing federal charges alleging he embezzled nearly $1 million.

The St. Louis Business Journal reports that 54-year-old Herman Schamber of St. Louis worked out of the main Alexandria, Va. office of National Janitorial Services Inc.  and also owned and operated the another company, Custom Janitorial Services, out of the East Rutherford, N.J. area. The Business Journal explains:

 

(Flickr Creative Commons User taberandrew)

Bank of America is the largest bank in the United States, but they've also landed themselves in $137 million worth of trouble.

The bank's problems may be Missouri's gain.

(Flickr Creative Commons User Daniel Leininger)

The U.S. Bureau of Labor Statistics released data today about the state of unemployment over the past year for the St. Louis Mo.-Ill metropolitan area. We have some of the highlights for you:

  • St. Louis Mo.-Ill. registered an unemployment rate of 9.3 percent in October 2010 (not seasonally adjusted).
  • Nationally, the unemployment rate was 9.0 percent in October 2010, not seasonally adjusted.
  • Employment rose in St. Louis at a rate of 0.1 percent, but not as much as it did nationally, 0.5 percent.

So who was getting hired?

(Wikimedia Commons User RamblingGambler)

The St. Louis area's newest casino is falling short of revenue projections.
The St. Louis Post-Dispatch reports that the River City casino in south St. Louis County is now projected to generate slightly less than $8.2 million in its 10 months of operation this year, and a little less than $10 million in 2011.

Pfizer.com

Pfizer employs about 500 people in research facilities around St. Louis, according to the St. Louis Business Journal. A shift at the very top of the corporation comes at a trying time for the drugmaking giant.

A trade mission led by Mo. Gov. Jay Nixon heads to Taiwan and South Korea later this month.
The primary reason for the trip will be the signing of a letter of intent sealing Taiwan's purchase of $600 million of Missouri goods.
According to a press release from the Nixon's office, the deal will indicate a roughly 28 percent increase in Missouri exports to Taiwan, to about $88 million.

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