Economy & Innovation

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

(via Flickr/dbking)

Updated 5:26 p.m. with further detail and comment from lawmakers

Updated 2:24 p.m. with statement from office of Gov. Nixon on special session

A statement issued today from Scott Holste, a spokesperson for Mo. Gov. Jay Nixon, announces that the governor will call the Missouri legislature into special session.

The date of the special session has not been determined.

(UPI/Bill Greenblatt)

Updated 7:51 p.m.

A letter from Mo. Gov. Jay Nixon circulated around Twitter this afternoon, and hosted on the Missouri Chamber of Commerce's website, states that Nixon will be leading a Missouri delegation to China "later this year."

According to the St. Louis Post-Dispatch, Nixon's office has confirmed that the trip is in the works.

(via Flickr/KellyB.)

The unemployment rate in Missouri ticked down slightly last month, according to new data from the Missouri Department of Economic Development.

Missouri's rate last month was 8.8 percent, down from 8.9 percent in May 2011, and a sharp decrease from June 2010, when 9.2 percent of the state's citizen's were out of work.

The national rate for June stood at 9.2 percent.

(via Flickr/taberandrew)

Illinois home foreclosure activity rose 4 percent in June compared to the previous month, but was down 25 percent from one year earlier.

A report released Thursday by Irvine, Calif.-based RealtyTrac shows Illinois with 6,541 homes receiving initial foreclosure filings last month.

Another 1,944 properties were scheduled for auction sale and 2,529 properties were repossessed by banks.

Looking at the first six months of the year, Illinois foreclosure activity fell 29 percent compared to the same period last year.

via Flickr | s_falkow

A St. Louis County plumbing contractor has filed a lawsuit against the utility company Ameren. The suit alleges the plumbing company lost its contract because it repeatedly informed Ameren of environmental, health, and safety violations.

According to the lawsuit, those violations ranged from failing to fix broken plumbing systems to illegally discharging oil to soils and sewers.

(via Flickr/Seabamirum)

A survey of nine Midwestern and Plains suggests that higher energy prices and supply problems are slowing economic growth.

A report released Friday says the Business Conditions Index for the Mid-America region dropped in June, to 54.9 from 60.2 in May.

Creighton University economist Ernie Goss says higher energy prices and supply problems stemming from the Japanese tsunami and Midwest and Plains flooding have slowed economic growth.

(via Flickr/KellyB.)

State officials say unemployment in all 12 Illinois metro areas dropped in May, and all but three of those regions added jobs or were unchanged.

The Illinois Department of Employment Security put out its monthly metro and county-level unemployment stats Thursday. The department says the biggest decreases last month were in Peoria, Rockford, Danville and the Kankakee-Bradley area.

Rockford remains the area with the highest unemployment rate at 10.7 percent. But that's down from 14.2 percent a year earlier.

A processing floor at Express Scripts in north St. Louis County.
Rachel Lippmann/St. Louis Public Radio

The nation's largest drugstore chain is locked in a contract fight with one of the St. Louis area's  largest employers.

Walgreen Co. revealed during an earnings call today that it's planning to end its $5.3-billion-per-year relationship with Express Scripts Inc. on Jan. 1, saying it cannot reach a deal on the fees the pharmacy benefits manager pays to fill the prescriptions of Walgreen's customers.

(via Flickr/KellyB.)

The Illinois Department of Employment Security says the state's unemployment rate increased to 8.9 percent in May. That's up from 8.7 percent just a month earlier and the first monthly increase since January 2010.

The department said Thursday in its monthly release on the statewide unemployment picture that:

US Fidelis founders face multiple felony indictments

Jun 15, 2011
St. Charles County Department of Corrections.

The millionaire brothers who ran US Fidelis, the country’s largest auto-warranty service provider have been indicted on multiple felony charges.

Darain and Cory Atkinson founded US Fidelis in 2003 selling the kind of extended auto warranties often advertised in junk mail or TV.

Over a three-year period the Better Business Bureau received over a thousand complaints and 33,000 inquiries.

(via Arch Coal)

Arch Coal says it's completed a $14.60 per share tender offer for stock in rival International Coal Group.

The offer closed Tuesday and Arch says it expects to complete the acquisition of Scott Depot-based ICG Wednesday. Arch offered to buy ICG for $3.4 billion in May.

Arch says ICG shareholders tendered nearly 188 million shares in the offer. It intends to purchase additional shares from ICG to push its ownership stake above 90 percent, enabling the deal to close.

courtesy AEG

A sports and entertainment company seeking to build an NFL stadium in downtown Los Angeles has spoken to the St. Louis Rams.

AEG President Tim Leiweke told the Orange County Register that he is reaching out to the Minnesota Vikings, San Diego Chargers, Oakland Raiders, St. Louis Rams and Jacksonville Jaguars.

The Rams future in St. Louis may hinge on the status of their downtown stadium, The Edward Jones Dome.

St. Louis City Hall
Richie Diesterheft | Flickr

The City of St. Louis has received $600,000 to provide homeless veterans with services.

The money will be split between the St. Patrick Center, which offers housing services, and Employment Connection which provides job training skills.

St. Louis Mayor Francis Slay says that as approximately 12 percent of the city’s homeless are veterans.

Rising water levels on the Missouri River are expected to swamp hundreds of thousands of acres of crops and halt barge traffic. 

The threat of decreased crop acreage in the Dakotas, Iowa, Nebraska and Missouri is driving prices for corn and soybeans on Wednesday.

Ron Plain is a Professor of Agricultural Economics at the University of Missouri.  He says flooding along the Missouri River could be devastating for bottomland farmers. 

NFL players, owners appeal labor dispute in St. Louis

Jun 3, 2011
Adam Allington / St. Louis Public Radio

Adversaries in the contentious pro football labor battle convened in a Federal Appeals Court in St. Louis on Friday.

The National Football League is appealing an April injunction from a Minnesota Judge that temporarily lifted the lockout.

The NFL Players Association is in the process of suing the league, claiming that the lockout in violation of federal anti-trust laws.

Paul Clement is an attorney for the NFL team owners; he told a three-judge panel that the issue before them is one for labor laws to decide.

(Bill Raack, St. Louis Public Radio)

Hearings will begin in about a week on a $276 million rate increase request for the Metropolitan St. Louis Sewer District. MSD says the rate hike is needed to comply with stricter regulatory requirements and to reduce wastewater overflows into area creeks and streams.

Arch Coal has cleared a key regulatory hurdle facing its proposed $3.4 billion takeover of rival International Coal Group.

Scott Depot-based ICG and St. Louis-based Arch announced Wednesday that the the antitrust waiting period under U.S. law has expired. That satisfies one condition for the deal to close.

Arch agreed to buy ICG on May 2 and has since started a $14.60-a-share tender offer. The offer expires June 14.

Missouri exports up in Q1

May 19, 2011
(via Flickr/[sic])

Missouri exports are up 18 percent in the first quarter of 2011. That’s according to data released Thursday by the World Trade Center Saint Louis.

The total dollar value of Missouri exports in Q1 was $3.4 billion, compared to $2.9 billion in 2010.

Tim Nowak is the Director of the World Trade Center.  He says Asian markets continue to show the biggest growth potential for Missouri.

“Some of the highest growth that we’re seeing, double-digit growth is in Singapore, Indonesia, Korea, China,” says Nowak.

(via Flickr/KellyB.)

Illinois' unemployment rate fell to 8.7 percent in April, improving for the 15th consecutive month.

The Illinois Department of Employment Security released the new figures on Thursday.

(via Flickr/KellyB.)

A new report says Missouri's unemployment rate has fallen to its lowest point in about two years.

The state Department of Economic Development says April's jobless rate was 8.9 percent, down two-tenths of a point from March. That's the state's lowest unemployment rate since March 2009.

Monday's monthly report also shows a net gain of 2,500 nonfarm jobs in Missouri last month. The agency says the biggest growth came in construction, manufacturing and retail trade.