Economy & Innovation | St. Louis Public Radio

Economy & Innovation

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

Marshall Griffin | St. Louis Public Radio

This story was updated on 4/26/2017 with comments from Sen. Will Kraus

The state of Missouri collected $435 million in corporate income tax revenue in fiscal year 2015.

That plummeted to $280 million last year.

St. Louis Lambert International Airport
via Flickr/Michael R. Allen

The Federal Aviation Administration has accepted the city of St. Louis’ preliminary application into an airport privatization pilot program.

The U.S. Department of Transportation made the announcement on Monday. Secretary Elaine L. Chao said the acceptance demonstrates the administration’s commitment to using innovative financing strategies to revitalize the nation’s aviation infrastructure.

Centene groundbreaking, Clayton, April 21, 2017
Wayne Pratt | St. Louis Public Radio

Centene has taken another big step in expanding its downtown Clayton headquarters. The managed care company for Medicaid recipients held a groundbreaking ceremony Friday for the $770 million project.

The event featured officials from throughout the region, including new St. Louis Mayor Lyda Krewson, St. Louis County Executive Steve Stenger and Missouri Gov. Eric Grietens. While preliminary work on the project has been underway for months, Friday marked the ceremonial start of construction.

Consumer groups claim measures of the Illinois Statehouse could mean the end of traditional landline service. AT&T says it's part of the ongoing shift to modern technology, which is reliable.
tylerdurden1 | Flickr

Consumer rights groups in Illinois are leading the opposition to proposals before the state legislature that they say could end traditional landline phone service. They claim AT&T wants to shift customers to more expensive plans. But the telecommunications company says that conclusion is not accurate.

Missouri State Auditor Nicole Galloway
File photo | Jason Rosenbaum | St. Louis Public Radio

Outrageous.

That’s the word Missouri State Auditor Nicole Galloway used over and over to describe her office’s findings after an audit into the state’s 205 Transportation Development Districts.

“The average citizen is getting taken advantage of here,” Galloway said Monday at a news conference to release the report. “It’s outrageous that there’s almost $1 billion in project costs that taxpayers are on the hook for. They don’t know about it and they didn’t vote for it.”

A view of the outside of the Peabody Energy building in St. Louis.
St. Louis Public Radio

Peabody Energy has emerged from bankruptcy with less debt and a shift in focus. The St. Louis-based coal company spent roughly a year under Chapter 11 protection and some of the same industry-wide challenges remain – government regulation and cheaper energy producing options, such as natural gas.

In a release when Peabody emerged from bankruptcy earlier this month, Chief Executive Officer Glenn Kellow sounded upbeat.

Portfolio of Missouri Technology Corporation

If you throw a rock in the St. Louis startup ecosystem, you’ll likely hit a company that’s gotten some of its investment funds from the Missouri Technology Corporation.

The Missouri General Assembly established the public-private partnership in 1994 to promote entrepreneurism and grow high-tech companies. MTC has co-invested about $35 million in nearly 100 startups since 2011, many of them based in St. Louis.

That investment may dry up soon.

Flickr | TerryJohnston

Updated July 18 with deal closing - Panera Bread is no longer a locally-owned company. The $7.5 billion acquisition by European business group J-A-B Holding Company was completed Tuesday morning. The deal takes Panera private and its shares are no longer trading on the NASDAQ stock exchange.

Matthew Desmond and Kalila Jackson discussed the prevalence of evictions across the United States and in St. Louis on Monday's St. Louis on the Air.
Kelly Moffitt | St. Louis Public Radio

Evictions used to be rare enough in the United States that the government never made an effort to track them on a federal level. That’s changing.

Peabody Energy emerges from bankruptcy

Apr 3, 2017
St. Louis Public Radio

St. Louis-based Peabody Energy will again trade on the New York Stock Exchange beginning on Tuesday, as they announced that they're emerging from bankruptcy.

It will be under its old ticker symbol BTU, but company officials are calling it a new day.

“We believe that ‘The New BTU’ is well positioned to create substantial value for shareholders and other stakeholders over time,” said Peabody President and CEO Glenn Kellow in a press release.

The coal company says it shed about $5 billion in debt from the time it filed for Chapter 11 in April 2016.

Provded: Ameren

Ameren Corporation is launching an energy accelerator with the help of the University of Missouri system, UMSL Accelerate and Capital Innovators.

President and CEO Warner Baxter said on Friday the utility will invest $100,000 each in five to seven startups chosen to participate in the Ameren Accelerator program.

Maria Altman | St. Louis Public Radio

The two-story brick home at 3735 California St. got a second chance.

The property, owned by the city of St. Louis' Land Reutilization Authority, was slated for demolition. Then Alderwoman Cara Spencer, 20th Ward, had an idea: take money for demolition and put it toward stabilizing the building in the heart of the Gravois Park neighborhood.

The city’s Building Commissioner, Frank Oswald, agreed. Rather than spending $10,000 to tear it down, the division spent $14,000 for roof work and tuck-pointing.

Two yellow signs indicate a streetcar crossing on Delmar Blvd.
Joseph Leahy | St. Louis Public Radio

For the first time in more than 50 years, trolley cars – a few of them, at least – will be rolling down the streets of St. Louis. Construction on the Loop Trolley’s 2.2-mile stretch between Forest Park and University City wrapped up in November and, according to trolley officials, test runs on Delmar Boulevard and DeBaliviere Avenue are set to begin in the next week or so.

Fast food workers take part in a protest organized by Show Me $15 outside a McDonald's on Natural Bridge Road in St. Louis on March 15, 2017. They want the city's $10 minimum wage increase to be enforced immediately.
File photo | Maria Altman | St. Louis Public Radio

The business organizations that took St. Louis' law to raise the minimum wage to the Missouri Supreme Court filed a motion Wednesday for it to be reheard.

It was the last day they could challenge last month's ruling that upheld the city's law.

Beth Kobliner is author of "Make Your Kid A Money Genius."
Kelly Moffitt | St. Louis Public Radio

On Monday’s St. Louis on the Air, host Don Marsh heard from Beth Kobliner, a financial journalist, who recently published “Make Your Kid A Money Genius (Even If You’re Not): A Parents’ Guide for Kids 3 to 23.” Previously, Kobliner published the New York Times bestseller “Get A Financial Life.”

Should financial conversations with your children really start as early as age three? For Kobliner, the answer is an emphatic ‘yes.’

The industrial park in Illinois covers 2,300 acres. Developers say it is within 1,500 miles of 90 percent of the people in North America.
Wayne Pratt | St. Louis Public Radio

Leaders in a Metro East County are taking a proactive approach to anticipated changes by the new administration in Washington, D.C. Massive infrastructure investments and re-working international trade deals are key parts of President Donald Trump’s blueprint and Madison County officials are trying position the area for growth under the potential new economic realities.

Microsoft to move into St. Louis’ Cortex

Mar 8, 2017
Courtesy Wexford Science & Technology

Microsoft is coming to the Cortex Innovation Community in St. Louis’ Central West End.

The Washington state-based company will open its regional headquarters and a Microsoft Technology Center to serve as an anchor for a new tech building at 4220 Duncan Ave.

Israeli ag tech delegation visits St. Louis

Mar 6, 2017
(illustration by Susannah Lohr, St. Louis Public Radio)

The BIRD Foundation has fostered partnerships between Israeli technology startups and companies and U.S. corporations since it was founded in 1977.

Now the group has brought its first delegation to St. Louis.

Twelve Israeli ag tech companies are in town for a two-day visit to make pitches to investors and meet individually with Monsanto, KWS and others.

Limor Nakar-Vincent, the BIRD Foundation’s deputy executive director for business development, said there’s an emphasis on collaboration in St. Louis’ bio-science and ag ecosystem.

Urban League of Metropolitan St. Louis.
(Maria Altman, St. Louis Public Radio)

The National Urban League Conference will be in St. Louis this summer.

The event will be held July 26-29 at the America’s Center.  

President and CEO Marc Morial said on Friday that St. Louis proved itself back in 2007 when it first hosted the national conference. But he said this year’s conference, with the theme “Save Our Cities,” is coming back in part because of the challenges African-Americans face in St. Louis.

Maria Altman | St. Louis Public Radio

While St. Louis voters decide among mayoral and aldermanic candidates in the city’s primary election next Tuesday, they’ll also answer a question about short-term lenders.

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