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engineering.com

The company that’s planning to build an aluminum mill in northeastern Kentucky is seeking new investors to help it complete construction of the massive project.

WDRB in Louisville reports Braidy Industries hasn’t been able to raise anywhere close to the $1.6 billion dollars it needs to complete construction on the project.

Documents filed this week with the U.S. Securities and Exchange Commission show Braidy is looking to raise at least $400 million through a new round of stock sales.

Kentucky Chamber of Commerce

Like states across the nation, Kentucky has a critical shortage of workers. The problem is even more severe in the Bluegrass State because the percentage of adults working in Kentucky is lower than the national average.

A new report, “A Citizens Guide to Kentucky’s Economy since the Recession,” shows Kentucky’s workforce participation rate is 55 percent. That compares to the national rate of 59 percent.

Kentucky Chamber of Commerce President Dave Adkisson said Kentucky is thousands of workers behind the national average.

Kentucky Chamber of Commerce

Although the Bluegrass State is outperforming some of its neighbors, Kentucky trails the nation in the growth rate of jobs, population and wages.

A new report called “A Citizens Guide to Kentucky’s Economy since the Recession,” shows the state added 180,000 jobs since 2009. That’s a 10 percent increase in job growth compared to the national increase of about 13 percent.  

Professor Emeritus of Economics at the University of Louisville Paul Coomes prepared the report for the Kentucky Chamber of Commerce. He said some regions of the state have been showing steady progress in several economic indicators. 


U.S. Bank

U.S. Bank is closing its home mortgage call center in Bowling Green, affecting about 100 workers. 

Employees were notified on Wednesday that operations at the Louisville Road facility would cease by the end of September. 

U.S. Bank Regional President Craig Browning says a few of the displaced workers will remain with the company but work from home.  Others will go to a much larger call center in Owensboro.

It's hard enough for employers to find workers to fill open jobs these days, but on top of it, many prospective hires are failing drug tests.

The Belden electric wire factory in Richmond, Ind., is taking a novel approach to both problems: It now offers drug treatment, paid for by the company, to job applicants who fail the drug screen. Those who complete treatment are also promised a job.

Becca Schimmel

Anti-tariff talk will be flowing as leading whiskey associations meet in Kentucky Thursday to discuss how trade disputes could hurt their industry.

The Kentucky Distillers' Association says leaders of eight whiskey groups worldwide are meeting in Louisville. The whiskey summit comes as industry officials worry that trade tensions could escalate — with their products caught in the crosshairs.

Ellis Park

Kentucky horse racing regulators have approved the sale of Ellis Park racetrack to a group that's had a minority ownership in the track for several years.

The Kentucky Horse Racing Commission Tuesday approved the sale of the track in Henderson County to the Saratoga and Hospitality Group.

The track's primary owner has been Ron Geary, who purchased Ellis Park from Churchill Downs in 2006.

Papa John's Founder: Stepping Down as Chairman a "Mistake"

Jul 18, 2018
Flickr/Creative Commons

Papa John's founder John Schnatter says the pizza chain doesn't know how to handle a "crisis based on misinformation" and that he made a "mistake" in agreeing to step down as chairman.

Schnatter says the board requested that he step down as chairman without "any investigation" and he should not have complied, according to a letter his representative says was sent to the board Saturday. The contents of the letter were first reported by the Wall Street Journal.

U.S. whiskey distillers are fretting over the steep new tariffs they're facing around the world. They're being punished as U.S. trading partners retaliate against the Trump administration's tariffs on steel and aluminum. Now, the distillers fear that a long boom in U.S. whiskey exports could be coming to an end.

Kentucky bourbon has experienced a huge revival over the past decade — thanks in large part to U.S. trade initiatives that have opened up global markets, says Eric Gregory of the Kentucky Distillers' Association.

Kentucky Governor Downplays Effect of EU Tariffs on Bourbon

Jun 22, 2018
J. Tyler Franklin

In comments at odds with his home state's whiskey distillers, Kentucky's Republican governor is downplaying fears that the European Union's retaliatory tariffs could disrupt the booming market for the Bluegrass state's iconic bourbon industry.

"There's always the potential for some type of impact, but I don't think it will be a tremendous impact," Gov. Matt Bevin said when asked about tariffs during a TV interview this week with Bloomberg.

U.S. Agency for International Development

A Somerset businessman is in Washington, D.C. Monday and Tuesday of this week with a group of state and national leaders to encourage funding for American development and diplomacy overseas. 

Somerset Recycling President Alan Keck is part of the Kentucky Advisory Committee at the U.S. Global Leadership Coalition Summit in the nation’s capital.

The group is urging the Trump administration to fully fund the U.S. Agency for International Development, an organization that supports humanitarian efforts and promotes American prosperity through investments that expand markets for U.S. exports. Keck said the Trump administration has proposed cutting 30 percent of the USAID budget.

paringaresources.com

The CEO of a company behind a new coal mine project in McLean County, Kentucky has resigned. The announcement from the Australian mining company Paringa Resources said managing director and CEO Grant Quasha is resigning as of June 18 to “pursue another opportunity.”

Quasha said in a Fox Business TV interview in September 2017 that the election of President Donald Trump has “ended the war on coal” and allowed Paringa to raise 40 million U.S. dollars in financing in the Australian equity markets, in addition to $20 million in project financing from Macquarie Bank in Australia for construction of the McLean County mine that will produce thermal coal for regional utilities. The mine is in what’s called “the Illinois Basin.” 


All Tech

Alltech has decided to end its brewing partnership with Western Kentucky University which will cease production of two WKU-themed beers. 

The Nicholasville-based biotech company collaborated with WKU three years ago to open a fully operational brewery that would support new graduate and undergraduate certificates in Brewing and Distilling Arts and Sciences. 

Alltech leased space on WKU’s campus and provided the brewery with production equipment.  Communications Director Susanna Elliott told WKU Public Radio that the company has decided not to continue the lease.

400 Mile Yard Sale

Bargain shoppers will be out in big numbers over the next few days for the '400 Mile Yard Sale' along Route 68 in Kentucky.

When the 400 Mile Yard Sale started 14 years ago, it was to entice drivers to turn off highways and visit  local shops and restaurants along Route 68. At that time, it was the “road less traveled.”

But that yard sale has taken on a festival atmosphere and from Thursday, May 31 through Sunday, June 3 Route 68 will be one of the “most traveled” routes in Kentucky, from Maysville, located 66 miles northeast of Lexington, all the way west to Paducah.

Rhonda J. Miller

A business incubator called ‘The Hub’ in Ohio County has a second training program at no cost to residents. Ten people are enrolled in the ‘virtual assistant’ training.

The main goal of ‘The Hub’ is to create jobs, especially high-tech remote jobs, that offer Ohio County residents a chance to continue to live in this rural community and have a 21st Century career with a good income. 

Chase Vincent is Executive Director of the Ohio County Economic Development Alliance. He says the 10 residents who are currently enrolled in the ‘virtual assistant’ program are getting training that will prepare them to manage a distant office, for instance a medical practice, from home or from co-working space in ‘The Hub.”

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