World Economic

Toby Keith's I Love This Bar & Grill plans to open its Twin Cities location in early June.

The highly anticipated restaurant — named for country singer Toby Keith and his 2003 hit single, “I Love This Bar” — will occupy a 15,000-square-foot space at The Shops of West End lifestyle center in St. Louis Park. Other tenants there include restaurants Cooper and Crave, a Rainbow Foods grocery store and a 14-screen Kerasotes ShowPlace Theatre.

I Love This Bar & Grill's menu will feature Southern fare, such as chicken-fried steak and meatloaf. The venue also has a stage that will host live music several nights a week.

The restaurant will be owned by Arizona businessman Frank Capri, who also owns an I Love This Bar & Grill franchise in Mesa, Ariz. The chain currently has six locations across the country, with St. Louis Park and three other sites under development.

The Business Journal first reported I Love This Bar & Grill's plans to open a Twin Cities location last June. To read that story, click here.

Source

More college graduates are heading straight into new jobs this year, a study from a college employment group showed Thursday.

The number of college seniors who already have post-graduation jobs lined up jumped to 24.4% this year, up from 19.7% of the graduating class of 2009, according to a study from the National Association of Colleges and Employers.

While the increase in graduate employment is a positive trend, the uptick may be a result of more students accepting the jobs they are offered as they realize how tough it is to find a job in this economy, Marilyn Mackes, NACE executive director, said in a prepared statement.

It turns out that while more graduates have jobs waiting for them, employers actually extended slightly fewer job offers to this year’s graduating class no fax pay day loan.

NACE said that 39% of students in the graduating class of 2010 said they had received job offers, and 59% of those students took the jobs.

Last year, 40% of graduates were offered jobs, but only 45% accepted the offers.

"There appears to be a greater awareness of the economic realities among this year’s graduates, and greater flexibility in the types of jobs they will consider," said Mackes. 

Source

An exceptionally cold winter in the Carolinas and Florida helped to heat up Progress Energy’s first-quarter earnings, the Raleigh-based utility operator said Wednesday.

Progress (NYSE: PGN), which provides power to customers in North Carolina, South Carolina and Florida, reported net income under Generally Accepted Accounting Principles of $190 million, or 67 cents per share, up from the $182 million, or 66 cents per share, that the company earned in the first quarter of 2009.

The first-quarter profit gain would have been larger if not for a charge of 8 cents per share related to the recently passed health reform law, which reduces the tax benefit granted to companies that provide prescription drug coverage for seniors who otherwise would be covered by Medicare Part D.

Factoring out one-time items, Progress reported ongoing earnings of $213 million, or 75 cents per share. There was no difference between the ongoing and GAAP earnings for the first quarter of 2009.

Analysts polled by Thomson Reuters had forecast, on average, that Progress would earn 66 cents per share. Thomson Reuters predictions usually factor out one-time items.

Progress’ first-quarter revenue rose to $2.54 billion, up from $2.4 billion in the year-ago quarter and in line with the Thomson Reuters consensus analysts estimate.

The main driver in the increased revenue was unusually cold weather in the service areas of Progress Energy Carolinas and Progress Energy Florida, the two utilities owned by Progress Energy. Progress Energy Carolinas attributed an earnings boost of 6 cents per share to higher demand for heat during the three months ended March 31, while Progress Energy Florida saw a heating-related revenue jump equivalent to 8 cents per share.

Progress Energy Florida also received a benefit of 7 cents per share from the reopening of its Bartow power plant with higher rates.

Customer growth produced a gain of 2 cents per share in each of the two Progress Energy territories.

"We performed well in the first quarter, and met the high demands of a very cold winter in the Carolinas and Florida," said Bill Johnson, chairman, president and CEO of Progress Energy.

Progress reaffirmed its 2010 ongoing earnings estimate of between $2.85 and $3.15 per share, in line with analysts’ estimates.

"We are optimistic about the long-term prospects for our service territories and the value we will create for our customers and shareholders,” Johnson said. “We remain focused on managing effectively through these challenging times while working constructively with policymakers and regulators to prepare responsibly for the future."

Source

About 220 workers at the President Casino were dealt a tough hand this week.

They learned they will probably be out of a job come June 28.

Pinnacle Entertainment notified employees, their union and the state on Monday that it plans to permanently lay off everyone who works at the downtown riverboat, which is set to close by July 1.

On Tuesday, Pinnacle also told those workers that they wouldn’t receive any severance pay or retention packages to stay with the company, though it rescinded that policy on Wednesday and agreed to reconsider.

The layoffs come as little surprise. Pinnacle agreed last month to shut down the ailing casino, and it was widely assumed that jobs would be lost.

But the company had held open the possibility of transfers to open positions at its other St. Louis casinos — Lumière Place and the just-opened River City — which together employ nearly 2,500 people.

Now that appears open to negotiation.

On Tuesday, President general manager Chris Strobbe sent a memo to employees saying "Pinnacle has decided that no retention or severance packages will be granted" to the casino’s workers. On Wednesday, after word of that spread, Strobbe issued another memo, saying the original plan was "rescinded and withdrawn."

Pinnacle, he said, would begin talks with UNITE Here Local 74, which represents 58 people at the President, about the effects of the closure. He said a final decision on severance and retention for non-union employees would also be made "at a later date."

The company had no further comment Wednesday. But UNITE Here said it was hoping for productive talks.

"We believe this is the beginning of a process of dealing with employees, not the end," said union official Dana Wise.

Just last week, the union won a big victory when Pinnacle settled with the National Labor Relations Board on charges of unfair labor practices at Lumière and The President. In May, the Las Vegas-based casino company withdrew its recognition of the Local 74 after the local broke away from UNITE Here, though it rejoined a few months later. In the settlement, Pinnacle agreed to start talks on a new contract promptly; then came the layoff notices.

All the back and forth left a sour taste in the mouths of employees — some of whom bused to Jefferson City to speak up for the casino when the Missouri Gaming Commission was trying to shut it down earlier this year.

Pam Perry, who has been a cashier at the President for 15 years, said she had twice applied for jobs at River City, but was turned down. Now she is not sure what she will do.

"Ever since Pinnacle took over it’s been, ‘We’re going to do this,’ ‘We’re going to do that,’" Perry said. "They don’t keep their promises."

Myron Minner, a security guard who has worked 16 years at the President, said that, after four years without a raise and all the drama over the President’s fate, he was just hoping for a decent severance package.

"After all this," he said, "I don’t think I want to be in the casino business ever again."

Source

Area home sales took off in March, with sales of new and existing homes up more than 50 percent from February totals, the Kansas City Regional Association of Realtors reported Sunday.

Sales of new and existing homes in the Kansas City area totaled 2,156 in March, up 54.4 percent from 1,396 in February and 12.5 percent from March 2009, the association said in a release.

There were 174 new home sales in March, up 52.6 percent from 114 in March but down 7.9 percent from 189 in March 2009.

The association reported 1,982 existing home sales in the area in March, up 54.6 percent from February and 14.7 percent from March 2009.

The average sale price of a home in the Kansas City area in March was $158,815, which was 5.3 percent higher than the March 2009 average of $150,788.

The average new home price in March was $307,334, which was 6.4 percent higher than the year-ago average of $288,745. The average existing home price was $146,519, which was up 6.9 percent from the March 2009 average of $137,021.

The number of new homes on the market continued a steady decrease in March. The total of 1,789 new homes for sale last month was down 1.2 percent from February and down 39.7 percent from March 2009, when 2,968 new homes were on the market.

Resale inventory reached 14,798 homes in March, an increase of 7.6 percent from 13,749 homes in February and an increase of 6.2 percent from 13,937 homes a year earlier.

The area’s supply of new and existing homes — calculated by dividing inventory by the 12-month average number of sales — rose to a 7.7-month supply in March from a 7.3-month supply in February.

When supply exceeds six months, the market is considered to favor buyers. When it’s below five months, the market favors sellers.

March also brought a jump in Kansas City-area home foreclosures, with the number almost doubling from February.

Source

Having been spurned twice by the board of Macarthur Coal Ltd., Peabody Energy Corp. again raised its offer for the Australian miner as it seeks to add new coal reserves to help feed growing Asian energy demand.

Peabody’s latest offer of $3.8 billion in cash is 14 percent above its previous offer of $3.3 billion and 27 percent higher than its initial bid of $3 billion.

The St. Louis-based company said its new proposal represents a 39 percent premium to Macarthur’s average share price in the 30 days leading up to the first Peabody offer on March 30, and is “clearly superior” to the other outstanding bid for Macarthur by Australia’s New Hope Corp.

Peabody said its offer is also a better deal for shareholders than Macarthur’s December agreement to buy Gloucester Coal Ltd.

In a statement issued Thursday, Macarthur said its board will meet Friday to review Peabody’s latest proposal cheap pay day loans.

Queensland-based Macarthur has said Peabody’s previous offers didn’t fully value the company, which is in the midst of an aggressive expansion. Macarthur has likewise rejected New Hope’s bid.

The latest Peabody bid is equal to 16 Australian dollars per Macarthur share. In a research note Thursday, Jefferies & Co. analyst Michael Dudas said he "would be surprised if (Peabody) management bid much higher."

As it has in its two previous offers, Peabody said it would allow Macarthur’s three largest shareholders to keep their ownership stakes. Steelmakers Citic Resources Ltd., ArcelorMittal and POSCO collectively own 47 percent of the company.

Source

About the series

Late last month, we put this question before our readers: "Can St. Louis Compete?"

In a series of stories and columns, titled "Work Force Worries," economics reporter Tim Logan and business columnist David Nicklaus focused on jobs and the work force. In coming weeks, they will explore entrepreneurship and the business climate.

Today, jobs reporter Steve Giegerich reviews another important work force issue: The economic impact of organized labor in the region.

You can find the entire series at stltoday.com/business.

— Part I: Wanted: Highly skilled labor

— Nicklaus: People, not firms, can turn economy around

— Part II: Finding a niche

— Nicklaus: St. Louis needs to embrace immigration

— Part III: Time to act is now

— Nicklaus: Affordable, livable could be the next cool

Source

The Bamboo Club, Eddie V’s, Four Peaks Brewing and Roka Akor are among more than 50 restaurants expected to participate at the Taste 2010 event.

The open-air event will take place at the Kierland Commons shopping center on North Scottsdale Road from 6 to 9 p.m. Sunday. In addition to food, the event features wine tastings as well as live entertainment as part of a weekend long benefit for the Boys and Girls Club of Metropolitan Phoenix.

Other participating restaurants include Grimaldi’s Pizzeria, Sassi, Fred’s at Barney’s New York, True Food Kitchen and Z’Tejas.

The fundraising weekend will kick off with a black-tie Champions Dinner to honor former Arizona Diamondbacks outfielder Luis Gonzalez on Saturday at Kierland Resort and Spa. In addition, on Monday, April 12, the links at the Kierland resort will host the Taste 2010 Golf Classic.

The Boys and Girls Club of Metropolitan Phoenix aims to support and encourage the community’s youth. The group operates 12 clubhouses throughout the Valley, sponsors a dental clinic and offers a range of outreach services to youth.

For more: www.taste2010.org.

Source

The federal Housing Finance Agency has given North Carolina a $159 million grant to help prevent home foreclosures in counties where unemployment hovered at 12 percent or higher in 2009.

North Carolina was one of five states to qualify for a piece of the $600 million program. South Carolina received $138 million. The other states are Ohio, Oregon and Rhode Island.

The Raleigh-based N.C. Housing Finance Agency will administer the grant, which will help unemployed homeowners facing foreclosure through mortgage modifications, including principal reductions.

Foreclosure filings in Mecklenburg County rose 82 percent in February from a year earlier, according to court data provided by the state.

The number of foreclosure filings in Mecklenburg totaled 940 that month, up from 517 a year earlier. The number of filings in February increased 17 percent from January, when the county’s foreclosure filings totaled 804.

The number of filings in Mecklenburg last year totaled 12,769, the county’s highest annual number on record. Statewide, the total hit 63,312, also a record.

A number of surrounding counties also saw significant increases in foreclosure filings in February. In Gaston County, the number of filings hit 149, a jump of 161% from 57 a year ago. Cabarrus, Catawba and Iredell counties all had 86 percent increases from a year earlier, and Rowan County had an 80 percent jump in the number of filings, according to the court data.

Foreclosure filings indicate the beginning of foreclosure proceedings, but not every case results in a foreclosure sale. The statistics include both residential and commercial foreclosure filings.

Source

Edward M. “Coots” Matthews, co-founder of Boots & Coots Inc., passed away on March 31, the company said Thursday. He was 86 years old.

“Boots & Coots recently celebrated its 30th anniversary, and we owe a tremendous debt to Mr. Matthews for the vision he and ‘Boots’ Hanson shared when they formed this company and the culture they developed that helped the company endure the hard times as well as the good,” said Jerry Winchester, president and chief executive officer of Boots & Coots.

“We send our condolences to Mr. Matthews’ family, and our respect to a truly remarkable individual. His imprint on this industry will live forever.”

Edward Coots Matthews and Asger “Boots” Hansen founded Boots & Coots in 1978 after nearly 20 years of working for oil industry legend Red Adair. Both were involved with some of the industry’s most notorious oilfield blowouts, such as the “Devil’s Cigarette Lighter” in Gassi Touil, Algeria in 1961, Lake Maracaibo in 1991 and the Kuwaiti oil fires in 1991.

Coots Matthews retired from Boots & Coots (NYSE: WEL) in 1994.

Source