Business & Economy

Rolf Pendall
Federal Reserve Bank of Cleveland

The industrial heartland continues to struggle with the legacy of lost jobs and population. But whether it continues to be known as a rust belt or for its renewal depends on whether Ohio invests in immigrants and young people. 

Rolf Pendall of the Urban Institute acknowledges birth rates are expected to fall behind death rates in the Great Lakes region by 2030.

But he notes that 600,000 babies are born each year in the six states including Ohio. And their parents are the millennials and immigrants their communities often disparage or ignore.

Uber Co-Founder Travis Kalanick Resigns Under Pressure As CEO

Jun 21, 2017

Updated at 9:50 a.m. ET

The chief of Uber has resigned. Travis Kalanick, under pressure from his top investors, announced his departure Tuesday night. The move, which comes as a surprise to employees, plunges one of the largest private companies on Earth into an even bigger leadership vacuum.

A week ago, Kalanick said he was stepping away from his position as CEO temporarily, taking a leave of absence to mourn his mother, who recently died in a boating accident, and to work on his leadership, to grow into "Travis 2.0."

Google Maps

Entrepreneurs looking to start food-based businesses in the Miami Valley will soon have the opportunity to create and test their recipes in Fairborn. City officials Wednesday announced a new initiative to support small business entrepreneurs with a shared kitchen and office space incubator. 

Updated at 9:20 a.m. ET on June 19

Amazon is buying Whole Foods, in a merger that values Whole Foods stock at $42 a share — a premium over the price of around $33 at the close of trading on Thursday. The Internet retailer says it's buying the brick-and-mortar fixture in a deal that is valued at $13.7 billion.

Whole Foods, which opened its first store in Austin, Texas, back in 1980, now has 465 stores in North America and the U.K.

Columbus Arts Festival: the Business of Art

Jun 9, 2017
The Columbus Arts Festival
Paul Cook / Flickr

How does an artist make a living? Many artists are talented and creative, but the trick is to turn that creativity into a business successful enough to make a living. 

Broadcasting from the Columbus Arts Festival in downtown Columbus, we will sit down with a panel of experts to talk about the business of art. 

IKEA/Twitter

After months of press conferences, hiring announcements and promotions to lure in customers, the north Columbus IKEA store is opening on Wednesday.

IKEA

On Monday customers will begin lining up outside the Central Ohio IKEA location for a chance to win door prizes, but opening isn't until Wednesday when thousands are expected visit.

All this hype means serious traffic for local commuters. Columbus police have been planning for what could be a chaotic couple of days.
 

Esther Honig

It's a wet and overcast morning on Buckeye Lake, the century year-old manmade lake just 30 minutes east of Columbus.

Despite the weather, Dave Levacy—owner of Buckeye Lake Marina—is rushing to clean and service hundreds of boats for Memorial Day weekend. 

Senate Republicans voted Wednesday night to rescind an Obama-era policy that allows states to offer retirement savings plans to millions of workers.

Retiree and worker protection groups say the move will hurt employees at small businesses.

Many small businesses say they can't afford to set up retirement savings plans, such as 401(k) plans, for their workers. That's a big reason why so many Americans aren't saving, says Cristina Martin Firvida, the AARP's director of government affairs.

Immigration advocates claim that about half of the most lucrative startups in America were founded by immigrants. But it's complicated for a foreigner to start a company in America — there's no such thing as a startup visa.

That's why some entrepreneurs are "hacking the system" through a workaround that started as an experiment in Massachusetts and has expanded to five other states.

The U.S. economy grew at just a 0.7 percent annual rate in the first quarter of this year, according to the latest report on the gross domestic product from the Commerce Department. That's below market expectations and indicates the economy grew at the slowest pace in three years.

Weak auto sales and lower home-heating bills dragged down consumer spending, offsetting a pickup in investment led by housing and oil drilling. Employment costs rose 0.8 percent in the first quarter.

Here's the good news about young adults in the U.S. over the past four decades: More of them are working full time and year-round.

In 1975, close to 67 percent of adults from ages 25 to 34 were employed full time, and that share increased to 77 percent by 2016, according to a new report on young adults by the U.S. Census Bureau.

Updated at 11 a.m. ET with retail outlook

After adding more than 200,000 jobs in each of the first two months of this year, the U.S. economy gained only 98,000 jobs in March, according to the monthly report released Friday by the Bureau of Labor Statistics.

That result falls short of expectations: While analysts had anticipated a slight dip to around 180,000 new jobs, they had been looking for signs that job growth would keep pace with recent gains.

Donald Trump won the backing of the National Rifle Association and many gun owners by opposing limits to the Second Amendment's right to bear arms. But since his election and in the early months of his presidency, Trump has not been good for the gun business.

Shares of publicly traded firearms companies have fallen. The pro-gun president nicking the fortunes of the industry he vowed to protect may seem illogical on its face.

Keyboard
Flickr / Creative Commons

Cyber security experts from around the country gather in Lewis Center on Friday for a conference on how to prevent and mitigate cyber attacks.

Ohio Statehouse
KAREN KASLER / Ohio Public Radio

Cities across the state impose a tax on the profits earned by local businesses. This accounts for about 14 percent of total municipal tax collections - funds that cities rely on heavily to pay for everything from police to garbage collection.

Mandie Trimble / WOSU

Changes to Ohio's concealed carry law take effect Tuesday. That means more places - like daycares, government building and universities - have the option to allow people to carry a concealed firearm in public. But advocates on both sides aren't thrilled.

Mike Seyfang/Flickr

Amazon has claimed a piece of prime Columbus real estate, releasing a proposal this week to open an Amazon Campus bookstore in the University District.

Flickr

Many businesses around the state could soon be getting a big rebate from the Ohio Bureau of Workers’ Compensation.

"Gender equality benefits all of us," Iceland's Prime Minister Bjarni Benediktsson said on International Women's Day, as his government works on a law to require companies to show they pay men and women the same salary for the same work.

Benediktsson discussed the plan in New York, where he attended an International Women's Day summit and other meetings this week.

The City of Youngstown could soon add a business incubator on its south side, made up entirely of shipping containers.

The project would convert the containers into small store fronts for entrepreneurs who may not be able to get financing to start a business, or who don’t have enough start-up capital to invest in a traditional building.

The city is studying the cost of the project as well as how to connect the containers to utilities.

When he addresses a joint session of Congress Tuesday night, President Trump is expected to outline some of his plans for rebuilding the nation's crumbling infrastructure.

And he will likely reiterate his commitment to "buy American and hire American," as he repeated often during the campaign and since taking office last month.

But what exactly does that mean for state departments of transportation and the contractors who build transportation projects?

Hotels along the I-77 corridor between Akron and Canton have been feeling the downturn in the oil and gas industry. In the last few years, more than a dozen hotels opened in that area, mainly to serve that industry’s boom in eastern Ohio and western Pennsylvania. Now, there are too many rooms and not enough customers.

STR Global, a company that tracks the hotel industry, says between 2014 and last year, hotel occupancy in the Akron area dropped about 6 percent.  In Canton, the drop was about the same.

Jim Renacci

Ohio businesses remain pretty divided over a Republican-proposed reform known as the Border Adjustment Tax, according to Congressman Jim Renacci.

What's in a name? A lot, according to a new study from researchers at Ryerson University and the University of Toronto, both in Canada.

In cities around America, thousands of construction companies, restaurants and other businesses are bracing for "A Day Without Immigrants," a combination boycott/strike that highlights the contributions of immigrants to U.S. business and culture.

Steve Brown

Chris Kowalski has had a rough go of it lately.

The owner and operator of Jack's Downtown Diner lost his wife to cancer in 2015. He closed the diner later that year, and when he reopened in 2016, the normally-quaint Lynn Street was a full-blown construction site.

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