Business from Minnesota Public Radio

Minn. community banks profit, loan growth decline

Thu, 23 May 2013 15:50:47 -0500

Minnesota's community banks saw profit and loan growth decline in the first three months of the year.

Mayo Clinic celebrates state funding approval, but questions remain on expansion details

Thu, 23 May 2013 04:00:00 -0500

With approval of taxpayer support for Mayo Clinic's "destination medical center" are questions about how the money will be spent, its effects on Rochester and a timetable for development.

Go east, young marijuana dealer

Wed, 22 May 2013 15:10:12 -0500

Chuck used to sell marijuana in California. But the legalization of medical marijuana in the state meant he was suddenly competing against hundreds of marijuana dispensaries. So he moved to New York, where marijuana is still 100 percent illegal.

Small-business owners stand up for voice in political debate

Wed, 22 May 2013 15:00:00 -0500

As the American economy slowly recovers, we look at the role of small businesses and what their owners need to succeed.

Tax break could make megamall bigger

Wed, 22 May 2013 14:59:36 -0500

A $250 million tax break passed in the closing minutes of the legislative session is expected to resurrect expansion plans at the Mall of America.

Target profits fall 29% in first quarter

Wed, 22 May 2013 13:04:41 -0500

Target's first-quarter profits fell 29 percent, as cool spring weather and worries about the economy curbed shoppers' spending.

US home sales highest in 3 years

Wed, 22 May 2013 09:09:17 -0500

p last month to the highest level in three and a half years, helped by a jump in the number of houses for sale.

Median CEO pay rises to $9.7M in 2012

Wed, 22 May 2013 08:48:03 -0500

CEO pay, which fell two years straight during the Great Recession but rose 24 percent in 2010 and 6 percent in 2011, has never been higher. But the numbers don't tell the whole story.

Agency approves 4th Magnetation plant

Tue, 21 May 2013 20:30:51 -0500

The Minnesota Pollution Control Agency's citizens board has approved a company's plans to build its fourth iron ore recovery plant on the Iron Range.

Groundbreaking set for new St. Croix bridge

Tue, 21 May 2013 19:01:31 -0500

Minnesota and Wisconsin transportation officials have scheduled a groundbreaking ceremony for the new St. Croix bridge project connecting the two states.

Medtronic announces 500 job cuts in Minn.

Tue, 21 May 2013 14:18:08 -0500

Medtronic says it's eliminating 2,000 jobs from its global workforce, with a net 340 Minnesota positions being eliminated.

Best Buy reports 1Q loss of $81M

Tue, 21 May 2013 12:11:10 -0500

Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

Planting conditions improve in Minnesota

Tue, 21 May 2013 08:50:27 -0500

A miserable start to spring planting for Minnesota farmers has greatly improved with a stretch of better weather.

High crop prices entice farms to expand planting

Mon, 20 May 2013 21:49:44 -0500

Clark Kelly plans to spend a lot of time on the links this spring. The Illinois farmer is plowing the Hend-Co-Hills Golf Course near tiny Biggsville into a cornfield.

Half of Minn.'s corn crop planted

Mon, 20 May 2013 17:49:10 -0500

Minnesota farmers took advantage of good weather last week to plant more than half their corn crop.

Twin Cities gas prices reaching record highs

Mon, 20 May 2013 14:40:54 -0500

Gas prices in the Twin Cities are hitting record highs in recent days.

Yahoo confirms purchase of Tumblr for $1.1 billion

Mon, 20 May 2013 07:25:08 -0500

If this deal pays off the way Yahoo CEO Marissa Mayer envisions, Tumbler could help Yahoo finally get its stock price to $33. The deal could backfire though if Yahoo's effort to make more money alienates a Tumblr user base that so far has been subjected to hardly any advertising.

United to restart 787 flights on Monday

Mon, 20 May 2013 07:00:45 -0500

The planes are returning after being grounded for four months by the federal government because of smoldering batteries on 787s owned by other airlines. The incidents included an emergency landing of one plane, and a fire on another.

'Copyright trolls' target Minnesotans, accusing them of stealing online porn

Mon, 20 May 2013 05:55:00 -0500

Imagine you're accused of illegally downloading a pornographic video. Whether you actually did or not, you now face a demand to pay several thousand dollars to settle the matter. Or you could pay the legal costs of a court battle and have the allegations made public.

Gas prices up 11 cents over past 2 weeks

Sun, 19 May 2013 21:00:00 -0500

The average U.S. price of a gallon of gasoline has jumped 11 cents over the past two weeks.

Delta CEO plans to add jobs in NE Minnesota

Sun, 19 May 2013 15:49:38 -0500

The chief executive of Delta Air Lines says he plans to add jobs at the carrier's reservation center in the northeastern Minnesota city of Chisholm.

ND billboards meant to attract Minnesota businesses

Sat, 18 May 2013 13:53:32 -0500

North Dakota is promoting its business climate at Minnesota's expense, and some politicians east of the Red River are not happy about it.

Target tests video service among employees

Sat, 18 May 2013 10:40:35 -0500

Target is testing a video streaming service called Target Ticket, and for now only Target employees can access it.

Report: Yahoo nearing $1.1B acquisition of Tumblr

Sat, 18 May 2013 09:43:34 -0500

Yahoo may be on the verge of closing its biggest acquisition under CEO Marissa Mayer, as she tries to attract more traffic and advertising to the Internet company's website.

Mayo Clinic expansion plan makes headway

Sat, 18 May 2013 08:00:00 -0500

A plan to provide state money to help Rochester handle a planned Mayo Clinic expansion is one step closer to reality. The plan would rely on $327 million in state aid to help Rochester build roads, bridges and other amenities to grow along with the Mayo Clnic's $3 billion planned expansion.

Organic industry clout grows with consumer demand

Sat, 18 May 2013 04:00:00 -0500

The organic food industry is gaining clout on Capitol Hill, prompted by rising consumer demand and its entry into traditional farm states. But that isn't going over well with everyone in Congress.

Target testing video streaming service

Fri, 17 May 2013 20:22:41 -0500

Target is testing a video streaming service called Target Ticket. The service's website says it provides 15,000 titles, including new releases, classic movies and next-day TV shows.

Nearly $21B in goods exported from Minn. annually

Fri, 17 May 2013 20:18:27 -0500

The importance of exports to Minnesota's economy was highlighted by state economic development officials and Duluth business leaders in a news conference on Friday.

Unemployment falls in 40 states, rises in 3

Fri, 17 May 2013 10:25:16 -0500

Solid hiring helped push down unemployment rates in 40 U.S. states last month, the most since November. The declines show job markets are improving in most areas of the country.

Minn. jobs, unemployment down in April

Thu, 16 May 2013 17:31:40 -0500

Although Minnesota's unemployment rate fell to 5.3 percent last month, it was also another month of job declines.

In Minnesota, gas prices are heading north for the summer

Thu, 16 May 2013 16:15:40 -0500

We'll look at what Minnesota drivers are likely to be paying for a gallon of gas this summer, and the trend in gas prices nationwide.

American Airlines: Roller bags to the back of the line

Thu, 16 May 2013 10:29:00 -0500

The airline said Thursday that people carrying just a personal item that fits under the seat -- no rolling suitcases -- will be allowed to board before most other passengers.

Minnesota jobless rate falls; weekly US jobless aid claims rise

Thu, 16 May 2013 10:23:31 -0500

Minnesota's jobless rate fell to 5.3 percent last month even as employers trimmed payrolls by 11,400 jobs last month.

A New 'Smart rifle' decides when to shoot and rarely misses

Thu, 16 May 2013 07:25:37 -0500

A new rifle goes on sale on Wednesday, and it's not like any other. It uses lasers and computers to make shooters very accurate. A startup gun company in Texas developed the rifle, which is so effective that some in the shooting community say it should not be sold to the public.

Officials should investigate costs, benefits of frac mining, report says

Wed, 15 May 2013 18:03:11 -0500

Local officials should ask in-depth questions about costs and benefits when they consider whether to permit a frac sand mine, according to a report.

Ill. oil refineries spur MN gas price rise

Wed, 15 May 2013 12:52:20 -0500

The temporary shutdown of two oil refineries in the Chicago area is putting pressure on gas prices in Minnesota.

'Sleeving' market for homes sparks ethical controversy

Wed, 15 May 2013 04:00:00 -0500

The historically low supply of homes in the Twin Cities means a dearth of listings for sale ... and bidding wars that take place over the few available homes. The steep competition is prompting some real estate agents to market homes privately, before they're listed publicly. The practice is legal, but some real estate agents think it's unethical.

Blockbuster development slated for Vikings stadium district

Tue, 14 May 2013 15:33:51 -0500

A massive, 5-block, nearly $400 million development is headed for the area just west of the planned new Vikings stadium.

Monsanto's win was more about patents than seeds

Tue, 14 May 2013 04:00:00 -0500

The U.S. Supreme Court ruled unanimously Monday that when farmers use patented seed for more than one planting in violation of their licensing agreements, they are liable for damages.

No retractable roof, but lots of blue sky for new Vikings stadium

Mon, 13 May 2013 19:47:54 -0500

Stadium builders have unveiled their vision for Minnesota's new NFL stadium: It's part fluoroplastic, part Viking sailing ship and an angular nod to other Minneapolis landmarks.

High court rules for Monsanto in patent case

Mon, 13 May 2013 13:44:11 -0500

The Supreme Court said Monday that an Indiana farmer violated Monsanto Co.'s patents on soybean seeds resistant to its weed-killer by growing the beans without buying new seeds from the corporation.

Foreclosure numbers fall in Minn.

Mon, 13 May 2013 12:59:20 -0500

A two-year decline in foreclosures in Minnesota continued in the first three months of this year, according to a new report.

Blue Earth tractor driver killed in rollover

Mon, 13 May 2013 10:23:27 -0500

Sheriff's officials say 70-year-old Paul Andreszcuk was killed when his tractor rolled on top of him in a ditch west of Mapleton.

Report: US winter wheat production forecast down

Sat, 11 May 2013 05:00:00 -0500

The winter wheat crop is expected to be far smaller this season compared to last, particularly for hard red varieties used in bread, the U.S. Department of Agriculture reported Friday.

Minn. farmers behind schedule, but expect good growing season

Fri, 10 May 2013 17:30:34 -0500

After a summer of drought and a winter that seemed endless, Minnesota farmers welcomed some decent planting weather over the past week. Even though planting is now running behind, farmers still believe they will see a good crop.

Twin Cities housing prices rise again

Fri, 10 May 2013 11:49:55 -0500

A number of indicators point to continued improvements in the Twin Cities housing market.

Utility may seek rate hike after flood

Fri, 10 May 2013 10:02:04 -0500

Minnesota Power says it probably needs to raise rates to pay for damage caused by last year's historic flooding to a hydroelectric facility near Duluth.

Icy lakes put chill on business for walleye opener

Fri, 10 May 2013 04:00:00 -0500

The walleye season is expected to get off to a slower than usual start this weekend. The walleye opener is typically one of the busiest weekends for resort communities. But this year many of the lakes in northern Minnesota still have ice on them.

Vikings ink deal with University to play in TCF Bank Stadium

Thu, 09 May 2013 18:19:03 -0500

The Minnesota Vikings have struck a deal to play at the University of Minnesota's TCF Bank Stadium for two years. A 70-page document hashes out details of the agreement, including the cost of the Vikings' lease on the stadium to what players can drink on the sidelines. The team even makes peace between Coca-Cola and Pepsi.

Mining reps meet with Dayton over proposed limits

Thu, 09 May 2013 17:11:07 -0500

Frac sand mining industry representatives met with Gov. Mark Dayton Thursday over legislative attempts to limit mining.

Rain helps Midwest drought situation

Thu, 09 May 2013 16:20:51 -0500

A wet spring continues to soak the soil across much of the Midwest, causing the prolonged drought to slowly retreat westward, the weekly drought report released Thursday said.

Jobless aid applications fall to 5-year low

Thu, 09 May 2013 08:46:57 -0500

The number of Americans who applied for unemployment benefits fell by 4,000 last week to a seasonally adjusted 323,000, a five-year low. Layoffs have returned to pre-recession levels, a trend that could lead to more hiring.

Minnesota's exports growth slowed in 2012

Wed, 08 May 2013 16:30:09 -0500

The latest report from the Minnesota Trade Office shows that the state's companies exported a record nearly $21 billion in products last year.

Growth continues at Mayo Clinic's three campuses

Wed, 08 May 2013 15:57:29 -0500

Two of the most logical places where the Mayo Clinic might expand would be Florida and Arizona, where existing campuses are growing steadily.

Target launches Facebook initiative

Wed, 08 May 2013 14:39:59 -0500

Target launched a new digital retailing venture on Facebook that the company hopes will link the rapidly growing social media phenomenon with shopping at its stores.

Last Place on Earth now paying for tattoos with head shop's name

Wed, 08 May 2013 11:58:36 -0500

The owner of a head shop at the center of a fight over synthetic drugs has found a new way to promote his business -- paying for tattoos for customers willing to advertise his store on their bodies.

Rural Minnesotans less optimistic about economy

Wed, 08 May 2013 04:00:00 -0500

Rural Minnesotans are less optimistic about the economy than people in the Twin Cities metropolitan area, according to a new study by the Blandin Foundation.

Late-payment rate on mortgages tumbled in 1Q

Wed, 08 May 2013 04:00:00 -0500

A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments.

Warren Buffett offers career advice online

Tue, 07 May 2013 20:00:00 -0500

Investor Warren Buffett encouraged young workers to find jobs that they are passionate about, as he offered career advice online Tuesday on a variety of topics.

US consumers cut back on credit card use in March

Tue, 07 May 2013 19:00:00 -0500

Americans cut back on using their credit cards in March, suggesting many were reluctant to take on high-interest debt to make purchases.

FTC puts background check sites on notice

Tue, 07 May 2013 18:05:23 -0500

Federal regulators on Tuesday warned several companies that the quick, easy background checks they are providing online might violate the Fair Credit Reporting Act.

Dow closes above 15,000 for first time

Tue, 07 May 2013 15:18:20 -0500

The Dow Jones industrial average is punching through another milestone: its first close above 15,000.

NY attorney general threatens to sue Wells Fargo, Bank of America

Tue, 07 May 2013 11:11:09 -0500

New York Attorney General Eric Schneiderman says he plans to sue Wells Fargo and Bank of America for violating terms of the $25 billion National Mortgage Settlement.

Cranberry farmers struggle as surplus drops prices

Tue, 07 May 2013 04:00:00 -0500

U.S. cranberry farmers who spent millions of dollars to replant and expand bogs face a financial crisis after a huge harvest in Canada flooded the market and sent prices plummeting.

Judge won't stop St. Croix bridge project over lawsuit

Mon, 06 May 2013 20:41:58 -0500

A judge has refused to stop the St. Croix River bridge project amid a federal lawsuit over minority contractor participation.

Senate passes bill letting states tax online sales

Mon, 06 May 2013 18:47:30 -0500

The Senate sided with traditional retailers and financially strapped state and local governments Monday by passing a bill that would widely subject online shopping -- for many a largely tax-free frontier -- to state sales taxes.

US auto industry is no longer all about the Big 3

Sun, 05 May 2013 12:00:00 -0500

Americans are buying cars again, four years after the Washington bailout of Detroit.

Delegation takes turkey trade to China

Sat, 04 May 2013 06:00:00 -0500

A small delegation of Minnesotans is in China this week and next to talk turkey... literally.

Minnesota's maple syrup production runneth over

Fri, 03 May 2013 18:15:00 -0500

Many Minnesota maple syrup producers are reporting record harvests. This season's big sap days result from the same weather that draws howls of protest from mostly elsewhere.

Mpls hires first new firefighters in 5 years

Fri, 03 May 2013 12:32:40 -0500

Minneapolis has graduated its first class of new firefighters in five years. The nine cadets took their oath this morning after completing a four-month training program.

Dow Jones average, in a first, crosses 15K

Fri, 03 May 2013 10:19:27 -0500

A big gain in the job market is lifting the stock market to a record high. The Dow Jones industrial average crossed 15,000 for the first time, and the Standard and Poor's 500 index, a broader market measure, rose above 1,600.

Daycare unionization bill heads to Minn. House floor

Fri, 03 May 2013 08:40:50 -0500

Legislation to allow for the unionization of in-home child care providers and personal care assistants cleared its final Minnesota House committee Thursday night, and is headed for a floor vote.

Jobless rate hits 4-year low

Fri, 03 May 2013 07:54:48 -0500

The only sectors of the economy that cut jobs last month were construction and government.

Q&A: Debra Crusoe, new head of Minnesota's USDA Farm Service Agency

Thu, 02 May 2013 21:54:34 -0500

A congressional committee has chosen a long-time civil servant as executive director of the USDA Farm Service Agency in Minnesota.

Housing recovery lifts other sectors, too

Thu, 02 May 2013 20:48:34 -0500

The government's employment report for April comes out Friday. It's an important measure of the economy's health and the advance signals have been mixed. One report this week showed layoffs falling to a five-year low, but another suggests disappointing jobs creation.

Knowledge of Mayo Clinic's request for state funding kept to small group throughout planning

Thu, 02 May 2013 17:25:41 -0500

Two bills that would help the Mayo Clinic develop its planned $5 billion expansions are making their way through the Minnesota Legislature this session.

Boise mill layoff of 265 workers 'devastating'

Thu, 02 May 2013 17:25:00 -0500

Boise Inc. says it plans to lay off 265 paper workers at its plant in International Falls.

Residents appeal decision on frac sand mine

Thu, 02 May 2013 15:12:58 -0500

Residents in Winona County have asked the Minnesota Court of Appeals to reverse a decision that would allow a proposed frac sand mine to move forward without an in-depth environmental review.

In North Dakota, oil boom brings growing pains

Thu, 02 May 2013 15:00:00 -0500

The news that the oil patch in North Dakota is much larger than originally estimated means that residents and officials there will have to face the challenges that accompany a boom.

Jobless aid claims fall to 5-year low

Thu, 02 May 2013 10:00:48 -0500

The number of Americans seeking unemployment aid fell last week to seasonally adjusted 324,000, the lowest since January 2008. The drop points to fewer layoffs and possibly more hiring.

Tight rental market pushes people out of the Twin Cities

Thu, 02 May 2013 10:00:00 -0500

The Twin Cities metro area is experiencing the lowest rental housing vacancy rate in about a decade. The tight market and rising rents are making it difficult for people to find cheap apartments. The trend is unsettling for people who feel they are being priced out of the city and pushed further into the suburbs.

Data: More than 20 proposed frac sand facilities in the works

Thu, 02 May 2013 04:00:00 -0500

This map illustrates the current level of frac sand mining in Minnesota. It's the most comprehensive map to date showing frac sand mining activity in Minnesota.

Photos: How Summit will double beer production

Wed, 01 May 2013 17:01:16 -0500

St. Paul's Summit Brewing Co. took delivery of four 18,600-gallon stainless steel fermentation tanks today. By July, Summit will install a dozen of the new 45-foot-tall vessels, allowing the brewery to double its beer-making capacity.

Mayoral candidate wants more parking for Lowertown ballpark

Wed, 01 May 2013 16:54:21 -0500

St. Paul mayoral candidate Tim Holden wants the city to incorporate parking into the design of the new Lowertown ballpark for the minor league St. Paul Saints.

3M sells fly fishing business to outdoor sports outfitter

Wed, 01 May 2013 16:22:55 -0500

3M is spinning off two businesses that are highly respected by fly fishing fans.

Bill Gates answers student questions on technology, life and the world, at Concordia College in Moorhead

Wed, 01 May 2013 15:33:10 -0500

Microsoft founder and philanthropist Bill Gates discussed technology, education and making the world a better place, in a short speech and extended question and answer session with students from Concordia College in Moorhead, Minn. He spoke April 27, 2013 as part of dedication festivities for the Offutt School of Business at Concordia College.

Ted Fishman: How China's economic rise changes life everywhere.

Wed, 01 May 2013 15:11:59 -0500

The author of "China, Inc." and "Shock of Gray" explains how the modernization and urbanization of China will influence the rest of the world's prosperity. Ted Fishman delivered the Bob and Kim Griffin "Building US-China Bridges Lecture" at the University of Minnesota's China Center, April 3, 2013.

Big jump for metro housing prices, construction activity

Wed, 01 May 2013 08:05:29 -0500

Twin Cities housing prices jumped 12 percent in the last year, according to the Case-Shiller Home Price Index, while a builders' association says residential construction activity is taking off.

Would you pay a higher price for 'ethical' clothing?

Wed, 01 May 2013 07:00:00 -0500

Look at photographs from the Bangladesh garment factory collapse, and you can see clothing in the rubble destined for a store called Joe Fresh, one of the many retailers using super-cheap fashions made overseas to keep shoppers buying often.

MnDOT: Lawsuit could delay, run up costs of St. Croix Crossing project

Tue, 30 Apr 2013 20:46:05 -0500

A lawsuit could delay the St. Croix Crossing bridge project and cost the state millions, according to the Minnesota Department of Transportation.

Housing market recovery accelerating

Tue, 30 Apr 2013 17:07:49 -0500

Twin Cities housing market has hit the bottom and is now climbing back up, says an industry expert. Recent reports show mounting improvements. Buyers are waging bidding wars as they compete for scarce resources, and new home construction activity is spiking

Target, 'Wired' team up for shopping recommendations

Tue, 30 Apr 2013 15:40:54 -0500

Target is offering customers some shopping guidance for electronics from the editors of "Wired" magazine.

Ecolab to cut 500 jobs in wake of Champion Tech. acquisition

Tue, 30 Apr 2013 15:38:31 -0500

Ecolab announced plans to cut some 500 jobs nationwide, related to the company's recently finalized $2.2 billion acquisition of Champion Technologies.

Best Buy up after announcing joint venture sale

Tue, 30 Apr 2013 15:35:05 -0500

Shares of Best Buy rose 7 percent Tuesday, following an announcement the retailer is selling its share of a European joint venture to its partner, Carphone Warehouse Group.

Proposed law lays groundwork for aspiring farmers

Tue, 30 Apr 2013 15:00:00 -0500

American farmers are aging and dwindling in number, and two U.S. lawmakers want to encourage young and aspiring growers to enter the field, literally.

ND oil patch is bigger than thought, new USGS report says

Tue, 30 Apr 2013 11:19:44 -0500

The U.S. Geological Survey is significantly increasing its assessment of oil and gas reserves in the Williston basin of North Dakota.

US home prices up 9.3%, most in 7 years

Tue, 30 Apr 2013 08:38:28 -0500

U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes.

Best Buy pulls out of European joint venture

Tue, 30 Apr 2013 08:10:46 -0500

Best Buy is looking to exit Europe, selling its stake in its joint venture there to partner Carphone Warehouse Group PLC in a cash-and-stock deal valued at about $775 million.

Minn. farmers waiting to start field work

Tue, 30 Apr 2013 07:46:40 -0500

Despite the sudden warm weather, Minnesota farmers are still waiting for the chance to get into their fields.

How one college is closing the computer science gender gap

Tue, 30 Apr 2013 04:00:00 -0500

There are still relatively few women in tech. Maria Klawe wants to change that. As president of Harvey Mudd College, a science and engineering school in Southern California, she's had stunning success getting more women involved in computing.