Good morning, MBA readers,
Two months ago, Anheuser-Busch InBev pulled out of its much-anticipated Asia IPO, citing market conditions. But now, the company is back with the same $9.8 billion offering, ostensibly to help pay down its $100 billion debt load. In other beer news, Boulevard Brewing is bringing back a popular collaboration with barbecue sauce maker Rufus Teague. Plus, what’s the state of venture capital in the Kansas City area? The latest episode of our Speaking Startup podcast looks at a recent report on that topic. Scroll down for more on these stories and other top business news from around the state.
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From our newsroom
Speaking Startup: Assessing the state of VC in KC
From high school students selling scrunchies to high-growth startups raising hundreds of millions of dollars, this week’s episode of Speaking Startup really runs the gamut.
How do Missouri schools rank on the U.S. News Best Colleges list?
U.S. News & World Report announced its annual Best Colleges rankings, and four Missouri schools made the top 200 for national universities. Washington University in St. Louis topped the list of Missouri schools at No. 19.
MU tech contest seeks student solutions to combat ‘deepfakes’
The University of Missouri journalism school is looking to enlist tech-savvy students in the fight against fabricated photos, audio and video.
A-B InBev resumes application for Asia IPO
Anheuser-Busch InBev will resume its application for an initial public offering of its Asia business unit on the Hong Kong Stock Exchange, just two months after the company scrapped the $9.8 billion offering. A-B InBev’s return comes after Hong Kong Exchanges and Clearing announced a $39 billion takeover approach to the London Stock Exchange. (Reuters)
KC streetcar extension advances federal grant application
The Kansas City streetcar extension project team has submitted documents to the Federal Transit Administration to get funding. The team also submitted a formal request to enter the engineering phase of the FTA’s capital grant program. (Kansas City Business Journal)
UM System asks Missouri Supreme Court to block grad student unionization
The University of Missouri System has asked the state Supreme Court to overturn a lower court decision that stated graduate student workers are employees and thus eligible to collectively bargain with the university. (Columbia Missourian)
BJC HealthCare sues hospital architects for $50 million over uneven floors
BJC HealthCare has sued architecture and engineering firms HOK and Jacobs Project Management for $50 million, claiming that uneven floors in two hospital towers caused cost overruns and delays that breached a contract. In court filings this month, both HOK and Jacobs denied the claims and any liability over $10 million. (St. Louis Business Journal)
St. Louis aldermen to take up residency requirement for city employees
St. Louis aldermen will spend part of Friday debating a bill that would ask voters to repeal the requirement that most city employees live in the city. Under the proposal, only elected St. Louis officials and department heads appointed by the mayor would be required to live in the city. (St. Louis Public Radio)
AT&T expands philanthropic initiative to St. Louis
AT&T Believes, a national philanthropic effort by the telecom giant, is launching a St. Louis initiative at a kickoff event later this month. Believe St. Louis will focus on philanthropy and volunteer partnerships that target preschool children through young adults, the company said. (St. Louis Post-Dispatch)
Amazon signs lease for former Buick dealership in Hazelwood
Amazon has leased a portion of the former Gateway Buick GMC property for short-term parking of delivery vans from a nearby facility. (St. Louis Business Journal)
Developer proposes $13 million apartment building near KC
Stag Commercial plans to propose a $13 million, 67-unit apartment complex in downtown Shawnee, Kansas, at a local planning commission meeting next month. (Kansas City Business Journal)
Sunset Hills approves bargain deal for rugby team
Sunset Hills aldermen voted earlier this week to approve a multiphase development plan that would lease 15 acres of land appraised at $810,000 to the St. Louis Bombers Rugby Football Club for just $72,000. The deal has drawn criticism from local residents, who made comparisons to the deal that allows the Los Angeles Rams to buy their practice facility from the city of St. Louis for $1. (St. Louis Business Journal)
KC barbecue sauce maker partners with Boulevard for Can-O-Que comeback
Rufus Teague, a maker of barbecue sauces and rubs, has partnered again with Kansas City’s Boulevard Brewing to bring back the Can-O-Que, a barbecue sauce infused with wheat beer that sold out during its limited-time run in May. The companies have expanded the new production run from 6,000 cans to 24,000, which will be available at area stores starting Sept. 22. (Kansas City Business Journal)
KC T-Bones pay $50,000 in back rent, get extension on stadium eviction
The Unified Government of Wyandotte County/Kansas City will allow the Kansas City T-Bones to stay at their stadium for another month after the baseball team paid $50,000 toward more than $760,000 in back rent and utility payments. (Kansas City Star)
Say that again
“We have a media issue, I would say, a PR issue, with the teaching field.”
That’s Kathryn Chval, dean of the University of Missouri College of Education, talking about the national and statewide decline in students pursuing teaching degrees, KCUR reports. She said low starting wages — Missouri’s is the second-lowest in the nation — and stressful teaching assignments could explain why fewer incoming freshmen want to become teachers. State universities are taking a number of recruiting approaches to persuade students to go into teaching, such as a new Missouri State University program that sends recent graduates to Missouri high schools to promote teaching as a career.
That’s how much Kansas City’s NorthPoint Development plans to pay to renovate the Bannister Federal Complex, The Kansas City Star reports. The firm plans to redevelop the complex into speculative warehouse space, but hasn’t announced a tenant yet. The facility was built in the 1940s to support the U.S. military effort during World War II. It later served as a manufacturer for non-nuclear parts of nuclear weapons. The site was abandoned in 2015 due to environmental contamination and would require a cleanup in the next year, according to an official.
Hello, my name is
Tinder’s founder is the newest member of the StoryUp Studios advisory board, Startland News reports. The Columbia-based startup invented Healium, a therapeutic form of VR technology, and just raised $1 million in an oversubscribed funding round. Rad has a “brilliant mind,” StoryUp CEO Sarah Hill said. “He built the top-grossing non-gaming, mobile app in the world,” she added. “That level of product consult is incredibly valuable for us.”
It’s been a pleasure doing business with you this morning. And that weekend that’s about to start? Make it a great one.