Good morning, MBA readers,
Later this week, bargain hunters everywhere will bravely venture out on Black Friday shopping trips. With extended hours planned at many department stores, some retail workers — like, say, the friendly sales associate ringing up your new television — will be paid overtime this week. Key word: some. Workers who are classified as managers and make more than $23,700 per year don’t get paid overtime, even if they work more than 40 hours per week. But that’s about to change. In January, the threshold for managers to be exempt from overtime eligibility will increase to around $35,600 per year. Some 23,000 Missouri workers will benefit from this change, according to Missouri Business Alert reporting. Workers in rural areas where the cost of living is low will see the largest effects, according to labor law experts. Scroll down for more on the overtime overhaul and the day’s other top business stories.
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From our newsroom
Overtime rule change expected to affect thousands of Missouri workers
An estimated 23,000 Missouri workers will become eligible for overtime pay with the U.S. Department of Labor’s change to the rules for employees working more than 40 hours per week.
Missouri Chamber recognizes Nestlé Purina, Parson with top annual honors
The Missouri Chamber of Commerce and Industry handed out eight different awards to Missouri businesses, entrepreneurs and elected officials at its annual Missouri Business Awards ceremony.
Charles Schwab to acquire Scottrade parent in $26 billion deal
Charles Schwab will buy rival brokerage TD Ameritrade in a $26 billion all-stock deal as the industry adjusts to a shift away from commission-based revenue. TD Ameritrade bought St. Louis-based Scottrade Financial Services in 2017 for about $4 billion. (Washington Post)
Two more states drop out of lawsuit opposing Sprint, T-Mobile merger
Texas and Nevada officials have dropped out of a multistate coalition of attorneys general suing to block Sprint and T-Mobile’s merger after the companies offered concessions to the states. Texas Attorney General Ken Paxton, the last Republican to leave the group, said the companies have committed to building a 5G network throughout Texas and to not raising prices in the state for five years. (Kansas City Business Journal)
Facing corruption charge, local UAW official steps down
Vance Pearson, director of the United Auto Workers’ region based in Hazelwood, has resigned amid a widening federal investigation into bribery and embezzlement. Pearson was charged in September in connection to embezzled union money spent on golf clubs and luxury accommodations in California. (Associated Press)
Honeywell adds new Kansas City property
A Honeywell International subsidiary has leased 275,000 square feet of new space near its National Security Campus in south Kansas City. The company said the new facility will house light manufacturing. (Kansas City Business Journal)
EPR sells $454 million school portfolio, eyes more entertainment properties
The Kansas City-based real estate investment trust has sold nearly all of its portfolio of charter schools to a Rosemawr Management fund for $454 million. Proceeds from the sale will be reinvested in properties like theaters, ski resorts and entertainment venues. (Kansas City Business Journal)
St. Louis engineering firm adds Texas office and new executive
G&W Engineering has added an office in the Dallas/Fort Worth area and hired Judd Presley as vice president to lead its efforts in the market. (St. Louis Business Journal)
Springfield BigShots Golf plans to hire 120
O’Reilly Hospitality Management plans to hire more than 120 full- and part-time employees to staff a BigShots Golf location that broke ground in Springfield last week. (Springfield Business Journal)
Pennsylvania investors buys student housing complex in St. Louis
Everly on the Loop, a 209-unit apartment complex in St. Louis catering to college students, has sold to Pennsylvania-based GMH Capital Partners and AGC Equity Partners from developers CRG and the Koman Group. (St. Louis Business Journal)
Say that again
“This is ridiculous. This offer here ain’t no good.“
That’s 83-year-old Elmer Sullivan, who was offered $20,000 for his home in the flood-prone Clay County town of Mosby. Sullivan bought the house for $17,000 three decades ago. Since buying the home, he’s added a new roof, siding and a garage. Sullivan is one of many Mosby residents who have been offered buyouts for their homes, largely funded by the Federal Emergency Management Agency. According to the Associated Press, a voluntary buyout program will eliminate nearly half of the town, which had a population of 190 as of the 2010 Census. Programs of this nature have been facilitated across the U.S. over the last three decades, in some cases threatening the existence of small communities located along rivers..
That’s how many people have been added to Boeing’s workforce in the St. Louis area over the past 18 months, the St. Louis Post-Dispatch reports. That’s a significantly different scenario than the one envisioned five years ago, when the company was bracing for decreased defense spending and expecting losses of 8,000 to 10,000 workers. But the outlook improved once the company started manufacturing commercial jet wing parts in the St. Louis area, received orders for legacy jets and won bids for two new planes. Now, Boeing is a “very viable and healthy site for the long term,” said Shelley Lavender, who leads Boeing’s St. Louis operations.
Hello, my name is
The health care technology startup relocated to the St. Louis area from New York after CEO Mary Jo Gorman was hired in September, the St. Louis Business Journal reports. The company makes software designed to help dietitians with tasks like patient referrals and insurance reimbursements. Healthy Bytes raised $1.25 million in an oversubscribed Series A financing round, which was co-led by St. Louis-based Cultivation Capital and BioGenerator. Dan Broderick, BioGenerator’s vice president of investment, said Gorman’s track record with health care startups made the deal attractive to investors.
It’s been a pleasure doing business with you this morning.