Hello, MBA readers,
In its latest move to combat high inflation, the Federal Reserve Bank increased interest rates by another 75 basis points Wednesday. The hike raises the benchmark short-term rate to the highest range since 2008. In Jefferson City, where state lawmakers continue a special session, the Senate plans to pass two bills that vary slightly from Gov. Mike Parson's tax proposals. And, Walmart plans to invest $240 million to remodel 41 stores across Missouri. Those stories and the rest of your Thursday business headlines are below.
Fed raises interest rates 0.75% for third consecutive time
The move, which officials hope will curb high inflation, brings the benchmark short-term rate between 3% to 3.25%. (MBA)
Senate seeks to pass special session bills that differ from Parson’s proposals
The first bill involves a permanent income tax cut and the other involves agricultural tax credits. (St. Louis Public Radio)
Walmart to update 41 stores in Missouri
The company will invest $240 million into the remodeling. (St. Louis Business Journal)
SBA issues drought small business loans
Non-farming Missouri businesses in 15 counties are now eligible for low-interest federal disaster loans up to $2 million. (MBA)
Judge to approve $1.8 million settlement for nurses shorted pay at Menorah Medical
This comes after allegations that Menorah had altered workers’ time sheets. (KCUR)
Rep. Cori Bush pushes for two federal bills on worker safety
The congresswoman proposed legislation that aims to protect factory workers after an incident at an Amazon facility in Edwardsville. (St. Louis Public Radio)
Kansas City Royals fire president of baseball operations
This comes after Dayton Moore oversaw six straight losing seasons since winning the World Series in 2015. (KCUR)
Healthy vending machine startup, expands to St. Louis
Chicago-based Farmer's Fridge will bring 13 new locations to the city for meals that cost $10 or less. (St. Louis Business Journal)
Say that again
“I would say we're probably 10 years behind where we need to be. We've got the right people in the right positions... but we've got to be competitive.”
That's Josh Henges, Kansas City’s homelessness prevention coordinator, discussing city facilities for its homeless population, KCUR reports. Currently, there aren't enough amenities in the city, he said. A Kansas City ballot initiative in November could add $50 million for affordable housing creation, which would be the largest single investment in affordable housing made by the city. The Kansas City Council plans to release on Thursday an initiative to end homelessness in Kansas City.
That's how many new Medicaid enrollments Missouri has seen since the beginning of the COVID-19 pandemic, Side Effects Public Media reports. Enrollment has spiked since the state expanded Medicaid eligibility this past year, with children accounting for about half of all patients. The pandemic paused a process called redetermination, which required recipients to continually prove they still qualify for the program. Now, experts are worried that the federal end to the pandemic will make it harder for patients to keep their coverage.
Cancer research will get a boost in Missouri through a new collaboration between @SitemanCenter and @muhealth's Ellis Fischel Cancer Center in Columbia. The aim is to improve cancer care throughout Missouri.#cancer #cancerresearch #muhealth #muhealthcare pic.twitter.com/hufVSWMlgU— MU Health Care (@muhealth) September 20, 2022
MU Health Care's Ellis Fischel Cancer Center is launching a new partnership with St. Louis-based Siteman Cancer Center, KOMU reports. A part of Barnes-Jewish Hospital and Washington University's School of Medicine, the Siteman Cancer Center is the only Missouri-based comprehensive cancer center with a National Cancer Institute designation. MU's Ellis Fischel Cancer Center is the only cancer center in Missouri to be state-designated.
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Dunn Ranch Prairie
The 3,000 acres of wildflowers and local species in Northern Missouri owned by the Nature Conservancy houses the first grassbank in the Midwest, Harvest Public Media reports. The nature sanctuary is kept healthy in part by cattle, which local ranchers lend the prairie. The cows graze on invasive cool season grasses and stomp seeds into the ground with their hooves while the ranchers' fields get to rest. Missouri used to be roughly one-third native prairie, but currently is under 0.5%.
It’s been a pleasure doing business with you this morning.