Good morning, MBA readers,
Today’s top stories include a trio of topics that just won’t stop popping up in headlines. For one, Sprint and T-Mobile are said to be nearing regulatory approval of their proposed merger. Plus, Boeing’s CEO says the company could halt production of its bestselling plane if groundings continue. Meanwhile, two developers have been ordered to testify and submit documents about their dealings with former St. Louis County Executive Steve Stenger. Scroll down for these and the rest of the day’s top stories.
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Regulators said to be nearing approval of Sprint, T-Mobile deal
The Justice Department is poised to approve T-Mobile’s $26.5 billion deal for Sprint, according to people familiar with the matter. Satellite-TV provider Dish Network is expected to pay $5 billion for wireless assets from the companies to satisfy regulators’ concerns. (Bloomberg)
CEO: Boeing could halt production of jet if groundings continue
Boeing, which cut production of the 737 Max by 20% in April, could temporarily shut down production of the plane altogether if it remains grounded into 2020, CEO Dennis Muilenburg said Wednesday as the company reported its biggest quarterly loss ever. (CNBC)
Developers ordered to testify on Stenger dealings
The St. Louis County Council has ordered Robert and P. David Glarner, owners of the former Northwest Plaza, to produce information regarding their dealings with Steve Stenger, the disgraced former county executive. The Glarners donated a total of $365,000 to Stenger’s 2014 and 2018 election campaigns. (St. Louis Post-Dispatch)
Commerce Department awards $1.5 million to Arch Grants, BioGenerator
The U.S. Department of Commerce has awarded $750,000 apiece to Arch Grants and BioGenerator, two St. Louis organizations that back startup companies. BioGenerator will use the grant to leverage a nearly $1 million cash match. (St. Louis Business Journal)
KC-area asset manager names new CFO
Leawood, Kansas-based Tortoise Capital Advisors has promoted chief strategic officer Michelle Johnson to the role of CFO. (Kansas City Business Journal)
St. Louis firm to build $15 million Cincinnati Ferris wheel
Clayton-based Koch Development got the regulatory green light this week to move forward with the $15 million SkyWheel project in Cincinnati. (Cincinnati Business Journal)
Former nurse sues UM System, hospital for age discrimination
Cynthia Roberts, 64, has sued the University of Missouri System Board of Curators and a Women’s and Children’s Hospital manager over alleged age discrimination in her 2015 firing. The trial began Tuesday in Boone County Circuit Court. (Columbia Missourian)
Say that again
“Governors like to make their appointments.”
That’s what Timothy McBride says he was told when Gov. Mike Parson replaced him as head of Missouri’s Medicaid program, the St. Louis Post-Dispatch reports. McBride, who was named chairman of the MoHealthNet Oversight Committee by former Gov. Jay Nixon in 2013, had pressed for answers on state data that shows nearly 90,000 children were dropped from the state’s Medicaid program in the past year. McBride says he was not given further explanation as to why the governor wanted to replace him. Last week, House Minority Leader Crystal Quade, D-Springfield, asked House Speaker Elijah Haahr, R-Springfield, to investigate the decline.
That’s how much the Lee’s Summit school board has paid superintendent Dennis Carpenter to quit early amidst racial tensions in the community, KCUR reports. Carpenter, the district’s first black superintendent, signed a one-year extension in May. Carpenter has faced backlash in the Kansas City suburb in the past year over his calls to bridge the achievement gap for students of color.
Hello, my name is
The aerospace and defense executive has been hired to lead EaglePitcher Technologies, a Clayton-based maker of batteries for defense, aerospace and medical clients, the St. Louis Business Journal reports. Hunter was most recently president of the defense electronic systems division at Cincinnati-based L3 Technologies. He succeeds outgoing CEO Gordon Walker. EaglePitcher, which has nine manufacturing and research facilities across the country, employs over 600 people in Missouri.
It’s been a pleasure doing business with you this morning.