Morning Minutes: Sprint cuts 2,000 jobs, amendment could override Governor’s money withholding

A Sprint store in Springfield | Photo by Nicole Lunger/Missouri Business Alert
A Sprint store in Springfield | Photo by Nicole Lunger/Missouri Business Alert

Here are today’s top stories from across Missouri:

Sprint to cut 2,000 more jobs, reports second-quarter loss

Sprint expects the job reductions to create savings of about $400 million a year, but the company has a long way to go to reach its goal of $1.5 billion in annualized cost reductions compared to 2014 spending levels. The telecom company posted a net loss of $765 million, or 19 cents per share, for the quarter.

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Amendment 10 seeks more power for legislators in budget fights

Missourians at the polls today could have a say in how future budget battles in Jefferson City play out. Amendment 10, which appears on ballots across the state, would change the Missouri Constitution so that when a governor decides to withhold money for state programs and services the legislature can overturn that decision.

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Democrats, labor leaders rally around Koster amid allegations

Missouri Democrats and labor leaders have come to the defense of Attorney General Chris Koster in the aftermath of a report last week that Koster ended an investigation into an energy drink after receiving political contributions from a lobbyist with ties to the company.

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Software startup Gremln raises $500,000 from St. Louis VC

Gremln, a St. Louis startup that makes software for social media management in the financial services industry, has raised $500,000 from St. Louis-based venture capital firm Cultivation Capital.

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State economic growth slows in September as oil, grain prices fall

A monthly regional economic report, compiled by Creighton University, shows the Business Conditions Index for Missouri dipped to 57.1 from 57.7 in September and 59.2 in August. Average weekly wages in Missouri for the year ending in August sank by 1.3 percent, the lowest in the region.

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