Morning Minutes: KC tech investment, MoBank lending

Here are today’s top business headlines from across Missouri:

After losing out on Smart City money, KC still plans tech investment

Despite missing out on the $50 million grand prize in the national Smart City Challenge, Kansas City still plans to move forward with key innovations. Kansas City chief innovation officer Bob Bennett expressed optimism that technology companies will still contribute millions of dollars to some of Kansas City’s plans, and he said the city is still in line for some smaller federal grants. Read more


Study: MoBank ranks among top small business lenders

A study by Sageworks Bank Information showed that when it comes to making small business loans, Kansas City-based Missouri Bank & Trust (MoBank) is one the nation’s top lenders. Nearly 72 percent of MoBank’s loans were to small businesses, the second-highest percentage for banks with less than $1 billion in assets. The Pitney Bowes Bank Inc. in Salt Lake City ranked first, with 96 percent of its loans going to small business. Read more


Sprint’s shares rise on heels of SoftBank management change

Sprint’s stock price hit a seven-month high this week following a sudden change in management plans by the telecom company’s parent. Tokyo-based SoftBank revealed this week that heir-apparent Nikesh Arora was departing the company. Investors speculated that this departure would allow SoftBank to sink more money into Overland Park, Kan.-based Sprint, causing the shares to rise. Read more


Nixon signs four bills, including ride-hailing insurance measure

Gov. Jay Nixon on Thursday signed four bills into law, including one that creates insurance coverage requirements for ride-hailing services like Uber and Lyft. SB 947, which was sponsored by Sen. Mike Parson, R-Bolivar, requires ride-hailing companies and their drivers to maintain primary automobile insurance. It creates additional protections for consumers by requiring higher minimum insurance requirements, Nixon said in a statement. Read more


State auditor touts progress in cybersecurity campaign

Since Missouri Auditor Nicole Galloway’s appointment to the post in spring 2015, she said she has made cybersecurity a top priority and she and her office have been working to sniff out weak spots in state and local government and school districts’ data security practices. According to Identity Theft Resource Center, there were 783 data breaches last year. The Federal Trade Commission recorded 332,646 identity theft complaints. All forms of fraud, including identity theft, cost Americans about $1.7 billion in 2014, or an average of more than $2,000 per incident. Read more

 

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