Bernanke signals Fed to maintain stimulus efforts
Chairman Ben Bernanke told Congress Wednesday that the U.S. job market remains weak and that it is too soon for the Federal Reserve to slow its extraordinary stimulus programs.
Clearwire Corp. board approves Sprint Nextel’s higher bid
Venerable structure in Crossroads District is getting new tenants
U.S. Department of Labor pushes for minimum wage increase
CEOs get a raise: Median pay rises 6.5 percent to $9.7 million
US auto factories cutting back on summer downtime
Stocks fall on news Fed weighed cutting stimulus
Stocks
Star 40
Cerner tops Star 40; others in economic ‘sweet spots’ also doing well
It was a safe bet that Cerner Corp. would once again lead the The Star’s rankings as the region’s top-performing public company. Cerner, the nation’s second-largest company that helps hospitals and doctors’ offices convert paper files into computerized medical records, is in a sweet spot. Other top-ranked companies here do business in areas that have an edge: energy, rail transit and online government services.
Star 40: Wealth soared in 2012 for KC companies' executives
The already-hefty pay packages of many public-company executives bulged last year, thanks to higher values of their company stocks. Million-dollar base salaries – as paid to Cerner Corp. CEO Neal Patterson (pictured) and Waddell & Reed Financial CEO Hank Herrmann – are only the beginning. For most of the bigger-company CEOs, stock awards, options and “non-equity incentive” compensation dwarf their base pay.
Cityscape
The Corner Restaurant reopens in Westport with new owners, new menu
More than three years after it closed, Westport mainstay The Corner Restaurant has been resurrected in the same spot but with new owners, a new decor and new menu. Executive chef Natasha Sears said the kitchen uses many local vendors, and makes about 90 percent of the menu from scratch on-site.
Ingredient scheduled to open soon in Oak Park Mall’s food court
Oak Park Mall said it has signed local fast-casual chain Ingredient for its food court. Menu items include salads, grilled sandwiches, soups, wraps and panini, burgers, and gourmet pizzas.
Dollars & Sense
Stocks fall on news Fed weighed cutting stimulus
Stock prices surged Wednesday on congressional testimony by Fed Chairman Ben Bernanke early in the day that suggested the central bank would not slow its massive economic stimulus program any time soon. Then minutes of a Fed meeting were released suggesting the stimulus could be scaled back as early as next month if the economy picks up, and stocks began dropping fast.
Driving during the Memorial Day weekend? You’ll have company
From Thursday through Monday, 31.2 million Americans will drive 50 miles or more to a beach, campground or other getaway, according to AAA.
Technology
Clearwire Corp. board approves Sprint Nextel’s higher bid
The approval of a $3.40-a-share bid followed the board’s previous approval of a $2.97-a-share deal. A statement said the board determined Sprint’s offer is the “most favorable potential transaction” for the investors who own about 49 percent of Clearwire.
Twitter adds security measure to logins
Twitter is adding an extra security measure to users' accounts in an effort to prevent unauthorized logins.
Workplace
U.S. Department of Labor pushes for minimum wage increase
The acting U.S. secretary of labor, Seth Harris, will be in Kansas City on Thursday to promote a White House proposal to raise the federal minimum wage.
CEOs get a raise: Median pay rises 6.5 percent to $9.7 million
CEO pay has been going one direction for the past three years: up. The head of a typical large public company made $9.7 million in 2012, a 6.5 percent increase from a year earlier that was aided by a rising stock market. The highest paid CEO was Leslie Moonves of CBS (pictured), who made $60.3 million.
Development
Venerable structure in Crossroads District is getting new tenants
Centric Projects, a commercial general construction firm, and HighTower Group, a commercial furnishing company, will move in August to the former Western Blue building at 1814 Main St.
Mall, office developer Copaken Brooks gets chamber’s top award
The Greater Kansas City Chamber of Commerce recognized the real estate company as its 2013 Small Business of the Year and winner of the Mr. K Award, named after the late Ewing Kauffman, founder of Marion Laboratories and original owner of the Kansas City Royals.
Talking Business
Debate over KCI flies fast and hard
Reaction to my last column allowing that the advocates of a new single terminal at Kansas City International Airport might have a decent case was certainly bracing. Most of the more than 100 callers, emailers and kansascity.com commenters batted me roundly about. But many others allied themselves with the single-terminal advocates.
With KCI, breaking up is hard to do
After fully hashing out pros and cons, Kansas Citians may want to stick with the old flame. To carry the day, new-airport advocates will have to heavily restack the deck of arguments in their favor. That’s what’s going to be required to toss over a 40-year love affair.
National, International Business news
IMF head Lagarde in court in fraud probe
International Monetary Fund chief Christine Lagarde is facing questions at a special Paris court Thursday over a controversial financial deal that she oversaw as French finance minister.
Fed weighed slowing its pace of bond purchases
Several Federal Reserve policymakers this month favored slowing the Fed's efforts to maintain record-low long-term interest rates as early as June - if the economy showed strong and sustained growth. But those officials appeared at odds over what evidence would demonstrate such gains.
