Business Briefs (Week of Dec. 9)
Monday, December 12, 2022
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Looking for business briefs? This week's roundup (for the week of Dec. 9) from The Journal Record.
Chamber: Top issue facing business leaders is workforce
Workforce is the top priority for business leaders, according to the State Chamber – and it is top of mind for Oklahoma lawmakers heading into the 2023 legislative session. The State Chamber held its Public Affairs Forum 2022 event at the Oklahoma City Convention Center on Tuesday. Each year the State Chamber takes a survey of business leaders in Oklahoma, and the latest survey made clear what state leaders need to do to help business, according to Chad Warmington, president and CEO of The State Chamber.
Oklahoma delegation split on measure to avert rail strike
The vote to force a settlement and avoid a railroad strike divided members of Oklahoma’s all-Republican congressional delegation. On Dec. 1, both houses of Congress passed a bill to force railroad companies and their workers into a settlement agreement. Congress failed to pass a companion bill to provide sick leave for railroad workers. President Joe Biden signed the settlement on Dec. 2, avoiding a railroad strike estimated to cost the country $2 billion a day, disrupting transport of both goods and passengers.
Capitol Hill plaza project moving forward
Renderings for a $2 million plaza in the heart of the historic Capitol Hill Business Improvement District show a gathering space that can accommodate everything from a worker’s lunch break to a big event. Gloria Torres, executive director of Calle Dos Cinco in the historic district, said the long-desired plaza could be a reality by early 2024. The project likely will go out for bid in the next 90 days. The design for the plaza was revealed on Dec. 1 during a meeting of the Capitol Hill Civic Group.
Oklahoma in top 10 states for alcohol-related deaths
Oklahoma ranked within the top 10 states for alcohol-related deaths in 2021 – despite having relatively low alcohol consumption as a state – according to a recent report issued by NiceRx. But the state’s latest tool to address mental health and substance abuse is already making headway, placing the state at fourth in the nation in implementation, according to state officials. Florida-based NiceRx, an advocacy service that assists eligible individuals to access affordable prescription medications, compiled data from the Centers for Disease Control and Prevention, national drug abuse statistics and the World Population Review to rank alcohol-related deaths per state. Oklahoma tied with Nevada for 10th place on the listings for alcohol-related deaths, with 15.1 deaths per 100,000 people.
Expert: Higher unemployment needed to tame inflation
American workers are enjoying extraordinary job security now, but higher unemployment is needed to curb inflation. The U.S. has reduced unemployment from a record high 14.7% early in the pandemic to a near record low 3.7% in November. That number will have to grow to about 4.5% to 5% to tame inflation, said economist Robert Dauffenbach, professor emeritus at the University of Oklahoma. The number of Americans applying for unemployment benefits is hovering at a level that suggests the U.S. labor market has been largely unaffected by the Federal Reserve's aggressive interest rate hikes.
Continental Resources names Lawler next CEO
Continental Resources Inc. announced that its president and chief operating officer, Doug Lawler, will assume the role of president and chief executive officer at the start of 2023 upon the retirement of William Berry. Hamm said Lawler is the right person to inspire the employees and “grow our company and our culture as we meet the world's energy challenges.” Lawler, who has spent more than three decades in the oil and gas industry, joined Continental in February after stepping down as CEO at Chesapeake Energy Corp.
Forbes list ranks state near bottom for starting a business
Oklahoma ranked 42nd out of 50 states in Forbes' recent list of the best places to start a business in 2023. Forbes Advisor analyzed 18 key metrics, using federal data from the U.S. Small Business Administration, the Bureau of Labor Statistics and other sources to create a composite score for each state. The rankings take into consideration business costs, business climate, economy, workforce and financial accessibility in each state. Oklahoma’s total weighted score was 21, with the state scoring 16 out of a potential 100 points. In several categories, data for Oklahoma was close but just shy of that touted by other states, sliding the state down in rankings by just a slim percentage.
Court: Homeowner can sue bank over improper foreclosure
The Oklahoma Supreme Court ruled to allow a former homeowner to seek punitive damages against the bank that improperly filed a foreclosure action against him. Daniel Robb Cole argues that Bank of America owes him for court costs, time missed from work and damage to his credit score, as well as emotional distress and punitive damages. The bank had named Cole as a defendant when it sued to foreclose on a house that had been awarded to Cole’s ex-wife when they divorced. After the divorce, Cole’s ex-wife signed a new note – which Cole did not sign.
Canoo makes its pitch to OKC Council
A $1 million economic development incentive to help Canoo Manufacturing open an electric vehicle plant and train employees will benefit not just the company but Oklahoma City too, Chris Moore, a vice president at Canoo, told the City Council. Canoo is seeking the $1 million in job creation incentives in exchange for its commitment to create approximately 550 net new jobs over the next three years. The City Council will vote Dec. 20 on a joint resolution between the city and the Oklahoma City Economic Development Trust on allocation of $1 million in general obligation limited tax proceeds and/or investment proceeds. The trust already approved the resolution.
Judge puts brakes on turnpike project
After months of wrangling over whether the Oklahoma Turnpike Authority has the legal authority to push ahead with Access Oklahoma – the agency’s $5 billion, controversial turnpike extension project – it has been shut down. Cleveland County Judge Timothy Olsen ruled that the OTA willfully misled the public with an overly and purposefully vague description of what was to become the Access Oklahoma project on the agendas made available to the public in January 2022 and February 2022. The judge’s ruling renders invalid all contracts the OTA has entered into over the last year as the agency steamrolled progress on the project despite pending litigation and state officials’ attempts to cut off its funding. The issue is far from over, those on both sides of the debate agree.
Story of Standing Bear to be filmed in Cherokee Nation, Nebraska
The Cherokee Nation Film Office and state of Nebraska are helping filmmaker Andrew Troy bring the journey of Ponca Chief Standing Bear to the big screen. Troy’s narrative feature film, I Am A Man: The True Story of Ponca Chief Standing Bear, has received final funding to begin filming in historically significant locations, including Nebraska and the Cherokee Nation Reservation in Oklahoma.
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