Business Briefs (Week of May 8)
Monday, May 8, 2023
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Looking for business briefs? This week's roundup (for the week ending May 5) from The Journal Record.
Thousands enjoy competition, camaraderie of Run to Remember
All 50 states and 17 countries were represented by 18,804 runners who registered to take part in six Oklahoma City Memorial Marathon races on April 30. Thousands more, including more than 2,500 race-day volunteers, turned out to root for runners on a day that started out brisk but turned mild and sunny as events continued from well before sunup until well after noon.
Stitt committed to education plan, tax cut
Gov. Kevin Stitt on April 26 said he believes his push for parent choice in education and tax cuts will be successful, following another week of disagreement between chambers. Stitt on April 24 vetoed 20 Senate bills, including SB 840, which pertains to name, image and likeness regulations for college athletes. In a statement attached to each bill, the governor said until Oklahomans have a tax cut, teachers get a pay raise and parents have school choice, he will veto unrelated policy and continue to shut down legislation authored by senators who don’t support his plan.
Black Wall Street Rally to attract thousands from around world
Some 20,000 people from across the country and around the world are expected to converge on Tulsa to take part in the 2nd Annual Black Wall Street Rally set for May 12-13. The rally, to be centered around Tulsa’s historic Greenwood Avenue, has been described as the fastest-growing motorcycle rally in the country. This year’s organizers have said to expect people from at least 46 states and from as far away as Europe, though most will come from surrounding states.
OSU students to live, study in small towns this summer
A dozen Oklahoma State University students will take up residence this summer in small towns in southwestern Oklahoma, where they’ll learn about challenges the towns face in realms ranging from economic development to water management in times of drought. The students were selected recently to take part in OSU’s Rural Renewal Initiative, a summer internship program with goals to benefit students as well as communities like Altus, Tipton, Mangum and Hollis.
Study: Gen Z workers achieve dubious honor
A new report ordains Generation Z – the youngest members of the U.S. workforce – the most difficult to work with. Nearly 75% of managers and business leaders surveyed say that distinction goes to their employees who were born after 1996. The survey commissioned by ResumeBuilder.com – and conducted online by the survey platform Pollfish on April 14 – drew 1,344 respondents. Of the 1,000 managers who share the “most difficult generation” opinion, 65% say they more often need to fire Gen Zers than older employees and 27% said they have done so within the employee’s first month on the job. But to be fair, there is a tendency for every generation to think the younger ones don’t know how to do it and aren’t reliable, said Mark Bolino, business professor at the University of Oklahoma.
Feud in Legislature snarls education funding
The feud over public school funding and teacher raises continued Wednesday following a rare strategic move on the Oklahoma House floor earlier in the week. The House advanced House Bill 1934, 61-31 Tuesday. It would establish a tax credit program for families with children attending private schools or home-schooling. Private school families earning $75,000 or less would receive $7,500 per student, and those earning $250,000 or more would get $5,000. Home-school families would receive a $1,000 credit per student. Immediately after the vote, House Speaker Charles McCall, R-Atoka, captured the bill, preventing it from going to Gov. Kevin Stitt’s desk to sign. Despite rejecting Senate amendments on HB 2672, the education funding bill, McCall said on Wednesday his chamber still wants teacher pay raises, but the funding formula needs to be reassessed.
JR honors Judge Stoner, others at annual Law Day event
At the Oklahoma County Bar Association’s annual Law Day Luncheon, the Honorable Kenneth M. Stoner was revealed as the winner of the Journal Record Award. More than 300 attendees celebrated at the Oklahoma City Convention Center. Cody J. Cooper, president of the Oklahoma County Bar Association, presided over the event, which featured a keynote address from attorney and former Oklahoma legislator Collin Walke. The Journal Record presented Leadership in Law awards to Lorenzo Banks, Derek Burch, Ben Grubb, Jennifer Lamirand and Kara Smith.
Chickasaw Nation opens West Bay resort at Lake Texoma
A new casino and resort opened by the Chickasaw Nation at Lake Texoma is expected to draw thousands of tourists to the area and have a multimillion-dollar annual economic impact on the regional economy. The West Bay Casino and Resort, located about 100 miles north of the Dallas-Fort Worth metroplex, includes a 40-room hotel, lakefront cabins and other amenities in a location attractive to visitors interested not only in gaming but also boating, fishing, hiking and other outdoor recreation, tribal officials said.
Oil, gas boycotts may cost financial institutions state contracts
Some of the nation’s biggest financial institutions have been notified that they’re no longer eligible to contract with Oklahoma for business because of their environmental, social and governance, or ESG, policies. The institutions, including JPMorgan Chase & Co., Bank of America, BlackRock, Wells Fargo and nine others, were notified recently by Oklahoma Treasurer Todd Russ following implementation of the state’s Energy Discrimination Elimination Act of 2022. The act targets ESG policies of companies that motivate them to boycott investment in oil and gas companies in favor of investment in green energy. Oklahoma has joined about half a dozen other states in narrowing companies that their agencies are willing to do business with based on ESG policies.
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