From WisBusiness.com …
— Wisconsin is expected to lose 9,500 jobs in 2008 with no growth predicted in 2009, the state Department of Revenue said in its quarterly economic outlook.
That amounts to a decrease of 0.3 percent after state jobs grew by 0.5 percent in 2007 and 0.9 percent in 2006.
The report said the state’s economy is expected to slow in 2008 and 2009, following the national economic trend. It attributed the weak growth to sluggish domestic demand due to turmoil in the credit system and housing sector with high gas and food prices contributing to the slowdown as well.
Overall the state’s gross domestic product is expected to grow 1.4 percent in 2008 and 0.9 percent in 2009.
See the report:
http://www.revenue.wi.gov/ra/0805/0805okma.pdf
— The Department of Workforce Development reported Thursday on two companies that are planning to lay off a total of 72 workers this summer.
Q Services Company in Brookfield will permanently lay off 25 employees by June 30 and Cummins Filtration of Wautoma is permanently laying off 47 employees on August 8.
— A report released by Families USA gives Wisconsin a failing grade for its regulation of the health insurance industry.
The report says insurance companies in Wisconsin face no consumer protection laws regarding coverage of pre-existing medical conditions or spending of health care premiums. Citizen Action of Wisconsin alleged in a conference call with reporters that companies can deny coverage, refuse payment and revoke policies with no repercussions from the state.
*See the report:
http://www.familiesusa.org/resources/publications/reports/failing-grades.html
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State will follow national economic trends through 2009
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Wisconsin Energy One of the ‘World’s Most Ethical Companies’
Wound Care Education Institute to Partner with Wisconsin Organizations to Improve Pressure Ulcer Care
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
TOP STORIES
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Wisconsin Department of Revenue predicts economic recovery in 2010: The state’s struggling economy won’t recover until 2010, according to the latest quarterly Wisconsin Economic Outlook by the state Department of Revenue. Employment in the state is expected to decline by 0.3 percent this year followed by no change in 2009. On the bright side, the state’s exports continue to rise, aided by the weak value of the dollar. Wisconsin exports were up 11.8 percent last year, the sixth year of positive growth. Leading exports include machinery, computers and electronics, transportation equipment, appliances, processed foods and agricultural products. Top export markets are Canada, Mexico, China, the United Kingdom and Germany.
http://www.madison.com/wsj/home/biz/291229
Wisconsin’s exports have grown steadily, report says: But economy is expected to slow in other sectors… Wisconsin’s economy is expected to slow in line with the national economy, but made-in-Wisconsin exports remain a bright spot in the state, according to the quarterly Wisconsin Economic Outlook released Thursday by the state Department of Revenue. “The Wisconsin economy is expected to slow in 2008 and 2009 following the national economic trend,” the report says. “After 0.5% employment growth in 2007, the forecast is expecting a small decrease in the number of Wisconsin jobs for 2008 and a steady state scenario in 2009.” State Revenue Secretary Roger Ervin cited “the credit crunch, rising food and oil costs and the housing downturn” to explain the national slump.
http://www.jsonline.com/story/index.aspx?id=761618
CDA vote is boon to WARF’s Wisconsin Institutes of Discovery: Madison’s Community Development Authority voted Thursday night to limit the fee it would charge to the Wisconsin Alumni Research Foundation for the use of CDA bonds in building WARF’s Wisconsin Institutes of Discovery. The authority decided it would charge one-third of a 1 percent fee on up to $175 million worth of the bonds used to build the Institutes of Discovery, a dual public and private research center funded by three $50 million donations from the state, WARF and private donors John and Tashia Morgridge. The CDA authorized bonds for up to $185 million, making $33,000 the maximum discount WARF received on the project. If the total amount of bonds needed runs over $185 million, the CDA must hold another public meeting, restarting the process of issuing bonds.
http://www.madison.com/tct/news/stories/291306
School Specialty sees growth: Company executives hope to build on profitable fiscal year… School Specialty executives were upbeat Thursday as the major supplier of supplemental learning products heads into its busy period. “Our view is what we’re seeing so far is consistent with our expectations,” said David Vander Zanden, chief executive officer, in a conference call with analysts. Vander Zanden and two other company leaders fielded questions after the firm reported a record fiscal 2008 revenue of $1.09 billion, a 4.3 percent gain on the previous year. Revenue for the fourth quarter hit $173.6 million compared with $166 million in 2007.
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080613/APC03/806130546/1028
Potawatomi opens new space Vegas-style: Potawatomi Bingo Casino unveiled its $240 million expansion Wednesday evening in a celebrity-studded sneak preview featuring live entertainment, celebrity impersonators and Vegas showgirls. The Potawatomi event began with a dedication ceremony held in a tent outside the expansion, just east of the existing casino. A grand entry of Native American dancers in full regalia was followed by an invocation presented by Potawatomi elder Billy Daniels. About a thousand attendees were expected for the dedication ceremony, which was open to the public, said Potawatomi spokeswoman Anne Leichtle. Once inside, about 3,000 invitees to a VIP sneak preview were greeted with celebrity impersonators of Dean Martin, Sammy Davis Jr. and Marilyn Monroe, along with a slew of Las Vegas showgirls.
http://milwaukee.bizjournals.com/milwaukee/stories/2008/06/09/daily28.html?surround=lfn
WP&L vows to offset coal plant emissions: Environmental groups, regulators unconvinced… Seeking to win support for a new coal-fired power plant at a time when such projects around the country are being scrapped, Wisconsin Power & Light Co. vowed Thursday to offset the greenhouse gas emissions from its proposed power plant in southwestern Wisconsin. The Madison-based company, a subsidiary of Alliant Energy Corp., said a combination of initiatives — including the shutdown of a small, old coal plant in Sheboygan — would yield emissions savings equivalent to those that would be generated by the $777 million new plant. The utility said it would expand spending on energy efficiency programs by 50%, boost use of wind power and expand the amount of wood chips, cornstalks and switchgrass that would be burned at its new coal plant, proposed to be built on the Mississippi River in Cassville.
http://www.jsonline.com/story/index.aspx?id=761610
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– TOM BURZINSKI: IT executive and consultant
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TECHNOLOGY (back to top)
– Yahoo hires Google in plan to boost profit
http://www.madison.com/wsj/home/biz/291223
– EPIC picks downtown
http://www.gmtoday.com/news/local_stories/2008/June_08/06122008_18.asp
BIOTECH (back to top)
– Local biotech Centrose says drug candidates show strong anti-cancer powers
http://www.madison.com/tct/business/291312
ECONOMY (back to top)
– Sale of Budweiser could get caught up in election year politics
http://www.madison.com/wsj/home/biz/291222
– Inflation up by biggest amount in 6 months
http://www.madison.com/tct/business/291310
– How will GM loss affect my taxes?
http://www.gazettextra.com/news/2008/jun/12/how-will-gm-loss-affect-my-taxes/
MANUFACTURING (back to top)
– Hybrid battery project boosted
http://www.jsonline.com/story/index.aspx?id=761617
LABOR (back to top)
– Gannett freezes pension plan
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080612/APC03/80612115/1028
– Federal crisis squeezes road jobs in Wisconsin
http://www.dailyreporter.com/item.cfm?recid=20048804&snippet=t&forward=%2Fitem%2Ecfm%3Frecid%3D20048804%26snippet%3Df
SMALL BUSINESS (back to top)
– Soaring gas prices inspire scooter rental store
http://www.madison.com/tct/news/stories/291112
INVESTING (back to top)
– Dow up on strong retail report
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080612/APC03/80612052/1028
REAL ESTATE (back to top)
– Milwaukee apartments rack up violations
http://www.jsonline.com/story/index.aspx?id=761641
AGRIBUSINESS (back to top)
– Midwest rains push corn prices above $7 a bushel
http://www.madison.com/tct/news/stories/291108
– State crop losses may reach millions
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080613/GPG03/806130634/1247
– FSA County Committee Nominations Start June 15
http://www.wisconsinagconnection.com/story-state.php?Id=724&yr=2008
– Steinhauer to Receive WDPA Presidents Award
http://www.wisconsinagconnection.com/story-state.php?Id=725&yr=2008
TRANSPORTATION (back to top)
– Continental to eliminate service to Austin Straubel
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080613/GPG03/806130636/1247
– All aboard: Officials get chance to ride rails
http://gazettextra.com/news/2008/jun/12/all-aboard-officials-get-chance-ride-rails/
– DOT reporting several major highway closures throughout the state
http://www.journaltimes.com/articles/2008/06/13/local_news/doc48525646ecec0426835933.txt
– American, other airlines raise fuel surcharge
http://milwaukee.bizjournals.com/milwaukee/stories/2008/06/09/daily35.html?surround=lfn
RETAIL (back to top)
– Retail sales jump by largest amount in 6 months
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080612/APC03/80612051/1028
– Panchero’s to close Ashwaubenon location
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080613/GPG03/806130637/1247
– Leinenkugel to report to CEO of new MillerCoors
http://www.leadertelegram.com/story-news_local.asp?id=BGT3SODED6V
– InBev CEO Brito wants ‘friendly agreement’ with Anheuser-Busch
http://milwaukee.bizjournals.com/milwaukee/stories/2008/06/09/daily34.html?surround=lfn
REGULATION (back to top)
– Wisconsin fails to protect residents from health insurance abuses, report finds
http://www.madison.com/tct/news/stories/291176
– Alderwoman promotes break for developers
http://www.dailyreporter.com/item.cfm?recid=20048811&snippet=t&forward=%2Fitem%2Ecfm%3Frecid%3D20048811%26snippet%3Df
– Milwaukee sues Bar Louie owners
http://www.jsonline.com/story/index.aspx?id=761594
TOURISM (back to top)
– Dells’ waterpark resort pioneer expanding
http://www.madison.com/tct/news/stories/291160
– Organizers say $3.5M raised for German-American center
http://www.lacrossetribune.com/articles/2008/06/13/wi/09wis.txt
– Main Street Market seeks to attract locals, tourists
http://www.htrnews.com/apps/pbcs.dll/article?AID=/20080613/MAN0101/806130597/1984
UTILITIES (back to top)
– Wisconsin Power & Light ties green projects to approval of Cassville coal plant
http://www.madison.com/wsj/home/biz/291225
HEALTH CARE (back to top)
– Wis. fights health care inequities
http://www.marshfieldnewsherald.com/apps/pbcs.dll/article?AID=/20080613/MNH0101/806130442/1980
– New VA patient service chief named
http://www.madison.com/tct/news/stories/291307
– Hospital grants health scholarships
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080613/APC0101/806130541/1979/APCnews
– Coalition aims to improve kids’ care
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080613/GPG0101/806130653/1978/GPGnews
– Aurora hospital taking shape in town of Summit
http://www.gmtoday.com/news/local_stories/2008/June_08/06122008_09.asp
FINANCIAL SERVICES (back to top)
– From bad to worse: Residents may not get flood coverage
http://www.madison.com/wsj/topstories/291275
– FISC receives grant for senior services
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080613/APC03/806130538/1028
– Bank lends a hand to flood victims
http://www.gmtoday.com/news/local_stories/2008/June_08/06122008_08.asp
– Commerce State Bank switching to Metavante’s IBS system
http://www.gmtoday.com/news/local_stories/2008/June_08/06122008_17.asp
MANAGEMENT (back to top)
– U.S. Bank selects regional executive
http://www.postcrescent.com/apps/pbcs.dll/article?AID=/20080613/APC03/806130532/1028
– Green Bay group dives into diversity
http://www.greenbaypressgazette.com/apps/pbcs.dll/article?AID=/20080613/GPG03/806130632/1247
– MTM International hires new chief financial officer
http://www.madison.com/tct/business/291172
– Centergy hires executive director
http://www.wausaudailyherald.com/apps/pbcs.dll/article?AID=/20080613/WDH03/806130619/1618
– Kenosha Burger Kings change hands
http://milwaukee.bizjournals.com/milwaukee/stories/2008/06/09/daily30.html?surround=lfn
BUSINESS COLUMNS (back to top)
– Bill Berry: Memo to workers: You’re on your own, suckers
http://www.madison.com/tct/opinion/column/290570
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