March 17, 20214 yr 3 minutes ago, Dougal said: You're probably right, but it's a pity. This money is a one-shot deal. It should be used for investment projects, not bread and circuses. Why do you say that? When the income tax increase was passed in 2018, zero of it went towards ee's raises. Most of the money was used on increasing the street paving budget, opening all recs and pools, purchasing much needed safety and EMS vehicles, etc.
March 17, 20214 yr 2 minutes ago, Clefan98 said: Why do you say that? When the income tax increase was passed in 2018, zero of it went towards ee's raises. Most of the money was used on increasing the street paving budget, opening all recs and pools, purchasing much needed safety and EMS vehicles, etc. A tax increase represents a continuing flow of revenue, appropriate for funding a continuing expense. One-shot money should be used for one-shot investment, since it can't be counted on to fund a continuing expense like payroll. At least, that's the (widely-ignored) theory. Remember: It's the Year of the Snake
March 17, 20214 yr Just now, Dougal said: A tax increase represents a continuing flow of revenue, appropriate for funding a continuing expense. One-shot money should be used for one-shot investment, since it can't be counted on to fund a continuing expense like payroll. At least, that's the (widely-ignored) theory. Completely agree. That's why I don't think it will, nor should be used, on ee raises. I could see the rationale behind using a small portion of it for additional hires in a few departments (B&H as an example).
March 17, 20214 yr On 3/12/2021 at 6:55 PM, KJP said: Ehh...1920s CLE vs. 2020s CLE? Top 5 city then, now ranked about top 53, and the poorest now. Half billion govt $$ coming into CLE...that will be interesting to say the least lol. WEWS still uses the old racist term “Spanish Flu”. Unbelievable.
March 19, 20214 yr Only nine workers currently. They hope to hire another two.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 19, 20214 yr They are still seeking FDA approval for their products, so this could quickly ramp up to something larger. Few years from now they could be where Athersys is now.
March 21, 20214 yr On 3/19/2021 at 5:03 PM, KJP said: Only nine workers currently. They hope to hire another two.... I’m hopeful Metabolon has a similar announcement or at minimum opens an office here given their newly formed collaboration with Cleveland Clinic.
March 22, 20214 yr On 3/20/2021 at 9:38 PM, Sapper Daddy said: I’m hopeful Metabolon has a similar announcement or at minimum opens an office here given their newly formed collaboration with Cleveland Clinic. Interesting. I see they're quite a bit larger, with more than 200 employees. But might all 200+ would come north from North Carolina's Research Triangle? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 26, 20214 yr Colossal Cupcakes reopening Monday. https://www.cleveland19.com/2021/03/26/colossal-cupcakes-downtown-cleveland-reopen-march/
March 30, 20214 yr AML RightSource moving from the BP Bldg to a larger space on E. 9. to accommodate an expansion to "create more than 270 full-time positions" and just completed two acquisitions. AML RightSource preps expansion, downtown office move "A busy month of March for AML RightSource LLC is coming to a close with approval from the Ohio Tax Credit Authority for a tax credit aimed at assisting an expansion to create more than 270 full-time positions and about $18.7 million in new annual payroll — and a move to new space in downtown Cleveland. The tax credit authority on Monday, March 29, approved a nine-year, 1.949% credit for AML RightSource, a Cleveland company that provides outsourced anti-money-laundering services and consulting. According to information provided by the tax credit authority, AML RightSource "expects to create 273 full-time equivalent employees generating $18,684,605 in new annual payroll and to retain $30,501,134 in existing payroll" by the end of 2024 as a result of planned expansion in the city of Cleveland and in Highland Hills....." Also interesting--2 global acquisitions this month: "AML RightSource..has made two acquisitions in March. On March 23, AML RightSource announced it had bought Passcon GmbH of Hamburg, Germany....The company on March 4 said it had acquired Arachnys Information Services Limited of London in a deal that marked the Cleveland-based firm's first expansion outside North America." https://www.crainscleveland.com/finance/aml-rightsource-preps-expansion-downtown-office-move Edited March 30, 20214 yr by Pugu
April 6, 20214 yr This was news to me: GE Current has moved back to East Cleveland from Boston. The company, which calls itself "GE Current, a Daintree Company" says they're a billion dollar company and just acquired a smaller outfit in Pittsburgh. Daintree, which I guess owns GE Current, is a Boston investment company. Current shows 9 job openings in EC. So GE Current and GE Lighting (the tail that is wagging Savant Company) are back together and we hope happy at last in Nela Park. https://www.gecurrent.com/ideas/current-announces-acquisition-of-forum-lighting Remember: It's the Year of the Snake
April 7, 20214 yr I totally missed their move back to Cleveland, too. I would have reported on it last May had I seen it.... https://www.ledsmagazine.com/architectural-lighting/article/14169484/ge-current-heads-back-to-cleveland-names-two-top-managers#:~:text=GE Current has ping-ponged,controls for lighting and buildings. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 19, 20214 yr Personal View: Cleveland is poised to become the mecca for AI in medicine "A city once derided as the "Mistake on the Lake" has long since shaken off the pejorative and is now ideally positioned to become the national hub for research and commercialization of artificial intelligence technologies in medicine. Cleveland is poised to drive innovations, thanks to its robust medical ecosystem, access to required data assets, multitude of research centers, culture of collaboration, influx of funding and favorable cost of living...." https://www.crainscleveland.com/opinion/personal-view-cleveland-poised-become-mecca-ai-medicine
April 19, 20214 yr https://twitter.com/CrainsCleveland/status/1384115853772222469?s=19 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 4, 20214 yr Always good to see CLE companies acquiring things outside of the city: Legacy Capital Partners and Morrison Avenue Capital Partners Acquire 320-Unit Timber Ridge Apartment Community in Mobile, Alabama "Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have acquired Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. The property is located within 2 miles of the University of South Alabama and Providence Hospital, a major health care system in Mobile...." https://www.multifamilybiz.com/news/9663/legacy_capital_partners_and_morrison_avenue_capita...
May 6, 20214 yr "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 10, 20214 yr Current Lighting Solutions (ex-GE Nela Park) and GE have announced a co-op agreement for manufacturing and innovation with potassium fluorosilicate phosphor. Probably a small matter, but good for the folks at Nela Park. https://www.wboc.com/story/43855286/current-lighting-solutions-and-ge-announce-collaboration-agreement Remember: It's the Year of the Snake
May 11, 20214 yr 20 hours ago, Dougal said: Current Lighting Solutions (ex-GE Nela Park) and GE have announced a co-op agreement for manufacturing and innovation with potassium fluorosilicate phosphor. Probably a small matter, but good for the folks at Nela Park. https://www.wboc.com/story/43855286/current-lighting-solutions-and-ge-announce-collaboration-agreement I think it could be a huge deal depending on their penetration into this fast-growing market. I'm considering writing an article about it. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 11, 20214 yr Zanite, the local Ricci/Rosen SPAC with an interest in buying aerospace companies, is coming up on its 6-month deadline since registering public shares to make an acquisition or give the money back. Based on their inaction I'm guessing they missed their intended target, which might have been one of the pilotless aircraft ventures that were hot stuff in January. They have the option of extending the deadline twice in six month increments. We should probably hear something by the end of the week. Remember: It's the Year of the Snake
May 11, 20214 yr 7 hours ago, KJP said: I think it could be a huge deal depending on their penetration into this fast-growing market. I'm considering writing an article about it. Write the article! Remember: It's the Year of the Snake
May 13, 20214 yr Prince International Corporation to Acquire Ferro Corporation for $22.00 per Share in an All-Cash Transaction Valued at Approximately $2.1 Billion https://www.prnewswire.com/news-releases/prince-international-corporation-to-acquire-ferro-corporation-for-22-00-per-share-in-an-all-cash-transaction-valued-at-approximately-2-1-billion-301288515.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 13, 20214 yr Possibly a move to Cleveland since its 3 companies with most of it based out of NEO. 4500 working for NEO companies and 1200 working for the wildly dispersed in 21 countries Prince of Houston. That seems pretty tricky merging 3 companies at once.
May 13, 20214 yr Interesting. Although Prince will have around 20% of the employees of this new conglomerate its existing market cap must be pretty substantial since it's the one doing the buying. Wouldn't it be great if they moved here since the two companies they are buying are located in NEO. Wishful thinking.
May 14, 20214 yr https://www.cleveland.com/business/2021/05/dan-gilbert-forms-sports-and-entertainment-umbrella-brand-for-cleveland-cavaliers-others.html This is interesting to me. This is just my opinion but I think this could be the set up for an eventual IPO. And regardless, Rock Entertainment is going to be headquartered in Cleveland. This could be very significant moving forward
May 14, 20214 yr On 5/11/2021 at 12:02 PM, Dougal said: Zanite, the local Ricci/Rosen SPAC with an interest in buying aerospace companies, is coming up on its 6-month deadline since registering public shares to make an acquisition or give the money back. Based on their inaction I'm guessing they missed their intended target, which might have been one of the pilotless aircraft ventures that were hot stuff in January. They have the option of extending the deadline twice in six month increments. We should probably hear something by the end of the week. Yesterday the sponsors of Zanite bought a couple of million new warrants and, as expected, extended the deadline for making an acquisition into mid-November, 2021. At that time they will have one remaining option for another 6-month extension. Remember: It's the Year of the Snake
May 21, 20214 yr https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Cleveland-Elyria jobs numbers looking great this month, even as the state lost jobs. 25K jobs added, with 2K fewer unemployed. Every sector either improved or was virtually flat m/o/m.
May 21, 20214 yr 46 minutes ago, LlamaLawyer said: https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Cleveland-Elyria jobs numbers looking great this month, even as the state lost jobs. 25K jobs added, with 2K fewer unemployed. Every sector either improved or was virtually flat m/o/m. Further proof.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 21, 20214 yr 10 minutes ago, KJP said: Further proof.... Interestingly though manufacturing was in the "virtually flat" category as it ticked just barely down. Professional and business services were way up, however.
May 21, 20214 yr Also, on the state-level data, employment was actually up even though non-farm labor and wage was down. The biggest loss in non-farm labor and wage came in Leisure and Hospitality. Do part time employees count as a full payroll or only as a fractional payroll? If the former, it could be employees who had multiple part time jobs switching to one full time job as reliable hours pick up.
May 21, 20214 yr Soaring Prices Herald Boom Time for Steel Makers Matt Phillips - New York Times - May 21, 2021 "Steel prices are at record highs and demand is surging, as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. ... 'We are running 24/7 everywhere,' said Lourenco Goncalves, the chief executive of Cleveland-Cliffs, an Ohio-based steel producer that reported a significant surge in sales during its latest quarter. 'Shifts that were not being used, we are using,' Mr. Goncalves said in an interview. 'That’s why we’re hiring.' ... Goldman Sachs predicts that by 2023, roughly 80 percent of American steel production will be under the control of five companies, up from less than 50 percent in 2018."
May 21, 20214 yr ^ Great news in some cases. However, Republic said three years ago they were going to bring back one of their idle furnaces and up to 1,000 jobs in Lorain and I don't *think* it ever happened. (I'd love to be wrong.) Maybe Cliffs needs to buy Republic, also. Remember: It's the Year of the Snake
May 21, 20214 yr 4 hours ago, LlamaLawyer said: https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm Cleveland-Elyria jobs numbers looking great this month, even as the state lost jobs. 25K jobs added, with 2K fewer unemployed. Every sector either improved or was virtually flat m/o/m. Looks like Cleveland is the only metro with April numbers out at the moment, but I bet Cbus and Cincy were somewhat similar. What does that say about the smaller metros and the rural areas if the three Cs are having strong job growth while the state overall shrinks? Nothing good...
May 22, 20214 yr 8 hours ago, Dougal said: ^ Great news in some cases. However, Republic said three years ago they were going to bring back one of their idle furnaces and up to 1,000 jobs in Lorain and I don't *think* it ever happened. (I'd love to be wrong.) Maybe Cliffs needs to buy Republic, also. Republic Steel ponders restart at South Lorain mill, mayor says https://www.morningjournal.com/news/lorain-county/republic-steel-ponders-restart-at-south-lorain-mill-mayor-says/article_26bc4748-acf3-11eb-a5fe-d703fbccb1ff.html 5 hours ago, PoshSteve said: Looks like Cleveland is the only metro with April numbers out at the moment, but I bet Cbus and Cincy were somewhat similar. What does that say about the smaller metros and the rural areas if the three Cs are having strong job growth while the state overall shrinks? Nothing good... I wrote this shortly before the pandemic. Lots of jobs data charts after the article. Summary? Without its six largest metro areas, Ohio would have lost 18,000 jobs in the past five years. With them, Ohio gained 227,000 jobs. The 3Cs accounted for 216,000 of those new jobs. Ohio's largest metros are carrying the state's economy https://neo-trans.blogspot.com/2020/01/ohios-largest-metros-are-carrying.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 22, 20214 yr 20 hours ago, PoshSteve said: Looks like Cleveland is the only metro with April numbers out at the moment, but I bet Cbus and Cincy were somewhat similar. What does that say about the smaller metros and the rural areas if the three Cs are having strong job growth while the state overall shrinks? Nothing good... The Columbus and Cinci metros do have total nonfarm employment numbers, just not labor force numbers. Cinci looked great, Columbus was essentially flat.
June 2, 20214 yr Wonder if the Nation General Cleveland office will eventually see benefit from this sale.
June 2, 20214 yr 19 minutes ago, viscomi said: Wonder if the Nation General Cleveland office will eventually see benefit from this sale. Good question. It's certainly a possibility. The article says SafeAuto has 600 employees, with half in Cbus. If I'm remembering correctly from when they moved here, there's about 1,000 National General Employees in the Cleveland office. Might make sense to combine their new smaller Ohio office into the larger one down the road.
June 3, 20214 yr Crain's references a study that says Cleveland may benefit from being in the "Water Belt", drawing development by industries that use lots of water. Ok, but haven't we heard this before? Meanwhile, Foxconn lately walked away from their multi-billion promise to Wisconsin. STILL, companies are putting multi-billion $$ chip foundries with high water use in Nevada and Arizona, I believe Arizona has $12 billion in construction underway. These western states plus Colorado and California are fighting each other over rights to take water from a shrinking Colorado River. Why would you put a chip foundry in a desert? Either the Midwest water case isn't selling or there are other problems being ignored. https://www.crainscleveland.com/scott-suttell-blog/cleveland-could-ride-wave-water-economy Remember: It's the Year of the Snake
June 3, 20214 yr Not sure if it's completely on point, but I used to drive past Globe Metallurgical down in Beverly, Ohio for work. I did not get the impression the facility was something you would want to locate near civilization. https://www.ferroglobe.com/about-ferroglobe/factories-mines/beverly/
June 10, 20214 yr Zanite, Kenn Ricci's County Airport-based SPAC, is working out a deal with Brazilian Embraer to acquire its electric aircraft venture. Talking $2,0 billion price tag. This is a good news item. 🙂 https://www.crainscleveland.com/finance/embraers-eve-urban-air-mobility-2-billion-merger-talks-cleveland-spac-zanite Remember: It's the Year of the Snake
June 10, 20214 yr ^ Mini-analysis: Zanite has about $240 cash on hand. They could probably borrow $1.2 billion against the acquired assets. Ricci and Rosen could throw in another $100 million equity. Embraer could offload $1 billion debt with the subsidiary. It would be a highly-leveraged deal, which means they better have a product close to market. But the $2 billion price tag could be doable. Depends on the market for electric air taxis, I guess. Ricci, I believe, has some manufacturing space available at Hopkins, if they want something in addition to Brazil. Remember: It's the Year of the Snake
June 22, 20213 yr On 11/15/2019 at 10:52 PM, MuRrAy HiLL said: Another article, this time from across the pond: London Stock Exchange opens North-American headquarters in Cleveland, Ohio By Dilara Kucuk - 05/11/2019 London Stock Exchange Group announced that it will open its North American headquarters for the Elite initiative in Cleveland, Ohio. London Stock Exchange Group will start operating its Cleveland headquarters by the start of next year. Cleveland is one of the investment hubs of the United States. It is home to important cultural, educational and financial institutions. Elite initiative will hire an additional 40 employees with an annual payroll of $5 million. https://ukinvestormagazine.co.uk/london-stock-exchange-opens-north-american-headquarters-in-cleveland-ohio/ Has there been any recent news on this? The Center for Cleveland has a mention on their page, but that's all I can find: " Oct 2020: In 2019, The London Stock Exchange announced Cleveland will be the Americas Headquarters of its Elite program. LSE has postponed the opening of its Cleveland Office to 2021 as a result of delays from Covid-19. The Elite program helps develop small and medium-sized businesses." I have no business insight, but this appeared to come out of nowhere to me back in 2019, and that was exciting! If this had anything to do with CCF London just having the name Cleveland in it, I hope this won't be the last overseas entity that would have otherwise overlooked the 21st largest economy in the U.S. and plant it's headquarters in the area.
June 24, 20213 yr The BLS data makes no sense once again. https://www.bls.gov/regions/midwest/oh_cleveland_msa.htm
July 3, 20213 yr Not sure where else to post this. I wonder if the “our taxes are lower” sign hit a nerve.
July 3, 20213 yr 1 hour ago, LlamaLawyer said: Not sure where else to post this. I wonder if the “our taxes are lower” sign hit a nerve. The replies on that tweet were brutal. Thanks for posting. That was fun to read.
July 3, 20213 yr 1 hour ago, stpats44113 said: The replies on that tweet were brutal. Thanks for posting. That was fun to read. The replies were hilarious. I like how Ohio will circle the wagons when attacked by an outsider. Nobody can sh*t on Ohio cities!(except other Ohio cities of course! ;) )
July 4, 20213 yr I posted multiple tweets/quotes to that, including "Only Cleveland can afford to live rent-free in NYC's head" and "And yet it took $341 million for New York to convince a Clevelander to live and work there." "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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