Today: Mostly cloudy and becoming windy. Showers at times. An afternoon high in the upper 50s to low 60s. An increasing North wind at 10-20mph.
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New Future for The Enterprise Center in Motion
Tuesday morning, Chattanooga Mayor Andy Berke, in partnership with Hamilton County Mayor Jim Coppinger, announced The Enterprise Center (TEC) will shift their mission and structure to focus on growing Chattanooga’s innovation economy and addressing issues like access to technology for all citizens.
The announcement follows a report sent to Mayor Berke last week from the Chattanooga Forward task force recommending the “creation of an entity to explore creative strategies to utilize the community’s technological assets such as the high speed gigabit infrastructure.”
“As Chattanooga is becoming a leader in the innovation century, we must capitalize on the momentum of the Gig and our city’s entrepreneurial spirit,” said Mayor Andy Berke. “The Enterprise Center has carried out its vision since 2002, building lasting partnerships with research and technology leaders throughout the region. With this refocus in mission and direction, TEC can now meld its strong history of collaboration with the future of technology and innovation in our community.”
“The Enterprise Center has executed great projects in our community in the past. This is a great opportunity for us to revisit the mission of the organization and form new partnerships to help small businesses leverage technology to grow jobs in Hamilton County,” said Mayor Jim Coppinger.
In 2002, The Enterprise Center was created to lead technology-based economic development initiatives and to identify opportunities to coordinate transfer technology with the region’s research and technology partners including Oak Ridge National Laboratory and the Y-12 National Security Complex.
“It has been my great pleasure to be a part of TEC’s great work,” said Wayne Cropp, President of The Enterprise Center, who will move into a transitional role over the next few months. “Now, the Center is positioned to take on a new role as the hub for connecting the gigabyte as an economic development catalyst. While this approach is more narrowly focused on leveraging our digital assets and building our entrepreneurial community, it builds on the accomplishments of the past decade.”
TEC programs related to Renewal Community programs between 2002 and 2009 resulted in hundreds of jobs and over $50 million in total monetary impact in the region. TEC efforts helped spur development in the Main Street, Northshore and South Broad Street areas.
“I am pleased that Mayor Berke sees TEC as the place to pull together the creative and innovative talent in our community to make the Gig come alive. It is a recognition of the mission of TEC to be a catalyst for change,” said Jim Sattler, Chairman of the Board for The Enterprise Center.
As part of their revitalization program, TEC developed extensive experience in brownfield initiatives aimed at remediation and reuse. Eight clean-up projects have been completed with over 100 acres being made available for redevelopment.
TEC also worked to facilitate the planning of potential high speed rail connecting Atlanta-Chattanooga-Nashville. Cropp will ensure that these projects are successfully completed or transitioned to other entities before new leadership is appointed in the coming weeks.
“As a past board chair of The Enterprise Center, the decision by Mayor Berke continues a critical partnership between the city and TEC. We were created to be a coordinator for technology and Mayor Berke’s approach to innovation rejuvenates our mission,” said Jim Hall, former chairman of the National Transportation Safety Board.
A team has been named to guide the transition of TEC over the coming months, including selecting new board members and a president for the organization. The transition group will work with stakeholders to review TEC bylaws, structure, strategic plan, and projects to ensure a smooth transition.
“We envision this will be a short process, so that a newly focused Enterprise Center can hit the ground running and capitalize on all the opportunity for the gig and the potential for Chattanooga in the innovation economy” said Sydney Crisp, Unum's Vice President for Global IT Infrastructure and Risk Management, who also serves as a member of TEC's transition team.
The TEC transition team includes:
-- Kristina Montague, The Jump Fund
-- Ted Alling, Lamp Post Group
-- Ken Hays, Kinsey, Probasco & Hays
-- David Belitz, Chattanooga Renaissance Fund
-- Sydney Crisp, Unum
-- Sarah Morgan, Benwood Foundation
More Business News
Last Update on October 31, 2014 07:28 GMT
SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.
Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.
The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.
The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.
Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.
The Labor Department will also release the third-quarter employment cost index.
Before the market opens, Exxon Mobil will report its quarterly financial results.
NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The bank's operating expenses rose from $12.36 billion to about $13 billion.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.
Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.
SURGICAL GOWNS LAWSUIT
LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.
Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.
The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.
The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.
The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.
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