Tonight: Clear skies with a low in the low/mid 40s. 30s possible north and mountains. North wind 5-10.
Wednesday: Mostly sunny, breezy and a little cooler with a high in the mid 60s. Wind from the North 10-15 mph.
Wednesday ... More...
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 21, 2014 17:19 GMT
WASHINGTON (AP) -- U.S. homes sold in September at their fastest clip this year, yet the housing market has yet to fully shake off a slowdown that began in the middle of 2013.
The National Association of Realtors says sales of existing homes rose 2.4 percent to a seasonally adjusted annual rate of 5.17 million. Still, the sales rate has dropped 1.7 percent over the past 12 months.
Investors have retreated from the market over the past year. Their departures are being offset by existing homeowners who are upgrading to more expensive properties or downsizing after having raised their children.
Rising prices through much of 2013, weak income growth and tighter credit standards have priced out many would-be buyers. Median home prices rose 5.6 percent over the past 12 months to $209,700.
NEW YORK (AP) -- Staples is looking into a potential credit card data breach and has been in touch with law enforcement officials about the issue.
The office supplies retailer said Tuesday that if it turns up any data discrepancies during its investigation, customers won't be responsible for fraudulent activity on their credit cards as long as it is reported in a timely manner.
"We take the protection of customer information very seriously, and are working to resolve the situation," spokesman Mark Cautela said in a statement.
Earlier this month Sears Holdings Corp. reported a breach at its Kmart stores that started last month, saying some customers' credit and debit cards may have been compromised. Other breaches have occurred at retailers including Target Corp., Supervalu Inc. and Home Depot Inc..
Shares of Staples Inc., based in Framingham, Massachusetts, slipped 3 cents to $12.27 in midday trading. Its shares have fallen 23 percent over the past year.
UNDATED (AP) -- Coca-Cola and McDonald's are reporting declining profits.
Coke says its third-quarter net income was $2.11 billion, down 14 percent as beverage volume rose 1 percent, thanks to an increase in non-carbonated drinks. The world's biggest beverage maker also announced a new plan that it said will reduce costs by $3 billion a year by 2019. For this year, the company said it expects earnings per share to miss its long-term target.
McDonald's saw customer traffic fall around the world. Sales took a big hit in Asia, where a major supplier was shown on TV repackaging expired beef. In the U.S., McDonald's is fighting to hold onto customers amid shifting tastes toward food people consider more wholesome.
For the quarter, revenue declined to just under $7 billion, falling short of Wall Street expectations.
Also reporting results this morning, Verizon Communications reported lower net income but higher revenue in its third quarter, helped by strong wireless subscriber growth and demand for its FiOS Internet services.
Higher cigarette prices helped cigarette maker Reynolds American's net income rise 2.2 percent in its third quarter.
MORTGAGE RISK RULES
WASHINGTON (AP) -- New U.S. rules aimed at getting banks to take on more of the risk when they package and sell mortgage securities are being relaxed with an eye to spurring broader home lending.
Federal regulators have dropped a key requirement: a 20 percent down payment from the borrower if a bank didn't hold at least 5 percent of the mortgage securities tied to those loans on its books.
The long-delayed final rules unveiled Tuesday by six federal agencies include the less stringent condition that borrowers not carry excessive debt relative to their income.
The board of the Federal Deposit Insurance Corp. voted 4-1 Tuesday to adopt the rules.
The rules, proposed in stricter form in 2011, were mandated by the overhaul law enacted in the wake of the 2008 financial crisis.
WASHINGTON (AP) -- Unemployment rates fell in 31 U.S. states in September, including many currently embroiled in tough political campaigns. The report is the final data on state unemployment before the midterm elections Nov. 4.
The Labor Department says that unemployment rates rose in 8 states and were unchanged in 11 states. That is the smallest number of states to see an increase since April.
Employers added jobs in 39 states and cut jobs in 10. South Dakota's job count changed little.
Colorado and Kentucky, two states with hard-fought Senate campaigns, experienced the biggest declines in unemployment. Colorado's fell to 4.7 percent from 5.1 percent, and Kentucky's rate dropped to 6.7 percent from 7.1 percent.
Nationwide, the unemployment rate declined to 5.9 percent in September, from 6.1 percent the previous month.
GREENSBORO, N.C. (AP) -- A North Carolina company is recalling nearly 12,000 boxes of pain relief tablets sold at Dollar Tree stores because some cartons contain a different medication that could cause allergic reactions.
Greensboro-based Contract Packaging Resources Inc. says it mistakenly placed bottles of ibuprofen inside boxes sold at Dollar Tree stores nationwide as Assured brand naproxen sodium tablets.
Some consumers buy naproxen sodium pain relievers because of allergies to ibuprofen. The packaging company says reactions that can include hives or life-threatening respiratory problems, but it hasn't received any reports of adverse reactions.
Consumers who bought 15-count boxes of 220mg Assured brand naproxen sodium tablets may return them to the store of purchase or call 336-252-3422.
CVS develops tobacco-free prescription network
First, CVS Health pulled tobacco from its store shelves. Now, it plans to make some customers think twice about filling prescriptions at other stores that still sell smokes.
The nation's second-largest drugstore chain is developing a new tobacco-free pharmacy network for clients of its Caremark pharmacy benefits management business.
The network would slap an extra co-payment on patients who fill their prescriptions at stores that still sell tobacco. That payment won't apply to prescriptions filled in the tobacco-free network, which would include CVS and Target locations nationally, as well as other pharmacies that abstain. Target Corp. gave up tobacco sales in 1996.
CVS national rivals Walgreen Co. and Rite Aid Corp. still sell tobacco.
The tobacco-free network will only be used by the pharmacy-benefit management customers that choose it.
DALLAS (AP) -- Kimberly-Clark plans to eliminate up to 1,300 jobs as part of restructuring efforts aimed at reducing costs and making its business more efficient.
The consumer products company has 58,000 workers worldwide, according to its website.
Kimberly-Clark Corp. said Tuesday that it anticipates restructuring costs between $130 million and $160 million, after taxes. The company -- whose brands include Kleenex and Huggies -- foresees between $120 million and $140 million in savings by the end of 2017.
The restructuring is expected to be completed by 2016's end.
Kimberly-Clark also cut its 2014 adjusted profit forecast to account for the spinoff of its health care business. The Dallas company now expects an adjusted profit between $5.93 and $6.03 per share, down from its prior range of $6 to $6.15 per share. Analysts polled by FactSet expect $6.06 per share.
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