Tonight: A few clouds with an overnight low in the mid 30s
Saturday: Increasing clouds and a little warmer with an afternoon high in the ... More...
TVA Economic Development Efforts Spur $5.9 Billion in Investments in FY 2012
Tennessee Valley Authority economic development programs ― including technical services, research and financial assistance ― helped stimulate $5.9 billion in business investments in the TVA service area in fiscal year 2012.
John Bradley, TVA senior vice president of Economic Development, said TVA’s efforts also helped attract or retain 48,000 jobs, bringing TVA’s economic development contributions to more than 300,000 new or retained jobs and $32 billion in business investment since 2005.
“Creating jobs, helping local communities, and improving quality of life in the Tennessee Valley is what TVA Economic Development is all about. We thank our many partners ― local power companies, industry, state and local officials, and others ― for helping make these programs so successful,” Bradley said.
In 2012, TVA’s economic development activities helped recruit or expand more than 150 companies and contributed to the following job totals and business investments for the TVA service area:
• Alabama : 7,800 jobs and $1.2 billion
• Kentucky: 4,800 jobs and $957 million
• Middle Tennessee: 11,700 jobs and $1.2 billion
• Mississippi: 5,100 jobs and $504 million
• Northeast Tennessee and Virginia: 6,300 jobs and $506 million
• Southeast Tennessee, Georgia and North Carolina: 4,450 jobs and $412 million
• West Tennessee: 8,400 jobs and $1.0 billion
TVA in 2012 won a Gold Award for its Megasites Program from the International Economic Development Council for excellence in economic development. Bill Adams, TVA Target Market specialist, conceived the idea of creating a “catalog of certified sites.” The program, which teams TVA with local partners to market large industrial tracts to manufacturers, remains one of TVA’s most successful economic development efforts. Megasite tenants include Volkswagen, which opened a $1 billion Passat factory on a Megasite in Chattanooga in May 2011; and Toyota, which in 2007 selected a Megasite near Tupelo, Miss., for a plant to build Corollas. TVA’s two remaining megasites are near Hopkinsville, Ky., and Stanton, Tenn. For more information, on TVA’s Megasites program, visit http://www.TVAed.com/megasites.htm.
In September, TVA was named for the seventh straight year to Site Selection magazine’s list of the top 10 utilities in North America for economic development. The Site Selection rankings are based on a number of factors, including project activity, input from corporate end users and site consultants, website tools and data, and innovative programs and incentives for business.
Four new locations in the Valley region were identified in fiscal year 2012 for potential development under TVA’s program to attract data centers. The new locations are in Warren County, Tenn. (2 sites), Hopkinsville, Ky., and Cookeville, Tenn., raising the total number of potential data center sites identified in the program to 22. For more information see www.TVAed.com/datacenters/.
TVA Economic Development staff and leadership also were honored in 2012. Bradley was named by Southern Business and Development magazine as one of the Top 10 economic developers in the South; TVA Business recruitment specialist Tim Tidwell was a co-recipient of the first Excellence in Economic Development Award from the Site Selectors Guild. TVA staff conducted dozens of Community Development workshops in 2012 to help communities identify economic opportunities and be more competitive. TVA staff also provided help with financial assistance through programs such as the Valley Investment Initiative, technical services, economic research, proposal writing, training and other services.
In addition, the Rural Development Strategy focuses on supporting economic development efforts in rural and economically distressed areas. The Retail Development assistance program also helps foster business growth for commercial businesses.
Business investments and expansions from companies participating in TVA Economic Development programs in 2012 include $53.7 million and 800 jobs by Magneti Marelli’s new automotive lighting production operation in Pulaski, Tenn.; $500 million and 200 jobs from Carpenter Technology Corporation to build a premium metals plant near Athens, Ala., in Limestone County; $8 million and 500 jobs from Agero, a global driver assistance services firm, in Clarksville, Tenn.; $9.5 million and 207 jobs by Propulsys, a global manufacturer of hydraulic drive products, in Hopkinsville, Ky.; $130 million and 150 jobs from Roxul, Inc., a leader manufacturer of stone wool insulation products in Byhalia, Miss.; and $15 million and 150 jobs at Mann Hummel an original equipment supplier to the international automotive and mechanical engineering industries, in Dunlap, Tenn.
For additional information about TVA’s economic development programs, please see the recently redesigned website, www.TVAed.com.
The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for business customers and distribution utilities that serve 9 million people in parts of seven southeastern states at prices below the national average. TVA, which receives no taxpayer money and makes no profits, also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.
More Business News
Last Update on November 21, 2014 08:31 GMT
FEDERAL RESERVE-TOO COZY?
WASHINGTON (AP) -- The Federal Reserve says it will review how it oversees the biggest U.S. banks amid criticism that it has grown too close to the financial institutions it is charged with regulating.
The Fed announced the review late Thursday. On Friday, a Senate subcommittee will hold a hearing on whether Fed examiners -- particularly in its New York operation -- have become too cozy with the big banks they oversee.
The central bank said the review will examine whether its decision-makers get the information they need to make good decisions in their inspection and oversight of banks. It also will look at the Fed's internal culture, and whether dissenting views related to oversight are stifled.
The bailout of Wall Street banks during the 2008 financial crisis brought the issue forward.
FRANKFURT, Germany (AP) -- Japan's return to recession has renewed questions about the effectiveness of its recent monetary stimulus -- and how anything similar would help Europe's struggling economy.
The European Central Bank is edging toward the same kind of large-scale bond purchases that the Bank of Japan has used. Proponents say the measure, typically used as a last resort by central banks, could boost the shaky eurozone recovery by reducing borrowing costs for businesses, households and governments.
Yet Japan's recession underlines the limits of so-called quantitative easing, or QE, which involves pumping newly created money into the economy through bond purchases.
The step may give the eurozone a marginal boost by keeping the euro's exchange rate down, putting a lid on borrowing costs for the foreseeable future and generating some wealth effects.
However, few economists think it will provide a magic solution -- especially if governments like those in France and Italy don't make their economies more business-friendly, and if countries keep trying to reduce debt through austerity cuts.
LOS ANGELES (AP) -- Negotiations over a new contract for dockworkers at 29 West Coast ports took an unexpected turn Thursday, as the union insisted on "small table" talks while employers decried the "extended break."
The full teams for the longshoreman's union and the association representing trans-ocean shipping lines and operators of port terminals aren't scheduled to meet again until Dec. 2.
The maritime association called the development a "slowdown tactic" -- a pointed reference to their complaints that dockworkers are deliberately dragging as they load and unload ships.
Public pressure has been mounting to resolve labor strife at ports that handle billions of dollars of imports and exports each day.
A union spokesman said negotiations were going well and the change was a chance to tackle tough issues in small groups.
DETROIT (AP) -- The government is telling Chrysler to speed up its recall of 1.5 million older Jeeps with gas tanks that can rupture in a rear collision.
The National Highway Traffic Safety Administration sent a letter to Chrysler saying that only 3 percent of the Jeeps have been fixed, more than a year after the recall began.
The Jeep Grand Cherokees and Libertys have gas tanks behind the rear axles that can rupture in rear collisions and catch fire. The remedy is to install a trailer hitch to protect the tanks in low-speed collisions. At least 51 people have died in crashes due to the problem.
The letter says Jeep owners have complained about being turned away by dealers for lack of parts.
Chrysler says it's redoubling efforts to get ship parts.
DETROIT (AP) -- General Motors is promoting its purchasing chief to be head of quality as part of a management shake-up.
The move comes after all GM brands but Buick performed worse than average in this year's Consumer Reports auto reliability survey.
Quality and customer experience head Alicia Boler-Davis will remain a senior vice president, but will no longer lead quality. She's now in charge of a department that handles GM's interactions with its customers.
Purchasing head Grace Lieblein takes over as vice president of global quality.
Both executives report to CEO Mary Barra.
Cadillac, GMC and Chevrolet all scored below average in the Consumer Reports survey revealed last month. GMC fell 10 places largely due to problems with the new Sierra pickup. Buick was the top brand from a U.S.-based automaker.
LONDON (AP) -- Financial services startup Square is taking aim at cash registers across the globe, making its point-of-sale software available internationally in English, Spanish, French and Japanese.
The company, whose small cubic credit card reader can be used to turn a smartphone or a tablet into a portable sized till, isn't yet offering the distinctively shaped piece of hardware in Europe, CEO Jack Dorsey said at a press event in London on Thursday.
Dorsey, who co-founded Twitter Inc., declined to give a timeline for when the hardware would be available for Square's new international users.
Square says that its app -- available for Android and Apple devices -- now supports 130 currencies.
KOZY SHACK-PUDDING RECALL
ARDEN HILLS, Minn. (AP) -- Pudding maker Kozy Shack Enterprises is recalling some of its puddings because they are not labeled as containing milk.
The voluntary recall involves 4-ounce cups of Foodservice Kozy Shack Simply Well Chocolate Pudding.
The recalled pudding was distributed through foodservice distribution channels and not sold in retail stores.
The product was distributed to 20 states -- Connecticut, Florida, Georgia, Illinois, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Virginia, West Virginia and Wisconsin.
Minnesota-based cooperative Land O'Lakes owns Kozy Shack Enterprises.
AT&T pays $23.8 M to settle hazardous waste case
SAN FRANCISCO (AP) -- AT&T has agreed to pay California authorities nearly $24 million to settle allegations that it improperly disposed of hazardous waste during a nine-year period.
California Attorney General Kamala Harris said Thursday that the telecommunications giant has also agreed to spend $28 million over the next five years to properly dispose of the waste, which includes batteries, electronic equipment and various gels and liquids. Harris said the investigation began in 2011 when inspectors with the Alameda County District Attorney's office and the California Department of Toxic Substances Control examined trash bins outside about 235 AT&T warehouse and other facilities.
An AT&T spokesman said the company cooperated with the investigation.
Five other telecommunications' companies have disclosed in financial filings with regulators that they are the targets of similar investigations.
The Good LifeCelebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
SideroadsTake a ride with Brian Smith to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
Road TrippinCome Road Trippin' with us and see all the great sites in your area!
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
This N ThatLearn about the latest in community affairs and great events with Brian Smith on This 'N That.
Educator of the WeekNominate now for Educator Of The Week!
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!