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Welcome to Upper Peninsula Business Today

UP Business Today

We are a monthly magazine that keeps the U.P. business community informed on regional business activity and trends. For over 20 years, we have featured stories of local professionals who are thriving in the U.P. economy. As we continue to be your trusted source of business news, we bring new sections to highlight the people and events that make the U.P. unique including 4Hire, On the Network and The Loop.

Keeping you, our business to business partner, Intrigued, Interested and Informed.

Susan Lahti

Current issue

Current Issue

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In This Issue

  • Michigan Tech's Semi-Annual Career Fair
  • Expansion Plans at the Island Resort and Casino
  • Recruitment Efforts in the Logging Industry
  • Chopper Testing at Sawyer
  • Med Flight open in Houghton/Hancock
  • State Officials May Consider Trade Zone Approval

Yahoo! Finance: Top Stories

Asian stocks mixed as Mideast worries linger, oil eases
Spreadbetters expected Britain's FTSE (.FTSE), Germany's DAX (.GDAXI) and France's CAC (.FCHI) to tip toe higher while the markets awaited fresh cues from the Middle East. Crude oil prices were lower due to the dollar's bounce and as investors reassessed the potential impact of the escalating conflict in Yemen, where Saudi Arabia and allies carried out air strikes on Iranian-backed Houthi rebels on Thursday. Excluding the effect of last year's sales tax increase, data released on Friday showed Japan's core consumer price index was flat in February compared with a year ago. U.S. crude (CLc1) was down 2.1 percent at $50.33 a barrel after jumping 4.5 percent overnight because of the military action in Yemen.

Oil prices fall more than $1 as supply threat eases
Oil prices fell more than $1 on Friday, after sharp gains in the previous session, as worries of a disruption to crude supplies due to Saudi Arabia-led air strikes in Yemen eased. Goldman Sachs said in note that the strikes in Yemen would have little effect on oil supplies as the country was only a small crude exporter and tankers could avoid passing its waters to reach their ports of destination. Brent crude (LCOc1) was at $58.18 a barrel at 0421 GMT, down $1. Oil jumped around 5 percent on Thursday, the biggest daily gain in a month, as air strikes in Yemen by Saudi Arabia and its Gulf Arab allies sparked fears that escalation of the Middle East battle could disrupt world crude supplies.

Apple's Tim Cook will give away all his money: Fortune
Fortune magazine cited the head of the world's largest technology corporation as saying he planned to donate his estimated $785 million fortune to charity - after paying for his 10-year-old nephew's college education. "You want to be the pebble in the pond that creates the ripples for change," Cook told the magazine. Fortune estimated Cook's net worth, based on his holdings of Apple stock, at about $120 million. The 54-year-old CEO's revelation in Fortune's lengthy profile of him is an example of the increasingly public philanthropy of the world's richest people.

U.S. biotech stocks may fall further as short interest rises
A 4 percent decline in biotechnology stocks on Wednesday sent the Nasdaq Composite Index (.IXIC) to its largest one-day loss in nearly a year, and some investors are betting that the once-hot sector has further to fall. Short interest has risen in a number of biotech names perceived as vulnerable to a selloff after a rally that has sent the Nasdaq Biotechnology Index (.NBI) up 42 percent over the last year even after this week's declines. Overall, a screen of about 1,650 mid-cap U.S. companies shows biotech stocks, on average, have a short interest ratio of about 11.6 percent, compared with the average mid-cap name's 6.4 percent in short interest, according to Starmine, a Thomson Reuters company. Fund managers now have an average of 4.1 percent of their portfolios in biotechnology companies, nearly double the level of three years ago, according to Lipper data.

RadioShack rescue deal dogged by fights, demands for new auction
RadioShack Corp's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. Bankruptcy judge it had selected the Standard General hedge fund as the winning bidder in the private four-day auction, which ended just before Thursday's hearing. While RadioShack's attorney told the court the deal saved 7,500 jobs and was $23 million more than a bid by liquidators, the deal provided little cash. An attorney for Salus Capital Partners, which is owed $150 million and is RadioShack's largest creditor, blasted the auction process and called for the auction to be reopened.

Amid trial, Kleiner Perkins recruits next generation of partners
For the past month, the name most associated with venture capital firm Kleiner Perkins Caufield & Byers is former partner Ellen Pao, who took the firm to trial for gender discrimination and retaliation. Now the company is searching for new names, at a more intense level than is typical in venture capital, leaders who will take over the firm in coming years as current partners retire. “You can imagine that over the next 18-24 months we’ll be adding people to the firm,” said Mike Abbott, 42, one of the newest Kleiner partners, and himself a contender to one day take over the mantle of the firm from its current de facto leader, 63-year-old John Doerr.

Fed market gurus prep rate hike amid last-minute anxieties
The New York Federal Reserve officials tasked with prying interest rates off the floor have been meeting with bankers and traders to plot how best to do it, amid deep uncertainty over how much control they will really have over short-term lending markets. With the U.S. central bank expected to raise rates later this year, Simon Potter and his team of market technicians have the tricky job of implementing higher rates using some new and lightly tested tools as well as some that may not work as well as in the past. The trouble is that the federal funds market, the intra-bank trading pool traditionally used by the Fed to meet its policy goals, has shrunk to about a quarter of its pre-crisis size after more than six years of unprecedented monetary stimulus. The Fed wants to avoid a scenario in which yields don't rise enough after it lifts the fed funds rate because banks, flush with $2.5 trillion of reserves parked at the central bank, don't need short-term funding.

South Korea sees gains for its infrastructure firms from joining AIIB
SEJONG, South Korea/SEOUL (Reuters) - South Korea hopes its infrastructure companies will benefit from the country joining the China-backed Asian Infrastructure Investment Bank (AIIB), the finance ministry said on Friday. Shares in some South Korean iron and steel products makers rose sharply, partly on hopes for new orders when the AIIB is operational and funding infrastructure projects, which is likely next year. "(The government) expects our companies to win many orders in areas such as communications, energy and transportation, where they have strength," Song In-chang, head of the finance ministry's international finance bureau, told reporters. Seoul announced on Thursday it would seek to join the AIIB as a founding member, the latest U.S. ally to do so despite Washington's misgivings.

American Apparel ex-CEO Charney seeks $40 million damages: Bloomberg
Charney's claims include about $6 million in severance, $1.3 million in vacation-time pay, about $10 million for emotional distress and 13 million shares of the company, Bloomberg reported, citing a letter provided by Charney's lawyer, Keith Fink. The U.S. Securities and Exchange Commission has ordered an investigation into matters arising from the review by the board committee of American Apparel that formalized Charney's firing in December 2014, the fashion retailer said in a filing on Wednesday. American Apparel learned of the formal order of investigation on Feb. 5, but it was not immediately clear whether the probe related to Charney's conduct or to the board's review of him, according to the filing. Charney, 45, started American Apparel's predecessor companies in 1989 and had been at the helm since 2007, when the company went public.

Google to pay CFO Porat more than $70 million in two years
The company hired Morgan Stanley CFO Porat as its finance chief earlier this week, a sign it is aiming to rein in costs as it invests in new businesses such as self-driving cars and Internet-connected eyeglasses. Porat's compensation package includes a grant of $25 million through restricted stock units, a $40 million biennial grant in 2016 and a special one-time $5 million sign-on bonus, Google said in a regulatory filing on Thursday. Porat, who will join Google on May 26, will also get an annual base salary of $650,000.