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Portland Business Journal
Five Things to Know this week: Nike keeps making news
Good morning. Welcome to July. The heat cranks up in a few days, so enjoy today's mild summer temps while perusing this week's Five Things to Know.<\p> Several of last week's big headlines shared the same four letters: Nike. Beaverton's own global apparel titan had a rocky week, culminating in a disappointing earnings report, a revised outlook and a tanking share price. We also need to mention last week's PBJ cover story on Nike CEO John Donahoe's tenure and his future with the brand (NYSE: NKE).<\p>
3 Portland pizza makers rank among world's best, and other food news
For this edition of the roundup we start with more headlines about Portland pizza. <\p> First, three Portland pizza makers were recognized by Italian pizza publication 50 Top Pizza for being the best in the U.S for 2024. They picked up the honors last week in a ceremony in New York. <\p>
Trail Blazers roster changes are also happening in the C-suite
The Portland Trail Blazers have hired a new executive vice president and chief revenue officer, Galen Davies.<\p> Davies joins the organization after more than a decade with Maple Leaf Sports & Entertainment in Toronto, driving revenue growth for NHL, NBA, MLS and CFL teams. In his new role with the Trail Blazers, he will lead strategic planning, ticketing and commercial partnerships, aim at increasing revenue streams and diversifying customer segments.<\p>
Union members blast OHSU's Jacobs, Monfries at raucous board meeting
Unionized workers turned out in force at a raucous OHSU board meeting on Friday to protest cuts in jobs and benefits contained in a $5.5 billion budget for the coming fiscal year. <\p> At the start of the meeting, representatives from AFSCME and the Oregon Nurses Association, which together represent 16,500 of OHSU’s 20,000 workers, presented a petition signed by 4,565 members demanding that the board maintain health care benefits.<\p>
Viewpoint: 'Oregon is experiencing a competitiveness crisis'
In April, Oregon Business & Industry released its inaugural Oregon Competitiveness Book, a collection of more than 50 state rankings in economically significant areas, from taxation to electricity costs. The information in the book, OBI wrote at the time, describes “a state that has a great deal of work to do if it wishes to remain competitive.”<\p> On June 17, economic consulting firm ECONorthwest shared recent employment statistics with regional leaders. The numbers underscored the conclusion of the Competitiveness Book. From January 2023 to January 2024, ECONorthwest reported, total nonfarm employment in Oregon shrank by 0.2%. In terms of job creation, Oregon was dead last among the 50 states. <\p>
Portland businesses face highest taxes in the country. Here's why.
Taxes that Portland residents and businesses face — a hot pandemic-recovery topic in the city — are indeed remarkably high, according to a comprehensive new report.<\p> The report finds Portland has the highest business taxes and the second-highest top marginal rate on wage income in the country.<\p>
With Portland set to ban camping, Oregon leaders react to court ruling
Hours after the U.S. Supreme Court on Friday morning issued its ruling that Grants Pass' public camping ban was constitutional, Oregon leaders' reactions split along partisan lines.<\p> "Our goal remains making sure every Oregonian has access to safe, affordable housing so no one has to resort to sleeping on the streets. Homelessness will be solved by building more housing, supporting shelters and programs to get people on the path out of homelessness," state Senate and House housing chairs Sen. Kayse Jama, D-Portland, and Rep. Pam Marsh, D-Ashland, said in a statement. <\p>
Oregon humanoid robotics company inks deal with logistics giant
Oregon’s Agility Robotics inked a multiyear deal with a logistics giant for commercial deployment of its humanoid robots. <\p> Agility is billing this as the first commercial deployment in the industry — which has been heating up with other high-profile companies like Figure AI, Tesla and Apptronik — and the first “robotics-as-a-service" for a humanoid robot. <\p>
Nike stock in tailspin after weak earnings report
Since Nike’s earnings call Thursday, when it reported flat annual revenue and lowered its 2025 outlook, its stock has dropped to its lowest levels since the pandemic hit.<\p> Before the Thursday afternoon call, Nike’s stock (NYSE: NKE) was sitting at $94.20. By noon Friday, its price fell to just below $75, representing a 20% drop in less than 24 hours. On March 16, 2020, Nike’s stock closed at $67.45.<\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
What to know about I-5 closing in Portland this weekend
This story is available courtesy of Portland Business Journal media partner KGW-TV. <\p> A 4-mile stretch of Interstate 5 will be closed in both directions starting Friday night in Southwest Portland for construction crews to continue work on the Southwest 26th Avenue overpass. <\p>
The Pitch: Harnessing AI to support aging in place
Portland entrepreneur Polly Bangs has a deep understanding of the elder caregiving industry. First, when she became the primary caregiver for her father who was diagnosed with dementia. Then with her company Urban Excursions, which grew out of her own care giving experience. <\p> Now she has started Thrive Guides, a company that is developing an artificial intelligence tool that can be used by caregivers for education and support. <\p>
2,500 new homes planned for high-cost Oregon city
The Oregon Department of State Lands tapped real estate brokerage Cushman & Wakefield to find a buyer for the Stevens Road Tract in Bend, where some 2,500 new homes could one day rise on just over 260 acres.<\p> The Business Journal and others have written about the housing crunch in Central Oregon’s largest city, where home prices rose rapidly through the Covid-19 pandemic and have remained high.<\p>
$31M court clash between Portland metro companies put on ice
A Portland court clash that could make up for its complex and arcane energy contract details with an element of human intrigue has been pushed back.<\p> Nike's $31 million lawsuit against Avangrid over a Texas wind power deal was set to go to trial in October in Multnomah County Circuit Court. But the parties jointly told the court they needed more time for document discovery and depositions, and a judge last week gave them four months.<\p>
As charter reform looms, Portland introduces new city administrators
Monday will mark the six-month countdown to Portland's new form of government, prompted by the charter reform measure voters passed in 2022.<\p> Mayor Ted Wheeler on Thursday gave a rundown of how the process will play out through the end of the year, when he steps down from office and new mayor and greatly expanded council comes in. <\p>
Nike lowers outlook after lackluster earnings
Nike revised its outlook following a fourth-quarter earnings report that included flat annual revenue and a 2% decline in quarterly revenue.<\p> CEO John Donahoe said on an earnings call Thursday that Nike now expects first quarter revenue to be down 10% and full-year revenue to be down middle-single digits.<\p>
The newest Trail Blazer already has a lunch order named after him
The newest Portland Trail Blazer already has a lunch order named after him.<\p> It helps that Donovan Clingan, the Connecticut Husky whom the Blazers selected with the seventh pick in the 2024 NBA Draft, had a deal with Chipotle going into the event. Clingan is a large (7 feet, 2 inches tall) center who excelled during the last two NCAA tournaments, which the Huskies, in a rare feat, won both. <\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
Gov. Kotek reveals endorsement for Portland mayor
This story is available courtesy of Portland Business Journal media partner KGW-TV. <\p> Oregon Gov. Tina Kotek has thrown her support behind Carmen Rubio as the city commissioner attempts to come out on top in an increasingly competitive race for Portland mayor in November.<\p>
Most of Oregon's top ag commodities made big gains in 2022
The most valuable agricultural commodities across Oregon got even more valuable in 2022, according to the latest data from the Oregon Department of Agriculture. <\p> As consumer price inflation began to accelerate that year, the total value of production for the state's top 20 commodities hit $6.5 billion, up 9.6% from 2021. International export of all agricultural commodities reached $2.4 billion.<\p>
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