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ERC moratorium could spark windfall for some businesses
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we've got stories on the challenges of Series B fundraising right now, how regulations are shaking up remote work at banks and declining foreign investor purchases of U.S. homes. First, however, let's zoom in on the potential costs for the IRS' pause on Employee Tax Credit refunds.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter. <\p>
CrowdStrike outage may cost billions. Here's what businesses should do
The fallout over the global outage from a Crowdstrike update on Windows devices could measure in the billions — a stark reminder that business owners may want to revisit their insurance policies. <\p> A report by cloud monitoring firm Parametrix Insurance estimated the direct financial loss among Fortune 500 companies —excluding Microsoft Corp. — from the CrowdStrike outage that disabled computers around the world on July 19 was $5.4 billion. <\p>
Patients sue Providence over potential exposure to infectious diseases
This story is available courtesy of Portland Business Journal media partner KGW-TV. <\p> Four patients have filed a class action lawsuit against Providence and an anesthesiology firm, accusing them of "gross negligence" after learning that hundreds of patients may have been exposed to infectious diseases by a single practitioner who worked at multiple hospitals in the Portland metro area.<\p>
Portland public company stock plunges on report of SEC probe
Shares in NuScale Power (NYSE: SMR), which have been volatile in the past year, plunged on Monday on reports of a Securities and Exchange Commission investigation into the Portland-based nuclear reactor developer.<\p> NuScale shares fell as much as 20% after the report. They recovered somewhat and closed down 12.5% at $9.50.<\p>
Nike shares dropped 20% a month ago. Here's what's happened since.
A month after Nike experienced its largest stock price drop in company history, the stock hasn’t shown much recovery.<\p> On June 27, the Beaverton-based apparel giant (NYSE: NKE) reported flat annual revenue and a 2% decline in quarterly revenue, and revised its outlook with a 10% first-quarter revenue decline and full-year revenue drop in the mid-single digits.<\p>
In win for downtown, major law firm plans expansion in Portland tower
A noted Portland law firm is adding to its office space within its current West End tower home.<\p> Miller Nash will assume another 6,200 square feet in the 11W building, which opened last year. Miller Nash already occupies 32,000 square feet in 11W. Matthew Goodman, the vice president of 11W owner Downtown Development Group, characterized Miller Nash's lease for both offices as "long-term."<\p>
Mortgage rates are set to fall. Buyers should adjust their hopes.
Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.<\p> Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.<\p>
Why Old Town is the place for Portland footwear creatives to play
Made in Old Town, a $125 million sustainable footwear manufacturing hub planned in Portland, added two high-profile alums of Adidas and Nike to its leadership this month.<\p> One is Noel Kinder, Nike’s former chief sustainability officer, and the other is Eric Liedtke, Adidas’ former brand president and the current CEO of Unless Collective, a biodegradable streetwear brand.<\p>
Oregon food and beverage makers take a cue from semiconductor industry
Taking lessons learned from the success of the Oregon Semiconductor Competitiveness Taskforce, business, government and community leaders are once again coming together around an industry sector: food and beverage. <\p> A group called the Food and Beverage Council, chaired by A to Z Wineworks co-founder Sam Tannahill, has been working since March on gathering information and identifying the needs of food and beverage companies across the state. The work will culminate in a report and recommendations that will be presented to lawmakers in an effort to align state resources. <\p>
OHSU-developed drug attracts $100M investment for biotech
A San Diego biotech company that licensed a compound from OHSU in 2018 has raised a $100 million funding round to further develop a drug for neuropsychiatric and neuro-immunologic disorders.<\p> Autobahn Therapeutics plans to initiate Phase 2 clinical trials to provide "proof of concept" for the compound to be used to treat patients with major depressive disorder and bipolar disorder depression, debilitating diseases that affect more than 20 million Americans.<\p>
Portland metro hotel bookings remain below pre-pandemic levels
Hotel guest room bookings in the Portland metro remain below pre-pandemic levels, though travel advocates projected optimism as summer continues.<\p> The Portland-area hotel occupancy rate stood at 62% in May, down from 74% the same time in 2019, according to data from analytics firm CoStar. Bookings were roughly flat from last year.<\p>
5 Things to know: Riverside silo for sale, goodbye to a Chill
Good morning Portland. Hope your July went well (yes, I know, there are three more days to go, but in my mind, it's already August).<\p> Here are a total of Five Things (three stories, one event and one very sad item from last weekend) to get you going this week. <\p>
Casual dress is just the start of Gen Z making offices less formal
The post-pandemic workplace has undergone a lot of change, with hybrid work and the implementation of more-casual dress codes among the biggest shifts.<\p> Newly available research spotlights how both business owners and employees have younger workers to thank — or blame — for an ongoing casual revolution in the workplace that extends beyond dress codes.<\p>
What PGE told Wall Street in its latest earnings call
Rising industrial demand — primarily from data centers, but also semiconductor makers — continued to drive Portland General Electric (NYSE: POR) load growth in the second quarter of 2024. <\p> In an earnings call on Friday, the utility reiterated to Wall Street that it expected the growth to fuel continued investments in transmission and distribution infrastructure. And it added something new.<\p>
High-profile waterfront property listed for $6.5M
A 3-acre site with views of downtown Portland and a complex history is for sale on the Willamette River for $6.5 million.<\p> The Louis Dreyfus Co. grain terminal at 900 N. Thunderbird Way, just north of the east end of the Steel Bridge, is listed by broker Kidder Mathews.<\p>
Latino founders group taps 32 companies, mainly from OR, for cohort
The organization Latino Founders has selected 32 companies for the next cohort of its accelerator program. <\p> While the majority of the companies are from Oregon, founders from Washington, California, Texas and Illinois are also participating, according to a news release from the group. <\p>
Why pawn shops provide an excellent Oregon economic indicator
The pawn shop economy tends to vary inversely with that of the U.S., rising as Americans need money and falling as outlooks improve.<\p> In 2023, and continuing into 2024, Americans need less money. With salaries rising and unemployment low, the pawn shop sector performed "poorly" through the end of last year, according to IBISWorld, a New York-based market researcher.<\p>
Nike filing reveals deeper layoffs, CEO pay cut
Nike is cutting deeper its global workforce than it previously said it planned to, according to an annual securities filing, which also revealed a $3 million pay cut for CEO John Donahoe.<\p> Earlier this year, Nike (NYSE: NKE) announced it would lay off 740 employees at its Beaverton headquarters in a 2% reduction in its global workforce, part of a $2 billion cost-cutting strategy. <\p>
Portland entertainment landmark asks for help to keep doors open
After 57 years, Portland's Darcelle XV Showplace is on rocky ground financially and imploring longtime supporters to help keep its doors open.<\p> Attendance has dropped by about half for the Friday and Saturday night drag shows at the Old Town venue, in large part due to perceptions that the neighborhood is unsafe, said Kevin Cook, a longtime Darcelle performer who uses the stage name Poison Waters. <\p>
250 OHSU researchers approve strike over 'scrimpy' wages
After nine months of negotiations, a group of 250 postdoctoral researchers at OHSU voted Wednesday to authorize a strike, unless the two sides can come to an agreement, Oregon AFSCME announced.<\p> The vote enables the postdocs to deliver a 10-day notice to OHSU with the start date for a strike, if OHSU continues to offer “scrimpy wages and benefits," the union said in a Thursday announcement.<\p>
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