Category Archives: business news

business news, media news

Thanks, Internet, for changing travel habits

SANTA ROSA, N.M. — We ventured west along Interstate 40 to this community.

Our intention was to relax in our fifth wheel, do a little swimming at the Blue Hole and just get away from the hustle/bustle of our regular lives — although it’s a lot less hustle-and-bustly than it used to be.

However, one of my travel indulgences includes purchasing a newspaper.

So, we awoke and, given that this was a Sunday morning, I only assumed I’d be able to drive to the nearest convenience store, truck stop, grocery market and purchase a paper from a large metropolitan area that’s not too far away from here.

Silly me.

I went to three retail outlets. At the last one, I asked the clerk: “We’re from out of town. Is there anywhere here where we can purchase a Sunday newspaper?” The lady said, “Oh no. They stopped delivering the Albuquerque Journal some time ago.”

That did it!

Then it occurred to me. I can blame the Internet for this catastrophe. Newspapers everywhere are cutting back — or eliminating — regional distribution of their editions (I refuse to refer to newspapers as “products,” which is what my former employers in Amarillo have taken to calling the newspaper that’s being published there in diminishing numbers).

Thus, one of the staples of my traveling habits has been eliminated whenever my wife and I travel to markets that don’t have a daily paper of their own.

Thanks for nothing — whoever it was who invented the Internet.

 

business news, local news, political news

Millennial movement a plus for the city

Amarillo Millenial

Win or lose when the ballots are counted this fall on Amarillo’s proposed multipurpose event center, I see a victory in at least one important sense.

This campaign will have energized a voting demographic that historically is more prone to sit these events out than take an active role.

The MPEV has captured the imagination of a group calling itself the Amarillo Millennial Movement. It comprises young people who claim they are committed to supporting the downtown Amarillo revitalization project as it’s been presented.

AMM favors the MPEV design that currently includes a ballpark for minor-league baseball. It favors the downtown project’s three tiers — which also includes a convention hotel and a parking garage. The latter two items no longer appear to be in jeopardy, as the Amarillo City Council this week approved the go-ahead on the construction.

The MPEV remains an open question. But if AMM can get itself mobilized, it hopes to persuade enough of Amarillo’s voters to support the project as it stands.

Why is this a victory for the city? Because for longer than any of us can remember, young voters as a bloc haven’t been energized enough to organize into a positive force for change. It’s not just an Amarillo phenomenon. This voter lethargy has permeated communities all across the nation.

Many of us heard the naysayers suggest that the young adults are being used. They’re puppets of some well-heeled, deep-pocketed interest group that wants this project to proceed because of some mysterious enlightened self-interest.

My reaction to that? Big deal.

Have you tried to tell a young person to do something when he or she doesn’t want to do it or they lack at least some measure of commitment to the task? Anyone who’s ever reared children into adulthood knows that is a virtual impossibility.

AMM says it wants the downtown project to proceed. It has developed a campaign logo. It is using its members’ considerable social media expertise to spread the word.

That a group of young residents would take the time to become involved in the political process is good news for an old hand — such as yours truly — who occasionally has lamented young Americans’ seeming lack of interest in civic affairs.

Once this campaign ends, it will be my hope that members of the millennial generation keep their interests high … and stay involved.

 

 

business news, local news

Gasoline projected to drop … then it spikes up!

No sooner than I finished reading reports about projected steep declines in the price of gasoline in the United States …

Then the price of unleaded regular gas spikes up 15 cents overnight in little ol’ Amarillo, right here in the heart of the Oil and Natural Gas Patch.

What gives with that?

One of the reports I read said the price decline can be attributed to a number of factors:

* Automakers are making more fuel-efficient cars. My wife and I are driving one now, a Toyota Prius. We’re doing our part.

* There’s a glut of higher-quality gasoline that needs to be used up. Once that supply is gone, then refiners are going to start turning out lower-grade gasoline, which will sell for less than the better quality go-juice.

* Alternative energy sources are becoming more of the norm across the country. The wind and the sun are heating and cooling more homes, although Texas — one of the sunnier places in the country — needs to get more involved in the solar energy game.

I always have trouble trying to figure out the gasoline pricing structure in Amarillo and the Panhandle. A friend who owns a chain of convenience store/gas stations has tried to explain it to me. It has something to do with the price he pays wholesalers for the gasoline he sells at his stations.

I’ll admit, though, to being annoyed when I read about consumer price projections — only to watch the price of the commodity at issue going in the other direction.

I guess I just need to settle down.

 

 

business news

Is that the sound of a ‘Blue Bell’ we’re hearing?

Can it be true? Blue Bell Ice Cream is coming back to our freezers in Texas?

Alabama health officials have cleared the iconic Texas brand of ice cream for production and sale. Can Texas be far behind?

http://www.caller.com/news/state/blue-bell-ok-for-production-and-sales-of-ice-cream-1c92f7b3-4bd0-547a-e053-0100007f90c7-320796511.html

Blue Bell has been missing from shelves since Listeria was discovered. Health and company officials reacted quickly to the alarming news. The ice cream disappeared.

My family and I have lived in Texas for 31 years and during all that time we’ve heard the mantra about the Brenham-based product: Blue Bell is the best ice cream in America, maybe the world.

We bought into it. It’s so very good.

I am awaiting the rest of the good news, that Blue Bell is back.

business news, local news

Whether to vote on MPEV

It’s now been established that the new majority on the Amarillo City Council believes it brought “change” to the way things are to get done at City Hall.

I guess they believe, therefore, that the city residents need to vote on whether to proceed with the multipurpose event venue planned for a site just south of the City Hall building.

My strong sense is that they also believe voters would reject the MPEV. The reasons why aren’t precise. One thing I keep hearing — based on what I read through all the media outlets available — is that residents weren’t kept sufficiently informed about the project. Well, that reason makes zero sense. The public has been involved from the get-go. There have been public hearings, and question-answer sessions with City Council members and senior city administrators.

Others want the Civic Center improved, expanded and dolled up before proceeding with an MPEV. What’s missing in this argument, though, is the cost of renovating the Civic Center and, more importantly, how much of a burden the public would carry to finance an improvement though a bond issue election. I’ve heard varying cost estimates for expanding the Civic Center, but they all seem to hover around the $130 million mark. That’s a lot of dough and it will cost more than the three-pronged project — MPEV, downtown hotel and parking garage — being proposed for downtown Amarillo.

Oh, and there’s this: The proposal on the table now calls for private money to build it, with hotel-motel tax revenue being used to maintain it.

And who contributes the hotel-motel tax revenue? Those who visit Amarillo.

I want to reiterate once again that the concept being considered is a sound one for the city … in my oh-so-humble view. A move to put this matter to a vote is intended to scuttle the MPEV. If it’s defeated, the hotel and the parking garage don’t get built.

Then we’ve just wasted a lot of time, emotional capital, sweat equity and, oh yes, money.

 

business news, local news

Fort Wayne emerges as civic test case for Amarillo

Fort Wayne, Ind., is home to roughly 253,000 individuals.

Amarillo’s population is just a shade less than 200,000.

Fort Wayne has developed a downtown convention and entertainment district that includes — get ready for it — a multipurpose event venue.

Amarillo wants to re-create its downtown district into something quite similar.

http://amarillo.com/news/latest-news/2015-07-18/can-it-work-here

An article in the Amarillo Globe-New by my old pal Jon Mark Beilue asks whether a Fort Wayne-style plan can work in Amarillo.

I continue to see the Amarillo proposal as a net positive for the city that could turn into a spectacular positive.

Fort Wayne has made it happen, despite some serious push back as plans were being formulated. Interesting, when you consider the resistance that has developed here over a plan that looks for all the world — to many of us, at least — like a prescription for revival.

Beilue makes an important point in comparing what Amarillo wants to do with what Fort Wayne has accomplished. The cities are comparable in size. He notes the huge disparity in population between Amarillo and, say, Fort Worth and Oklahoma City, which also have enjoyed spectacular downtown revivals. He writes: “Its (Fort Wayne’s) metro area is 416,800, about 165,000 more than Amarillo. That’s not apples to apples, but is a more realistic comparison than to the major cities of Fort Worth and Oklahoma City, which have undergone large-scale downtown transformations.”

Beilue then writes: “’We came together as a community and came up with something really valuable for economic development, for downtown development and a way to retain and gain jobs,’ said Graham Richard, who was Fort Wayne’s mayor when the project was approved.”

Why is that such a difficult concept to grasp? Some folks here — and I have not accepted the idea that they comprise a majority of our population — keep looking for reasons to oppose the project.

The MPEV won’t work. The city needs to expand the Civic Center. Too many palms are being greased. It’s going to cost taxpayers a fortune.

That’s a sample of the kind of thing we keep hearing.

Are this city’s residents so uniquely contrarian that we simply refuse to fathom a future that looks radically different from our past?

Take a good look at the article attached to this blog post.

It’s enlightening.

My own takeaway is pretty straightforward: If a city such as Fort Wayne, Ind., which doesn’t seem to have that much more to offer than Amarillo can remake itself, then what in the world is stopping us from marching toward a brighter future?

business news

Trump’s ‘brilliance’ questioned

I get a lot of Facebook posts from former U.S. Labor Secretary Robert Reich, who’s teaching these days at the University of California, but who remains dialed in to what’s happening politically.

Here is his latest rant … about The Donald.

“This morning I heard an apologist for Donald Trump say ‘at least he’s a brilliant businessman.’

“Baloney. Trump companies have filed for corporate bankruptcy four separate times. If you or I went bankrupt, all our assets would be used to repay our debts. If you’re a former student who can’t pay your student debt, or an underwater homeowner who can’t make a mortgage payment, you can’t even file for bankruptcy. But Trump has used bankruptcy and corporate laws to shield his personal fortune, allowing him to amass huge debts with little or no downside risk while enjoying all the upside gains.

“Trump also made his fortune by squeezing employees. As Bloomberg Business reports today, Trump operates one of the stingiest 401(k) plans in America. You can’t even join it until you spend a year as an employee, and Trump’s contribution doesn’t kick in for six years – the slowest vesting schedule allowed under U.S. law. Between March 2009 and June 2012, Trump suspended all contributions.

“He’s no brilliant businessman. He typifies the modern corporate CEO who’s rigged the rules, reaped giant personal rewards, and left communities and employees stranded.”

I think in Reich’s view, Donald Trump is a legend in his own mind.

Come to think of it, that’s my view as well.

business news, local news

Are we clear now on downtown plans?

7 Comments

Well, that explains it, correct?

Amarillo officials teamed up with business and civic leaders to go through downtown’s revival plans in minute detail. They explained a lot, answered questions, heard gripes and compliments. Roughly 300 residents gathered at the Civic Center’s Heritage Room to hear it all.

End of debate? Not even close.

Now, for the record, I wasn’t one of the attendees; work commitments kept me from going downtown to hear the pitch and to watch the reaction. I cannot comment specifically on the details of the hearing. Having stipulated all of that, I’ll now tell you that I continue to scratch my head over this notion that the city is somehow conducting all this stuff in secret.

I’ve looked at some of the online comments posted on Amarillo.com; I still am amazed.

The downtown project needs a couple of starters to keep it going. One of them is that multipurpose events venue, aka MPEV and/or “the ballpark.” Without the MPEV, there likely will be no downtown hotel, which would be built and operated by a Dallas-based hotelier. Without the hotel and the MPEV, there’s no parking garage.

The project would be done.

And yet …

Some folks in high places think the MPEV is a bad idea. They’ve dislike the notion of building a convention hotel downtown without first expanding the Civic Center to make it more conducive to conventions they say are going to other cities.

Weaving through all of this is this notion that the city has done things under cover. They’ve kept vital information from the public.

From what I have heard about the daylong public meeting Wednesday at the Civic Center, nothing of the sort can be validated. Yet the cynics out there — as illustrated by some of those online comments — keep insisting the meeting was a put-up job, meant to paper over the “real issues” relating to the downtown development proposals.

The project was estimated originally to cost $113 million — give or take a few hundred thousand bucks. I understand it’s been reduced to around $92 million. It’ll be financed by private investors, who’ve been given tax inducements from city and county governments. The city will put hotel-motel tax revenue to work in helping finance the project.

Oh, and let me add as well that the tax revenue in question comes from people who come here to, uh let me think, attend conventions or other entertainment-related events.

Those tax inducements? They involve tax abatements, contrary to what one leading local — and vocal — businessman, Craig Gualtiere, said recently, do work. They actually do provide incentives for business to come to communities, set up shop, build things, hire people and provide whatever service they are in business to provide. OK, so we exempt those businesses from paying property taxes for a few years. Then they join the tax rolls. Amarillo is not creating a new invention with this device; it’s been tried and proven all across the nation.

Yes, one can overdue tax abatements, but do you really think city and county officials are unaware of that risk?

So here we are. The community has heard from the downtown redevelopment brain trust.

Let’s proceed.

business news, local news

Still wondering: How does downtown plan hurt?

Amarillo MPEV

Let’s take the long view, shall we?

The drawing here depicts what Amarillo’s downtown district is set to look like in about, oh, five years.

It shows a nifty little ballpark directly across the street from City Hall. To the west of the ballpark we’ll have a convention hotel. Next to City Hall there’ll be a covered parking garage.

City officials think all of this is doable. They believe that once the project is complete, the city will draw additional convention business, with flocks of convention-goers putting themselves up in lodging downtown and perhaps as well along Interstate 40.

Xcel Energy has broken ground on a new office complex it will occupy once it vacates the 31-story Chase Tower.

City and downtown development officials are planning a daylong session Wednesday to lay out the project in detail. They’ve invited the public to take part. They want to hear everyone’s concerns; they’ll certainly accept supporting comments. They also say they intend to listen to the concerns of those who are opposed — some of them adamantly — to the downtown project.

What on God’s Earth, though, can be wrong with redeveloping a downtown district that once flourished as a gathering place for Panhandle residents, but which has languished over many years as a place that remains a business and financial center, but needs some energy?

The City Council and economic development leaders have told us until they’ve run out of breath that the downtown redevelopment will occur without spending additional property tax money. They contend that hotel/motel taxes will pay for it. The money will come from those who visit Amarillo, from folks who live elsewhere.

And even that has drawn criticism.

The projects are moving forward. Agreements have been signed. They’re finally starting to bust up some pavement to make room for what promises to be a grand new look for our downtown business district.

The price tag is around $100 million. Development leaders are securing private investors to foot a huge part of the bill. Has that quieted the critics? Oh, no. They’ve persisted in the demagoguery.

I need to ask: Are we going to forsake this investment in our city’s future because some of us just cannot believe it’s possible in little ol’ Amarillo, Texas?

How about stretching our reach just a little bit to grasp what — to my eyes — looks quite promising?

 

business news, International news

Greece: the downside of globalism

Economists have hailed the era of globalism, the interconnectedness of nations.

One nation’s failures and foibles affect others, just as their triumphs do.

Greece is in trouble — again! And the world is holding its breath.

Man, it pains me to watch what’s happening to the country of my ancestors. I’ve visited the place three times: 2000, 2001 and 2003. I’ve seen the good side of the country. My wife and I have experienced its charm, swallowed up its physical magnificence, gotten a taste of its cuisine and seen first hand the antiquities left over from when it was the “cradle of western civilization.”

Now this.

http://www.msn.com/en-us/money/markets/salvation-to-catastrophe-what-might-happen-to-greece/ar-BBl1S4d

Greece owes billions of dollars to creditors. It must pay them back or else default. It joined the European Union, converted its currency, the drachma, to the euro, but the EU might kick Greece out. Germany, which has played a huge role in bailing the Greeks out, already is making plans for Greece’s default on the loans it has taken.

International financial markets are on edge. They’re teetering, putting retirement funds — such as mine and my wife’s — at risk.

Why is this all happening? Globalism.

Look, left to its own devices, Greece’s influence on the world shouldn’t be that impactful. It’s a small country. It’s a modern country. Its people are sophisticated and well-educated. But it comprises about 10.5 million citizens, contributing to a gross domestic product of $284 billion annually, which is chicken feed compared to, say, nearby Italy, with its $1.9 trillion GDP.

Still, the countries are linked by common currency, common trade practices and common pressures that ripple their way across Europe — and around the world.

Greece has made a mess of itself and the world might be forced to clean it up.

The push to join nations together in international trade arrangements and alliances by itself isn’t a bad thing. I remain all for it.

These alliances, though, depend on everyone doing what they must to ensure they hold together. Greece hasn’t done it. It continues to resist the austerity measures that others have imposed on it. Its left-wing government also is on the brink of collapse.

Doomsday hasn’t arrived in Athens. It’s getting dangerously close.