MAY 2022… TRISTATE TALKING NEWS – REGIONAL, NATIONAL AND GLOBAL SNAPSHOTS

YOUR MAY 2022 NEWS BULLETIN BRIEF FROM THE…

KENTUCKY

SUMMIT POLYMERS TO INVEST $37.5 MILLION AND CREATE 218 JOBS: Kentucky’s automotive sector is growing as Summit Polymers Inc., a designer and manufacturer of automotive interior components, moved forward with plans to construct a $37.5 million manufacturing facility in Anderson County, creating 218 full-time jobs. The new 140,000-square-foot facility on approximately 40 acres along the U.S. Route 127 Bypass in Lawrenceburg will conduct plastic injection molding, paint applications and assembly operations

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HEAVEN HILL ANNOUNCES PLAN TO OPEN NEW $135 MILLION FACILITY IN BARDSTOWN: Heaven Hill Distillery is expanding, with plans to open a new $135 million facility by 2024. The new distillery is being built on a vacant 61-acre site at 1015 Old Bloomfield Pike, off KY 245, to help meet a growing demand for bourbon worldwide. “We are building a state-of-the-art highly efficient distillery,” said Anna Hibbs, manager of strategic initiatives at Heaven Hill Distillery.

Construction is scheduled to begin this spring, with the distillery slated to open by the end of 2024. Officials said it will eventually produce 450,000 barrels of bourbon a year, according to a news release.

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TENNESSEE

FORD ANNOUNCES $16.5 MILLION PARTNERSHIP WITH THE UNIVERSITY OF TENNESSEE: Ford Motor Co. will invest $16.5 million for stream and wetland restoration at the University of Tennessee Institute of Agriculture’s Loan Oaks Farm, its latest investment in the state. The Michigan-based company made the announcement Friday morning at the 2022 Memphis International Auto Show during a panel discussing the new partnership between Ford and the University of Tennessee.

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DELEK WILL PURCHASE ENERGY OUTFIT FOR $625M: A subsidiary of Delek US Holdings, the Brentwood-based American arm of Israeli energy firm Delek, has announced it will purchased 3Bear Energy for $624.7 million, according to a release filed with federal regulators.

3Bear owns crude oil and gas extraction, processing and transportation operations in New Mexico’s Delaware Basin. The 3Bear assets include approximately 485 miles of pipelines and the capacity to process 88 million cubic feet of cryogenic natural gas per day. 

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WEST VIRGINIA

TIME TO DIVERSIFY WEST VIRGINIA’S ECONOMY: During the pandemic, entrepreneurs across the country addressed financial challenges by starting their own businesses. In fact, 10% of U.S. workers are self-employed entrepreneurs now. But here in West Virginia, that number is considerably lower. According to a report by Commodity.com, only 6.8% of Mountain State workers are self-employed — the fewest of any state.

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WEST VIRGINIA TO HAVE STATE’S LARGEST SOLAR FARM ON FORMER MINE SITE: SEVA WV plans to make the largest solar farm field at a former mining site.The overall development includes 5,800 acres formerly known as the Hobet mining site, of which 3,000 acres will be developed as the state’s largest solar farm. SEVA WV says the multi-phase plan includes industrial and commercial development, an educational experience, tourism & hospitality venues, that work together to make this project an epicenter for economic development creating new high-paying jobs and improving the quality of life for all West Virginians.

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A SNAPSHOT OF WHAT’S HAPPENING NATIONALLY!

WHY THE RATE OF BLACK BUSINESS OWNERSHIP IS GOING UP: The number of Black small-business owners was 28% higher in the third quarter of 2021 than it was pre-pandemic. The city of Pittsburgh has historically struggled to lift up Black businesses, having the lowest rate of Black business ownership of any large city in the U.S.  But around 2020, things started to change. In a normal year, the local Urban Redevelopment Authority gives out around 30-50 loans. In 2020, it gave out over 350 loans – and almost half went to Black-owned businesses.



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TREASURY ANNOUNCES PLANS TO DEPLOY $300 MILLION IN TECHNICAL ASSISTANCE TO UNDER-SERVED ENTREPRENEURS AND VERY SMALL BUSINESSES THROUGH THE STATE SMALL BUSINESS CREDIT INITIATIVE: The U.S. Department of Treasury (Treasury) announced plans to deploy $300 million of State Small Business Credit Initiative (SSBCI) Technical Assistance funding to support small businesses across the country. $200 million of these funds will be provided to states, the District of Columbia, territories, and Tribal governments that are participating in the SSBCI capital program to provide technical assistance to qualifying under-served entrepreneurs and very small businesses with fewer than ten employees. Another $100 million of funds will be transferred to the Minority Business Development Agency (MBDA) at the Department of Commerce, which will focus its technical assistance on helping under-served entrepreneurs seeking direct capital investment, such as venture capital financing.

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SPECIAL FEATURE STORIES FROM AROUND THE WORLD!

‘OPEN’ TECHNOLOGY CAN TACKLE THE WORLD’S BIGGEST PROBLEM – HERE’S WHAT’S HOLDING IT BACK:

  • Open source approaches to technologies can help governments more efficiently develop tailored solutions to big and urgent challenges.
  • Implementing digital public goods (DPGs) to leverage digital public infrastructure (DPI) can provide crucial interventions for emergencies and development.
  • DPI and DPGs, when combined with community engagement and accountable governance, form Open Digital Ecosystems (ODEs) that democratize access to government systems and enable collaborative citizen-centric services.
  • Key changes must be made to ensure that governments can maximize digital ecosystems to accelerate the achievement of UN Sustainable Development Goals.

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‘IT’S NOW OR NEVER’:  WORLD’S TOP CLIMATE SCIENTISTS ISSUE ULTIMATUM ON CRITICAL TEMPERATURE LIMIT: The fight to keep global heating under 1.5 degrees Celsius has reached “now or never” territory, according to a new report released Monday by the world’s leading climate scientists.  The highly anticipated report, delayed slightly due to last-minute disputes over the exact wording of the document, says curbing global heating to 1.5 degrees Celsius above pre-industrial levels would require greenhouse gas emissions to peak before 2025 at the latest. At the same time, methane, a potent greenhouse gas, would also need to be reduced by roughly one-third.



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