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Trump Organization convicted in executive tax dodge scheme

NEW YORK - Donald Trump's company was convicted of tax fraud Tuesday for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars, a repudiation of financial practices at the former president's business as he mounts another run for the White House. A jury found two corporate entities at...

 

Xcel withdraws 2023 rate hike request in compromise with state regulators

Xcel Energy on Tuesday dropped its highly contested request for a $122 million rate increase in 2023. In return, state regulators approved accounting changes that they believe would benefit the utility and its ratepayers. Minnesota's largest electricity provider had asked the state for a 6% increase to the average residential...

 

Jury finds Trump Organization guilty of tax fraud scheme

A jury in New York on Tuesday found the Trump Organization guilty of all charges in a sweeping, 15-year tax fraud scheme that prosecutors said was orchestrated by top executives at the company. Jurors deliberated for just over a day before returning the guilty verdicts on a total of 17 counts, including scheme to defraud, conspiracy, criminal tax fraud and falsifying business...

 

Minnesota agencies oppose $122M Xcel rate increase for 2023

Xcel Energy's request to raise residential electricity bills another 6% is being roundly opposed by ratepayer advocates - including two state agencies - who say Minnesotans are already reeling from energy price inflation. The matter will come to a head Tuesday when the Minnesota Public Utilities Commission (PUC) is slated to...

 

Justices spar in latest clash of religion and gay rights

WASHINGTON - The Supreme Court 's conservative majority sounded sympathetic Monday to a Christian graphic artist who objects to designing wedding websites for gay couples, the latest collision of religion and gay rights to land at the high court. The designer and her supporters say that ruling against her would force artists -...

 

DEED Launches New Small Business Funding Stream, Extending More Lending to Entrepreneurs

St. Paul – Today, the Minnesota Department of Employment and Economic Development (DEED) announced the final component of the $97 million State Small Business Credit Initiative (SSBCI): the Small Business Loan Participation Program. As part of the program, DEED will purchase 25% to 30% participations in loans made by approved Community Development Financial Institutions (CDFI...

 

Walz signals openness to revived Sanford-Fairview merger

Gov. Tim Walz expressed openness to the proposed merger of Minneapolis-based Fairview Health Services with Sioux Falls-based Sanford Health, signaling friendlier political waters than the nonprofit health giants encountered when they tried to combine a decade ago. In an interview Wednesday at the Capitol, Walz told the Star...

 

U.S. gas prices plunge toward $3 a gallon as demand drops worldwide

The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays. Filling up is now as cheap as it was in February, just before Russia's invasion of Ukraine touched off a global energy crisis. AAA reported...

 

Powell: Fed to keep rates higher for longer to cut inflation

WASHINGTON - The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed's single-minded focus on combating stubborn inflation. Yet in a speech at the Brookings Institution, Powell also...

 

Tribal Business News Round Up: Nov. 28

This week in Tribal Business News, proposed certification changes to the CDFI Fund could be detrimental to Native CDFIs; a new report examines food sovereignty efforts; and the Whitehouse proposes a boost in funding for Native housing.    Proposed CDFI Fund certification changes could shut out Native CDFIs  The Treasury Department’s CDFI Fund recently proposed changes to...

 

Minnesota employers add benefits - including pet perks and meal subsidies - to keep employees

Starkey Hearing initially struggled to staff its new distribution center when it opened two years ago. "We literally were churning through [candidates]. We hired five workers to get one to stick," said Shelli McGuire, Starkey's vice president of Total Rewards. The unusually high turnover, which companies throughout the U.S....

 

Compute North - flying high just months ago - now part of crypto bankruptcy wave

In February, now-bankrupt Compute North looked to be on a fast track to an initial public offering. The Eden Prairie-based company, co-founded by local tech entrepreneur Dave Perrill, had just raised $385 million to build state-of-the-art data centers for cryptocurrency miners. Bitcoin was booming. And the Super Bowl was rife...

 

New owners make cold-blooded investment in ice fishing on Lake of the Woods

They just invested $20 million in the future of fishing on Lake of the Woods, so there's nothing "chill" about this four-month ice season for business partners Joe Swanson and Pipasu Soni. In a major behind-the-scenes deal finalized this year, the two Minnesotans bought out four owner-operated resorts in the Wheelers Point...

 

Tribal Business News Round Up: Nov. 21

This week in Tribal Business News, Native attorneys weigh on the historic lack of Indigenous voices as the Supreme Court hears oral arguments in the Brackeen case, three Michigan tribes partner on a construction and real estate joint venture; and a gaming expert reflects on California’s recent vote in favor of sovereignty in tribal gaming.  SOVEREIGNTY IN THE BALANCE: Lack o...

 

Justice Department appeals ruling in UnitedHealth Group antitrust case

The Justice Department is appealing a September ruling that found the government failed to show how an acquisition by UnitedHealth Group would harm competition. Last month, Minnetonka-based UnitedHealth closed on its $13 billion deal to acquire Change Healthcare, a health care data firm based in Tennessee, following the ruling...

 

University of Minnesota to manage $34.5M in state funds for startup investments

The Minnesota Department of Employment and Economic Development (DEED) and the University of Minnesota will work together to fund more startups in the state. DEED designated $34.5 million - $10 million of which is already on the ground - that will be managed and distributed by the U. "We're seeing more and more new businesses...

 

Despite buzz about layoffs, many Minnesota firms are still eager to hire

Big-tech companies on the West Coast this fall have been laying off hundreds, even thousands, of people at once. But in Minnesota, employers are still actively hiring. While some are becoming more cautious amid concerns about a possible recession next year, for now the biggest obstacle for many Minnesota businesses remains...

 

Tribal Business Round-up: Nov. 14, 2022

This week in Tribal Business News, a native-owned energy company is awarded $31 million to build a state-of-the-art microgrid for a SoCal tribe; California voters rejected sports betting measures that would step on tribal sovereignty; and Google launched a digital coaching program to leverage tribal broadband.  Indian Energy...

 

Worthington manager solicited fake IDs to hire minors to clean Minnesota slaughterhouses, court papers say

Court documents filed in Nebraska reveal that a Worthington, Minn., manager of a sanitation contractor solicited fake identification documents that obscured the age of children illegally hired to clean slaughterhouses in the Midwest. U.S. Department of Labor prosecutors say that the Kieler, Wis.-based company Packers Sanitation...

 

North Dakota oil industry has stronger month

North Dakota's oil patch posted one of its strongest months this year with output rising 4% in September. "There was some really good news in September," Lynn Helms, the state's mineral resources director, said Tuesday. "For the first time since March, we are back over the 1.1 million barrels [of oil] per day mark." North...

 

Minnesota to receive a slice of $391.5M multistate settlement with Google

Minnesota will receive $8.25 million in a multistate settlement with Google over the tech firm's location tracking practices. The payout is a portion of the $391.5 million settlement announced Monday by attorneys general from 40 states. Minnesota Attorney General Keith Ellison joined the joint action after a 2018 Associated...

 

40 states settle Google location-tracking charges for $392M

HARTFORD, Conn. - Search giant Google has agreed to a $391.5 million settlement with 40 states to resolve an investigation into how the company tracked users' locations, state attorneys general announced Monday. The states' investigation was sparked by a 2018 Associated Press story, which found that Google continued to track...

 

CenterPoint, Xcel challenge decision forcing them to pay more of historic winter storm's costs

Minnesota's two largest gas utilities are challenging a state ruling prohibiting them from together charging consumers $55 million for costs incurred during a 2021 winter storm. CenterPoint Energy and Xcel Energy on Tuesday asked the Minnesota Public Utilities Commission (PUC) to "reconsider" its August decision, which faulted...

 

Bright Health Group eliminating 99 jobs at Minnesota headquarters as pullback continues

Bright Health Group is eliminating 99 jobs at its Bloomington headquarters amid a dramatic retreat from its fast-growing health insurance business, a strategy shift first announced in October. Company executives also indicated Wednesday the pull-back will expand to include the their Medicare Advantage business in Florida. Word...

 

BMO ordered to pay $563M in Petters fraud; it's largest financial penalty by a Minnesota jury

BMO Financial Group must pay the bankruptcy trustees of Tom Petters $563.7 million in damages for the role a predecessor bank played in the multibillion-dollar fraud by the Minnesota businessman, a federal jury in St. Paul ruled Tuesday. The judgment is believed to be the largest financial penalty ever handed out by a jury in a...

 

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