(WisBusiness) MON News Summary — 12 Jan. 2009

From WisBusiness.com …

— U.S. Rep. Dave Obey, D-Wausau, says the country could see an “absolute catastrophe” without federal aid to the states.

Obey, 70, said the country is in the worst economic crisis in his lifetime and could see national unemployment reaching 13 percent by next year if Congress doesn’t act. And even if the package currently under discussion passes, Obey says “we can still expect to have unemployment considerably above what it is right now.”

See a recap from the newest episode of “UpFront with Mike Gousha” for more from Obey: http://www.wisn.com/upfront/18457252/detail.html

— Basic American Foods in Plover filed notice with the state of its plans to close its facility there by September. The closure means 106 lost jobs.

See the state filing: http://www.wisbusiness.com/1008/large/090108basicfoods.pdf

— Gov. Jim Doyle is set to discuss the economy at a pair of events today in Milwaukee.

At 10:45 a.m. he’s due to attend the Wisconsin Economic Forecast roundtable at the law offices of Foley & Lardner, where he’ll discuss the impact of the national economic crisis on Wisconsin industries and the state budget and discuss the role the federal recovery plan could play in moving businesses and the state economy forward.   

Then at noon he’s due to speak at the University Club to speak to the Greater Milwaukee Committee on economic issues affecting the region.

— With the U.S. Federal Reserve Bank expressing concern about an extended recession and a $5.4 billion deficit looming over Wisconsin, news reports and economic forecasts from the regional Federal Reserve branches in Chicago and Minneapolis suggest some of Wisconsin’s Midwestern neighbors are poised to weather this downturn better than Wisconsin.

See a round-up of the economic conditions facing Wisconsin’s Midwestern neighbors: http://www.wisbusiness.com/index.iml?Article=145268

— Design Specialties Inc. in Milwaukee will receive $81,000 in Community Development Zone tax credits from the Wisconsin Department of Commerce to help the company pay for its new manufacturing facility and headquarters recently built on Milwaukee’s far northwest side.

See more from BizTimes Milwaukee: http://www.biztimes.com/manufacturingweekly/2009/1/12

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Press Releases
· Wisconsin Credit Union League: Credit unions may help automakers add billions in sales, put 4 million new cars on the road

For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82


TOP STORIES
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Anchor BanCorp taking $110M of federal bailout money: Anchor BanCorp said late Friday that it has received preliminary approval of its application to participate in the federal government’s bailout for lenders. Under the bailout program, Anchor BanCorp will issue preferred shares to the U.S. Treasury Department for approximately $110 million, the company said.
http://www.madison.com/tct/mad/latest/431868

Price cuts hurt Wisconsin dairy farmers: Since Dec. 1, more than $1 billion has been taken out of the pockets of the state’s 15,000 dairy farmers. In the last 30 days, the price of cheese — the primary peg used to calculate payments for the state’s 15,000 dairy farmers — has lost about 40 percent of its value.
http://www.postcrescent.com/article/20090112/APC0101/901120436/1979

Miron Construction raises profile with variety of national projects: Activity is bustling outside the corporate office of Miron Construction Co. Work is progressing on the $8 million, 50,000-square-foot addition to the construction management and design-build firm’s headquarters in the Town of Menasha, which houses 105 of its more than 1,000 employees. Company executives say relationships established with architects, developers and other related industries in and outside Wisconsin helped the company achieve record sales in 2008.
http://www.postcrescent.com/article/20090111/APC03/901110509/1028

Basic American Foods in Plover to close; 106 jobs cut: Basic American Foods, 4930 Hayes Ave., Plover, will close, putting 106 employees out of work. According to a Plant Closing and Mass Layoffs notice posted Friday on the state’s Department of Workforce Development Web site, the company will complete its layoffs by Sept. 1.
http://www.stevenspointjournal.com/article/20090110/SPJ0101/901100588/1983

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WISBUSINESS FEATURED COLUMNISTS

– GREGG HOFFMANN: Contributor, WisBusiness.com

– TOM STILL: President, Wisconsin Technology Council

– JENNIFER SERENO: Senior manager, Wood Communications Group

– STEVE JAGLER: Executive editor, Small Business Times

– TOM BURZINSKI: IT executive and consultant
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BIOTECH (back to top)
– Confident investors again boost funding of Mithridion
http://www.jsonline.com/business/37417269.html

ECONOMY (back to top)
– States’ lottery sales rising in recession
http://www.wausaudailyherald.com/article/20090112/WDH03/901120392/1618

MANUFACTURING (back to top)
– Some GM brands may be near end
http://www.thenorthwestern.com/article/20090110/OSH03/301100017/1167

– Renewegy founders hopeful about wind turbine production in Oshkosh
http://www.thenorthwestern.com/article/20090109/OSH03/901090427/1167

– Verlo’s vision: Wisconsin mattress company aims to bounce back from sales slump
http://www.madison.com/wsj/home/biz/431810

LABOR (back to top)
– Take time to attract, keep young workers
http://www.greenbaypressgazette.com/article/20090112/GPG03/901120521/1247

– YRC Worldwide Teamsters members OK pay cut
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily64.html

– Employee Wage Protection Act introduced
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily60.html

INVESTING (back to top)
– Presto Industries is Wisconsin 2008 winner on Wall Street
http://www.jsonline.com/business/37417279.html

– Mach One possibly to acquire Ceres Organic
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily62.html

– Mason Wells unit acquires packaging firm
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily58.html

REAL ESTATE (back to top)
– Executive Q&A – Darren Kittleson: Real estate agent brought Keller Williams to city
http://www.madison.com/wsj/home/biz/431809

AGRIBUSINESS (back to top)
– Ott Proposes Bill to Stimulate State’s Meat Processing Industry
http://www.wisconsinagconnection.com/story-state.php?Id=38&yr=2009

– Bancroft Dairy site sold to Chicago developers
http://www.madison.com/tct/business/431756

TRANSPORTATION (back to top)
– Doyle issues $4 .8 million in transportation grants
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily66.html

RETAIL (back to top)
– Alcohol sales remain steady despite recession
http://www.greenbaypressgazette.com/article/20090112/GPG0101/901120525/1978

– Circuit City in talks with possible buyers
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily68.html

REGULATION (back to top)
– Bar owners feel burned by Eau Claire smoking ban
http://www.leadertelegram.com/story-news.asp?id=BIS2JA28HKM

TOURISM (back to top)
– Welcome ashore: Travel firm focuses on cruisers’ sightseeing interests
http://www.bizjournals.com/milwaukee/stories/2009/01/12/smallb1.html?b=1231736400^1759227

– Great Wolf remains in talks on Ohio resort
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily67.html

UTILITIES (back to top)
– 2 major Wis. utiltiies keep lists
http://hosted.ap.org/dynamic/stories/W/WI_ELECTRICITY_FOR_LIFE_WIS_WIOL-?SITE=WIMAD&SECTION=HOME&TEMPLATE=DEFAULT

HEALTH CARE (back to top)
– Affinity Medical names new senior executive
http://www.postcrescent.com/article/20090111/APC03/901110515/1028

– Drug firms wine, dine and pay up for doctors’ speeches
http://www.jsonline.com/features/health/37421114.html

MANAGEMENT (back to top)
– Kimberly-Clark names innovation officer
http://www.postcrescent.com/article/20090112/APC03/901120447/1028

– Harley names interim financial unit exec
http://www.bizjournals.com/milwaukee/stories/2009/01/05/daily63.html

BUSINESS COLUMNS (back to top)
– Doug Dugal column: U.S. manufacturing base needs shot of rejuvenation
http://www.postcrescent.com/article/20090111/APC0701/901110518/1436/APC03

Media Partners
—Channel3000
—Small Business Times
—Madison Magazine
—BusinessWeek

National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html

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