Low interest rates continue to fuel demand for homes, despite a weak economy. Experts say immigration is helping to fuel demand for homes nationally and in Minnesota.
The price of a home in the Twin Cities, St. Cloud and Rochester has risen at double digit rates for at least four years. Many homeowners in those areas have seen their net worth balloon. But others trying to buy their first house have watched as prices have soared beyond their reach.
The St. Paul Companies CEO Jay Fishman spoke to business leaders Tuesday about his first year running the nearly 150-year-old insurance company. It was a year, Fishman said, full of potentially ruinous obstacles, including Sept. 11, a massive corporate restructuring, and a billion-dollar asbestos lawsuit settlement. But Fishman says the company is in good shape, and he's learned some hard-won lessons.
Twin Cities businessmen Tom Petters and Ted Deikel are officially Fingerhut's new owners. The two completed their acquisition of Fingerhut's assets Wednesday, more than a month after announcing a definitive agreement. The deal could save several hundred Fingerhut jobs that would have disappeared, had Federated failed to find a buyer for Fingerhut.
Second-quarter earnings at 3M Co. more than doubled on higher sales and improved efficiency, and the company on Monday raised its earnings forecast for the second time
Proposals by President Bush and the New York Stock Exchange designed to root out and prevent corporate malfeasance are rising to the top of the agenda at Minnesota's largest corporations. Lawyers from some of those companies discussed scandal, reform and the future at a forum in Minneapolis Wednesday.
Misconduct by some of the nation's largest companies has sparked a crisis in confidence in American business. Now business executives and others say it's time to recommit to the principles of ethical business. For guidance, it turns out Minnesota is a good place to start.
The federal government is holding a job fair this week for federal screeners at the Twin Cities Airport. The government will eventually employ more than 1,000 screeners and administrators at the airport as it takes over security from the airlines.
Concierge care, or two-tier health care, has arrived in Minnesota for consumers who want to pay more for personal service and 24-hour access. Patients say they're simply choosing to pay for services the market isn't providing. But critics say concierge care is unethical and favors the elite at the expense of the less fortunate.
3M celebrates its first 100 years this week. Over the past century, 3M scientists have created a long and storied legacy of new and lucrative products, such as Post-It® notes. Now management is transforming the company to make it grow more quickly. But some of the company's most prominent names say those changes may threaten 3M's unique, century-old culture of innovation.
Ted Deikel and Tom Petters have signed a non-binding letter of intent to buy most of Fingerhut from its parent, Federated Department Stores. Terms of the potential deal were not disclosed, but it brings renewed job hopes to laid-off Fingerhut workers, and to the city of St. Cloud, which was bracing for the closure of one of its largest businesses. A deal would put Deikel back in charge of a company he had helped build into one of the nation's largest catalog retailers.
Honeywell plans to lay off as many as 900 Minnesota workers as it closes four of its Twin Cities advanced circuits facilities. The cuts will end Honeywell's advanced circuits business in Minnesota. The company says an industry-wide crisis is forcing it to reduce capacity.
Maplewood-based 3M Monday reported its first-quarter earnings dropped slightly, but they still surpassed Wall Street's estimates. Analysts say deep cost-cutting and a new management program implemented by CEO James McNerney have made the company a leaner, more efficient company.
Minnesota's economy, like the rest of the nation's, has experienced a significant downturn for more than a year. Now there are a number of signs that the hard times may be coming to an end. But there are also signs that Minnesota's economic recovery may not be all that robust.
A bill that would restrict the use of phosphate fertilizers passed the state House of Representatives by a large majority. The House adds its approval to the Senate, which recently voted heavily in favor of the bill. The measure was at the top of the agenda for lake associations throughout the state, as well as urban residents interested in water quality. If law, proponents say the bill would help make Minnesota's water cleaner, and would reduce harmful algae blooms that pop up late every summer.