In today’s headlines, Oregon counties will miss out on millions of dollars in marijuana money, while Daimler announces temporary Oregon layoffs.
OREGON NEWS
Pot strikes out. State projections estimate $43 billion in revenue from taxes on retail marijuana sales, but counties with dispensary bans will miss out on millions if local governments don’t reverse bans. Marion County, for example, could lose $110 million this year because of its ban on marijuana businesses, the Statesman Journal reports. Nineteen counties in Oregon and 86 individual cities have bans in place preventing marijuana businesses from operating.
The truck stops here. Daimler Trucks North America will temporarily layoff 170 employees in Portland starting July 1, the company announced today. In an interview last month, CEO Martin Daum was philosophical about the downsizing. “We are a cyclical industry, and we need instruments in our industry to respond to that cycle,” Daum said. At the time of the interview, Daimler had announced plans to layoff around 1,200 employees but had yet to announce specific numbers in Portland. The Portland Business Journal has more.
Toxic cloud. While concerns about toxic chemicals have focused on airborne pollutants from companies like Bullseye Glass, the escalating crisis has now wrappedin the public sector. Reports filed last week showed lead in the water in Portland public schools — a crisis made worse by the fact that PPS officials failed to disclose information about lead testing for two months. Two PPS officials have been placed on leave, and other cities have began testing for the toxic chemical (such as Salem).
In the clouds. Portland-tech company Cloudability has received $24 million from investors to continue growing its client-base. Since launching five years ago, Cloudability has raised $40 million. The company creates software for companies to monitor and manage spending using cloud infrastructure. CEO Mat Ellis says the new funding will fuel product development and allow the company to enlarge its sales team. The Portland Business Journal has more.
Self-fullfilling prophecy. Everyone said it would happen, and it did happen — a train carrying oil derailed Friday in Mosier, catching fire and shutting down the area. The question now is: what happens next? OPB tells you what you need to know about the derailment. And keep your eyes on Oregon companies like railcar manufacturer Greenbrier, which rode the oil boom and is leading the charge for safer rail cars.
MAX slowdown. High temperatures will continue today and into tomorrow, which means … slow Max trains. Light rail cars must slow down when temperatures hit 90 degrees — so expect a leisurely afternoon commute. TriMet explains.
NATIONAL NEWS
Hike likely. Federal Reserve Chair Janet Yellen confirmed suspicions today that interest rate hikes are likely, despite a report on job growth showing job growth is below expections. She did not give a timeline for the incerase, but if and when it happens, the rate increase would have been the first in almost a decade. Reuters has more.
Foot fight. New Balance could soon dress the feet of the American military. A Senate bill to be debated this week includes a provision forcing the Pentagon to purchase New Balance sneakers for its new recruits. The White House and Pentagon are concerned this restriction could cause injury if recruits are outfitted with improperly fitted shoes, while New Balance argues the military needs to follow the law and provide American-made gear for its soldiers. Read more from Bloomberg.
