Latest / Kentucky Business News / 3.19.26

Transcript

3.19.26 · Kentucky Business News

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  Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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  and Louisville, including The Lame Report and others from around
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  the Commonwealth. Your reader today is Julia Shane. As a reminder,
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  RADIOI is a reading service intended for people who are
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  blind or who have other disabilities that make it difficult
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  to read printed material. Our first article comes from the
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  March seventeenth, twenty twenty sixth edition of The Lame Report
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  and is titled fifty million dollars approved towards new osteopathic
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  medicine program at EKU. At a special meeting of the
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  Council of post Secondary Education, the board approved an appropriation
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  request of fifty million dollars to the General Assembly for
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  Eastern Kentucky University EKU to start up a new doctoral
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  program in osteopathic medicine. The program would be the state's
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  second osteopathic medicine program, in addition to the University of Pikevilles.
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  The fifty million dollar investment would provide for an initial
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  disc grow fund required by the Commission on Osteopathic College
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  Accreditation forty two million dollars, to be returned to the
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  state upon final accreditation and graduation of the program's first class,
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  as well as one time startup expenses eight million dollars.
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  EKU has already requested three hundred thirty million dollars for
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  a new health center to support all health science programs
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  at the university, and plans to hire thirty two new
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  faculty in a phased strategic rollout, pending final budget and
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  program approval. In his presentation to the board, Doctor David McFadden,
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  EKU President said, as Kentucky's workforce University, EKU has a
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  long tradition of preparing healthcare professionals to serve communities across
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  the state. Establishing the proposed Doctor of Osteopathic Medicine program
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  would build on that legacy while helping address Kentucky's growing
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  physicians short particularly in rural and medically underserved areas. Doctor
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  of Osteopathic Medicine deos are licensed physicians who practice holistic,
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  patient centered medicine, most often in primary care or emergency settings.
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  EKUS program will focus on serving rural and medically underserved
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  communities across Kentucky. The program combines four years of undergraduate
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  coursework with one to three additional years of advanced residency training.
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  Over two million Kentuckians live in medically underserved areas in
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  ninety four percent of our counties don't have enough primary
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  care physicians, said doctor Aaron Thompson, CPE President. We are
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  hopeful these future graduates will give back to their regions
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  and help alleviate health care practitioner shortages. Senate Bill seventy seven,
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  pass during the twenty twenty five regular session of the
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  General Assembly, allows comprehensive use universities to propose new doctoral
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  programs when certain undergraduate student success and financial stability metrics
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  are met. EKU has completed the preliminary requirements for program approval,
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  including a feasibility study by an outside evaluator, proof of
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  market and student demand, and an analysis of how programmatic
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  accreditation requirements will be met. If the General Assembly funds
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  the new program, it will go before the CPE Board
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  for final approval. The next article from the Lane report
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  is titled Local nonprofits awarded one hundred thirty eight thousand,
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  five hundred dollars in grants thanks to Saint Joseph's Saint
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  Joseph London has awarded one hundred thirty eight thousand, five
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  hundred dollars in grant funding to two local nonprofit organizations
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  to improve the well being and health equity of the
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  London area. The grant recipients are k CEOC Community Action
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  Partnership Incorporated and Hospice of the Bluegrass Incorporated. At Saint
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  Joe's Health, we are committed to a healthier future for
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  all and addressing the unique needs of our neighbors, said
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  John Yanes, President Saint Joseph's London. As a member of
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  Common Spirit Health, we seek to continuously advance the common good.
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  Our mission calls out a special focus on serving the vulnerable,
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  and the work of those incredible organizations is essential in
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  advancing well being and health equity across the area. Together,
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  through these partnerships and Saint Joseph Health's commitment, we can
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  make a meaningful impact and create a brighter, healthier future
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  for all. The grant funding will be used for the
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  projects through March of twenty twenty seven. Here's what the
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  recipients said about the grants. KCEEOC Community Action Partnership Incorporated
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  received forty one thousand dollars to supplement physician education classes
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  in Knox County Public schools, providing educational materials and equipment
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  to help improve the overall fitness of students. Our district
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  is proud to be a recipient of the Community Health
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  Improvement Grant, bringing a renewed emphasis on improving overall student
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  fitness through education and resources. Data continued to show how
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  important good health choices are as a child that last
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  into adulthood, said Jeremy Ludford, Knox County Public Schools Superintendent.
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  The Family Fitness Knights will strengthen healthy habits at home
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  for students and their families across the Knox County Public Schools.
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  We appreciate the spirit Saint Joseph's Health embodies as it
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  helps make Knox County a healthier community. We are proud
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  to have Saint Joseph's and Common Spirit as a collaborative
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  partner on this grant and others that are making a
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  positive impact in KCPS. Hospice of the Bluegrass Incorporated received
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  ninety seven thousand, five hundred dollars to help improve access
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  to care for high risk patients in Laurel, Jackson and
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  Whitley Counties by partnering with Bluegrass Transitional Care to provide
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  up to one hundred eighty one patients with a thirty
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  day bundled plan of care which includes hospital bedside enrollment,
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  three in home nurse visits, and unlimited twenty four to
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  seven phone support. This grant strengthens our ability to serve
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  individuals and families across our community with the care, comfort,
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  and support they deserve, said Liz Fowler, president of Bluegrass
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  Care Navigators. It reflects the power of partnership in ensuring
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  no one has to face serious illness alone. This investment
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  supports Bluegrass Care Navigator's mission to deliver patient centered care
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  with excellence and compassion. We are thankful for this partnership
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  and the use the opportunity to expand access to critical
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  services for those who need them most Across Kentucky. Saint
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  Joseph's Health awarded five hundred fifty eight thousand, two hundred
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  dollars through the grant program, which was open to nonprofit
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  organizations that address the following priorities substance use disorders, mental
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  health and mental disorders, and weight status, physical activity and
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  nutrition through projects planned for the next calendar year. The
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  priorities were identified in Saint joseph Health's most recent Community
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  Health Needs Assessment, which is conducted every three years to
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  help the hospitals and community partners identify and address priority
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  health and social needs faced by residents and the region.
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  The next article from the Lane Report is titled Floor
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  Reports Steal to design four hundred eighty megawatt data center
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  in north central Kentucky. Floor Corporation announced its advanced Technologies
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  business has signed a limited notice to precede LNTP with
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  Trewolf Incorporated for master planning and pre construction services on
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  a large scale, brownfield data center campus in north central
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  Kentucky with access of up to four hundred eighty megawatts
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  of grid connected power. Flora will recognize its portion of
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  the undisclosed contract value in the first quarter. Flora will
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  lead projects from its North American Data Center execution hub
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  in Greenville, South Carolina. The LTNP enables Floor to begin
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  early engineering, master planning, and pre construction activities while the
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  parties finalized definitive engineering, procurement and construction documentation. Terrewolf develops, owns,
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  and operates energy advantaged industrial scale data center infrastructure in
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  the United States purpose build for high performance computing and
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  artificial intelligence workloads. In February, Tterowolf reported that it acquired
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  a former industrial site in Hawesville in western Kentucky. The
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  site includes more than two hundred and fifty buildable acres
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  for computing capacity and offers immediate access to robust power infrastructure,
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  including multiple high voltage transmission lines, an on site energized substation,
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  and a direct connection to the regional transmission network. The
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  Hausville site has approximately four hundred eighty megawatts of existing
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  power availability, with the potential to further expand over time.
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  Development is expected to occur in phases, allowing tterowolf to
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  scale efficiently alongside customer demand. The site is a critical
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  part of the local power grid, and the on site
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  load will significantly support system reliability and infrastructure costs as
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  regional demand continues to grow. Trewolf is seeking a long
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  term partner to deliver full integration capabilities on a large scale,
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  said John Palmer, Floor, Senior vice president for Advanced Technologies.
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  Terrewolf values Floor's ability to deliver quality and safety without
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  sacrificing speed. Our world class data center team is ready
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  to support the strategic project through disciplined end to end
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  project delivery. With headquarters in Irving, Texas, Floor Corporations nearly
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  twenty three thousand employees provide engineering, procurement, construction, and maintenance
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  services that deliver safe, well executed, capital efficient projects to
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  clients around the world. Floor had a revenue of fifteen
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  point five billion dollars in twenty twenty five and is
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  ranked two hundred and fifty seventh among the Fortune five
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  High undred companies. The next article from the Lane report
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  is titled Kentucky main Street reports seventy six million dollars
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  in twenty twenty five investments. Governor Andy Basheer announced that
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  Kentucky main Street KYMS program communities finished twenty twenty five strong,
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  reporting a total investment of seventy five point six million
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  dollars in downtown commercial districts, resulting in three hundred and
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  ninety five new jobs and seventy two new businesses. Our
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  downtowns are the heart of our communities, and through this program,
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  they've celebrated major growth and success as they fuel our economy,
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  create good jobs, and boost our record breaking tourism industry,
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  said Governor Bashier. Team Kentucky is grateful to our main
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  Street leaders for their continuous hard work. Together, we're making
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  our New Kentucky home a better place to visit, live,
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  and work. The seventy five point six million dollars represents
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  twenty three point six million dollars in private investments, matched
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  by eight point nine million dollars in public investments encompassing building, rehabilitation,
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  new construction, infrastructure, and special projects, offset by rehabilitation tax credits,
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  grant funds, and local city and county budgets. Additionally, these
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  communities finished the year with a net gain of two
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  hundred five new full time jobs, one hundred ninety new
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  part time jobs, twenty nine business expansions, and thirty two
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  point six million dollars invested in completing twenty six rehabilitation
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  projects in main street districts. These efforts were also supported
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  by over twenty six thousand volunteer hours, illustrating the community's
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  deep commitment from some of the best restaurants to local
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  shops and services. The businesses along Kentucky main streets fuel
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  tourism and economic growth across the Commonwealth. With the emphasis
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  on historic preservation, along with public and private investment partnerships,
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  Kentucky main street communities are flourishing more than ever, said
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  Tourism in Arts and Heritage Cabinet Secretary Lindy Caspier. We
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  are proud of our main Street program's successes and the
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  many ways it has contributed to quality of life in
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  our new Kentucky home while showcasing what is special about
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  our communities. Since its inception, the Kentucky Main Street Program
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  has generated over four point eight billion dollars in investment
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  throughout the commonwealth. Maysville main Street Director Caroline Reese, whose
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  main Street welcomed forty five new jobs in twenty twenty five,
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  highlights the community's long standing commitment to main Street program
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  and the growth downtown. Twenty twenty five marked the forty
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  sixth year our town has enjoyed the support and assest
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  sense of the Kentucky Main Street Program. Maysville is a
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  community that honors its vivid history while confidently embracing change,
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  said Reese. Last year, our downtown saw major projects ranging
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  from the complete renovation of the historic home of Kentucky's
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  first female mayor to the continued modernization of a downtown
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  medical facility. In addition to that, there were twenty eight
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  facade and interior improvements to our treasured historic buildings. We
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  saw over seven million dollars invested in the downtown and
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  forty five new jobs were created together. These efforts strengthen
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  and revitalize our main street district, proving that progress and
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  preservation can walk hand in hand. For twenty twenty five,
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  Murray main Street reported three point seven million dollars in
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  cumulative investments, four net new businesses, and thirteen net new
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  jobs within the Murray Commercial Downtown Historic district. Murray main
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  Street Executive Director Dina Wright credited the success to the
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  structure and support of the Kentucky main Street and the
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  National main Street programs. Having the Kentucky main Street Program
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  as a resource gives us the tools and guidance to
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  grow downtown strategically. Wright said, the four point approach helps
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  us focus on economic vitality, design, promotion, and organization to
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  build sustainable, community driven growth in Murray, resulting in strong
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  reinvestment numbers year after year. We are proud of our
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  partnership with the state and national program and look forward
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  to continued growth in downtown Murray. Newly hired director and
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  former main Street Pineville board member Candice Tengen, encourages travelers
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  to visit Pineville and support local businesses after ongoing renovations.
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  We are so proud of the perseverance and patients of
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  our business owners over the last several years of construction
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  and renovations downtown. We're also grateful for the community members
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  who have continued to support Main Street and its businesses
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  through the process, said Tengen. While six million dollar investments
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  don't come along often in small rural towns, the return
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  on investment in the community pride it will bring our priceless.
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  So many partners were involved in making our renovation projects
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  come to fruition, and ky Ms was always there supporting
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  us and cheering us on. Main Streets are the backbone
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  of many rural economies, and Pineville's continues to grow stronger.
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  Come see us. Our next article comes from the March sixteenth,
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  twenty twenty sixth edition of the Louisville Courier Journal and
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  is titled Learn how Kentucky Companies are embracing AI and robots,
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  written by reporter Olivia Evans. As the WAF of automation,
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  robotics and other artificial intelligence sweeps across the US, bringing
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  with it the creation of new industries in faster ways
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  to work, Kentucky businesses are eagerly immersing their workplaces and
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  employees in the technologies. A twenty twenty four report from
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  the International Federation of Robotics found that across the US
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  there were more than three hundred eighty thousand industrial robots
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  working in factories, a roughly eighty eight percent increase from
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  twenty thirteen, despite the advancements in technology and ability to
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  streamline workflows. An August twenty twenty five routers ipso's poll
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  shows Americans are deeply concerned about the possibilities of permanent
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  job loss due to things like AI. The poll found
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  seventy one percent of respondents are concerned too many people
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  will lose jobs as a result of the rise in
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  AI technology. The Sunday March fifteenth cover story showcases how
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  three major employers across the Commonwealth's vast manufacturing and logistics
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  industries are integrating automation, robotics and AI into the workplace
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  and creating a space for current and future workers to
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  expand their careers in tandem with technology, while also creating
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  safer workplaces and the opportunity for an upskilled workforce. How
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  did the story start? In twenty twenty five, I attended
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  the Kentucky Chambers second annual AI Summit, which brought together
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  AI experts academics, business leaders, and government officials to discuss
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  the advancement trends and best practices for integrating AI into
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  the business community. It was during this conference that I
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  started to wonder how AI and other advanced technology was
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  starting to creep into the workplace. Additionally, someone at GE Appliances,
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  one of the major employers I regularly write about, asked
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  me if I knew about the robot Wrangler, something I
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  knew nothing about at the time. As a career journal's
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  business reporter, I often spend time listening to earnings calls
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  and reading reports from major employers like Ford, Ups and Humana,
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  among others, and in the past year, it has become
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  increasingly common to hear that companies across the industries are
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  focusing on increasing the use of AI, automation and robotics.
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  So I knew it was a topic I needed to
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  dive into. What is something that surprised you about this story?
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  The most interesting thing for me during the reporting was
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  the many tangible examples of how these technologies were leading
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  to companies creating more jobs. During the many factory visits
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  I made while reporting on this I was also shocked
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  at the size and scope of the robots. Getting to
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  see them in person and interact with them made it
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  feel less like science fiction and more like an everyday
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  reality for the future of work. What outcome do you
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  hope to achieve with this story? I hope the story
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  brings readers a new understanding of the increasingly common technologies
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  infiltrating nearly all of our workplaces. While none of these
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  companies could promise jobs may never be negatively impacted by
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  the increased usage of automation, AI and robotics, I hope
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  this story sheds light on the current trends and utilizations
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  of technology and how at this point Kentucky companies are
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  using it in tandem with human labor. What can readers
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  expect from you next? The Kentucky Derby is upon us.
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  While I cover Churchill Downs Incorporated all year long, it's
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  always enticing to get to sit down with the company
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  executives ahead of the iconic race and chat about the
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  company's evolution. Stay tuned for stories on the horse racing industry,
• 20:52
  what's new with Churchill Downs Incorporated, and some fund behind
• 20:55
  the scenes reporting at the racetrack. Besides Derby coverage, you
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  can expect me to dig into stories about ups, tariffs
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  and the bourbon industry. In more. Our next article from
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  the Louisville Courier Journal is titled Iran War is driving
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  up gas prices and oil prices. Here's how effects of
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  the Iran war are rippling beyond the Middle East and
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  into the spinning habits of American consumers, who are seeing
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  price surges for gasoline and other items. Energy prices have
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  increased since the New York total shutdown in early March
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  of the Strait of Humas, a crucial waterway that carries
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  twenty percent of the world's oil shipments and about twenty
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  percent of the world's seaborn liquefied natural gas. Most of
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  the oil is from Saudi Arabia and Iraq. Oil prices
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  began rising on March third. In the United States, average
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  gasoline prices hit three dollars and fifty nine cents a
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  gallon on March eleventh. In response, the thirty two nations
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  of the International Energy Agency announced on March eleventh that
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  they would release a record four hundred million barrels of
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  oil from their emergency reserves to limit oil market shortages.
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  That's about four days worth of global oil production. Oil
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  prices surge past one hundred dollars per barrel amid Middle
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  Eastern war. Oil prices are at their highest since twenty
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  twenty two as fears grow over prolonged shipping disruptions due
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  to the US Israeli war on Iran. How much oil
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  is the IAE releasing? The International Energy Agency announced plans
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  Wednesday for its largest ever release of oil from its
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  emergency reserves. The agency, representing thirty two member countries, announced
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  plans to release four hundred million barrels of oil from
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  its global strategic reserves and an effort to curb soaring
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  crude prices. Why do energy prices rise in times of war.
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  Wors disrupt trade and commerce by restricting or eliminating shipping
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  routes such as the Strait of hormone use. Shippers usually
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  pay more for insurance during times of war, which drives
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  up cost Prices of food and energy products usually rise
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  in wartime because wars disrupt global production and routes use
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  for trade that can spill over into the production of
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  other commodities. Israel in the United States attacked Iran on
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  February twenty eighth. Oil prices rose to one nineteen a
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  barrel on March ninth, the highest since twenty twenty two.
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  Prices dropped before the market closed. If supply disruptions continue,
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  prices could keep rising until recessionary effect of higher energy
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  costs falling GDP or reduced spending destroys demand. Crude oil, gasoline, diesel,
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  jet fuel, natural gas, petrochemicals, power, and fertilizer prices have
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  all risen sharply since the war began. Though an effective
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  closure of the strait has spurred fears of a global
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  energy crisis, Iran is continuing to use the crucial waterway
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  to export its own oil. In recent days, Iran has
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  moved more barrels of oil on a daily average than
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  it did in February, according to The Wall Street Journal,
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  which cited data from the tanker tracking firm KPLR, choke
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  points in the world's global oil because of the massive
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  amounts of petroleum, other liquids, and liquefied natural gas that
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  flow through them. Choke points narrow passages along popular international
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  maritime routes are vital to the world's energy trade and security.
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  The simultaneous disruption of several transportation routes, including energy shipping
• 24:45
  and air cargo, is expected to increase global inflation and
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  put key world economies at risk of stagflation. This is
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  on top of already existing political and tariff disputes. According
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  to OilPrice dot Com, President Donald Trump said he would
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  ensure safety in the Strait of Hormuz as oil tankers
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  have come under fire and US air strikes have destroyed
• 25:09
  mine laying ships. Trump said normal shipping would soon return
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  to the strait. I think you're going to see great safety,
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  Trump told the reporter. We have decimated that country. They're
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  paying a big price now. Our next article comes from
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  the March seventeenth, twenty twenty six edition of Louisville Business
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  First and as titled Colorado based whisky brand opens Louisville
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  Tasting Experience, written by Stephen Schmidt, A tasting room experience
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  is about to open its doors in Louisville. But this
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  one will be a little different than the rest. For one,
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  it is by appointment only to sample curated bourbons and
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  whiskies that have all been aged in Colorado. Secondly, it
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  is located inside an approximately five hundred square foot space
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  formerly a garage in a big building in the back
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  of the Tartan House. A cocktail in whiskey lounge specializing
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  in Scotch in the Butchertown neighborhood. Ben does his stuff
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  out in Colorado, and this is a way for people
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  in Kentucky to come in, try our stuff and do
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  barrel picks, said Nicki armetto the director of Kentucky Whiskey
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  Operations and Experiences. She was referring to the company's president,
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  Ben Rosen, who founded Onyx and Amber in April of
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  twenty twenty five in Denver after discovering that aging bourbons
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  and whiskeys in the high elevation of the Rockies could
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  add a different richness not acquired in rick houses closer
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  to sea level. Before it ages the barrels in Colorado,
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  the company sources them from Kentucky Wild Turkey, heaven Hill,
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  Green River Barton seventeen ninety two, Indiana MGP in Lawrenceburg,
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  and Ohio Middlewest Spirits in Columbus. To date, Onyx and
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  Amber has about two hundred and fifty barrels in its inventory,
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  most of which are single barrels at its Denver facility,
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  where it also does blending. Rosen and his team have
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  been aging barrels since twenty eighteen. The Onyx part of
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  the brand refers to black and sometimes white stones of
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  the same name. Our philosophy is no reruns, Rosen said,
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  everything that we do is different. The amber part is
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  attribute to patients. As the fossilized tree resin takes tens
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  of thousands of years to form. We don't put out
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  anything until it's ready, he added. Before starting Onyx and Amber,
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  Rosen oversaw the Colorado Bourbon and Rye Collectors, a bourbon
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  society based in Denver. Pricing was still being determined as
• 27:51
  of a recent date, but the experiences will likely start
• 27:54
  at around one hundred and twenty five dollars per person.
• 27:57
  This concludes the reading of the most recent business news
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  in Lexington, Louisville and around the state. Your reader today
• 28:04
  has been Julia Shane. If you have any questions or
• 28:07
  comments about this program, please give our Lexington Studios a
• 28:11
  call at eight five nine four two two six three
• 28:15
  nine zero. Thanks for listening, and now please stay tuned
• 28:18
  for readings from the Kentucky series here on Radio I