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Vestas to Acquire Full Control of Offshore Turbine Business

vestas to acquire full control of offshore turbine business

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Leading global wind turbine manufacturer Vestas has taken full ownership of its offshore turbine joint venture, MHI Vestas.The Danish company revealed Thursday that it has acquired Mitsubishi Heavy Industries’ half of the offshore business. MHI will take a 2.5 percent stake in Vestas and will be awarded a seat on the board in return. The all-stock deal is valued at around €709 million ($832 million).Vestas is targeting market-leading status in offshore wind by 2025 and will launch a new technology platform in the near future.“We won’t achieve market leadership with the current turbine,” said Henrik Andersen, group president and CEO of Vestas, during an analyst call.Rival supplier Siemens Gamesa is the market leader for offshore wind turbines. In May, Siemens Gamesa Renewable Energy revealed a new 14-megawatt turbine, while GE’s Haliade-X platform, now scaled up to a 13-megawatt turbine, has provided it with fresh momentum in the offshore sector too.MHI Vestas’ largest turbine is currently rated at 10 MW. In a statement, the company said its new tech would “improve efficiency and drive the levelized cost of energy further down.”Vestas also said it would be eyeing savings and synergies in the domains of “sales, technology, manufacturing footprint …

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Hutchins Roundup: Business closures, inflation, and more

hutchins roundup: business closures, inflation, and more

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Studies in this week’s Hutchins Roundup find business closure rates have been elevated during the pandemic, inflation is affected more by long-run inflationary expectations than aggregate output, and more.
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Using a variety of indicators on business exit, Leland D. Crane of the Federal Reserve Board and co-authors find some evidence that businesses are closing at elevated rates in 2020. Specifically, ADP payroll data show that shutdown rates in the leisure and hospitality sector peaked in May, exceeding previous years by 5 percentage points, but are now only modestly elevated. The shutdown rates in other sectors, however, are lower than in previous years. Credit-card transactions from small firms in customer-facing industries also show shutdown rate spikes in March and April. While many of those businesses re-opened in May and June, the rate of business closing remains elevated. Moreover, phone-tracking data suggest that the restaurant exit rate through August was 4 percentage points higher than recent years, and retail vacancy rates, small business delinquency rates, and Google search rates for “going out of business” were also elevated in comparison to the recent past. These …

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Emails show how Pompeos mixed personal, official business

emails show how pompeos mixed personal, official business

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WASHINGTON — Less than three months after Secretary of State Mike Pompeo was sworn in, his son, Nick, reached out to thank State Department officials for a private tour they had given him and his mother, Susan Pompeo, of the agency’s in-house museum.”I also want to reinforce my willingness to help your mission in any way I can,” Nick Pompeo wrote. “We view this as a family endeavor, so if you think there is any place I can add value, don’t hesitate to reach out.”He also had an ask: Could he or the software company for which he was a sales executive be involved in a coming “data hackathon” event the State Department was planning? In an email, he asked for details about dates, times, volunteer opportunities and “how I or anyone at my company could help.”The State Department said Pompeo’s company didn’t join the hackathon, an educational event focused on computer programming skills. But the request, which was included in hundreds of pages of emails obtained by NBC News, sheds light on how the Pompeos have repeatedly blurred the lines between official government business and domestic or personal matters.Both Congress and the State Department’s inspector general …

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“I am humbled by what we’ve been able to create”: Small business owners on when they knew they’d made it

“i am humbled by what we’ve been able to create”: small business owners on when they knew they’d made it

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Running a small business has never been easy. Even before the Covid-19 pandemic changed everything about the way we live, work, and shop, getting an independent business off the ground and keeping it afloat was difficult. But being your own boss also comes with the promise of incredible fulfillment.
Be it a coffee shop, a nail salon, a gift shop, or a bookstore, local businesses are often community hubs, spaces for people to come together — both for the people who own them and for customers who become regulars and friends. The Goods spoke to four small business owners across the country about why they decided to try and make it on their own, the struggles they’ve faced along the way, the moments that make it all worth it, and whether they feel like they’ve “made it.”
Despite their differences, every person we spoke with expressed a combination of joy, anxiety, and confidence in what they’ve built — even now that things are so uncertain. In most cases, there wasn’t a single lightbulb moment that made them feel like they had finally made it. It was a series of things, or even just the joy of doing something …

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Trailer for “Small Business Revolution” featuring Fredonia released

trailer for “small business revolution” featuring fredonia released

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FREDONIA, N.Y. (WIVB) — A trailer for the newest season of “Small Business Revolution,” which features Fredonia, has been released.

The village received $500,000 to upgrade some local businesses. Shooting wrapped in August, but due to COVID-19, crews say they weren’t able to travel back to Fredonia for more in-person filming.

They created a connected, but socially distant set where co-hosts Amanda Brinkman and Ty Pennington checked in with the business owners virtually about their makeovers.

The show will air on Hulu and Amazon Prime Video on November 10.

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Local business works to donate blankets to those in need during winter months

local business works to donate blankets to those in need during winter months

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PITTSFORD, N.Y. (WROC) — ‘Keep our neighbors warm.’ That is the aim of a local business who donates blankets to people in need.

It’s called Johnnie’s Blankets. Recently, more than a dozen blankets were donated to Saint’s Place in Pittsford. 

“I did something about what I saw, right, that I didn’t sit back and it was a spectator that I actually did something proactive,” said Carter Benton, Founder of Johnnie’s Blankets. 

According to Benton, he was compelled to start the business after volunteering in a mentorship program a couple of years ago. He was paired up with a six grader and through it, he saw the harsh reality and the living conditions that student had. 

“The boy I volunteered for, their family didn’t have heat.  They couldn’t afford to turn it on. All they had was three small electric heaters, and when somebody would go to the bed, they would take their heater to bed. I said I have to do something about this,” said Benton. 

The business is named after that student he helped. It first started as a project while taking business courses at SUNY Geneseo.  Today, Benton is expanding it …

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County revokes business license for controversial East Cobb sex shop

county revokes business license for controversial east cobb sex shop

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According to its website, Tokyo Valentino sells adult toys, lingerie, massagers, smoking accessories and jewelry. It has locations in Sandy Springs, Atlanta, Marietta and Gwinnett County.Tokyo Valentino’s second location in Cobb County, in Marietta, has also come under government scrutiny. Marietta City Council members in July voted to suspend the license for the location at 345 Cobb Parkway South. The city accused the store of concealing what it would be selling when it applied — and was approved — for a license to sell general merchandise.The county also alleges the company provided false information when listing its president and managing member, and failed to note that the actual manager was behind on his payment of business license fees. The application lists Tomika Hugley as the managing member of the Johnson Ferry Road shop, but the county charges that Secretary of State records show Morrison to be the organizer and manager of the store.Cobb County officials said Morrison is also delinquent on his payment of business license fees to local governments, including Gwinnett County.

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Vestas Acquires Full Control Of Offshore Turbine Business

vestas acquires full control of offshore turbine business

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Global leading wind turbine manufacturer Vestas has taken full ownership of its offshore turbine JV, MHI Vestas.The company revealed Thursday that it has acquired Mitsubishi Heavy Industries’ half of the offshore business. MHI will take a 2.5 percent stake in Vestas and a seat on the board in return. The all-stock deal is valued at around €709 million ($832 million).Vestas is also targeting market-leading status in offshore wind by 2025 and will launch a new technology platform “imminently” in order to do so.“We won’t achieve market leadership with the current turbine,” said Henrik Andersen, group president and CEO of Vestas, during an analyst call.Siemens Gamesa has become the market leader for offshore wind turbines. In May it revealed a new 14 MW turbine. GE’s Haliade-X platform, now scaled up to a 13-megawatt turbine, has provided it with fresh impetus in the offshore sector too.MHI Vestas’ largest turbine is currently rated at 10 MW. In a statement, the company said the new tech would “improve efficiency and drive the levelized cost of energy further down.”Vestas also said it would be eying savings and synergy in “sales, technology, manufacturing footprint and procurement to sustain customer relationship [and] lower costs.”“When …

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Can You Start a Business With a Criminal Record?

can you start a business with a criminal record?

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Yes, you can. Go get ’em, boss!

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October
29, 2020

5 min read

Opinions expressed by Entrepreneur contributors are their own.

Having a criminal record can make it difficult to get hired, find a place to live and many other basic tasks. But can it stop you from starting your own business? The short answer is, no it can’t stop you. Former criminals can benefit from starting a business in several important ways:Self-direction. Rather than waiting for someone else to provide you with a job, you have the power to create something for yourself. It’s a challenge of your own making and one that can keep you focused and on the right track.Independence and freedom. Many people start a business because it provides them with independence and freedom. They can make their own decisions and set their own rules, rather than following someone else.Avoiding employment issues. Many ex-cons find it difficult to get hired because of their criminal past. But if you’re starting a business from scratch, you won’t have to go through the interview process; you’ll be working for yourself. Hello …

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Business Matters: Learning life lessons in a garage

business matters: learning life lessons in a garage

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HONOLULU (KHON2) — If it seems like Scott Tanaka is right at home in the garage, there’s a good reason.

[Hawaii news on the go–LISTEN to KHON 2GO weekday mornings at 7:30 a.m.]

“Pretty much my whole life, working in the shop with my father and growing up school college,” said Tanaka, who is the owner of the Aiea Collision Center. “My father was in the auto body industry. He did mostly corvettes, so I did a lot of repairs on corvettes. That’s why I started learning when I was small because my hand was small. I got to take apart the cars, pull the bumpers off.”

He said he also learned something even more valuable than tearing apart cars.

“One thing my father always taught me is it doesn’t matter what kind of car it is. Doesn’t matter what shape it is–always best repair to do the job right,” said Tanaka. “You treat every customer the same, do the best you can.”

Those words stuck with Tanaka through high school, then college at Honolulu Community College where he got into the auto body program and ultimately to his first paying jobs.

“I did work …

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