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☆ How Wealthy Investors Got Rich Looting America's Needy Hospitals
▼ + stars: | 2024-03-11 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +21 min

That added to the massive debt burdens already placed on the hospitals by their for-profit owners, deepening their financial woes. In January, MPT reported that its biggest tenant, a nationwide chain of 32 hospitals called Steward, could no longer pay its rent. The core idea was simple: to buy hospital real estate, pocket the lease payments, and use the money to reward investors. The more hospital real estate that MPT buys, the more money it makes in rent payments from the hospitals. But that doesn't mean that MPT's leaders didn't get rich off its hospital deals.

Persons: Leonard Green, Sherman Cahal, Rob Simone, Hedgeye, MPT, Steward —, Justin Simon, Jasper Capital, they've, Ed Aldag, Eddie Lampert's, Eileen Appelbaum, Rosemary Batt, MTP, Marc Rowan, Richard Mortell, Leonard Green couldn't, they'd, Stephen Feinberg, Ralph de la Torre, Steward, Simone, Cerberus, Chandan Khanna, That's, de la, de la Torre, la Torre, Amaral, Aldag, Apollo, Eileen O'Grady, Moody's, didn't, Sen, Chuck Grassley Organizations: Northside Regional Medical Center, Ohio Valley Medical, East Ohio Regional Hospital, Luke's Medical, Glenwood Regional Medical Center, Medical Properties Trust, Jasper, Sears, Bain Capital, Affordable, Cornell University, Business, Third Coast Real Estate Capital, Cerberus, Health Care, Boston Globe, Bloomberg, Getty, Easton Hospital, Local, de la Torre, la, MediaNews, Boston Herald, Prospect, Private, Yale New Haven Health, Yale, Apollo, MPT, SEC, Republican, Senate Finance Locations: Youngstown , Ohio, Ohio, Wheeling , West Virginia, Martins Ferry , Ohio, St, Luke's, Phoenix, Massachusetts, West Virginia, California , Pennsylvania, Texas, Pennsylvania, Louisiana, America, Alabama, MPT, Greater Boston, Steward, Easton, Lehigh, Elizabeth's, Boston, Connecticut, it's

Over the course of several days, The Associated Press interviewed a cross section of voters in Northampton County to ask whether Biden's messaging around the fate of democracy was resonating. These voters represented parts of the very coalition Biden will need to win Pennsylvania again — Black voters, Latinos, independents and moderates from both parties. A Biden campaign spokesperson said the democracy message is central to the campaign but it is not the only one the campaign will use to reach voters. Getting Black voters engaged is going to take more from Biden, she believes, because so far his campaign messages have not resonated. But Lopez thinks messages of fear and Trump imperiling American democracy are essentially meaningless for many of the county's working class voters.

Persons: Raymond Santiago, Joe Biden, Donald Trump, Biden, Santiago isn't, ”, Trump, ” Biden, Evelyn Fermin, “, Curt Balch, Balch, ’ ” Balch, Christian Miller, That's, Miller, ” Miller, Christopher Borick, Harry Truman, Republican Thomas Dewey, ” Borick, Hillary Clinton, Anna Kodama, Kodama, “ That’s, Esther Lee, Lee, Guillermo Lopez Jr, Lopez Organizations: Bethlehem Steel, Hispanic, GOP, Northampton County, Trump, Independence Hall, Associated Press, Biden, Pennsylvania, —, Lehigh Hispanic, U.S, Capitol, Biden’s, Republican, Republican Party, Institute of Public, Muhlenberg University, Democrats, NAACP, Lehigh, AP Locations: BETHLEHEM, Pa, Lehigh, Northampton County, Bethlehem, Pennsylvania, Valley Forge , Pennsylvania, America, Philadelphia, New Jersey, Dominican Republic, Hellertown, Nazareth, Northampton, Allentown, Ohio, Europe, Emmaus

☆ UAW Mack Trucks deal could be a test for worker demands amid Detroit automaker negotiations
▼ + stars: | 2023-10-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

Mack Trucks and UAW announced the tentative agreement early Monday, followed by releasing "highlights" of the deal later in the week to members. Neither UAW nor Mack Trucks have publicly released the tentative contract ahead of employee meetings to detail the agreement and voting this weekend. Another Mack Trucks worker descried the deal as "disgraceful" and an "insult" compared to their expectations and what's currently being negotiated by UAW international leaders with the Detroit automakers, also known as the Big Three. "They are just pushing this [tentative agreement] through so they don't have to deal with us while the Big Three are negotiating." United Auto Workers President Shawn Fain during an online broadcast updating union members on negotiations with the Detroit automakers on Oct. 6, 2023.

Persons: Rebecca Cook, Mack Trucks, Shawn Fain, Mack, They've, it's, Fain, what's Organizations: United Auto Workers, General Motors Lansing Delta Plant, Reuters DETROIT — United Auto Workers, Volvo Group, Detroit automakers, UAW, General Motors, Ford Motor, Lehigh Valley Operations, CNBC, Detroit Locations: Delta Township , Michigan, Pennsylvania

☆ KKR sells industrial properties worth over $560 mln
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 2 (Reuters) - U.S. private-equity firm KKR (KKR.N) said on Monday it has completed the sale of an industrial property portfolio of 5 million square feet (465,000 square meters) for a total aggregate value of over $560 million. "These sales demonstrate the attractive bid that exists for a quality assets in supply-constrained locations," said Roger Morales, partner and head of real estate acquisitions in the Americas at KKR. The company sold a 14.5 million square feet industry portfolio in 2021 for about $2.2 billion to Oxford Properties Group, a real estate investor based in Canada. Including the recent sale, KKR has sold about 21 million square feet industrial real estate since 2021.

Persons: Brendan McDermid, Roger Morales, Pritam Biswas, Sherry Jacob, Phillips Organizations: KKR, New York Stock Exchange, REUTERS, KKR's Real, Partners, Americas, Oxford Properties Group, Thomson Locations: New York, U.S, KKR's, Atlanta, Dallas, Fort Worth , Chicago, Lehigh Valley, Central Pennsylvania, Canada, Bengaluru

☆ Former Bridgewater CEO Dave McCormick would get big money backing for Pennsylvania U.S. Senate run
▼ + stars: | 2023-09-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +7 min

Dave McCormick, Republican U.S. Senate candidate from Pennsylvania , greets supporters during a campaign event with Sen. Ted Cruz, R-Texas, at Lehigh Valley Sporting Clays in Coplay, Pa., on Tuesday, January 25, 2022. The last time McCormick ran for Senate, his chief rival in the Republican primary was TV host Dr. Mehment Oz. Christian Ferry, who previously worked for Republican Sen. Lindsey Graham and late GOP Sen. John McCain, said, "Every cycle these totals continue to go up." McCormick has reportedly been promised the support of the Senate Leadership Fund, a super PAC aligned with Republican Senate Minority Leader Mitch McConnell of Kentucky. Burch paid approximately $16 million for the estate, according to Newsday.

Persons: Dave McCormick, Sen, Ted Cruz, Dave McCormick's, Tory Burch, McCormick, Goldman Sachs, Lloyd Blankfein, Steven Mnuchin, Gary Cohn, David Solomon, Bob Steel, Perella Weinberg, Mnuchin, Donald Trump, Cohn, Bob Casey, Paul Singer, Steve Schwarzman, Burch, Mnuchin Cohn, Singer, Schwarzman, Steel, Dave, agains Casey, Dina Powell McCormick, Dina, Democrat John Fetterman, Mehment Oz, OpenSecrets . Oz, Donald Trump . Oz, Casey, Oz, Alex Conant, Republican Sen, Marco Rubio, It's, Lindsey Graham, GOP Sen, John McCain, Mitch McConnell of Organizations: Republican U.S, Lehigh Valley, U.S, Senate, Bridgewater Associates, Democratic, Elliot Investment Management, Blackstone, CNBC, Steel, NBC News, Associated Press, McCormick, Keystone, Bush, Treasury, Pennsylvania Senate, Democrat, Republican, GOP, PAC, Bridgewater, Pennsylvania Democratic Party, Fund, Prosperity, that's, Koch Industries, Hamptons, Newsday Locations: Republican, Pennsylvania, Texas, Coplay, Pa, Connecticut, Pittsburgh, Trump, OpenSecrets ., Mitch McConnell of Kentucky, Southampton, Long, , New York, Palm Beach

☆ America is in a factory boom again. Even a recession may not bring it down this time
▼ + stars: | 2023-09-09 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

A few days before Biden’s speech in Maine, the Fed approved raising interest rates to their highest level in more than 22 years, continuing an aggressive inflation-busting campaign. Customers are also being pinched with higher interest rates,” a food, beverage and tobacco products manufacturer told the ISM in its August survey. “When we built our first building, interest rates were around 14% or so, and that was in the early ’80s,” she said. “We’ve seen some plans go on hold or on a slower burn until those companies see what happens with interest rates and the economy,” he said. Recession or not, the bull case for US manufacturing has the industry — and Biden — in a good mood.

Persons: Kathie Leonard, Leonard, —, ”, ” Leonard, Joe Biden, “, ’ ” Leonard, Biden, Charles Krupa, Paul Krugman, Goldman Sachs, It’s, Scott Paul, Paul, it’s, Auburn Manufacturing’s Leonard, “ we’ve, Julianna Keeling, Lou Pektor, “ We’ve, Jennifer Harris, bode Organizations: DC CNN, Maine Department of Economic, Community Development, Auburn Manufacturing, CNN, Auburn Manufacturing Inc, AP, Commerce Department, Fed, P Global, Institute for Supply Management, Alliance for American Manufacturing, PMI, ISM, Labor Department, Auburn, Manufacturers, Fed Companies, National Economic Council, National Security Council Locations: Washington, Maine, Portland, Auburn , Maine, United States, Pointe, Lehigh

☆ Looming UAW strike puts 'Union Joe' Biden in a tough position
▼ + stars: | 2023-09-08 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

US President Joe Biden tours the Mack Trucks Lehigh Valley Operations Manufacturing Facility alongside Martin Weissburg (R), President of Mack Trucks and Kevin Fronheiser (L), Shop Chairman of UAW Local 677, in Macungie, Pennsylvania, July 28, 2021. WASHINGTON — President Joe Biden finds himself in a tough spot between his "Union Joe" persona and his aggressive climate goals as the United Auto Workers prepare to strike. Speaking on CNBC's "Last Call" Wednesday, UAW President Shawn Fain said, "Endorsements are earned, not freely given. "He must know something we don't know," Fain said Monday. "He was on the air the other day encouraging people to stop paying union dues," Fain said referring to Trump.

Persons: Joe Biden, Martin Weissburg, Mack Trucks, Kevin Fronheiser, Joe, Biden, Shawn Fain, Fain, Karine Jean, Pierre, Biden's, Donald Trump, Trump, That's Organizations: Mack, Lehigh, Operations Manufacturing, UAW, Agency, Motors, General Motors, Ford, Stellantis, United Auto Workers, Wednesday, Warehouse Union, Pacific Maritime Association, White, Biden, Biden irked UAW, Labor, Detroit News, House Press Locations: Macungie , Pennsylvania, America, WASHINGTON, Michigan, Pennsylvania, Philadelphia, Pa

☆ Maker of Iconic Martin Guitars Competes With Fulfillment Centers for Workers
▼ + stars: | 2023-07-29 | by ( Ben Kesling | Photographs Michelle Gustafson For The Wall Street Journal | ) www.wsj.com time to read: 1 min

NAZARETH, Pa.— For nearly two centuries, workers have hand-built guitars and other acoustic instruments here in the Lehigh Valley, with applicants sometimes waiting years for apprenticeships. But over the past decade, economic changes have put C.F. Martin & Co. in the odd position of having to compete for workers.

Persons: Martin Organizations: Co Locations: NAZARETH, Pa, Lehigh

Raoul Sreenivasan, who joined Amazon in 2016 and currently oversees planning, performance and cargo for Amazon Global Air, will take over most of Rhoads' Amazon Air responsibilities, Felton said. As part of an effort to handle and deliver more of its own packages, Amazon launched an air cargo business. Rhoads joined Amazon Air in its early days and has overseen much of the unit's growth, including the opening of a $1.5 billion air hub in Kentucky. Air cargo rates have plunged from record highs hit during late 2021, when port snarls and a dearth of international flights pinched capacity and drove up prices. Correction: Sarah Rhoads joined Amazon in 2011.

Persons: Mark Makela Sarah Rhoads, John Felton, Amazon's, Rhoads, Felton, Raoul Sreenivasan, Sreenivasan, Andy Jassy, Becky Gansert, Heather MacDougall, Pam Greer, Sarah Rhoads Organizations: Lehigh Valley International, Amazon, CNBC, Amazon Global Air, Amazon Global, DHL, TNT Express, FedEx, U.S . Navy, UPS, Amazon Air, Atlas, Boeing, Hawaiian Airlines, Airbus, Air, U.S, Bloomberg ., Amazon Logistics Locations: Allentown , Pennsylvania, U.S, Kentucky

But the materials are expensive and still face supply bottlenecks compared with the cheaper standard silicon used in most chips. The company has previously raised funding from semiconductor manufacturing equipment maker Applied Materials (AMAT.O). iDEAL has partnered with Bloomington, Minnesota-based chip manufacturer Polar Semiconductor to make its first chips and is planning to roll them out later this year. Granahan said silicon carbide chips can still beat iDEAL's for certain applications including the extremely high voltage chips needed for applications such as electric semi trucks. But he said iDEAL's chips could be competitive for about 90% of the overall market for power chips.

☆ Breach of Mental-Health Records Challenges Nation’s Court System
▼ + stars: | 2023-05-11 | by ( Catherine Stupp | ) www.wsj.com time to read: +4 min

Hackers posted naked photos of cancer patients online after a February cyberattack on Allentown, Pa.-based Lehigh Valley Health Network. Fifteen prosecutors will go through technical evidence and statements from around 24,000 patients whose data was exposed and some of which was published online, Finnish officials said. Prosecutors will spend an estimated 10 minutes reviewing each report to decide whether to use it in court, Mr. Vainio said. The logistics of a trial will be challenging because Finnish law requires courts to accommodate all victims who want to be present, Mr. Vainio said. Money, however, won’t address all the harms to victims, Mr. Vainio said.

☆ A popular brand of hoverboard was just recalled, nearly a year after two sisters died in a fire authorities linked to the toy
▼ + stars: | 2023-03-31 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +2 min

The 42-volt model of Jetson Rogue Hoverboard was recalled this week. Following the fire in April, the Hellertown Borough Fire Marshal determined the Jetson Rogue Hoverboard started the blaze, local station WPVI reported. In a notice posted on its website on Thursday, the CPSC urged customers to immediately stop using the 42-volt version of Jetson Rogue Hoverboard. The recalled Jetson Rogue hoverboards were sold at Target stores nationwide and on the Jetson Rogue website, according to the CPSC. The Kaufman family purchased the hoverboard at Walmart, Lehigh Valley Live reported.

☆ US arrests man with explosive device in luggage at Pennsylvania airport
▼ + stars: | 2023-03-01 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

[1/3] Mark Muffley walks at Lehigh Valley International Airport in Pennsylvania, U.S., in this handout picture provided by the FBI and obtained by Reuters on March 1, 2023. FBI/Handout via REUTERSWASHINGTON, March 1 (Reuters) - A man was arrested and charged with attempting to place an explosive or incendiary device on an aircraft after his bag triggered an alarm at Lehigh Valley International Airport in Pennsylvania, U.S. authorities said on Wednesday. The FBI said that Mark Muffley, 40, from Lansford, Pennsylvania, checked a suitcase on Monday for a flight that was heading to Sanford, Florida. "FBI and local law enforcement bomb technicians determined that the item was indeed a live explosive device," a TSA spokesperson said. The airport said it had closed a part of its main terminal briefly on Monday while authorities probed the suspicious package.

☆ Bob Born, the ‘Father of Peeps,’ has died
▼ + stars: | 2023-01-31 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Ira “Bob” Born, known as the “Father of Peeps,” died on Sunday. Just Born Quality Confections, the Pennsylvania-based company that makes various candies, including the chick-shaped marshmallows, confirmed Born’s death in a statement. That helped him earn the nickname “Father of Peeps.”Originally created for Easter, Peeps makes themed candy for other holidays, too, including Valentine’s Day and Halloween. His father, Sam, a Russian immigrant, founded Just Born a year prior. Ross Born told the Lehigh Valley News said his father was a “real mensch,” adding that he was a “kind person, he was generous with his talents, sharing his abilities.”“The candy business was kind of catchy … it was interesting to him,” Ross Born told the newspaper.

☆ Amazon expands air cargo service to India even as company cuts costs
▼ + stars: | 2023-01-23 | by ( Annie Palmer | ) www.cnbc.com time to read: +2 min

To match Insight AMAZON.COM-SHIPPING/ REUTERS/Mark MakelaAmazon on Monday announced it's bringing its air cargo operations to India, marking fresh growth for the company's logistics arm even as it looks to cut costs in other divisions. Amazon Air will enable the company to offer faster deliveries to customers in India, said Sarah Rhoads, vice president of Amazon Global Air, in a statement. The launch of Amazon Air in India comes as Amazon CEO Andy Jassy is undergoing a broad review of the company's expenses as it stares down a worsening economic outlook and slowing retail sales. Amazon Air, which debuted in 2016, outsources operations to several airlines. Amazon has for years been working to grow its presence in India, which is poised to become one of the fastest-growing e-commerce markets in the world.

☆ Inside a liquidation center that sorts millions of returns a year for resale, donation, recycling, and the trash
▼ + stars: | 2022-12-24 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +3 min

Many major retailers use some kind of outside service to help with returns processing. Inmar Intelligence, a liquidation warehouse operator, showed Insider how it all works. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Returns have come a long way in the last few decades, according to the industry veteran. Now, most major retailers have realized proactively handling returns can help with brand reputation and the bottom line.

Rep. Susan Wild faced off against Republican Lisa Scheller in Pennsylvania's 7th Congressional District. Democratic Rep. Susan Wild defeated Republican Lisa Scheller in a rematch to represent Pennsylvania's 7th Congressional District. 2022 General EmbedsPennsylvania's 7th Congressional District candidatesWild is a member of the House committees on Ethics and Foreign Affairs. In November 2018, she was elected as the first woman to represent the 7th Congressional District. Voting history for Pennsylvania's 7th Congressional DistrictPennsylvania's 7th Congressional District is based in the Lehigh Valley and includes Carbon County, where Republicans hold a 6,000-voter lead in voter registration, and GOP candidates have won the county in most key races since 2010.

☆ Pennsylvania is home to one of the likely 'tipping-point' districts in the midterm elections. Voters and experts explain what's at stake for abortion, inflation, and control of Congress.
▼ + stars: | 2022-11-04 | by ( Madison Hoff | ) www.businessinsider.com time to read: +11 min

"I can go down the list and check things: incumbency, check Wild; inflation, check Scheller; district reconfiguration, check Scheller; abortion issue, check Wild." The Pennsylvania Senate race is also hotly contestedWith the Republican Toomey retiring, CNN projected Pennsylvania could flip; NPR agreed, saying it's the "most likely Senate seat to change hands." Chen said that Oz is "continuing to close on" Fetterman, though, because Pennsylvania voters, "especially in the Lehigh Valley, are willing to split their tickets." That poll showed 34% of surveyed voters listed inflation as their most important issue in the election, followed by 28% of surveyed voters who named abortion. "Those are all issues that if we don't maintain a United States Senate, control of the United States Senate, I think this country could be really in danger," Halma said.

☆ Democratic Rep. Susan Wild faces off against Republican Lisa Scheller in Pennsylvania's 7th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +3 min

Rep. Susan Wild is running against Republican Lisa Scheller in Pennsylvania's 7th Congressional District. The 7th District is based in the Lehigh Valley and includes GOP stronghold Carbon County. Pennsylvania's 7th Congressional District candidatesWild is a member of the House committees on Ethics and Foreign Affairs. In November 2018, she was elected as the first woman to represent the 7th Congressional District. Scheller was added to the National Republican Congressional Committee's Young Guns program in the campaign arm's third round of selections.

☆ Republicans and Democrats find sympathy for John Fetterman after his post-stroke debate performance: 'Certainly not gonna slam a man who's had a health challenge'
▼ + stars: | 2022-10-27 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +7 min

"But he needed way more time to be able to process effectively," McFarland, the chair of Lehigh County's Democratic Committee, told Insider on Wednesday. During the one-hour showdown against his Republican rival Mehmet Oz, Fetterman at times struggled to get his message across clearly, speaking haltingly and stumbling on his words. James Carter, a 71-year-old Democratic voter, told Insider that Fetterman is simply not getting enough credit. "I kind of felt bad," Stacy Garrity, Pennsylvania's state treasurer, told Insider. "I don't even think that John Fetterman should be running," Beth Gdowik, a 59-year-old voter from the Lehigh Valley area, told Insider.

☆ Pennsylvania Democrats defend John Fetterman after his post-stroke debate performance: 'Oz looked like such a smirky schmuck'
▼ + stars: | 2022-10-27 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +7 min

Democrats in Pennsylvania have continued to defend John Fetterman after his debate performance. John Fetterman make his case to voters in Pennsylvania's Senate debate on Tuesday evening, one thing became clear to her: time was not on his side. During the one-hour showdown against his Republican rival Mehmet Oz, Fetterman at times struggled to get his message across clearly, speaking haltingly and stumbling on his words. James Carter, a 71-year-old Democratic voter, told Insider that Fetterman is simply not getting enough credit. Some Republicans hope Tuesday's debate, the first and only one before Election Day, would push Oz ahead in the polls.

☆ The new blue-collar workplace reshaping America, for better or worse
▼ + stars: | 2022-10-19 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +6 min

Local operators have installed prayer rooms and hung flags from workers' home countries in office bullpens to attract and retain staff. Warehouse work pays well — often double the local minimum wage — for people without college degrees or specialized trade skills. Organizing efforts have sprung up, as some unions see the pace and danger of warehouse work as a chance to mobilize. A leaked memo from 2021, first reported by Recode, showed Amazon warehouses had annual turnover of 159% in 2020. Amazon employs more warehouse workers than any other company, with a US warehouse workforce of roughly 700,000 people.

☆ The Columbus, Ohio, Warehouse Boom: How warehouses brought stifling dust and diesel fumes — and a chance for refugees to grab the American dream
▼ + stars: | 2022-10-19 | by ( Emma Cosgrove | Katherine Long | ) www.businessinsider.com time to read: +27 min

What binds them, despite different nationalities, immigration stories, and languages, are warehouse jobs. As Columbus' warehouse development begins encroaching into residential areas, a consensus is gathering here — as it has elsewhere — that warehouses make for poor neighbors. Tariq Tarey for InsiderIn Canal Winchester, Halstead's efforts to put the question of warehouse development before voters were stymied. The town council bypassed her group's referendum by declaring a state of emergency to approve the warehouse development. There aren't clear lines between the winners and losers of Columbus' warehouse boom.

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