(WISH) — Here’s a look at Monday’s business headlines.
Pet food company Blue Buffalo is opening a $200 million facility in Richmond. Blue Buffalo Pet Products will hold a grand opening Monday for its manufacturing facility. The natural pet food producer plans to create up to 165 jobs in Wayne County. Governor Eric Holcomb and Richmond Mayor Dave Snow will join company executives.
The facility, which includes a research and development center, is Blue Buffalo’s second in the United States.
Lending to small businesses
Lending to small businesses in America is switching into overdrive. The Biz2credit Index reveals that small business loan applications rose again for the month of May. With unemployment at 3.6% and labor shortages in some sectors, many businesses are ramping up borrowing from banks willing to lend in this strong economy.
The justice department is moving closer to approving T-mobile’s $26 billion merger with Sprint, but only if the companies sell multiple assets to create a new wireless competitor, according to three people familiar with the plan who spoke to the New York Times. The department is pushing T- mobile and Sprint to sell a prepaid mobile service and valuable radio frequencies that carry data to wireless devices.
U.S. Corn Crop
According to the USDA, only 83% of the corn crop is in the ground across the nation, at a time when it should all be done. In the Midwest, the situation is harshest.
In Ohio, only half of cornfields have been planted. In Indiana, it’s two- thirds. Illinois has reached just 73%. The corn that has been planted won’t be as abundant as years past because of all the rain this spring as well.
Hot Wheels go digital
Toys are going digital? Mattel has reinvented the hot wheels as Hot Wheels ID, a physical toy that now connects to video play, via a smartphone and tablet app. The Apple Store has nabbed an exclusive window of the next 30 days to demonstrate the toy and sell it at retail. The new ID is a typical $6.99 Hot Wheel race car, but it has technology to track its performance.