Staff Directory 6370490

Kavita Kumar

Reporter | Retail merchandise
Recent content from Kavita Kumar
U.S. Bancorp will maintain its real estate and employee presence in downtown Minneapolis, executives said Thursday. The company employs 5,000 people i

U.S. Bancorp will maintain space in downtown Mpls. towers

The Minneapolis banking giant also released more than $1 billion in bad-loan reserves, lifting its profit, as economy improves.
Minnesota's job recovery accelerated in March and the unemployment rate fell to 4.2% from 4.4% a month earlier.

Construction hiring adds speed to Minnesota's jobs comeback

The unemployment rate fell to 4.2% in March from 4.4% a month earlier.
Ameriprise is buying the European asset management business of BMO Financial, the Canadian based financial company. The BMO unit also has business in

Ameriprise buys BMO's European asset management business for $845M

The deal boosts Ameriprise's business by about 10%, measured by assets under management.
Nigel Melvin, right, a bar manager at O’Donovan’s Irish Pub, and Eddie Hoaglund, a beer rep with J.J. Taylor, hung a “Now Open” sign outside O

With Twins game, downtown businesses are ready for the most action in a year

Restaurants and bars are happy to see sports fans again.
Target store on Nicollet Mall in downtown Minneapolis.

Target pledges to spend $2B on products, services from Black-owned businesses

The retailer's commitment includes carrying 500 Black-owned brands by 2025.
The government was able to use existing infrastructure to funnel stimulus payments through the Internal Revenue Service.

Pandemic relief has worked fairly well but missed some people, Minneapolis Fed researchers say

Relief reached many, but economists say it also missed marginalized populations.
Wells Fargo employees will be back in their offices in early September. The company is one of the largest employers in downtown Minneapolis. File phot

Wells Fargo, big downtown employer, plans September return to the office

More and more, it looks like the time around Labor Day won't just be about the return to school.
A non-controlling stake in the Mall of America will go to JPMorgan Chase, Goldman Sachs and other lenders as part of a debt restructuring by principal

JPMorgan, Goldman on verge of owning portion of Mall of America

Megamall owner Triple Five is close to a debt restructuring that gives a minority stake in MOA to big banks, report says.
Minnesota continued to regain jobs in February, but at slower pace than in January. The state jobless rate was 4.3%.

Turning point in Minnesota's recovery as people find jobs

Unemployment rate falls to 4.3% and is shaped by people returning to work.
Sen. Tina Smith, D-Minn., in a file photo.

Sen. Tina Smith, retirees tout help for troubled pensions that was added to virus relief law

The Central States Pension Fund is one of those helped by the $86 billion provision.
Shooting Star Casino, on the White Earth Reservation in Mahnomen, is raising the minimum wage for hundreds of employees to $16 an hour.

White Earth Reservation, Shooting Star Casino raise minimum wage to $16 an hour

The largest tribal nation in the state is raising wages to compete with nearby manufacturers and retailers.
Abbot Downing, a boutique unit of Wells Fargo, had its office at the Wells Fargo Center in downtown Minneapolis. The unit is being folded into the Wel

Abbot Downing, Wells Fargo's boutique business for the super rich, is being rebranded

The business, started in Minneapolis, will become part of Wells Fargo Private Bank.
The Minneapolis City Council voted to require hotels and hospitality firms, as they rebuild their staffs in coming months, to offer jobs to people dow

Minneapolis City Council passes rule for hotels, event centers to recall laid-off workers

City requires hospitality firms to give experienced staffers first chance at their old jobs.
Target will give up its office space in City Center, where it has had a major presence since the early 1980s. With the move, the company will reduce i

Target to give up one-third of its office space in downtown Mpls.

The largest employer in downtown Minneapolis doesn't need as much space because it will allow workers to work from home more often.
Minnesota employers in January added back nearly all the jobs that were cut in December when more state restrictions were imposed to slow the spread o

Minnesota in January saw bounceback of jobs that it lost in December

The state's unemployment rate fell slightly to 4.5% in the first month of the year.
Favorite Day is the first new private label in Target’s grocery section since it created the Good & Gather brand in 2019.

Target's new food brand for desserts is all about indulging

Called 'Favorite Day,' the brand for desserts, breads and other treats continues a makeover of Target's private labels.
Beth Fynbo of Oronoco, Minn., pitched her products for keeping babies busy and entertained, in an episode of ABC-TV’s “Shark Tank” that aired Fr

Why a Minnesota entrepreneur walked away from a "Shark Tank" offer

Beth Fynbo says she wasn't ready to start licensing her baby products to other companies.
Scott Koecheler, co-owner Bogart’s Entertainment Center, spoke about the lawsuit and how state restrictions are affecting his business, at a press c

Amusement operators sue Walz over curfew, other restrictions on bars

The lawsuit notes that other establishments, such as retail stores, aren't subject to the same constraints.
Peter Leach

Peter Leach, potter and founder of Northern Clay Center, dies at 87

Peter Leach didn't want his creations hung up on somebody's wall or sitting idle in a bookcase. They were functional and meant to be used."These…
“My 16-year-old son (Jesus) just got a job just to help make ends meet, “ said Claudia Sandoval from her home, Tuesday, February 9, 2021 in Maplew

Hospitality workers on edge, wondering if jobs will come back

For much of the last year, Claudia Sandoval worried she might lose her house.In the early days of the pandemic, when travel and group events…
Greg Cunningham, chief diversity officer at U.S. Bancorp.

U.S. Bancorp rolls out a plan to fight racial wealth gap

Much of the latest initiative at U.S. Bank is specifically aimed at Black customers and employees.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis ] Shari L. Gross •

For Kashkari, diversity of views and voices deepens reliability of Fed's decisions

Minneapolis Fed chief begins new stint with an expansive view of how information on the economy should be gathered.
John “Jack” Grundhofer oversaw dozens of acquisitions that turned First Bank System into U.S. Bancorp.

Jack Grundhofer, the banker who built U.S. Bancorp in the 1990s, has died

Grundhofer engineered dozens of deals but is also remembered in the Twin Cities as the victim of a kidnapping that was never solved.
Alibi Drinkery in Lakeville for a time defied the governor’s order in November to close bars and restaurant dining rooms to fight the latest wave of

Minnesota lost nearly 50,000 jobs in December, the second straight month of job losses

The data revealed the toll of government-ordered closure of restaurants and other businesses to fight COVID-19.
U.S. Bancorp reported a 2.2% gain in fourth-quarter profit.

U.S. Bancorp waits to free up reserves amid continued uncertainty

Many of the nation's largest banks have begun releasing money they put aside last year as recession hit. But U.S. Bank execs say they'll take a bit more time.
Chris Brooks, left, and Paul Campbell, co-founders and general partners of Brown Venture Group met in Golden Thyme Coffee in St. Paul.         ] GLEN

Minneapolis-based venture-capital firm for founders of color aims to raise $50 million

Brown Venture Group is the first in Minn. to focus on Black, Latino and Indigenous entrepreneurs.
Minneapolis Federal Reserve President Neel Kashkari, shown in a 2020 file photo.  ] GLEN STUBBE •

Kashkari on track for another five years as leader of Minneapolis Fed

Kashkari's reappointment is expected to be formalized soon, and North Dakota's governor congratulated him at an event Wednesday.
Best Buy is suspending donations to Congressional members who voted against certifying results from Arizona and Pennsylvania.

Best Buy suspends donations to congressional members who voted against certifying election

Other Minnesota companies examining policies in light of insurrection.
Pandemic jobless benefits have been extended by both the state and federal governments. The hospitality industry downtown, including Nicollet Mall, ha

Minnesota jobless to see new federal benefits this week

State was ready with stopgap payments.
Minnesota Gov. Tim Walz, shown in November.

As federal stimulus rolls out, Minnesota businesses learning specifics on state aid

The federal and state aid packages will provide assistance to businesses, workers affected by pandemic.
Minnesota’s unemployment rate fell to 4.4% in November, but the state lost jobs, a data mismatch that shows the economic recovery is not moving in a

Minnesota's economic recovery stalls even as unemployment rate drops

After two months of people leaving the Minnesota workforce, about 20,000 rejoined in November, the state jobs agency found.
TCF, the Michigan-based firm that operates Minnesota’s third-largest bank, is merging with Ohio-based Huntington Bancshares. With little branch over

Minnesota's TCF will merge with Ohio bank, give up its name

The name of the U of M's football stadium will change, along with bank branches.
After she lost her job, Cindy Tlaiye and her husband moved and sold their car. She makes and sells bouquets to help with expenses.

Life has turned into a high-wire act for new 'long-term unemployed' in Minn.

Instead of busy days overseeing hotel catering and room service, Cindy Tlaiye has settled into a more solitary, frustrating routine in recent months.Every morning, she…
The economic effects of the pandemic in Minnesota hit women, particularly women of color, harder than other parts of the population, a new study by th

Women of color in Minnesota face higher risks, layoffs during pandemic, University of Minnesota report finds

Job losses and health risks hit women of color hardest and the economic effects could linger, a new study from the U finds.

Minnesota's exports fell 14% in third quarter, according to DEED report

The state's exports decline was slightly worse than the U.S. as a whole in the period.
Restaurants had to go back to take-out mode under Minnesota’s latest restrictions to stop the spread of the coronavirus. (GLEN STUBBE, Star Tribune)

New jobless claims in Minnesota spike amid renewed restrictions

The last two weeks of November saw 50,000 new or reactivated claims, the most since June, as restaurants and other businesses had to curtail indoor service.
Neel Kashkari is president of the Federal Reserve Bank of Minneapolis.

Kashkari calls Yellen an 'inspired' pick for Treasury, urges more economic aid from Washington now

Federal Reserve Bank's Minneapolis leader has been taking bolder stances in the year of the pandemic.

40 more COVID-19 deaths, 7,219 new cases in Minnesota

Newly confirmed deaths included 22 in congregate care settings.
Target on Lake Street in Minneapolis. Its "drive up” service is booming. It allows customers to order over a smartphone and drive to the store once

Minnesota retailers prepare for Black Friday with a bit of gray

Stores have spread out their holiday discounts to reduce crowds.
Minnesota's unemployment rate fell sharply in October, shaped again by the departure of people from the workforce.

Minnesota prepares for more jobless claims as new restrictions go into place

Unemployment fell to 4.6% in October, but new pandemic restrictions likely to raise rate.
Trustees of the owner of Bremer Bank can stay in place but with new restrictions until a trial on the future of the bank next year. ] Aaron Lavinsky �

Judge allows Bremer trustees to keep jobs, but with limits

Until a final hearing, likely next year, a judge added safeguards to protect the trust's assets.
The Grain Exchange building in downtown Minneapolis.

The last of its kind, the Minneapolis Grain Exchange is being sold

New owner plans to keep downtown location and red spring wheat contract.
Remote work suits Dalana Thomas because daughter Bonnie Taylor does distance learning.

In 'COVID paradox,' some employers with jobs to fill can't find workers

Economics textbooks say employers should find it easier to hire workers in a downturn. But for Minnesota businesses, that's not the case this time.
Craig Dahl, retired CEO of TCF Financial

TCF's chief executive retires as bank wraps up its merger, move to Detroit

Craig Dahl says integration strategy with Detroit-based Chemical Bank is in good hands.
UnitedHealth announced recipients of its $5 million for rebuilding in Minneapolis, including a pharmacy that was destroyed in the riots. Here Elias Us

Rebuilding funds from UnitedHealth begin to flow to Twin Cities businesses

At Seward Pharmacy on Lake Street, the funds will help finish a rebuild after destruction from the May riots.
Minnesota's jobless rate is down to 6%, a figure that looks like good news but is shaped by far more people leaving the workforce than jobs being fill

State jobless rate falls to 6%, mainly from those leaving workforce

Seven months into the pandemic's economic crisis, Minnesota only has half its jobs back and tens of thousands have stopped looking for work.
U.S. Bancorp's third-quarter profit fell 17% as it remained under pressure from the pandemic and recession. But it put aside less money for potential

U.S. Bank to close another 400 branches, or 15% of locations, by early 2021

The branch closures come on top of another 300 in the last year or so.
Neel Kashkari, here in a 2015 file image, is president of the Federal Reserve Bank of Minneapolis.

Minneapolis Fed joins with other regional banks to tackle racism and the economy

The kickoff event Wednesday highlighted a possible heightened role for the Fed.
U.S. Bank opened a new branch in Mound, where employees help clients with banking needs without the roped-off lines and teller windows.

U.S. Bank rolls out new branch formats for digital age

U.S. Bank's new metro-area branches have been retooled for the digital age.
Scott Litman, co-founder of the Minnesota Cup, and Karen Dodson, CEO of BlueCube Bio, this year's winner of the competition.

Minnesota Cup winner pioneers new solution to preserve therapeutic cells

BlueCube Bio came out on top of the state's highest-profile startup competition.
Staffers at the new JPMorgan Chase bank branch on East Franklin Avenue in Minneapolis greet a customer Monday. The branch is the second in a new desig

JPMorgan Chase celebrates new community branch, $4 million grant for affordable housing

With its fourth branch in the Twin Cities, the nation's largest bank takes a new approach with a design and services aimed at teaching more people about managing their finances.
Entrepreneurs Salman Elmi, left, and Abdi Hassan are co-founders of Top Figure.

Viral video of confrontation in a Minneapolis gym changed lives, perspectives

Black entrepreneurs receive outpouring of support, white man confronting them lost his business.
Luba Perchyshyn, shown in 2015.

Luba Perchyshyn, master maker of Ukrainian eggs, dies at 96

She helped keep the tradition alive during an era in which it was suppressed under Soviet rule.
Minnesota's recovery from the economic downturn accelerated in August. File photo of a job fair before the pandemic hit.

Minnesota hits end of $300 weekly jobless bonus

Minnesota's job recovery sped up a bit last month with the addition of 40,500 jobs.
The Edwin H Gott passed under the Aerial Lift Bridge in Duluth in late August.

Minnesota's exports fall $1 billion in second quarter

The 18% drop is less than the decrease for the nation as a whole, which was 30%.
Bharat Pulgam, lower left in sweater, was among Target+Techstars Retail Accelerator participants who celebrated at their DemoDay in the 2018 startup w

Twin Cities Startup Week going virtual, extended over three weeks

The region's big event for entrepreneurs is adapting to the pandemic.
Volunteers worked at the Sheridan Story on Thursday in Roseville. It’s trying to raise $1.8 million for 100,000 weekly meals for students.

Minnesota nonprofits plead for more help as hunger crisis surges

More are needing help, especially after the extra unemployment aid ended.
Minnesota applied for a federal program that will temporarily provide up $300 a week in additional unemployment benefits to Minnesotans who have lost

State to begin sending $300 payments to jobless this weekend

The bonus is a replacement for a federal benefit that ran out in July.
Manufacturing activity continues to expand across the U.S., though Minnesota's factories are rebounding at a slower pace. File photo of the assembly l

Manufacturers continue their march back, though pace slow at Minnesota's factories

The state's factory activity was not quite as robust in August as in July, a Creighton University survey found.
Minnesota applied for a federal program that will temporarily provide up $300 a week in additional unemployment benefits to Minnesotans who have lost

Minnesota signs up for new federal $300 weekly benefit for jobless

The $300 federal payments expected to be short-lived.
Minnesota will receive $1.5 million of an $85 million multistate settlement reached with state attorneys general and the U.S. unit of Honda Motors. Ho

Minnesota gets $1.5 million in multistate settlement with Honda over air bags

The faulty air bag inflaters led to a massive auto recall and the multistate $85M settlement.
President Donald Trump signed an extension of the Paycheck Protection Program in June. But Congress and the White House haven’t agreed on a new aid

Minn. officials to decide next week on program for extra $300 in unemployment

Minn. to review federal lost wages program.
Minnesota's jobless rate tumbled lower in July, but the decline was slower than in June. The state has recovered about 40% of the jobs it lost in Marc

Minnesota's job growth slows in July as jobless rate falls to 7.7%

Minnesota's unemployment rate fell to 7.7%, down from 8.6% in June, 9.9% in May.
U.S. Bank's $5 million in grants to Twin Cities includes funds for trauma care

U.S. Bank's $5 million in grants to Twin Cities includes funds for trauma care

Community leaders asked U.S. Bank to trust them on how to use grants.
Reed Robinson is launching a new venture-capital firm to help Minnesota startups.

New firm hopes to fill hole in Twin Cities startup funding

Well-known figure in the Twin Cities' tech community will take a chance on companies in the earliest stages.
Many forecasts indicate employment won’t get back to pre-pandemic levels until 2022, but there have been some signs of hope.

Minnesota's job market coming back slowly as companies move ahead cautiously

Many restrictions on businesses have been lifted, but employers remain uncertain about the direction of the coronavirus pandemic and economy.
Octavio Rodriguez is shown at Twin City Die Casting in April, 2020. Minnesota’s manufacturing sector saw signs of growth last month, according to a

Minnesota's manufacturing sector bounces back to growth, but still has ways to go

Job losses rose even as the manufacturing sector regained some needed steam.

Water skier hurt in collision with Hennepin County Water Patrol boat

The water skier, a man, was injured and taken to HCMC in Minneapolis

Ameriprise swings to a loss in Q2

Volatility in the stock market helped to shape results for the financial-services giant.
Wallace and Victoria Nabaa say they could not have kept up with bills without the $600 jobless benefit, which just expired.

Laid-off Minnesotans face a financial cliff with end of extra $600 payments

About one-sixth of the state's workforce are among the Americans whose immediate future is tied up in the battle about how to rescue the U.S. economy.
Kimberly Jones worked in the airline industry, hit hard by the virus.

Half of Black workers in Minnesota have lost work during pandemic

More than one-quarter of Black workers were still making weekly unemployment claims last month, compared with 9% of white workers.
Final construction work was done on the Stillwater Lift Bridge in May.

Minnesota jobless rate still nearly triple what it was before pandemic

State officials warn that situation could get worse as $600 federal benefit expires.
A U.S. Bank branch in Omaha, Neb.

U.S. Bancorp sets aside another $1.7 billion for coronavirus-related defaults

The move took a significant toll on the bank's bottom line in the second quarter, with its profit falling 62%.
Manufacturing conditions across the country and Midwest turned marginally positive in June, surveys of supply managers showed. Minnesota trailed in th

Minnesota's export-heavy manufacturing sector sees slower bounceback than the nation's

Latest survey finds the state is trailing in manufacturing.
The Minneapolis Fed's website has a "dashboard" filled with various measures of the spread of COVID-19 and related economic effects.

Minneapolis Fed finds small businesses take deepest cuts to sales from pandemic shutdowns

Regional economist finds "catastrophic" financial declines in Minnesota, nearby states.