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Kavita Kumar

Reporter | Retail merchandise
Recent content from Kavita Kumar
Luis Espitia and owner Patti Soskin talked Thursday about cooks he might know that could work at Yum Bakery and Kitchen in St. Louis Park. Soskin offe

Minnesota's jobless rate hits record low 2.2%, and people doing the hiring feel the pinch

The picture isn't entirely sunny: The state has still recovered just 79% of the jobs lost at the start of the pandemic.
Investors are watching retailers’ latest results for signs that consumers are cutting back due to inflation. File photo of a shopper at a Costco in

Target, other retailers say consumer spending is fine, but investors see a turning point at hand

Retail stocks plunged as investors looked beyond recent data that shows consumers are defying inflation.
Minneapolis-based U.S. Bancorp reached an agreement with community groups on spending and investment in California after it acquires MUFG Union Bank.

U.S. Bank targets racial wealth gap with $100 billion community plan

Investment is part of an $8 billion merger with California-based MUFG Union Bank.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis

Kashkari defends Fed's rate-setters, but says more aggressive steps may be needed

The Minneapolis Fed president said if supply chains aren't sorted out soon, the Fed may have to push rates higher.
Mortgage rates climbed far faster than the central bank has raised the nation’s main interest rate.

Why have mortgage rates gone up so fast, and will the Fed make them go even higher?

Mortgage rates have gone up much faster than the Fed has raised rates so far. The Fed is expected to raise short-term rates another half percentage point this week.
Kenneth Kelly, chair of First Independence Bank the region’s first Black-owned bank, applauded Damon Jenkins, senior vice president and market regio

How Twin Cities banking executives helped the state's first Black-owned bank come to town

Detroit-based First Independence Bank, a Black-owned bank, held a grand opening at its first Minneapolis branch last week.
A St. Paul judge ordered the removal of the trustee at Otto Bremer Trust who was pushing hardest for the sale of Bremer Bank, Minnesota’s fourth-lar

Otto Bremer Trust trustee who pushed hardest for Bremer Bank sale removed

But the judge said the trust has right to sell its ownership of Bremer Bank.
U.S. Bank’s branch across from the Midtown Global Market on Lake Street reopened Thursday after being rebuilt following the riots in Minneapolis.

U.S. Bank reopens branch on Lake Street that was destroyed in 2020 riots

U.S. Bank views the rebuilt branch as a "flagship" location because of its larger size and high customer volume.
Corry Whitaker shows the before and after of a stainless steel piece of an industrial power sprayer. ] GLEN STUBBE • glen.stubbe@startribune.com Thu

What are Minnesota's most exported products?

From snowmobiles to Scotch tape, companies ship an eclectic mix of locally made products to other countries.
Minnesota’s jobless rate fell to 2.7% last month, the lowest in 20 years, according to the Minnesota Department of Employment and Economic Developme

Minnesota's jobless rate falls to lowest in more than 20 years

The state also added 5,200 jobs last month, roughly on par with January.
The CSL Laurentien passed the CSL Tadoussac as the ships left and entered the Port of Duluth-Superior in July 2021. Exports from Minnesota rose 17% la

Minnesota exports jumped 17% last year to above pre-pandemic levels

The state, like the nation, imported more goods than it exported last year.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, says interest rates will at least have to rise above 2% this year — and probabl

Minneapolis Fed's Kashkari says he was wrong on inflation, supports more rate hikes

Kashkari published an essay Friday on his evolving views on inflation. It began quoting Lincoln's apology to Grant.
CarVal Investors, based in St. Louis Park, was purchased by AllianceBernstein, a publicly-listed investment firm, for $750 million.

AllianceBernstein pays $750M for CarVal Investors, a former money unit of Cargill

CarVal, which manages about $14 billion in assets, is keeping its Twin Cities offices and top leaders.
Erik Knutson, CFO, from left, Dan Boeckermann, chairman, Tim Viere, CEO, Melissa Johnston, CCO and Todd Hovland, president, posed for a portrait at th

EntreBank, the first new bank in Minnesota in 14 years, will focus on small businesses

The bank opens in Bloomington next week and aims to grow to $300 million in assets,
Steve Grove, commissioner of the Minnesota Department of Employment and Economic Development, speaking at a news conference at the height of pandemic

Minnesota's jobs comeback gains momentum, with 10,200 added in January

The state unemployment rate dropped to 2.9% that month, despite the surge in the omicron variant.
Polaris said last week it halted shipments of snowmobiles to Russia. File photo provided by Polaris.

Minnesota firms don't export much to Russia, but some are halting shipments

Russia and Ukraine are far down the list of Minnesota's trading partners.
Minnesota United fans watch the first half of the season opener against Nashville during a heavy rain Saturday, March 5, 2022, at Allianz Field in St.

Twin Cities hit with a mix of rain, freezing rain and even thundersnow

Roads and sidewalks will be icy on Sunday. While there may be a brief warm-up on Tuesday, there is a chance for more snow on the way later in the week.
Traffic jams were seen Thursday as people fled Kyiv, Ukraine’s capital city. Russia’s full-scale invasion of Ukraine unleashed airstrikes and sent

Gas, food prices expected to rise in Minnesota due to Russian attack on Ukraine

War in Europe complicates the Federal Reserve's effort to cool inflation without throwing the U.S. into recession.
U.S. Bank will move key data offerings to a cloud-based service provided by Microsoft.

U.S. Bank links up with Microsoft's cloud services to power its applications

The Minneapolis-based bank will reduce its data centers in the U.S.
Food prices are up more in the Twin Cities than nationally.

How inflation in the Twin Cities compares with the record U.S. rate

Food and energy are among the biggest hits to metro residents' budgets.
Bruce Erickson, the Science Museum of Minnesota’s longtime curator of paleontology,  uncovered a massive trove of fossils in North Dakota that are n

Bruce Erickson, paleontologist at Science Museum of Minnesota, dies at 91

The Science Museum's longtime curator of paleontology helped it amass an impressive trove of fossils. He died on Jan. 16 at age 91.
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis

Minneapolis Fed's Kashkari: Inflation is a focus, but not a worry

The Fed walks a fine line as it tries to reduce inflation without starting a recession, Kashkari says.
Ramsey County District Judge Robert Awsumb, in a file photo taken in October when testimony was being given in the dispute over the direction of Breme

As Bremer case wraps up, judge calls situation 'dysfunctional'

The Minnesota attorney general urged a court to kick out trustees that want to sell Bremer Financial, the state's fourth-largest bank. The trustees' attorney said they had the right to sell it.
Lynette Muonio of Howard Lake asked her son to pick some Lunchables at Coborn’s in Delano last week while her newborn waited in the cart. Prices hav

Inflation hits smaller cities, rural areas harder than Twin Cities

Less-populated areas of the Midwest are seeing prices rise faster than urban areas and the coasts.
Rendering shows the interior of the new branch Bremer Bank will build in Minneapolis’ Phillips neighborhood.

Bremer Bank will open a branch on Lake Street in space damaged in 2020 riots

The branch is one of a couple new banking options in the works for the Phillips neighborhood.
Carolina Saldaña sang with toddlers at the Rainbow Child Development Center in St. Paul earlier this month. The center is grappling with staffing sho

Minnesota's child-care providers face staff shortages, rising costs

With profits evaporating, child-care providers are asking parents to pay more — or they're going out of business.
Minnesota’s unemployment rate ticked lower even after the state lost jobs in December.

Minnesota lost 2,000 jobs in December, but unemployment rate fell to 3.1%

This was the first monthly loss in jobs the state has seen in a year.
U.S. Bancorp’s profit gain in the last quarter of 2021 was driven chiefly by the reinstatement of funds it set aside for potential loan-related loss

U.S. Bank eliminates some overdraft fees

Other banks have begun making similar moves in recent weeks.
Best Buy CEO Corie Barry, in a 2019 file photo with store employees

Best Buy CEO Barry says labor and supply shortages will be around for a while

Barry spoke Friday at a regional economics conditions conference held by the Minneapolis Fed.
The COVID-19 omicron spike has wreaked havoc on early-childhood classrooms in Minnesota and on the schedules of working parents with small children.

Minnesota eases quarantine rules for kids in child care

The state will no longer require child care providers in Minnesota to quarantine students and staff who were in contact with someone testing positive for COVID-19. The change to state licensing requirements is "effective immediately."
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, says for the first time that the central bank needs to raise interest rates.

A fighter for low interest rates, Minneapolis Fed chair says U.S. needs two rate increases in 2022

This is the first time Neel Kashkari has signaled support for a rate hike since joining the Federal Reserve in 2016.
Minnesota’s manufacturing sector outperformed others in the Midwest in 2021. File photo of a worker at Daikin Applied North America in Faribault.

Minnesota's manufacturers see more growth ahead in 2022 despite challenges

The state's manufacturing sector outpaced nearby states in the recovery from the 2020 recession.
Wells Fargo intended to bring workers back to corporate offices on Jan. 10. But that’s been postponed indefinitely.

Wells Fargo, No. 3 in downtown Minneapolis workers, delays office return — again

The bank company planned to start bringing workers back to offices around the country on Jan. 10.
Dick Schulze, founder of Best Buy, bought this Caribbean resort, Aurora Anguilla, during the pandemic and reopened it this month after a remodeling.

Best Buy founder Schulze finds new passion project with Caribbean resort makeover

Schulze had never heard of the island — Anguilla — when he spotted the resort for sale during the pandemic.
Katie Retterath Martin is developing a more equitable and diverse library cataloging system.

Inspired Conversations: Katie Retterath Martin started database of diverse books to reflect multi-layered identities

Retterath Martin is working to develop OneShelf while a fellow at the Finnovation Lab in Minneapolis.
Minnesota’s unemployment rate is back where it was before the pandemic created an economic recession.

Inflation outpaced wage growth in Minnesota last month; jobless rate hit pre-pandemic level

The state's unemployment rate dropped to 3.3% last month, the same as February 2020.
U.S. Bank executives apologized last week after a customer alleged racial discrimination in the way he was treated at a Twin Cities branch in October

U.S. Bank apologizes, settles with Black customer who claimed mistreatment in 2020

The settlement came as a local TV station looked into details of police involvement when the customer tried to cash a paycheck.
Eden Prairie man arrested in connection with $2.1M in fraudulent COVID-19 relief loans

Eden Prairie man arrested in connection with $2.1M in fraudulent COVID-19 relief loans

He fled to Colombia and was arrested in Miami after being sent back to the U.S., according to papers filed by the U.S. Attorney's Office in Minnesota.
Employees at Aurelius Manufacturing in Braham, Minn. Manufacturing, professional and business services, and leisure and hospitality led the way with j

Minnesota's unemployment rate drops to 3.5%, matching where it was in March 2020

The job gains are tempered by a reduced workforce participation rate. The state reported 84,000 fewer workers in the labor force compared to before the pandemic.
U.S. Bancorp is buying TravelBank, developer of a travel-expenses platform.

U.S. Bancorp is acquiring TravelBank, a travel and expenses platform

Will Smith is a key investor in the San Francisco-based fintech just purchased by the Minneapolis-based banking firm.
Businesses in Minnesota and nearby states signaled caution this fall, and some large businesses cut workers, a survey by the Federal Reserve Bank of M

Businesses show signs of pullback and caution in most recent Minneapolis Fed survey

Some large businesses cut back on employees this fall. Inflation is less of a worry as they raise prices to absorb higher costs, the survey found.
Researchers at the Federal Reserve Bank of Minneapolis measured the effect of minimum wage ordinances in Minneapolis and St. Paul.

Study: Mpls., St. Paul minimum wage increases led to loss of restaurant jobs

But the study by the Federal Reserve Bank of Minneapolis did not find other correlations to job losses in other low-wage sectors
DailyPay employees worked in the downtown Minneapolis office.

More people get paid by the day, as apps and employers offer a new routine

Consumer advocates warn that peoples can run into fees for some of the new paycheck services.
Job vacancies at mid-year far outnumbered the number of unemployed Minnesotans, new data shows.

Job vacancies in Minnesota soared to record high this spring

The number of job openings in the second quarter nearly doubled to about 205,000. That's nearly twice the number of Minnesotans who are unemployed.
Homepage of JoinUsMN, a new effort by the Minnesota Department of Employment and Economic Development to attract business to the state.

State launches campaign to promote Minnesota as a good place to do business

The state's economic development agency is putting more money and new muscle into promoting Minnesota.
Ameriprise Financial said its net profit surpassed $1 billion in the July-September quarter.

Ameriprise's profit surpasses $1 billion in most recent quarter

The Minneapolis-based investment services company is finding organic growth as investors continue to rush into stocks, which are near record highs.
Sara Dziuk, chief executive of Junior Achievement North, appeared Wednesday at the district court hearing in a St. Paul over whether trustees of Otto

Caught in Bremer crossfire: Local nonprofit exec describes pressure from trustee

Junior Achievement North recently decided to return a $1.2 million grant from Otto Bremer Trust after being asked to support trustees in their legal battle with the state and Bremer Financial.
Mathew Korte, an attorney on the legal team representing Otto Bremer Trust trustees, in a file photo taken last week at the Ramsey County Courthouse i

Identities of potential buyers of Bremer Bank emerge in hearing

BMO Harris made a non-binding offer for Bremer in August 2019. Trustees also discussed a possible sale with Old National Bank and Huntington Bancshares.
Otto Bremer Trust trustee Charlotte Johnson testified in Judge Robert Awsumb’s courtroom at the Ramsey County Courthouse on Thursday,

Charitable grants to Ordway, Blake School and Como Zoo questioned in Otto Bremer Trust trial

The trial, which began on Monday, will determine whether trustees who tried to sell the charity's stake in Minnesota's No. 4 bank are allowed to keep their jobs.
On the first day of trial between the state and Otto Bremer Trust, Brian Lipschultz, front, and Daniel Reardon, both Bremer Trust trustees, arrived at

'Hostile takeover' of Bremer alleged in court case

In opening salvos, state attorneys say Bremer trustees put themselves over the charity they lead. Their attorney says their attempt to sell Bremer Financial to benefit the charity is "reasonable."
The state of Minnesota is trying to oust trustees of Otto Bremer Trust, owner of Bremer Bank, who attempted to sell the financial institution two year

Future of Bremer Bank at stake in trial that starts this week

The presiding judge says that making a decision may mean weighing in on a bigger question: whether Bremer Financial can be sold by the trust.
Minnesota employers relied more heavily on teenage workers this summer, the state’s latest jobs data shows. The trend was clear at the Minnesota Sta

Wages are going up in Minnesota, and employers are hiring more teens amid a tight labor market

Wages of restaurants and bars workers have been above $16 an hour for the last four months
Gov. Tim Walz announced a Governor’s Council on Economic Expansion in St. Paul Tuesday.

As Minnesota's economic recovery zig-zags, Walz taps a council to drive growth

Minnesota's governor asked some state officials, business executives and non-profit leaders to form a Council on Economic Expansion.
President Joe Biden delivered remarks on his plan to stop the spread of the delta variant and boost COVID-19 vaccinations at the White House on Thursd

What Biden's vaccine mandate means for Minnesota businesses

Sweeping new federal regulations will require employers with more than 100 workers to require immunizations or weekly testing.
Minnesota exports in the second quarter of the year surpassed pre-pandemic levels. File photo of a freighter leaving Duluth on the way to a Canadian p

Minnesota exports rebounded above pre-pandemic levels this spring

Exports were well above the depressed levels of spring 2020, but they even surpassed the 2019 second quarter by a solid amount.
Kat Coats was a bartender in downtown Minneapolis when she lost her job because of the pandemic. She recently decided to go back to school and is now

Unemployment benefits expire this weekend for about 100,000 Minnesotans

The question now is how many of these workers who are losing benefits will be willing and able to find jobs as the delta variant fuels a surge in COVID-19 cases.
Graco Inc.’s top executives said the Minneapolis valve manufacturer is seeing higher costs “coming everywhere,” including steel, aluminum, coppe

For Minnesota businesses, higher costs are 'coming everywhere'

Inflation is causing disruptions to workflow, threats to profits and tough decisions about passing rising costs on to customers.
First Independence Bank, a Black-owned financial institution in Detroit, will expand to the Twin Cities at the encouragement of some of the largest ba

A Black-owned bank from Detroit is coming to Twin Cities, after invite from region's bank giants

Some of the Twin Cities' largest banks encouraged First Independence to come here to help address the region's big racial wealth gap.
Minnesota added 14,500 jobs last month, the most since March. The state’s jobs recovery had sputtered for several months.

Minnesota added 14,500 jobs in July, biggest gain since March

The state has regained about 64% of jobs it lost at the start of the pandemic last year.
The Minnesota State Fair and its vendors are scrambling to find enough workers to staff their booths with the fair opening Aug. 26.

Minnesota State Fair and its vendors scramble to find workers

Less than two weeks before the fair opens, the businesses inside it and the fair itself need hundreds more workers.
The football stadium at the University of Minnesota has already taken the Huntington Bank name.

Huntington name will soon replace TCF around Twin Cities

The rebranding will happen over the next few weeks, most visibly at the U's football stadium. TCF's customers will start using new digital apps soon.
The return of workers to downtown Minneapolis and other major office settings that was expected just after Labor Day is not going to happen. The resur

Next month's big return to the office in Mpls. and St. Paul is disappearing fast

The growing case levels of the coronavirus, and ongoing hesitancy about vaccines among millions, is forcing many business to rethink plans for office reopenings.
Target is downtown Minneapolis’ largest employer with about 8,500 workers who worked out of its office towers along Nicollet Mall before the pandemi

Target tells HQ employees they can work from home rest of year

The Minneapolis-based company said it is still planning a gradual return to the office on Sept. 20, but only common areas will initially be open.
Wells Fargo is delaying the return of workers to its corporate offices, including its Downtown East campus in Minneapolis, shown in a file photo.

More Twin Cities employers push back plans to bring workers back to offices

Wells Fargo, Travelers and others had previously planned to bring workers back in September.
Leaders of Brown Venture Group. From left, Managing Partner Chris Brooks, partner Jerome Hamilton, partner Chris Dykstra and Managing Partner Paul Cam

Best Buy invests $10 million in Twin Cities-based venture capital fund for people of color

It is the largest investment Brown Venture Group has attracted yet for its inaugural fund.
With a resurgence of COVID-19 cases, U.S. Bancorp is delaying a plan for corporate workers to be back in the office.

U.S. Bancorp delays its return-to-the-office plan

The Minneapolis-based bank had planned to have employees return to corporate offices after Labor Day but has changed its plans amid a rise in COVID-19 cases.
JPMorgan Chase CEO Jamie Dimon said hello Monday to Tsedenya Mengiste, a personal banker at Chase’s Ventura Village branch on East Franklin Ave.

JPMorgan Chase CEO says rise in COVID-19 cases won't derail economic recovery

Jamie Dimon was in Minneapolis Monday. The nation's largest bank has been rapidly expanding in the Twin Cities after opening its first branch here in 2019.
Members of Bridgemakers MN held a celebratory picnic at Boom Island in Minneapolis. From top left, Jose Perez, Walter Cortina, Matt Norris, policy dir

How Minnesota students helped win the battle for unemployment benefits

A diverse coalition of students spent more than a year making their case to legislators, elected officials and the media.
Ameriprise Financial chairman and CEO Jim Cracchiolo

Ameriprise CEO: 'It's been great to be together again in person'

A strong stock market boosted Ameriprise's second quarter results, which beat Wall Street expectations.
Digital accelerator Taylor Dachel and client relations consultant Amar Ramdeen helped Bayan Yusuf at the newly reopened U.S. Bank branch on West Broad

U.S. Bank's branch on West Broadway reopens after last year's riots

Most branches damaged in the uprising last year have now reopened, but a few are still in the works.
U.S. Bank’s second-quarter profit jump was shaped by the release of money it put aside to cover potential loan defaults and other problems in the ea

U.S. Bancorp's profit swelled as it freed up more reserves amid improving economy

Low interest rates continue to put pressure on its main banking income, but executives gave an upbeat outlook for the rest of 2021.
The drop in Minnesota’s seasonally adjusted job count came while many businesses are still eagerly looking to hire workers.

Minnesota lost 600 jobs in June, another sign of a bumpy recovery

It's the first loss in the state's overall job count since December.
Cynthia Haynes of New Hope is one of the many Minnesota parents who will benefit from the expanded child tax credit, which starts rolling out this mon

New child tax benefit a relief for Minnesota, U.S. families

The break that U.S. parents get is expanding but is also being paid out differently, with half of it arriving in monthly checks that start Thursday.
The Federal Reserve Bank of Minneapolis decided to require that its 1,100 workers be vaccinated against COVID-19.

Minneapolis Fed mandates COVID-19 vaccines for its employees

It is one of the first large employers in the Twin Cities to do so, and it plans to bring workers back to the office in September.
The transition of digital banking services sped up by about five years during the pandemic, says Tim Welsh, president of consumer and business banking

Digital banking at U.S. Bank sped up during pandemic

The bank's customers are now where executives expected them to be in five years with digital technology. One result: the company closed more branches than it planned before the pandemic.