Albuquerque Business News - Local Albuquerque News | Albuquerque Business First
Here's what happens after a New Mexico mass layoff
Albuquerque has layoffs on the brain this week after news of a reported 215 layoffs at Intel in Rio Rancho. Being laid off is a tough blow to receive but there are some rules that have been put in place to protect workers. These rules are outlined by the federal Worker Adjustment and Retraining Notification Act (WARN). If a company is going to lay off 500 employees, or 33 percent of their total workforce if the number is less than 500, it has to issue a WARN notice to the involved parties 60 days?
Chevron plans to double down in Permian Basin; could others follow suit?
It?s been an uneven ride for oil in New Mexico this year. With oil prices hovering between $30 and $40 per barrel for the first few months of the year, the state has taken a hit both in terms of employment and revenue. Friday?s weekly count of active oil rigs in New Mexico was back at 16, after inching up to 19 in recent weeks. But recent statements from Chevron Corp. could signal that while numbers are down at the moment, big players in oil who are already deeply invested in the Permian Basin,?
Three small business owners weigh in on what ABQ can do better
New Mexico has a lot of small businesses. In fact, they make up over half of the state?s total employment numbers. This week we?re looking at some of the challenges they face through the lens of a recent small business ?vitality? index that our parent company, American Business City Journals, developed. Albuquerque ranked 93rd of the 106 metro areas in the small business vitality index. Here are a few of the things small business owners we talked to are thinking about, and what they believe?
Millennial summit inspires new ways of thinking about old problems
In front of a sold-out crowd of 160 people, 18 individuals who are experts in their fields presented challenges Albuquerque faces and new ways to think about old problems. What made this event unique was the fact that most of the presenters were young professionals, and almost everyone in the crowd was a millennial. The day-long event, called the Citywide Young Professionals Summit hosted by MiABQ, provided a gathering space at Downtown's Hotel Andaluz April 29 for millennials to express their ideas?
Intel CEO: company restructuring to focus on 'cloud'
Intel Corp.'s major restructuring that will eliminate 12,000 jobs ? including a reported 215 job cuts in Rio Rancho? is all about positioning the company for the Internet of Things, according to CEO Brian Krzanich. In a blog post on the company's website, Krzanich lays out where he thinks the future will lay for the Santa Clara, California-based Intel (Nasdaq: INTC). Much of that involves transforming the company from one that was dominant in supplying chips for personal computers to one that's?
Sports Authority closing all stores, drops reorganization bid
Sports Authority, which filed for Chapter 11 bankruptcy protection last month, has abandoned its reorganization effort and will instead sell its assets to a number of interested buyers. According to a Tuesday Wall Street Journal story, an attorney for the Englewood, Colo.-based retailer told a judge that the company would no longer pursue a reorganization. Earlier this month, national reports said that the company was pushing back its bankruptcy auction . When the company filed for Chapter 11,?
Wells Fargo CEO warns pressure on profits will continue
Wells Fargo shareholders and Wall Street watchers can expect to see continued pressure on the bank's margins, CEO John Stumpf told the bank's annual shareholder meeting, as "headwinds in our industry" continue. Stumpf made the comments at the meeting in Scottsdale, Ariz., reports the Wall Street Journal. San Francisco-based Wells Fargo is now the third-largest U.S. bank by assets, passing behemoth Citigroup(NYSE: C) to claim the spot at the end of 2015. Wells (NYSE: WFC) grew by 6 percent to $1.79?
Albuquerque and Sacramento mayors to discuss high-tech cities
Albuquerque Mayor Richard Berry will host Sacramento's mayor to discuss high-tech cities at NAIOP's luncheon Monday. Berry and Sacramento Mayor Kevin Johnson, who have been friends for years, will talk about how high-tech cities happen. The two mayors recently were on a panel at South by Southwest in Austin last month and this panel will be a continuation of that discussion said NAIOP President Lynne Andersen. Gary Oppedahl, director of Albuquerque's Economic Development Department, will moderate?
5 things you need to know today, and it's going to be a rough few months for traffic
Especially involving I-40. And I-25. Hey, at least it's Friday! Here's your traffic news and 5 more things you need to know. 40 of NM's most amazing young professionals We revealed our 2016 40 Under Forty honorees yesterday and if you haven't met them yet, you should. They are amazing and the photos Kim Jew Photography shot of them show off their personalities beautifully. ABQ's low ranking for small business (and how to change it) A new ranking from our parent company American City Business?
Albuquerque's surprising ranking on this Hispanic entrepreneurs list
The Hispanic and Latino community is currently creating businesses at 15 times the national rate, according to a recent WalletHub study. And with National Small Business Week kicking off May 1, WalletHub released its 2016 Best Cities for Hispanic Entrepreneurs list. Among the 150 largest U.S. cities, Albuquerque ranked no. 41 on WalletHub's list. The fact that Albuquerque didn't rank higher may come as a surprise to those who know the Duke City's population is 47 percent Hispanic, according to Census?