Another insurer bites the dust, while freight trains may push ahead of Amtrak Cascades.
OREGON NEWS
Another Oregon insurer bites the dust. Health CO-OP announced last week it will seek liquidation today before the Marion County Circuit Court. The CO-OP will give subscribers until Aug. 1 to find new coverage. But the provider owes more than $900,000 to the Centers for Medicare and Medicaid, which they might not be able to cover. The Portland Business Journal has more.
Meanwhile, in Deschutes County, two insurance carriers announced they won’t sell policies next year. Regency BlueCross BlueShield and BridgeSpan Health will join the exodus of providers declining to provide service. Read more from the Register Guard.
— Passenger trains in the Northwest might run more slowly and less reliably if a federal proposal is approved. Amtrak Cascades, for example, runs a line between Eugene and Vancouver, Canada. The passenger train has traditionally been given preference over freight traffic, but the Surface Transportation Board says that might no longer be the case. Oregon mayors and as well as Gov. Kate Brown have written to the board expressing their concern. OPB has more.
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— The first 365 by Whole Foods Market is scheduled to open Thursday in Lake Oswego. The grocery offshoot is targeted at millennials and those seeking a lower-cost organic grocer. Read more from the Lake Oswego Review.
— Portland isn’t the only Oregon city to benefit from out-of-state developers. A three-story building downtown Eugene was sold last week for $3.45 million to Sawtooth Development. Sawtooth owners Shane Felker and Clay Sammis have offices in San Diego and Ketchum, Idaho. The building is currently leased by the Lane Council of Governments, which told the Register Guard they intend to meet with the developer as soon as possible.
— A Pendleton entrepreneur has been named a finalist for the Pet Industry Woman of the Year. Lesley Crosby, owner of Pupcakes, has only been in business for three years. Crosby’s business provides grooming, boarding and natural treats for pets. The award will be announced Sept. 20 in Portland. The East Oregonian has more.
NATIONAL NEWS
— Pokemon GO released in the U.S. July 8, and sent Nintendo’s stock value soaring. In just two days, the Japanese company added $7.5 billion in market value. Reuters reports the first mobile game for Nintendo is on more phones than Tinder, and daily active users were approaching the same level as Twitter. Despite the game’s immediate popularity, it’s unclear if Nintendo will receive a real revenue stream as the game is free. Read more from Reuters.
— In other news from Japan, a messaging app could be the largest technology IPO this year. Line Corp raised $1.14 billion at its initial public offering, and will trade 12 million new shares in Tokyo and 22 million shared at the New York Stock Exchange. The Wall Street Journal reports the offering could be valued at nearly $20 billion.
