Chattanooga Whiskey wins top Craft Producer award and other business news

Staff Photo /  Bottles of Chattanooga Whiskey's 91-proof and 111-proof high-malt whiskeys are seen in its M.L. King Boulevard distillery in 2019 in Chattanooga. Chattanooga Whiskey was recently named the Craft Producer of the Year (Global) at the 2023 Icons of Whisky Awards in London..
Staff Photo / Bottles of Chattanooga Whiskey's 91-proof and 111-proof high-malt whiskeys are seen in its M.L. King Boulevard distillery in 2019 in Chattanooga. Chattanooga Whiskey was recently named the Craft Producer of the Year (Global) at the 2023 Icons of Whisky Awards in London..

Chattanooga Whiskey wins top Craft Producer award

Chattanooga Whiskey was recently named the Craft Producer of the Year (Global) at the 2023 Icons of Whisky Awards in London. This win for the 12-year-old Chattanooga distillery comes just weeks after the company took home the title of Craft Producer of the Year (America) in Kentucky in February.

"Proud to bring Tennessee High Malt to the global stage; proud to represent Chattanooga, Tennessee; and proud to further solidify our country's reputation as a world leader in craft whiskey," Grant McCracken, founding distiller and chief production officer said in an announcement of the awards.

Chattanooga Whiskey was selected by an expert panel from a short list of regional winners of icons competitions -- including featured distilleries from America, Ireland, Scotland, India and the rest of the world.

Founded in 1998, Whisky Magazine is an international publication covering whiskies from around the world. The Icons of Whisky Awards, hosted by Whisky Magazine in conjunction with the World Whiskies Awards, recognize the people, places and products of the whisky industry.

Vinyl record maker expands in Nashville

United Record Pressing announced Thursday it will make a $10.8 million expansion of its manufacturing operations at its headquarters in Nashville, adding another 209 jobs to more than double its staff.

Founded in 1949 in Nashville, United Record Pressing is the oldest and largest vinyl record pressing plant in North America. The company is known for its storied history, which includes having pressed the first Beatles single in America, as well as many of the classic Motown hits during the 1960s and '70s. Today, United Record Pressing manufactures approximately 50,000 records per day for artists of all scale and genres of music.

"United Record Pressing is and always has been a Tennessee-based company with over 74 years of rich history here," Mark Michaels, CEO and chairman of United Record Pressing, said in a statement Thursday. "We are excited to be making this investment in our expansion in Middle Tennessee."

Unemployment claims rise to highest in a year

U.S. applications for jobless benefits rose to their highest level in more than a year but remain at relatively low levels despite efforts by the Federal Reserve to cool the economy and job market in its battle against inflation.

Jobless claims in the U.S. for the week ending April 8 rose by 11,000 to 239,000 from the previous week, the U.S. Department of Labor said Thursday. That's the most since January 2022, when 251,000 people filed for unemployment benefits.

The four-week moving average of claims, which evens out some of the week-to-week fluctuations, rose by 2,250 to 240,000. That's the most since November 2021.

Last week, the Department of Labor unveiled revised estimates of the number of weekly applications for jobless benefits under a new formula it is using to reflect seasonal adjustments. The new formula, which led to an increase in its weekly tally, is intended to more accurately capture seasonal patterns in job losses.

Applications for unemployment benefits are broadly seen reflective of the number of layoffs in the U.S.

The job market seems to be finally showing some signs of softening, more than a year after the Federal Reserve began an aggressive campaign to cool inflation by raising its benchmark borrowing rate nine times in about a year.

Rivian expects profits by 2024

Rivian expects to drastically increase production of its flagship electric pickup truck next year, which a top executive said positions the startup to become profitable by the end of 2024.

Claire McDonough, the California-based company's chief financial officer, gave a positive outlook on Rivian's financials and production outlook during an interview last week with Bank of America Securities. She also announced lofty production goals for next year and teased to hundreds of thousands of vehicles being built at the company's planned $5 billion factory in Georgia in 2026.

Rivian has burned through billions in recent years as it began mass production of its R1T pickup, R1S SUV and electric delivery vans for Amazon. The company's growing pains -- exacerbated by supply chain issues -- led to its stock tanking last year and prompted renewed efforts to raise capital. McDonough said the groundwork has been laid for Rivian to stop bleeding cash and become profitable by the fourth quarter of 2024.

"We expect to see a true step change, not just to break even, but to (enter) positive territory in that time frame," McDonough said on the April 4 call.

Rivian recorded a $6.8 billion loss in 2022.

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