Bob RolfeHaslam names Rolfe as ECD commissioner
A Nashville businesman who heads a 250-employee medical payment company has been tapped to head economic recruitment for the state of Tennessee.
Tennessee Gov. Bill Haslam said Bob Rolfe, head of a Nashville equity firm that owns Medical Reimbursements of America, will join the governor’s cabinet on March 1 as commissioner of the Tennessee Department of Economic and Community Development. He succeeds Randy Boyd, who stepped down as the state’s top economic recruiter at the end of January and is considering a run for governor.
Rolfe, 56, has more than three decades of experience in business and investment banking in Tennessee.
“Bob Rolfe has spent his career growing companies and creating jobs, and he will bring incredible experience and energy to our work of making Tennessee the No. 1 location in the Southeast for high quality jobs and ensuring that success is felt throughout the state,” Haslam said.
Britax recalls 700,000 seat-to-stroller devices
Britax is recalling more than 700,000 mounting components for a car seat-to-stroller conversion because it can unexpectedly disengage. The company is specifically recalling Click & Go receivers that allow a car seat carrier to attach to a stroller frame. This specific Click & Go system is for use in Britax B-Agile and BOB Motion strollers.
The company received 33 reports of car seats disconnecting from the strollers and falling to the ground, with 26 reports of injuries to children. The company also is aware of 1,337 reports of strollers with damaged Click & Go mounts.
They were sold at Babies R Us, buy buy Baby, Target and other stores nationwide, and at Amazon.com, albeebaby.com, buybuybaby.com, diapers.com, ToysRUs.com and other websites from May 2011 through February 2017.
Consumers can find details on the model numbers at https://www.cpsc.gov/ Recalls/2017/Britax-Recalls-Strollers
Snapchat IPO value up to $22 billion
The parent company of the social network Snapchat is valuing itself at up to $22 billion as it prepares for the tech industry’s biggest initial public offering in years.
Snap Inc. said in a regulatory filing Thursday the IPO is likely to be priced between $14 and $16 per share. Had the IPO price matched the $30.72 per-share price obtained in its last round of financing, Snap would have a market value of about $30 billion, based on the quantity of outstanding stock listed in its IPO documents.
Snap’s highly anticipated IPO would be the largest since China’s Alibaba Group went public in 2014.
Co-founders Evan Spiegel and Robert Murphy will have controlling power over all matters at Snap through a special class of stock that gives them 10 votes for every share they own.
Average 30-year mortgage drops to 4.15 percent rate
Long-term mortgage rates slipped again this week.
Mortgage buyer Freddie Mac said the rate on 30-year, fixed-rate loans eased to 4.15 percent from 4.17 percent last week. The benchmark rate stood at 3.65 percent a year ago and averaged 3.65 percent through 2016, lowest in records going back to 1971.
The rate on 15-year mortgages dropped to 3.35 percent this week from 3.39 percent and 2.95 percent a year ago.
Both rates fell for the second straight week.
But rates have soared since President Donald Trump was elected Nov. 8. Investors have bid rates higher because they expect Trump’s plans to cut taxes and increase spending on infrastructure will boost growth and inflation.
The Federal Reserve raised short-term rates in December and is expected to continue hiking rates this year.