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Top News Links: Tuesday, Sept. 22

UA law prof notes need for banking in pot business

Vaults, armed guards, and paranoia are costs of doing business today in the recreational marijuana industry. Because they have little access to banking, marijuana business owners must conduct their day-to-day operations entirely in cash. In a recent paper, University of Alabama law school professor Julie Andersen Hill argues for legislative and regulatory changes to allow marijuana businesses to open up bank accounts. – RegBlog.org

Steve Harvey partners in Eufaula factory

Comedian Steve Harvey and Montgomery businessman Greg Calhoun have purchased a former latex glove and condom factory in Eufaula. The factory, now called AmeriTech Glove Factory, reopened last week after being shuttered for five years, Calhoun told AL.com in an interview. Calhoun said 25 employees are currently working at the factory, testing the new products. – AL.com

BAE laying off 650 at Virginia shipyard

BAE Systems is laying off about 650 workers at its Norfolk, Va. shipyard. The company said Monday that the layoffs will be effective Nov. 20. The shipyard employs about 1,500 people. The company said in a statement that the cuts are the result of a "decrease in Navy repair work, consistent with the Navy's decision to delay several modernization programs and the reduced number of Navy ships homeported in Norfolk." BAE Systems has seven full-service shipyards in Alabama, Florida, California, Virginia and Hawaii. – AP/Ledger-Enquirer

Mississippi selling first bonds backed by gambling taxes

Mississippi, the poorest U.S. state, is selling its first bonds backed by gambling taxes after its share of the winnings fell to the lowest since 1997, two casinos closed and its neighbors began looking at expanding into the business. Investors may still like the odds. The $200 million of bonds carry Standard & Poor’s fifth-highest credit rating because the state’s gaming revenue covers the debt service 10 times over, even though it’s fallen almost 30 percent from the 2008 peak. – Bloomberg

Kickboxing gyms springing up in Birmingham

A kickboxing gym is planning a big expansion into the Birmingham area. 9Round opened a gym in Hoover in August and one in Northport in January. A third is planned to open in Tuscaloosa before the end of the year. – AL.com

Speculation abounds as Mobile awaits cruise ship

The Mobile City Council wants to change the name of its cruise terminal. A local travel agent is speculating on which cruise ship might be coming to the newly named facility. Such is the latest buzz surrounding the return of the cruise industry to Alabama. – AL.com

Oakworth Capital Bank adds seven

Birmingham-based Oakworth Capital Bank recently announced the addition of seven employees who will help serve the South Alabama market. They are: John Hensley, managing director; Bud Doyle, senior client advisor; Tom Roberts, senior client advisor; Katie Smith, associate managing director; Wade Gordon, client advisor; Michele Stewart, client support; and DeEdra Pugh, client support. – News release

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