Business

Business
3:19 pm
Thu July 24, 2014

What's Next for Austin's Creative Economy?

Rooster Teeth Founders (pictured left to right) Matt Hullum and Bernie Burns
ChinLin Pan/KUT

According to Forbes.com, since 2001 tech firms like Apple, Google, and Facebook have expanded employment by 41 percent. This has lead to Austin resembling a smaller Silicon Valley – and Texas as a whole altering the face of its economy.

In keeping with Austin's renowned music scene, many of the region's exports are less about tangible services and more about entertainment and innovative ideas and applications. Economist and author Richard Florida christened such a move to a arts and knowledge-based economy as "The Rise of the Creative Class."

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Consumer Alert
4:08 am
Wed July 23, 2014

Fruit Recall Hits Trader Joe's, Costco, Wal-Mart Stores

Originally published on Wed July 23, 2014 10:40 am

Fears of possible listeria contamination have led to a national recall of whole peaches, nectarines and other fruits packed by a California company. No illnesses have been reported, but the Wawona Packing Co. has told retailers such as Wal-Mart, Costco and Trader Joe's to pull its products.

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Business
7:51 am
Tue July 22, 2014

Meet Two African Women at UT With Ideas for Improving Access to Some Basic Needs

Faith Mangope wants to help young South Africans find employment and create jobs.
Sara Combs, courtesy the UT-Austin International Office

Some young people in Africa are struggling with problems that many Americans take for granted – including serious unemployment and access to basic needs.

A group of 25 young Africans from 18 different countries have been at UT-Austin this summer to bring to life their business plans for addressing some of the challenges in their countries.

It’s part of President Obama’s Young African Leaders Initiative. The national program is in its fourth year but this is the first time participants have spent time at a university prior to a summit in Washington.

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Net Neutrality
3:56 pm
Mon July 21, 2014

1 Million Net Neutrality Comments Filed, But Will They Matter?

Complaints about Janet Jackson's Super Bowl halftime show performance of 2004 led to a record number of public interactions with the Federal Communications Commission. This year's net neutrality comments come in second.
Donald Miralle Getty Images

Originally published on Mon July 21, 2014 7:16 pm

The Federal Communications Commission received more than 1 million public comments on the issue of net neutrality during a five-month commenting period that ended Friday.

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Business
7:29 am
Tue July 15, 2014

Tobacco Giant Reynolds American To Buy Lorillard In $27B Deal

Cigarette maker Reynolds American, which makes Camel, said it's buying Lorillard Inc. for $27 billion.
Keith Srakocic AP

Originally published on Tue July 15, 2014 10:41 am

Cigarette giant Reynolds American announced Tuesday that it's buying rival Lorillard in a $27 billion deal that unites two of the country's biggest tobacco companies.

The acquisition creates a giant to rival Philip Morris USA, which is owned by Altria Group Inc., the No. 1 tobacco company in the country. Altria's Marlboro brand dominates the U.S. cigarette market.

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Economy
10:22 am
Thu July 3, 2014

U.S. Added 288,000 Jobs In June, Labor Department Says

Originally published on Thu July 3, 2014 12:27 pm

Analysts' expectations of continued growth in the jobs report for June were surpassed by federal data issued this morning, as the Labor Department says U.S. employers added 288,000 jobs last month. The government released the numbers one day early because of the July 4 holiday.

Update at 8:35 a.m. ET: 288,000 Jobs Added

"Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1 percent," the Bureau of Labor Statistics says.

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Mexico
4:08 am
Tue June 24, 2014

Tequila Nation: Mexico Reckons With Its Complicated Spirit

Blue agaves grow in a plantation for the production of tequila in Arandas, Jalisco state, Mexico, in December 2010. In the past 20 years, tequila has become fashionable all over the world, demonstrating that producers' international sales strategy has been a great success.
Hector Guerrero AFP/Getty Images

Originally published on Thu June 26, 2014 4:54 pm

The Mexican town of Tequila in the western state of Jalisco is the heart of a region that produces the legendary spirit. Any bottle of tequila must be made from the Weber Blue species of agave, grown and distilled in this region.

Field after field of agave gives this land a blue hue, defining an economy and its traditions.

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African-American Business
3:57 pm
Thu June 19, 2014

Black-Owned Businesses Grow in Texas, But Still Trail Economically

A report on the state of black-owned businesses in Texas was released today. From left: State Sen. Royce West, TAAACC Chairperson Jim Wyatt, report co-author Bruce Kellison and UT President Bill Powers.
Ryan Kailath/KUT

Black-owned businesses in Texas are growing at a faster rate than Texas businesses as a whole – but they are trailing on several economic indicators, according to a new report.

The number of black-owned businesses in Texas increased 74 percent from 2002 to 2007, while the total number of Texas businesses rose only 25 percent in that period. While the increase seems impressive, the report goes on to say that this is largely because more than 95 percent of black-owned businesses in Texas are owned by single proprietors with no employees.

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Social Entrepreneurs: Taking On World Problems
9:17 am
Wed June 18, 2014

Benefit Corporations Look Beyond The Profit Motive

Stephen Maydwell adjusts tins of Badger Balm before a machine fills them at the W.S. Badger Co. Inc. factory in Gilsum, N.H.
Jack Rodolico

Originally published on Wed June 18, 2014 7:53 am

A corporation has one core obligation: to make money. But some companies are signing a deal, promising to create not only profit but also a tangible benefit to society and the environment. They're called benefit corporations, and their movement has caught the ear of lawmakers across the country.

In the tiny town of Gilsum, N.H., you'll find the headquarters of W.S. Badger Co. Inc. The company makes all-natural cosmetics marketed under the name Badger Balm. When CEO Bill Whyte founded the company two decades ago, the staff was lean.

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Business
6:57 pm
Wed June 11, 2014

Report: Stratfor Hack Orchestrated by FBI Informant

The computer hack of Austin-based Stratfor in 2011 resulted in credit card numbers and damaging emails being leaked online. A new investigative report from the Daily Dot examining still-sealed court records found that the FBI knew about the hack, because one of its informants helped to orchestrate it.

In addition to directly facilitating the breach, the FBI left Stratfor and its customers—which included defense contractors, police chiefs, and National Security Agency employees—vulnerable to future attacks and fraud, and it requested knowledge of the data theft to be withheld from affected customers. This decision would ultimately allow for millions of dollars in damages.

Daily Dot reporter Dell Cameron was a lead reporter on the story. Listen our interview with him here.

Technology
11:27 am
Tue June 10, 2014

Drones Approved: FAA Gives OK To First Commercial Use Over Land

A 2011 photo shows an AeroVironment Puma drone being prepared for launch by University of Alaska researchers. The FAA says it approved BP's use of the drone to survey oil fields in Alaska.
Keith Cunningham AP

Originally published on Tue June 10, 2014 12:24 pm

The Federal Aviation Administration says it has issued the first permit in its history for an unmanned aircraft to fly over U.S. soil. Oil company BP will use a drone from the company AeroVironment to conduct surveys in Alaska.

The first drone flights under the recently issued waiver have already taken place, the FAA says.

From the agency's news release:

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Business
7:48 pm
Mon June 9, 2014

National Instruments Cancels Project That Would Have Created 1,000 Jobs

Credit Larry D. Moore http://en.wikipedia.org/wiki/User:Nv8200p

National Instruments is cancelling a project that would have created 1,000 jobs in Austin over a decade.

The $80 million expansion project of NI's headquarters on North Mopac Boulevard received millions in economic incentives from the city, county and state. All those agreements have also been canceled.

"We want to continue to leverage our investments and drive for growth," National Instruments spokesperson Stacy Schmidt says. "But in the current economy and the challenges in the test and measurement industry, we're choosing not to move forward at this time."

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Technology
4:17 pm
Sat June 7, 2014

Tech Week: Apple In Homes, Snowden Anniversary, Sexism Flare-Ups

Apple's Craig Federighi introduces the company's Home Kit platform during the Worldwide Developers Conference in San Francisco.
Justin Sullivan Getty Images

Originally published on Sat June 7, 2014 9:46 am

It's time for your quick rundown of the week that was in technology and culture.

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Technology
4:34 pm
Fri May 30, 2014

SpaceX Unveils A Sleek New Ride To Orbit

SpaceX's new crew capsule was unveiled yesterday.
SpaceX

Originally published on Fri May 30, 2014 3:38 pm

Yesterday, entrepreneur Elon Musk sauntered on to stage and unveiled his latest product: not a smart phone, but a spaceship.

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Another Data Breach
12:36 pm
Wed May 21, 2014

Saying It Was Hacked, EBay Urges Users To Change Passwords

Hackers broke into a database containing customer information, auction site eBay said Wednesday. The company is based in San Jose, Calif.
Paul Sakuma AP

Originally published on Wed May 21, 2014 7:20 pm

Online marketplace eBay says it was the target of a cyberattack in which hackers accessed a database of its encrypted passwords. The auction site says no financial data were revealed — but it's urging its users to update the passwords on their accounts.

EBay says that it hasn't seen any sign of fraudulent activity since the problem was first detected "about two weeks ago." It also said that it stores financial data and customer records in different places and that accounts of its direct-payment subsidiary, PayPal, were not affected by the data breach.

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Business
4:29 am
Mon May 19, 2014

AT&T To Acquire Broadcast Provider DirecTV

Originally published on Sun May 18, 2014 11:17 pm

Telecommunications giant AT&T and DirecTV announced Sunday that the two companies had reached a definitive agreement which would see AT&T acquiring the broadcast service provider.

AT&T is buying DirecTV for about $48.5 billion, reports The New York Times. But the Times reports that the deal, including debt, is valued at about $67 billion.

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Net Neutrality
11:06 am
Thu May 15, 2014

FCC Gives Initial OK To New Internet Traffic Rules

Demonstrators protest outside the Federal Communications Commission Thursday. The agency voted to open new proposed rules for public comment, including a discussion of whether "paid prioritization" should be banned.
Alex Wong Getty Images

Originally published on Thu May 15, 2014 4:40 pm

New rules for how Internet traffic is governed were officially unveiled and approved for public comment following a 3-2 vote Thursday by members of the Federal Communications Commission.

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Business
9:01 am
Thu May 15, 2014

How to Manage Your Team Like the San Antonio Spurs

flickr.com/rmtip21

The San Antonio Spurs may not have rock star players like LeBron James – they don't have the resources. They might not have the youngest lineup, either (to say the least). And no, they're not flashy.

But the Spurs succeed so often – both on and off the court – they're now considered the top ranked team in the NBA, picked by many to win a fifth championship this year. They must be doing something right.

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Technology
4:32 pm
Mon May 12, 2014

As Drones Fly In Cities And Yards, So Do The Complaints

Merrill uses a drone to take aerial shots of Santa Cruz, Calif.
Courtesy of David Merrill

Originally published on Wed May 14, 2014 9:25 am

The price of drones is dropping — a decent one could cost you $300 — but the reality of the devices flying around cities and neighborhoods doesn't sit well with a lot of Americans.

Are they just paranoid?

Three months ago, when Michael Kirschner and his wife purchased a new condo in San Francisco, they were not concerned about drones. They fell in love with the unit because of its big picture windows.

"You have a view that reaches all the way out to the Golden Gate Bridge," Kirschner says.

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Business
5:08 am
Mon May 12, 2014

Sriracha-Maker Says Factory Will Remain In California

Sriracha chili sauce is produced at the Huy Fong Foods factory in Irwindale, Calif. CEO David Tran has been at odds with the local City Council over the smells emitted by the sauce factory.
Nick Ut AP

Originally published on Thu May 29, 2014 5:53 pm

Sriracha hot sauce-maker Huy Fong Foods has been tussling with the City Council of Irwindale, Calif., near Los Angeles for months now over whether the factory's spicy smells harm its neighbors. There have been legal action and suggested fixes, but also pleas from other cities for the company to consider moving there.

David Tran, the CEO of Huy Fong, says he escaped from Vietnam almost 35 years ago to be free of the communist government there and its many intrusions.

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