Business

In Black America Podcast
8:47 am
Mon September 29, 2014

In Black America Podcast: Austin Business Leader Natalie Madeira Cofield

Natalie Cofield, President and CEO, Greater Austin Black Chamber of Commerce

On this edition of In Black America, producer/host John L. Hanson Jr. speaks with Natalie Madeira Cofield, President & CEO of the Greater Austin Black Chamber of Commerce, located in Austin, TX; Founding President of the Austin Black Technology Council and Founder of Walker’s Legacy a national women in business collective.

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Science
2:33 pm
Mon July 28, 2014

Could Maker Culture Spark the Next Industrial Revolution?

A 3D As tools like 3D printers (pictured) drop in price, they increasingly fuel a maker culture, according to UT engineer Scott Allen.
flickr.com/creative_tools

Everyone has ideas. Machines, inventions, and improvements to everyday products: things that bounce around in everyone's mind. But unless that someone is an engineer, inventor, or tinkerer, those ideas stay just that … ideas.

Until now that is.  

A new, emerging "maker" culture encourages innovators to create as they wish with the help of 3D printers, laser cutters, and many other tools. The Obama Administration even recently hosted a nationwide "Day of Making" for these creators. 

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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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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.

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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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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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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Business
7:43 pm
Tue May 6, 2014

Oil and Gas Companies Are Now Poaching Employees From Each Other

Oil rigs and tankers off the coast of Galveston
Credit https://flic.kr/p/xzPDU

The global boom in energy production driven by fracking and horizontal drilling is leading to a shortage of skilled workers. A new report by the human resources firm Mercer says two-thirds of oil and gas companies are now poaching employees from their competitors.

"The industry seems inclined when an individual is trained and developed by a competitor to, especially in the first five years of employment, go after that key talent, as opposed to training and developing their own,"  says Philip Tenenbaum, a senior partner at Mercer. 

He says in some cases, the practice has become quite overt.  

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Target Credit Breach
7:41 am
Mon May 5, 2014

In Wake Of Massive Data Breach, Target CEO Steps Down

Originally published on Mon May 5, 2014 10:16 am

In the wake of a massive data breach that exposed the personal information of about 70 million customers last year, Target CEO Gregg Steinhafel is stepping down, the retailer's board announced in a statement Monday.

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Business
3:28 pm
Tue April 22, 2014

Fast-Food CEOs Earn Supersize Salaries; Workers Earn Small Potatoes

According to a new report, YUM! (owner of KFC, Taco Bell and Pizza Hut) compensated its CEO $22 million in 2013.
Paul Sakuma AP

Originally published on Sat April 26, 2014 8:09 am

At a time when fast-food workers make an average of about $9 an hour, what are the chief executives bringing home?

According to a new report, YUM! (owner of KFC, Taco Bell and Pizza Hut) compensated its CEO $22 million in 2013.

Chipotle's CEO took home $13.8 million in total compensation. And McDonald's CEO compensation totaled $7.7 million. (Compensation includes salary, bonus and the value of exercised options.)

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Business
8:26 am
Thu April 17, 2014

To Increase Productivity, UPS Monitors Drivers' Every Move

Elise Amendola AP

Originally published on Wed April 30, 2014 12:11 pm

The American workforce might want to pay attention to all those brown trucks full of cardboard boxes. UPS is using technology in ways that may soon be common throughout the economy.

On the surface, UPS trucks look the same as they did more than 20 years ago, when Bill Earle started driving for the company in rural Pennsylvania.

But underneath the surface, Earle says, the job has changed a lot. The thing you sign your name on when the UPS guy gives you a package used to be a piece of paper. Now it's a computer that tells Earle everything he needs to know.

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Toy Joy Closing
4:39 pm
Tue April 1, 2014

Why Some Stores Fail and Others Thrive in Austin's Second Street District

Austin's Second Street District, seen in 2010. The nascent neighborhood has seen lots of tenant turnover since it launched.
Callie Hernandez for KUT News

Update: Toy Joy was bought Monday by Fred Schmidt, owner of Wild About Music on E. Sixth Street. Schmidt told Time Warner Cable News he plans to keep the store downtown. "We're going to continue with this business as it has been — only make it more successful than it has [been] in recent years,” Schmidt said. “We're very committed to Toy Joy, its concept, its premise and what it has been in Austin for several decades now."

Original story (March 31): Toy Joy will be auctioned off today. The iconic Austin store closed its doors on March 16, after struggling for the last few years.

In 2013, the owners thought a new location in a hip part of town would help, so they moved from Guadalupe Street – close to the Drag – and into downtown’s Second Street District. But Toy Joy didn’t make it.

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Texas
3:21 pm
Mon March 31, 2014

You Can Buy Your Way Into Texas' Oil Boom. But Is It Worth It?

A jointly-owned oil rig atop the Eagle Ford shale south of San Antonio.
Credit Larissa Liska

In the history of Texas, few figures are as colorful as the wildcatters: oil prospectors who gambled big on the lure of black gold and striking it rich, or went broke trying. But what if you could be a wildcatter with a click of the mouse?

According to a company selling stakes in rigs right now, you too can own an oil well – or at least part of it – right here in the states. 

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Technology
2:59 pm
Mon March 17, 2014

Computers That Know What You Need, Before You Ask

Expect Labs' MindMeld app uses predictive computing to push information to us, instead of us having to ask.
Courtesy of Expect Labs

Originally published on Thu March 20, 2014 11:14 am

We're already giving voice instructions to virtual personal assistants, like Apple's Siri. But artificial intelligence is getting even smarter. The next wave of behavior-changing computing is a technology called anticipatory computing — systems that learn to predict what you need, even before you ask.

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SXSW 2014
3:14 pm
Fri March 14, 2014

At SXSW Trade Show, Other Cities Say They Come to Pitch, Not Poach

Cities and countries are pitching themselves at SXSW as places for tourism and economic development.
Michael Samm

Update: KUT's Kate McGee appeared on WBUR's Here and Now to discuss governments pitching themselves at SXSW.

Read and listen: Cities And Countries Pitch Themselves At SXSW 

Original story (March 12): At South by Southwest, tech companies may come to pitch the next big mobile app or hardware, but city governments are also here to pitch themselves as the best place to create that next big app.

“There’s a collision of all the kinds of people were trying to attract, talented engineers looking for their next great opportunity, companies looking for a place to grow, or investors seeking deal flow," says Jenifer Boss, the director of business development with the deputy mayor’s office in Washington D.C.. "And we want to take advantage of having all those people in one place."  

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SXSW 2014
8:38 am
Fri March 14, 2014

What Happens When a Local Business Opts Out of SXSW

Craft Pride general manager David Voss answers a customer's question. The bar did not participate in any SXSW-related events this year.
Jon Shapley for KUT News

Thousands of bands have come to town for SXSW, and many of them are here thanks to one thing: brands. Doritos is reportedly paying Lady Gaga millions to do a show. Chevy is giving people free rides around town. Toilet paper brand Cottonelle even has a "refresh lounge" at the festival this year.

But what happens to local businesses that opt out of corporate freebies and VIP-only parties? 

To find out, just head to Rainey Street, aka Corporate Party Central. But at the southern end of the street sits a bar that's proudly banner-free, with no velvet rope and no VIP guestlists: Craft Pride.

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Business
7:05 am
Wed February 5, 2014

CVS To Stop Selling Tobacco Products

Soon to be gone: Marlboro cigarettes on display at a CVS store in Pittsburgh last July.
Gene J. Puskar AP

Originally published on Tue February 11, 2014 10:43 am

Saying it is "the right thing for us to do for our customers and our company to help people on their path to better health," the CEO of CVS Caremark announced Wednesday that the company's 7,600 pharmacies will stop selling cigarettes and tobacco products by Oct. 1.

Larry Merlo also said CVS will try to help those who want to quit smoking with a "robust national smoking cessation program" at its locations.

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Technology
10:08 am
Tue February 4, 2014

Facebook At 10: Amid Doubters, Company Eyes Next Growth Phase

Facebook co-founder and CEO Mark Zuckerberg told James Bennet, editor in chief of The Atlantic, in September that he wasn't worried about whether Facebook is "cool." "We're almost 10 years old, and we're definitely not a niche thing at this point," Zuckerberg said.
Win McNamee Getty Images

Originally published on Thu February 6, 2014 7:12 am

Ten years ago, when Mark Zuckerberg launched Facebook at Harvard, Noah Buyon was only nine years old.

Facebook started out as a site exclusively for college students, so it took Buyon a few years to find out about it. But when his older brothers got accounts, he wanted one too.

"It became kind of the cool thing to have," Buyon says. "I couldn't hold out any more — and I got it, and I've been saddled with it ever since."

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