Business

Business
6:53 am
Thu December 19, 2013

Breach At Target Stores May Affect 40 Million Card Accounts

Justin Sullivan Getty Images

Originally published on Thu December 19, 2013 8:04 am

Target Corp. acknowledged early Thursday that there was a massive security breach of its customers' credit and debit card accounts starting the day before Thanksgiving and extending at least to Dec. 15 — the heart of the holiday shopping season.

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Technology
3:08 pm
Wed December 18, 2013

Apple is Manufacturing its New Mac Pro in Austin

A screen shot from a promotional video showcasing the new Mac Pro.
youtube.com/apple

Update: Austin Mayor Lee Leffingwell says Apple’s local manufacturing of the Mac Pro means about 800 new jobs.

“I think it’s another day in the life of a growing city,” he tells KUT News, “but it’s a big day in the life of Austin, because as you know, Apple is a premiere company around the world. When they make an important step like this here in our city, that’s going to be heard around the world to our advantage.”

Apple has already announced it’s building a $300 million operations center in Northwest Austin. For that project, Apple is receiving a $21 million grant from the state, over $8 million from the city and $6 million from Travis County

Original story (11:58 a.m.): Apple’s new Mac Pro is being manufactured in Austin.

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Business
3:26 pm
Mon December 16, 2013

Do Women CEOs Have a Tougher Time Pitching Start-Ups?

Dr. Hill working with a lab assistant at Spot On Sciences.
Credit Spot On Sciences

In baseball, the crowd holds its breath, waiting for the pitch.

In the business world, pitching is similar: suspense can be a killer, and ideas often get knocked down. Scrappy start-ups and venture capital abound in the modern economy, but success isn’t always guaranteed.

Dr. Jeanette Hill, CEO of Spot On Sciences and home blood test HemaSpot knows pitching – and it's nothing like what you’ve seen on "Shark Tank."

“You’ve got about 60 seconds, sometimes up to two minutes,” she tells KUT’s David Brown. “You have to get your idea across, you have to sell the audience … get it out there without stumbling.”

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Business
11:43 am
Fri December 13, 2013

Why In-N-Out Burger Pays More Than Other Fast Food Joints

Opening day at Austin's first In-N-Out Burger saw plenty of lines.
Credit Jorge Sanhueza-Lyon, KUT News

Austinites got a taste of California yesterday with the opening of the city’s first In-N-Out Burger at 45th and Airport. The drive thru is known for made-to-order burgers and an ordering system that allows you to micromanage your meal. (Want your bun extra toasted? Just ask.) 

In-N-Out Burger has no freezers. No microwaves. No heat lamps. And In-N-Out has been quietly going against another trend in the low-wage, low-benefit fast food industry: they're paying their employees much more than the industry standard. 

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Technology
11:27 am
Thu December 5, 2013

Texan Named to Twitter's Board of Directors

Texarkana-born Marjorie Scardino is the first woman appotinted to Twitter's board of directors.
flickr.com/financialtimes

Social media giant Twitter announced Thursday that Marjorie Scardino – Texarkana native, Baylor grad and former Pearson CEO – is joining its board of directors. Scardino is the first woman to be appointed to Twitter’s board.

Scardino received a little more than 4,000 shares of Twitter to serve on its board, according to SEC filings. She comes onboard after the company was criticized for not having women in high company positions. Twitter went public in November and is estimated to be worth more than $20 billion.

Scardino led educational publishing company Pearson for more than 10 years until 2012. During that time, she tripled its profits to a record $1.5 billion.

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Black Friday
4:39 pm
Mon December 2, 2013

Sluggish Start To Holiday Sales May Mean More Price Cuts

Shoppers crowd a Macy's store in New York on Thursday. Many retailers stayed open on Thanksgiving Day this year, a new holiday tradition that analysts say is here to stay.
John Minchillo AP

Originally published on Mon December 2, 2013 4:53 pm

Despite retailers offering Thanksgiving hours and more online sales, Americans still nervous about the economy spent less this long weekend than they did last year, according to preliminary estimates.

But analysts say retailers will be working harder to boost sales in coming weeks by offering even deeper discounts.

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Amazon Air
3:38 pm
Mon December 2, 2013

Amazon's Drone Has Many Asking 'What Could Go Wrong?'

Buzzing to a neighborhood near you? Amazon.com's Prime Air prototype may someday fly small packages right to customers' homes.
AP

Originally published on Mon December 2, 2013 5:37 pm

The news that Amazon is hoping to one day use semi-autonomous drones to deliver small packages to customers has many asking a familiar question:

What could go wrong?

Check this tweet:

"An Amazon drone!? What could go wrong?! 'They're autonomous' - this is how the Terminator started FYI..."

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Business
11:37 am
Wed November 27, 2013

Judge Smooths Path For American-US Airways Merger

Cleared for takeoff: That's the message from the "new" American Airlines, after a bankruptcy judge ruled it could finalize its merger with US Airways Wednesday.
Brandon Wade AP

Originally published on Wed November 27, 2013 12:22 pm

A U.S. judge says American Airlines can exit bankruptcy and join forces with US Airways Group, all but ensuring that their merger can take place within weeks. Wednesday's bankruptcy court ruling was one of the final hurdles for a huge merger that's been in the works for more than a year.

The ruling by Judge Sean Lane comes months after he gave his preliminary approval to the plan. The two companies are now planning to finalize their merger on Dec. 9, when they would combine to create the world's largest airline.

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Business
8:38 am
Tue November 26, 2013

With Shinola, Dallas Entrepreneur Brings Manufacturing Back to Detroit

facebook.com/shinola

Think of Detroit, and you likely think of a city past its prime.

But while Detroit faces an uphill climb since filing for bankruptcy in July, Heath Carr, CEO of Dallas-based Bedrock Manufacturing, has taken a decidedly bullish perspective on the city: His group is the parent company of Shinola, a company manufacturing American-made watches, bicycles, leather goods and more in the Motor City.

“If you come to Detroit, you spend time there, you get to know the people," Carr says. "The people that care about moving it forward, it's an energy you want to be part of.”

Listen to Carr speak with KUT's David Brown:

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Crime & Justice
6:01 pm
Sat October 19, 2013

JPMorgan Strikes Tentative $13B Mortgages Settlement

JP Morgan Chase & Company headquarters in New York.
Emmanuel Dunand AFP/Getty Images

Originally published on Sat October 19, 2013 4:28 pm

In what would be the largest such settlement in U.S. history, JPMorgan Chase & Co. has reportedly reached a tentative deal with the Justice Department that would see the bank pay $13 billion to settle civil charges related to wrongdoing by some of its units just before and during the housing crisis.

The deal, sources tell news outlets including NPR, would not absolve JPMorgan from possible criminal liability.

Word of the tentative agreement emerged around 3 p.m. ET. Saturday. We posted when the news broke and followed with background and more details.

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Business
3:09 pm
Tue October 15, 2013

Majority of Texas Fast-Food Workers on Public Assistance

Texas has the seventh-largest percentage of front-line fast-food workers on public assistance among 24 states included in a new report.
flickr.com/keoni101

Fifty-nine percent of front-line fast-food workers in Texas rely on public assistance programs such as food stamps and Medicaid to support their families, according to a report released on Tuesday.

Nationally, more than half – 52 percent – of the families of front-line fast-food workers use at least one public assistance program, compared with a quarter of the total workforce, according to the report. The research was sponsored by the University of California, Berkeley, Center for Labor Research and Education and the University of Illinois at Urbana-Champaign Department of Urban & Regional Planning.

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Economy
3:16 pm
Wed October 9, 2013

How a Mexican Boom Could Be the Next Big Thing for Texas

This year, Mexico's economy is predicted to grow at a rate of 1.7 percent. Joseph Parilla of the Brookings Institution says that's not the whole story.
flickr.com/jstephenconn

This year, economists in Mexico are predicting an anemic growth rate for the country of 1.7 percent. Some say the number could be closer to 1.4 percent. However, longtime Mexico watchers, including Brookings analyst Joseph Parilla, say that’s not the big story.  

“In the Mexican case, they had robust growth last year and if you look past 2013, projections are still relatively good,” Parilla says. “Growth rates are between 3.5 and 4 percent over the next five years. I think the general consensus is while 2013 will prove a difficult year for the Mexican economy, there should be a pretty quick rebound after."

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Austin City Limits Fest
11:59 am
Wed October 9, 2013

The Austin City Limits Ticket Crash of 2013

Day One of 2012's Austin City Limits fest. With the festival's expansion, hundreds of tickets for ACL's second weekend are available on the secondary market.
KUT

Update: Austin City Limits Music Festival organizers just announced tickets are officially sold out for their second weekend. But tickets are still available on the secondary market, although they're selling fast there too.

Reseller StubHub currently has tickets left. Tickets for ACL’s second showing are also still for sale on Craigslist, with most passes going for well under the festival’s $225 face value. Austin City Limits Music Fest kicks back off this Friday.

Original story (Oct. 4): Don’t have tickets for the 2013 Austin City Limits Music Festival? Surprisingly, you’re in luck.

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Technology
7:05 am
Tue October 8, 2013

Startup Week: What Does Austin Need to Become a Legitimate Tech Hub?

Capital Factory founder and executive director Joshua Baer says Austin is in the cycle to becoming a tech hub.
Laura Rice, KUT News

It’s Austin Startup Week – when the technology community invites people to visit to see why they should start their business in Central Texas. But is Austin a legitimate tech hub?

KUT’s Laura Rice put that question to Joshua Baer – the founder and executive director of the tech startup incubator Capital Factory:

Is Austin a Legitimate Tech Hub?

"I meet people every day and every week who are moving here, that picked up and are moving their whole company here from Silicon Valley or from New York or from somewhere else. But these things don't develop overnight. They don't even develop over the course of one or two years. Really, the lifecycle of a tech company is five to ten years. So to get through a few cycles of that, you're talking 20 to 30 years. That's how long it takes to build up a tech community. Silicon Valley? They've had that going for a long time. Austin? We're still a little earlier in that cycle – but we're in that cycle."

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Tesla Motors
1:19 pm
Thu October 3, 2013

Tesla's Stock Gets Burned After Car Fire And Downgrading

A Tesla Model S at the 2013 North American International Auto Show in Detroit on Jan. 15.
Stan Honda AFP/Getty Images

Originally published on Thu October 3, 2013 12:26 pm

High-flying billionaire Elon Musk's Tesla Motors has seen its shares skid the past couple days because they've been downgraded by analysts and because of a YouTube clip showing one of the all-electric luxury cars engulfed in flames earlier this week.

Just before noon ET, a share of Tesla was trading around $169.50 — down about 6.5 percent for the day and $25 (13 percent) below its 52-week high of $194.50.

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