Business

Jillian Schantz Patrick for KUT News

Members of Occupy Austin staged a protest at a local Chase Bank branch this afternoon, resulting in protesters’ ejection from the building.

Occupy Austin had pushed for the City of Austin to move their funds from Bank of America. In February, the Austin City Council passed a resolution looking at that possibility. But instead of shifting those funds to smaller banks or credit unions, as Occupy Austin had hoped for, the city transferred its money to JP Morgan Chase.   

On the heels of JP Morgan’s disclosure of billions in losses from risky financial trades, Occupy Austin members protested at a Chase branch on 19th and Guadalupe Street.

Today the Greater Austin Chamber of Commerce announced the launch of a new website designed to help fill Austin’s so-called “technology gap.”

The chamber says that Austin tech companies are having trouble finding qualified local candidates for mid-to-senior level positions. Last month the chamber found that 28 percent of posted job openings in the area were tech-related.

Photo courtesy Greater Austin Chamber of Commerce

Austin’s population is more Asian than Texas as a whole – but it has a lower percentage of Asian-owned businesses.  That’s one reason two local chambers of Commerce are merging.

Today the Texas Asian Chamber of Commerce and the Austin Asian American Chamber of Commerce officially joined forces to form one group: the Greater Austin Asian Chamber of Commerce.

Board member Ying McGuire says the united chamber will offer help to Asian-Americans, immigrants and refugees.

Photo courtesy Jimmy Wayne, flickr.com/auvet

The United States Postal Service has announced a plan that will keep thousands of small and rural post offices open – cancelling an earlier plan to close up to 3,700 locations. The new plan will keep the current post office locations in place but will modify their hours of operation.

Lobby and post office box services will remain the same, but over 13,000 smaller post offices could reduce their business day to two to six hours, including over a dozen location in Blanco, Martindale, Maxwell and Caldwell counties.

Postmaster General and USPS CEO Patrick R. Donahoe cites demand from customers as the reason for the shift. “We believe today’s announcement will serve our customers’ needs and allow us to achieve real savings to help the Postal Service return to long-term financial stability,” he says in a press release.

Photo by Teresa Viera for KUT News

Rental maternity clothing? Malnutrition-fighting porridge? Dust compressors? Soon, one of these inventions could be part of your daily life.

Beginning today and running through Saturday, the Global Venture Labs Investment Competition will evaluate business concepts from 40 teams around the world. Hosted by McCombs School of Business' Texas Venture Labs, it's the longest-running competition for graduate student entrepreneurs – the "Super Bowl of business plan competitions," as the school describes it in a press release.

To qualify for the competition, teams had to win regional competitions first, with competitors culled from 13 countries including Thailand, Brazil, Germany and Norway. UT's team has invented a product called eyeQ, which according to McCombs School of Business spokesperson Renee Hopkins, uses video-based technology to monitor consumer purchasing behavior. In other words: Stores get information about how their customers shop, and customers will get an Amazon.com-like retail experience in a brick and mortar store.

After talks between online retailer Amazon.com and the state over paying sales taxes collapsed last year, the parties have reached an agreement.

The Office of the State Comptroller and Amazon stated today that beginning in July, Amazon – which had a distribution center in Irving, Texas – will begin paying state sales tax.

Amazon also announced it will “create at least 2,500 jobs and make at least $200 million in capital investments” in Texas, over the next four years.

In a massive investigation, The New York Times reported Saturday that Wal-Mart Stores Inc. silenced a vast bribery effort that top executives of Mexican subsidiary Wal-Mart de Mexico carried out in order to build stores across the country.

According to the report:

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