Business

Business
4:37 pm
Wed September 18, 2013

Photos: Inside Austin's First Trader Joe's

Trader Joe's is opening its first Austin store this week.
Jorge Sanhueza-Lyon, KUT News

Grocery retailer Trader Joe’s is opening its first Austin store on Friday.

The store on Bee Caves Road is the first of three planned for the Austin region. A second location is planned downtown for the redeveloped Sealholm area. And today the chain announced it will open a third Austin location next year at the Arboretum Shopping Center.

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Dell
9:36 am
Thu September 12, 2013

Dell Shareholders OK Buyout Offer (Update)

Michael Dell at the Web 2.0 Summit in 2011. The Dell founder's bid to buy back his namesake company is expected to be successful.
flickr.com/kevinkrejci

Update: Dell stockholders approved Michael Dell's buyout offer this morning, according to a preliminary vote tally.

“I am pleased with this outcome and am energized to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions,” Michael Dell said in a press release announcing the vote.  You can read that release here

Original post (9:06 a.m.): Dell shareholders are set to vote this morning on a nearly $25 billion buyout offer from founder Michael Dell. After several postponements, this time, the deal is expected to pass.

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Business
1:11 pm
Mon September 9, 2013

Luxury Retailer Neiman Marcus Sells For $6 Billion

The Chicago skyline is reflected in the exterior of Neiman Marcus on Michigan Avenue in Chicago in a file photo from 2009. The luxury retailer sold for six billion dollars on Monday.
M. Spencer Green AP

Originally published on Mon September 9, 2013 2:32 pm

Two large investors — Ares Management LLC and the Canada Pension Plan Investment Board — have reached a deal to purchase Neiman Marcus for $6 billion, the companies said Monday. The two buyers will hold equal shares of Neiman, which is based in Dallas.

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DELL
10:17 am
Mon September 9, 2013

Carl Icahn Won't Fight Dell Deal Any Longer

Dell founder Michael Dell's plan to take the computing company private has had a major stumbling block removed.
Stuart Isett/Fortune Brainstorm Tech

Investor Carl Ichan says he will not longer fight Michael Dell’s bid to take his namesake company private.

For the last several months, Michael Dell – who began selling PCs from his dorm room at the University of Texas – had been attempting to take the publicly-traded company back under private control. But his buyout bid, arranged though investment firm Silver Lake, had been fought tooth and nail by Ichan, a major Dell stockholder. Ichan said the bid undervalued the company.

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Business
2:39 pm
Fri September 6, 2013

Heard of 'Buy One, Give One?' This Austin Company Helps Pay For a Child's Education Instead

Austin-based ESPEROS sells canvas backpacks and totes. The company donates half its profits to developing countries to pay for a child's education for one year.
ESPEROS

Austin resident and UT grad Oliver Shuttlesworth had just returned home from a series of trips to Central America, but he couldn’t shake the stories he heard from people in the region.

“As I visited with the families I was working with, I heard a recurring theme: the desire for their children to receive an education and to create a better future than they enjoyed themselves,” Shuttlesworth says.

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Business
9:52 am
Tue September 3, 2013

Nonstop Flights to Europe Coming to Austin (Update)

Austin's only nonstop international flights are to Cancun, Mexico.
KUT News

Update: Austin is getting regular, nonstop service to Europe.

British Airways announced today that it will begin offering transatlantic Boeing 787 flights five days a week, beginning March 2014. The company says it plans to offer daily flights later in the year.

You can read more from British Airways

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Business
2:50 pm
Thu August 29, 2013

Austin Fast Food Workers Strike For Higher Wages

Fast food workers and supporters rallied this afternoon in support of a $15 an hour wage.
Filipa Rodrigues for KUT News

Some Austin fast food workers are joining a nationwide strike for higher wages. Employees from Wendy’s, Jack in the Box and Long John Silver’s gathered in protest this afternoon on Guadalupe Street near the UT campus.

Greg Lee works at Long John Silver’s. He makes $7.25 an hour.

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Business
1:03 pm
Thu August 29, 2013

Judge Hints At Helping American Airlines Out Of Bankruptcy

American Airlines aircraft sit on the tarmac at Miami International Airport last week.
Joe Raedle Getty Images

Originally published on Thu August 29, 2013 1:41 pm

A U.S. bankruptcy judge on Thursday indicated that he's leaning in favor of a allowing American Airlines to emerge from bankruptcy, clearing a major obstacle to the carrier's planned merger with US Airways.

Judge Sean H. Lane said he is "finding the arguments in favor of confirmation fairly persuasive" to allow American, which filed for Chapter 11 in November 2011, to emerge from bankruptcy.

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Business
12:35 pm
Wed August 28, 2013

Texas Fast-Food Workers to Join Nationwide Strike

Texas fast-food workers are planning to join a nationwide strike on Thursday to call for $15-an-hour wages. Recently, there have been similar strikes in cities across the country. This one was in Milwaukee.
flickr.com/wisconsinjobsnow

Jose Avila thought he could save money to pay off college loans by moving into his mother’s one-bedroom Houston apartment and working at a Subway restaurant. But he says he’s barely making ends meet on his $7.75-an-hour wage, and he considers taking the bus to work such an extravagance that he walks an hour and a half each way, unless it’s raining.

Avila, 22, says he plans to join fast-food workers in dozens of cities across the country on Thursday in a pre-Labor Day strike to call for $15-an-hour wages. Workers in Houston, Dallas and Austin plan to participate, organizers say.

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Business
6:49 pm
Mon August 26, 2013

'Limited Number' of Dell Employees Laid Off

Dell's corporate headquaters in Round Rock. The company has announced layoffs, but hasn't said how many employees are affected.
Dell Computers

One of the largest employers in the Austin area is shedding a "limited" number of jobs.

According to company spokesperson David Frink, the layoffs affected people in Central Texas and around the world. Dell employs about 14,000 people in the region, mostly at its corporate headquarters in Round Rock. 

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Business
1:49 pm
Fri August 23, 2013

Austin 20th Best Convention City in the Country

Austin went up four spots in a nationwide survey of the best convention cities.
flickr.com/u-suke

Austin is now in the top 20 of the country’s most popular convention destinations. That’s according to event management company Cvent. It its 2013 rankings of the top U.S. cities for meeting and events, Austin ranks 20th out of the 50 top ranked U.S. cities.

Austin’s current position is four spots up from the company's 2012 rankings. And in its current location, Austin ranks right under major convention cities like Houston (19th) and Boston (18th).

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NPR
8:17 am
Tue August 20, 2013

NPR CEO Gary Knell Announces He's Leaving

NPR CEO and President Gary Knell.
Sesame Workshop

Originally published on Mon August 19, 2013 5:58 pm

After fewer than 21 months on the job, NPR CEO Gary Knell announced at mid-day Monday that he's leaving the organization to become president and CEO at the National Geographic Society.

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food
7:45 pm
Thu August 15, 2013

You Are Paying More For Beef Than Ever Before

http://www.flickr.com/photos/tarale/6688989961/

The price Americans pay for beef hit a record high last month, according to a federal report quietly released Thursday morning. The U.S. Department of Agriculture's monthly "beef values and price spreads" report shows a pound of beef at the grocery store averaged $5.36 across the country. That's an increase of more than a dollar over the past five years. 

So it's all because of the drought making feed ridiculously expensive, right? Well, that's part of it. But there's more to it, according to David Anderson, an agricultural economist at Texas A&M University. 

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Business
10:25 am
Tue August 13, 2013

Justice Sues To Block US Airways-American Airlines Merger

A US Airways plane rests near two American Airlines jets at Ronald Reagan Washington National Airport last year. The combined carrier would be named American Airlines.
Jim Watson AFP/Getty Images

Originally published on Tue August 13, 2013 1:33 pm

A merger of American Airlines and US Airways would violate U.S. antitrust law, the Justice Department, six state attorneys general and the District of Columbia allege in a lawsuit filed Tuesday in Washington, D.C.

Bloomberg reports that Justice alleges the merger would lead to "less competition in the industry and higher prices for consumers." The wire service explains:

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Business
5:51 pm
Fri August 9, 2013

Texans Call For Boycott Of Retailers That Fought Wage Bill

In Texas, back-to-school shoppers are being urged to boycott Macy's and Kroger stores for their efforts to quash a wage fairness bill. In this file photo, a man shops at a Sears store in Fort Worth.
Tom Pennington Getty Images

Originally published on Fri August 9, 2013 12:56 pm

A group is calling on back-to-school shoppers to boycott Macy's and Kroger stores in Texas this weekend, in retaliation for the national retailers' efforts to quash a bill that would have strengthened the state's wage discrimination law.

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Business
8:57 am
Fri August 2, 2013

Dell Vote Delayed Again: New Deal Includes Higher Offer, Voting Changes

Dell

A Dell Special Committee has reached a deal with founder Michael Dell. It raises his bid to buy the company by 10 cents per share but also changes some of the voting rules.

Instead of counting votes not cast as “no” votes, only votes that are submitted will be counted. This gives Michael Dell a better chance of getting his deal passed.

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Business
7:16 pm
Thu July 25, 2013

Alamo Drafthouse, Threadgill's & 27 More Texas Businesses Sued Over ADA Compliance

Members of ADAPT of Texas in front of the Alamo Drafthouse Ritz today

ADAPT of Texas and the Texas Civil Rights Project held a press conference today announcing the filing of 29 lawsuits against establishments across Texas, including Austin mainstays like the Alamo Drafthouse and Threadgill's. The complaint ? Not complying with the Americans with Disabilities Act (ADA).

The ADA, signed into law by Pres. George H.W. Bush in 1990, promises protection against discrimination based on disability. According to ADAPT, the defendant establishments are in violation of the act due to their inaccessible locations.

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Real estate
8:02 pm
Wed July 24, 2013

Report: Austin Apartment Rents at All Time High

http://www.flickr.com/photos/ashley_brown/4256127642/

Apartment prices are at a record high in the Austin-area, averaging $1.15 per square foot, according to a report by Austin Investor Interests.

More people are moving to Austin and there hasn’t been a lot of new apartments constructed, although that is changing. But many of the new apartments being constructed are centrally located and aren't cheap.

“A lot of these units average a much higher price, $1.39 a square foot, with at least a third of these units being in the 78704 zip code or in the Central Business District, which averages $1.70 up to $2.50 a square foot," said Robin Davis with Austin Investor Interest. "These new units will raise average rents fairly significantly, but rents are also rising on average 5 percent anyway without these units."

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real estate
7:03 pm
Mon July 22, 2013

Five Reasons Why Austin Home Sales Dipped in June

flickr.com/bcostin/

Home sales in the Austin area fell from May to June. The drop was unexpected because of the strength of the housing market in Central Texas and because June is a prime time to buy homes.

The Real Estate Center at Texas A&M University analyzed MLS listings and found there were 3,085 sales of single-family homes, townhomes and condos in June. That's down from 3,157 sales in May.

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Business
8:30 am
Thu July 18, 2013

Dell Decision Day: Today's Vote on Buyout Delayed (Update)

Dell employs about 14,000 people in Central Texas.
flickr.com/philschatz/

Update: Dell is delaying a vote on founder Michael Dell’s offer to buy the company and make it private. The vote was scheduled to happen this morning – but is being pushed back – likely because major shareholders don’t support the deal.

Reports say the vote has been rescheduled for later this month.

Original Story (6:14 a.m.): It is decision day for Dell shareholders.

They are scheduled to meet this morning and vote on whether to accept a buyout offer from company founder Michael Dell and the private equity firm Silver Lake Management that values the computer maker at $24.4 billion.

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