Business digest: Austin’s Kestra Financial adds Michigan firm


ACQUISITIONS

Austin’s Kestra Financial adds Michigan firm

Kestra Financial Inc. on Tuesday said it has acquired a small wealth-management firm in Michigan.

Kestra, an Austin firm that provides a financial advisory platform for a network of 1,700 independent professionals, said it added Rinvelt & David LLC, a four-person firm based in Grand Rapids, Mich.

Rinvelt & David manages about $275 million in assets, according to Kestra’s press release.

SEMICONDUCTORS

Report: Semiconductor sales growth highest in three years

Sales in the semiconductor sector reached $101.4 billion in the second quarter, up about 6 percent over the year before, according to IHS Markit research.

The figures were first reported by industry publication Digitimes.

This is the highest growth for the industry since the second quarter of 2014, Digitimes said.

This is good news for Austin because the city is home to myriad semiconductor companies that either manufacture or design chips, such as AMD, NXP Semiconductors, Samsung, Cypress Semiconductors, Silicon Labs and Cirrus Logic.

These companies employ a sizeable chunk of the 120,000 people who work in Austin’s tech industry.

Digitimes reported that AMD and Nvidia led the industry in revenue growth.

Consumer electronics and data processing saw the highest growth, with revenues increasing 7.9 percent and 6.8 percent, followed by industrial semiconductors showing the third-highest growth.

RIDE HAILING

Lyft launches black car service in Austin

As it continues its battle with ride-hailing competitor Uber, Lyft on Tuesday launched its luxury car service in Austin months after beginning the program in larger markets.

Named Lyft Lux and Lyft Lux SUV, the program offers black car service in both smaller vehicles, as well as SUVs, for customers who want a fancier option for their ride and are willing to pay more for it.

Lyft launched its black car service earlier this year in San Fransisco, Los Angeles and New York before looking to expand to other markets.

The service is meant to compete with Uber’s black car offering, which the company has offered since launching years ago.

While Uber’s black car service has reportedly become one of its least-requested rides, ride-hailing companies like Lyft have launched similar services to grab any market share they can.

Lyft has a list of eligible vehicles that can be driven as black cars, including a Chevrolet Suburban, Toyota Land Cruiser and GMC Yukon, among others.



Reader Comments ...


Next Up in Business

Austin-area home sales, prices hit record highs in 2017
Austin-area home sales, prices hit record highs in 2017

Last year was another record-breaker for Central Texas’ housing market, the newest numbers show. And some local real estate agents and housing market experts predict 2018 will look a lot like 2017, with the market staying strong yet concerns about affordability lingering as prices continue their anticipated climb. The Austin Board of Realtors...
Austin-area home sales, prices surge to record highs in 2017
Austin-area home sales, prices surge to record highs in 2017

Last year was another record-breaker for Central Texas’ housing market, the latest numbers show. And some local real estate agents and housing market experts predict 2018 will look a lot like 2017, with the market staying strong even as concerns about affordability linger as prices continue to climb. The Austin Board of Realtors said Thursday...
Gold’s Gym ending 24-hour operations at 4 Austin-area locations
Gold’s Gym ending 24-hour operations at 4 Austin-area locations

Better squeeze in those late-night workouts while you can. Four Central Texas Gold’s Gym locations that are currently open 24 hours will scale back their operating hours starting next month, the chain confirmed Thursday. The affected gyms are: 9101 Research Blvd., Austin 4404 W. William Cannon Drive, Austin ...
Companies turn your Facebook friends into a sales force
Companies turn your Facebook friends into a sales force

Betsy Stover was 17 when her mother asked her to help fax strangers, hawking a service that had the markings of a pyramid scheme. “I always felt like a creep sending unsolicited faxes,” said Stover, who hated the chore, but knew the work required cold calls to succeed. Stover, now a 38-year-old comedian based in Los Angeles, had largely...
Best gifts for the home chef
Best gifts for the home chef

There are all sorts of new gizmos for people whose relationship with food comes in all forms. Here are four of our favorite new devices for the cook and the kitchen. ——— Amazon Dash Wand Product Review: https://www.cnet.com/products/amazon-dash-wand-with-alexa-2017/review/#ftag=CAD187281f CNET rating: 4.0 stars out of 5 (Excellent)...
More Stories