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

10 years in, state’s cancer fund faces an uncertain future
10 years in, state’s cancer fund faces an uncertain future

As it nears the 10th anniversary of its creation by Texas voters, a variety of metrics can be used to gauge the impact of the state agency charged with fighting cancer. For instance, the Cancer Prevention and Research Institute of Texas — commonly known as CPRIT — has recruited 135 researchers to the state, helped put in motion 108 clinical...
Up the Ladder

EDUCATION The Texas Charter Schools Association has named Chuck Cook interim executive director. FOOD SERVICE INDUSTRY Amplify Snack Brands has named Greg Christenson executive vice president and chief financial officer and has named Craig Shiesley chief operating officer and president, North America. HEALTH CARE St. David’s HealthCare has named...
UT-born Tiff’s Treats ventures into Aggieland
UT-born Tiff’s Treats ventures into Aggieland

Tiff’s Treats certainly has a recipe for success. The Austin-based company that specializes in deliveries of hot cookies continues to grow, most recently adding a Tiff’s Treats in the heart of Aggieland. The College Station Tiff’s Treats is in the Century Square mixed-use project near the Texas A&M campus, where it joins another Austin...
Top Local Business Stories of the Week
Top Local Business Stories of the Week

HOUSING MARKET Austin-area home sales up only slightly in August: Central Texas home sales edged up only slightly in August, while the median home-sale price rose 4 percent to $300,000, the Austin Board of Realtors said this past week. Some local real estate agents say the latest figures could indicate that, although demand is still strong, the local...
Texas weighs impact of latest GOP plan to repeal Obamacare
Texas weighs impact of latest GOP plan to repeal Obamacare

The latest iteration of Republican efforts to replace the Affordable Care Act appears at first blush to be a potential boon to Texas by making it eligible for an estimated $34 billion in additional federal health care funds through 2026 if the plan wins approval — more than any other state. But some health care advocates say they are skeptical...
More Stories