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.



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