Central Texas Global Business Pulse
Quick Read
3 Stories that are must read
Governor Greg Abbott leads delegation on 3-nation East Asia tour to promote Texas business: Governor Greg Abbott is heading a delegation on a tour through three East Asian countries to boost business ties and promote economic opportunities in Texas. This initiative aims to strengthen international partnerships and attract more investment to the state.
The Supreme Court has upended a 40-year-old decision that made it easier for the United States federal government to regulate the environment, public health, workplace safety and consumer protections, delivering a far-reaching and potentially lucrative victory to business interests. On Friday, the court’s six conservative justices overturned the 1984 decision colloquially known as Chevron, long a target of conservatives. The liberal justices were in dissent.
DES, a leading multi-disciplinary design and engineering firm headquartered in the San Francisco Bay Area, proudly announces the opening of its new office in Austin, Texas on June 26, 2024. This strategic expansion underscores DES's commitment to meeting the evolving needs of its clients across diverse industries and geographic regions.
Big Plan Highlights
Happy 4th of July from Big Plan!
News & Updates
International
China’s largest venture capital investments are increasingly coming from technology sectors that align with the government’s policy goals, such as artificial intelligence (AI) and semiconductors, even as overall funding continues to plunge, according to a new report. The country contributed 90 per cent of global venture capital investments in the chip sector last year, totaling US$22.2 billion and more than doubling the US$9.5 billion invested in 2022, research firm Preqin said in a report released on Thursday.
Global trade in goods and services is recovering from last year’s slump amid economic strength in the US and solid exports from Asia’s developing nations. Detailed product level data from the three major economies suggests that the trade in electric vehicles experienced a remarkable 50% rise. South Africa’s growing fruit exports have been a rare bright spot in a stagnant economy.
The semiconductor industry, which is a cornerstone of modern technology and economic prosperity, has been dealing with a serious labour shortage for some time. In response to this growing issue, the US has introduced measures under the CHIPS and Science Act, aimed at boosting the domestic semiconductor industry and addressing the labour shortage. The Act allocates substantial funding towards the development of the semiconductor workforce, focusing particularly on technician roles and jobs that do not require a bachelor’s degree. This is significant because about 60% of new semiconductor positions fall into these categories.
Despite increasing numbers of graduates from electrical engineering, electronics, and optoelectronics programs trained by six universities joining the industry, Taiwan still faces a severe talent shortage.
USA
The United States added six companies to its trade restriction list on Tuesday, including four for their links to the training of China's military forces, according to a government posting. Two of the companies are in China, one in South Africa, two in the United Arab Emirates and one in Britain. Global Training Solutions Limited and Smartech Future Limited, both in China, as well as Grace Air (Pty) Ltd and Livingston Aerospace Limited of the United Kingdom, were added over their ties to the Test Flying Academy of South Africa and the training of China’s military forces using Western and NATO sources, the posting said. This Report provides a starting point for the Administration, Congress, our African partners, and stakeholders to examine how we can improve utilization rates for smaller economies and make the program more effective and relevant to today’s challenges—like growing inequality, supply chain fragility, and the climate crisis.”
Since the late 2000s, the services trade surplus has been fueled primarily by the growth in digitally-enabled services. Digitally-enabled services encompass those services predominantly delivered over information and communication technologies (ICT) networks including ICT services. Some examples of digitally-enabled services include licenses to use computer software, cloud computing and data storage services, and royalty payments for industrial designs to manufacture specialized equipment. This Report provides a starting point for the Administration, Congress, our African partners, and stakeholders to examine how we can improve utilization rates for smaller economies and make the program more effective and relevant to today’s challenges—like growing inequality, supply chain fragility, and the climate crisis.”
Texas
The Oregon-based building materials company had been looking around North Texas since November. An initial deal fell through, and this one was completed at a rapid clip.
Earlier today, July 3, 2024, the United States District Court for the Northern District of Texas issued a preliminary injunction staying enforcement of the Federal Trade Commission’s (“FTC”) proposed final rule (“Final Rule”) banning most noncompete agreements in the United States. However, the court’s preliminary injunction is limited in scope—it stays the Final Rule’s effective date and enjoins the FTC from enforcing it only against the plaintiffs before the Court. For all other employers, the Final Rule will still take effect on September 4, 2024 unless halted by pending legal challenges (or others yet to be filed). Prosper Town Council earlier this month approved zoning changes and a development agreement that allow Frisco-based developer Capitalize Ventures LLC and design firm Gensler to move forward with plans. Now both firms are working on getting construction permits and hope to break ground as soon as possible on phase one of Prosper Arts District.
Austin
At a May conference in Tampa, Florida, executives of Korea-based LS Electric Co. Ltd. detailed plans to develop what the company is calling a technical center campus in Bastrop. The presentation was greeted with thunderous applause from some of its customers, LS Electric President JongWoo Kim recalled. For several years, roughly a dozen U.S. companies in industries such as chipmaking and electric vehicle manufacturing have used electric power equipment from LS Electric. With a new campus in the central part of the country, however, the multibillion-dollar manufacturer will be able to respond even quicker to a customer base that includes Samsung Electronics Co. Ltd., which is just up the road in Taylor.
Events
Navigating the Frontline Labor Market: Insights from the Frontline Worker Index
July 11th, 2024
12PM CDT
In today’s competitive labor market, understanding the dynamics of frontline worker recruitment is essential for staying ahead. Join Thad Price, CEO of Talroo, and Ben Eubanks from Lighthouse Research & Advisory to:
- Stay compliant and competitive while attracting top talent.
- Reduce recruitment costs and time-to-hire with effective strategies.
- Align job offerings with candidate preferences, considering the decline in remote work and the need for flexibility.
- Match job postings with candidate expectations for a steady supply of qualified workers.
Webinar
Helpers of Change X Kendra Scott
July 16th, 2024
6PM-8PM
This event is a fundraiser collaboration between the Helpers of Change and Kendra Scott. This is an in-store and online fundraiser. When you enter the Give Back Code: GIVEBACK-GTFRO at checkout 20% of your purchase will benefit Helpers of Change. Thanks to your support, we’re able to offer meals, housing, transportation, and counseling services to veteran families across Texas.
11506 Century Oaks
Ste 104
Austin, TX 78758
