The Texas economy is one of the most robust in the world. Wildly profitable companies and ingenious entrepreneurs call this state home, and what happens here influences businesses around the nation. Here’s a slice of the profits, losses, big deals, and backroom decisions happening across Tex
Viva la Visa
Austin city leaders are hoping to entice Visa to open a new information technology center in the city, voting unanimously this week to move forward with a plan to offer the company a $1.6 million incentive package. The Austin American-Statesman reports that the 10-year deal with California-based Visa could create nearly 800 jobs in Austin, at least 70 percent of which would be filled locally. The city council is scheduled to vote on the proposal Dec. 6, and Visa is expected to make its decision by the end of the year.
The Bottom Line: According to the Statesman, Visa is also considering Denver and Virginia as potential sites for the new IT center. Gov. Rick Perry is doing his part to sway the company by offering it nearly $8 million from the Texas Enterprise Fund.
The Cancer Prevention and Research Institute of Texas is under fire this week for rubber-stamping an $11 million grant to a Dallas oncology company without going through the proper review process. An internal audit revealed the violation of agency rules that require grant applications to “be reviewed by an outside panel of peer reviewers who evaluate the scientific and commercial merits of