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 Texas this week.
Cuban Judicial Crisis
Dallas Mavericks owner Mark Cuban is back in federal court this month, hoping to get an insider-trading lawsuit against him thrown out. Businessweek reports that the Securities and Exchange Commission has “accused him of making illegal trades in shares of Internet search company Mamma.com Inc. in June 2004 based on inside information from its then-chief executive officer.
The suit, first filed in 2008, was dismissed in 2009 and then reinstated on appeal a year later. Cuban filed his most recent protest last July.
The Bottom Line: The SEC isn’t the only organization reaching into Cuban’s pockets. Earlier this month, the NBA fined the Mavs owner $50,000 for complaining about NBA referees on Twitter. In the tweet, Cuban said he’s “tried for 13 yrs to fix the officiating in this league and I have failed miserably.” While that may not seem like a very steep penalty for a billionaire, The Dallas Morning News estimates that Cuban has been fined about $2 million by the league in his 13 years with the team, “mostly as a result of comments about officiating.”
Port of the Solution
Despite ongoing labor concerns, the Port of Houston is expected to prosper in the next few years. According to a new Greater Houston Port Bureau report presented this week, the region “should expect to see $35 billion spent in capital and maintenance investments and an additional 111,000 construction jobs” from 2012 through 2015, the Houston Business Journal reports.
The bureau surveyed