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
NASA is one of many agencies drawing ever closer to the edge of the fiscal cliff, and it may be in store for major financial setbacks if the slate of federal budget cuts takes effect as scheduled on January 2. The Aerospace Industries Association released a report this week projecting that more than 5,600 scientists, engineers and technicians at the Johnson Space Center in Houston could lose their jobs as a result of the 8.2 percent reduction in NASA’s budget. The cutbacks “would have a direct impact of more than $320 million” in Texas, according to the Houston Business Journal.
The Bottom Line: According to the study, Houston would be the city most affected by the sequestration cuts, which could put more than 20,500 jobs in jeopardy nationwide. Because “the NASA Authorization Act of 2010 prohibits any cuts to the civil servant work force through fiscal 2013,” all layoffs would come from the private sector, the AIA says.
Pharmaceutical giant Pfizer Inc. will pay out $43 million to settle a lawsuit spearheaded by Texas Attorney General Greg Abbott. The suit accuses the company of marketing prescription drugs for uses