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Houston Business Journal
Houston port bounces back from Beryl
Although the Port of Houston was closed for more than two days, the major export hub seemed to fair pretty well when Category 1 Hurricane Beryl came though Houston on Monday, July 8.<\p> The U.S. Coast Guard put the ports of Houston, Galveston, Freeport and Texas City in Port Condition Zulu, effective at 4 p.m. Sunday, July 7, which meant that no vessels could enter the ports without special permission, and all other vessel movements were prohibited. Waterfront operations, such as cargo and bunkering operations, also were required to stop.<\p>
Luxury appliance-maker opens first Texas showroom
Germany-based luxury kitchen appliance brand Gaggenau opened its first Texas showroom earlier this summer in the recently renovated Post Oak Plaza retail development. <\p> The 14,777-square-foot showroom at 1749 Post Oak Blvd. is designed to give customers a chance to try out the company’s appliances, which have become a hallmark of high-end condominium developments and single-family homes. The planned showroom was first announced last year. <\p>
Local bank spinoff names CFO
The Woodlands-based Woodforest Acceptance Solutions named a new CFO.<\p> The payment processing company, which spun off from Woodforest National Bank in December 2023 and is now a wholly owned subsidiary of the bank, named Sharon Geib as its new CFO. Geib succeeds Giovanni Diano, who had served as senior vice president and finance director of the bank’s merchant acquiring division until May 2023, prior to the spinoff. Geib is based in The Woodlands.<\p>
Sugar Land getting new community with active-adult section
PulteGroup Inc. (NYSE: PHM) is developing a 2,500-home community with an active-adult portion outside Sugar Land.<\p> The Atlanta-based homebuilder broke ground last month on 980 acres just south of the intersection of FM 2759 and FM 762 in Fort Bend County.<\p>
Chick-fil-A robodelivery test underway in Houston
If braving traffic to the Chick-fil-A on Kirby Street along the Southwest Freeway doesn’t sound appealing, a new startup has another way to get you your fix.<\p> San Francisco-based Faction, an autonomous vehicle delivery service, is rolling into Houston through a series of pilots, including one with the fried chicken chain. For now, the company only has a few three-wheeled delivery vehicles operating, but Faction hopes to scale that number up to over 50, said founder and CEO Ain McKendrick.<\p>
How Beryl created challenges for CenterPoint
The amount of time Hurricane Beryl took to move through and exit the Houston area delayed CenterPoint Energy's ability to respond to power outages, according to information shared during a city press conference on Tuesday, July 9.<\p> The Houston-based company had lined up 10,000 extra linemen from around the country ahead of the storm, said Brad Tutunjian, CenterPoint regulatory policy vice president. However, they were still unfamiliar with the lines in the area and how the company operates, resulting in the need for an onboarding process.<\p>
Exxon, BP brace for refining hit
Spring-based Exxon Mobil Corp. (NYSE: XOM) and London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, are expecting billions of dollars in impacts from low refining margins for the second quarter of 2024. <\p> The two companies filed documents with the U.S. Securities and Exchange Commission that detailed considerations for the second quarter. Both listed a decrease in margins from the first quarter as a factor in the Q2 results, which seems to be a trend from the past several quarters. <\p>
Beryl could spur billions in economic gain
While Hurricane Beryl likely will cost billions of dollars in damage to the Houston region, it also could generate billions of dollars in positive economic impact as the area recovers.<\p> Hurricane Beryl made landfall as a Category 1 hurricane July 8, sweeping up the Texas coast through the Houston area. At one point, more than 2.2 million local residents were without power as a result of the storm. The hurricane caused widespread flooding, led to hundreds of flights being canceled and resulted in at least eight deaths, according to AccuWeather.<\p>
Local sports venues, teams rebounding from Beryl
Hurricane Beryl brought winds of 80 mph to the Houston region on July 8, providing another test to the infrastructure of local professional sports stadiums.<\p> Of the four major professional sports venues, NRG Stadium appears to have received the most damage. Various reports show that the venue, home to the Houston Texans and Houston Livestock Show and Rodeo, sustained damages on the roof, resulting in multiple large holes at the top of the venue. Harris County Sports and Convention Corp. continues to assess damages at the venue and the rest of NRG Park, the organization said.<\p>
Occidental inks largest carbon deal yet
Houston-based Occidental Petroleum Corp.'s (NYSE: OXY) carbon capture subsidiary 1PointFive has inked the largest single purchase of carbon dioxide removal credits from direct air capture technology to date.<\p> 1PointFive will sell 500,000 CDR credits to Redmond, Washington-based Microsoft Corp. (Nasdaq: MSFT) over six years, the companies said July 9.<\p>
Local public co. gets new CEO
The Woodlands-based Lexicon Pharmaceuticals Inc. (Nasdaq: LXRX) has hired Mike Exton as its new CEO and a director effective July 8. <\p> He succeeds Lonnel Coats, who announced in April he would retire on July 7, his 10th anniversary with the company. <\p>
Beryl leaves flight cancellations, road issues in its wake (unlocked)
When Hurricane Beryl swept through the Houston area Monday, July 8, it significantly impacted airports and other transportation infrastructure. <\p> As of 11 a.m. Monday, the city had received more than 10 inches of rain, which affected many areas, Houston Mayor John Whitmire said in a press conference. More than 2 million customers across the area are without power, including more than 700,000 in Houston proper, Whitmire said.<\p>
Nonprofits prep for hurricane recovery
As Hurricane Beryl makes its way through the Houston region, local nonprofits are preparing to offer resources for those affected by the storm as soon as Tuesday, July 9.<\p> Hurricane Beryl made landfall as a category 1 storm with 80 mph winds just east of Matagorda around 3:30 a.m. on Monday, July 8. The storm has resulted in at least two deaths so far and left more than 2.2 million Houston-area residents without power as of 2 p.m. Beryl was downgraded to a tropical storm as it swept through the region and now moves toward eastern Texas and western Louisiana.<\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Luxury retail rivals ink $2.65B deal
Saks Fifth Avenue's holding company has agreed to buy luxury retail rival Neiman Marcus' parent in a $2.65 billion deal.<\p> New York City-based HBC, which bought Saks in 2013, has agreed to acquire Dallas-based Neiman Marcus Group, which also owns Bergdorf Goodman. The privately held companies' boards have approved the deal, according to a July 4 press release.<\p>
Houston hospitals remaining open during Beryl (unlocked)
Update: St. Luke's Health confirmed that its Brazosport Hospital in Lake Jackson suffered damage and is operating on generator power. There were no injuries to patients or staff, but some patients were relocated within the hospital. The facility is still accepting new emergency patients and will be assessed, according to a St. Luke's spokesperson.<\p> MD Anderson Cancer Center said that all of its locations would be closed for appointments except for emergency procedures taking place at its Texas Medical Center campus. Virtual appointments may be scheduled when possible during the storm.<\p>
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