BG Reads | News You Need to Know (October 17, 2022)
[AUSTIN METRO]
Austin FC survives Real Salt Lake’s upset bid, takes first-round MLS playoff match on penalties (KXAN)
Of course Austin FC’s first-ever playoff match has to be settled in the most dramatic way possible,
Verde has a knack for clawing back and finishing matches late, especially at Q2 Stadium, and Sunday’s first-round Western Conference playoff match was no different. Tied 2-2 after regulation and extra time, Austin FC buried its first three penalty kicks and goalkeeper Brad Stuver turned two Real Salt Lake chances back, and Austin FC claimed its first-ever win in the Major League Soccer playoffs… (LINK TO FULL STORY)
10 years in, Formula One race pumping millions into Austin's economy (Austin American-Statesman)
As the Circuit of the Americas racetrack prepares to host its 10th Formula One race this month, local economists and the track's chairman say the facility has brought hundreds of millions of dollars into the Austin economy in the past decade, while also helping raise the city's international profile.
The track will host the United States Grand Prix race on Oct. 21-23, drawing in tens of thousands of visitors to the annual event.
Circuit of the Americas Chairman Bobby Epstein says the impact of the F1 event goes far beyond the race itself. As the big money-maker for the track, the race helps pay for other events and infrastructure that draw in tourists, such as concerts and an upcoming amusement park, he said.
Local economists agree that the F1 race has become a significant contributor to Austin’s tourist economy. Though the F1 weekend might not be baked into Austin's identity as a live music and tech hub in the same way as the long-standing Austin City Limits Music Festival or South by Southwest, economists say it represents how the city is growing and evolving… (LINK TO FULL STORY)
[TEXAS]
In a sharp right turn, Gov. Abbott transforms into culture warrior as he seeks his third term (San Antonio Express-News)
Greg Abbott is seeking a record-tying third term as governor amid a rightward shift in Republican politics that had him overseeing one of the most conservative stretches in Texas political history. While always a conservative’s conservative through three decades in Lone Star State politics, not even his past campaigns could foretell how he would transition from solid Republican to conservative culture warrior. “I’m governing from my principles,” Abbott said during a debate in Edinburg last month when asked about his shift to the right. In the last year, he’s signed a complete ban on abortions in Texas, even in cases of rape and incest. He’s ordered Child Protective Services to investigate parents of transgender children for possible child abuse. And he twice called special sessions to mandate how teachers in Texas can talk about racism and slavery in the classroom… (LINK TO FULL STORY)
T-Mobile’s connection to Grapevine-based Patriot Mobile sparks a backlash (Dallas Morning News)
T-Mobile US Inc. is coming under scrutiny for its business relationship with a small wireless carrier that’s helped fund a conservative takeover of several North Texas school boards. More than 1,200 people have signed an online petition asking the mobile-phone giant to cut ties with Patriot Mobile, a Grapevine-based company that calls itself “America’s only Christian conservative wireless provider.” Patriot Mobile founded a political action committee this year that backed 11 winning candidates for school boards in the Dallas suburbs, many of whom sought to ban books as part of efforts to fight what they see as “woke” education policies. That’s in sharp contrast to T-Mobile’s public image as a left-of-center company, driven by its pledges to pay for employees to travel for abortions, promote diversity and protect the environment… (LINK TO FULL STORY)
Katy, Spring, The Woodlands sinking at substantial rate, expert says (Houston Public Media)
Pockets of the Houston region, particularly in the city’s northern suburbs, are sinking at a substantial rate according to a University of Houston analysis on subsidence conducted over a four-year period. Thousands of oil and water wells, both active and inactive, were analyzed to determine the locations and severity of subsidence, or sinking ground. Notable movement is happening in places like Katy, Spring, The Woodlands and Mont Belvieu. There was a 9 centimeter drop from 2016 to 2020 along the northern tier of cities where there is major population growth… (LINK TO FULL STORY)
[NATION]
Economists now expect a recession, job losses by next year (Wall Street Journal)
The U.S. will enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently high inflation, the economy contracts and employers cut jobs in response, according to The Wall Street Journal’s latest survey of economists. On average, economists put the probability of a recession in the next 12 months at 63%, up from 49% in July’s survey. It is the first time the survey pegged the probability above 50% since July 2020, in the wake of the last short but sharp recession. Their forecasts for 2023 are increasingly gloomy. Economists now expect gross domestic product to contract in the first two quarters of the year, a downgrade from the last quarterly survey, whereby they penciled in mild growth… (LINK TO FULL STORY)
Kroger and Albertsons plan merger to combine 2 largest supermarket chains (NPR)
Kroger plans to buy Albertsons in a deal valued at $24.6 billion, a merger that would combine the two largest grocery-store chains in the U.S., the companies said on Friday. The deal is likely to draw intense scrutiny from federal regulators and critics as it would form a new supermarket colossus at a time of soaring food costs. Grocery prices jumped 13% in September compared to a year ago. Kroger is the largest supermarket operator in the U.S., with 420,000 employees and more than 2,700 stores, including Ralphs, Harris Teeter, Fred Meyer, and King Soopers. Albertsons is the country’s second-largest supermarket company, with 290,000 employees and almost 2,300 stores, including Safeway and Vons… (LINK TO FULL STORY)
[HEARINGS/MEETINGS]
Monday
Tuesday
(2PM) Bond Oversight Commission - Special Called Meeting Agenda
(6PM) Zoning and Platting Commission - Regular Meeting Agenda
Wednesday
Thursday
[BG PODCAST]
Episode 168: Market Talk - Lobbying in Philadelphia with Mustafa Rashed of Bellevue Strategies
Today's episode (168) features a discussion on entrepreneurship and lobbying with Mustafa Rashed, Founder and President, of Philadelphia-based Bellevue Strategies.
He and Bingham Group CEO A.J. also discuss current municipal issues in the Philadelphia market.
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