Latest news - Quick View


» Marathon gives $1.5M to Red Cross
» TWC: Houston unemployment climbs despite added jobs
» Southwest adds Houston flight for presidential inauguration
» Survey: Economic woes shake Texas workers’ confidence
» Steve & Barry’s to liquidate
» Gas prices look good for holiday travel
» Perry forms disaster recovery commission
» Wal-Mart agrees to buy wind power for Texas stores
» Online ad sales up to $5.9B in 3Q
» Two Freeport plants among BASF temporary closures
» New U-verse feature gives weather information
» FMC buys stake in Roxar
» Green building starts soar
» Carriage Services to buy back stock
» KBR wins Egypt Hydrocarbon contract
» Canrig, Epoch to merge
» DNAtriX, Smart Imaging get tech funds
» Metro, City testing new traffic lights downtown
» Stanford Financial tees up golf sponsorship
» Houston lures second Final Four tourney
» U.S. housing starts lowest since 1959
» Houston airports expect 1.2M to fly this Thanksgiving
» Homebuilders’ confidence wanes
» AIA billings index plummets
» Survey: Year-end executive bonuses might not be that big
» TradeCapture opens Rome office
» National Oilwell, Schlumberger form new joint venture
» Wells Fargo named top small-business lender in Texas
» U.S. Physical Therapy enters San Antonio market
» IAH soars on airport food list



4:05 PM CST Friday

Marathon gives $1.5M to Red Cross

Marathon Oil Corp. will donate $1.5 million to the American Red Cross for Gulf Coast hurricane recovery efforts.

Houston-based Marathon (NYSE: MRO) has earmarked $500,000 for Hurricane Gustav and $1 million for Hurricane Ike.

The Red Cross had more than 8,000 disaster workers providing more than 240,000 overnight stays and serving 8 million meals for people seeking refuge in 397 shelters in Texas. In Louisiana, 4,700 workers managed 111 shelters, providing more than 87,000 overnight stays and more than 3 million meals.



11:47 AM CST Friday

TWC: Houston unemployment climbs despite added jobs

Unemployment in the Houston-Sugar Land-Baytown region climbed to 5.4 percent in October, according to the latest report from the Texas Workforce Commission.

There were 152,300 people without jobs during the month out of a total civilian labor force of about 2.8 million, compared with 144,200 people, or 5.1 percent, unemployed out of a civilian labor force of 2.8 million in September, according to the TWC.

The unemployment rate in October was up from 4 percent a year ago.

The Houston area gained 7,600 nonagricultural jobs in October, bringing the 12-month gain to 52,300. The local government sector gained 6,200 jobs during the month, while the leisure and hospitality sector was down 2,400 jobs. Total non-farm jobs in the metro region now total 2.6 million.

Meanwhile, Texas overall continues to fare better than most states on the employment front, according to the TWC.

Despite experiencing an uptick in unemployment, the Lone Star State added 23,000 jobs in October.

In the past 12 months, Texas added 230,400 new jobs, which helped the state reach an annual job growth rate of 2.2 percent, the TWC said. The United States as a whole lost 1.1 million jobs, during the same period, the commission’s report said.

Unemployment in Texas as a whole increased to 5.6 percent in October, up from 4.3 percent in October 2007.

“While Texas still has nearly a 1 percent lower unemployment rate than the rate of the nation, I would expect unemployment rates in Texas to continue to track the national trend upward in the months ahead,” said Texas Workforce Commission Chairman Tom Pauken.



11:03 AM CST Friday

Southwest adds Houston flight for presidential inauguration

Houstonians looking to catch the historic presidential inauguration in January will have an easier way to get to Washington, D.C.

Dallas-based Southwest Airlines has added a nonstop flight from William Hobby Airport to Baltimore/Washington International Airport on Jan. 17 and a return flight on Jan. 18.

The addition is one of 26 flights the airline has added into and out of both Baltimore/Washington and Washington Dulles between Jan. 17 and Jan. 23, 2009.

“Flights are filling up and Southwest Airlines (NYSE: LUV) wants to offer our customers more service into the D.C. area for the inauguration celebration,” Pete McGlade, vice president of schedule planning, said in a statement. “We carefully combed through our flight schedule and were able to add these flights from key cities into both Baltimore/Washington and Washington Dulles during peak travel times.”



10:15 AM CST Friday

Survey: Economic woes shake Texas workers’ confidence

Texas employee confidence in the economy started to wane in October, according to the monthly Spherion Corp. Employment Report.

The Texas Employee Confidence Index was down 7.2 points compared with September to 47, while 30 percent of workers said they were likely to look for a new job during the next year, up from 28 percent.

The monthly survey, conducted by Harris Interactive, shows growing concern among Texas workers about the economy, the job market and their personal employment situation compared with September.

More Texas workers now believe the economy is getting weaker — 69 percent — up 13 percentage points from the previous month.

Sixty-three percent said their companies were doing well. That compared with 72 percent in September and 69 percent in August.

“The month’s report seems to be more aligned with that the rest of the country is experiencing­­­,” said Kim Lockhart, regional vice president for Spherion in Texas. “September was the first month since April 2007 that Texas experienced job loss, although a lot of this can be attributed to Hurricane Ike.

“While things have somewhat slowed in certain sectors, we remain in a much better position that most of the country. In fact, many industries in Texas continue to add positions, such as professional and business services, education and health services, energy and leisure and hospitality. In own business, we fully expect to end 2008 on a strong note and remain optimistic about 2009.”



9:51 AM CST Friday

Steve & Barry’s to liquidate

Steve & Barry's stores will liquidate by early 2009 after its new owners said they would not be able to find financing, Reuters is reporting.

The low-priced, casual apparel company filed for bankruptcy in July and was purchased earlier this year to the tune of $168 million by Bay Harbour Management and York Capital Management.

Steve & Barry’s has six stores in the Houston area, according to a search on the company's Web site. The site showed 17 stores in Texas, including one at the Post Oak Mall in College Station that the company said was "closing soon."

In September, the company said the six Houston stores would remain open. Overall 103 stores will be liquidated.

According to the Reuters report, the slumping economy had taken a toll on the clothing chain, putting the new owners in violation of their credit agreements. According to the report, the firms said they have little chance of finding the financing to keep stores open.



9:22 AM CST Friday

Gas prices look good for holiday travel

Retail gasoline prices continued to fall this week, and that may encourage last-minute holiday travel, according to AAA Texas.

The price of a gallon of regular unleaded gasoline fell 12 cents across the state to $1.88, while the nationwide average dropped 15 cents to $2.02 a gallon.

In Houston prices fell by 11 cents to $1.82 cents a gallon. Galveston dropped nearly 8 cents to $1.87 a gallon.

“AAA Texas has forecast a slight, 1.2 percent decline in the number of Texans traveling during the Thanksgiving holiday weekend," Sarah Schimmer, spokeswoman for AAA Texas, said in a statement. "However, with prices now more than a dollar lower than they were at this time last year, more Texans may decide at the last minute to travel to visit family for the holiday."



9:18 AM CST Friday

Perry forms disaster recovery commission

Gov. Rick Perry has created a commission to assist Texas communities with recovery efforts following natural disasters.

The Commission for Disaster Recovery and Renewel is an advisory panel of public and private sector experts.

Former Harris County Judge Robert Eckels has been appointed chair of the commission, which will consist of 31 members to be appointed by the governor in the coming weeks, including representatives from the private sector, foundations, and local and state government. County judges from Aransas, Brazoria, Calhoun, Cameron, Chambers, Galveston, Harris, Hidalgo, Jackson, Jefferson, Kenedy, Kleberg, Liberty, Matagorda, Nueces, Orange, Refugio, San Patricio, Starr, Victoria and Willacy counties will serve as ex-officio members.

“Two months after Ike’s landfall, Texans are still sleeping in cars or tents outside of padlocked trailers,” Perry said in a statement. “Mounds of debris are piled up in coastal communities, creating health hazards while Washington remains mum about whether it will provide the same level of resources it did for Louisiana after Hurricane Katrina.

“These situations clearly demonstrate that the federal government’s recovery system is broken. I am confident this new commission will find solutions to these challenges as well as create a plan to speed recovery and accelerate economic development.”

The commission’s first project will be to find temporary housing alternatives for those left homeless after Hurricane Ike. It will also assist the state in seeking full federal reimbursemenbt for recovery, including debris removal.

The commission will also be in charge of developing a report for communities to learn how to recover after a disaster and prepare for future disasters.

The commission’s final report to the governor, lieutenant governor and speaker of the Texas House of Representatives is due June 30, 2009.

The governor also announced that he has directed the Texas Department of Transportation to immediately begin assisting with debris removal in Southeast Texas.



3:30 PM CST Thursday

Wal-Mart agrees to buy wind power for Texas stores

Wal-Mart Stores Inc. has made a step toward being “green” with its recent purchase of wind energy to power about 360 stores and other facilities across Texas.

The Bentonville, Ark.-based retail giant purchased the renewable energy from a Duke Energy wind farm. The wind farm is under construction and is expected to begin producing electricity for Wal-Mart in April of next year.

According to information from Wal-Mart, the project will provide about 226 million kilowatt-hours of renewable power each year. That is enough electricity to power 20,000 average homes in America. By using the renewable energy, Wal-Mart will avoid producing more than 139,000 metric tons of carbon dioxide emissions per year.

Wal-Mart (NYSE: WMT) operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The company also operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom and, through a joint venture, in India.

Duke Energy (NYSE: DUK) is based in Charlotte, N.C., and delivers energy to about 4 million U.S. customers.



2:25 PM CST Thursday

Online ad sales up to $5.9B in 3Q

Internet ad sales reached almost $5.9 billion for the third quarter of 2008 -- an 11 percent jump over the same period last year.

But quarter-to-quarter comparisons are relatively flat, according to a report from the Interactive Advertising Bureau and PricewaterhouseCoopers LLP.

The third-quarter figures are 2 percent higher than the second quarter of this year.

The report, started in 1996, collects data concerning online advertising revenues from Web sites, commercial online services, ad networks, free e-mail providers and other companies selling online advertising.

For the first nine months of this year, revenue totaled $17.3 billion, up from $15.2 billion in the same period a year ago and beating the record set in the first nine months of 2007 by nearly 14 percent.

“The growth of interactive advertising that we’ve been experiencing over the past few years has stabilized due in large part to the difficult current economic climate,” said Randall Rothenberg, head of New York-based IAB, in a statement. “Interactive advertising continues to be the most measurable and cost-effective way to reach consumers, and we see more and more marketers seeking to harness its power.”

The IAB is made up of top media and technology companies that sell 86 percent of online advertising in the U.S.



2:23 PM CST Thursday

Two Freeport plants among BASF temporary closures

Chemical company BASF SE plans to temporarily close 80 plants worldwide because of slow demand, according to news reports. The move will affect two of the company’s 14 plants at its Freeport site.

The Associated Press reported that Germany-based BASF also plans to cut production at 100 more facilities, and that a total of about 20,000 workers will be affected.

The number of employees affected by the temporary closures at Freeport was not disclosed.

BASF spokesman Gareth Rees told AP that the shutdowns and slowdown have already begun and will extend into January. Workers are being encouraged to take vacation time and reduce their overtime.

The company has 46 sites in the United States including three in the Houston area — the Freeport facility and two in Pasadena.

BASF’s Freeport site employs 644 BASF employees and 542 contractors, and produces chemicals that are used in a wide range of product applications including adhesives, superabsorbers, paints and coatings, nylon and plastics, according to BASF.



2:10 PM CST Thursday

New U-verse feature gives weather information

AT&T Inc. has created an on-demand weather interactive feature for its Houston U-verse television customers.

Customers can access free weather information for their home city or any other U.S. city via the “My Cities” list on Channel 227.

Weather on demand content is provided by AccuWeather.com.



10:51 AM CST Thursday

FMC buys stake in Roxar

FMC Technologies Inc. has purchased a 10.3 percent stake in Norwegian offshore technology firm Roxar ASA.

The purchase of 25 million shares was made through the Houston energy technology company’s subsidiary FMC Kongsberg Holdings AS with help from DnB NOR Markets, a Norwegian investment bank.

Financial terms of the agreement were not disclosed.

Roxar already supplies FMC Technologies (NYSE: FTI) with subsea components, the company said.



10:40 AM CST Thursday

Green building starts soar

The value of green building construction starts increased substantially between 2005 and 2008, according to a report released Nov. 19 by McGraw-Hill Construction.

The report — based on data found in the McGraw-Hill Construction Network and released at the Greenbuild International Conference and Expo in Boston — shows green starts totaled between $36 billion and $49 billion this year compared with $10 billion in 2005, and could reach $96 billion to $140 billion by 2013.

According to the report, awareness of the benefits associated with green building has grown since 2005.

The most frequently cited benefit is a decrease in operating costs (13.6 percent, up from 8 percent to 9 percent in 2005), followed by an increase in building values (10.9 percent, up from 7.5 percent in 2005).

The McGraw-Hill Cos. (NYSE: MHP) is a global information services provider with more than 280 offices in 40 countries and $6.8 billion in sales in 2007.



10:16 AM CST Thursday

Carriage Services to buy back stock

The board of Carriage Services Inc. has approved a stock repurchase program of up to $5 million.

The Houston provider of death care services and products completed a previous $5 million repurchase plan last month.

Carriage Services (NYSE: CSV) has about 18.7 million shares outstanding, according to Capital IQ, a division of Standard & Poor’s.



10:00 AM CST Thursday

KBR wins Egypt Hydrocarbon contract

KBR Inc. has been awarded a contract by Egypt Hydrocarbon Corp.

Financial terms of the contract were not disclosed.

The Houston engineering company will be providing a pre-front end engineering design study for two polyethylene units at Egypt Hydrocarbon’s petrochemical complex near Suez, Egypt.

KBR (NYSE: KBR) has already completed a master plot plan study for the complex.



9:40 AM CST Thursday

Canrig, Epoch to merge

Canrig Drilling Technology Ltd. is merging with Epoch Well Services creating a global drilling technology company.

The company will be known as Canrig Drilling Technology Ltd. and be headquartered in Houston.

Canrig was founded in Calgary, Canada more than 20 years ago and manufactures drilling equipment.

Epoch, which supplies drilling data, analysis and reporting systems and software, was founded in 1979 in Bakersfield, Calif. as Epoch Well Logging Inc., and became Epoch Well Services when it merged with Bermuda-based Nabors Industries (NYSE: NBR), which has its administrative headquarters in Houston.

The deal is set to close by the end of the year.

When the deal closes, the combined company will have 1,043 employees.

Chris Papouras, president of Canrig, will be president of both organizations.



9:30 AM CST Thursday

DNAtriX, Smart Imaging get tech funds

DNAtriX Inc. and Smart Imaging Technologies have both received pre-seed funds from the Texas Emerging Technology Fund.

Sponsored by the Houston Technology Center, both Houston companies received $250,000, but are eligible to receive up to $1 million from the fund.

DNAtriX, a biotechnology company led by Dr. Juan Fueyo and Dr. Frank McCormick, is focused on developing an oncoloytic virus platform initially for the treatment of malignant glioma, a type of cancer that mostly commonly occurs in the brain.

Smart Imaging Technologies provides software for automated analysis of 2-D and 3-D images.

The Texas Emerging Technology Fund was created in 2005 by the legislature to assist in the setting up of small to mid-size technology companies and to speed up the commercialization of their inventions. The program has been renewed to fund awards through August 2009.



8:30 AM CST Thursday

Metro, City testing new traffic lights downtown

The Metropolitan Transit Authority of Houston and the City of Houston have implemented a pilot program designed to reduce confusion at downtown stoplights where the MetroRail also makes stops.

Metro and the city’s department of public works and engineering are testing six locations along Main Street that have experienced an increase in collisions between vehicles and the light rail during the last year.

New traffic light fixtures and increased police enforcement are being used at Main’s intersections with St. Joseph, Franklin, Texas, Prairie, Preston and Congress.

Of the 43 accidents at the intersections this year, 26 were caused by illegal left turns, according to Metro. In 2007, there were 34, 17 of which were caused by illegal left turns.

The agencies are also working to adjust the timing of the traffic signals at the six locations to allow the MetroRail to have the green light first in order to pull ahead of regular traffic.

Ultimately, the city will instal the new traffic light fixtures at 14 downtown locations.

Instead of the traditional three lamps the new fixtures have four. They are equipped with the main red and yellow solid ball lamps, but rather than a solid ball green lamp, the new lamps will include a green directional up arrow, as well as a right-turn flashing amber arrow, indicating motorist can make right turns.



8:00 AM CST Thursday

Stanford Financial tees up golf sponsorship

Stanford Financial Group has been named title sponsor for a major women’s professional golf tournament.

The Ladies Professional Golf Association event, to be held in Houston from Nov. 19 to 22, 2009, will be branded as the Stanford Financial Tour Championship. The tournament, the final stop on the 2009 LPGA tour, has a $2 million purse.

The Houston-based financial services firm is already a prominent sponsor in professional golf, sponsoring the Stanford St. Jude Championship in Memphis, Tenn.

Stanford also has endorsement deals with Professional Golfers’ Association of America players Vijay Singh — winner of the 2008 FedEx Cup — and Camilo Villegas, as well as LPGA player Morgan Pressel.



1:33 PM CST Wednesday

Houston lures second Final Four tourney

Though Houston has yet to host a Final Four men’s basketball tournament, the city has landed the event twice within a five-year span.

The National College Athletic Association on Wednesday awarded the prestigious event to Houston in 2016, having already named the city’s Reliant Stadium as host site in 2011. Houston previously hosted the Final Four in 1971 at the Astrodome.

“We saw an example of what Houston has to offer during the 2008 South Regional and have every reason to think that their future events will be special,” said Southeast Conference Commissioner Mike Slive.

The NCAA also announced the other winning cities through 2016, including the Dallas-Fort Worth Metroplex, which will host the event in 2014 at the new $1 billion Cowboys Stadium that is set to open in Arlington in 2009.

Other cities chosen include New Orleans (2012), Atlanta (2013) and Indianapolis (2015). Indianapolis also hosts the Final Four in 2010, while Detroit is the site of the 2009 tournament.

“When President-elect Barack Obama was asked which sporting event he would attend if he could just choose one, he said the Final Four,” said Myles Brand, NCAA president. “That speaks volumes about the growing popularity of this championship.”



1:13 PM CST Wednesday

U.S. housing starts lowest since 1959

Two key measurements of the housing market show that the sector is a long way from ending its historic slump, but the South showed slight improvement.

A new report from the U.S. Commerce Department shows housing starts reached an annual rate of 791,000 last month, the lowest level since the department began tracking starts in 1959. The October rate plunged 4.5 percent from the revised reading of 828,000 in September.

On top of that news, building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975. The annual rate for September was revised to 805,000. Building permits are an indicator of building activity in the next three to six months.

The declines last month were led by a 31 percent drop in the Northeast, where construction of single-family homes fell to a record low. Home starts dropped 13.7 percent in the Midwest, but rose 7.5 percent in the West and a 1.5 percent in the South.



12:05 PM CST Wednesday

Houston airports expect 1.2M to fly this Thanksgiving

About 1.2 million passengers are planning to make their way through George Bush Intercontinental Airport and William Hobby Airport during the 14-day Thanksgiving travel period, according to early estimates from the Houston Airport System.

HAS considers the period to be Nov. 19 through Dec. 1. The agency expects the busiest day to be Nov. 30 when an overall 122,000 passengers will be at both airports. They also expect 117,100 passengers at the airports Nov. 20.

“While we won’t receive final numbers for about a month, we expect travel to be about the same as last year,” said Marlene McClinton, spokeswoman for HAS.

To meet the needs of those who don’t fly as much or will be taking children along, designated travel lanes will open up at Intercontinental on Nov. 20 at each security checkpoint. The lanes include one each for expert travelers, casual travelers and family travelers along with those who have exempt liquids such as baby formula and medication, according to Andrea McCauley, a spokeswoman with the Transportation Security Administration.

TSA recently expanded the travel lane concept to all airports across the country, she said. Hobby has been utilizing its family lane for about six months.

Travel information for both airports, including the policy for carry-on liquids, can be found at www.fly2houston.com

For those planning on flying, the Houston Airport System and Samsung Telecommunications America are launching 40 free charging stations at IAH on Nov. 20 for travelers to charge their mobile phones, laptops and other personal electronics.

The Samsung Mobile Charging Stations, outfitted with four electrical outlets per station, will be located throughout terminals A, C, D and E.

Meanwhile, the American Automobile Association expects this year to show the first decline in overall Thanksgiving travel since 2002 in both Texas and the nation as a whole.

Nearly 3.2 million Texans will be heading out for the holiday, down 1.2 percent from last year, and about 41 million Americans will travel 50 miles or more from their homes during the holiday travel period, down 1.4 percent from last year.



11:19 AM CST Wednesday

Homebuilders’ confidence wanes

Homebuilders’ confidence that there will be a resolution to the housing crisis anytime soon is at an all-time low, according to the National Association of Home Builders/Wells Fargo Housing Market Index.

As the financial crisis worsens, the job market weakens and an overwhelming uncertainty hangs over the economy, builders fear it will take major incentives to bring homebuyers back to the table.

“Today’s report shows that we are in a crisis situation. If there’s any hope of turning this economy around, Congress and the administration need to focus on stabilizing housing,” NAHB Chairman Sandy Dunn said. “Beyond the work that is being done to help reduce foreclosures, Congress must immediately incorporate such incentives for qualified buyers in a new economic recovery package.”

The housing downturn has already resulted in about 3 million jobs lost in construction and related industries.

The index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.”



10:10 AM CST Wednesday

AIA billings index plummets

The American Institute of Architects’ Architecture Billings Index — an indicator of construction activity — fell in October to its lowest level since 1995.

October’s rating was 36.2, down from 41.4 in September and 47.6 in August. A score above 50 indicates an increase in billings.

The billings index shows an approximate nine- to 12-month lag between architecture billings and construction spending.

The new project inquiries index dropped to 39.9 — also a historic low — from 51 in September.

“Until recently, the institutional sector had been somewhat insulated from the deteriorating conditions affecting the commercial and residential markets,” said AIA Chief Economist Kermit Baker. “Now we are seeing that governments and nonprofit agencies are having difficulties getting bonds approved to finance large-scale education and health care facilities, furthering the weak conditions across the construction industry.”



9:59 AM CST Wednesday

Survey: Year-end executive bonuses might not be that big

Annual bonuses and stock-based awards may dry up with the economy, according to a survey released Wednesday by Pearl Meyer & Partners.

Nearly nine out of 10 respondents said market turmoil will affect company executive compensation over the next six months, according to the New York compensation consultancy, which surveyed 410 board members, executives and human resources professionals earlier this month for its “Executive Pay in the New Economy” online survey.

More than half said they anticipated a decline in stock options and restricted share grants that comprise a bulk of executive compensation. Twenty percent expect to revise their companies’ severance packages or change-in-control arrangements over the next year,

In addition to declines in performance-based pay, respondents also expected salary growth to be lower next year, and nearly 18 percent were “strongly considering” a salary freeze.

“It’s appropriate that variable components of pay such as annual bonus awards and stock grants are being put at risk in executive pay programs — that is how pay for performance is supposed to work,” said David Swinford, president and chief executive officer of Pearl Meyer & Partners. “The open question is whether the reductions will be in line with the expectations of shareholders who are feeling the pain in their own portfolios.”



9:34 AM CST Wednesday

TradeCapture opens Rome office

TradeCapture Inc. has opened an office in Rome.

The office is part of the energy trading company’s goal of expanding into Europe following its headquarters move to Houston in May.

TradeCapture has named Pete Carlile as general manager and vice president for Europe to lead the new office.

The company also has an office in Hyderabad, India.



9:33 AM CST Wednesday

National Oilwell, Schlumberger form new joint venture

National Oilwell Varco Inc. and Schlumberger Ltd. have formed a joint venture that will combine their wired drill string telemetry systems.

Under the agreement National Oilwell (NYSE: NOV) will have a 55 percent stake in the venture as well as operational control, while Schlumberger (NYSE: SLB) will have a 45 percent stake.

The agreement between the Houston-based companies, expected to close later this year or early next year, will allow the oilfield services companies to better deliver drilling solutions to customers, the companies said.



8:39 AM CST Wednesday

Wells Fargo named top small-business lender in Texas

Wells Fargo Bank, NA has been ranked the leading small-business lender in both the United States and Texas, according to the latest Community Reinvestment Act and Small Business Administration data.

In Texas alone, Wells Fargo loaned more than $2 billion in 2007 to small-business owners for loans under $100,000. The company also loaned more than $84 million in SBA financing to Texas businesses, making Wells Fargo the No. 2 SBA lender in the state for the fiscal year ended Sept. 30, 2008.

In Houston, Wells Fargo ranks third in terms of total local deposits — about $8.3 million as of June 30, 2007, according to Houston Business Journal research.

“As the number one small-business lender in Texas according to CRA data, Wells Fargo remains committed to helping our customers access resources and capital critical to the financial health of their businesses,” says Texas regional president Chip Carlisle. “We know today’s economy is challenging for small businesses. At Wells Fargo, our priority is, as always, helping our customers succeed financially.”

U.S. financial institutions lent more than $145 billion in loans under $100,000 to small businesses last year. Wells Fargo originated more than $23 billion in loans to small-business owners nationwide in 2007.

San Francisco-based Wells Fargo & Co. (NYSE: WFC) is a diversified financial services with $622 billion in assets. The company offers banking, insurance, investments, mortgage and consumer finance through nearly 6,000 stores and the Internet.

Wells Fargo also is in the process of buying Wachovia Corp. in a $15 billion transaction that’s slated to close next month. (Wells Fargo’s small-business lending figures do not include loans originated by Charlotte-based Wachovia.)



8:30 AM CST Wednesday

U.S. Physical Therapy enters San Antonio market

U.S. Physical Therapy Inc. has entered the San Antonio market through the acquisition of an unnamed outpatient rehabilitation practice.

The Houston clinic operator acquired a 65 percent stake in the practice for about $5 million.

Larry McAfee, chief financial officer of U.S. Physical Therapy (NASDAQ: USPH), said the practice had not yet informed employees at its four clinics of the acquisition.

The San Antonio practice will continue to be run by its founding partner, who retains a 35 percent equity stake in the business. It currently sees about 35,000 physical therapy patients a year.



8:00 AM CST Wednesday

IAH soars on airport food list

The addition of low-fat vegetarian items put Houston’s George Bush Intercontinental Airport on the map as one of the top U.S. airports offering healthy meal choices.

The survey, performed from June to October by nutritionists with the Physicians Committee for Responsible Medicine, ranked 15 of the nation’s busiest airports in terms of their offerings of low-fat, high-fiber, cholesterol-free vegetarian options.

Intercontinental ranked third on the list.

“After a 10th-place finish in 2006, Houston fell off the radar in 2007,” PCRM said in a statement. “This year, the airport soared to third place with the addition of low-fat vegetarian options at eight new or existing eateries.

“For meals high in fiber and vegetable protein, try Houston Charley’s Grilled Subs’ grilled veggie delight (ask for no cheese), Burrito Del Sol’s made-to-order vegetarian taco salad and burritos, and the veggie burger at Ruby’s Diner.”

Dallas/Fort Worth International Airport and Detroit Metropolitan Wayne County Airport tied for first place, followed by Chicago O’Hare International Airport as the three airports that provide travelers the most opportunities for wholesome meals that incorporate fruit, vegetables, grains and legumes.

Eighty percent of the airports surveyed offered healthful meals, according to the survey.

The other airports ranked included Phoenix Sky Harbor International Airport; Los Angeles International Airport; Denver International Airport; Minneapolis-St. Paul International Airport; San Francisco International Airport; Orlando (Fla.) International Airport; Miami International Airport; Newark (N.J.) Liberty International Airport; Las Vegas McCarran International Airport; Hartsfield-Jackson Atlanta International Airport; and Ronald Reagan Washington (D.C.) National Airport.