The Illinois-based company, which has 40 plants across the U.S., Canada and Italy making pre-packaged foods and beverages, announced earlier this month its plans to close the Visalia plant at 9945 W. Goshen Ave. as part of a larger downsizing due to declining sales. . . . The Visalia facility produces pretzels and cereal snack […]
As business owners pore through the new tax law, many are asking themselves a fundamental question: Will changing how their company is structured cut their tax bills? “This is one of the most pressing issues for taxpayers and business owners,” said Mark Everson, vice chairman of tax-consulting firm Alliantgroup LP. “They are looking carefully now […]
Thanks to the Tax Cuts and Jobs Act, signed into law in December, U.S. companies will no longer have an incentive to stash profits generated overseas to avoid high taxes at home. The new law dropped the U.S. corporate rate from 35% to 21%, put minimum levies on low-taxed foreign earnings, and imposed a one-time […]
Oakland-based Pandora Media said Wednesday that it will cut 5 percent of its workforce and expand its business in Atlanta, because the Southern city is more cost effective than growing the brand in the East Bay.
Pandora’s decision to expand operations in Atlanta feeds speculation about tech companies’ intention to move further away from Silicon Valley (and California generally). Business costs in the area alone have gone up due to the state’s well-established compliance burden, not to mention real estate values. Workers in the tech sector are feeling the pain, too […]
San Rafael-based software company Autodesk said in an earnings statement Tuesday that it will cut 13 percent, or nearly 1,200 jobs, in a restructuring. An Autodesk spokesperson declined to give details on where those job cuts would be and said the company had no comment beyond what was in the earnings statement, which was released after the stock market closed. Shares of Autodesk fell more than 12 percent in after-hours trading. Autodesk employs some 9,000 people in its offices globally, including a combined 2,000 at its San Rafael headquarters and a San Francisco office.
Nestle’s decision to move hundreds of jobs out of California promises to fuel reflection among Bay Area business and civic leaders on the challenges of operating in California, with its high-priced housing and traffic congestion.
Tesla Motors Inc., as part of its bid to expand electric vehicle manufacturing facilities in California, on Tuesday is up for another sales-and-use tax exemption on nearly $1.2 billion of equipment and machinery. The California Alternative Energy and Advanced Transportation Financing Authority, a little-known arm of the state Treasurer’s Office, is scheduled to consider expanding a tax break Tesla already receives at its meeting in Sacramento. Agency officials put the value of financial assistance Tesla is requesting at $98.5 million for the total Model 3 project. Tesla used $14.8 million in state tax credits for the Model 3 through June 30. California officials estimate a net of $1.67 million in fiscal and environmental benefits to the state.
A New York hedge fund that earlier this year flipped the board of Depomed Inc. and installed a new CEO to boost the company’s value said Monday that it will cut 40 percent of its staff and move the drug company’s headquarters out of California.
The move is necessary, Newark-based Depomed (NASDAQ: DEPO) said in a Securities and Exchange Commission filing, because it is turning over sales of its pain drug Nucynta to Collegium Pharmaceutical Inc. and won’t need as large of a workforce or space.
“The storage battery is, in my opinion, a catchpenny, a sensation, a mechanism for swindling the public by stock companies,” wrote Thomas Edison in 1883.
Today, the battery industry is mustering for exponential growth as car makers electrify their fleets, most visibly at Tesla ’s $5 billion factory in Nevada. For investors looking to gain from the battery’s rise, though, the doubts of the 19th-century entrepreneur linger. The path to profitability is far from clear.
Canadian behemoth franchisor MTY Food Group Inc. agreed to acquire the franchisors of the Counter and Built upscale burger chain brands for an undisclosed amount, MTY announced today. The company expects the deal to close next month. . . The offices of the two limited liability corporations running the franchises will move to Scottsdale, Ariz., MTY said. MTY’s Kahala Group subsidiary, acquired last year, is also based in Scottsdale. Kahala’s holdings include Pinkberry, Cold Stone Creamery and Baja Fresh, among others.
From December 2016 to March 2017, gross job gains from opening and expanding private-sector establishments were 7.3 million, a decrease of 127,000 jobs over the quarter, the U.S. Bureau of Labor Statistics reported today. Over this period, gross job losses from closing and contracting private-sector establishments were 6.7 million, a decrease of 391,000 jobs from the previous quarter. The difference between the number of gross job gains and the number of gross job losses yielded a net employment gain of 654,000 jobs in the private-sector during the first quarter of 2017. (See tables A and 1.)
Tesla confirmed Friday afternoon that it has laid off hundreds of employees this week following reports that the company had cut somewhere between 300 and 700 jobs.
The job cuts come as the Palo Alto-based electric car company ramps up manufacturing for its moderately priced Model 3. CEO Elon Musk last week said the company was delaying the unveiling of its all-electric semi truck as Model 3 production hit assembly-line snags.
The layoffs were not part of structured reductions but as a result of company-wide annual reviews, a Tesla spokesperson said in a statement to the Silicon Valley Business Journal on Friday afternoon. As part of the review process, some workers received promotions and bonuses, she said, and the company is continuing to hire.
The reported cuts would dwarf the 600 layoffs the firm reported last year to California authorities, and would eliminate some 5,000 employees — 10 percent of its workforce, the report said.
“The cuts at the company, which has about 50,000 workers, are likely to affect workers in the U.S. and abroad, including managers,” Bloomberg reported, based on unnamed sources.
Virtual Guard Inc. will receive about $251,505 in tax abatements and is estimated to generate about $17.1 million in new tax revenue over 10 years. Virtual Guard is a video monitoring company, which plans to relocate its headquarters from Los Angeles, California to a location in Clark County as early as later this year, citing an “unfriendly economic environment” in California in its tax abatement application. The company plans to hire 80 new employees within its first two years of operations, making an average hourly wage of $22.31. The company plans to rent or buy an existing facility, ranging from 5,000 to 10,000 square feet depending on whether the space is leased or bought. Virtual Guard is slated to make a capital investment of just under $356,000, according to its tax abatement application. . . . ERG Aerospace Corp. will receive about $330,288 in tax abatements and is estimated to generate about $3.2 million in new tax revenue over 10 years. The company, researches, designs, develops and manufactures materials and components for the aerospace, national defense, semiconductor manufacturing, biotech, and other high technology industries. ERG currently has facilities in Oakland, California, and Sparks. The company plans to relocate its current operations in Oakland, California, to Nevada and subsequently make Nevada its headquarters. The company plans to invest over $2.1 million in capital equipment for their new facility, and plans to hire 13 employees during their first year of operations at an average wage of $30.92 per hour.