San Francisco lost one of its most storied firms Thursday when Bechtel Group said it will move its headquarters to Reston, Va., by year-end after more than a century here. The loss of the San Francisco headquarters of the secretive engineering, construction and project management company means the Bay Area will lose about 150 jobs […]
Southern California is home to 10,378 foreign-owned businesses that employ 427,954 workers and generate nearly $27 billion in annual wages, according to a report from World Trade Center Los Angeles. The study, compiled in partnership with Pepperdine University’s School of Public Policy and sponsored by American Airlines, says those employees represent 5.4 percent of the […]
Alliance-Bernstein notwithstanding, New York is not close to losing its hegemony over finance. With 472,000 employees in that industry, the city dwarfs all its competitors, including runner-up Chicago, where finance employs 264,000. Finance jobs in New York, according to Pepperdine University’s Michael Shires, have grown at a respectable 11 percent since 2009, though the pace […]
It’s the end of an era. Price Pump has grown and thrived in Sonoma for 70 years. But before the end of this year, the manufacturer of high-tech pumps will pull up stakes and move its headquarters – lock, stock and pump – to Boise, Idaho. “It has simply become too difficult and too costly […]
Qualcomm Inc. is slashing at least 1,500 jobs in California, trying to cut costs, at the same time its $44-billion bid to acquire NXP Semiconductors is running into problems getting antitrust clearance from China. The San Diego company, a leading provider of chips for mobile phones, said the layoffs included permanent and temporary workers. The […]
Kings County officials this week traveled to the Southern California town of Gardena to meet with executive staff of Faraday Future as well as company founder Jia Yuetin to help make plans for the startup’s Hanford assembly plant. Demolition work on the interior of the old Pirelli facility in the Hanford Industrial Park is underway […]
A publicly traded company that started in the Sacramento region, moved away and came back once before, is again taking its headquarters out of the area. RiceBran Technologies, which moved to West Sacramento from Scottsdale, Arizona, only last year, will relocate to Houston in the second quarter, CEO Robert Smith said on a conference call […]
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.