timberland hoody focus shifts to how companies will act
Jerry Zeitler says a sweeping Republican tax overhaul will encourage him to take a bigger bite next year out of his $3 million wish list of new equipment for the metal stamping operation he runs outside Cleveland.
Not that much bigger, however.
Die Matic Corp., which mostly serves the auto industry and has sales of more than $30 million, may spend $600,000, the president of the family run company said, up from about $450,000 this year. A tax break is nice, but it will not prompt him to rewrite his spending plans entirely.
Indeed, Zeitler tells Reuters that he usually makes capital expenditures during recessions, not expansions.
“The time to buy is when others are constricting, not spending, because that’s when we can buy things for 20% or 30% off,” he says. tax code rewrite directly to shareholders” pose the biggest challenges to growth from the tax package. commercial and industrial loan growth “has shrunk to almost flat at the end of November from nearly 14 percent at the start of 2015,” according to the story.
Reuters says other companies “will retain thrifty habits that have become the norm, especially in slow growing industrial sectors.”
David Shippoli, a manufacturing engineer at Cleveland’s Dan T. Moore Co., which has factories across Ohio and Indiana, says the company seldom buys new equipment, and the tax breaks will not change that.
“Some large companies probably will spend more because they don’t care about spending money,” he tells Reuters.
He still might buy new machines, but only if they are the only option available, “not because of taxes.”The Cleveland Clinic “has faced challenges securing visas for foreign born specialists, and it’s “one of many employers affected by President Donald Trump’s tougher approach toward immigration,” according to this story from The New York Times.
From the story:
Immigration and State Department officials are more closely scrutinizing, and have started more frequently denying, visas for people seeking to visit the United States on business, as well as for those recruited by American companies, according to lawyers representing visa seekers. Foreigners already in the United States whose employers wish to extend their stay also are facing new hurdles.
The changes show how the Trump administration has managed to carry out the least attention grabbing, but perhaps farthest reaching, portion of the president’s immigration plans: cutting the number of people entering the United States each year as temporary workers or permanent residents.
Having a particular impact on the Clinic is Trump’s “Buy American, Hire American” executive order, which singles out the H 1B visa program. Each year, 85,000 H 1Bs, which are valid for three to six years, are available to companies in a lottery process. The Times says the government “is still greenlighting most H 1B applications that survive the lottery, but the approval rate is inching down.” For the first two months of this fiscal year, October and November, 86% and 82% of H 1B applications were approved, down from 93% and 92% in the like months of 2016.
Again, from the story:
An H 1B visa for an Indian scientist recruited by the Cleveland Clinic for his expertise in cellular biology is stuck in “administrative processing” in New Delhi, meaning it is undergoing further review that could stretch months. “His team’s projects are now on hold due to the delay,” said Janice Bianco, an official at the Clinic who handles applications for foreigners.
She said a visa for a pediatric geneticist hired in the spring took three months to be issued in the past, it would have taken about three weeks forcing the hospital to reroute some patients to other facilities.
The State Department, which has handled the Clinic visa requests, said in a statement that “consular officers have the discretion to request additional screening in any case.”CityLab offers some praise for the role Cleveland’s Belt Magazine and Belt Publishing are playing in chronicling the past, present and future of the industrial Midwest.
The website examines how a 2012 book of essays about Cleveland has given rise to an important voice in the region, with Belt Magazine, an online publication, and Belt Publishing, which to date has published 11 city anthologies.