“The political message is greater than the economic hit,” said Chiao Chun, a former trade negotiator for the Taiwanese government.

Even though about 90 percent of Taiwan’s imported gravel and sand comes from China, most of that is manufactured. China accounted for only about 11 percent of Taiwan’s natural sand imports in the first half of this year, according to the Bureau of Mines.

The two types of Taiwanese fish exports that China restricted last week — chilled white striped hairtail and frozen horse mackerel — are collectively worth about $22 million, less than half the value of the Taiwanese grouper trade that was banned earlier this year. They are also less dependent on the Chinese market.

As for Taiwan’s half-a-billion-dollar citrus industry, its shipments to China account for only 1.1 percent of the island’s total agricultural exports, according to Taiwan’s Agriculture Council. A popular theory is that Beijing singled out citrus farmers because most orchards are in southern Taiwan, a stronghold for the governing political party, the Democratic Progressive Party, a longtime target of Beijing’s anger.

Future bans may become more targeted to punish industries in counties that are D.P.P. strongholds, said Thomas J. Shattuck, an expert on Taiwan at the University of Pennsylvania’s Perry World House. There may also be less retaliation against counties run by the Kuomintang opposition party “in an attempt to put a finger on the scale for Taiwan’s local, and even national, elections,” he added.

increasingly indispensable node in the global supply chains for smartphones, cars and other keystones of modern life. One producer, the Taiwan Semiconductor Manufacturing Company, makes roughly 90 percent of the world’s most advanced semiconductors, and sells them to both China and the West.

simulated a blockade of Taiwan.

Even though some of the exercises took place in the Taiwan Strait, a key artery for international shipping, they did not disrupt access to ports in Taiwan or southern China, said Tan Hua Joo, an analyst at Linerlytica, a company in Singapore that tracks data on the container shipping industry. He added that port congestion would build only if the strait was completely blocked, port access was restricted or port operations were hampered by a labor or equipment shortage.

“None of these are happening at the moment,” he said.

Vessels that chose to avoid the Taiwan Strait last week because of the Chinese military’s “chest beating” activities would have faced a 12- to 18-hour delay, an inconvenience that would generally be considered manageable, said Niels Rasmussen, the chief shipping analyst at Bimco, an international shipping association.

If Beijing were to escalate tensions in the future, it would indicate that it was willing to put at risk China’s own economy as well as its trade and relations with Japan, South Korea, Europe and the United States, Mr. Rasmussen said by phone from his office near Copenhagen.

“That’s just difficult to accept that they would take that decision,” he added. “But then again, I didn’t expect Russia to invade Ukraine.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Todd Tucker Advances to Executive Vice President for Real Estate Operations and Qualifying Broker at Berkshire Hathaway HomeServices Georgia Properties

ROSWELL, Ga.–(BUSINESS WIRE)–Berkshire Hathaway HomeServices Georgia Properties, one of the largest and most successful real estate organizations in the country, recently announced Todd Tucker, formerly Georgia Properties Senior Vice President of Real Estate Operations, is now Executive Vice President for Real Estate Operations and Qualifying Broker.Tucker is a celebrated real estate leader with decades of experience in training, technology, and brokerage management. Berkshire Hathaway HomeServices Georgia Properties is a full-service brokerage with 29 office locations throughout Georgia and more than 1,600 sales associates.

“Todd would easily make any list of who’s who in real estate for Atlanta,” said Dan Forsman, Georgia Properties Chairman. “He has taken on so many roles in our company and I couldn’t think of a better professional – and person – to lead our real estate operations and ensure our sales associates’ continued success.”

Added DeAnn Golden, president and CEO of Berkshire Hathaway HomeServices Georgia Properties: “I’ve been working with Todd for more than 20 years and his dedication to our industry, company and sales associates is absolutely unmatched.”

Tucker began his real estate career as a sales associate in April 1997 and quickly rose to a top producer. He joined the staff at Georgia Properties – then Prudential Georgia Realty – in 2003 as assistant broker in the North Cobb office (now Northwest Office). He then became the Managing Broker of the Douglasville West Georgia Office in 2004 and the broker of the East Cobb office in 2011. In addition to being managing broker for several of the Georgia Properties offices, he has also served as a trainer, technology trainer and safety officer. As part of his expanded role, Tucker oversees many facets of the organization, from the regional managers to facilities and commercial real estate to creator/facilitator of the Chairman’s Circle top associates mastermind groups where he currently oversees five top associates’ groups that meet monthly. Most recently, Todd is a pioneer leader of the newly created BHHS Global Mastermind groups with associate participation from all over the nation.

Deeply involved with both his community and industry, Tucker has held many positions in local Realtor organizations. He served as President of the Cobb Association of REALTORSⓇ in 2004 and President of West Georgia Board of REALTORSⓇ in 2009. He is a former Governor for the Graduate REALTORSⓇ Institute (GRI), past RPAC Trustee and past RIAC Trustee for the Georgia Association of REALTORSⓇ (GAR). Tucker was awarded Realtor of the Year three times in his career with his local Realtor Board and was honored with the Young Achievers Award from the Young Professionals Network (YPN) of GAR. Tucker has served in many positions on the state level over the years but most recently he served on GAR’s Nominating Committee and Special Media Task Force. He also holds the Accredited Buyers Agent (ABR) national designation, the Graduate Realtor Institute (GRI) designation and a broker’s license in Georgia and Alabama. He is a proud graduate of the University of Georgia.

“I look forward to seeing Todd excel in this new role,” said Gino Blefari, CEO of HomeServices of America. “He’s an extraordinary leader with the experience to help guide Georgia Properties in this new and exciting chapter of their growth story.”

“I couldn’t be prouder to take on this expanded role for our brokerage,” Tucker said. “We are more than a company, we are a family, and I am honored to take the responsibility of helping our family grow, thrive and prosper.”

ABOUT BERKSHIRE HATHAWAY HOMESERVICES GEORGIA PROPERTIES

Berkshire Hathaway HomeServices Georgia Properties is a full service real estate brokerage company offering residential, commercial and property management services. With over $5.2 billion in sales 2021, 29 office locations and more than 1,600 sales associates, the company continues to expand its footprint in the Atlanta Metro market, including North Georgia Mountain and Lakes and the Southern Crescent. To learn more, visit www.bhhsgeorgia.com.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

$5.45 Million Sale of 25-Unit Highland Park Community in Los Angeles, CA, Arranged by The Mogharebi Group

COSTA MESA, Calif.–(BUSINESS WIRE)–The Mogharebi Group (“TMG“) has arranged the $5.45 million sale of San Pascual, a 25-unit community located in the Highland Park neighborhood in Los Angeles, CA. Bryan LaBar, Keon Truth, & Otto Ozen of The Mogharebi Group represented the seller, a Southern California family office; the winning buyer was a private investor out of Southern California.

Built in 1962, San Pascual is a 2-story garden style community located on 712 San Pascual Ave and comprises of one- & two-bedroom units situated on a .55-acre corner lot. The property features excellent accessibility to the 110 Freeway, just 2-minutes from the closest on-ramp and twelve minutes away from Downtown Los Angeles. San Pascual was offered to the market for the first time in over 20 years, making it a great opportunity to enter a high barrier to entry submarket, Highland Park.

“Despite buyer sentiment and a rapidly shifting economic landscape, we generated multiple offers, ultimately guiding the winning buyer to successfully close over 97% of list price within 3 months, in a submarket averaging 4 months to sale,” said Keon Truth. “The buyer did well to further their investment objectives by securing a high-demand multifamily asset and 25-unit foothold in a neighborhood where the average apartment building size is 12 units,” added Truth.

Highland Park, Los Angeles’ first actual suburb, has a long history filled with art, agriculture, architecture, and an ethnically diverse mix of Angelenos. Today the rapidly growing neighborhood has become a must-visit location for food enthusiasts, historic home buffs, and tourists looking for an authentic slice of LA in a vibrant hub.

About The Mogharebi Group

The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout California, Seattle, and Salt Lake City, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory.

For more information, visit: Mogharebi.com

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Hearth Market by Fuel Type, Product, Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Hearth Market by Fuel Type (Wood, Electricity, Gas, Pellet), Product (Fireplaces, Inserts, Stoves), Placement, Design, Application, Fireplace Type, Vent Availability, Ignition Type, Material and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global hearth market was valued at USD 9.3 billion in 2021 and is projected to reach USD 14.8 billion by 2027, registering a CAGR of 7.7% during the forecast period.

Indoor Hearths: The fastest-growing segment of the hearth market

An indoor hearth offers great warmth during chilly fall and winter nights. This can help reduce heating bills because most indoor fireplaces require little kindling and wood. Also, they are a great interior decoration for indoor spaces because they offer an inviting decor to the overall ambience. These hearths are integrated with different technologies and come in varied shapes and sizes. Apart from the heating efficiency of the hearth, the overall esthetic value and power consumption benefits are also valued by end users. Indoor hearths are in high demand these days.

More and more individuals are installing this product as they learn about the benefits of a high-quality indoor hearth. Indoor hearths are available across a wide price range, targeting different income groups. The easy availability of several types of indoor hearths with varying designs, fuel types (wood, gas, electricity, pellet), costs, and related accessories has further boosted the adoption of indoor hearths.

Modern Hearth: The highest growing design segment in hearth market

The modern hearths segment is projected to grow at the highest CAGR during the forecast period. Modern hearths are equipped with remote controls and the latest technologies to support better fuel efficiency and low emission rates. Lower maintenance and operational costs of modern hearths are also expected to drive their growth compared to traditional hearths.

Modern hearths are better equipped to accommodate the guidelines issued by the regulatory bodies. They are comparatively more fuel- and cost-efficient. Modern hearth designs have gained immense popularity due to their visual and esthetic appeal, low maintenance costs, and energy efficiency. Together, these features are expected to drive the market growth for modern hearths.

North America: The largest region in the hearth market in 2021

North America held the largest share of ~64% of the hearth market in 2021. The market growth in this region is rising predominantly due to the strong presence of key hearth manufacturers such as HNI Corporation, Glen Dimplex, Napoleon, Travis Industries (Axis Industrial Holdings Inc.), and HPC Fire Inspired. These players dominate the global hearth market by focusing on their organic and inorganic growth and delivering hearth products with cost-efficient operations and environment-effective fuel modes. In addition, the cold climate and increasing demand for esthetic appeal and home decoration are some of the key driving factors for the hearth market’s growth in the region.

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/fcy2cf

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Blackstone Funds Complete $13 Billion Acquisition of American Campus Communities

AUSTIN, Texas & NEW YORK–(BUSINESS WIRE)–Blackstone (NYSE: BX) today announced that Blackstone Core+ perpetual capital vehicles, primarily comprising Blackstone Real Estate Income Trust, Inc. (“BREIT”) and Blackstone Property Partners (“BPP”), have completed the previously announced acquisition of all of the outstanding shares of common stock of American Campus Communities, Inc. (“ACC”), the largest developer, owner and manager of high-quality student housing communities in the United States, for approximately $12.8 billion, including the assumption of debt.

We are proud and excited to have our best-in-class company join Blackstone, whose expertise, resources and consistent access to capital will allow us to grow and continue to lead the student housing industry,” said Bill Bayless, American Campus Communities Co-founder and Chief Executive Officer. “This transaction created significant value for our shareholders and represents the culmination of our team’s passionate and dedicated service to our student residents and university partners.”

Jacob Werner, Co-Head of Americas Acquisitions for Blackstone Real Estate, said, “We are pleased to complete this transaction and welcome the American Campus Communities team to Blackstone. Student housing is a compelling sector with strong historical performance and future growth potential driven by increasing enrollment at the top universities in the U.S. as well as a shortage of quality housing supply. Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.”

BofA Securities served as ACC’s lead financial advisor. KeyBanc Capital Markets Inc. also acted as a financial advisor. Dentons US LLP served as ACC’s legal counsel.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Goldman Sachs, Morgan Stanley & Co. LLC, SMBC, a member of SMBC Group, and TSB Capital Advisors served as Blackstone’s financial advisors, and Simpson Thacher & Bartlett LLP acted as Blackstone’s legal counsel.

The transaction was announced on April 19, 2022.

About American Campus Communities

American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management and operational management of student housing properties. As of June 30, 2022, American Campus Communities owned 166 student housing properties containing approximately 111,900 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consisted of 204 properties with approximately 143,100 beds. Visit www.americancampus.com.

Blackstone Real Estate

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements under the applicable federal securities law. These statements are based on the Company’s (as defined below) and BREIT’s, as applicable, current expectations and assumptions regarding markets in which American Campus Communities, Inc. (the “Company”) and BREIT respectively operates, their respective operational strategies, anticipated events and trends, the economy, and other future conditions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include those discussed in the Company’s and BREIT’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors” and under the heading “Business – Forward-looking Statements” and subsequent quarterly reports on Form 10-Q, as well as BREIT’s Form 10-K for the year ended December 31, 2021 in the section entitled “Risk Factors”, BREIT’s prospectus and in the other periodic reports BREIT files with the SEC. Neither ACC nor BREIT undertakes any obligation to publicly update any forward-looking statements.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

NewPoint Real Estate Capital and Morgan Properties Launch NewPoint Impact Providing Innovative Suite of Affordable Housing Financing Solutions

NEW YORK–(BUSINESS WIRE)–NewPoint Real Estate Capital (“NewPoint”), a pioneering real estate finance company, announces the launch of NewPoint Impact, a proprietary affordable housing lending platform that pairs private capital with government-subsidized products to deliver an innovative set of next-generation affordable housing financing solutions. NewPoint Impact is a partnership between NewPoint and Morgan Properties, one of the largest multifamily owners in the US.

Under the leadership of NewPoint’s Rob Wrzosek, who was recently elevated to President – Affordable Strategies, NewPoint’s Proprietary Affordable Team will work closely with the firm’s originators and mortgage broker partners to offer the suite of NewPoint Impact products that provides affordable housing developers with a full gamut of flexible, custom-tailored solutions from construction loans to long-term permanent financing. Financing amounts start at $8 million and are available to both for-profit and non-profit 501(c)(3) developers, with terms ranging from 2 to 40 years, depending on the execution.

NewPoint Impact will finance the construction and/or acquisition/rehabilitation of affordable housing through a variety of financial products, including:

“We created NewPoint to transform multifamily finance, and it’s impossible to do so without breaking new ground in affordable housing finance,” said David Brickman, Chief Executive Officer of NewPoint. “We have already established an affordable housing platform comprised of the foremost experts in Fannie Mae, Freddie Mac and FHA executions – now, through our partnership with Morgan Properties, we have created additional tools to bring unmatched value, speed and creativity to the organizations working to solve our nation’s affordable housing crisis.”

“Our goal with the NewPoint Impact products is to provide investors and developers with something fundamentally different in a sector that has remained relatively unchanged in recent years, despite a market that has evolved,” Wrzosek added. “These solutions solve for contemporary challenges and provide additional certainty in creating and preserving desperately needed affordable housing during an increasingly volatile environment.”

In 2017, Morgan Properties established its Special Situations platform to invest in equity recapitalizations, fixed-income securities and other alternative investment opportunities. Since launching the endeavor, Morgan Properties has been one of the most active Freddie Mac K Series investors, having closed on the acquisition of 29 B-Piece deals across $28 billion in loans. The partnership with NewPoint will afford Morgan Properties with the ability to provide liquidity to an increasingly supply-constrained affordable housing sector.

“The diminishing supply of affordable housing has put a massive strain on renters across the country. At Morgan Properties, it is in our DNA to provide solutions that make renting more accessible and provide a better living experience for all,” said Jason Morgan, Principal and President of Morgan Properties Special Situations. “Partnering with NewPoint is a great opportunity to not only lend our expertise and expand our credit platform, but also help developers jumpstart construction on these critically-needed affordable housing projects.”

With nearly a quarter of US rental households spending more than 50% of income on rent (Harvard JCHS), NewPoint Impact is committed to providing creative solutions to help expand the supply of high-quality, affordable rental housing to those in need. The NewPoint Impact financing solutions were created with direct input from leading affordable housing developers to provide a single source of low-cost financing focused on mitigating risks and maximizing efficiencies across all stages of a community’s lifecycle.

About Morgan Properties

Established in 1985 by Mitchell Morgan, Morgan Properties is a national real estate investment and management company headquartered in King of Prussia, Pennsylvania. Jonathan and Jason Morgan represent the next-generation leaders growing the platform and overseeing the business operations. Morgan Properties and its affiliates currently own and manage a multifamily portfolio comprised of more than 350 apartment communities and over 95,000 units located in 19 states. The Company is among the three largest multifamily owners in the nation and the largest in Pennsylvania, Maryland, and New York. With over 2,300 employees, Morgan Properties prides itself on its quick decision-making capabilities, strong capital relationships and proven operational expertise.

About NewPoint Real Estate Capital

NewPoint Real Estate Capital (NewPoint) is a prominent commercial real estate finance company delivering lending solutions to investors of multifamily, affordable housing, seniors housing, healthcare, and manufactured housing properties nationwide. NewPoint leverages technology, data, capital, and the expertise of its industry-leading team to provide loan origination, servicing, execution, and a suite of Agency and curated proprietary products to meet the evolving needs of borrowers. In addition to being a Fannie Mae DUS®, Freddie Mac Optigo®, and HUD/FHA MAP and LEAN Lender, NewPoint also offers proprietary bridge and affordable housing financing. For more information, please visit https://newpoint.com.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Apogee Enterprises Announces Amendment and Extension of Credit Facility

MINNEAPOLIS–(BUSINESS WIRE)–Apogee Enterprises, Inc. (Nasdaq: APOG) announced today that it has completed the amendment and extension of its senior unsecured credit facility. The agreement increases the company’s unsecured revolving credit facility to $385 million and provides for an uncommitted accordion feature allowing for an additional $200 million of borrowing capacity. The company will repay its current $150 million senior unsecured term loan using proceeds from the increased revolving facility. The new amended credit facility will mature in 2027.

“This amended credit facility provides Apogee with lower borrowing costs, an extended maturity, and increased flexibility as we execute our strategy in the coming years,” said Ty R. Silberhorn, Chief Executive Officer. “We’d like to thank our lenders for their continued confidence in Apogee and our strategic direction.”

Wells Fargo Bank, National Association acted as Administrative Agent and U.S. Bank National Association acted as Syndication Agent. BMO Harris Bank, N.A., Truist Bank and Comerica Bank are also lenders.

Additional details on the amended credit agreement can be found in the Company’s Form 8-K to be filed with the U.S. Securities and Exchange Commission.

About Apogee Enterprises, Inc.

Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural products and services for enclosing buildings, and glazing products for framing art. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes high-performance architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

How a New Corporate Minimum Tax Could Reshape Business Investments

WASHINGTON — At the center of the new climate and tax package that Democrats appear to be on the verge of passing is one of the most significant changes to America’s tax code in decades: a new corporate minimum tax that could reshape how the federal government collects revenue and alter how the nation’s most profitable companies invest in their businesses.

The proposal is one of the last remaining tax increases in the package that Democrats are aiming to pass along party lines in coming days. After months of intraparty disagreement over whether to raise taxes on the wealthy or roll back some of the 2017 Republican tax cuts to fund their agenda, they have settled on a longstanding political ambition to ensure that large and profitable companies pay more than $0 in federal taxes.

To accomplish this, Democrats have recreated a policy that was last employed in the 1980s: trying to capture tax revenue from companies that report a profit to shareholders on their financial statements while bulking up on deductions to whittle down their tax bills.

reduce their effective tax rates well below the statutory 21 percent. It was originally projected to raise $313 billion in tax revenue over a decade, though the final tally is likely to be $258 billion once the revised bill is finalized.

would eliminate this cap and extend the tax credit until 2032; used cars would also qualify for a credit of up to $4,000.

Because of that complexity, the corporate minimum tax has faced substantial skepticism. It is less efficient than simply eliminating deductions or raising the corporate tax rate and could open the door for companies to find new ways to make their income appear lower to reduce their tax bills.

Similar versions of the idea have been floated by Mr. Biden during his presidential campaign and by Senator Elizabeth Warren, Democrat of Massachusetts. They have been promoted as a way to restore fairness to a tax system that has allowed major corporations to dramatically lower their tax bills through deductions and other accounting measures.

According to an early estimate from the nonpartisan Joint Committee on Taxation, the tax would most likely apply to about 150 companies annually, and the bulk of them would be manufacturers. That spurred an outcry from manufacturing companies and Republicans, who have been opposed to any policies that scale back the tax cuts that they enacted five years ago.

Although many Democrats acknowledge that the corporate minimum tax was not their first choice of tax hikes, they have embraced it as a political winner. Senator Ron Wyden of Oregon, the chairman of the Senate Finance Committee, shared Joint Committee on Taxation data on Thursday indicating that in 2019, about 100 to 125 corporations reported financial statement income greater than $1 billion, yet their effective tax rates were lower than 5 percent. The average income reported on financial statements to shareholders was nearly $9 billion, but they paid an average effective tax rate of just 1.1 percent.

“Companies are paying rock-bottom rates while reporting record profits to their shareholders,” Mr. Wyden said.

told the Senate Finance Committee last year. “This behavioral response poses serious risks for financial accounting and the capital markets.”

Other opponents of the new tax have expressed concerns that it would give more control over the U.S. tax base to the Financial Accounting Standards Board, an independent organization that sets accounting rules.

“The potential politicization of the F.A.S.B. will likely lead to lower-quality financial accounting standards and lower-quality financial accounting earnings,” Ms. Hanlon and Jeffrey L. Hoopes, a University of North Carolina professor, wrote in a letter to members of Congress last year that was signed by more than 260 accounting academics.

the chief economist of the manufacturing association. “Arizona’s manufacturing voters are clearly saying that this tax will hurt our economy.”

Ms. Sinema has expressed opposition to increasing tax rates and had reservations about a proposal to scale back the special tax treatment that hedge fund managers and private equity executives receive for “carried interest.” Democrats scrapped the proposal at her urging.

When an earlier version of a corporate minimum tax was proposed last October, Ms. Sinema issued an approving statement.

“This proposal represents a common sense step toward ensuring that highly profitable corporations — which sometimes can avoid the current corporate tax rate — pay a reasonable minimum corporate tax on their profits, just as everyday Arizonans and Arizona small businesses do,” she said. In announcing that she would back an amended version of the climate and tax bill on Thursday, Ms. Sinema noted that it would “protect advanced manufacturing.”

That won plaudits from business groups on Friday.

“Taxing capital expenditures — investments in new buildings, factories, equipment, etc. — is one of the most economically destructive ways you can raise taxes,” Neil Bradley, chief policy officer of the U.S. Chamber of Commerce, said in a statement. He added, “While we look forward to reviewing the new proposed bill, Senator Sinema deserves credit for recognizing this and fighting for changes.”

Emily Cochrane contributed reporting.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

With Surge in July, U.S. Recovers the Jobs Lost in the Pandemic

U.S. job growth accelerated in July across nearly all industries, restoring nationwide employment to its prepandemic level, despite widespread expectations of a slowdown as the Federal Reserve raises interest rates to fight inflation.

Employers added 528,000 jobs on a seasonally adjusted basis, the Labor Department said on Friday, more than doubling what forecasters had projected. The unemployment rate ticked down to 3.5 percent, equaling the figure in February 2020, which was a 50-year low.

The robust job growth is welcome news for the Biden administration in a year when red-hot inflation and fears of recession have been recurring economic themes. “Today’s jobs report shows we are making significant progress for working families,” President Biden declared.

broad industry to lose jobs in July was auto manufacturing, which shed about 2,200 as companies continued to struggle to obtain the parts necessary to produce finished vehicles. The public sector added 57,000 employees, particularly teachers, but remained 2.6 percent below its prepandemic level.

In crucial industries like technology, if some employers begin layoffs, those workers are likely to be absorbed by companies that would have liked to staff up but couldn’t find people. And for many kinds of businesses, if orders slow down more broadly, enough had built up to bolster payrolls into autumn.

For example, with mortgage rates rising and new housing starts and permits beginning to fall, jobs in residential construction would be expected to decline. Nevertheless, the construction industry added 32,000 jobs in July.

27 weeks or more sank to 1.1 million in July, while the share of people quitting their jobs has been steady or falling since February. Small businesses have reported that while hiring remains a top concern, availability of workers has improved slightly in recent months.

“Workers by and large have had the luxury of choice over the past year in terms of deciding which of multiple offers to pick,” said Simona Mocuta, chief economist at State Street Global Advisors. “If indeed the consumer sentiment surveys are right and the sense is that things are starting to shift, maybe there’s an incentive for you to make your choice and be done with it.”

suggests, could be due to the increasing prevalence of debilitating long Covid. John Leer, chief economist at the polling and analytics firm Morning Consult, said surveys showed that infection worries persisted — but also that there might simply not be wide enough awareness of the opportunities available.

job openings is above the national average.

She worked in agricultural marketing until about a decade ago, when she decided to stay home with her children. When she started looking for a job again, she found nothing comparable available in the region, and she has been reluctant to switch fields while the family can get by on her husband’s income.

Increasingly, though, she is open to becoming a paralegal, or even working in restaurants, where wages have risen 18.6 percent — not adjusted for inflation — since the beginning of the pandemic.

“I would start bartending as well, or even going back to being wait staff, because there’s something appealing about just showing up, doing a thing, and leaving,” said Ms. Buckley, who is 52. “Everything’s on the table.”

Ben Casselman contributed reporting.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<