Minneapolis - St. Paul Business News

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David Greene
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Re: Minneapolis - St. Paul Business News

Postby David Greene » June 16th, 2014, 7:57 pm

It's about time we did something about this. Maybe Medtronic will be the catalyst. But with someone even worse than Cantor coming in, I'm not holding my breath.

min-chi-cbus
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Re: Minneapolis - St. Paul Business News

Postby min-chi-cbus » June 17th, 2014, 8:46 am

I don't like anything about Medtronic's tax inversion deal with Covidien. It takes taxes away from the U.S./Minnesota where the company does most of its business and we lose a Fortune 500 HQ (again!) just so the company can effectively reduce its overall tax base (I don't care what the CEO says they will pay in Ireland) and gain access to other low/non-taxed capital in the Caribbean. This is so dirty on a number of levels, and the only reason they don't look like outright criminals is because currently this is all 100% legal. Morally f'd up, but legal.

I hope it gets blocked and sets a precedent for any other U.S. companies looking to make an easy buck and not pay their fair share of taxes (it's not like they actually pay 35% anyways, and some companies are actually OWED by the end of their fiscal year!).

Minneboy
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Re: Minneapolis - St. Paul Business News

Postby Minneboy » June 17th, 2014, 9:40 am

Totally agree. Any company that does business in the US, the largest consumer based economy ($), then they must have a US HQ that pays the appropriate taxes. If not this country could not continue unless you take away all government assistance for the elderly, the poor, veterans etc. How can you keep that consumer based economy from sinking further?

Viktor Vaughn
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Re: Minneapolis - St. Paul Business News

Postby Viktor Vaughn » June 17th, 2014, 10:09 am

Exactly right, min-chi-cbus. And it's really only legal in the sense that they have teams of lawyers to exploit the loopholes their teams of lobbyist got through Congress. These tax inversion deals fly in the face of the spirit of the law, common sense, and decency.

Really, the first defense against this type of deal should be shame and outrage. Companies should be too embarrassed to "move" their headquarters to a PO Box in the Caymans or exploit the tax-inversion loophole and set up in Ireland.

Congress has had plenty of chances to fix this, and tax companies overseas profits; too bad they're complicit in the corporate looting of America.

Effective corporate tax rates in the US are actually very low. Corporate profits have soared and corporate taxes have stagnated. As that anti-business amerika hater Warren Buffet said.
The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen. So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 percent, which is well below those existing in most of the industrialized countries around the world. So it is a myth that American corporations are paying 35 percent or anything like it…Corporate taxes are not strangling American competitiveness.
Of course the high sticker rate and incomprehensible mosaic of deductions, credits, and loopholes means our tax code is inefficient, unfair, and creates multitudes of perverse incentives. So in theory, the right thing to do is to remove the give-a-ways and lower the rate a bit. But do you really expect Congress to reform C-Corp taxes in a way that benefits ordinary citizens or small businesses? Given the rampant corruption of our lawmakers (under the guise of campaign finance) any effort to reform taxes at this point is just going to further cement the economic advantage of multinationals to the detriment of small business, the working poor, and the middle class.

The tax code desperately needs reform, but I do not trust this Congress to do it.

mplsjaromir
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Re: Minneapolis - St. Paul Business News

Postby mplsjaromir » June 17th, 2014, 10:22 am

What is most egregious is that Medtronic's biggest customer is in essence the U.S. federal government (Medicare), so the fact that they are so blatantly spurning their main client seems to be so short sighted. I know its the CEO's job to increase maximize the share holder's investment by goosing earnings, but my lord.

maxbaby
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Re: Minneapolis - St. Paul Business News

Postby maxbaby » June 17th, 2014, 5:29 pm

Law firm is transferring 80 jobs from four other cities across the country.
http://www.bizjournals.com/twincities/b ... polis.html

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Avian
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Re: Minneapolis - St. Paul Business News

Postby Avian » June 18th, 2014, 12:22 pm

^ It's nice to hear in the article that...
"Minneapolis beat out competing locations in Texas, Massachusetts, Georgia and California, said Michael Langley, CEO of Greater MSP, the regional economic development organization that helped Fish & Richardson analyze the economic implications of the move."

“Wise men speak because they have something to say; fools because they have to say something.”
― Plato

maxbaby
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Re: Minneapolis - St. Paul Business News

Postby maxbaby » June 19th, 2014, 2:40 pm

What the hell is going on! When is this damn state going to start opening it's wallet to start retaining these headquarters and jobs! We can't keep losing headquarters and jobs to other states that offer incentive packages!
http://www.bizjournals.com/twincities/n ... rkers.html

IllogicalJake
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Re: Minneapolis - St. Paul Business News

Postby IllogicalJake » June 19th, 2014, 2:45 pm

maxbaby wrote:What the hell is going on! When is this damn state going to start opening it's wallet to start retaining these headquarters and jobs! We can't keep losing headquarters and jobs to other states that offer incentive packages!
http://www.bizjournals.com/twincities/n ... rkers.html
The company has never been HQ'd in Minnesota, though. That office only opened in 2009.
i talk too much. web dev, downtown. admin @ tower.ly

mattaudio
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Re: Minneapolis - St. Paul Business News

Postby mattaudio » June 19th, 2014, 8:44 pm

I assume the maxbaby post was sarcasm?

mulad
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Re: Minneapolis - St. Paul Business News

Postby mulad » November 4th, 2014, 2:44 pm

Target is closing 11 stores across the U.S., including the one in Austin, MN: http://www.startribune.com/business/281476551.html

twincitizen
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Re: Minneapolis - St. Paul Business News

Postby twincitizen » November 24th, 2014, 3:02 pm

Bank of America is expanding its retail presence into the Twin Cities, after adding ATMs some years ago: http://www.bizjournals.com/twincities/b ... ities.html

The first location looks to be in Uptown, though they don't get more specific than that. The 2700 Hennepin building could certainly be a candidate, with its drive-thru available. Another location noted is "City" "Place" in Woodbury.

I've noted before that the Twin Cities lacks a retail presence from 3 of the "Big 4" banks. We do have Wells Fargo (and #5 ranked US Bank), but Chase, Citi, and Bank of America have zero retail presence in this market. I'm not sure if that's unusual among major metro areas, but it seems unusual. Many have suspected that TCF will eventually be acquired by one of the Big 3 that don't have a presence here.

Silophant
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Re: Minneapolis - St. Paul Business News

Postby Silophant » November 24th, 2014, 8:54 pm

http://www.bizjournals.com/twincities/b ... davis.html

Also, USBank is going to be hiring about 3000 new employees next year. It doesn't say how many of those would be in MSP, but it does say that they'll be in compliance and audit, which I assume would put some of them at or near HQ, right?

twincitizen
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Re: Minneapolis - St. Paul Business News

Postby twincitizen » November 24th, 2014, 9:53 pm

Downtown and/or at Meridian Crossing (35W/494). US Bank also subleases space at Best Buy HQ, so they could presumably expand there too

EOst
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Re: Minneapolis - St. Paul Business News

Postby EOst » November 24th, 2014, 10:49 pm

twincitizen wrote:Bank of America is expanding its retail presence into the Twin Cities, after adding ATMs some years ago: http://www.bizjournals.com/twincities/b ... ities.html

The first location looks to be in Uptown, though they don't get more specific than that. The 2700 Hennepin building could certainly be a candidate, with its drive-thru available. Another location noted is "City" "Place" in Woodbury.

I've noted before that the Twin Cities lacks a retail presence from 3 of the "Big 4" banks. We do have Wells Fargo (and #5 ranked US Bank), but Chase, Citi, and Bank of America have zero retail presence in this market. I'm not sure if that's unusual among major metro areas, but it seems unusual. Many have suspected that TCF will eventually be acquired by one of the Big 3 that don't have a presence here.
I've been with BoA the whole time I've lived in town, and the lack of a physical location has (somehow) never been all that inconvenient. Can't say I'm upset to gain the ability if I need it, though.

mattaudio
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Re: Minneapolis - St. Paul Business News

Postby mattaudio » December 4th, 2014, 8:41 am

Best Buy is selling its 184 Chinese stores
http://www.startribune.com/business/284740501.html
I was actually in Shanghai on the day the first Best Buy opened in China. Bought a digital camera there. Best Buy will still maintain their sourcing and product development office in Shanghai's Pudong district (they have an excellent view when the smog lifts).

emcee squared
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Re: Minneapolis - St. Paul Business News

Postby emcee squared » December 4th, 2014, 11:24 am

I was in Shanghai a few years back, it was impossible to take a picture across the river in Pudong because of the smog and humidity - the camera would fog up instantly. It was brutal. I didn't know they had so many stores in China, however.

Wedgeguy
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Re: Minneapolis - St. Paul Business News

Postby Wedgeguy » December 4th, 2014, 3:32 pm

Saw something interesting today on MSN home page. They had a page on the 3 largest public companies for each state. I was quit surprised to see the one missing that I sure thought would be in the top 3. I knew Cargill was very big, but they are not public, But I had thought for sure that Target would have been in the top 3, but here are the top 3:

1: 3M with a market capital of 101.7 B
2: United Health Group Incorporated with a market capital of 93.7 B
3: US Bancorp with a market capital of 78.3 B

I'd be curious as to what Target's market capital is? Just a fun fact I thought I'd share.

MNdible
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Re: Minneapolis - St. Paul Business News

Postby MNdible » December 4th, 2014, 3:35 pm

$46.7b, per the Google.

Wedgeguy
Capella Tower
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Re: Minneapolis - St. Paul Business News

Postby Wedgeguy » December 4th, 2014, 3:43 pm

MNdible wrote:$46.7b, per the Google.
Wow, would have thought it would be a lot closer to US bank, but is close to half the value of UHG! Who da thunk!


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