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Re: Minneapolis - St. Paul Business News

Posted: November 29th, 2013, 12:41 pm
by mattaudio

Re: Minneapolis - St. Paul Business News

Posted: December 2nd, 2013, 12:32 am
by Unity77
Viktor Vaughn wrote: Wow, that sounds dramatic. The article you linked to says a majority of the 500 jobs will stay here.
There haven't been any promises made and the article clearly states, "The company said it “will retain a strong regional presence in Minneapolis” but didn’t specify whether there will be job cuts in Minnesota." Who knows how the situation will play out, but it's safe to assume it will turn out like every other post merger - job cuts.
Viktor Vaughn wrote: Really?! doesn't this area have the lowest unemployment rate of any metropolitan area? Aren't we known having among the best wage / cost of living ratio in the nation?
Yes. Really. I have a friend who works for Greater MSP and has told me that the TC's image is not as positive among outside business leaders as you or I think it is. Having the lowest unemployment rate, great wages, etc... is clearly helping the metro attract new headquarters.
Viktor Vaughn wrote: Net company loss? Is this statistic true or just how it seems to you?
I will see if I can find any info regarding this.
Viktor Vaughn wrote: How much should we pay corporations to keep jobs in Minnesota? How much should we subsidize each job to move here from elsewhere? Other states are known to pay millions for a few hundred low-wage jobs with no benefits. Some states have no income tax. Do you really think we should compete with the other states with give-a-ways and a free ride? Minnesota needs to focus on being a great place to live and leave the race to the bottom to the desperate.

Hopefully, the moocher class will gravitate to other places. I'm not talking about poor people trying to scrape together a life; I'm talking about those who think the rest of us need to pool our money to fill up the gas tank on their Lear Jet. Maybe the successful people that stay here will realize they did well because they're fortunate enough to be part of a civil society, with roads, schools, public safety, a functioning legal system -- all things that cost money. Maybe if the moochers leave, we would have a civic minded business community once again.
Well said. I don't agree with subsidizing everything either.

Re: Minneapolis - St. Paul Business News

Posted: February 4th, 2014, 1:23 pm
by Nick

Re: Minneapolis - St. Paul Business News

Posted: February 4th, 2014, 9:28 pm
by Chauncey87
"Jack Link’s expanding in Minneapolis (access required)"

"Beef jerky giant Jack Link’s is growing its office presence in Minneapolis and planning to add 20 high-level, high-paying jobs."

Read more: http://finance-commerce.com/2014/02/jac ... z2sPkaNZOB

I had know idea Jack Links was/is a WI company. As well as an office presence in downtown Minneapolis.

2014 Fortune 500 Companies

Posted: June 4th, 2014, 2:20 pm
by maxbaby

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 11:42 am
by Unity77
Looks like the Twin Cities might be losing another Fortune 500 company. Medtronic is looking to acquire London-based Smith & Nephew. If it does, the company will move its headquarters to London.

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 2:32 pm
by seanrichardryan
Tax Domocile

http://www.bloomberg.com/news/2014-06-0 ... ephew.html
The transaction would probably be structured as a tax inversion, with Medtronic using Smith & Nephew’s corporate shell to move its legal residence to the U.K., the people said. The gap between the 35 percent federal tax rate and much lower levies in some European countries is spurring such deals -- including Pfizer Inc. (PFE)’s now shelved effort to acquire AstraZeneca Plc. (AZN) The U.K. has a 21 percent corporate income tax rate.

Medtronic’s Chief Executive Officer Omar Ishrak has said he wouldn’t rule out a tax-inversion deal.

“Strategically, we do have this current problem that we have a lot of cash outside the U.S.,” he said in a May 20 telephone interview. “We encourage some kind of U.S. tax reform that allows us access to that cash in a more reasonable way.”
Medtronic already has a presence in Watford, UK part of greater London. I suppose they'll wait til Earl Bakken passes to move the whole ship, though he lives in HI full time now.

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 5:47 pm
by maxbaby
I read somewhere that they will not be bidding for this company. I wish I remembered where I read it.

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 6:07 pm
by Anondson
Right, thought I did too. That Smith and Nephew said they weren't for sale...

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 6:16 pm
by maxbaby

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 6:27 pm
by acs
Whew! thanks for the update, that gave me a scare. We should always remember that for all the things like stadiums, super-tall towers, local restaurants and light rail, it all comes undone without the high-paying office jobs that feed the system.

Re: Minneapolis - St. Paul Business News

Posted: June 8th, 2014, 6:29 pm
by MNdible
The underlying issue of the tax code remains, though, meaning that there's an increased likelihood that we'll be seeing more of this unless it is reformed.

Re: Minneapolis - St. Paul Business News

Posted: June 9th, 2014, 7:50 am
by RailBaronYarr
I'm curious what the current effective tax rate is vs what it would be in the UK. How much of this is gamesmanship vs reality?

EDIT: http://businessroundtable.org/sites/def ... _Study.pdf

Not sure if the numbers still hold up, but a 4.1% difference isn't nothing. Would moving HQ affect Medical Device Taxes for Medtronic?

Re: Minneapolis - St. Paul Business News

Posted: June 15th, 2014, 2:02 am
by seanrichardryan
Well, they're skipping Greater London for Ireland:

http://www.bizjournals.com/twincities/b ... -rate.html

Re: Minneapolis - St. Paul Business News

Posted: June 15th, 2014, 8:02 pm
by seanrichardryan

Re: Minneapolis - St. Paul Business News

Posted: June 15th, 2014, 8:14 pm
by Anondson
Executive HQ to Ireland, operational HQ of the combined company here. Likely won't change employment in any way.

Re: Minneapolis - St. Paul Business News

Posted: June 15th, 2014, 9:18 pm
by MSPumpkins
So does this count as us losing another Fortune 500 company? Or is it different because the operational HQ is still here?

Re: Minneapolis - St. Paul Business News

Posted: June 15th, 2014, 9:21 pm
by acs
Yeah it will likely be net neutral from an employment standpoint. A few less top execs but more cash to hire employees. Who knows they could bring everyone here from Ireland.

However, my main concern is how this will affect our rankings in terms of # of fortune 500 companies. Will they still count among our 18 (19?) which give us one of the best numbers per capita?

EDIT: Crap, beat me to the question.

Re: Minneapolis - St. Paul Business News

Posted: June 16th, 2014, 9:43 am
by Unity77
MSPumpkins wrote:So does this count as us losing another Fortune 500 company?
Yep.

If the US government doesn't reduce corporate taxes and simplify the tax code, we are going to see more and more U.S. companies move their headquarters overseas. Medtronic has been the largest company to relocate overseas and their move has essentially opened the floodgates for other large companies to do so.

Re: Minneapolis - St. Paul Business News

Posted: June 16th, 2014, 5:32 pm
by maxbaby