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Public financing of corporate investments is hardly uncommon but is more typically tied to company commitments to create new jobs that boost the local economy. Gary’s deal with U.S. Steel is more like the 2016 deal Indiana cut with United Technologies Corp with the help of public pressure on the company from Trump. The firm agreed to retain at least 1,069 workers at its Carrier unit in Indianapolis instead of moving the jobs to Mexico, a deal that also included no new hires cufflinks depot. But the proposed Gary deal is much more expensive: While the state gave $7 million in tax breaks to United Technologies compared to the $47 the city and state have offered U.S. Steel..
Carrier has since laid off about 550 workers in two rounds of cuts, but has said it would maintain 1,100 workers. Michael Hicks, a professor of Economics at Indiana’s Ball State University, has examined the impact of such tax breaks on the state’s public finances in the last decade. His study found that state incentives costing about $30,000 per job provided little benefit to Indiana’s economy or tax base. Hicks said the tax deal with U.S cufflinks depot. Steel is not so expensive by comparison, costing an estimated $12,129 per job retained..
(Reuters) – Venezuelan state-run oil company PDVSA is taking steps to remove at least two American executives from the board of directors of its U.S. refining subsidiary, Citgo Petroleum Corp, according to people close to the matter. Citgo is facing unprecedented challenges to its finances and management after the U.S cufflinks depot. government last week imposed tough sanctions on Petroleos de Venezuela [PDVSA.UL] designed to prevent oil revenue from going to leftist President Nicolas Maduro. The United States and dozens of other nations have refused to recognize Maduro, viewing his reelection last year to another six-year term as fraudulent..
Venezuela’s self-proclaimed president Juan Guaido is setting up bank accounts with U.S. help that would take income accrued by Citgo, Venezuela’s top foreign asset, to finance an interim government. Maduro has denounced Guaido as a U.S. puppet who is seeking to foment a coup cufflinks depot. The board of Houston-based Citgo includes at least two U.S. citizens, Art Klein and Rick Esser, as well as Venezuelans Asdrubal Chavez, Frank Gygax, Nepmar Escalona, Simon Suarez and Alejandro Escarra, according to one of the people familiar with the matter..
PDVSA and Citgo did not respond to requests for comment. Esser and Klein did not immediately reply to emails and phone calls seeking comment on their status. It was unclear if PDVSA’s board has already approved the changes at Citgo’s board and who would replace the American executives. Citgo also has an executive board that includes the refiner’s general managers, its corporate treasurer and the controller, and other vice presidents. Esser was among a team of Citgo executives who met with U.S cufflinks depot. officials last month in Washington amid efforts by Guaido and the U.S. government to appoint a new Citgo board of directors..