US Law Reviews and Journals, Combined Federa2015-12!11!12-56

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Vindicator (Youngstown, Ohio)

Distributed by Tribune Content Agency

December 9, 2015 Wednesday

Huntington Bank economist: regional economy is strong

BYLINE: Kalea Hall, Vindicator, Youngstown, Ohio

SECTION: STATE AND REGIONAL NEWS

LENGTH: 351 words

Dec. 09--YOUNGSTOWN -- The regional economy is strong and getting stronger.

Low unemployment rates, payrolls in line with the national average and hiring rates on par with other parts of the nationare some of the reasons Huntington Bank Director of Economics George Mokrzan says the economy in the Michigan,Indiana and Ohio, Kentucky, Pennsylvania and West Virginia region is in a revival.

"Michigan, Indiana and Ohio are really growing strongly during the economic recovery and expansion," Mokrzan said.

Overall, the area has seen solid employment growth with a manufacturing boom.

"We are still manufacturing-intensive relative to the rest of the nation," Mokrzan said.

Huntington's regional economy report, released Tuesday, shows more than 331,200 net manufacturing jobs created inMichigan, Indiana and Ohio alone for more than 50 percent of the 591,000 net manufacturing jobs created in thenation since the recovery began.

Unemployment rates are the lowest they have been since 2001 across the region because of the strength in labormarkets.

"That is just a fabulous performance," Mokrzan said of the low unemployment rates. "It's an indication of our futurebeing quite bright for our area."

In Ohio, the October unemployment rate was 4.4 percent. In the Youngstown-Warren Metropolitan Area, theunemployment rate was 5.5 percent, which is the lowest it has been since 2001.

Nonfarm payrolls in the region grew 10 percent from the end of the recession in June 2009. In Ohio, payroll grew byabout 8 percent.

In the Midwest, hiring also has picked up.

"The state is growing strongly," Mokrzan said of Ohio.

While low energy prices have affected some of the manufacturers directly linked to the industry, they have benefitted

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others such as the auto industry.

"It is definitely a complex economy in our region," Mokrzan said.

The region is expected to see more growth in the spring. Specifically, Ohio will see growth of 1.5 percent to 4.5 percent,according to the report.

___ (c)2015 Vindicator (Youngstown, Ohio) Visit Vindicator (Youngstown, Ohio) at www.vindy.com Distributed byTribune Content Agency, LLC.

LOAD-DATE: December 11, 2015

LANGUAGE: ENGLISH

ACC-NO: 20151209-YU-Huntington-Bank-economist-regional-economy-is-strong-20151209

PUBLICATION-TYPE: Newspaper

JOURNAL-CODE: YU

Copyright 2015 Vindicator

Page 2Huntington Bank economist: regional economy is strong Vindicator (Youngstown, Ohio) December 9, 2015

Wednesday

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The Herald-Sun (Durham, N.C.)

November 23, 2015 Monday

SECTION: LOCAL NEWS; A; Pg. 11

LENGTH: 760 words

Dear Mr. Berko: Some newsletters are becoming alarmingly negative on the economy and the stock market. What isyour opinion here? - TC, Wilmington, N.C.

Dear TC: I'm concerned but carefully positive until June 2017. The economies of the European Union, Asia, the MiddleEast and Latin America have lost their zip-a-dee-doo-dah.

Worldwide growth has slowed to a crawl, and some of those who claim wisdom suggest it will crawl for years to come.The sluggishness has been led by China and the United States, which together produce about 70 percent of the world'sgoods and services.

China, with an $11.4 trillion gross domestic product, runs the world's second-largest economy. And the U.S., with our$18 trillion GDP, has an economy that is larger than the combined GDPs of Canada, Spain, South Korea, Australia,Russia, Mexico, Japan, Germany, the United Kingdom and France and feels as if it's running out of steam.

The slowdown seems to be accelerating.

China has sharply cut imports of copper, nickel, aluminum and other commodities. Now suddenly the world has anabundance of copper, nickel, etc. This oversupply has trashed commodity prices, attached anchors to corporaterevenues, put a lid on profits, stifled wage growth and suppressed employment. We seem to be entering an era ofstagflation - with low interest rates, low wages and low growth. I'm reminded of a Mary Hopkin song: "Those were thedays, my friend. We thought they'd never end. We'd sing and dance forever and a day." That was the American dream.

Procter & Gamble, American Express, FedEx, Morgan Stanley, Chipotle, Goldman Sachs, Nestle, Caterpillar, IBM,Wal-Mart, General Electric, DuPont, Kraft and other big names are reporting lower revenues, lower earnings or both.For the third consecutive quarter, a growing number of Standard & Poor's 500 companies are reporting lower revenuesor lower earnings.

Now most pension plans are caught in this mess, especially union plans rife with benefits that would warm the heart of acynic. Pensions are being culled, cut and frozen to maintain solvency. Thousands of UPS employees will have theirretirement checks chopped by 50 percent. The Teamsters' Central States Pension Fund is shagged and lacks the funds topay promised benefits to 400,000 participants. Chicago, Detroit and San Jose are freezing pension benefits. Police andfirefighters in Jacksonville, Florida, will have their retirement benefits reduced, and other Jacksonville employees arecertain to be next.

And the union-designed plans of millions of employees in the private sector - those at IBM, U.S. Steel, The WashingtonPost, Boeing, American International and Lockheed Martin, to name a few - are changing benefits. Also, union plans inWest Virginia, New Jersey, Illinois, Massachusetts, Pennsylvania, Connecticut and Kentucky are in big-league troubleand hugely underfunded.

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This creeping reduction in retirement benefits is adding a new layer of financial stress to America's middle class, whichhas been struggling with flat wages, slow economic growth and record personal debt. Revenues and profits have peakedfor the industrialized world, and it may take several generations for the world to adjust.

During the 1970s, American multinationals boosted profits by expanding overseas, generating 35 percent of ourlong-term growth. But emerging economies have ended a 15-year boom cycle. So the banking and finance industrieshave stopped expanding worldwide. General Electric Credit Union, General Motors Financial, Goldman Sachs et al.financed everything from 747s to raisin farms until 2007, when the financial crisis forced regulatory clampdowns onthose "shadow banks." Between 2007 and 2014, big corporations held wages down to maintain profit growth. This year,the new temporary fix is the "share buyback," with corporations spending over $750 billion annually to boost earnings.Still, that's like washing your feet with your socks on. Pshaw!

The remaining option is to forget high-octane growth. Embrace the slowdown; live with lower growth; and accept thefact that low interest rates and lower profits are the new normal. Most of the middle class has been hoodwinked by theObama administration, and a recovery will be tedious. Warren Buffett believes that the S&P 500 index trades about 30percent over its 10-year average and that future market gains will be glum. Other observers believe we will enteranother recession by mid-2017.

Please address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, Fla. 33775, or email him [email protected]

LOAD-DATE: November 23, 2015

LANGUAGE: ENGLISH


Copyright 2015 The Durham Herald Co.All Rights Reserved

Page 4The Herald-Sun (Durham, N.C.) November 23, 2015 Monday

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Columbus Telegram (Nebraska)


November 27, 2015 Friday

Retailers optimistic about holiday season

BYLINE: Christina Lieffring, Columbus Telegram, Neb.


LENGTH: 425 words

Nov. 27--Today is Black Friday, the start of the holiday shopping season.

While lower gas prices are keeping more money in consumers' pockets, bankers are concerned about the effectslumping commodity prices will have rural economies.

Each month, Creighton University economist Ernie Goss releases the Rural Mainstreet Index, a survey of small-townbank CEOs that measures the economic health of the rural Midwest. November's report showed a slowdown in the ruraleconomy.

"This is the fourth straight month the overall index has declined, reflecting weakness stemming from lower agricultureand energy commodity prices and from downturn in manufacturing," Goss said in a release.

Nebraska's survey, which ranges from 0 to 100, dropped from 45.2 in October to 40.1 in November. In an email, Gosssaid the major factor behind the slowdown in Nebraska has been lower commodity prices, which affect farm income.

Columbus Area Chamber of Commerce President K.C. Belitz is cautiously optimistic about the area's current economicstanding.

"We all know that what happens in agriculture is going to affect main street, no question," he said. "This is part of thevalue of having an economy that is based on more than one thing. We're supported by agriculture and manufacturing."

Belitz said he hasn't seen any indications of a slowdown in Columbus' manufacturing sector.

"In '07, '08, '09, we saw a downturn in the economy that affected manufacturing, but at that time agriculture wasstrong," said Belitz. "This just seems to be the reverse of that."

Reduced farm income could have a ripple effect on rural economies this holiday season. Goss predicted retail saleswould increase only 1 to 2 percent from last year.

"Whether we have 2 percent growth or 5 percent growth, we're still talking about growth," said Jim Otto, president ofthe Nebraska Retail Federation.

Otto said the dip in farm income could affect truck or combine sales, but "probably not whether or not you bought your

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grandkids new $100 Lego sets."

The National Retail Federation estimates reduced oil prices will lead to more growth for retailers. It predicts the 2015holiday season will see a 3.7 percent increase in retail sales nationally, and Otto said Nebraska traditionally does betterthan the national average.

"I'm more optimistic than (1 to 2 percent) and I think all our members are more optimistic than that," said Otto.

___ (c)2015 the Columbus Telegram (Columbus, Neb.) Visit the Columbus Telegram (Columbus, Neb.) atwww.columbustelegram.com Distributed by Tribune Content Agency, LLC.


LANGUAGE: ENGLISH

ACC-NO: 20151127-CU-Retailers-optimistic-about-holiday-season-1127-20151127


JOURNAL-CODE: CU

Copyright 2015 Columbus Telegram

Page 6Retailers optimistic about holiday season Columbus Telegram (Nebraska) November 27, 2015 Friday

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Erie Times-News (Pennsylvania)


November 17, 2015 Tuesday

AmSafe adds to string of recent layoffs in Erie

BYLINE: Jim Martin, Erie Times-News, Pa.


LENGTH: 488 words

Nov. 17--ERIE, Pa. -- AmSafe Bridport, which makes airline cargo netting and other airline safety products, hasconfirmed plans to close its Erie facility, eliminating between 30 and 40 jobs.

The company, which moved in 2008 from Asbury Road to a new building at 1317 W. 12th St., said in a preparedstatement that operations are being moved to the company location in Anaheim, Calif.

With this announcement, AmSafe Bridport becomes the latest in a series of manufacturers in northwestern Pennsylvaniato announce cutbacks in recent weeks.

The company, which told employees in August that maintenance and repair operations would be consolidated inCalifornia, said some personnel could be transferred.

For now, operations are continuing in Erie until what the company refers to as an "eventual date of closure."

The list of companies that have announced job cuts in recent weeks includes Joy Global in Franklin, EriezManufacturing, Lord Corp. and, most recently, GE Transportation, which announced plans to cut 1,500 positions.

Unlike those other companies, AmSafe plans to shutter its local operation.

Together, those job cuts suggest a worrisome trend that's going to take a substantial bite out of a manufacturing sectorthat's been remarkably stable in recent years, holding steady at about 22,400 jobs in Erie County for more than a year.

For the most part, the cuts are beyond the control of the local workforce, said Jake Rouch, vice president of economicdevelopment for the Erie Regional Chamber and Growth Partnership.

"More and more we are inextricably tied to the global economy," he said. "As that economy goes, our economy goes."

In some cases, AmSafe being one of them, Erie also been hurt by the lack of local ownership, Rouch said.

"If you go back X numbers of years, there were a lot more companies owned and controlled by people in Erie. Overtime, that landscape has changed."

The recent pattern of job cuts might seem familiar in a community that's seen manufacturing hit hard by previous

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downturns.

"We have had waves like this before," Rouch said. "This particular wave is troubling because the forecast for the globaleconomy, namely energy and mining, are such that they are not going to recover for at least 18 months or possibly 24months."

The good news, he said, is that most seasoned manufacturers saw the slowdown coming and made adjustments.

"The manufacturers we have in this community, this is not their first rodeo," Rouch said.

That doesn't mean it won't be painful, he said.

"I am very confident that (local manufacturers) will come through this, but it's going to be slow for a while, "Rouchsaid. "That is not what we need right now. We need to absorb lost jobs."

JIM MARTIN can be reached at 870-1668 or by e-mail. Follow him on Twitter at twitter.com/ETNmartin.

___ (c)2015 the Erie Times-News (Erie, Pa.) Visit the Erie Times-News (Erie, Pa.) at www.GoErie.com Distributed byTribune Content Agency, LLC.


LANGUAGE: ENGLISH

ACC-NO: 20151117-EI-AmSafe-adds-to-string-of-recent-layoffs-in-Erie-1117-20151117


JOURNAL-CODE: EI

Copyright 2015 Erie Times-News

Page 8AmSafe adds to string of recent layoffs in Erie Erie Times-News (Pennsylvania) November 17, 2015 Tuesday

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Star-News (Wilmington, NC)

November 29, 2015 SundayNC Wilmington Edition

BYLINE: NC Greene Gary

SECTION: 4,D; GateHouse Media GM9; Pg. 47

LENGTH: 759 words

Dear Mr. Berko: Some newsletters are becoming alarmingly negative on the economy and the stock market. What isyour opinion here? TC, Wilmington, N.C.

Dear TC: I'm concerned but carefully positive until June 2017. The economies of the European Union, Asia, the MiddleEast and Latin America have lost their zip-a-dee-doo-dah. Worldwide growth has slowed to a crawl, and some of thosewho claim wisdom suggest it will crawl for years to come. The sluggishness has been led by China and the UnitedStates, which together produce about 70 percent of the world's goods and services. China, with an $11.4 trillion grossdomestic product, runs the world's second-largest economy.

And the U.S., with our $18 trillion GDP, has an economy that is larger than the combined GDPs of Canada, Spain,South Korea, Australia, Russia, Mexico, Japan, Germany, the United Kingdom and France and feels as if it's runningout of steam. The slowdown seems to be accelerating. China has sharply cut imports of copper, nickel, aluminum andother commodities. Now suddenly the world has an abundance of copper, nickel, etc. This oversupply has trashedcommodity prices, attached anchors to corporate revenues, put a lid on profits, stifled wage growth and suppressedemployment. We seem to be entering an era of stagflation with low interest rates, low wages and low growth. I'mreminded of a Mary Hopkin song: "Those were the days, my friend. We thought they'd never end. We'd sing and danceforever and a day." That was the American dream.


Now most pension plans are caught in this mess, especially union plans rife with benefits that would warm the heart of acynic. Pensions are being culled, cut and frozen to maintain solvency. Thousands of UPS employees will have theirretirement checks chopped by 50 percent.

The Teamsters' Central States Pension Fund is shagged and lacks the funds to pay promised benefits to 400,000participants. Chicago, Detroit and San Jose are freezing pension benefits. Police and firefighters in Jacksonville, Fla.,will have their retirement benefits reduced, and other Jacksonville employees are certain to be next. And theunion-designed plans of millions of employees in the private sector those at IBM, U.S. Steel, The Washington Post,Boeing, American International and Lockheed Martin, to name a few are changing benefits. Also, union plans in WestVirginia, New Jersey, Illinois, Massachusetts, Pennsylvania, Connecticut and Kentucky are in big-league trouble andhugely underfunded. This creeping reduction in retirement benefits is adding a new layer of financial stress to America'smiddle class, which has been struggling with flat wages, slow economic growth and record personal debt. Revenues and

Page 9

profits have peaked for the industrialized world, and it may take several generations for the world to adjust.

During the 1970s, American multinationals boosted profits by expanding overseas, generating 35 percent of ourlong-term growth. But emerging economies have ended a 15-year boom cycle. So the banking and finance industrieshave stopped expanding worldwide. General Electric Credit Union, General Motors Financial, Goldman Sachs, etc.,financed everything from 747s to raisin farms until 2007, when the financial crisis forced regulatory clampdowns onthose "shadow banks." Between 2007 and 2014, big corporations held wages down to maintain profit growth. This year,the new temporary fix is the "share buyback," with corporations spending over $750 billion annually to boost earnings.Still, that's like washing your feet with your socks on. Pshaw!

The remaining option is to forget high-octane growth. Embrace the slowdown; live with lower growth; and accept thefact that low interest rates and lower profits are the new normal. Most of the middle class has been hoodwinked by theObama administration, and a recovery will be tedious. Warren Buffett believes that the S&P 500 index trades about 30percent over its 10-year average and that future market gains will be glum. Other observers believe we will enteranother recession by mid-2017.

Address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or email him [email protected]


LANGUAGE: ENGLISH


Copyright 2015 Star-News, Inc.All Rights Reserved

Page 10Star-News (Wilmington, NC) November 29, 2015 Sunday

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The Dominion Post (Wellington, New Zealand)

November 21, 2015 Saturday

Hawaii route to get Dreamliner

BYLINE: JOHN ANTHONY

SECTION: BUSINESS; NATIONAL; Pg. 9

LENGTH: 619 words

AIR NEW ZEALAND will ramp up trans- Pacific competition and capacity when it deploys Dreamliners betweenAuckland and Hawaii in 2016.

From May 10 Air New Zealand will replace its 230-seat Boeing 767-300ER aircraft with 302-seat Boeing 787-9Dreamliners on its four-times-weekly service between Auckland and Honolulu.

Air New Zealand has seven 787-9s on order and five in operation with an average age of six months compared to itsfleet of five 767s, which have an average age of 20 years.

The 767s feature a two class cabin - economy and business - with seats that do not recline flat. The 787-9 has 18 fullylie-flat business premier seats, 21 premium economy seats and 263 economy seats including Skycouch - a row of threeeconomy seats that convert to a bed.

The new aircraft will increase Air New Zealand's seat capacity between Auckland and Honolulu by almost 20 per centand make it more competitive against Hawaiian Airlines, which flies the route with an Airbus A330 three times a week.

Hawaiian Airlines recently announced it would roll out a new business class cabin to Auckland in 2016 and wouldincrease the number of premium economy seats from 40 to 68.

From March 29 Air New Zealand would change its Auckland to Honolulu schedule from a morning departure out ofAuckland to an evening departure, allowing for better connections.

It would also change a Sunday return service to a Friday return service to better suit passenger holidays.

Air New Zealand was facing increased trans-Pacific competition with American Airlines announcing in November itwas launching a daily non-stop service between Auckland and Los Angeles from June, in conjunction with joint venturepartner Qantas using a 787-8.

On December 15 Air New Zealand launches five flights a week from Auckland to Houston through a code-share withUnited Airlines. United Airlines was also entering the New Zealand market in partnership with Air New Zealand withthe launch of non-stop services between Auckland and San Francisco from July.

United Airlines would be able to provide valuable connections for Air New Zealand customers between Hawaii and theUnited States mainland.

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Aviation commentator Irene King said to combat increased trans-Pacific competition Air New Zealand would need todeepen its alliance with United Airlines, particularly in marketing.

"I think that's one of the weaknesses of their networks," King said.

Increased trans-Pacific competition was set to mostly benefit New Zealand tourism and outbound tourists to the US, shesaid.

"We're going to see some pretty sharp opportunities for New Zealanders travelling to the United States."

House of Travel commercial director Brent Thomas expected pricing to come down when American Airlines startedflying to New Zealand.

Price would be one of the main determinants influencing which airline people chose to fly trans-Pacific, he said.

"Loyalty for an airline only goes so far," Thomas said.

King said Air New Zealand's 767s were likely to be used to create new routes.

This was already evident with Air New Zealand flying a 767 on its Auckland to Vietnam route set to launch in Junenext year.

"They owe them nothing and they're very fuel efficient now with the winglets on," King said.

Air New Zealand chief strategy, networks and alliance officer, Stephen Jones, said at the announcement of its Vietnamroute launch that the airline's 767s were in the fleet for "another couple of years at least".

"They're a wonderful market development aircraft," Jones said.

He said the Philippines was also "a market of interest" for the airline.

--------------------

CAPTION:

The average age of Air New Zealand's Dreamliners is six months, compared to its 767-300ERs which have an averageage of 20 years.


LANGUAGE: ENGLISH


Copyright 2015 Fairfax New ZealandAll Rights Reserved

Page 12Hawaii route to get Dreamliner The Dominion Post (Wellington, New Zealand) November 21, 2015 Saturday

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Erie Times-News (Pennsylvania)


November 15, 2015 Sunday

Holidays provide boost to the Erie economy

BYLINE: Jim Martin, Erie Times-News, Pa.

SECTION: ENTERTAINMENT NEWS

LENGTH: 426 words

Nov. 15--ERIE, Pa. -- The holiday season is drawing nigh.

That means worship and reflection for many, shopping and the hunt for the perfect Christmas tree to others.

But each year for hundreds of Erie County residents, the holiday season represents a chance to add another job or diptheir toes temporarily into the local workforce.

A review of monthly jobs numbers from the state Department of Labor & Industry suggests that holiday hiring providesa reliable boost to the local economy.

Erie retailers, which employ about 15,000 people for much of the year, typically add another 800 to 1,000 peoplebetween October and December.

In 2014, local employers added an extra 900 employees for the holiday season, 400 in October, 100 in November andanother 400 in December.

Nationally, holiday hiring is expected to be on par with 2014, according to the outplacement firm Challenger, Gray &Christmas Inc. In 2014, retailers added about 775,000 employees. U.S. holiday hiring peaked in 1999, when U.S.retailers added 850,000 seasonal employees.

Joe Bell, spokesman for the Youngstown-based Cafaro Co., which owns the Millcreek Mall, said mall employmenttypically expands by about 25 percent.

"If you have about 2,000 people who work in a mall, you might see an extra 500 people," he said.

In Erie, holiday sales and hiring could be tempered this year by the news of coming layoffs at GE Transportation, Bellsaid.

"Certainly that news throws a wet blanket on a lot of people's expectations," he said.

Generally, Bell expects a post-recession pattern of cautiously forging ahead to continue this holiday season.

"The expectation is that they will continue to be moderately optimistic about their circumstances," Bell said. "Even

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though people have felt better about their finances, they were looking for items that have real value. They weren'tspending wildly and stuffing their cart with everything they could see."

Rich Weber, owner of the Erie Sport Store, said he's not encouraged by the sales he's seen this fall.

"It's been really lackluster," he said. "It just seems in general that retail is slow."

Even if holiday sales do slow down, history tells us the holiday season will help hundreds of Erie residents to find jobs,at least temporarily.

But statistics also show us that come January, most of those jobs will go away.

JIM MARTIN can be reached at 870-1668 or by e-mail. Follow him on Twitter at twitter.com/ETNmartin.

___ (c)2015 the Erie Times-News (Erie, Pa.) Visit the Erie Times-News (Erie, Pa.) at www.GoErie.com Distributed byTribune Content Agency, LLC.


LANGUAGE: ENGLISH

ACC-NO: 20151115-EI-Holidays-provide-boost-to-the-Erie-economy-1115-20151115


JOURNAL-CODE: EI

Copyright 2015 Erie Times-News

Page 14Holidays provide boost to the Erie economy Erie Times-News (Pennsylvania) November 15, 2015 Sunday

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Crain's Detroit BusinessPrint Version

November 30, 2015

MICHIGAN BRIEFS

SECTION: Pg. 2 Vol. 31

LENGTH: 869 words

'New economy' angle for data center thrills West Mich. biz

How excited are West Michigan business leaders over the prospect of a supersized high-tech data center near GrandRapids? "It's almost an industrial park for the new economy," Jim VanderMey, chief innovation officer and co-founderof Grand Rapids-based Open Systems Technologies, told the Grand Rapids Business Journal.

Some OST clients work with Switch, the Las Vegas data company that, pending approval of tax incentives by Michiganlegislators, would bring a Supernap data center to Caledonia in the former pyramid-styled home of the office furniturecompany Steelcase Inc. Over 10 years, Switch would invest about $5 billion into what would be the largest data centercampus east of the Mississippi River.

"The future of business will be driven by data, and Michigan will be well positioned as a hub of data innovation," saidBirgit Klohs, CEO of Grand Rapids-based business development agency The Right Place, in a news release.

Among Switch's clients are eBay, Intel, Dreamworks, Hitachi, J.P. Morgan Chase, Sony, Google, Amazon, TimeWarner, Eli Lilly and Fox Broadcasting.

Fifth Third puts downtown GR home on market

Fifth Third Bancorp has put its longtime home in downtown Grand Rapids on the market, and its sale could reshape thecity's central business district, MiBiz reported. Executives at West Michigan's largest regional bank stopped short ofsaying a sale is imminent, but multiple sources told MiBiz that developers have started looking at the campus.

John Zimmerman, a senior vice president and affiliate market director at Fifth Third Bank, said the company is"exploring possibilities" for a campus with "great potential to be a destination hub to drive growth in downtown." Evenif Fifth Third sells its property downtown, the banking and financial services firm plans to remain as a tenant under anynew ownership, he said.

MICH-CELLANEOUS

- Consumers Energy Co. will hike commercial electric rates by 4.4 percent in 2016, the Michigan Public ServiceCommission said. The MPSC, which oversees electric and gas utilities, last week approved the Jackson-based utility's

Page 15

rate plan, which will go as high as 4.5 percent above all current rates for an extra $130 million in revenue next year.Rate increases take effect Dec. 1.

- Gary Peters and Debbie Stabenow of Michigan are among eight U.S. senators from the Great Lakes region pushing forfederal funding of a new icebreaking vessel to clear paths for winter cargo shipping, The Associated Press reported. Thesenators sent a letter to leaders of the Senate Appropriations Subcommittee on Homeland Security requesting money todesign and build the craft. The U.S. Coast Guard has nine cutters on the Great Lakes with icebreaking capability, but theMackinaw is the only "heavy icebreaker" assigned to the lakes, which has led to backlogs in recent winters.

- Crews are expected next week to begin cleaning up a contaminated property in Grand Rapids that contains thousandsof gallons of toxic chemicals, MLive.com reported. The Kent County Land Bank Authority acquired the former HardChrome Plating Co. property last year from the city of Grand Rapids after it was abandoned by the owners andforeclosed for nonpayment of taxes.

- Bay City is no resort burg, but that doesn't mean there isn't demand for upscale housing. Less than a year after the firstresidents moved in at Uptown Bay City, the city's newest business district, 18 of the 20 available luxury condos,including two of the four penthouses, have been sold, MLive.com reported. The transactions reflect a trend in whichhome prices throughout Bay County have increased 6.46 percent from a year ago while going up 3 percent in sales.

- Drummond Island Resort, once Domino's Pizza founder Tom Monaghan's dream getaway and corporate retreat, isgoing to auction, the Detroit Free Press reported. The 1,600-acre resort, which Monaghan built in the late 1980s for $30million and sold in 1992 for $12 million - will be at auction with a price of $3.5 million. Current co-owner Clif Haley,former CEO of Budget Rent A Car, is retiring and has decided to sell the resort.

- The Michigan Nurses Association filed an unfair labor practice charge against Lansing-based Sparrow Health, allegingthat the health system restricted employees' social media use and prohibited them from speaking to the media withoutprior authorization about the hospital's decision to move its substance abuse unit from its St. Lawrence campus to itsmain campus, the Lansing State Journal reported. The charge, which claims Sparrow threatened disciplinary actions ifthese rules were violated, go to the National Labor Relations Board in Detroit for a decision that could take up to twomonths.

- Lansing as a Music City mecca? The Tequila Cowboy Bar & Grill is slated to open Dec. 3 in the Lansing Mall withthe intent of bringing north the musical and culinary feel of Nashville, Tenn., the Lansing State Journal reported. The18,000-square-foot space will include four bars in Tequila Cowboy and the adjoining Wanna B's Karaoke Sports Bar &Grill, plus live music acts from Nashville on weekends and regional performers and line dancing lessons at other times.


LANGUAGE: ENGLISH


JOURNAL-CODE: CD

Copyright 2015 Crain CommunicationsAll Rights Reserved

Page 16MICHIGAN BRIEFS Crain's Detroit BusinessPrint Version November 30, 2015

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Investor's Business Daily

November 24, 2015 TuesdayNATIONAL EDITION

ECONOMY

SECTION: TO THE POINT; ECONOMY; Pg. A02

LENGTH: 411 words

Manufacturing pace slows

Markit's flash Nov. manufacturing reading fell 1.4 points to 52.6, coming in below estimates with its slowest rate intwo years. A reading above 50 indicates growth. The strong dollar and weak global demand impacted growth in neworders as exports were hit. The Markit report followed upbeat reports from the Nov. Philly Fed and Kansas City Fedfactory indexes, as well as Oct. manufacturing output, though the N.Y. Fed Empire State index remained negative.

Chicago Fed: Oct. is soft too

The Chicago Fed's nat'l activity index was -0.04, the 3 rd straight negative reading. But it was a significantimprovement from Sept.'s -0.29. The 3-month average fell to 0.20 from -0.09. Sub-zero readings indicate below-trendgrowth.

Eurozone activity picks up

The eurozone's economic activity gained steam in Nov., hitting a 54-month high on a stronger-than-expected 54.4reading, according to a flash data estimate by Markit. Manufacturing and services each made gains with readings of52.8 and 54.6, respectively. Despite the strong readings, eurozone companies continued to cut prices for goods andservices, while input costs barely rose. The reading is likely to further expectations that the European Central Bank willunveil more monetary stimulus at its Dec. 3 meeting.

** Germany's economy defied concerns about a global economic slowdown and Volkswagen's emissions scandal toaccelerate in Nov. Markit's PMI index for Europe's largest economy rose to 54.9 from 54.2 in Oct. A reading above 50indicates growth.

** Terrorism in Paris may have impacted France's PMI private-sector reading, which came in at 51.3, a 3-month low.Services printed at a surprisingly soft 51.3, while French manufacturing had a stagnant 50.8 reading.

Japan mulls new stimulus

PM Shinzo Abe is considering various measures to boost growth and inflation, according to multiple reports, after theeconomy fell into a technical recession on modest contractions in the spring and summer. A draft document calls for aminimum wage hike -- 3% according to the Nikkei newspaper -- to try to boost consumer spending. Abe also is looking

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at ways to boost capital spending, which has been weak, as Japanese businesses are reluctant to invest at home.

COMING UP TUESDAY

** GDP for Q3 (2 nd estimate), 8:30 a.m. ET (forecast: 2.1% annual rate).

** Case-Shiller home price index for Sept., 9 a.m. ET (forecast: 0.3% monthly).

** Consumer Confidence Index for Nov., 10 a.m. ET (forecast: 99.6).


LANGUAGE: ENGLISH


Copyright 2015 Investor's Business Daily, Inc.All Rights Reserved

Page 18ECONOMY Investor's Business Daily November 24, 2015 Tuesday

10 of 999 DOCUMENTS


November 24, 2015 TuesdayNATIONAL EDITION

ECONOMY


LENGTH: 411 words

Manufacturing pace slows

Markit's flash Nov. manufacturing reading fell 1.4 points to 52.6, coming in below estimates with its slowest rate intwo years. A reading above 50 indicates growth. The strong dollar and weak global demand impacted growth in neworders as exports were hit. The Markit report followed upbeat reports from the Nov. Philly Fed and Kansas City Fedfactory indexes, as well as Oct. manufacturing output, though the N.Y. Fed Empire State index remained negative.

Chicago Fed: Oct. is soft too

The Chicago Fed's nat'l activity index was -0.04, the 3 rd straight negative reading. But it was a significantimprovement from Sept.'s -0.29. The 3-month average fell to 0.20 from -0.09. Sub-zero readings indicate below-trendgrowth.

Eurozone activity picks up

The eurozone's economic activity gained steam in Nov., hitting a 54-month high on a stronger-than-expected 54.4reading, according to a flash data estimate by Markit. Manufacturing and services each made gains with readings of52.8 and 54.6, respectively. Despite the strong readings, eurozone companies continued to cut prices for goods andservices, while input costs barely rose. The reading is likely to further expectations that the European Central Bank willunveil more monetary stimulus at its Dec. 3 meeting.

** Germany's economy defied concerns about a global economic slowdown and Volkswagen's emissions scandal toaccelerate in Nov. Markit's PMI index for Europe's largest economy rose to 54.9 from 54.2 in Oct. A reading above 50indicates growth.

** Terrorism in Paris may have impacted France's PMI private-sector reading, which came in at 51.3, a 3-month low.Services printed at a surprisingly soft 51.3, while French manufacturing had a stagnant 50.8 reading.

Japan mulls new stimulus

PM Shinzo Abe is considering various measures to boost growth and inflation, according to multiple reports, after theeconomy fell into a technical recession on modest contractions in the spring and summer. A draft document calls for aminimum wage hike -- 3% according to the Nikkei newspaper -- to try to boost consumer spending. Abe also is looking

Page 19

at ways to boost capital spending, which has been weak, as Japanese businesses are reluctant to invest at home.

COMING UP TUESDAY

** GDP for Q3 (2 nd estimate), 8:30 a.m. ET (forecast: 2.1% annual rate).

** Case-Shiller home price index for Sept., 9 a.m. ET (forecast: 0.3% monthly).

** Consumer Confidence Index for Nov., 10 a.m. ET (forecast: 99.6).


LANGUAGE: ENGLISH



Page 20ECONOMY Investor's Business Daily November 24, 2015 Tuesday

11 of 999 DOCUMENTS

Manawatu Standard (New Zealand)


Dreamliner deployed to Hawaii


SECTION: FEATURES; NATIONAL; Pg. 8

LENGTH: 538 words

Air New Zealand will ramp up trans-Pacific competition and capacity when it deploys Dreamliners between Aucklandand Hawaii in 2016.

From May 10, Air New Zealand will upgrade from a 230-seat Boeing 767-300ER aircraft to a 302-seat Boeing 787-9Dreamliner on its four-times-weekly service between Auckland and Honolulu.

Air New Zealand has seven 787-9s on order and five in operation with an average age of six months, compared with itsfeet of five 767s, which have an average age of 20 years.

The 787s are also more fuel efficient and offer better passenger comfort and seating options.

The 767s feature a two-class cabin - economy and business with seats that do not recline flat.

The 787-9 has 18 fully lie-flat business premier seats, 21 premium economy seats and 263 economy seats includingSkycouch - a row of three economy seats that convert to a bed.

The new aircraft will increase Air New Zealand's seat capacity between Auckland and Honolulu by almost 20 per centand makes it more competitive against Hawaiian Airlines, which competes on the route with an Airbus A330 flyingthree times a week.


From March 29 Air New Zealand would change its Auckland to Honolulu schedule from a morning departure out ofAuckland to an evening departure, allowing for better connections. It would also change a Sunday return service to aFriday return service to better suit passenger holidays.

Air New Zealand was facing increased trans-Pacific competition, with American Airlines announcing in November itwas launching a daily non-stop service between Auckland and Los Angeles from June, in conjunction with joint venturepartner Qantas Airways using a 787-8.

On December 15 Air New Zealand launches five flights a week from Auckland to Houston via a code-sharearrangement with United Airlines. United Airlines was also entering the New Zealand market in partnership with AirNew Zealand, with the launch of non-stop services between Auckland and San Francisco from July.

Page 21

United Airlines would provide valuable connections for Air New Zealand customers between Hawaii and the USmainland.

House of Travel commercial director Brent Thomas expected pricing to come down when American Airlines startedflying to New Zealand. Price would be one of the main determinants influencing which airline people chose to flytrans-Pacific, he said. "Loyalty for an airline only goes so far."


This was already evident, with a 767 on its Auckland to Vietnam route set to launch in June next year. "They owe themnothing and they're very fuel efficient now with the winglets on," King said.

Air New Zealand chief strategy, networks and alliance officer Stephen Jones said the airline's 767s were in the fleet for"another couple of years at least".



--------------------

CAPTION:

The average age of Air New Zealand's Dreamliners is six months, compared with 20 years for its 767-300ERs.


LANGUAGE: ENGLISH



Page 22Dreamliner deployed to Hawaii Manawatu Standard (New Zealand) November 23, 2015 Monday

12 of 999 DOCUMENTS

The Nelson Mail (New Zealand)





LENGTH: 538 words











On December 15 Air New Zealand launches five flights a week from Auckland to Houston via a code-sharearrangement with United Airlines. United Airlines was also entering the New Zealand market in partnership with AirNew Zealand, with the launch of non-stop services between Auckland and San Francisco from July.

Page 23


House of Travel commercial director Brent Thomas expected pricing to come down when American Airlines startedflying to New Zealand. Price would be one of the main determinants influencing which airline people chose to flytrans-Pacific, he said. "Loyalty for an airline only goes so far."






--------------------

CAPTION:



LANGUAGE: ENGLISH



Page 24Dreamliner deployed to Hawaii The Nelson Mail (New Zealand) November 23, 2015 Monday

13 of 999 DOCUMENTS

Taranaki Daily News (New Zealand)




SECTION: NEWS; NATIONAL; Pg. 8

LENGTH: 619 words











On December 15 Air New Zealand launches five flights a week from Auckland to Houston via a code-sharearrangement with United Airlines.

United Airlines was also entering the New Zealand market in partnership with Air New Zealand, with the launch of

Page 25

non-stop services between Auckland and San Francisco from July.


Aviation commentator Irene King said to combat increased trans-Pacific competition Air New Zealand would need todeepen its alliance with United Airlines, particularly in marketing.

"I think that's one of the weaknesses of their networks," King said.

Increased trans-Pacific competition was set to mostly benefit New Zealand tourism and New Zealand outbound touriststo the United States, she said.

"We're going to see some pretty sharp opportunities for New Zealanders travelling to the United States."

House of Travel's Brent Thomas expected pricing to come down when American Airlines started flying to NewZealand.

Price would be one of the main determinants influencing which airline people chose to fly trans- Pacific, he said."Loyalty for an airline only goes so far."






--------------------

CAPTION:



LANGUAGE: ENGLISH



Page 26Dreamliner deployed to Hawaii Taranaki Daily News (New Zealand) November 23, 2015 Monday

14 of 999 DOCUMENTS

The State Journal- Register (Springfield, IL)

November 19, 2015 Thursday

Taking stock;Slow economic growth may be new normal

SECTION: IL NEWS; Pg. 8

LENGTH: 712 words

Dear Mr. Berko: Some newsletters are becoming alarmingly negative on the economy and the stock market. What isyour opinion here? -- T.C., Wilmington, N.C.

Dear T.C.: I'm concerned but carefully positive until June 2017. The economies of the European Union, Asia, theMiddle East and Latin America have lost their zip-a-dee-doo-dah. Worldwide growth has slowed to a crawl, and someof those who claim wisdom suggest it will crawl for years to come. The sluggishness has been led by China and theUnited States, which together produce about 70 percent of the world's goods and services. China, with an $11.4 trilliongross domestic product, runs the world's second-largest economy.

And the U.S., with our $18 trillion GDP, has an economy that is larger than the combined GDPs of Canada, Spain,South Korea, Australia, Russia, Mexico, Japan, Germany, the United Kingdom and France and feels as if it's runningout of steam. The slowdown seems to be accelerating. China has sharply cut imports of copper, nickel, aluminum andother commodities. Now suddenly the world has an abundance of copper, nickel, etc. This oversupply has trashedcommodity prices, attached anchors to corporate revenues, put a lid on profits, stifled wage growth and suppressedemployment. We seem to be entering an era of stagflation -- with low interest rates, low wages and low growth. I'mreminded of a Mary Hopkin song: "Those were the days, my friend. We thought they'd never end. We'd sing and danceforever and a day." That was the American dream.


Now most pension plans are caught in this mess, especially union plans rife with benefits that would warm the heart ofa cynic. Pensions are being culled, cut and frozen to maintain solvency. Thousands of UPS employees will have theirretirement checks chopped by 50 percent.

The Teamsters' Central States Pension Fund is shagged and lacks the funds to pay promised benefits to 400,000participants. Chicago, Detroit and San Jose, California, are freezing pension benefits. Police and firefighters inJacksonville, Florida, will have their retirement benefits reduced, and other Jacksonville employees are certain to benext. And the union-designed plans of millions of employees in the private sector -- those at IBM, U.S. Steel, TheWashington Post, Boeing, American International and Lockheed Martin, to name a few -- are changing benefits. Also,union plans in West Virginia, New Jersey, Illinois, Massachusetts, Pennsylvania, Connecticut and Kentucky are inbig-league trouble and hugely underfunded. This creeping reduction in retirement benefits is adding a new layer of

Page 27

financial stress to America's middle class, which has been struggling with flat wages, slow economic growth and recordpersonal debt. Revenues and profits have peaked for the industrialized world, and it may take several generations for theworld to adjust.

During the 1970s, American multinationals boosted profits by expanding overseas, generating 35 percent of ourlong-term growth. But emerging economies have ended a 15-year boom cycle. So the banking and finance industrieshave stopped expanding worldwide. General Electric Credit Union, General Motors Financial, Goldman Sachs et al.financed everything from 747s to raisin farms until 2007, when the financial crisis forced regulatory clampdowns onthose "shadow banks." Between 2007 and 2014, big corporations held wages down to maintain profit growth. This year,the new temporary fix is the "share buyback," with corporations spending more than $750 billion annually to boostearnings. Still, that's like washing your feet with your socks on. Pshaw!

The remaining option is to forget high-octane growth. Embrace the slowdown; live with lower growth; and accept thefact that low interest rates and lower profits are the new normal.

--Address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or email him [email protected]


LANGUAGE: ENGLISH

DOCUMENT-TYPE: Article


Copyright 2015 The State Journal- RegisterAll Rights Reserved

Page 28Taking stock; Slow economic growth may be new normal The State Journal- Register (Springfield, IL) November 19,

2015 Thursday

15 of 999 DOCUMENTS

The Press (Christchurch, New Zealand)


Air NZ to upgrade Honolulu service

BYLINE: John Anthony


LENGTH: 332 words



Air New Zealand has seven 787-9s on order and five in operation with an average age of six months, compared with itsfleet of five 767s, which have an average age of 20 years.






From March 29 Air New Zealand would change its Auckland to Honolulu schedule from a morning departure, allowingfor better connections. It would also change a Sunday return service to a Friday return service to better suit passengerholidays.

Air New Zealand was facing increased trans-Pacific competition, with American Airlines announcing in November itwas launching a daily non-stop service between Auckland and Los Angeles from June, in conjunction with QantasAirways.


--------------------

Page 29

CAPTION:

Air New Zealand's Dreamliners are a mere six months old on average.


LANGUAGE: ENGLISH



Page 30Air NZ to upgrade Honolulu service The Press (Christchurch, New Zealand) November 23, 2015 Monday

16 of 999 DOCUMENTS

Irish Examiner


Enda Kenny praises diaspora for helping Ireland emerge strong from financialcrisis

SECTION: IRELAND

LENGTH: 299 words

Addressing about 200 invited guests at the Global Irish Economic Forum in Dublin Castle, the fourth meeting since itfirst convened in 2009, Mr Kenny said that the economic crash had helped forge stronger links with the Irish abroad.

Though still needing nurturing, the economy was now in a different place having been assisted by the diaspora whohad rallied around at the time of need.

The Taoiseach hailed the drop of the unemployment rate, increases in employment, and a reduction in the budgetdeficit, saying for the first time in a long while, more people would soon be returning to the country than would beleaving it.

The country had regained its credit rating and our international reputation has been restored, thanks to the efforts of thediaspora, he said.

However, the potential for the UK to vote in its referendum to leave the European Union was a big strategic risk forIreland.

He said the Government had listened and had implemented many of the ideas forum delegates had generated in previousyears.

Tourism-boosting The Gathering and an initiative to promote scholarships in Irish design had emerged from the Irishbusiness diaspora in previous years.

Yesterday, the Government announced it will extend its online plan internationally, documenting family stories anddigitising 1916 artefacts held by the diaspora, with events to be held in New York and London.

But senior delegates discussing the outlook for the global economy, said though the US economy was in good shape,there were still many international risks.

Niall FitzGerald, former chief executive and chairman of giant Unilever, said the global economy offered manyopportunities for the global Irish , even though he was not confident global central banks could deal any better with

Page 31

potential asset price bubbles.


LANGUAGE: ENGLISH


Copyright 2015 Landmark Digital Media Ltd.All Rights Reserved

Page 32Enda Kenny praises diaspora for helping Ireland emerge strong from financial crisis Irish Examiner November 21, 2015

Saturday

17 of 999 DOCUMENTS

Australian Financial Review

November 25, 2015 WednesdayFirst Edition

Republican hopefuls' VAT proposal adds value to GST debate;Washington observed

BYLINE: John Kehoe - John Kehoe is The Australian Financial Review's US correspondent in Washington.

SECTION: OPINION; Pg. 47

LENGTH: 938 words

Proposals for a value added tax in the US brings fresh perspective to calls to reform our GST.

When a globe-trotting Malcolm Turnbull has the chance to re-engage comprehensively on domestic economic reform, itwill be worth drawing on the parallels playing out in the tax reform debate in the United States presidential race.

As the Turnbull government ponders raising more revenue from the goods and services tax to fund tax cuts for workersand companies, Republican presidential candidates Ted Cruz and Rand Paul are advocating the same thing.

The US is the only major developed economy not to impose a value added tax (VAT), which low-tax ideologues Cruzand Paul are campaigning for.

Not that they dare utter the "V" word. As president Cruz would introduce a 16 per cent so-called "business flat tax",while Paul would establish a 14.5 per cent "business activity tax".

Both men claim they would slash the federal corporate and personal income tax rates to about 10 to 15 per cent.

In a competitive global economy where capital is increasingly mobile, politicians are waking up that corporationsshould be taxed less and immobile bases like consumption tolled more.

The archaic US corporate tax code, including a global high maximum rate of 39 per cent on worldwide incomeincluding state income tax, is causing companies like Pfizer and Burger King to flee the US and relocate throughcross-border mergers.

Australia is yet to face an exodus. Yet the rapid winding down of the mining boom inevitably means that foreigninvestment will be more difficult to attract unless economic policy, including tax, remains competitive.

A switch in the tax mix towards raising more revenue from consumption is patently obvious to most economists.

However, where the Cruz and Paul plan fails will be a political and fiscal problem that Turnbull and Treasurer ScottMorrison seek to avoid.

The radical tax plans of the Tea Party darlings will add trillions of dollars to the US budget deficit, because they are notrevenue neutral. Second, the Cruz and Paul proposals would not compensate low-income earners adequately for the

Page 33

regressive nature of consumption taxes.

Turnbull has been at pains to emphasise that fairness would be "absolutely critical" in any tax overhaul.

To that point, elsewhere in the US a "progressive consumption tax" is being pushed by Democrat Senator BenjaminCardin who last year introduced a bill in Congress for a 10 per cent VAT to finance business and personal tax cuts.Families earning up to $US100,000 ($139,000) and individuals making $US50,000 would be compensated via taxcredits.

Michael Graetz, a Columbia Law School tax professor and author of 100 Million Unnecessary Returns, proposesmaking the VAT distributionally equal, partly by paying compensatory child credits to low-income families via debitcards that could be used at grocery stores.

Graetz is a former US Treasury official in the George H W Bush administration and last year spent a month inAustralia, where he liaised with the Treasury and Business Council.

His innovative approach is an option Turnbull and Morrison will need to consider to ward off Labor's message that anincreased GST hurts the poor.

KPMG Asia Pacific regional leader for indirect taxes Lachlan Wolfers points to an OECD report that says reduced ratesof GST or VAT for food, while of some help in addressing regressivity, are "clearly not well targeted at poorhouseholds". The OECD concludes there are more targeted measures to compensate low income households.

Yet raising or broadening the GST should not simply be a revenue-raising exercise for the states, even if weacknowledge the rising budgetary costs of the ageing population and healthcare.

As a former federal Treasury official in the commonwealth-state division in Canberra, I believe it would beggar belief ifthe states were given a bucket of new money without eradicating economically damaging taxes.

This was the original intention of former treasurer Peter Costello, before the Australian Democrats watered down theGST intake by exempting fresh food.

The Labor-commissioned Ken Henry tax review nominates property stamp duty as one of the most inefficient taxes. Itis a tax on moving, not property wealth.

Stamp duty impedes labour force mobility by deterring people moving closer to better jobs. It arguably increases carbonemissions as people travel further to work. The levy puts off old people from downsizing to free up larger homes forgrowing families. It perhaps distorts the decision to undertake renovations and extensions, instead of moving to a moresuitable home. Stamp duty dangerously leverages state budgets to housing booms and busts.

Yet cutting stamp duty, as well as corporate and personal incomes taxes, is unaffordable from a small GST increase.

Hence, if there is any change to the GST, the base should first be broadened to fresh food. New Zealand has abroad-based 15 per cent GST that helped slash personal income tax and trim company tax. The UK has done similar.The average OECD VAT is about 19 per cent.

Not only would a broader GST raise revenue more efficiently and fund serious tax reform, it would lower compliancecosts. The current fresh food exemptions force the Australian Tax Office and business to employ an army of compliancestaff, to police and work on gray areas.

The courts have heard unusual cases adjudicating whether pizza rolls, prepared meals, alcohol-free wine, carbonated

juice and mini ciabatta bread are liable for GST.

Page 34Republican hopefuls' VAT proposal adds value to GST debate; Washington observed Australian Financial Review

November 25, 2015 Wednesday

This imposes unnecessary costs on taxpayers and business, and diverts human capital and business time away frommore productive economic activities.


LANGUAGE: ENGLISH


Copyright 2015 Fairfax Media Publications Pty. LimitedAll Rights Reserved



18 of 999 DOCUMENTS

Australian Financial Review

November 25, 2015 WednesdayFirst Edition

Republican hopefuls' VAT proposal adds value to GST debate;Washington observed

BYLINE: John Kehoe - John Kehoe is The Australian Financial Review's US correspondent in Washington.

SECTION: OPINION; Pg. 47

LENGTH: 938 words

Proposals for a value added tax in the US brings fresh perspective to calls to reform our GST.

When a globe-trotting Malcolm Turnbull has the chance to re-engage comprehensively on domestic economic reform, itwill be worth drawing on the parallels playing out in the tax reform debate in the United States presidential race.

As the Turnbull government ponders raising more revenue from the goods and services tax to fund tax cuts for workersand companies, Republican presidential candidates Ted Cruz and Rand Paul are advocating the same thing.

The US is the only major developed economy not to impose a value added tax (VAT), which low-tax ideologues Cruzand Paul are campaigning for.

Not that they dare utter the "V" word. As president Cruz would introduce a 16 per cent so-called "business flat tax",while Paul would establish a 14.5 per cent "business activity tax".

Both men claim they would slash the federal corporate and personal income tax rates to about 10 to 15 per cent.

In a competitive global economy where capital is increasingly mobile, politicians are waking up that corporationsshould be taxed less and immobile bases like consumption tolled more.

The archaic US corporate tax code, including a global high maximum rate of 39 per cent on worldwide incomeincluding state income tax, is causing companies like Pfizer and Burger King to flee the US and relocate throughcross-border mergers.

Australia is yet to face an exodus. Yet the rapid winding down of the mining boom inevitably means that foreigninvestment will be more difficult to attract unless economic policy, including tax, remains competitive.

A switch in the tax mix towards raising more revenue from consumption is patently obvious to most economists.

However, where the Cruz and Paul plan fails will be a political and fiscal problem that Turnbull and Treasurer ScottMorrison seek to avoid.

The radical tax plans of the Tea Party darlings will add trillions of dollars to the US budget deficit, because they are notrevenue neutral. Second, the Cruz and Paul proposals would not compensate low-income earners adequately for the

Page 36

regressive nature of consumption taxes.

Turnbull has been at pains to emphasise that fairness would be "absolutely critical" in any tax overhaul.

To that point, elsewhere in the US a "progressive consumption tax" is being pushed by Democrat Senator BenjaminCardin who last year introduced a bill in Congress for a 10 per cent VAT to finance business and personal tax cuts.Families earning up to $US100,000 ($139,000) and individuals making $US50,000 would be compensated via taxcredits.

Michael Graetz, a Columbia Law School tax professor and author of 100 Million Unnecessary Returns, proposesmaking the VAT distributionally equal, partly by paying compensatory child credits to low-income families via debitcards that could be used at grocery stores.

Graetz is a former US Treasury official in the George H W Bush administration and last year spent a month inAustralia, where he liaised with the Treasury and Business Council.

His innovative approach is an option Turnbull and Morrison will need to consider to ward off Labor's message that anincreased GST hurts the poor.

KPMG Asia Pacific regional leader for indirect taxes Lachlan Wolfers points to an OECD report that says reduced ratesof GST or VAT for food, while of some help in addressing regressivity, are "clearly not well targeted at poorhouseholds". The OECD concludes there are more targeted measures to compensate low income households.

Yet raising or broadening the GST should not simply be a revenue-raising exercise for the states, even if weacknowledge the rising budgetary costs of the ageing population and healthcare.

As a former federal Treasury official in the commonwealth-state division in Canberra, I believe it would beggar belief ifthe states were given a bucket of new money without eradicating economically damaging taxes.

This was the original intention of former treasurer Peter Costello, before the Australian Democrats watered down theGST intake by exempting fresh food.

The Labor-commissioned Ken Henry tax review nominates property stamp duty as one of the most inefficient taxes. Itis a tax on moving, not property wealth.

Stamp duty impedes labour force mobility by deterring people moving closer to better jobs. It arguably increases carbonemissions as people travel further to work. The levy puts off old people from downsizing to free up larger homes forgrowing families. It perhaps distorts the decision to undertake renovations and extensions, instead of moving to a moresuitable home. Stamp duty dangerously leverages state budgets to housing booms and busts.

Yet cutting stamp duty, as well as corporate and personal incomes taxes, is unaffordable from a small GST increase.

Hence, if there is any change to the GST, the base should first be broadened to fresh food. New Zealand has abroad-based 15 per cent GST that helped slash personal income tax and trim company tax. The UK has done similar.The average OECD VAT is about 19 per cent.

Not only would a broader GST raise revenue more efficiently and fund serious tax reform, it would lower compliancecosts. The current fresh food exemptions force the Australian Tax Office and business to employ an army of compliancestaff, to police and work on gray areas.

The courts have heard unusual cases adjudicating whether pizza rolls, prepared meals, alcohol-free wine, carbonated

juice and mini ciabatta bread are liable for GST.



This imposes unnecessary costs on taxpayers and business, and diverts human capital and business time away frommore productive economic activities.


LANGUAGE: ENGLISH


Copyright 2015 Fairfax Media Publications Pty. LimitedAll Rights Reserved



19 of 999 DOCUMENTS

US Official News

November 20, 2015 Friday

CSUSB survey: Manufacturing sector cools amid economic rebound

LENGTH: 127 words

DATELINE: Lahore

San Bernardino: California State University, San Bernardino has issued the following news release:

The local manufacturing sector has suffered a slight set-back. The monthly Purchasing Manager’s Index hasset a new trend suggesting that the region’s manufacturing sector is no longer growing.

However, Barbara Sirotnik of the Cal State San Bernardino Institute of Applied Research said Nov. 1 there is anexpansion of the overall economy. “The Inland Empire economy appears to be continuing its slow growth evenas the manufacturing sector is experiencing weakness.”

The article was published Nov. 2, 2015.

In case of any query regarding this article or other content needs please contact: [email protected]


LANGUAGE: ENGLISH

Copyright2015Plus Media Solutions Private LimitedAll Rights Reserved

Page 39

20 of 999 DOCUMENTS

The Times of India (TOI)

December 4, 2015 Friday

Qatar Airways doubles capacity on Kolkata sector with bigger plane

BYLINE: Subhro Niyogi

SECTION: KOLKATA

LENGTH: 435 words

KOLKATA: With no direct flights to Europe from Kolkata, Qatar Airways has seized the opportunity and deployed abigger aircraft to fly passengers to Doha and onward to Europe and the US.

From Wednesday, the airline replaced the Airbus A320 aircraft on the sector with the Boeing B787 Dreamliner, nearlydoubling the capacity from 144 seats to 254 seats. Apart from Kolkata, Delhi is the only other market that Qatarservices with a Dreamliner. The airline operates a larger B777 aircraft to Mumbai and Bengaluru. Amritsar, Kochi,Trivandrum, Kozhikode and Goa are serviced by A320. Chennai is the only city that has an A340. The airline flies to 13cities in India.

Qatar Airways vice-president Ihab Sorial said the deployment of the state-of-the-art Dreamliner to Kolkata wasreflective of the market's potential. Though the airline has been operating to the cities in Kerala and Hyderabad for overa decade and a half unlike Kolkata where services started only in 2011, these cities are still serviced by the narrow-bodyA320 aircraft.

The Dreamliner will offer 232 economy and 22 business class seats, up from 124 economy and 12 business class seatsin the A320. While the economy seats in the inaugural flight was choc-a-bloc, the business seats will pose a challengewith as Kolkata's share of business travellers is much smaller than Delhi, Mumbai or Bengaluru.

"On the first Dreamliner flight to Kolkata, all seats were sold out. The return flight had a decent load of 221 in economyand 4 in business class. Filling up the business class seats will be a challenge but we hope to create excitement around itwith offers like a free travel for the spouse to get passengers to taste the product," an official said.

Qatar though did not want to let go of the opportunity given the stiff competition from the two other Gulf carriers vyingfor passengers travelling to Europe and the US. Emirates currently operates 13 frequencies a week and Etihad seven.While Emirates uses three variations of B777-200, Etihad operates A320.

"The daily flights from Kolkata offer onward connection to Paris, London, New York, Chicago, Washington DC,Miami, Philadelphia, Dallas and several other cities," Sorial said.

The travel trade community is delighted and say the increase in capacity points to a buoyant market that challenges theusual narrative about Kolkata. "The city has a world class terminal and good passenger load that is encouraging airlinesto operate bigger aircraft. This is great for the city," said Travel Agents' Federation of India eastern region chairmanAnil Punjabi.

For Reprint Rights: timescontent.com

Page 40


LANGUAGE: ENGLISH


Copyright 2015 Bennett Coleman & Co. Ltd.All Rights Reserved

Page 41Qatar Airways doubles capacity on Kolkata sector with bigger plane The Times of India (TOI) December 4, 2015

Friday

21 of 999 DOCUMENTS

San Bernardino Sun (California)

December 2, 2015 Wednesday

IE survey, job numbers indicate economic growth

BYLINE: Neil Nisperos [email protected] @ReporterNeil on Twitter

SECTION: A,A; Pg. 3

LENGTH: 432 words

Manufacturing in the Inland Empire may be back in growth mode as manufacturers responded positively to questionsabout the state of their businesses, according to the latest report from the Institute of Applied Research at Cal State SanBernardino.

When company purchasing managers were asked about the general business conditions that affected their companies,positive trends included:

o Solid sales growth

o More stability with government funding for manufacturers' customers after congressional agreement over a federalspending plan

o The opening of new export markets abroad

Bud Weisbart, vice president of A&R Tarpaulins Inc. of Fontana, which makes fabrics for awnings, architecturalstructures and protective fabrics used in aerospace, said the new spending plan helps his business significantly becauseof less uncertainty for federal aerospace funding.

"The companies that are our customers are federally funded, so as a result of that, there's been a degree of stability, andup until not that long ago there was a tremendous sense of instability with aerospace funding," Weisbart said. "We'regetting a lot more inquiries, which is good. For our last month, which is November, the orders we shipped out were veryrobust. It was good."

The Institute of Applied Research's manufacturing sector report is based on a Purchasing Manager Index score for themonth of November, which is based on indicators such as production, new orders, inventory, supplier deliveries andemployment. A score above 50 indicates positive growth.

According to Barbara Sirotnik, director of the Institute of Applied Research, and Lori Aldana, project coordinator at theinstitute, this month's PMI of 52.3 increased dramatically from last month's PMI of 45.9.

"It does look at manufacturing specifically, but ... the manufacturing sector is an indicator for the entire economy,"Sirotnik said. "The whole idea is if people are buying, manufacturing firms have to ramp up production. That's anindicator of the economy getting better."

In the overall economy, the unemployment rate in the Inland Empire was 6.4 percent in October, up from a revised 6.1

Page 42

percent the previous month, and below the year-ago estimate of 7.7 percent, according to the California EmploymentDevelopment Department. This compares with an unadjusted unemployment rate of 5.7 percent for California and 4.8percent for the nation during the same period, according to the EDD.

Between September and October, total non-farm employment increased from 1,328,200 to 1,349,600, with a gain of21,400 jobs. Agricultural employment grew by 500 jobs.


LANGUAGE: ENGLISH


Copyright 2015 MediaNews Group, Inc. Newspaper Group, Inc.All Rights Reserved

Page 43IE survey, job numbers indicate economic growth San Bernardino Sun (California) December 2, 2015 Wednesday

22 of 999 DOCUMENTS

Tulsa World (Oklahoma)

December 3, 2015 Thursday

Economist Bill Greiner says decline in consumer debt is helping U.S. economy

BYLINE: SAMUEL HARDIMAN World Business Writer

LENGTH: 538 words

DATELINE: Tulsa, OK

The U.S. economy is healthy. The Oklahoma economy is a little less so. That was the general theme Wednesday at theTulsa Regional Chamber's Economic Outlook Conference.

For several of the leaders from the seven key industries that make up the Tulsa economy, a key area of focus was thebear market in the energy industry.

Berry Mullennix, CEO of Panther Energy, compared the current downturn to the one that lingered for almost a decadein the 1980s and said he's not optimistic for a turnaround in the current year.

Mullennix said production in the U.S. won't subside considerably because the oil rigs pumping right now areincreasingly efficient compared to even a year ago.

Kenneth Statton of M&M Manufacturing said the ramp up of production for Boeing has allowed his company toflourish in the past year, but acknowledged that other parts of the manufacturing industry are struggling because theconnection with oil and gas industry.

Keynote speaker Bill Greiner of Mariner Wealth Advisors discussed the general U.S. economy with the Tulsa Worldafter his presentation:

Could you go into why we're seeing less than a 3 percent annual rate of GDP growth nationwide and why some arecalling that the new normal?

I created something called the "Long, hard slog." The long, hard slog looks at a number of structural issues. One is debtstructure. Debt structure in the U.S. going into the last recession, which was of course very deep, was at excessivelevels. There was just too much debt structure within the society, a lot of debt that probably couldn't be paid back. ... Itneeded to be written off or paid down.

I think our society in general has made a lot of progress with that. ... Consumer debt is now lower than it was ... back in2009.

How are millennials filling the job market and starting households? Is it just the people who are getting out of college oris it those who were forced into their parents' basements by the recession?

I think it's part of both of those. I also believe that there's a certain amount of comfort now that this economy hasexpanded. We're coming up to the seventh year anniversary next year. ... So the expansion is well along. Normally in

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the last half of a typical economic expansion job creation tends to accelerate. As the job market continues to accelerate,millennials are feeling better about things. They're seeing a lot of opportunities out there.

Right now, the data that I've seen suggests that there's 1.5 applicants for every available job in the marketplace ascompared to 2010 when there were seven applicants for every job available. The job market is healing. As that happens,the sentiment of younger workers is becoming much better.

People seem worried about the Fed raising rates. What is a rise in the federal funds rate going to do to me as a commonperson?

I've been in the business 35 years and I've seen seven different Fed cycles. ... It's been 10 years since the Fed raisedinterest rates. So you have a whole generation basically of investors and business people that have never experiencedthis before. So there's an amount of anxiety just because its unfamiliar waters for those people.

Normally, speaking there's a six- to nine-month lag on how it affects the economy.


LANGUAGE: ENGLISH


Copyright 2015 The Tulsa WorldAll Rights Reserved

Page 45Economist Bill Greiner says decline in consumer debt is helping U.S. economy Tulsa World (Oklahoma) December 3,

2015 Thursday

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New Indian Express

November 26, 2015 Thursday

New Options for US Jaunt, AI to Launch Non-Stop San Francisco Flight

LENGTH: 300 words

DATELINE: CHENNAI

CHENNAI, Nov. 26 -- Starting next month, desi flyers headed to the United States will have a direct flight to SanFrancisco. Air India announced to a roomful of travel agents on Wednesday about their latest addition - a non-stopflight option from Delhi to San Francisco.

"It will kick off on December 2," said R Harihar, Air India Executive Director for Southern Region. And fares will startoff from an affordable '37,274 for an Economy One-Way option. "This flight will be available on Wednesday, Fridayand Sunday for the moment. Although, we do plan to make it more frequent in the days to come," Harihar added.

With everything from ethnic interiors to meal specials for diabetics, Rajneesh Bagga, Air India's DGM (Commercial)painted a detailed picture of what one can expect. This included the fact that the operating plane used will be a Boeing777-200LR with eight seats in first class, 35 in the executive section and a 195 in the economy class.

Incidentally, Bagga added, "This is Air India's fourth direct flight to the US and is 16 hours and 45 minutes long. Theother three go to New York, Newark and Chicago."

Also present at the event were representatives from the US Consulate and Visit California, who covered the highlightsof the must-see tourist attractions in the 'golden state' that range from the iconic Golden Gate Bridge to the hop on hopoff cable cars. "Today there are over 1,32,000 Indian students in the US," Brian D Brendel, Consular Information - UnitChief of the US Consulate said. "So we see huge potential for this flight in the student category as well, " he added.

Published by HT Syndication with permission from New Indian Express. For any query with respect to this article orany other content requirement, please contact Editor at [email protected]


LANGUAGE: ENGLISH


Copyright 2015 Expressbuzz.All Rights Reserved

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The Times (Munster, Indiana)


November 29, 2015 Sunday

Any steel mill work stoppage would impact NWI economy

BYLINE: Joseph S. Pete, The Times, Munster, Ind.

SECTION: BUSINESS AND FINANCIAL NEWS

LENGTH: 475 words

Nov. 29--Restaurants, bars and bowling alleys throughout Northwest Indiana suffered earlier this year when 1,100United Steelworkers union members went on strike at the BP Whiting Refinery.

No agreement has been reached in the ongoing talks between USW and ArcelorMittal and U.S. Steel, and the economicimpact potentially could be much larger if a strike, lockout, or work stoppage were to take place at Northwest Indiana'sbiggest mills.

So far, it's been like an unstoppable force versus an unmovable object. The steelmakers have wanted to slash health carebenefits at a time when they're getting hammered by cheap imports, and the union said it won't give up hard-earnedbenefits that would result in effective pay cuts for steelworkers. Both sides have been willing to remain at thebargaining table thus far.

U.S. Steel and ArcelorMittal together employ around 17,000 workers in the Calumet Region. That's 5.3 percent of thetotal jobs held by residents in the Gary metropolitan area, according to Department of Workforce Development figures.The steel mill jobs also are among the best-paying in the region and economic studies by the American Iron and SteelInstitute have found a single steelworker job at the mill supports another seven jobs, such as at restaurants andconvenience stores.

By that metric, the steel industry supports 119,000 jobs in Northwest Indiana, or about 37 percent in the Gary metroarea.

There would be a greater economic impact if a work stoppage took place at the mills, but its scope would dependentirely on how long it stretched on for, said Micah Pollak, an assistant professor of economics at Indiana UniversityNorthwest. Thousands with good-paying steelworker jobs would cut back drastically on spending, getting by on a strikefund and personal savings.

"If it's a short-term strike, you're probably not going to see a big effect because people are going to anticipate it," hesaid. "You're going to have money saved up. They're going to cut back, but for the most part won't change theirlifestyle. If it drags on, the stakes get higher. If it drags on a long time, it hurts both sides eventually."

Employment at the mills is nowhere what it once was when 30,000 people worked at Gary Works alone, beforeeverything became more automated. But they are quality jobs that account for a lot of the consumer spending in

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Northwest Indiana.

"They are bringing in a large share of the income because they get paid much higher," Pollak said. "The average steeljob is worth two or three retail jobs. They might account for 15 percent to 20 percent of income (in the Region)."

The USW and steelmakers have broken from talks over the holidays and will return to the bargaining table on Nov. 29.

___ (c)2015 The Times (Munster, Ind.) Visit The Times (Munster, Ind.) at www.nwitimes.com Distributed by TribuneContent Agency, LLC.


LANGUAGE: ENGLISH

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Page 48Any steel mill work stoppage would impact NWI economy The Times (Munster, Indiana) November 29, 2015 Sunday

25 of 999 DOCUMENTS

The Baltimore Sun

November 21, 2015 SaturdayFINAL EDITION

State sees a gain in jobs;Increase of 10,800 in October is the seventh recorded in 10 months

BYLINE: By Carrie Wells and Lorraine Mirabella, The Baltimore Sun

SECTION: LOCAL; Pg. 1A

LENGTH: 860 words

Maryland added 10,800 jobs in October amid broad gains in the private sector, the federal Bureau of Labor Statisticsreported Friday.

The state's unemployment rate, meanwhile, remained flat at 5.1 percent, the same as in September.

Friday's report also revised previously reported job losses for September from 4,000 to just 300. The state has nowrecorded job gains in seven out of 10 months this year.

Richard Clinch, a Maryland-based research economist at the Battelle Memorial Institute, called the report "a good signthat things are turning around" in the state, which has lagged behind the nation's recovery.

"The national economy is in slow, steady growth mode, and that's finally coming home to Maryland," Clinch said.

Maryland was among 40 states, plus the District of Columbia, to see job gains last month, with the largest coming inCalifornia, Ohio and Florida. Unemployment stood at 5 percent nationwide.

Gov. Larry Hogan, elected last fall, claimed credit for Maryland's strength.

"The upward trend in jobs and growth in business creation shows that Maryland's economy is improving andstabilizing," Hogan, a Republican, said in a statement. "It also indicates greater confidence in this administration'seconomic development policies as a driver of job creation. It's an indication of confidence in the economy and thedirection it's going in -- we're seeing that potential employers are feeling more confident about opening a business herein Maryland, than they have in the past."

State Labor Secretary Kelly M. Schulz said the state now has almost 7,000 more businesses than in 2011, which shecalled the low point for business formation.

Maryland's October gains were driven by the private sector, which added 12,500 jobs. The largest gains came in theleisure and hospitality sector, which added 3,500 jobs, followed by professional and business services, which added3,200 jobs.

Clinch said it was "a little troubling" that job growth in the professional, scientific and technical services sector wassomewhat weak, growing only 0.5 percent, because that sector is a major player in Maryland's economy. But overall, he

Page 49

said, the picture was bright.

Retail trade added 2,000 jobs, likely attributable to the approach of the holidays, while the manufacturing sector added1,800 jobs and construction added 1,700 jobs. The state's Department of Labor, Licensing and Regulation attributed themanufacturing gains to food manufacturing and printing.

Meanwhile, governments shed 1,700 jobs and the combined education and health sector gave up 1,300 jobs.

Many companies are growing across the state. Retailers large and small are hiring in advance of the holidays, andAmazon now employs 3,500 permanent workers at its new Baltimore distribution center, where it's still hiring seasonalworkers.

Pinnacle Foods, a maker of food brands such as Birds Eye and Duncan Hines, has started hiring workers for a new plantin Hagerstown that's being refurbished over the next 18 months. The plant will employ 125 people and make productsunder the Gardein vegetarian brand, which Pinnacle acquired as part of its November 2014 purchase of Garden ProteinInternational.

"The brand is quickly outgrowing the capacity of its Vancouver, B.C., facility, and it makes sense to add productioncapability on the East Coast of the U.S.," a Pinnacle spokeswoman said in an email.

G. Cefalu & Bro. Inc., a Jessup-based wholesale distributor of fresh produce and seafood, has increased its workforceby about 60 percent over the last three years to 250. The more recent hires have included warehouse jobs and deliverydrivers who serve 600 to 700 restaurants and grocery stores a day.

"It's been the result of organic growth," said Mark Moderacki, president of G. Cefalu. "We've grown our business in theMid-Atlantic region" by taking market share from competitors and finding new customers among the growing numberof groceries and restaurants in the area. "We've expanded our sales team, which has allowed us to penetrate the market."

Because G. Cefalu's current facility is at capacity, the business will move in June into a new warehouse nearby whichwill be three times as big and allow the business to increase the workforce by 50 percent over the next five years,Moderacki said.

Daraius Irani, chief economist at Towson University's Regional Economic Studies Institute, said he thought the rise injobs could reflect the resolution of federal budget battles in Washington last month. Job creators may be feeling moreconfident as well, given gains in the overall national economy, he added.

"It seems like the numbers are trending in the right direction," Irani said.

He urged caution on the jobs figures though, which were revised upward for September and have been revised later onin other months.

"There's so many revisions in the past that it's hard to say we're definitely going to see a 10,000 increase," he said.

Clinch also said Marylanders should not expect a repeat every month of adding nearly 11,000 jobs. Many Marylanderswork in Washington or in other states, Clinch added, which likely would explain why the state's unemployment rateremained flat.

[email protected]


LANGUAGE: ENGLISH

Page 50State sees a gain in jobs; Increase of 10,800 in October is the seventh recorded in 10 months The Baltimore Sun



Copyright 2015 The Baltimore Sun CompanyAll Rights Reserved

Page 51State sees a gain in jobs; Increase of 10,800 in October is the seventh recorded in 10 months The Baltimore Sun


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December 2, 2015 WednesdayNATIONAL EDITION

ECONOMY


LENGTH: 393 words

Construction spending up 1%

Oct.'s gain was the best since May, with construction spending rising 13% vs. a year earlier. The $1.11 tril annual ratewas the highest since '07. Residential construction spending rose 1% vs. Sept. and 16.6% vs. a year earlier.Single-family home builders advanced 1.6% in Oct. Private non-residential outlays grew 0.6% -- 15.3% year-on-year.Public construction, which has been a drag, rose 1.4% as federal spending skyrocketed 19.2%.

Fed official nervous on hike

Chicago Fed Pres. Charles Evans, considered one of the more dovish U.S. policymakers, expressed "nervousness" aboutthe central bank's decision this month on raising rate. "I would prefer to have more confidence than I do today thatinflation is indeed beginning to head higher," Evans said. He said a 1% fed funds rate could be appropriate by the end ofnext year as he predicted 2.5% GDP growth in '16.

Eurozone jobless rate dips

Unemployment fell to 17.24 mil in Oct. from 17.25 mil in Sept. The jobless rate fell 0.1 percentage rate to 10.7%, thelowest since Jan. '12. But the youth unemployment rate actually rose 0.1 point to 22.3%. Among the 4 largest eurozoneeconomies, Germany's rate was 4.5%, France's 10.8%, Italy's 11.5% and Spain's 21.6%.

Japan factories pick up steam

Japan's Nov. manufacturing index rose 0.2 point to 52.6, a 20-month high. Production rose at the fastest pace sinceMarch '14. Employment and buying activity rose. Prices charged increased for the 1 st time in 3 months. New exportorders rose at the fastest pace since June.

India factories tread water

An India manufacturing gauge fell 0.4 point in Nov. to 50.3, just above the neutral 50 and a 25-month low. Exportspicked up but domestic demand for sluggish. The Reserve Bank of India chose to leave interest rates steady at 6.75%, asexpected. But the RBI has cut rates several times in '15 and is likely to ease further going forward.

** The Reserve Bank of Australia left its key rate at 2%, as expected.

Page 52

COMING UP WEDNESDAY

** ADP employment report for Nov., 8:15 a.m. ET (forecast: private-sector jobs up 183,000).

** Productivity for Q3, revised, 8:30 a.m. ET (forecast: productivity up at 2.2% annual rate, unit labor costs up 0.9%).

** Beige Book report for Nov., 2 p.m. ET.

FRIDAY

** Employment report for Nov., 8:30 a.m. ET (forecast: payrolls up 190,000; jobless rate stays at 5%).


LANGUAGE: ENGLISH



Page 53ECONOMY Investor's Business Daily December 2, 2015 Wednesday

37 of 999 DOCUMENTS

Topeka Capital-Journal (Kansas)


Midwest economic outlook remains gloomy, indexes suggest

BYLINE: Megan Hart.

[email protected]

LENGTH: 330 words

The outlook for the Midwest, or at least its manufacturing, agriculture and energy industries, worsened in October.

The Mid-America Business Conditions Index, compiled by Ernie Goss at Creighton University, fell to 41.1 last month.Anything lower than 50 suggests economic contraction in the coming months. The index relies on supply managers,mostly in manufacturing, so it may say more about that industry than state economies as a whole.

Kansas had a reading of 41.7. Arkansas, Iowa, Minnesota and South Dakota had negative readings, but they werestronger than Kansas'. Nebraska, North Dakota and Oklahoma had even weaker readings. Missouri was the only state inthe region hanging onto a positive reading, at 50.1.

Goss attributed much of the weakness to the strong U.S. dollar, which makes American goods more expensive in othercountries, and to sluggish economies overseas. Prices also have fallen for agricultural commodities, oil and natural gas,weighing on the region, he said.

"Areas heavily dependent on manufacturing, especially those linked to agriculture and energy, are experiencing cuts.For example, metal producers and agricultural equipment manufacturers continue to report job losses," he said in thereport.

Rural areas looked slightly better off. The Rural Mainstreet Index, which surveys rural bank executives, came up with areading of 43.9 for Kansas. That survey also uses 50 as the dividing line between predicting growth and contraction.

Colorado, Minnesota, Missouri, Nebraska, North Dakota and Wyoming were worse off than Kansas. Iowa and SouthDakota were better off, but still in negative territory. The region as a whole fell to a reading of 43.7.

"This is the fourth straight month the overall index has declined, reflecting weakness stemming from lower agricultureand energy commodity prices and from downturns in manufacturing," Goss said.

For more information, visit www.creighton.edu/instituteforeconomicinquiry/economicoutlook/midamericanstates.


LANGUAGE: ENGLISH


Page 54

Copyright 2015 The Topeka Capital-JournalAll Rights Reserved

Page 55Midwest economic outlook remains gloomy, indexes suggest Topeka Capital-Journal (Kansas) November 23, 2015

Monday

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Denver Post

November 17, 2015 TuesdayTUE REGIONAL Edition

Oil climbs, leads energy stocks up

BYLINE: Alex Veiga

SECTION: BUSINESS; Pg. 10A

LENGTH: 365 words

U.S. stocks mounted a broad rally on Monday, snapping a three day losing streak as investors moved past concerns thatthe terrorist attacks in Paris could spell big trouble for the global economy.

Oil and gas stocks were among the biggest gainers the price of crude rose. Traders also bid up shares in defensecontractors, while travel related stocks slumped.

Friday's attacks in Paris, which killed 129 people, are not likely to negatively affect the economies of the U.S. orEurope, said Wells Fargo Investment Institute strategist Scott Wren.

"Are consumers going to be staying at home and not out spending money because they're afraid that if they goanywhere they're going to be victims of a terrorist attack?" Wren said. "That might be the case if you saw a series ofthese things. But hopefully that's not what's going to happen and the economy is not going to be affected."

All told, the Dow Jones industrial average rose 237.77 points to 17,483.01. The Standard & Poor's 500 index gained30.15 points to 2,053.19. The Nasdaq composite added 56.73 points to 4,984.62.

The major market indexes started lower but rebounded within the first 10 minutes as investors piled into consumerstaples stocks, a category that includes Coca Cola and Procter & Gamble.

Stocks began to climb steadily by midday as crude oil prices perked up, pushing up energy stocks. The energy sector inthe S&P 500 surged 3.3 percent, far more than the rest of the market. Consol Energy added 56 cents to $7.96. Cabot Oil& Gas gained $1.82 to $22.56, while Range Resources rose $2.90 to $34.62.

The energy sector has been the biggest laggard among industries this year, down 14.9 percent, as the slide in oil priceshas deepened. Benchmark U.S. crude oil climbed $1 to close at $41.74 a barrel in New York.

The prospects of intensified military action to counteract terror threats helped give defense contractors a boost. NorthropGrumman gained $7.79 to $186.61, while Lockheed Martin added $7.51 to $220.67. Raytheon rose $4.86 percent, to$121.11.

Traders moved to unload some travel related stocks.

Priceline Group slid $30.88 to $1,266.87, and Expedia declined $2.67 to $122.53. Delta Air Lines lost $1.06 to $47.93.

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LANGUAGE: ENGLISH


Copyright 2015 The Denver PostAll Rights Reserved

Page 57Oil climbs, leads energy stocks up Denver Post November 17, 2015 Tuesday

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The Anniston Star (Alabama)


December 1, 2015 Tuesday

UPDATED: Honda accounted for $6.8 billion, more than 43,000 jobs in 2014:impact study

BYLINE: Elsie Hodnett, The Anniston Star, Ala.


LENGTH: 836 words

Dec. 01--BIRMINGHAM -- Honda Manufacturing of Alabama LLC contributed $6.8 billion in 2014 to the state'seconomy and, with its top-tier suppliers, was responsible for more than 43,339 jobs in Alabama, according to aneconomic impact study released today by the Economic Development Partnership of Alabama.

Calvin Miller, executive director of the Talladega County Economic Development Authority, said the study puts intowriting what they have known for a long time--that Honda has a big effect on Alabama and Talladega County.

"We are just really grateful for the opportunity Honda has given us over the years to help the economy of TalladegaCounty grow," he said.

"This study demonstrates that the volume of business that Honda conducts in the state of Alabama supports anincredible array of jobs," said EDPA President Bill Taylor.

The study was conducted for EDPA by the Center for Business and Economic Research at The University of Alabamaand measures the impact of Honda and its tier-1 automotive suppliers based in Alabama and in Calhoun, Etowah,Jefferson, St. Clair and Talladega counties. The CBER study was led by Director Samuel Addy, Ph.D., using actual datacollected from Honda, its Alabama suppliers and EDPA.

Last year, Honda employed 5,079 employees in Alabama, with more than 4,000 associates at its Lincolnmanufacturing facility, and accounted for a total of 43,339 direct and indirect jobs statewide. Of that total, HMAsuppliers employed an estimated 7,618 workers and were responsible for 26,003 direct and indirect jobs.

"This extraordinary economic impact is possible only because of Honda's success in a highly competitive, globalbusiness," Taylor said. "This success does not happen overnight and shows how important Honda is to Alabama'seconomic development. The company is an outstanding corporate citizen that has genuine appreciation for its Alabamaworkforce, which company officials are quick to credit for the company's success."

The study focuses on output, the total or gross business sales, and value-added, the contribution to gross domesticproduct (GDP) or the value of goods and services produced on a value-added basis. Earnings impacts are part ofvalue-added: the wages and salaries of workers recognized by the employment impact.

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HMA has invested $2 billion to date in Alabama. In 2014, HMA had a $360.8 million payroll, an average HMAemployee salary of $71,047, which is 67 percent higher than the average earnings for all Alabama workers. The fivecounties accounted for 87 percent of the company's Alabama employment and payroll.

HMA also spent more than $2.5 billion in nonpayroll expenditures in Alabama and paid $62.4 million in state taxes and$49.7 million in local taxes.

Honda tier-1 suppliers in 2014 had a $1.9 billion impact on the state's economy, accounted for $606.7 million inearnings and generated $57.8 million in state and local taxes.

"Our achievements are only possible because of our associates and the employees at our suppliers," said HondaManufacturing of Alabama President Jeff Tomko. "We are excited and grateful to see that HMA's success is havingsuch a significant impact on the state, and that it translates into greater economic opportunity for Alabamians."

The combined economic and fiscal impacts for HMA and its Tier-I suppliers on the Alabama economy in 2014 are $8.7billion in output (about 4.4 percent of GDP), $3.2 billion value-added, $1.8 billion in earnings, 43,339 jobs, and $94.6million in state taxes and $75.3 million in local taxes.

"Honda plays a big impact on the state," said Greg Canfield, secretary of commerce for the state of Alabama. "There isa story behind the numbers. When a company like Honda located in Alabama, it brings its brand and quality and is amagnet for other businesses."

Canfield said Alabama needs to concentrate on making certain Honda has the workforce it needs.

"Honda will have a positive impact for generations to come," he said.

Tomko said Honda will soon celebrate 15 years in Alabama.

"The power of dreams is alive and well," he said.

Alabama Institute for Deaf and Blind president John Mascia said AIDB has a long-standing relationship with Hondaand that the company is more than a financial asset to the area.

"Honda is a company with a heart," he said. "Monday we had about 50-60 Honda associates volunteer their time to helpwith landscaping. They have donated vehicles to our equestrian program. We appreciate all they do, not just thebusiness side but the community involvement, in particular what they do to support people with disabilities. We arehappy to support their success. It's good for all of us."

#hondaimpact HMA president Jeff Tomko is very proud of what Honda has achieved in Alabama. New redesignedRidgeline coming in 2016.

-- Elsie Hodnett (@ehodnetthome) December 1, 2015

Contact Elsie Hodnett at [email protected]

___ (c)2015 The Anniston Star (Anniston, Ala.) Visit The Anniston Star (Anniston, Ala.) at www.annistonstar.comDistributed by Tribune Content Agency, LLC.


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