Business Briefs – July 25, 2018

Trump vs. EU: Next Round in Battle Features White House Visit

BRUSSELS (AP) – A key European Union leader is sitting down with U.S. President Donald Trump Wednesday, hoping to stave off a trans-Atlantic trade war in which U.S. tariffs on cars could be the tipping point. The White House visit of European Commission President Jean-Claude Juncker comes on the heels of an especially ill-tempered continental tour of Trump in which he called historic U.S. allies united in the EU his “foe.”

Chinese Mobile Phone Tower Operator Plans $8.7B IPO

HONG KONG (AP) – The state-owned monopoly that operates China’s vast network of mobile phone towers plans to raise up to $8.7 billion in the biggest global stock offering in four years. China Tower Corp. said 60 percent of the money will be invested in its operations.

As Harley Looks Abroad to Juice Sales, Tariffs Hit Home

MILWAUKEE (AP) – Harley-Davidson executives said Tuesday they expect tariffs to increase the company’s annual costs by as much as $100 million as long as the trade dispute between the U.S. and other countries continues. The executives made the comments during their first call with investors since the Milwaukee-based company announced last month that production of motorcycles sold in Europe would move from U.S. facilities to overseas to avoid retaliatory tariffs the EU is imposing on American exports.

Peugeot Succeeds Where GM Failed: Making Opel Profitable

PARIS (AP) – PSA Group, the maker of Peugeot and Citroen cars, has done in one year what General Motors failed to do in 20 — make the mass market brand Opel Vauxhall profitable. In its six-month earnings update, the French company, which bought Opel Vauxhall from GM last year, said the unit made an operating profit of 502 million euros ($588 million).

Samsung, Workers Agree to End Standoff on Workers’ Deaths

SEOUL, South Korea (AP) – Samsung Electronics and a group representing ailing Samsung computer chip and display factory workers say they have agreed to end a yearslong standoff over compensation for deaths and grave illnesses of Samsung workers. Samsung and Banolim agreed Tuesday to accept without preconditions terms of compensation and apologies to be drafted by a mediator. Banolim said it will stop protests outside Samsung buildings, where its supporters have camped out for nearly three years.

Pfizer to Build New Facility, Add 450 Jobs in Michigan

LANSING, Mich. (AP) – Drugmaker Pfizer Inc. plans to expand manufacturing in Michigan and add 450 jobs under an incentives deal approved Tuesday by the state’s economic development arm.

The company is expected to spend $465 million building a new facility in Portage near Kalamazoo, with production starting in 2024. The Michigan Strategic Fund Board approved an $11.5 million package, including $10.5 million in tax incentives and a $1 million grant for the creation of 450 qualified new jobs.

Average pay will range from $70,100 to $93,300.

Michigan Economic Development Corp. officials said New York-based Pfizer, which has 2,200 employees in the Kalamazoo area, could have chosen to expand at one of a dozen other facilities. The new 400,000-square-foot plant is needed because pharmaceutical companies must start making injectable drugs in sterile, self-contained production rooms under Food and Drug Administration regulations.

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