Tag: benefits

Wisconsin denies Foxconn tax benefits over failed manufacturing plant promises

Apple stores have reopened in China and Foxconn factories are back online amid coronavirus fears. FOX Business’ Susan Li with more.

Taiwan-based Apple supplier Foxconn is failing to deliver on promises associated with its multibillion-dollar manufacturing facility in Wisconsin – so much so that the state is withholding coveted tax incentives.

The world’s largest electronic provider was promised a $3 billion incentives package, but failed to meet key milestones necessary to receive subsidies, documents first reported by The Verge showed.

The Wisconsin Economic Development Corporation on Monday denied Foxconn’s application for tax subsidies on the basis that it did not hire the promised number of eligible employees and that it was not following through on plans to build a liquid crystal display fabrication facility.

“It is evident from the Recipients’ 2019 Annual Project Report that the recipients are not building a 10.5 Fab, and that current activities are smaller in scale and economic impact to the region and the State of Wisconsin than those projected by the analyses run on the 10.5 Fab when WEDC initially approved and executed the agreement,” the WEDC wrote.

APPLE PARTNER FOXCONN MULLS NEW FACTORIES FOR MEXICO, NOT CHINA 

As noted by The Verge, Wisconsin lawmakers have tried to renegotiate the company’s contract for the facility – but have so far been unable to do so.

Wisconsin lawmakers originally put together a $3 billion incentives package to lure the company to the state.

A spokesperson for Foxconn did not return FOX Business’ request for comment.

FOXCONN’S REVENUE HAMMERED BY CORONAVIRUS

The deal to build the facility was struck in 2017 by former Republican Gov. Scott Walker, and has been touted by President Trump as a victory for the U.S. manufacturing sector. As part of the deal, state lawmakers negotiated a package including about $3 billion

…

Worcester city workers targeted in insurance benefits scam

Updated

WORCESTER, Mass. (AP) — More than 550 employees of Worcester have been targeted in a nationwide unemployment insurance benefits scam, city officials say.

The scam involves identity thieves using the victims’ personal information to file claims for unemployment benefits.

The city received about 40 fraudulent claims from March to mid-August, Dori Vecchio, the city’s human resources director told The Telegram & Gazette. Since then, more than 500 have come in, she said.


Employees in every department have been targeted. About 100 people who work for the Fire Department and another 100 who work for the schools have been affected. The city employs about 6,800.

“Several high-ranking officials and elected officials in the city have been compromised,” Vecchio said.



Schools Superintendent Maureen Binienda said she has been targeted three times.

Security experts say much of the fraud appears to be committed by scammers using personal information stolen from earlier commercial data breaches or direct attacks on state systems.

The state Executive Office of Labor and Workforce Development said between March 8 and June 30, almost 60,000 of 1.6 million unemployment claims were determined to be fraudulent. Information on claims filed since July 1 has not been made public.


The Department of Unemployment Assistance did not say how much has been stolen.

___

LIBRARIES REOPEN

Two branches of the New Bedford Free Public Library system and several city offices are scheduled to reopen on Tuesday, according to a statement Monday from Mayor Jonathan Mitchell’s office.


The Lawler and Wilks library branches will be open four hours per day with limited browsing with social distancing, and grab-and-go book pickup.

Three city departments are also scheduled to reopen for limited in-person services. The Health Department, Veterans’ Services Department, and Licensing Board offices will reopen from 9

…

Don’t overlook these employee benefits that can help you save money

It’s that time of year again — open enrollment season is approaching, giving many Americans an opportunity to sit down and go over their employer-sponsored workplace benefits for next year.



a person sitting at a table using a laptop

© Provided by CNBC


This year, amid the coronavirus pandemic, more than 70% of employees plan to spend more time reviewing voluntary benefit options offered by their employer, according to a September survey by Voya Financial.

Loading...

Load Error

While most employees are generally familiar with their employer-sponsored health insurance and retirement plans, they may be overlooking other benefits that could help them save money or better protect against an event such as an accident or illness.

“You want to see if there’s anything else out there that you could be taking advantage of to improve your your health, or your financial health or both,” said Kim Buckey, vice president of client services at benefits consultant DirectPath. “We don’t want to miss out on something better and cheaper.”

Where to go for help

If you’re not sure what your employer offers, or want to learn more about your particular plan, there are a few places you can turn to for help.

Your employer may have sent you an updated benefits packet in the mail or online, which you should scan to refamiliarize yourself with offerings, Buckey said. Because the pandemic has limited in-person meetings this year, Buckey said, many companies are offering increased support to enroll in benefits one-on-one over the phone with an independent third party.

“You can call up and spend 20 minutes talking to someone who knows the company’s benefits but is independent so you can ask your deepest, darkest, most embarrassing and personal questions,” said Buckey.

How to choose your health care plan during open enrollment

UP NEXT

UP NEXT

Buckey advised against is taking your

…

Five years on, Israelis see few benefits from major gas deal

JERUSALEM (AP) — Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government.

The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan.

But the financial benefits have yet to trickle down to Israeli consumers, who continue to pay stubbornly high electricity costs even as oil and gas prices have plunged in recent years.

As the scramble for natural gas creates new alliances and rivalries across the eastern Mediterranean, Israel’s experience shows that while big gas discoveries can yield geopolitical clout they don’t always deliver the riches promised by politicians.

The government says the gas reserves have turned Israel into a regional player and solidified ties with two Arab neighbors. Israel has also teamed up with Cyprus and Greece for a planned $6 billion pipeline to Europe, strengthening its position as it prepares to hold rare talks with Lebanon this week over their disputed maritime border.

But the so-called EastMed pipeline has heightened tensions with Turkey and is fraught with political and logistical challenges. It could prove infeasible if gas prices remain low and Europe accelerates its shift to renewable energy.

At the time of the 2015 gas deal, Prime Minister Benjamin Netanyahu promised “hundreds of millions of shekels for education, welfare, health and for every Israeli citizen,” but a hoped-for sovereign wealth fund has yet to materialize because revenues have been lower than expected.

Israel’s

…

Tax records show 200 entities funneled money to Trump properties while reaping benefits from White House: NYT

A New York Times analysis of tax records showed that more than 200 companies, special-interest groups and foreign governments have funneled millions of dollars to President TrumpDonald John TrumpNorth Korea unveils large intercontinental ballistic missile at military parade Trump no longer considered a risk to transmit COVID-19, doctor says New ad from Trump campaign features Fauci MORE’s properties while reaping benefits from the president and his administration. 

Nearly a nearly a quarter of the entities have not been previously reported.

Sixty patrons, who promoted specific interests to the Trump administration, spent almost $12 million on expenses associated with the Trump Organization during the first two years of Trump’s presidency. The Times reported nearly all of these customers saw their interests move forward. 

In interviews with almost 250 business executives, club members, lobbyists, Trump property employees and current administration officials, sources detailed to Times how Trump conducted business and interacted with customers who were seeking help from the administration.

The newspaper also used Trump’s tax-return data, lobbying disclosures, Freedom of Information Act requests and other public records to construct a database of groups, companies and governments that had business before the administration and spent money on Trump properties.

The Trump Organization’s customers included foreign politicians, Florida barons, a Chinese billionaire, a Serbian prince, clean-energy advocates, petroleum industry leaders, small government advocates and contractors. The newspaper noted that some of the president’s customers did not see their interests fully fulfilled but noted “whether they won or lost, Mr. Trump benefited financially.”

More than 70 advocacy groups, businesses and foreign governments held events at Trump Organization properties that previously were at different locations or developed new events to be hosted at the properties. Religious organizations also participated by throwing prayer meetings, banquets and tours on Trump properties.

At least two dozen

…