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BERLIN http://www.2018footballdraft.com/Dallas-Goedert-Jersey/ - Dallas Goedert Jersey , Sept. 20 (Xinhua) -- After more than a year of negotiations, the German industrial group Thyssenkrupp on Wednesday agreed on the merger of its European steel division with its Indian competitor Tata. However, Thyssenkrupp's works council has announced its plans to enact strong resistance against the merger.
The final agreement is to be signed in 2018, Thyssenkrupp announced Wednesday at its headquarters in Essen. The companies will cut 2,000 jobs each and save up to 600 million euros (720 million U.S. dollars).
The new company will be based in the Netherlands. Thyssenkrupp and Tata intend to hold 50 percent of the shares each. After the merger http://www.2018footballdraft.com/Daron-Payne-Jersey/ - Da'Ron Payne Jersey , the company will employ approximately 48,000 workers, of which 27,000 come from Thyssenkrupp.
The merger still has to be approved by the supervisory board of the German company.
The works council and the metalworker's union IG Metall resisted the plan against the backdrop of the potential threat of massive cuts in locations and employees.
The employee representatives have called for protests on Friday with 5,000 steel workers expected to attend. In addition http://www.2018footballdraft.com/Connor-Williams-Jersey/ - Connor Williams Jersey , employee representatives announced they would unanimously vote against a merger with the Indian competitor in the event of a vote in the supervisory board. Such a voting would be a novelty in the company's history.
Thyssenkrupp steel division's works council criticized the merger plans.
""The board has put all eggs in one basket against all warnings. This does not mean that we approve,"" the head of the works council of the steel division Guenter Back told dpa on Wednesday, adding that a merger would in the end result in ""significantly more"" jobs to cut.
Thyssenkrupp Group CEO Heinrich Hiesinger emphasized the need for further consolidation in the past in light of global overcapacity. Even without such a merger, cuts in staff and locations would be necessary, he had argued.
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" U.S. President Donald Trump (C) speaks at an event celebrating the passage of the tax bill on the South Lawn of the White House in Washington D.C., the United States, on Dec. 20, 2017. The U.S. Congress on Wednesday finally passed the Republican bill to overhaul the U.S. tax code over three decades, sending it to President Donald Trump's desk for signature http://www.2018footballdraft.com/Bradley-Chubb-Jersey/ - Bradley Chubb Jersey , amid concerns that the change would widen income inequality and swell public debt. (XinhuaYin Bogu)
The US Congress on Wednesday finally passed the Republican bill to overhaul the US tax code over three decades, sending it to President Donald Trump's desk for signature, amid concerns that the change would widen income inequality and swell public debt.
The House on Wednesday voted 224-201 to approve the 1.5-trillion-US dollar tax cuts package, which would impact nearly every part of the world's largest economy, affecting both large and small businesses http://www.2018footballdraft.com/Billy-Price-Jersey/ - Billy Price Jersey , as well as families.
The House passed the tax bill Tuesday afternoon, but the Senate's parliamentarian found several provisions in the bill violated budget rules, forcing lawmakers to strip them out and requiring the House to vote again.
The Senate narrowly passed the revised bill Tuesday midnight with a vote of 51-48. Now the bill, without the support of a single Democrat in Congress, will be sent to Trump's desk for signature within days and to take effect in 2018.
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The final tax bill, the sweeping rewrite of US tax law since 1986, would cut the corporate income tax rate to 21 percent from the current 35 percent and create a 20-percent deduction for income of pass-through businesses such as limited liability companies.
It would keep the seven individual income tax brackets, while lowering the top individual income rate to 37 percent from the current 39.6 percent. Most of the tax cuts for individuals in the bill would expire in 2025.
Overhauling the tax code is a top priority for the Trump administration and congressional Republicans before next year's midterm elections. They insist that the broad tax cuts for corporations http://www.2018footballdraft.com/ - NFL Draft Jerseys , small businesses and individuals will boost US economic and job growth.
But Democrats have criticized that the Republican tax legislation would mostly benefit the wealthy and large corporations and increase US budget deficit.
While the bill would reduce taxes on average for all income groups, the top one percent of households would receive the largest benefits, according to a new study by the nonpartisan Tax Policy Center published on Monday.
The study also found that the top one percent taxpayers would receive an average tax cut of 0.9 percent of after-tax income in 2027, while low- and middle-income taxpayers would see little change.
Economists have argued that the massive tax cuts to the wealthy would do little to boost economic growth but further widen US income inequality.
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