Personal Taxes

Massachusetts is dropping rich residents to no-income states like Florida and NH

MANUFACTURING

Factories continued to hum in January, but the pace slowed somewhat

The American factories continued to expand in January, but more slowly than in December. The Institute for Procurement Management reported on Monday that production activity in January fell from 60.7 percent in the previous month to 58.7 percent. The December value was the index’s highest since it was 60.8 percent in August 2018. Any value above 50 indicates an expansion in manufacturing. The January number shows the expansion of the overall economy for the eighth consecutive month after falling in March, April and May. – RELATED PRESS

REAL PROPERTY

Record number of vacant offices in Manhattan

There is a record amount of office space available in Manhattan. Office availability rose to 14.9 percent in January, with data availability increasing to 14.9 percent in 2000, according to a report by Colliers International. Leasing fell by almost 47 percent compared to the same period last year. It did so when asking rents fell to an average of $ 73.65 per square foot for the seventh straight month, their lowest level in nearly three years. – BLOOMBERG NEWS

INTERNATIONAL

Truckers can wait 15 hours at the border after Brexit

Truckers are trying to avoid the UK as the Brexit bureaucracy waits for them to get to the continent. Freight companies avoid the UK, at least in part, because delays discourage carriers. The average time truckers spent on lines in Ashford, South East England, was around 15 hours. The cost of shipping freight between the UK and the European Union also remained unusually high. Some companies use air instead of ocean freight to avoid delays. – BLOOMBERG NEWS

EQUITY

Gap joins companies committed to stocking items from illegally owned companies

The 15 percent promise evolves as new companies – like Gap – register. The initiative, which began last year as an attempt to make black-owned company products available to 15 percent of retail shelf space, has adapted to new businesses that don’t sell outside brands. Gap now promises to launch new programs and expand existing ones to develop black talent to increase representation in the workforce. Companies like Sephora and West Elm were among the first to sign up. The name – 15 percent – refers to the approximate percentage of the population that blacks represent in the United States. – BLOOMBERG NEWS

INTERNATIONAL

In the land of beer gardens, beer sales continue to decline

Beer sales in Germany fell 5.5 percent last year, due to the long closings of bars and restaurants as part of the coronavirus pandemic, official data showed on Monday. Breweries and traders based in Germany sold 8.7 billion liters of beer last year, according to the Federal Statistical Office. This figure does not include alcohol-free beer or beer imported from outside the European Union. German beer sales have been declining for years due to health concerns and other factors. They have fallen 22.3 percent since 1993. – ASSOCIATED PRESS

AIRPLANES

JetBlue is redesigning its premium cabin for transatlantic flights

JetBlue remodeled its premium mint cabin for the company’s transatlantic debut later this year, converting the seats into “suites” with sliding doors and adding two larger “studios”. The airline will offer 24 premium berths on flights between New York and Boston with London, which, according to a statement, will begin with incoming Airbus SE A321LR jets on Monday in the third quarter. JetBlue will also install 14 suites and two studios on new A321 low density aircraft flying between New York and Los Angeles starting June. The airline will enter a transatlantic market ravaged by the coronavirus pandemic, which has led the United States to temporarily restrict travel from the UK, Ireland and 26 other countries in Europe. The studio has an additional seat and a fold-out table where two people can dine together. – BLOOMBERG NEWS

FINANCE

Goldman Sachs links bonuses to non-compete agreements for top traders

Some of Goldman Sachs’ most sought-after dealers were faced with a surprise driver before collecting their 2020 rewards. The company urged employees of its portfolio trading group to sign a six-month non-compete agreement in order to receive bonuses for the breakout year, making it harder for them to stand up to rivals, according to people with knowledge of the matter. While a non-compete agreement of this length is normal for higher ranks, it is often half or less for higher ranks. – BLOOMBERG NEWS

RETAIL TRADE

The Topshop brand, but not its stores, is sold

Online fashion retailer Asos claims it bought Topshop, which once contained designs by Kate Moss and Beyonce, as well as three other brands, for £ 265 million ($ 363 million) when rivals struck bargains after the UK Arcadia retail group collapsed. The deal announced on Monday puts thousands of jobs at risk as Asos acquired the Topshop, Topman, Miss Selfridge and HIIT brands, but none of their stores. Asos said it plans to keep only about 300 employees from the brands. – RELATED PRESS

FOR PROFIT SCHOOLS

Investors warn of Walden’s takeover amid Justice Department investigation

Adtalem Global Education Inc. is being asked by two investors to suspend the $ 1.5 billion acquisition of Walden University pending an investigation by the US Department of Justice into the for-profit university. Engine Capital and Hawk Ridge Partners, which together own a 3.9 percent stake in Adtalem, said in a letter to the company’s board of directors on Monday that they believe the seriousness of potential violations of Walden’s care program is underestimated , and that four agencies are involved in the investigation. The duo said 18 out of 26 nonprofit universities found to be investigated by the Justice Department have received sanctions or fines, and more than half are no longer in business or sold through a fire sale. Such was the case with DeVry University, which Adtalem previously owned. Engine managing partner Arnaud Ajdler and Hawk Ridge’s portfolio manager David Brown wrote in the letter, which was reviewed by Bloomberg. – BLOOMBERG NEWS

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