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Published: Thursday, June 22, 2017 @ 4:06 AM
Updated: Thursday, June 22, 2017 @ 4:05 AM
TAIPEI, Taiwan — The chairman of Taiwanese electronics giant Foxconn said Thursday it may spend more than $10 billion to set up manufacturing in the United States, and will announce investment plans by early August for at least three states.
Terry Gou gave no new information about where Foxconn will locate a U.S. display panel factory he said in January would cost up to $7 billion to build. That announcement triggered a flurry of lobbying by state leaders hoping to attract the investment, which he said might generate as many as 50,000 jobs.
Foxconn is the biggest contract manufacturer of smartphones and other devices for Apple, Sony, Blackberry and other brands. Its success has made Gou Taiwan's richest businessman. The company raised its profile with its purchase in March 2016 of struggling Japanese electronics brand Sharp for $3.5 billion.
The company plans to develop operations in the U.S. that combine hardware manufacturing and software development in technologies including artificial intelligence and automation, Gou said at a meeting with shareholders. Asked later at a news conference how much Foxconn might invest during the five-year plan, he said it might exceed $10 billion.
Foxconn has been in touch with the White House and expects to conclude negotiations by the end of July or early August, Gou said. He said the first investment agreement should cover at least three states, with at least three others to be added later.
The display panel factory, if built, would be a political trophy for U.S. President Donald Trump, who has promised to revive American manufacturing in the Midwest.
Gou mentioned Ohio, Pennsylvania, Michigan, Illinois, Wisconsin, Indiana and Texas as manufacturing states with which Foxconn hopes to work but gave no indication whether any of them might be in the investment agreement. Gou said in January that Pennsylvania was the leading candidate for the panel factory, which would work with Sharp.
Details for each state were not settled, but overall, "we will provide at least tens of thousands of job opportunities," said Gou at the news conference.
Expansion into the United States would reduce Foxconn's reliance on China, where it has the bulk of its operations and employs about 1 million people.
Also Thursday, Gou said there is "still a chance" Foxconn might be able to buy Toshiba Corp.'s memory chip business despite the Japanese company's choice of another bidder as its preferred buyer.
Toshiba said Wednesday it picked a bid totaling about 2 trillion yen ($18 billion) by a U.S.-Japan consortium. Toshiba is selling the lucrative operation due to losses at its U.S. nuclear power unit, Westinghouse Electric Co.
"It is not a done deal yet. I believe there is still a chance for Foxconn," Gou said.
He noted that Toshiba's choice of the U.S.-Japanese consortium faced opposition, including from Japanese banks.
Western Digital of the United States also opposes the choice. It owns SanDisk chip operations that have a joint venture with Toshiba in Japan and says the company has no right to transfer that venture without the American partner's consent.
Western Digital said it filed a request for arbitration last week. Toshiba has accused Western Digital of interfering with its sales efforts.
Published: Sunday, January 21, 2018 @ 2:23 PM
GERMAN TWP. — Upper Valley Pike outside of Tremont City Road is blocked after two coal train cars carrying 200,000 pounds of raw steel derailed and landed on their side.
The incident occurred before 2 p.m. Sunday at the 5100 block of Upper Valley Pike at the cross of Tremont City Road and St. Paris, according to German Twp. dispatch.
German Twp. police are on the scene working to open the road, according to dispatch reports.
According to German Twp. Police Chief Michael Stitzel, the thawing with the warmer temperatures caused the tracks to shift. The last two cars on the train then tipped when they shifted on the tracks.
The railroad company doesn’t know when the mess will be cleaned up.
Published: Sunday, January 21, 2018 @ 10:26 AM
— U.S. lawmakers are in session today but no deal is in sight to prevent an extended government shutdown.
The National Museum of the U.S. Air Force closed Saturday and other local governmental institutions, including Wright-Patterson Air Force Base, will be closed Monday as Republicans and Democrats have failed to reach a deal to fund governmental operations.
Both sides are dug in at the moment, with Republicans pushing for a larger defense budget and the Democrats wanting more non-defense spending as well as an agreement on the immigration bill — Deferred Action for Childhood Arrivals, Cox Media Group D.C. Correspondent Jamie Dupree reports.
U.S. Senate members return at 1 p.m. today and the U.S. House of Representatives meet at 2 p.m. but no action is expected this afternoon. The U.S. Senate has a procedural vote set for early Monday morning on the GOP’s plan to fund the government through Feb. 8.
People who work at Wright-Patterson are being asked to report to work on Monday, but it's unclear how many may be sent home.
WPAFB Public Affairs Director Marie Vanover said base officials won't know until Monday the extent the shutdown will have on base employees and services.
"We will undergo an orderly shutdown. Those who are not exempt from the furlough will be sent home," Vanover said.
Vanover said Sunday the base had not yet been advised of "the parameters" that will determine who stays and who goes home.
When the last shutdown struck in 2013, both furloughed workers and those who stayed on the job were reimbursed.
The Child Development Center was scheduled to be open Monday, spokeswoman Marie Vanover said Saturday.
Col. Alden Hilton, commander of the Air Force School of Aerospace Medicine which marked its 100th anniversary Friday, said essential classes to train aeromedical flight personnel would continue without interruption.
Hundreds of Air Force reservists scheduled for a monthly drill weekend Jan. 20-21 with the 445th Airlift Wing were expected to proceed because it was previously funded, said Lt. Col. Cynthia Harris, a unit spokeswoman.
Wright-Patterson Air Force Base is the largest single-site employer in Ohio with an estimated 27,000 military and civilian personnel.
Wright-Patterson officials will report updates on the plan on its website wpafb.af.mil. The public may also get information by calling Wright-Patterson's public affairs line, (937) 522-3252.
5 WAYS SHUTDOWN IS AFFECTING GOVERNMENT
1. U.S. troops will continue to report for duty and U.S. Mail will be delivered, but around one million civilian federal workers will not be at work if the shutdown extends into Monday, according to the Associated Press.
2. Nearly 45,500 IRS employees will be furloughed, which could delay the implementation of lower income tax withholdings set to go into effect nationwide next month, according to the AP.
3. Medicare and Medicaid will continue to operate, the former continuing to provide insurance coverage for nearly 59 million seniors and disabled citizens and the ladder continuing to provide coverage for low-income and disabled people, according to the AP.
4. Most of the federal employees under the U.S. Department of Justice will continue working during the shutdown, including members of the national security division, the FBI, DEA, ATF and the U.S. Marshals Service, according to the AP.
5. Some U.S. Lawmakers have announced they will donate their pay during the shutdown. U.S. Sen. Sherrod Brown (D-OH) announced Saturday he will donate to an Ohio diaper bank that supports struggling families and Sen. Todd Young (R-IND) announced he will donate his pay to charity.
WHAT YOU NEED TO KNOW
Published: Sunday, January 21, 2018 @ 4:29 AM
TODAY: A few showers are expected throughout the day today. While it won’t be a wash-out, you’ll want to make sure you have an umbrella handy if you have plans to be out. Temperatures will be on the mild side in the mid to upper 40s.
TONIGHT: A few light showers can’t be ruled out overnight, but more dry time is expected. Lows will be in the lower 40s.
MONDAY: More rain expected for the day, especially in the afternoon and early evening. Rain could be heavy at times with highs peaking in the lower to mid 50s.
TUESDAY: Colder air returns with highs in the upper 30s early in the morning. Temperatures will likely fall through the entire day with a chance for snow showers or flurries.
WEDNESDAY: Another cool day expected with partly cloudy skies and highs in the mid to upper 30s.
THURSDAY: Partly sunny skies as temperatures peak in the upper 30s again.
Published: Sunday, January 21, 2018 @ 12:21 PM
— Plans to revitalize the Dayton Arcade could change under the GOP’s new tax plan, according to a story published Friday by the Wall Street Journal.
Under the new law signed by President Donald Trump last month, the 20 percent reimbursement provided to developers who are awarded federal historic tax credits is spread out over five years instead of one, which reduces the incentive to rehabilitate historic structures, according to WSJ’s report.
A number of local developers, preservationists and elected leaders from the Dayton area in December called on U.S. lawmakers to preserve the federal tax incentive program that has helped redevelop dozens of historic and iconic buildings in Dayton, resulting in an estimated $270 million in investment.
Here is what the Dayton Daily News reported: LOSS OF INCENTIVES WOULD BE DEVASTATING
The program is widely used by developers to finance restoration projects on former factories, empty department stores and other disused buildings, which helps to “inject life into sagging main streets,” according to WSJ’s report.
In December, the Dayton Daily News reported that Dayton Arcade’s development partners Cross Street Partners and Miller-Valentine Group were awarded $4 million in historic state tax credits on a proposed $41 million project to overhaul the collection of eight buildings in downtown Dayton. Those buildings, which once housed shops, a farmer’s market, apartments and offices, were closed 26 years ago.
The redevelopment plans include putting in pop-up restaurants and apartments around one anchor tenant yet to be announced.
TRENDING >> Government shutdown: What we know now
WSJ reports that developer Cross Street Partners rushed to finish long-term leases on the Dayton Arcade’s eight buildings at the end of last year in the hopes of qualifying under the old tax-credit rules.
WSJ reports that David Williams, senior director at Cross Street Partners, said the weakened tax-credit program could have threatened a carefully constructed financing plan, which includes multiple tax incentives.
“A hiccup like that can be pretty devastating,” Williams is quoted in the report.