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On May 1, according to the Wall Street Journal, people familiar with the matter revealed that Republicans in the U.S. House of Representatives are seriously considering proposals to further limit tax breaks for corporate top pay, expanding the current restrictions that only apply to a small number of current or former executives with incomes over $1 million. These changes may be included in the trillion-dollar tax and spending bill that Republicans are drafting and trying to push through the House of Representatives this month. Discussions on this idea and other tax provisions are still ongoing, and lawmakers have not yet determined the details of which employees and employers will be affected. Limiting these tax breaks will increase taxes on companies and may indirectly hit high-income families, but perhaps this approach is more politically acceptable than raising the top marginal income tax rate for millionaires, which Trump recently considered and rejected. The resulting revenue can offset some of the tax cuts in the bill, including the extension of expiring provisions in the 2017 tax law, and Trumps plan to cancel the tip tax, overtime pay and social security benefits.European Commission: Twelve EU member states have requested to activate national exemption clauses to increase defense spending.According to the Wall Street Journal: Republicans in the U.S. House of Representatives are seriously considering a proposal to further limit corporate tax deductions for top pay.U.S. Department of Defense: The United States approves the sale of $425 million in post-deployment Patriot systems and related equipment to Kuwait.Market news: A U.S. House of Representatives committee canceled its proposal to remove the Federal Trade Commissions (FTC) antitrust authority from the budget plan.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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