Westinghouse In Talks for Role in US Nuclear Expansion Plan: FT
The nuclear developer could build all 10 with its AP1000 design, Westinghouse interim Chief Executive Officer Dan Sumner told the newspaper in an interview published on Sunday, referring to Westinghouse's flagship pressurized water reactor. The projects could cost $75 billion, the newspaper said, citing estimates from investment bank TD Cowen, excluding potential delays or budget overruns.
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Forbes
19 minutes ago
- Forbes
Paramount Settles Trump Suit For $16M With President's No-Tax Playbook
The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on ... More March 9, 2023. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images) The news that Paramount settled with President Trump for $16 million over alleged 60 Minutes edits that Trump alleged favored then Vice President Kamala Harris prompted criticism from some in the media. When Harris was asked about the Biden administration's relationship with Israel's prime minister, CBS producers used different portions of her answer on two programs. One response was on CBS' 'Face the Nation,' with a shorter one on '60 Minutes.' Many in the media criticized Paramount, but like other lawsuits that Trump has settled, there was an interesting tax angle. The money goes to pay Trump's legal fees, and to his Presidential Library. Trump used the same technique in his $15 million settlement with ABC News over alleged defamation by George Stephanopoulos. Meta also settled with Trump, paying $25 million over suspending his social media accounts, and the funds once again were for legal fees and his Presidential Library. The widespread assumption is that this avoids taxes. In general, though, the IRS view is that settling a lawsuit by having the money paid to charity may not always be a 100% tax solution. In some cases, a plaintiff's request to have settlement funds paid to charity are viewed by the IRS as a payment first to the plaintiff, and then a contribution by him to charity. That may be subject to percentage income limits, which in some cases means that the whole charitable contribution deduction may not be available in the year of the settlement. Paying Trump's Legal Fees If the settlement pays legal bills that President Trump would otherwise owe, the IRS could call that taxable income. When someone discharges your liability, the IRS often views that as income, even you never handle the cash. Similarly, if Trump receives a reimbursement out of the Paramount settlement for legal fees that he has already paid, is that income? It depends on whether Trump has deducted the legal fees on his taxes that are later reimbursed. If he has deducted the fees, the IRS usually requires reimbursed amounts to be treated as income. Directing settlement money to charity can work in some cases, but even that is not foolproof, as noted above. And having the settlement agreement direct the money to someone else — say a friend or relative — usually does not avoid taxes to the plaintiff either. The IRS taxes the person who had a legal right to payment. Many plaintiffs win or settle a lawsuit only to be surprised that they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. Taxes on legal settlements are based on the origin of your claim. If you get laid off at work and sue for wages, you'll be taxed as wages, usually with a portion on a Form 1099 for emotional distress. But the rules are full of exceptions and nuances, so be careful, how settlement awards are taxed. One limited exclusion from taxes applies to physical injury damages. Before 1996, all 'personal' damages were tax-free, so emotional distress and defamation produced tax-free recoveries. But since 1996, your injury must be 'physical.' Trump alleged that the the '60 Minutes' edits caused him mental anguish, but that clearly would not qualfy for a tax exclusion. The IRS treats mental anguish, as well as physical symptoms of emotional distress (like headaches and stomachaches) as taxable. There are many chicken or egg tax cases, and many plaintiffs take aggressive positions on their tax returns, trying to explain their IRS Form 1099. Haggling over tax details before you sign and settle is best. Such agreements aren't binding on the IRS or the courts in later tax disputes, but they are usually not ignored by the IRS. Most legal disputes involve multiple issues. You might claim that the defendant kept your laptop, frittered away your trust fund, underpaid you, failed to reimburse you for a business trip, or other items. Even if your dispute relates to one course of conduct, there's a good chance the total settlement involves several types of consideration. How Legal Fees Are Taxed How legal fees are taxed is tricky too. If you are the plaintiff and use a contingent fee lawyer, you'll be treated (for tax purposes) as receiving 100% of the money recovered by you and your attorney, even if the defendant pays your lawyer directly. If your case is fully nontaxable (say an auto accident in which you are injured), that shouldn't cause any tax problems. But if your recovery is taxable, watch out. Say you settle a suit for intentional infliction of emotional distress against your neighbor for $100,000, and your lawyer keeps $40,000. You might think you'd have $60,000 of income. Instead, you'll have $100,000 of income. In 2005, the U.S. Supreme Court held in Commissioner v. Banks, that plaintiffs generally have income equal to 100% of their recoveries. even if their lawyers take a share. How about deducting the legal fees? In 2004, Congress enacted an above the line deduction for legal fees in employment claims and certain whistleblower claims. But outside these two areas, in some cases it is very difficult to find a deduction for legal fees. Tax advice early before the case settles and the settlement agreement is signed is best. Fortunately, there are often ways to deduct legal fees even under the new law. Punitive Damages & Interest Punitive damages and interest are always taxable. If you are injured in a car crash and collect $50,000 in compensatory damages and $5 million in punitive damages, the former is tax-free. But the $5 million is fully taxable, and you can have trouble deducting your attorney fees. The same occurs with interest. You might receive a tax-free settlement or judgment, but pre-judgment or post-judgment interest is always taxable (and can produce attorney fee problems). Sometimes, that can make it attractive to settle your case rather than going to judgment.
Yahoo
20 minutes ago
- Yahoo
Lactalis boosts staff numbers in US with two factory investments
Lactalis is creating around 50 US jobs as the France-based dairy major invests in two factories in New York state. The world's largest dairy manufacturer is ploughing about $75m into its facilities in Walton and Buffalo to expand production of mozzarella and sour cream. Lactalis' projects will be supported by tax credits from the local Empire State Development fund - $750,000 for the Walton site and $550,000 for the Buffalo plant. According to a statement from New York State Governor Kathy Hochul and Esteve Torrens, the CEO of Lactalis's business in the US, the investment will ensure the retention of 800 full-time jobs across the two factories. The projects are expected to be completed in 2027. The facilities in Walton and Buffalo process 800 million pounds of raw milk annually from 236 local dairy farmers. Torrens said: 'Lactalis has two plants in New York state that are key to our growing business in the US. Our Buffalo plant is home to a significant ricotta and mozzarella production under the Galbani brand. Our Walton plant continues a rich tradition since 1882 of producing Breakstone's Sour Cream and is essential to strengthening our cottage cheese business in a rapidly growing category.' The Buffalo plant produces mozzarella, ricotta and provolone-style cheese under Lactalis' Galbani brand, and also whey powder. The investment for the site is part of the $123m committed by the company for Buffalo from 2020 to 2027. In this round, $60m has been earmarked for the installation of six new vats, the addition of a cheese belt and a robotic palletiser. Lactalis said 20 of the new jobs will be created at the Walton sour cream and cottage cheese plant as the factory undergoes a $15m modernisation project to expand production. It will include new fillers, air filters, laboratory equipment, new roofing and boiler upgrades. 'By investing in the Lactalis USA facilities and assisting with improvements, New York is retaining hundreds of jobs and adding new jobs, as well as helping to support the region's dairy farmers,' Hochul said. 'New York will continue to work with businesses in the agri-food sectors as they expand and grow to ensure good-paying jobs remain in our communities.' The Walton and Buffalo facilities are among the 11 manufacturing plants and corporate offices Lactalis has in the US, according to the statement. It also has sites in Illinois, New Hampshire, California, Wisconsin, Idaho, Vermont and Arizona. Lactalis' factory in Tulare in California was the recipient of a $55m investment last year for its Président brand. Meanwhile, Lactalis entered an agreement to acquire the US yogurt business of food peer General Mills in 2024. Further afield, the French dairy major is bidding for the assets of Fonterra's consumer business and the cooperative's dairy and ingredients foodservice businesses in Australia. The news emerged in May soon after reports surfaced that Canadian dairy giant Saputo, along with Japan's Meiji Holding Co. and US investment firm Warburg Pincus, were also among interested parties. "Lactalis boosts staff numbers in US with two factory investments" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
Bessent Aims to Meet With Chinese Counterpart in Next Few Weeks
(Bloomberg) -- US Treasury Secretary Scott Bessent said that he expected to meet with his Chinese counterpart in the coming weeks to advance discussions on trade and other issues between the world's two largest economies. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Are Tourists Ruining Europe? How Locals Are Pushing Back Massachusetts to Follow NYC in Making Landlords Pay Broker Fees In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark 'I'm going to be meeting with my Chinese counterpart at sometime in the next couple of weeks,' Bessent said in an interview Monday on CNBC. 'We had good meetings in Geneva, in London. We both approached it with great respect' 'I think there are things for us to do together if the Chinese want to do it,' he added. 'So we will discuss whether we are able to move beyond trade into other areas.' While Bessent did not identify his counterpart by name, the Treasury secretary has engaged in the past with Chinese Vice Premier He Lifeng. Lifeng led his country's delegation for talks in London last month with the US on trade. The US and China exchanged crippling tit-for-tat tariffs earlier this year that threatened to choke off trade, unnerving financial markets fearing the clash would spark a global downturn. Negotiations in Geneva and later in London saw the two nations agree to a truce under which Beijing agreed to ease the export of rare earth minerals critical to a slew of US industries ranging from chips, clean energy and transportation, in exchange for the US lifting some of its restrictions. Those minerals have held an outsized importance in discussions between the countries. Bessent last week cautioned that flows of those critical materials still had not returned to levels seen in April. Still, the framework between the US and China is far from comprehensive and there remain complicated questions to resolve, including Trump's concerns about fentanyl trafficking and his efforts to secure a deal for the divestiture of the American operations of social media app TikTok from its Chinese parent ByteDance Ltd. That deal requires Beijing's sign-off, giving the country a source of leverage to potentially extract concessions from the US on trade and other issues. Trump has said he has a prospective buyer for TikTok — an investor consortium that includes Oracle Corp., Blackstone and the venture capital firm Andreessen Horowitz. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. Sign in to access your portfolio
