German CNC maker establishes North American HQ in Austin
A German builder of machine tools that has worked with some of the largest companies in the world has opened its North American headquarters in Southeast Austin. Read more about the business in this report, which also includes ABJ's list of manufacturers in the region.
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Sapling Financial Consultants Launches Green Shoots M&A Index
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Business of Fashion
an hour ago
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Lead EU lawmaker on sustainability laws proposes more cuts
The European Union should further slash the number of companies subject to its environmental and corporate sustainability rules, the European Parliament member leading negotiations on the policies said on Thursday. The European Commission proposed a 'simplification omnibus' in February that it said would help European firms compete with foreign rivals by cutting back on sustainability reporting rules and obligations intended to root out abuses in their supply chains. Those proposals did not go far enough, according to Swedish centre-right lawmaker Jörgen Warborn, who has drafted amendments to scale back the laws further to only cover companies with 3,000 employees or more and over 450 million euros ($521 million) in turnover. The Commission proposal would exempt companies with fewer than 1,000 employees - already, cutting out more than 80 percent of the roughly 50,000 companies currently covered by the green reporting rules. The EU counts around 6,000 companies with more than 1,000 employees. 'Europe is falling behind the US and China in the global race for competitiveness. I'm entering this process with a clear ambition: to cut costs for businesses and go further than the Commission on simplification,' Warborn said in a statement on Thursday. His draft proposal must be negotiated in the European Parliament where other lawmakers can propose their own amendments. The Parliament will agree the final changes with EU member countries in the coming months. Warborn, a member of the centre-right European People's Party lawmaker group, is facing competing calls from some right-wing lawmakers to scrap the policies entirely, and Socialist and Green lawmakers vowing to preserve them. French president Emmanuel Macron and German chancellor Friedrich Merz have both demanded the EU scrap the supply chain law. But the walk-back on ESG rules has met resistance from some investors and campaigners, who have warned it weakens corporate accountability and hurts the bloc's ability to attract more investments towards meeting climate goals. Warborn said his proposed changes will not weaken Europe's sustainability standards, but rather free up resources that companies can instead invest in innovation. By Kate Abnett; Editor: Joe Bavier Learn more: Op-Ed | Dear Fashion CEOs, Stop Undermining Climate Action Too many brands have set ambitious emissions goals while their trade associations quietly work to block the regulations needed to achieve them, argues Maxine Bédat.
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an hour ago
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Impeachment? Deportation? Crazy? 6 takeaways from the wild feud between Trump and Elon Musk
WASHINGTON – Elon Musk, who led a scorched-earth strategy in recommending the dismantling of federal agencies and laying off tens of thousands of workers, continued burning bridges after leaving his special White House job advising President Donald Trump. Musk's lobbying days before the blowup to kill Trump's centerpiece tax bill spurred the president to voice his disappointment June 5. Trump later said on social media his adviser 'just went CRAZY!' Trump threatened to cancel billions in federal contracts with Musk's companies. Meanwhile, Musk endorsed a third Trump impeachment. Not satisfied with predicting Trump's tariffs would lead to a recession, Musk later accused Trump of consorting with accused sex trafficker Jeffrey Epstein. Trump's political adviser and former White House aide Steve Bannon suggested the president should deport Musk back to his native South Africa. Here are six takeaways about the feud and where it might lead: Musk has called the cost of Trump's legislative package of tax and spending cuts a 'disgusting abomination,' and urged lawmakers to kill it. Trump responded during an Oval Office meeting with German Chancellor Friedrich Merz by saying he was disappointed with Musk. Trump blamed Musk's criticism on the legislation aiming to end incentives for electric vehicles, which Musk's company Tesla manufactures, and for discarding his choice to head the National Aeronautics and Space Administration, which works with Musk's SpaceX rockets. "I'm very disappointed with Elon," Trump said. 'I can understand why he's upset." "Elon and I had a great relationship," Trump added later. "I don't know if we will anymore." When someone else suggested on social media that Trump should be impeached and replaced by Vice President JD Vance, Musk replied, 'Yes.' The House impeached Trump during his first term. Once was for his urging Ukraine's President Volodymyr Zelenskyy to investigate his Democratic rival, Joe Biden. The second time was for inciting the riot Jan. 6, 2021, at the Capitol. The Senate acquitted Trump both times after failing to get a two-thirds majority for conviction. Musk upped the ante by predicting Trump's tariffs – the centerpiece of his economic policy – would cause a recession. 'The Trump tariffs will cause a recession in the second half of this year,' Musk wrote on social media. Trump has argued the tariffs would bring the government billions in revenue and force manufacturers to bring jobs back to the U.S. He has also used tariffs as leverage to negotiate trade deals with other countries. Jeffrey Epstein was a financier charged federally with sex trafficking. He died by suicide in a New York jail cell in August 2019. Conspiracy theorists have speculated that powerful people silenced Epstein rather than have their secrets exposed. Trump and Epstein were filmed and photographed together at parties. In 2002 Trump praised the wealthy businessman as a "terrific guy' but he has since distanced himself from him. Attorney General Pam Bondi said she would declassify the government's files on Epstein but about 200 pages released Feb. 27 implicated no one else. "Time to drop the really big bomb," Musk said in a June 5 post on X. "@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" The White House responded that Musk was unhappy with Trump's legislative package. 'This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted,' White House press secretary Karoline Leavitt said. 'The President is focused on passing this historic piece of legislation and making our country great again.' Trump later threatened on social media to cancel Musk's government contracts and subsidies. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump said. "I was always surprised that Biden didn't do it!" Tesla's shares dropped 14%, losing about $150 billion in market share, on June 5. Trump's legislative package seeks to end government subsidies for electric vehicles. Musk's SpaceX also relies on billions in contracts to transport people and supplies to the International Space Station. The government must rely on private rockets or the rockets of other countries for such trips after retiring the space shuttle program. 'In light of the President's statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately,' Musk wrote. One of Trump's informal advisers, Steve Bannon, told the New York Times he was urging the president to launch several investigations into Musk, including whether he should be deported. Musk came to the U.S. on a student visa and has since become a naturalized citizen, but critics have raised questions about whether Musk overstayed the terms of his original visa. 'They should initiate a formal investigation of his immigration status, because I am of the strong belief that he is an illegal alien, and he should be deported from the country immediately,' Bannon said. This article originally appeared on USA TODAY: 6 takeaways from Trump and Musk's ruptured relationship and wild feud
