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Hindustan Times
4 hours ago
- Hindustan Times
Boeing defense union strikes for first time in almost 30 years
Workers at Boeing Co.'s St. Louis-area defense factories are striking for the first time in almost three decades after union members rejected the company's modified contract offer. A worker pickets outside the Boeing Defense, Space & Security facility in Berkeley, Missouri, US, on Monday, Aug. 4, 2025.(Bloomberg) About 3,200 machinists walked off the job around midnight after members voted down a deal that would have raised wages by 20% and boosted retirement contributions. The union last went on strike in 1996, with the stoppage lasting 99 days. 'IAM District 837 members have spoken loud and clear, they deserve a contract that reflects their skill, dedication, and the critical role they play in our nation's defense,' Tom Boelling, the union local's top official, said in a statement ahead of the deadline. The labor action will amplify financial pressure on Boeing's defense and space division, which generates almost a third of the company's revenue. At the same time, the operation that's now gone on strike is far smaller than the civil aircraft business that was severely affected late last year by a walkout, which brought manufacturing in the Seattle area to a standstill for weeks and contributed to Boeing selling equity worth almost $24 billion. 'We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers,' Dan Gillian, a Boeing vice president and senior St. Louis site executive, said in a statement. Union members build fighter aircraft such as the F-15, the T-7 training jet, missiles and munitions. They also manufacture components for Boeing's 777X commercial jets. In March, Boeing won a contract to design and build the US's next-generation stealth fighter jet, beating out rival Lockheed Martin Corp. for the multibillion dollar program dubbed the F-47. Boeing's defense business was profitable for a second consecutive quarter, the company said last month, as it avoided charges that long dogged the business. The company also managed to improve the performance of fixed-price development programs responsible for the worst of previous overruns. There's been a recent groundswell of activism at aerospace manufacturers, with unions gaining leverage amid shortages of highly skilled mechanics. Machinists walked off the job for three weeks at Pratt & Whitney this year, contributing to engine shortages at planemaker Airbus SE. Boeing's commercial factories were shut down by striking workers for two months in late 2024. Boeing Chief Executive Officer Kelly Ortberg downplayed the potential fallout from a strike during the company's July 29 earnings call. 'The order of magnitude of this is much, much less than what we saw last fall,' Ortberg said, noting that the St. Louis union is about 1/10 the size of the Seattle-based union that struck last fall. 'I wouldn't worry too much about the implications of the strike. We'll manage our way through that.' Boeing had crafted its latest offer to address concerns raised by members of International Association of Machinists and Aerospace Workers Local 837 after they rejected its initial proposal last week, Gillian told reporters on July 31. Boeing's proposal to district members would see average wages increase to $102,600 from $75,000 for IAM 837 members. Boeing also eliminated a controversial schedule proposal and revised its 401(k) terms so that workers get the full contribution increase upfront instead of spread over three years. Boeing cautioned that it would withdraw a $5,000 signing bonus and wouldn't offer it again to workers if the contract wasn't ratified on Sunday.
Time of India
5 hours ago
- Time of India
Sub-registrar office under I-T lens for failing to report deals worth Rs1k cr
Nagpur: An ongoing probe of the Income Tax (I-T) Department points out that the sub-registrar office (SRO) at Hingna submitted incomplete information in the statement of financial transactions (SFT) due to which real estate transactions worth close to Rs1,000 crore have skipped the taxman's eye. Data related to last five years is being examined. A slew of agencies like banks, mutual fund houses, jewellers and stock market intermediaries have to file SFT every year. High-value transactions, depending on the limit fixed for each asset, have to be reported to the I-T department through SFT so that they get reflected in the department's system too. On the basis of the data, gains out of high-value deals can be included in the tax returns, said sources. The SROs across the country have to mention details of any property worth Rs30 lakh registered under their respective jurisdiction under the SFT. A new system put in place since the financial year 2024-25 enables the SROs to get the entire data on registrations for property sales worth Rs30 lakh and above at a click of the mouse. It is suspected the SRO under the scanner did not use the system. Rather, details of the transactions were manually noted down. A large number of transactions worth close to Rs1,000 crore found in the SRO's computer systems were not reported, said sources privy to the development. "For example, if a person sold a plot of land for Rs1 crore, there is a chance that the gains may not be reported in the tax returns. However, one cannot escape because the I-T department too gets its data parallelly through SFT," said a source. A random analysis of data by the taxmen showed that something was amiss. The volume of property deeds registered went up considerably, but in terms of monetary value, it nearly halved in a given year. A physical scrutiny of the data revealed a gross mismatch, a source said. REPORTING RULE IGNORED ON A LARGE-SCALE Lack of reporting under SFT has been a major cause of concern for the I-T department. There are limits set for various financial transactions which need to be reported. For example, a cash purchase of jewellery worth Rs 2 lakh needs to be reported. However, there are reports that a number of trading establishments have been ignoring such deals even as the I-T department has been carrying out outreach programmes, said a source. Chartered accountant and former president of Nagpur Chamber of Commerce Limited, Kailash Jogani said the financial entities need to become responsible and promptly report such transactions.
Hindustan Times
13 hours ago
- Hindustan Times
Cash Windfall From Trump's Tax Law Is Starting to Show Up at Big Companies
Provisions in President Trump's 'One Big Beautiful Bill Act' will give windfalls to companies. The magnitude of the cash savings from this summer's federal tax legislation is starting to take shape at America's biggest companies. AT&T recently said it expected $1.5 billion to $2 billion in cash tax savings this year, due to provisions in the tax-and-spending law dubbed the Bill Act">One Big Beautiful Bill Act. The high end of the range is equivalent to an 11% boost to analyst estimates of 2025 free cash flow before the law was enacted. AT&T estimated annual cash tax savings of $2.5 billion to $3 billion in both 2026 and 2027. In short, changes like allowing upfront depreciation of assets and immediate expensing of research-and-development expenses will bring swift windfalls to American corporations but also lasting tailwinds. This in turn has provided incremental fuel to stock markets, a counterweight to risks from tariffs and other policy uncertainty. The cash savings won't affect reported earnings, which are calculated using different accounting rules than taxes. It won't all ultimately end up in free cash flow either, because AT&T plans to reinvest much of the savings in new capital projects. But the change is still a positive for the company's shareholders and valuation, all other things being equal. 'More cash in the company's pocket. Less cash in Uncle Sam's pocket. That in theory should be good for investors,' said David Zion, founder of Zion Research Group and a longtime accounting and tax analyst. AT&T raised its 2026 and 2027 estimates for free cash flow by $1 billion each year to $18 billion and $19 billion, respectively. That means more available cash to pay for things like debt reduction or buying back stock. Free cash flow typically is defined as cash flow from operating activities minus capital expenditures. AT&T's numbers are small potatoes compared with the biggest tech giants' expected windfalls. Zion in a recent report estimated that Meta Platforms' cash tax savings could be as much as $11 billion this year. That is equivalent to 31% of previously estimated free cash flow for the year. Similarly, Zion estimates cash tax savings this year could be $15.7 billion, equivalent to 43% of the average analyst estimate for 2025 free cash flow. Other companies with estimated one-year savings equivalent to 30% of free cash flow or more include Charter Communications, Targa Resources and Texas Instruments. All told, Zion estimates $148 billion in cash tax savings for a sample that covered 369 of the companies in the S&P 500. That is equivalent to 8.5% of the companies' combined full-year estimates for free cash flow as of June 30, right before Congress passed the tax law, using estimates compiled by S&P Global Market Intelligence. Amazon, Meta, Alphabet and Microsoft together accounted for 38% of the total. Most companies, including those four, haven't disclosed estimates yet quantifying the impact. Zion used 2025 estimates for companies with calendar fiscal years and 2026 estimates for companies with non-calendar fiscal years. The firm's $148 billion estimate covers three major tax changes with the biggest potential impact on free cash flow. For starters, the new tax law brings back so-called 100% bonus depreciation. This means businesses can fully and immediately expense most depreciable assets in the U.S. for tax purposes, if they acquired and placed the assets into service after Jan. 19. The government also reinstated upfront expensing for U.S. research and development. That includes letting companies accelerate the expensing of previously unamortized R&D costs, which mainly is a one-time benefit rather than a sustainable source of cash. At Meta, for instance, Zion estimates $4.6 billion of the $11 billion in savings would come from accelerating expensing of unamortized R&D already on the books, while $3.6 billion would be from upfront expensing of new R&D, and $2.8 billion would be from full expensing of business property. Zion used rough, back-of-the-envelope math for his estimates. The savings could be lower, depending, in part, on the tax choices that companies make. For instance, some companies could elect not to fully accelerate expensing of unamortized R&D this year. Another provision in the new tax law relaxed the limit on deductibility of interest expense. The Congressional Budget Office estimated the new law's provisions on deductibility for capital expenditures, R&D and interest expense would cost the government $363 billion, $141 billion and $61 billion, respectively, over 10 years. So while some provisions provide only a near-term boost, others will keep paying off for companies for years to come. Whatever one's views about corporate tax breaks and ballooning budget deficits, they likely have helped bolster stock valuations. Write to Jonathan Weil at
