In many ways, Lakshmi Niwas Mittal’s global trek began with the acquisition of a plant in Trinidad & Tobago in 1989.Earlier in 1976, as a 26-year-old, he set up a plant in Indonesia for his father Mohanlal Mittal. But it was far away in the Caribbean island that Mittal first sowed seeds of a global strategy, which over the next two decades made him the largest steelmaker in the world. ArcelorMittal’s presence would go on to include plants in 18 countries and offices in 60.Thirty years since that first acquisition though, the Trinidad and Tobago unit is a part of Mittal’s global empire that doesn’t make for a pretty picture.Close ArcelorMittal closed the Point Lisas plant in 2016, a day after the worker’s union got a favourable decision from the courts on a pay hike. Low steel prices and increasing costs had already impacted the operations. related news Bharti Airtel posts staggering Rs 23,045 cr net loss in Q2 after AGR provisioning Glenmark … [Read more...] about Lakshmi Mittal ‘s global empire: An asset or a liability in his Essar Steel bid?
What makes entrepreneurs successful
Capital & Main is an award-winning publication that reports from California on economic, political, and social issues. advertisement advertisement As the old refrain goes, “Nothing can be said to be certain except death and taxes.” However, as University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman point out in their new book, The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay, for the corporations and the wealthy, there is no certainty about paying taxes at all. In fact, in the United States, evading taxes has become as simple as creating a shell company in Bermuda. Saez and Zucman outline how tax injustice has led to vast inequality in wealth and power, but they also offer some solutions—some of which have been embraced by Democratic presidential candidates Elizabeth Warren and Bernie Sanders. They have also started a raging debate—mostly among economists—about their facts and their … [Read more...] about The economist behind Elizabeth Warren’s wealth tax proposal explains how it works
Actor, entrepreneur, musician, and Most Creative Person Jared Leto, with his Thirty Seconds To Mars bandmates Shannon Leto (his brother) and Tomo Milicevic, have sold over five million albums worldwide. For all of that success, they’ve seen exactly zero dollars. advertisement advertisement In 2008, like many bands who suddenly catch on, Thirty Seconds To Mars sought to renegotiate or be let out of their record contract with Virgin (owned by EMI). EMI’s response was to sue the band for $30 million, just as the members set out to record their next album. (And you thought you had creative pressures.) So Leto began documenting the challenge to record the band’s third album, This Is War, between trips to his lawyer’s office. The resulting documentary is called Artifact. Leto released it through his high-quality video platform Vyrt. Now it’s on iTunes, too (and in some theaters). It’s a story about the struggle between art and commerce–part … [Read more...] about Jared Leto On Creativity, Commerce, And Lessons From Surviving A $30 Million Lawsuit