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Farr said his meetings with candidate Trump during the campaign convinced him he was serious about overhauling U.S. trade relationships. But Emerson’s renewed commitment to U.S. manufacturing is also part of a larger move by global manufacturers to produce more goods in the regions where they are consumed to save on transportation costs. Foreign companies are also recalibrating, including Dutch multinational Koninklijke Philips NV, one of the world’s largest electronics companies, which last year relied on the United States for 35 percent of its sales. CEO Frans van Houten told investors on a call in January that he is stepping up efforts — like Emerson — to produce more goods where they sell them, moving away from a model of factories specializing in products that are then shipped globally letter n cufflinks.
The push is visible in trade data, said Susan Lund, a partner at McKinsey & Company who studies trade flows. In 2007, 28 percent of global production of goods was traded — moving from one country to another. That share has dropped to 22.5 percent letter n cufflinks. Emerson’s industrial valve and controls business is one area where Farr plans to move factory capacity to the United States to serve customers there. Emerson produces valves used in everything from fracking to oil refineries and has sprawling research and production facilities in Marshalltown, Iowa, which this fiscal year will receive a $22 million capital investment and three dozen new jobs..
ZURICH (Reuters) – The global art market experienced another uptick in 2018, helped by an increase in the spending power of millennials, a report published by UBS and Art Basel said on Friday. A survey of wealthy individuals conducted by UBS and art economist Clare McAndrew for the report found millennials were buying art more actively and frequently taking to the internet to do so. It found that more of them were willing to shell out big money on art than their older peers letter n cufflinks. They also provided a boost for female artists..
“For a generation that might never own a car, their appetite for buying art is encouraging,” UBS Group Chief Marketing Officer Johan Jervøe told Reuters. “It may be a reflection of the unique and often experiential qualities of art and collectibles as long-term assets.”. Overall sales in the art market grew 7 percent to $67.4 billion in 2018, according to UBS and Art Basel’s third annual art market report letter n cufflinks. People between 22 and 37 years of age made up nearly half of the wealthy art buyers who regularly spent $1 million or more on an artwork over the past two years, the survey found, despite representing just over a third of the high-net-worth individuals surveyed..
The results of the survey, which was conducted in Britain, Germany, Japan, Singapore and Hong Kong, offered a silver lining for the art world as geopolitical and economic worries have weighed on overall sentiment. As millennials grow into greater wealth, and benefit from a generational shift in wealth inherited from aging parents, their wealth could reach $24 trillion by 2020, according to Deloitte. Millennials’ spending habits could provide significant potential for both online sales and art’s squeezed middle, Jervøe said, benefiting the industry’s overall health letter n cufflinks.