Editorial: Mittal Steel Owner Rumored to Buy World Record Home – US$230 Million

A MANSION in London is set to sell for 117million – making it the world’s costliest home.

The palatial residence, on a street dubbed Billionaires’ Row, is believed to have been bought by Britain’s richest man, steel tycoon Lakshmi Mittal.

MAZ Truck, Bus Maker and Russian Machines May Form JV

The director general of Russian Machines said that the Minsk Automobile Factory (MAZ) may be reorganized into a stock company, stoking rumors that the Russian engineering giant may be seeking a stake in the Belarusian company. Russian tycoon Oleg Deripaska, who owns, among other companies, Russian Machines, was received by Alyaksandr Lukashenka in Minsk.

While talking to reporters in the Belarusian capital on Monday, Russian Machines CEO Valery Lukin noted that the Russian company and the MAZ might consider establishing a joint venture, integrating their sales and service networks or carrying out other cooperation projects. Mr. Deripaska has ordered the Russian Machines management to consider different forms of cooperation with the MAZ, Mr. Lukin said.

MJS Editorial: R&D Tax Credit; an Innovation Tool

Congress should extend the R&D tax credit if it wants this nation to remain the global leader in innovation.

At a time when foreign competition for jobs and new ideas has never been more heated, there should be no debate over whether to provide tax incentives to keep research and development in the United States.

But Congress once again let the R&D tax credit lapse at the end of last year and, so far, has not reinstated this important tool. One encouraging sign: The House last week passed a one-year extension of the credit along with other tax measures.

Attend Congressional Dialogue with Rep. Joe Knollenberg, (R-MI) on June 16

The Motor & Equipment Manufacturers Association (MEMA), in conjunction with the National Association of Manufacturers (NAM), ArvinMeritor, Inc., and the Penske Corporation, will be hosting a Congressional Dialogue with Rep. Joe Knollenberg (MI-9-R) on Monday, June 16, from 8:30 – 9:30 a.m. The event will take place at ArvinMeritor, Inc., 2135 West Maple Road, in Troy, Michigan. There is no charge to attend the event. To RSVP, please contact Jeannine Tini Pierce at jtini@nam.org. Please contact Ann McCulloch at 202-312-9242; amcculloch@mema.org with any questions.

House Vote Expected Soon on Extension of R&D Credit, Exemption of Heavy Duty Excise Tax for APU's and Advanced Insulation Installation

MEMA, Research Triangle Park, NC

The House Committee on Ways and Means May 15 passed bipartisan legislation to extend vital tax relief to millions of families, strengthen investment opportunities for American businesses and encourage the production and use of renewable energy. The legislation, H.R. 6049, the Energy and Tax Extenders Act of 2008, was introduced by Committee Chairman Charles B. Rangel (D-NY) and could be considered by the full House of Representatives as early as this week. H.R. 6049 passed the Committee by a vote of 25-12.

H.R. 6049 would provide critical tax incentives for businesses to invest in new technology by extending the research and development credit (R&D). The revenue estimate over 5 years for a 1 year extension of the R&D credit is $7.7 billion.