Category Archives: Business

May 20, 2017

Merkel to change German laws so banks can SACK staff to lure London-based businesses (Video)

Angela Merkel is to try to lure finance companies away from the City by making senior bankers exempt from Germany’s stringent labour laws.

The proposed change to the current regulations is intended as a sweeter for global banks who are considering moving the staff from their London home to the continent but may have reservations over Germany’s the strict laws governing employment.

The move would apply to those earning more than £215,000 (€250,000) in the banking sector and would make it easier for those companies to dismiss staff.

The move is being pushed by Volker Bouffier, vice chairman of the Christian Democratic Union (CDU) which is lead by Mrs Merkel, who backs the move.

Mr Bouffier said: We do not need the German protection against redundancy for top earners in banking.

“I see a political prospect of changing this law by the middle of next year or in the Autumn (of 2018), once the new government is in place.”

Importantly, Mr Bouffier is also the premier of the state of Hesse, home to the country’s financial centre, Frankfurt.

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Complete text and video linked here.

April 30, 2017

Sessions Promises DOJ Crackdown On White Collar Crime

“Companies should succeed because they provide superior products and services, not because they have paid off the right people.”

Jeff Sessions told a room full of attorneys in Washington, DC Monday that just because he and the Department of Justice have promised to crack down on illegal immigration, that doesn’t mean they won’t also prioritize cleaning up white collar crime.

“Focusing on these challenges does not mean we will reduce our efforts in other areas,” the Attorney General told attendees at the Ethics & Compliance Initiative’s annual conference.

“We also have a responsibility to protect American consumers,” he continued. “These laws are in place for a reason. When they are broken, it has real consequences in peoples’ lives.”

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April 24, 2017

Immigrants flooded California construction. Worker pay sank. Here’s why

Construction in Los Angeles has shifted from a heavily unionized labor force that was two-thirds white to a largely non-union one that is 70% Latino and heavily immigrant.

Eddie Ybarra and Francisco Martinez, both in their 40s, work side by side building the walls of two of the newest condo buildings in downtown Los Angeles. They drive pickup trucks to work, park in adjacent lots and both take their lunch break around 10 a.m. That’s about all they share.

Ybarra, born in Los Angeles, has built a solidly middle-class lifestyle on more than two decades in the carpenters’ union, earning $40 an hour on top of a pension, healthcare and unlimited vacation days.

Martinez, born in Guadalajara, Mexico, works for a nonunion contractor, installing metal panels and other parts for $27.50 an hour. He doesn’t have retirement savings, his insurance doesn’t cover his family and he gets five vacation days per year.

The story of these two men illustrates the radical shift that has put construction front and center in the national debate over declining blue-collar jobs and President Trump’s views of immigration.

In the span of a few decades, Los Angeles area construction went from an industry that was two-thirds white, and largely unionized, to one that is overwhelmingly Latino, mostly nonunion and heavily reliant on immigrants, according to a Los Angeles Times review of federal data.

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April 19, 2017

Australia toughens foreign worker visas, says Australian jobs for Australians

The Australian Industry Group (Ai Group), which represents more than 60,000 businesses, said the changes would improve the integrity of Australia’s visa programme.

Australia will abolish a temporary work visa popular with foreigners and replace it with a new programme requiring better English-language and job skills, Prime Minister Malcolm Turnbull said on Tuesday.

Turnbull, struggling with poor voter approval ratings, rejected suggestions the visa policy change was in response to far-right wing political parties, such as One Nation, demanding more nationalistic policies.

But in a Facebook announcement Turnbull said: “Our reforms will have a simple focus: Australian jobs and Australian values.”

In a similar vein, U.S. President Donald Trump will sign an executive order on Tuesday directing changes to a temporary visa programme used to bring foreign workers to the United States to fill highly skilled jobs. The order is an attempt by Trump to carry out his “America First” election campaign pledges.

Turnbull said the visa change would attract better skilled workers and see Australians employed over cheap foreign workers brought in under the old 457 visa programme.

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Venezuelan Oligarchs Who Robbed Country Bring Cash and Corruption to Miami and Houston

“They come here to enjoy the fruits of their ill-gotten gains.”

More than 1.5 million Venezuelans have fled into the diaspora spurred by the election of Hugo Chávez, Maduro’s predecessor, as president in 1998. Many settled in the United States, including in Houston — lured by its oil and gas jobs — and Miami, the American metropolis closest to South America. Some are poor and working-class Venezuelans in search of economic opportunity. Some are professionals who were purged by the Chávez government. And some are the same corrupt businessmen who stole billions from the Venezuelan government and plunged the country into the worst economic crisis Latin America has seen in a generation.

“They go out and they buy the most expensive house, the most exotic cars, the fastest airplanes,” says Otto Reich, a former U.S. ambassador to Venezuela. “They do it here in the United States because they’re afforded the personal security that their fellow citizens are denied in Venezuela… they come here to enjoy the fruits of their ill-gotten gains.”

Venezuelans call them boligarchs, a portmanteau of “bolívar” (Venezuela’s currency) and “oligarch.” Hundreds hide in plain sight in Venezuelan enclaves such as Weston, Florida; and Katy, Texas. These American boligarchs include Roberto Rincón and Abraham Shiera, a pair of Venezuelan businessmen who bilked their country’s state-run oil company, PDVSA (PAY-duh-veh-suh), out of $1 billion before they were caught.

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Complete text linked here.

April 18, 2017

Harvard Research: Minimum Wage Hikes Put Non-Elite Restaurants Out of Business

A recent study conducted by researchers at Harvard Business School concluded that minimum wage laws increase the likelihood that non-elite restaurants will go out of business.

The study, which was conducted by the husband-and-wife team of Dara Lee Luca and Michael Luca, looked at data on “tens of thousands of restaurants in the San Francisco area.” They concluded that lower-rated restaurants are disproportionately more likely than four or five-star restaurants to go out of business as a result of minimum wage laws.

The evidence suggests that higher minimum wages increase overall exit rates for restaurants. However, lower quality restaurants, which are already closer to the margin of exit, are disproportionately impacted by increases to the minimum wage.

Their data on the San Francisco-area restaurants studied concluded that a $1 increase in the minimum wage increased the likelihood of a restaurant going out of business by four to 10 percent. A 10 percent increase in the minimum wage led to a 24 percent increase in the likelihood that a restaurant would go out of business.

This paper presents several new findings. First, we provide suggestive evidence that higher minimum wage increases overall exit rates among restaurants, where a $1 increase in the minimum wage leads to approximately a 4 to 10 percent increase in the likelihood of exit, although statistical significance falls with the inclusion of time-varying county-level characteristics and city-specific time trends.

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Complete text linked here.

April 16, 2017

Marvel, NFL, ESPN learn progressive politics is bad for their bottom line

According to ratings and sales figures for popular brands like ESPN, Marvel and the NFL, social justice just doesn’t sell.

In an interview with icV2, a news source for comics and games, Marvel’s Senior Vice President of Sales and Marketing said tastes have simply changed, noting that people weren’t interested in the diverse and female characters the company rolled out, turning their noses up at non-core Marvel characters.

This caused outrage and it seems he was forced to make a correction, which social justice warriors tend to demand of people.

Then there’s ESPN whose ratings have dropped significantly for what some blame on their clearly leftist political stances. Subscribers dropped by 87.8M and their Monday Night Football ratings dropped 12% since last season.

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Complete text linked here.

April 4, 2017

Feds Sentence Waste Management Supervisors for Hiring Illegal Workers

A federal district court sentenced three Waste Management supervisors to prison for hiring 10 or more illegal aliens. The charges include a conspiracy to encourage and induce migrants to enter and live in the country. Feds revealed that two of the men involved in the conspiracy are Salvadoran nationals. The third is a U.S. citizen.

A jury convicted Rudy Alexander Martinez, 36, and Israel Arquimides Martinez, 44 on April 8, 2016, after a trial that lasted two weeks and about six hours of deliberation. The jury determined the two Salvadoran nationals conspired to employ and actually employed illegal aliens, according to information obtained from U.S. Immigration and Customs Enforcement officials by Breitbart Texas. Also, the jury found the defendants encouraged and induced illegal aliens to enter the country without documentation and to reside in the U.S. Finally; the jury convicted the two men on charges of aggravated identity theft–a separate offense that carries a sentence of two years which runs consecutive to any other sentencing.

Ceasar Santiago Arroyo, 51, a Houston resident and U.S. citizen, pleaded guilty on March 31 to the conspiracy. He served as a district operations manager for Waste Management.

Rudy and Israel Martinez worked for Waste Management in supervisory or management capacities. Rudy served as a commercial route manager while Israel served as a lead driver in residential operations.

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Complete text linked here.

March 28, 2017

#AdsenseGate: The Truth About Youtube Demonetization (Video)

Must watch.

March 10, 2017

The horrendous visa program forcing tech workers to ‘dig their own graves’

“Why should IBM or Disney be deciding our future voting population?” Horowitz asks. “That needs to be decided by our general immigration system, not those looking to save $15,000 or $20,000 on their labor costs.”

Leo Perrero still remembers the humiliation of losing his job.

“All of you in this room will be losing your jobs in the next 90 days,” he was told, later recalling the experience before Congress.

“Later that same day,” he added, “I remember very clearly going to the local church pumpkin sale and having to tell the kids that we could not buy any because my job was going over to a foreign worker.”

Disney replaced Perrero using a little-known and oft overlooked provision of immigration law that allows big tech companies to replace their employees with foreign workers under extremely questionable circumstances.

In an upcoming episode of “Michelle Malkin Investigates” — “H-1B Hell: The Sellout of America’s Best and Brightest Workers” — Malkin delves into how the H-1B worker visa program has been putting people like Leo Perrero and countless others out of work since 1990.

On location at UC San Francisco, where 79 IT workers recently lost their jobs to an outsourcing firm and user of H-1B visa workers, Malkin spoke to some of tech workers laid off by the university.

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Complete text linked here.