Union tangles with big farm after 20-year
absence - (www.cnbc.com) The
Gerawan family has been farming in California's Central Valley for more than 60
years, expanding to become the nation's largest peach producer. Dan Gerawan
hires thousands of farm workers every year, and prices have been good. But now
he's dealing with a blast from the past that is sending ripples across the
Golden State's agricultural community like a Steinbeck novel, except with more
lawyers. Over two decades ago, in 1990, the United Farm Workers organized
laborers working for Gerawan Farming and, after legal skirmishes, the UFW was
certified to represent those workers in 1992. Contract negotiations began.
There was one meeting. And then…nothing. The UFW never came back, there was
never any contract, and Gerawan Farming went back to business. Until now. Last
year, the UFW returned. "We have nothing but chaos since," said Dan
Gerawan. He received a letter from the union in October stating it was ready to
negotiate a new contract. "I had to read the letter twice to believe
it." Gerawan said his farm pays higher wages than the competition, and his
operation even provides some benefits. "Our employees like that, and
that's why they work here," he said. However, his lawyers told him that
since workers never decertified the union, he had to negotiate with the UFW. Unlike
the early '90s, the UFW is now able to take advantage of newer laws in
California that force both sides to accept a contract through mandated
arbitration by the California Agricultural Labor Relations Board. Gerawan said
once arbitration began, the union "proposed wage increases that were
ridiculous." He fears the ALRB will side with the union, and the
arbitrator's decision is final.
Obamcare sign up delayed for small business
exchanges until November 1 - (www.cnbc.com) The
Obama administration will delay online Obamacare enrollment for small
businesses in federally operated healthcare exchanges until Nov. 1, marking a
one-month delay in the roll-out, an administration official said on Thursday. The
official, who spoke on the condition of anonymity, said that small businesses
that want to purchase healthcare coverage for their employers would still be
able to enroll beginning Oct. 1 through paper applications, in-person meetings
or over the phone to a federal call center. The Affordable Care Act, more
commonly known as Obamacare, mostly kicks in Oct. 1, with major implications
for the way people are insured. Businesses have been pushing for a delay in the
rules, though.
FHA,
Facing Losses, Likely to Tap Treasury - (online.wsj.com) The
Federal Housing Administration, which emerged as a major backstop of the U.S.
residential-mortgage market throughout the housing downturn, is likely to
require an infusion from the U.S. Treasury at the end of the month, according
to people familiar with the matter. Officials haven't determined exactly how
much money the FHA will need, these people said, but early projections have
suggested the agency could require at least $1 billion. In April, White House
budget officials had projected an agency shortfall of $943 million for the
current fiscal year, but housing officials said at the time they would wait
until Sept. 30 to determine whether they would need to tap the Treasury. The
FHA's main mortgage program hasn't required taxpayer support in its 79-year
history. The agency doesn't have to ask Congress for money because it has what
is known as "permanent and indefinite" budget authority, allowing it
to tap the Treasury.
Brits
to take on "land hoarders" - (www.theguardian.com) Could
an Ed Miliband-led Labour government deliver on homes? Polls say
80% of people say the country faces a housing crisis and on Tuesday the Labour leader
pointed to the 9m who are renting and for whom the dream of home ownership
remains just that. Labour's policy solution is to set an ambitious target of
building 200,000 homes a year, twice the current rate. To accelerate this,
Miliband has three big ideas, which will be examined by a new rebuilding
Britain commission headed by former BBC Trust chair Sir Michael Lyons. First,
Labour would target the shadowy world of land hoarders, often hedge funds and
investors who have no intention of building homes but instead use the acreage
as an asset. "Either use the land or lose the land," warned the
Labour leader. This is a particularly big issue in London. Roger Harding, head
of policy at Shelter, said: "The Greater London Authority estimated 50% of
the land with planning permission was owned by someone other than developers.
You have hedge funds and banks here".
Citigroup
Laying Off 1000 Loansters. Mostly in Las Vegas. Party is Over - (finance.yahoo.com) Citigroup
Inc. said it is eliminating about 1,000 jobs in its U.S. home mortgage
business, making it the latest bank to lay off staff as higher interest rates
cut into demand for new loans and refinancing. The bank is cutting about 8
percent of the 13,000 jobs in its mortgage division, with most of the cuts -
about 760 - taking place in Las Vegas. Banks including Wells Fargo & Co,
JPMorgan Chase & Co and Bank of America have announced thousands of layoffs
in their home lending units in recent weeks. With mortgage rates having risen
to their highest in two years, applications to refinance home loans plunged in
early September to their lowest in nearly four years.
Hedge funds decry
Larry Summers 'fiasco' - (www.cnbc.com)
Top banks have $155 billion capital shortfall, most in Europe - (www.reuters.com)
Top banks have $155 billion capital shortfall, most in Europe - (www.reuters.com)
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