9:31AM LML Payment Systems settles litigation with PayPal; PayPal agreed to pay $7.5 mln in connection with the agreement (LMLP) 4.90 -0.19 :
The stock is off about 20% in two and a half days of trading.
Comments »NRP acquires two new limestone properties
NRP announced yesterday, March 10, that they acquired two new properties in Tennessee and Kentucky, both land and limestone reserves for a price of about $20.7 million.
Comments »Ford chief earns record compensation for auto executive
Alan Mulally’s compensation will most probably surpass that of the industry’s previous record holder, ex-Ford CEO Alex Trotman.
Estimates put his earnings at around $313 million.
Comments »Michigan tax plan could be immune from voter backlash
Michigan Governor Rick Snyder’s plan to cut taxes on businesses while simultaneously raising taxes on residents – for instance in pension plans – contains a $100 appropriation that would free it from repeal by public vote. This is because of the state constitution, upheld by the Supreme Court, which states that any law which contains as little as $1 of expenditure is free from referendums.
The 183 page tax overhaul bill would replace the Michigan Business Tax with a flat 6% corporate tax rate, while also slashing tax exemptions across the board. These include exemptions for pension plans, the Earned Income Tax Credit for low income workers, and the recently-hyped refundable tax credit for movies produced in within the state.
Michigan Democrats have sworn to challenge the law, on grounds that the appropriations in the bill are designed to usurp the democratic process and take the future of Michigan out of the hands of the state citizens.
The full story can be viewed here.
Comments »What Now After The Public Union Face Off?
The recent actions being taken across the country to reduce public union bargaining abilities and restructure benefit plans is as inflammatory as it is intriguing.
Since the Wisconsin Democrats fled three weeks ago, the state of affairs has been inarguably terse; having tens of thousands of protestors flown in from around the country is a difficult enough situation when you consider that these people have to eat and sleep somewhere. The logistics alone are stressful, before adding in the anger that has been at elevated levels since this freeze began.
However, now that a resolution appears to be in sight, it seems like this highly infuriating subject is a good point on which to focus my efforts, to address a generally absurd claim I’ve been hearing.
The argument goes something like this:
This is the first step to returning to 1920 labor conditions. Without the unions and their ability to collectively bargain, there is no one protecting the working class.
Ignoring the fact that collective bargaining for pay raises has little to nothing to do with working conditions (and public unions haven’t completely lost the right to strike without consequence), here’s an incomplete list of United States Labor Laws in no particular order:
1. Fair Labor Standards Act of 1938 (amended to cover government employees in 1974)
2. Employee Retirement Income Security Act of 1974
3. Family and Medical Leave Act of 1993
4. Occupational Safety and Health Act of 1970
5. Civil Rights Act of 1964
6. Civil Rights Act of 1991
7. Age Discrimination in Employment Act of 1967
8. Americans with Disabilities Act of 1990
9. Immigration Reform and Control Act of 1986
If you’d like to see the behemoth that is US Labor Law, an open indication that this is not the 1920’s, then by all means, check out the entire list of them here.
What is generally apparent is that the rights of U.S. workers are guaranteed considerably beyond the overly simplified illustration of organized labor constantly fighting off the attempts of some blurry menace, Big Business, to destroy them.
Unfortunately, while the entirety of this issue was entertaining to watch, it brought only instability and, even after this outcome, no relief to the three groups that need it the most; government entities, business organizations, and taxpayers.
Wisconsin is still broke, desperately hoping to hold even. And for the moment taxpayers and their businesses are still paying exactly what they were before now.
But, perhaps the debt of public entities will now improve going forward.
Comments »TLP revenue increases, net profits swing to loss
8:46AM Transmontaigne Partners reports Q4 revenue increased 10% y/y to $39.5 mln, Thomson Reuters consensus $37.7 mln; net earnings per limited partner unit decreased to $0.24 per unit loss from $0.53 in earnings, may not be comparable to $0.57 consensus (TLP) 38.74 :
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