Latino grocery chain faces immigration audit
Wednesday, October 17, 2012 - 10:46 Mi Pueblo A Mi Pueblo store in Tracy, Calif. Mi Pueblo was founded by a Mexican immigrant, and hires mostly Latino workers. Now, the Northern California supermarket is under a federal probe to expose undocumented workers. Mi Pueblo, a Latino supermarket chain with humble roots, faces the prospect of a mass layoff, a boycott and a federal investigation -- all because of questions about its employees’ legal status and right to work in the U.S. The Northern California grocery chain imports and produces a full spectrum of foods from Mexico. Its 21 stores, and counting, pop up in urban food deserts that stores like Safeway don’t touch. Mi Pueblo took some heat recently when the company voluntarily joined E-Verify , a federal program that screens job applicants’ immigration status against a federal database. Turns out it wasn’t so voluntary. The company revealed this month that U.S. Immigrations and Customs Enforcement, or ICE, has launched an employee ...
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Obama’s Budget Would Cap Tax-Advantaged Savings
Some of us have worried for decades that when America’s tax-advantaged savings pot got large enough, our perpetually revenue-challenged federal government would raid the nest egg. All that untaxed growth would simply prove irresistible. That day may be at hand. President Obama’s budget, just sent to Congress, proposes to cap tax-advantaged savings across all accounts at $3 million in order to raise $9 billion over 10 years. The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRAs—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professionals like doctors and lawyers. As these business owners reach the cap, and there’s nothing left in it for them, they might shut down or reduce plans that benefit their employees. (MORE: Young Workers with a 401(k) Finally Get Diversified) The cap proposal is a clear play to unlock some of the $10 trillion sitting in ...
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SEC Gives Companies OK to Use Social Media
WASHINGTON — The Securities and Exchange Commission will allow public companies to make significant announcements on Facebook, Twitter and other social media sites provided they alert investors which sites they intend to use. The decision announced Tuesday allows companies to use social media in place of more formal websites. The question arose after Netflix Inc. CEO Reed Hastings said on his Facebook page in July that subscribers together watched more than 1 billion hours of video for the first time during June, the agency said. (MORE: How the Great Recession Changed Our Spending Habits) An SEC rule requires that all investors receive significant company information at the same time. By allowing businesses to use more informal channels to share news with investors, the SEC is acknowledging the shift in technology that has made social media indispensable for the largest and most powerful corporations. One key requirement is that companies alert investors in press releases or regulatory ...
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Cyprus Banks Re-Open; Limits on Transactions
(NICOSIA, Cyprus) — Banks in Cyprus have reopened to customers for the first time in nearly two weeks, with customers now able to access their accounts, albeit with strict restrictions on transactions. Large lines had formed outside some bank branches, particularly those of Laiki, which is to be restructured, before they opened at noon (1000 GMT) Thursday. Some Laiki branches in central Nicosia had not opened exactly on time, with customers waiting patiently outside. Banks have been shut since March 16 while politicians wrangled over how to come up with enough funds to qualify for an international bailout. That agreement was finally reached in Brussels early Monday. Cypriots get their first chance to access their savings in almost two weeks when the country’s banks reopen Thursday — albeit with strict restrictions on transactions — after being closed due to the country’s acute financial crisis. Queues were starting to form outside banks Thursday morning ahead of the official opening ...
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United States: Business News Digest - March 2013 - Venable LLP
On February 12, 2013, President Obama signed an Executive Order aimed at enhancing the security of U.S. critical infrastructure by establishing a voluntary program for the adoption of cybersecurity standards to protect critical infrastructure, as well as a public-private partnership for information sharing.
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