plus 4, Governor wants to extend tax to pay for job plan - San Francisco Chronicle

Governor wants to extend tax to pay for job plan - San Francisco Chronicle
District still on budget tightrope - Dubuque Telegraph Herald
BMO MasterCard Launches First Affinity Card in Canada to Support 'New ... - Stockhouse
Homeowner help fails - The Daily Advertiser
Haiti Earthquake: Lutheran World Relief Launches Text-to-Give ... - Biloxi Sun Herald

Governor wants to extend tax to pay for job plan - San Francisco Chronicle

Posted: 16 Jan 2010 09:11 AM PST

Under the proposal, industries with large seasonal workforces and high unemployment, such as agriculture, food processing and construction, would pay a tax of up to $7 per year per employee. They are now exempt from the tax.

The change, which requires legislative approval, would come as Republicans have maintained a united front against any new taxes or fees, citing the harm they believe it would do to businesses and the economy. Without new taxes, lawmakers have had to make deeper cuts in state services to eliminate multibillion-dollar budget deficits.

Schwarzenegger did not say how the state would ultimately pay for the jobs program when he announced his plan in his State of the State speech last week or in a written description released with the proposal. It would initially be funded through a loan, which he did acknowledge.

Many people at the Capitol and some business managers at companies that would be most impacted said they were unaware of the repayment plan when they were contacted by The Chronicle.

Governor's plan

The jobs plan is a $500 million proposal that the governor claims will create 100,000 jobs and train an additional 140,000 workers, all in an effort to stimulate the economy. Employers would be reimbursed up to $4,400 for training and hiring workers that stay on the job for a specified amount of time, with the average award estimated at $1,400.

The loan to pay for the program would come from an unemployment disability fund and that fund would be repaid, over time, through the extension of what the Employment Development Department calls the "employment training tax" to previously exempt employers. That tax goes into a fund that is used for employee retraining programs.

Administration officials would not call it a tax - they called it the removal of a subsidy. They said that while some businesses pay the maximum $7 per employee tax, those businesses are subsidizing the others that do not pay it. In other words, under the governor's plan, the state is removing the subsidy and requiring all employers to pay.

The Employment Development Department estimates the move will bring the state an additional $54 million a year.

"The cost (to employers) is actually quite small," said Victoria Bradshaw, secretary of the Labor and Workforce Development Agency. She also noted that businesses that would be required to pay could benefit from the program and probably recoup the cost.

"The people who are going to use it are going to benefit tremendously," she said.

Assemblyman Chuck DeVore, R-Irvine, who is one of the Legislature's most outspoken opponents of new taxes and is running for the Republican nomination for the U.S. Senate, said the administration is dealing in semantics.

"We're changing the rules on them. Here we have businesses that are already struggling now and we're going to remove the exemption on them to increase the tax," DeVore said, adding later that "a subsidy and a tax are just the flip side of the same government coin, i.e. government picks winners and losers."

Officials at several organizations, including the Howard Jarvis Taxpayers Association and California Chamber of Commerce, said they oppose placing new costs on businesses.

Barry Broad, the acting chairman of the California Employment Training Panel that oversees the disbursement of the tax and would implement the governor's proposal, said removing the exemption could hurt industries and businesses that would have to pay. But he said he has mixed feelings about the proposal.

Uphill battle

"It could have a stimulating effect on the economy if - and this is a major if - if we stick to normal rules of (the) program," he said, adding that the state needs to ensure that those who are trained actually go to work. Still, he said, it faces an uphill battle.

"From what I gather it is not very popular with either labor or the employers," said Broad, an attorney and lobbyist who represents some labor groups.

The fund itself has been targeted in recent years by lawmakers and the governor who have diverted money from it to other programs. It currently has a deficit and a backlog of $85 million worth of projects and is no longer accepting applications from businesses for aid, said Brian McMahon, executive director of the panel.

The construction industry has been hit hard by the recession and would be affected by the change.

Debora Allen, chief financial officer at W.E. Lyons Construction in Walnut Creek, said business has been down about 40 percent over the past year. She said that paying the tax would not "break the bank," but the governor's proposal is not well thought out.

"I don't see how an incentive of $1,400 is going to make me create a job when there is no work for those people to do," Allen said. "That credit is not going to create a construction contract."

E-mail Wyatt Buchanan at wbuchanan@sfchronicle.com.

This article appeared on page A - 1 of the San Francisco Chronicle

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District still on budget tightrope - Dubuque Telegraph Herald

Posted: 16 Jan 2010 07:53 AM PST

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BMO MasterCard Launches First Affinity Card in Canada to Support 'New ... - Stockhouse

Posted: 16 Jan 2010 08:14 AM PST

TORONTO, Jan. 16, 2010 (Canada NewsWire via COMTEX News Network) --

Affinity arrangement with Chinese Professionals Association of Canada (CPAC) will help professional newcomers to Canada access essential credit

<< - CPAC is the largest Chinese professionals association in Canada - Affinity arrangement represents a further demonstration of BMO's ongoing support and commitment to the Chinese community >>

TORONTO, Jan. 16 /CNW/ - BMO Bank of Montreal announced today that it will launch a new MasterCard on January 25 that will help members of the Chinese Professionals Association of Canada (CPAC) establish credit in Canada. The BMO CPAC MasterCard will also designate a percentage of the value of the card's transactions to support CPAC programs that help its members successfully establish themselves and their families in Canada.

The Chinese Professionals Association of Canada (CPAC) was founded in 1992 with the objective of serving and representing the interests of professionals who are new to Canada. CPAC is now the largest Chinese professionals association in Canada.

BMO is the only financial institution in Canada to establish this kind of partnership with the Chinese community. No other financial institution in Canada has an affinity card that reaches out specifically to the Asian community.

"Every year more than 200,000 newcomers choose Canada as their home and the largest percentage of newcomers are from Mainland China," said Nancy Marescotti, Director, Card Marketing, BMO Bank of Montreal. "This exclusive affinity arrangement with CPAC demonstrates BMO's commitment to the Chinese community and to helping professional newcomers establish the credit they need to get a solid head start in their new country."

"The Chinese Professionals Association of Canada is proud to work with BMO Bank of Montreal on this first-of-its-kind affinity program, which expands the scope of services available to our members and will help members more readily and effectively meet their credit card needs," said Howard Shen, President, CPAC. "Through this arrangement BMO and CPAC can promote both organizations' names and brands in the local community, and, as the affinity partner, CPAC will use the revenue stream to develop new programs and to support existing programs such as newcomer career programs, professional mentoring and support, the CPAC Professional Achievement Award and to support our Education Foundation for scholarships to students."

Ms. Marescotti said the BMO CPAC MasterCard will serve as a lead product to introduce CPAC members to BMO and to other financial solutions. "This arrangement will give BMO high visibility amongst the largest Chinese professionals association in Canada and provides us with unique ways to help these new Canadians."

"As Canada's first bank, BMO has a long and proud history of providing support to newcomers from China," said Adrian Cheung, Director, Multicultural Markets, Greater Toronto Area, BMO Bank of Montreal. "Many of our community branches are staffed with employees who are fluent in Chinese and who can offer financial solutions that we have specifically designed to help newcomers fulfill their personal and financial dreams. Our Direct Banking services and ABMs have Chinese language services as well.

"The CPAC will work with BMO, helping us bridge any language barriers, and we will be designating a number of key Asian branches to support and guide CPAC members through the credit application process," said Mr. Cheung.

As an additional demonstration of the Bank's support for the Chinese community, Mr. Cheung noted that BMO recently held a symposium - An Economic Outlook and Path to Success for New Canadians - which attracted more than 250 attendees. The event was just another way the bank welcomes new Chinese customers and provides information and tools to help them make sense of the relevant financial matters that they will need to manage as they embark upon their new life in Canada.

The Chinese population in Canada numbers more than 1,000,000.

Mr. Cheung said BMO will have a presence on CPAC's web site, which will feature a direct link to the Bank's application site, and the bank will enhance its visibility through marketing materials placed in CPAC offices and all new-member welcome packages. BMO will also connect with members through association publications and regular e-news communications. Applications for the new BMO CPAC MasterCard can also be completed at any BMO branch across Canada.

Mr. Cheung also noted that BMO is the only major Canadian financial institution to have branches in China, which he said gives the bank a unique opportunity to support newcomers to Canada and those planning to emigrate or do business in Canada.

"We have been providing financial services as well as advisory & immigration banking services to immigrants from Hong Kong and mainland China for more than 25 years," said Mr. Cheung.

"We know the first thing newcomers need is a bank account. We have Canadian-trained bankers located in Hong Kong, Beijing, Guangzhou and Shanghai and this gives us the ability, through our four branches in China, to open a Canadian banking account for them before they come here, so they have money waiting for them when they arrive. If they prefer, they can also open the account on-line from home. Many of our customers choose to get it done before they land. This makes us quite unique. That's something we're very proud of. We make it easy."

About BMO CPAC MasterCard

The BMO CPAC MasterCard can be used anywhere in the world where MasterCard is accepted and will offer all of the features of a regular BMO MasterCard including the ability to earn rewards on card purchases. Customers can choose either the Gold AIR MILES MasterCard ($99 annual fee) or the No Fee AIR MILES MasterCard. They also have the option of choosing to earn CashBack on their purchases. Existing BMO MasterCard customers can easily transfer their current BMO MasterCard to the BMO CPAC MasterCard and maintain all of the same features and benefits.

ABOUT CPAC

The Chinese Professionals Association of Canada (CPAC) is a federally registered, not-for-profit organization which was founded in 1992 and currently has more than 25,000 members. The main objective of CPAC is to serve and be an advocate for immigrant professionals of Chinese descent.

CPAC's mandate is:


 <<
 - To represent and assist professionals of Chinese descent in gaining
 recognition, cultural integration, career advancement, and civic
 engagement in Canadian society through quality service and advocacy;

 - To provide opportunities for interaction and networking among Chinese
 Canadian professionals;

 - To help members integrate and contribute to Canadian society;

 - To facilitate members' career and professional development;

 - To provide training, employment, settlement, education, cultural and
 recreational services to internationally trained professionals and
 families;

 - To be a national voice and representative of the Chinese Canadian
 community.
 >>

CPAC plays an increasingly important role in the Canadian multicultural society by participating in government consultations, various conferences, social and cultural events, charity activities and community services.

/NOTE TO PHOTO EDITORS: A photo accompanying this release is available at http://photos.newswire.ca. Images are free to accredited members of the media/

SOURCE: BMO Bank of Montreal

SOURCE: BMO Financial Group

Media Relations Enquiries: BMO Bank of Montreal: Ralph Marranca, Toronto,
ralph.marranca@bmo.com, (416) 867-3996; Ron Monet, Montreal, ronald.monet@bmo.com,
(514) 877-1873; Laurie Grant, Vancouver, laurie.grant@bmo.com, (604) 665-7596;
Investor Relations Enquiries: Stephen Bonin, Toronto, steven.bonin@bmo.com, (416)
867-5452; Internet: www.bmo.com; Chinese Professionals Association of Canada: Richard
Zhang, Toronto, rzhang@chineseprofessionals.ca, Tel: (416) 298-7885 ext. 116, Fax:
(416) 298-0068; Internet: www.chineseprofessionals.ca

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Homeowner help fails - The Daily Advertiser

Posted: 16 Jan 2010 08:36 AM PST

(2 of 3)

There's blame on both sides: Mortgage companies say they have struggled to get back the necessary paperwork, while homeowners and housing counselors say navigating the bureaucratic maze often seems impossible.

But the 102 participating companies are getting wildly different results. While a handful of mortgage companies are "very good at it," said Michael van Zalingen, director of homeownership services at Neighborhood Housing Services of Chicago, "some either don't care or can't figure it out."

The biggest company in the program, Bank of America, has completed modifications for fewer than 2 percent of the 200,000 borrowers it has enrolled. Rebecca Mairone, a Bank of America executive, said the bank has started sending notaries door-to-door to get signed documents back quickly.

Companies with disappointing results "need to do much better," Michael Barr, an assistant Treasury secretary, told reporters Friday.

Another major mortgage company, Wells Fargo & Co., is doing better but still has completed modifications for fewer than one in 10 borrowers.

To speed up the process, Wells Fargo has been holding a borrower assistance events in several major cities. It brought 200 loan counselors to Baltimore's downtown convention center this week.

"You get a little more consideration with the person when you're eye to eye with someone," said Odella Taylor, 50, a Wells Fargo borrower who fell behind on her home loan last year after separating with her husband.

Even with such events, Wells Fargo projects only about half of its 74,000 borrowers who made at least three trial payments as of last month will wind up being approved. The rest either won't send back all the required documents or will be deemed ineligible according to the government's formula.

For borrowers who can't get into the program, the stress and frustration are extreme

"It's like being on a little capsule above Earth and realizing the oxygen tank is running out," said Nicole Vaughn, 50, of Sonora, Calif.

She says Select Portfolio Servicing Inc. denied her application three times last year, for ever-changing reasons. She still hasn't given up, and is working with her housing counselor to challenge the calculation that led to the most recent denial, something that borrowers are allowed to do under the program's rules.

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Haiti Earthquake: Lutheran World Relief Launches Text-to-Give ... - Biloxi Sun Herald

Posted: 16 Jan 2010 07:38 AM PST

"Our hearts and prayers go out to the people of Haiti and all those working tirelessly to rescue the thousands of victims," said Bruce Nicholson, Thrivent Financial chairman, president and chief executive officer. "Thrivent Financial and our members want to help in this time of great need. We believe our members throughout the country will give generously to those affected by this catastrophic natural disaster."

"We are so thankful for Thrivent's generosity, and that of their members," said John Nunes, LWR's president and CEO. "With each passing day our help is even more critically needed in Haiti, and these gifts will enable us to reach even more people in desperate need."

He continued, "Thrivent's record of generosity to LWR helped us to mount an effective and comprehensive response to tsunami affected areas while also mobilizing US Lutherans. We look forward to the ways in which this current partnership will do the same."

WHO IS LWR? Lutheran World Relief, an international nonprofit organization, works to end poverty and injustice by empowering some of the world's most impoverished communities to help themselves. With partners in 35 countries, LWR seeks to promote sustainable development with justice and dignity by helping communities bring about change for healthy, safe and secure lives; engage in Fair Trade; promote peace and reconciliation; and respond to emergencies. LWR is headquartered in Baltimore, Md. And has worked in international development and relief since 1945. LWR is a ministry of the Evangelical Lutheran Church in America (ELCA), The Lutheran Church--Missouri Synod (LCMS), individuals and parish groups in international relief, development, advocacy and social responsibility.

About Thrivent Financial for Lutherans

Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit www.Thrivent.com.

SOURCE Lutheran World Relief

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