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Study: $12 Minimum Wage Would Have Negligible Effect On Walmart Prices

by on April 19, 2011

Huffington Post…

WASHINGTON- If Walmart were to pay its employees a minimum of $12 an hour, what would that wage baseline do to the retail behemoth’s famously low prices? According to a new study , probably not much. Researchers at the University of California, Berkeley’s Center for Labor Research and Education argue that such a wage bump for the retailer’s lower-paid associates would translate into an extra cost to shoppers of about 46 cents per trip, or $12.49 a year, if the brunt of the increase was passed on to consumers. The study’s lead author, Ken Jacobs, claims that the findings support the idea of a “big box” wage ordinance that would set a minimum wage for large American retailers like Walmart who are entering urban areas. Such an ordinance failed to make it into law in Chicago a few years ago. “It wouldn’t affect the competitiveness of their prices, but the benefits could be substantial on the worker side,” said Jacobs, who chairs UC Berkeley’s labor center. “There’s this assumption that if Walmart was to improve its wages and benefits they couldn’t exist as they do. But most of what they do to bring down prices is based on the supply chain. Labor is only one part of that picture.” Dan Fogleman, a spokesman for Walmart, said the company already offers good wages, in many cases better than those paid by competing retailers. “At Walmart we create jobs that offer competitive wages, competitive benefits, and the chance to have a career,” he said. “Time and again we’ve seen examples of store managers who started out as associates.” Jacobs argues that since the higher product prices would be absorbed by customers across the socioeconomic spectrum, a minimum wage of $12 would disproportionately benefit working-class people. Walmart employs more than 1.4 million workers in the U.S., and the average wage of a Walmart associate is $11.75 an hour, according to Fogleman. In recent years, Walmart has made a big push into American cities, where it has been met with resistance over wage issues and the potential impact a big box store could have on local businesses. Unions and working-class advocacy groups have recently held rallies and collected signatures opposing the opening of Walmart stores in Washington, D.C., where the company has settled on four sites. Walmart has also been fighting battles recently in New York City, where politicians and unions have so far managed to keep the retailer out , and in Chicago, where the effects of Walmart’s entry into the area several years ago are still hotly debated. According to Fogleman, associate wages are typically higher in the company’s urban stores. Even so, some advocacy groups say the wages aren’t enough to live on, particularly in expensive metropolitan areas. “This report shows that Walmart can clearly afford to pay associates a fair wage,” said Jennifer Stapleton, assistant director of Making Change at Walmart , a campaign led by the United Food and Commercial Workers International Union. Stapleton pointed out that the increase “would cost [consumers] less than the cost of a pack of gum at the cash register.” The UC Berkeley labor center produced a 2007 study that found the opening of one Walmart store in an area pushed down local retail wages by about 0.9 percent, a drop that Jacobs attributes to the need for other retailers to compete. For their most recent study, the center made statistical projections based on wage figures that have trickled out in Walmart litigation, in some cases several years ago. Jacobs said he and his colleagues were unable to get up-to-date figures from Walmart.

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Study: $12 Minimum Wage Would Have Negligible Effect On Walmart Prices

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Video: Tyson Says Current U.S. Tax System Is `Very Inefficient’

by on April 15, 2011

April 15 (Bloomberg) — Laura Tyson, an economics professor at the University of California at Berkeley and a member President Barack Obama’s Council on Jobs and Competitiveness, discusses Obama’s proposal to overhaul the U.S. tax system and narrow the budget deficit. Tyson, speaks with Margaret Brennan on Bloomberg Television’s “InBusiness.” (Source: Bloomberg)

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Video: Tyson Says Current U.S. Tax System Is `Very Inefficient’

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Video: Eichengreen Says Americans `Posture’ on Fiscal Solvency

April 8, 2011

April 8 (Bloomberg) — Barry Eichengreen, professor of economics and politics at the University of California at Berkeley, talks about currencies, Federal Reserve and European Central Bank policy, and the political battle over the U.S. budget. Eichengreen, speaking with Tom Keene on Bloomberg Television’s “Surveillance Midday,” also discusses his book “Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System.” (Source: Bloomberg)

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Video: Bartlett Discusses SEC Scrutiny of Secondary Markets

March 28, 2011

March 28 (Bloomberg) — Robert Bartlett, a professor at the University of California at Berkeley, talks about the Security and Exchange Commission’s scrutiny of so-called secondary markets. The SEC has begun requesting data from the markets where buying and selling of private shares have surged in recent years. Bartlett talks with Cory Johnson on Bloomberg Television’s “Bloomberg West.” (Source: Bloomberg)

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Video: Reich Favors U.S. Tax Policy That Bolsters Middle Class: Video

October 11, 2010

Oct. 11 (Bloomberg) — Robert Reich, a professor of public policy at the University of California at Berkeley who served as labor secretary in the Clinton administration, talks about his book “Aftershock: the Next Economy and America’s Future,” the U.S. economy, tax policy and the housing market. He speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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Regal Entertainment Buys Trio Portfolio for $29M

August 22, 2010

Regal Entertainment Group acquired three movie theaters in Columbia, MD; Berkeley, CA; and Walled Lake, MI, from Westcore Properties for $29.14 million or $225.33 per square foot. United Artist occupies all of the locations. The assets include…

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Video: Jacobs Says California Furloughs Will Hurt Workers: Video

August 20, 2010

Aug. 20 (Bloomberg) — Ken Jacobs, chair of of the University of California, Berkeley’s Labor Center, talks with Bloomberg’s Mark Crumpton about the outlook for the California worker furloughs. Governor Arnold Schwarzenegger said 150,000 government workers must begin taking time off without pay starting Aug. 20 following a court ruling lifting an injunction temporarily blocking the furloughs. (Source: Bloomberg)

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Video: Berkeley’s Lavitt Discusses BP Spill Costs, Litigation: Video

May 28, 2010

May 28 (Bloomberg) — Joseph Lavitt, a professor at the University of California at Berkeley’s School of Law, talks with Bloomberg’s Deirdre Bolton about potential costs and litigation facing BP Plc following the oil spill in the Gulf of Mexico. (Source: Bloomberg)

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Thirdhand Smoke Forms Cancer-Causing Indoor Residue That Lasts, Study Says

February 8, 2010

By Nicole Ostrow Feb. 8 (Bloomberg) — Tobacco smoke contamination lingering on furniture, clothes and other surfaces, dubbed thirdhand smoke, may react with indoor air chemicals to form potential cancer-causing substances, a study found. After exposing a piece of paper to smoke, researchers found the sheet had levels of newly formed carcinogens that were 10 times higher after three hours in the presence of an indoor air chemical called nitrous acid commonly emitted by household appliances or cigarette smoke. That means people may face a risk from indoor tobacco smoke in a way that’s never been recognized before, said one of the study’s authors, Lara Gundel . Previous research has shown that secondhand smoke, which is inhaled by nonsmokers exposed to fumes from cigarettes, raises the risk of cancer and heart disease. More research is needed to identify the potential health hazards of thirdhand smoke, Gundel said. Overall, tobacco use causes 20 percent of all cancer deaths, according to the study published in today’s Proceedings of the National Academy of Sciences . “We have considered that nicotine on surfaces has been pretty benign up to this point. It turns out we shouldn’t say that now,” said Gundel, a staff scientist at Lawrence Berkeley National Laboratory in Berkeley, California, in a Feb. 5 telephone interview. “People can be exposed to toxins in tobacco smoke in a way that’s never been recognized before.” Residue Found A spokesman for Philip Morris USA, a unit of Altria Group Inc. , did not return a telephone call for comment. Spokesmen for Reynolds American Inc. and Lorillard Inc. did not respond to telephone calls for comment. A previous study, published in the journal Pediatrics in January 2009, found residual tobacco smoke is deposited on furniture, carpeting and clothing and coined the phrase “thirdhand smoke.” Today’s study found that when the residue from tobacco smoke settled on indoor surfaces, it mixed with indoor air pollutants to form tobacco-specific nitrosamines, or TSNAs, which are potent cancer-causing substances found in unburned tobacco and tobacco smoke. The researchers checked for nitrosamine levels by exposing paper to smoke and then to nitrous acid, which is produced by gas ovens and burners that aren’t properly vented and by cars. They also tested the surfaces on the inside of a truck of a heavy smoker. In both cases they found the reaction between the nicotine in thirdhand smoke and the nitrous acid produced two known and potent nitrosamines. They also found a tobacco-specific nitrosamine that is absent in freshly emitted tobacco smoke. Children Exposed People, particularly infants and toddlers, are most likely exposed to these carcinogens by either inhaling dust or by skin contact, the authors said. Using fans and opening a window doesn’t help eliminate the hazards because most of the nicotine and other substances from burning cigarettes aren’t found in the air, but are absorbed by surfaces, Gundel said. “Buildings, rooms, public places should be 100 percent smoke free,” she said. “Replace nicotine-laden furniture, carpets and curtains. Nicotine absorbs into these materials. The stuff that’s imbedded can continue to come to the surface.” The researchers are trying to determine how long these nitrosamines may last as a result of the interaction of thirdhand smoke and the indoor air pollutant, nitrous acid. They are also looking to develop ways to track exposure to nitrosamines. “We know that these residual levels of nicotine may build up over time after several smoking cycles, and we know that through the process of aging, thirdhand smoke can become more toxic over time,” said study co-author Hugo Destaillats , a chemist with the Indoor Environment Department of the Berkeley national lab’s Environmental Energy Technologies Division, in a statement. “Our work highlights the importance of thirdhand smoke reactions at indoor interfaces, particularly the production of nitrosamines with potential health impacts.” The study was sponsored by the University of California’s Tobacco-Related Disease Research Program . To contact the reporter on this story: Nicole Ostrow in New York at nostrow1@bloomberg.net .

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Video: Michelin Chef Marcus Wareing Taste Tests Mince Pies

December 11, 2009

Dec. 11 (Bloomberg) — Marcus Wareing, whose London restaurant Marcus Wareing at the Berkeley has been awarded two Michelin stars, joins Bloomberg’s Richard Vines for a blind taste test of mince pies. The chef assessed the merits of sweet Christmas treats from a variety of U.K. retailers in the third annual Bloomberg mince-pie test. (Source: Bloomberg)

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Economists Tout Health Care Reform In Letter To Obama

November 17, 2009

In a boost to the Obama administration’s efforts to frame health care reform as an economic boon, a group of 20 health economists sent a letter to the White House on Tuesday touting the fiscal results of passing reform legislation. The group lists four specific elements of reform as crucial to controlling costs and righting the fiscal trajectory of the health care system’s overhaul. They include making legislation deficit neutral (which describes both the House and Senate version of reform), including an excise tax on high-cost insurance plans (which is part of the Senate’s version of reform, but not the House’s version), creating an independent Medicare commission (also in the Senate bill), and general changes to the delivery system. There is, notably, no mention of a public option for insurance coverage, which is estimated by other analysts as a major price savor in the health care system. But the note from the group of economist could give a needed boost to those conservative Democrats who are already skittish about the costs and size of congressional reform efforts. As the economists write: “we believe that it is important to enact health reform, and it is essential that health reform include these four features that will lower health care costs and help reduce deficits over the long term. Reform legislation that embodies these four elements can go a long way toward delivering better health care, and better value, to Americans.” econ – The list of signatories is below: Dr. Henry Aaron, The Brookings Institution Dr. Kenneth Arrow, Stanford University, Nobel Laureate in Economics Dr. Alan Auerbach, University of California, Berkeley Dr. Katherine Baicker, Harvard University Dr. Alan Blinder, Princeton University Dr. David Cutler, Harvard University Dr. Angus Deaton, Princeton University Dr. J. Bradford DeLong, University of California, Berkeley Dr. Peter Diamond, Massachusetts Institute of Technology Dr. Victor Fuchs, Stanford University Dr. Alan Garber, Stanford University Dr. Jonathan Gruber, Massachusetts Institute of Technology Dr. Mark McClellan, The Brookings Institution Dr. Daniel McFadden, University of California, Berkeley, Nobel Laureate in Economics Dr. David Meltzer, University of Chicago Dr. Joseph Newhouse, Harvard University Dr. Uwe Reinhardt, Princeton University Dr. Robert Reischauer, The Urban Institute Dr. Alice Rivlin, The Brookings Institution Dr. Meredith Rosenthal, Harvard University Dr. John Shoven, Stanford University Dr. Jonathan Skinner, Dartmouth College Dr. Laura D’Andrea Tyson, University of California, Berkeley

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Fat Duck, Hibiscus Top Britain’s National Restaurant of the Year Awards

October 13, 2009

By Richard Vines Oct. 13 (Bloomberg) — Ferran Adria , chef-proprietor of El Bulli north of Barcelona, presented the trophy last night when the Fat Duck came top in the U.K. National Restaurant of the Year Awards at the Hurlingham Club, in west London. Heston Blumenthal’s establishment in the village of Bray beat Hibiscus, Claude Bosi’s two-Michelin-star London venue for the top spot. Shaun Hill’s the Walnut Tree, in Abergavenny, took third place. Restaurant Sat Bains, in Nottingham, came fourth and Corrigan’s Mayfair was the highest new entry at No. 5. The readers’ choice award went to L’Anima, in London. Chefs, restaurateurs and critics vote for the awards, resulting in unlikely rankings. The Sportsman, a pub in Seasalter, Kent, beat the gastronomic destination of Marcus Wareing at the Berkeley, for example. The Fat Duck came 12th last year, when Maze came top. Maze dropped to 19th this year. Ashley Palmer-Watts, head chef at the Fat Duck, picked up the award from Adria. Palmer-Watts will be in charge of Blumenthal’s London restaurant at the Mandarin Oriental Hotel, which is scheduled to open late next year. The awards are backed by “Restaurant Magazine” and its sister Web site Big Hospitality . I was one of the voters. The calendar is crowded these days, with about half a dozen best- restaurant events taking place in London each year. The next is tonight, when the London Restaurant Festival ends. ( Richard Vines is the chief food critic for Bloomberg News. Opinions expressed are his own.) To contact the writer on the story: Richard Vines in London at rvines@bloomberg.net .

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Your Table Awaits You at Nobu, Ducasse, Ramsay, Robuchon: Richard Vines

September 25, 2009

By Richard Vines Sept. 25 (Bloomberg) — If you have something to celebrate or you’re just in the mood for gastronomic indulgence, now might be a good time to try a fashionable London restaurant. How difficult can it be to get a booking when expense accounts are being squeezed, bonuses are shrinking, jobs are disappearing and conspicuous consumption is a Starbucks coffee? The short answer is: Not easy. During 90 minutes on Wednesday morning, I called 20 London eateries seeking a table for two at 8 p.m. today. Two said fine. Some offered other time slots. Marcus Wareing at the Berkeley offered Jan. 22, 2010. It’s even harder than when I did a similar survey on Jan. 14. Here’s what happened this time around: Alain Ducasse at the Dorchester: “Will 6:30 p.m. do for you, sir? Friday is a really busy day for us. No? All right, I have something at 8 p.m. for you.” Bocca di Lupo: “I haven’t anything left in the middle of the evening. I could do 6 p.m. or 10:15 p.m. if you sit at the counter. For a table, I’m afraid you’d need to book four or five weeks in advance.” Le Caprice: “I don’t have a table, I’m afraid, only at the bar. For a table, it would be 6 p.m.-8 p.m. or 10:30 p.m. Our reservations book is open all year. We tend to get booked up, so I can’t really say how early you’d need to call.” Dinings: “I don’t have anything. I only have a table from 6 p.m.-8:30 p.m. Nothing later. I could do Oct. 2.” Fat Duck (Bray): “The restaurant is now fully booked for lunch and dinner for the next two calendar months.” Le Gavroche: “I’m sorry, we’re fully booked. Shall I put you on a waiting list? For Friday and Saturday nights, I’d say you need to book one month in advance, or two.” Goodman: “That would be absolutely fine.” Gordon Ramsay: “To be honest, most Fridays are full. There’s a 6:30 p.m./6:45 p.m. on Oct. 30. That’s the only availability for two.” Hakkasan: “I don’t have a table. It’s going to be 6 p.m.-8 p.m. or late in the evening, at 10:45 p.m. For 8 p.m., it’s going to be at least a couple of weeks.” Hibiscus: “We’re fully booked on Friday night. On Oct. 2, I have a table at 9:15 p.m.” The Ivy: “It’s going to be 7:15 p.m. and I’m going to need that back at 9:30 p.m. Otherwise, I can do 10:30 p.m. It’s going to be four to six weeks in advance for 8 p.m. or 8:30 p.m.” Locanda Locatelli: “For Friday, at the present time, I’ve only got 10:30 p.m. Would you like me to call you if something comes up? For Fridays and Saturdays, you need to call three to four weeks in advance.” Marcus Wareing at the Berkeley: “I’m afraid we’re fully booked. I am able to put your details on the waiting list if you like. Fridays and Saturday are our busiest nights and we take bookings six months in advance. I have something on Jan. 22. That would be 7:30 p.m. or 9:30 p.m.” Murano: “We’re completely full at the moment. We’ve got Oct. 9 at 10:15 p.m. For 8 p.m. on a Friday, the first I’d be able to offer you is Friday, Nov. 13.” Nobu: “We don’t have anything around 8 o’clock. We’ve got 9:45 p.m. or 6:30 p.m. or we can put your details on the waiting list if you like. We can do the following Friday, which is Oct. 2, for two people at 8 o’clock. River Cafe: “We are fully booked. We usually recommend a month ahead for the weekend.” Roka: “Not at 8 p.m., I’m afraid. We have a table at 6:30 p.m. or 10:30 p.m., nothing in between. Even the following Friday, the availability is 6:30 p.m. or 9:30 p.m. For 8 p.m., you’re looking at Oct. 9.” Scott’s: “Only 10 p.m. now sir. Oct. 2? It’s only early or late or I could do two at the bar at 8:30 p.m.” Terroirs: “I have only 5:30 p.m. and 9:30 p.m. For 8 p.m., you’d need to call at least three or four days before.” Wolseley: “I’ve got an 8:30 p.m.-10:30 p.m. that I can do for you on Friday night. Would that work for you? I’ve also got a 7 p.m. I could do 8 p.m. on Oct. 2.” ( Richard Vines is the chief food critic for Bloomberg News. Opinions expressed are his own.) To contact the writer on the story: Richard Vines in London at rvines@bloomberg.net .

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Cliff Bar Takes 115,000 SF in Emeryville

July 20, 2009

Clif Bar & Co. signed a 15-year lease at the EmeryTech Centre for 115,000 square feet. The company’s headquarters will move from Berkeley, CA, to 1400 65th St.

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