— Officials from two Wisconsin microbreweries told a legislative committee that an increase in the state’s beer tax would cost their companies jobs and consumers dollars — not pennies — when they buy beer. “There’s no margin to absorb any more taxes,” said Carl Nolen, president of the Wisconsin Brewers Guild and of Middleton’s Capital Brewery. Nolen and Jeff Hamilton of Glendale’s Sprecher Brewery said a proposal by Rep. Terese Berceau, D-Madison, to increase the beer tax would result in job losses. The proposal would boost the beer tax by 2.5 cents a bottle to pay for drunken driving reforms. It would be the first hike in the tax since 1969. Before the committee hearing, Berceau spoke to a rally and warned attendees they would hear a slew of arguments that the proposal would target blue-collar drinkers unfairly, drive jobs out of Wisconsin and force the beer industry to look elsewhere to grow. Berceau responded to each argument and mocked the suggestion brewers would go elsewhere. “Where are they going to go? Wyoming and Missouri are the only states with a lower beer tax,” she said. See more in a new WisBusiness story: http://www.wisbusiness.com/index.iml?Article=173437 — A top state economist says Wisconsin won’t regain the thousands of jobs it has lost over the past two years until at least 2012. The Department of Revenue’s chief economist says the state lost a decade’s worth of growth in the six months between September 2008 and March of this year. But he stresses that Wisconsin had fared far better during the economic downturn than many states in the Sunbelt. He also predicts that growth in the state will match or exceed national levels for the rest of this year and during 2010. See more in a new WisBusiness story: http://www.wisbusiness.com/index.iml?Article=173432 — Forty early stage companies will present to potential investors at the Wisconsin Early Stage Symposium, to be held Nov. 10-11 at Madison’s Monona Terrace Community and Convention Center. The annual conference, which has existed under different names for more than 20 years, will feature the fifth annual “Elevator Pitch Olympics” for companies in a seed financing stage and the third annual Wisconsin Angel Network Early Stage presentation track for companies seeking angel investments beginning in the $500,000 range. See details: http://www.wisbusiness.com/index.iml?Article=173415 — Tom Olson has been selected as the new chief investment officer for the University of Wisconsin Foundation. Olson, a UW-Madison alumnus who has been with the UW Foundation since 2005, succeeds David Erickson, who left to become chief investment officer for Ascension Health, a hospital conglomerate with home offices in St. Louis. See details: http://www.wisbusiness.com/index.iml?Article=173427 — The Wisconsin Department of Justice has filed suit against 21st Century Legal Services, Inc. for violating state law in the course of soliciting and selling purported loan modification services to Wisconsin homeowners. The complaint alleges that 21st Century Legal Services violated state no-call rules and conducted sales agreements improperly. The suit filed with a Dane County Circuit Court alleges multiple violations of state law including: * making misrepresentations in the course of conducting sales * failing to provide consumers with signed copies of sales agreements * failing to disclose the names of representatives making face-to-face solicitations; and * engaging in telemarketing practices in violation of Wisconsin’s No Call laws Other states have filed suit against the company and in mid-September the FBI raided several of the company’s offices in California. See details: http://www.wisbusiness.com/index.iml?Article=173411 TOP STORIES
EMSystems acquires Harrisburg, Pa., firm: Milwaukee emergency communication and patient-tracking equipment provider EMSystems LLC has purchased Med Media Inc., a Harrisburg, Pa., firm that provides health care and emergency management software. Wisconsin receives rest of stimulus energy funds: The U.S. Department of Energy has delivered an additional $27 million to the state of Wisconsin, marking the remainder of the State Energy Program funding allocated to the state under the American Recovery and Reinvestment Act. Kohl’s to close Menomonee Falls distribution center: Kohl’s Corp. said Tuesday that it will close its large distribution center in Menomonee Falls Jan. 29, 2010, affecting about 250 employees. Federal Reserve approves sale of four Amcore branches: The Federal Reserve Bank of Chicago has approved the sale of four Amcore Bank branches in Wisconsin in two transactions. Union Bank & Trust Co.’s purchase of the Amcore branches in New Glarus and Belleville will take effect Nov. 19. The acquisition, originally announced in August, includes about $21 million in loans and $36 million in deposits.
************************************************************ See commentary from around the state and columns from WisBusiness contributors Jennifer Sereno, Kevin McKinley, Tom Burzinski, Gregg Hoffmann, Tom Still and Steve Jagler: ************************************************************
ECONOMY (back to top) – Johnson Controls forecasts sales, earnings growth – State economist predicts growth here in 2010
MANUFACTURING (back to top) – Koss profits drop on sales decline – Policy group criticizes Mercury Marine owner over taxes, executive pay
LABOR (back to top) – MATC grant to fund training in trades
INVESTING (back to top)
REAL ESTATE (back to top) – Fresh Madison Market being developed at University Square – State sues company that offers help to distressed homeowners
AGRIBUSINESS (back to top)
TOURISM (back to top) PRESS RELEASES (back to top) For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82 |
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