Financial Mines

News and notes from the business reporters for the Connecticut Media Group.

Archive for December 11th, 2012

Push on for paycheck fairness

by:

A fired-up U.S. Rep. Rosa DeLauro, D-Conn., from an October conference on budget issues is going after the issue of pay equity.

U.S Rep. Rosa DeLauro, D-3, is advocating Congress pass the Paycheck Fairness Act after an  American Association of University Women report ranked the states by the gender-based wage gap.  Connecticut came in at 25th out of 50 states, with women making just 78 cents for every dollar made by a man.

“Today’s AAUW report is yet more evidence that the pay gap is real and undeniable, not a distraction, or a product of women’s choices.  This is not just a women’s issue—the pay gap affects everyone when a woman’s diminished paycheck inhibits her ability to put food on the table or gas in their car.  And with women living longer than men, discriminatory pay practices mean our seniors will continue to struggle, increasing the burden on both their families and taxpayers.

“Congress needs to pass the Paycheck Fairness Act to relieve the financial pressures women face in all stages of their careers.  Republicans do American families a great disservice by blocking the legislation, burying their heads in the sand, and claiming the wage gap is a myth.  Our mothers, our sisters, and our daughters deserve better.”

DeLauro is the original author of the Paycheck Fairness Act, which she first introduced in 1997, and has reintroduced in every Congress since.  The law would put real teeth into the Equal Pay Act of 1963 to ensure women receive equal pay for equal work.  The Paycheck Fairness Act would put an end to pay secrecy, strengthen workers’ ability to challenge discrimination and bring equal pay law into line with other civil rights laws.  President Obama has said he would sign the legislation should it come to his desk.

The worm has turned for Diageo and Cuervo

by:

U.K.-based Diageo, whose North American headquarter is in Norwalk, announced talks to buy tequila-maker Jose Cuervo have ended.

Diageo was discussing a deal for the iconic brand with JB y Compania S.A. de C.V. and Lanceros S.A. de C.V.

With talks failing, Diageo said it will work to ensure the orderly termination of the current distribution agreement, which should be accomplished by the end of June 2013.

‘Diageo has had a long and successful relationship with the Cuervo brand and we are proud of what we have achieved for the brand as its distributor over many years,” said Paul S Walsh, Diageo CEO in a prepared statement. “We believe that the future of the brand would be best delivered by aligning ownership of the brand with its route to market and I have no doubt that Diageo has the best route to market for this brand. However it has not been possible to agree a transaction which delivers value for Diageo’s shareholders and therefore, by mutual agreement, we have terminated our discussions.’”