Wells Fargo Cuts 2,300 Jobs as Higher Rates Hurt Mortgage Lending

Wells Fargo is cutting staff as higher rates cool residential mortgage lending, which has been on a tear in recent years.

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Bayer to Open US R&D Facility in West Sacramento, Calif.–300 Jobs on Ten Acres

CropScience, a division of Bayer AG, in West Sacramento, California. The new facility will serve as the U.S.-based R&D operations for the vegetable seed and crop protection products. The approximately 164,000-square-foot facility on ten acres will employ 300 at full capacity. The company will also acquire an additional non-contiguous site on which to construct a greenhouse and test plot facility. The project will have an economic impact of more than $127 million in output (the value of goods and services in the Sacramento Region economy on an annual basis generated through direct, indirect, and induced activities of the company.)

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Major Employers for Counties

. . . list of major employers was extracted from the America’s Labor Market Information System (ALMIS) Employer Database

Research & Studies
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The Other Government Motors

Tesla’s biggest windfall has been the cash payments it extracts from rival car makers (and their customers), via its sale of zero-emission credits. A number of states including California require that traditional car makers reach certain production quotas of zero-emission vehicles—or to purchase credits if they cannot. Tesla is a main supplier. Take away the credits and Tesla lost $53 million in the first quarter, or $10,000 per car sold. California’s zero-emission credits provided $67.9 million to the company in the first quarter, and the combination of that state’s credits and federal and local incentives can add up to $45,000 per Tesla sold, according to an analysis by the Los Angeles Times. A Morgan Stanley MS +1.40% report in April said Tesla made $40.5 million on credits in 2012, and that it could collect $250 million in 2013. Tesla acknowledged in a recent SEC filing that emissions credit sales hit $85 million in 2013’s first quarter alone—15% of its revenue, and the only reason it made a profit.

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