Archive for the ‘ Business ’ Category

american-apparel

American Apparel has warned thousands of its Southern California workers that layoffs may be coming in January. (Al Seib / Los Angeles Times)

Shan Li
December 5, 2016

American Apparel has told nearly 3,500 employees in Southern California that they may lose their jobs in January depending on the outcome of a likely sale to Canadian clothing maker Gildan Activewear.

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Up Arrow

By Kevin Smith, San Gabriel Valley Tribune
Posted: 12/04/16 – 4:20 PM PST |

Southern California’s construction industry is gaining traction after years of decline, but it still has a long way to go.

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warehouse

“There are a lot of people doing traditional warehouse work, but that will change,” says John Husing, chief economist for the Inland Empire Economic Partnership. “Everything is being automated.”

By Natalie Kitroeff
Dec. 4, 2016

When Skechers started building a colossal distribution center in Moreno Valley six years ago, backers promised a wave of new jobs.

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question-mark

Jeff McDonald
November 30, 2016

The judge who until a few weeks ago was in charge of the long-running San Onofre case before the California Public Utilities Commission has taken a job with a contractor to plant owner Southern California Edison.

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Up Arrow

U.S. home prices are slightly above the peak set in July 2006, according to the Case-Shiller national home price index.

Andrew Khouri
November 29, 2016

Southern California home prices jumped last month, but sales flatlined in a region where homeownership is increasingly out of reach for the middle class.

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The Washington Post: Wells Fargo wants claims over fake accounts settled out of court

wells fargo logo

By Chris Dolmetsch and Laura J. Keller
November 25, 2016

Wells Fargo is calling for dozens of customers suing over bogus accounts opened by the bank’s employees to resolve the dispute through arbitration rather than federal court.

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Los Angeles Times: Yellen affirms interest rate hike likely next month

federal reserve

Don Lee
November 17, 2016

Federal Reserve Chairwoman Janet L. Yellen gave a relatively upbeat assessment of the economy Thursday, further signaling a likely interest rate hike next month.

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Los Angeles Times: Wells Fargo hit with new sanctions following fake-accounts scandal

wells fargo logo

James Rufus Koren
November 18, 2016

A federal regulator has tightened restrictions on Wells Fargo & Co., requiring it to get approval to replace or hire new executives and make other changes, in the latest fallout over the San Francisco bank’s fake-accounts scandal.

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Jobs

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
November 18, 2016 – 9:00 AM

California employers added 31,200 more jobs to the state’s economy in October, although the unemployment rate held steady at 5.5 percent, state officials said Friday.

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The Sun: Stater Bros. leader Jack Brown dies at 78

black ribbon

By Michel Nolan, The Sun
Posted: 11/14/16 – 11:41 AM PST |

Jack H. Brown, executive chairman of Stater Bros. Markets and charitable leader throughout the region, died Sunday evening surrounded by family. He was 78.

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Bloomberg: Wells Fargo’s Stars Thrived While 5,000 Workers Got Fired

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Laura J Keller, Dakin Campbell and
Kartikay Mehrotra
Published: November 3, 2016 — 2:00 AM PDT
Updated: November 3, 2016 — 6:38 AM PDT

After Wells Fargo & Co. executive John Sotoodeh handed off more than a hundred branches in Southern California to a colleague in 2009, problems surfaced quickly.

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wells-fargo

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each. (Photo: CX Matiash, Associated Press)

By Kathleen Pender
Published: October 31, 2016
Updated:   October 31, 2016 – 4:33pm

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each.

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Los Angeles Times: Southern California home sales dip in September

down-arrow

Andrew Khouri
October 26, 2016

The Southern California real estate market took a breather in September, with sales dipping slightly as the market entered a typically slower season amid price gains that have made homes less affordable.

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Los Angeles Times: Prime Healthcare ordered to pay $6.5 million in back wages

Prime Healthcare

Natalie Kitroeff
October 25, 2016

In a ruling last week, the National Labor Relations Board ordered Prime Healthcare Services, the owner of several Southern California hospitals, to pay back wages to laboratory technicians, clerks and pharmacists, among other employees.

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Apple Inc.

By Rex Crum | rcrum@bayareanewsgroup.com
Published: October 25, 2016 at 2:03 pm | Updated: October 26, 2016 at 5:44 am

CUPERTINO — For any other company, reporting annual sales of more than $215 billion would be worth celebrating. For Apple, however, it’s a reason for disappointment.

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Los Angeles Times: California adds 30,000 jobs as unemployment holds at 5.5%

California

Natalie Kitroeff
October 21, 2016

California’s unrelenting economy refused to slow in September, amassing another 30,000 new jobs even as more people seeking work opted into the labor market, according to state data released Friday.

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InlandPolitics: It was a long time coming for Wells Fargo’s Stumph

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Thursday, October 13, 2016 – 08:30 a.m.

Wells Fargo may be one of the most financially-stable financial institutions in the world. But its greed was a recipe for disaster.

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General Views Of Wells Fargo Locations Ahead Of Earns Figures

Jim Puzzanghera
September 30, 2016

The reputation of Wells Fargo & Co. took another blow Thursday when it agreed to pay $24 million for the improper repossession of cars owned by members of the U.S. military.

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wells fargo logo

Federal regulators said Wells Fargo employees opened accounts in customers’ names without their consent.

James Rufus Koren and Jim Puzzanghera
September 27, 2016

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

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wells-fargo-bank

Wells Fargo is already facing four potential class-action suits and could soon face more from customers, former employees and investors over the bank’s fake-accounts scandal. (Justin Sullivan/Getty Images)

James Rufus Koren
September 26, 2016

As beleaguered banking giant Wells Fargo & Co. deals with inquiries from federal prosecutors and scrutiny from lawmakers, it’s facing a growing number of civil lawsuits brought by customers and former employees.

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California Supreme Court

Paresh Dave
September 21, 2016

The California Supreme Court agreed to review Yelp’s objection to a decision ordering it to strip the Internet of comments posted about a San Francisco law firm.

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Wells Fargo

A Wells Fargo office in Oakland. The bank’s CEO says that aggressive sales tactics were not part of an “orchestrated effort.” (Ben Margot / Associated Press)

James F. Peltz
September 19, 2016

When the Senate Banking Committee grills Wells Fargo & Co.’s chairman Tuesday about the banking giant’s sales scandal, look for the word “clawback” to come up more than once.

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Los Angeles Times: California added 63,000 jobs in August, 42% of U.S. total

Up Arrow

Natalie Kitroeff
September 16, 2016

California employers quieted any lingering doubts about the state’s economy in August, as an uptick in hiring helped absorb hordes of new job-seekers.

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Daily Bulletin: Ontario airport bond outlook upgraded, here’s why

Fitch-Rating

By Richard De Atley
Posted: 09/12/16 – 4:35 PM PDT |

ONTARIO >> Fitch Ratings said Monday it has revised its outlook for Ontario International Airport bonds from negative to stable, based on better passenger traffic and a healthy financial profile for the Inland facility.

The A-letter grade remained unchanged from the previous report.

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wells-fargo-bank

Aggressive sales tactics by Wells Fargo & Co. employees led to a $185-million settlement package with federal and state regulators last week. Above, a branch in Miami. (Joe Raedle / Getty Images)

Jim Puzzanghera
September 12, 2016

The Senate Banking Committee will hold a hearing next week on the aggressive sales tactics by Wells Fargo & Co. employees that led to a $185-million settlement package with federal and state regulators.

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ON30-ONT-REGIONAL-TRC

File photo. LA/Ontario International Airport saw its traffic decline the first half of 2016. (Thomas R. Cordova/Staff Photographer)

By Liset Márquez, Inland Valley Daily Bulletin
Posted: 09/09/16 – 12:36 PM PDT |

ONTARIO >> As the future CEO of L.A./Ontario International Airport, Kelly J. Fredericks doesn’t like the statistics he sees for passenger traffic.

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 ashley-furniture

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 09/08/16 – 8:09 PM PDT |

COLTON >> Former employees at the Ashley Furniture plant in Colton say they want justice and an apology over a recent mass layoff they see as a betrayal and retaliation for their failed attempt at unionization last year.

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Wells Fargo

James Rufus Koren
September 8, 2016

Calling it “outrageous” and “a major breach of trust,” local and federal regulators hammered Wells Fargo & Co. for a pervasive culture of aggressive sales goals that pushed thousands of workers to open as many as 2 million accounts that bank customers never wanted.

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Los Angeles Daily News: Home prices up for 51st straight month in LA, Inland Empire

Home for sale

Mortgage interest rates near all-time lows are a key factor in the housing market upward trajectory climb.

By Jeff Collins, jcollins@scng.com
Posted: 09/06/16 – 7:40 PM PDT |

House prices continued rising in July, increasing from year-ago levels for a 51st straight month in Los Angeles County and the Inland Empire and the 50th straight month in Orange County, the CoreLogic Home Price Index showed Tuesday.

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Hanjin

By Rachel Uranga, LA Daily News
Posted: 09/04/16, 8:22 PM PDT |

Several Southern California members of Congress urged the U.S. secretary of commerce to intervene in the worldwide supply chain havoc caused by the collapse of South Korean Hanjin Shipping Co., which has left local workers’ jobs in limbo and threatens to spoil the holiday season for retailers.

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Ashley Furniture

Ashley’s flagship store in downtown Shanghai. The company said it is closing its plants in San Bernardino so it can compete better globally. (Weng Lei / Imaginechina.)

Natalie Kitroeff
August 29, 2016

Southern California is losing another manufacturing stalwart.

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San Onofre

2014 photo of San Onofre nuclear power plant. (Allen J. Schaben / Los Angeles Times)

Liam Dillon
August 28, 2016

For years, state lawmakers have been trying to crack down on private meetings between utility companies and members of the California Public Utilities Commission after revelations that top officials and industry executives had frequent dinner dates, shared talking points and even sketched out details of the multibillion-dollar closure of a Southern California nuclear power plant during a secret rendezvous in a luxury hotel in Poland.

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The Washington Post: Health-care exchange sign-ups fall far short of forecasts

ObamaCare

By Carolyn Y. Johnson
August 27, 2016 at 8:10 PM

Enrollment in the insurance exchanges for President Obama’s signature health-care law is at less than half the initial forecast, pushing several major insurance companies to stop offering health plans in certain markets because of significant financial losses.

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Daily Bulletin: Hundreds laid off at Ashley Furniture factory/warehouse in Colton

pink_slip

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 08/26/16 – 12:33 PM PDT |

COLTON >> About 840 employees at an Ashley Furniture HomeStore factory/warehouse in Colton were laid off Friday.

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Bloomberg: Economy in U.S. Grew at 1.1% Rate, Slower Than First Estimated

Bloomberg Business

Shobhana Chandra
August 26, 2016 — 5:30 AM PDT

The U.S. economy grew less than previously reported last quarter on lower government outlays and a bigger depletion of inventories, capping a sluggish first-half performance propped up mainly by consumer spending.

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Moreno Valley seal

Foes tried to stop the developer and city from using initiatives to legally protect the project.

By Imran Ghori / Staff Writer
Published: Aug. 18, 2016 – Updated: 8:55 p.m.

A judge has denied a request by opponents of the World Logistics Center to block two initiatives aimed at shielding the 40.6 million-square-foot warehouse complex from legal challenges.

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Federal Reserve

The headquarters of the Federal Reserve in Washington, D.C., in 2015. (AP Photo/Andrew Harnik)

Jim Puzzanghera
August 17, 2016

Some Federal Reserve policymakers said at their most recent meeting that the economy appeared ready for another small increase in a key interest rate, according to an account released Wednesday.

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The San Francisco Chronicle: The mystery behind California’s high gas prices

Gas Prices

Taxes on gasoline in the Golden State tend to be among the country’s highest.

By David R. Baker
August 15, 2016
Updated: August 15, 2016 – 4:47pm

Gasoline is cheap in California compared to a year ago.

But it’s nowhere near as cheap as it could be.

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The Sun: How downtown Redlands will change over the next few years

Redlands

By Sandra Emerson, Redlands Daily Facts
Posted: 08/14/16 – 2:13 PM PDT |

REDLANDS >> A lot is happening in downtown Redlands.

Several long-anticipated development projects are getting underway, all of them set to bring in more business and activity to the city’s historic core.

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Logistics

California’s costly tax and regulatory policies have driven scores of businesses to leave the state, reduce their operations or curtail plans to locate here, according to a report from Spectrum Location Solutions. (Photo by John Valenzuela/The Sun)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 08/09/16 – 1:54 PM PDT |

California’s costly tax and regulatory policies prompted more than 10,000 businesses to leave the state, reduce their operations or curtail plans to locate here between 2008 and 2015, according to a report from Spectrum Location Solutions.

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Gas Prices

Gasoline prices are falling, but a consumer advocacy group contends that energy companies are profiting unfairly. (Gene J. Puskar / Associated Press)

Ivan Penn
August 4, 2016

A consumer advocacy group accused oil refiners of intentionally keeping California’s gasoline prices higher than in the rest of the nation to bolster profits, despite growing inventories and falling wholesale prices.

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Calpensions: CalPERS funding gap may grow under new trend

calpers

By Ed Mendel
Monday, August 1, 2016

Twice in recent decades CalPERS fell below 100 percent of the funding needed for promised pensions, and twice CalPERS climbed back. But since a $100 billion investment loss in 2008, the CalPERS funding level has not recovered.

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Reuters: Wholesale California gasoline prices plunge, consumers still pay up

Gas Prices

Reuters

Markets | Fri Jul 29, 2016 1:06am EDT
HOUSTON | By Liz Hampton and Jessica Resnick-Ault

Wholesale gasoline in California became the cheapest in the country this week, but that change has largely gone unseen at the pump, where consumers are still paying the highest prices in the continental United States to fill up their cars.

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Economy
Despite longevity, total growth during this economic expansion is lower than for much shorter business cycles

.

Wall Street Journal

By Eric Morath
Jul 29, 2016 – 10:39 am ET

Even seven years after the recession ended, the current stretch of economic gains has yielded less growth than much shorter business cycles.

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Bloomberg: U.S. Economy Grew Less-Than-Forecast 1.2% in Second Quarter

Economy

Sho Chandra
July 29, 2016 — 5:30 AM PDT
Updated on July 29, 2016 — 6:54 AM PDT

The U.S. economy expanded less than forecast in the second quarter after a weaker start to the year than previously estimated as companies slimmed down inventories and remained wary of investing amid shaky global demand.

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Jobs

Natalie Kitroeff
July 22, 2016

Defying critics of new state regulations, California continued to pad its hefty payrolls in June. Employers added a net 40,300 jobs over the month, the state reported Friday.

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NBC: Roger Ailes Resigns as Fox News CEO

Fox News

By Phil Helsel
Thursday, July 21, 2016

Roger Ailes resigned as chairman and CEO of Fox News Thursday, after days of speculation as to his future with the network after a sexual harassment lawsuit was filed against him by a former anchor, 21st Century Fox said.

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California

A new CNBC report ranks California as the nation’s least business-friendly state.

By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/19/16 – 6:00 PM PDT |

If you think California is a tough place to do business, you’re not alone.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 18, 2016 – 4:03 PM

  • Big public employee pension fund gained just 0.61 percent last year
  • With low earnings, its unfunded liability for benefits grows
  • Maintaining 7.5 percent earnings assumption doesn’t make sense

You can smear lipstick on a pig, but that doesn’t change its innate porcinity.

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calpers

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
July 18, 2016 – 9:11 AM

  • Pension fund’s investment gains well below target
  • Poor stock market showing drives weak results

CalPERS reported a 0.61 percent gain in investments in its latest fiscal year, the second straight year of subpar results for the big California pension fund.

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Calpensions: As CalPERS exits hedge funds, CalSTRS adds more

Hedge Fund

By Ed Mendel
July 18, 2016

The two big California public pension funds, CalPERS and CalSTRS, are going opposite ways on a controversial investment strategy, hedge funds, that is under fire from a powerful teachers union.

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Los Angeles

Southland economist Christopher Thornberg says California’s economy is solid, with healthy gains in employment and the housing market. Thornberg spoke Friday at a Mid-Year Economic Forecast & Trends Breakfast in Los Angeles. (File Photo by David Crane/Los Angeles Daily News)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/15/16 – 6:15 PM PDT |

The U.S. economy is in far better shape than many might think.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 12, 2016 – 3:04 PM

  • California Public Employees’ Retirement System lost money
  • Fund is now well short of what’s required to cover pensions
  • CalPERS demands more from governments to cover outlays

The California Public Employees’ Retirement System – the nation’s largest pension trust fund – took a beating during the Great Recession, dropping nearly $100 billion in value.

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calpers

By Teri Sforza / Staff Writer
July 12, 2016 – Updated 7:37 a.m.

Public workers are pumping more money into retirement funds. Public agencies are pumping more money into retirement funds.

Yet the market seems distinctly unimpressed.

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OxyContin

By Harriet Ryan, Lisa Girion and Scott Glover
July 10, 2016

In the waning days of summer in 2008, a convicted felon and his business partner leased office space on a seedy block near MacArthur Park. They set up a waiting room, hired an elderly physician and gave the place a name that sounded like an ordinary clinic: Lake Medical.

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San Onofre

Southern California Edison argued in a filing with state regulators that a settlement agreement over the shuttered San Onofre nuclear plant was fair and reasonable. (Mark Ralston/Getty Images)

Ivan Penn
July 7, 2016

Southern California Edison on Thursday warned that its customers could face higher costs related to the shuttered San Onofre nuclear plant if regulators overturn a settlement agreement.

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Prime Healthcare

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 07/06/16 – 10:51 PM PDT |

ONTARIO >> Ontario-based Prime Healthcare medical group responded Wednesday to news the federal government is joining a Medicare fraud lawsuit against the company, denying charges it admitted patients needlessly.

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Gas Prices

Gasoline prices are displayed at a California service station in May 2015. (Associated Press)

Ivan Penn
July 1, 2016

State Atty. Gen. Kamala Harris has issued subpoenas to oil refiners as part of an investigation into unusually high gasoline prices in California during the last year.

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Karma Automotive Factory

Robots rivet the side frame assembly on the body of a Revero electric car at the Karma automotive factory in Moreno Valley. Karma is the first car-building company in Southern California in decades. (Gina Ferazzi / Los Angeles Times)

Natalie Kitroeff
June 29, 2016

Los Angeles has hemorrhaged manufacturing jobs since 2007, casting a pall over the state’s economic recovery, according to a forecast released Tuesday by Chapman University.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
June 28, 2016 – 5:59 PM

  • Public Utilities Commission, Coastal Commission under fire
  • Critics say insiders have too much access to members
  • New bills would place limits on ‘ex parte’ communications

Lawyers love to sprinkle their discourse with Latin phrases, thereby giving them a veneer of erudition.

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The Sun: Highland to start review of Harmony project Thursday

City-of-Highland

By Sandra Emerson, Redlands Daily Facts
Posted: 06/25/16 – 5:14 PM PDT |

HIGHLAND >> The City Council meets Thursday to start its review of the proposed Harmony master-planned community.

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Home Construction

By Jonathan Lansner and Marilyn Kalfus, Staff Writers
Posted: 06/25/16 – 6:44 PM PDT |

Dave Miller leaves work in his gold GMC Sierra in midafternoon, loaded up with Arizona iced tea and sesame seeds. He tunes the radio to 95.5 FM KLOS, classic rock.

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NYSE Trading Floor

A television screen on the floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Friday, June 24, 2016. The DJIA dropped 611 points, or 3.4 percent, to 17,399 in heavy trading Friday. Stocks plunged in the U.S. and worldwide after Britain voted to leave the European Union. (AP Photo/Richard Drew)

By Rachel Uranga, rachel.uranga@langnews.com, @racheluranga on Twitter
Posted: 06/24/16 – 7:31 PM PDT |

Britain’s exit from the European Union shocked markets, reshuffled alliances and created a new political reality that experts say will be felt in Southern California.

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The Press-Enterprise: MORENO VALLEY: Warehouse battle continues in court

Moreno Valley seal

The focus of the legal challenges, for now, is on three initiatives that the City Council adopted.

By Imran Ghori / Staff WRiter
Published:  June 17, 2016
Updated:    June 18, 2016 – 6:30 a.m.

A legal battle over the World Logistics Center will continue through at least the summer as opponents and Moreno Valley square off over whether the city violated state law in approving three developer-backed initiatives.

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Jobs

Health services was one of the industries that added the most jobs in May.

Natalie Kitroeff
June 17, 2016

California’s job growth continued in May as employers added 15,200 people to their payrolls, according to a state data release.

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Los Angeles Times: Jacobs Engineering plans to move jobs from Pasadena to Texas

Texas Flag + California Flag

Jacobs Engineering Group brings in $12 billion in annual revenue and employs some 64,000 people.

Natalie Kitroeff
June 6, 2016

Jacobs Engineering Group, one of the world’s largest engineering companies, is preparing to move employees from its Pasadena headquarters to Dallas, becoming the latest major corporation to relocate significant operations from California to Texas.

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Calpensions: CalPERS ex-CEO sentenced, but probe continues

calpers

By Ed Mendel
June 6, 2016

A former CalPERS chief executive officer, Fred Buenrostro, was sentenced to 4½ years in prison last week for taking bribes, including $200,000 in cash, from a former CalPERS board member, Alfred Villalobos, who collected about $50 million in fees from private equity firms for helping them get investments from the big pension fund.

Read the rest of this entry »

Inland Empire

By Fielding Buck, The Press-Enterprise
Posted: 06/04/16 – 8:32 PM PDT | U

RIVERSIDE >> Inland Southern California’s long boom might be over, researchers suggested this week at UC Riverside.

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Bloomberg: Employers in U.S. Add Fewest Workers in Almost Six Years

Bloomberg Logo

Sho Chandra
Published: June 3, 2016 — 5:30 AM PDT
Updated:   June 3, 2016 — 6:04 AM PDT

Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.

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Citizens Business Bank Arena

Citizens Business Bank Arena in Ontario, built and is owned by the City of Ontario and is operated by AEG, one of the nation’s top entertainment presenters. (File Photo)

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 06/01/16 – 2:16 PM PDT |

ONTARIO >> Management of the Citizens Business Bank Arena is switching from AEG Facilities to Ontario Convention Center operator SMG, officials announced Wednesday.

Read the rest of this entry »

Food Servers

Salad makers prepare lunch at Tender Greens in Santa Monica. Food servers are expected to see strong job growth through 2020. (Los Angeles Times)

Natalie Kitroeff
May 31, 2016

  • Food servers, who earn relatively little, will see strong job growth through 2020.

Los Angeles County will add hundreds of thousands of jobs over the next four years, most of them low paying, according to a report released Wednesday by the Los Angeles County Economic Development Corporation.

Read the rest of this entry »

Covered California

Noam N. Levey
May 31, 2016

Health insurance giant UnitedHealth Group, which sat out California’s implementation of the Affordable Care Act until this year, will not sell health plans on the state’s insurance marketplace in 2017, state and company officials said Tuesday.

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The Press-Enterprise: EASTVALE: Amazon announces fulfillment center

Amazon

Published: May 25, 2016 – Updated: 5:21 p.m.

Amazon announced today it will open a fulfillment center in Eastvale.

The online retail giant has fullfilment centers in Moreno Valley, Redlands, Rialto and San Bernardino. It also has a sortation center in San Bernardino.

To read article by Fielding Buck in The Press-Enterprise, click here.

Red Flag

By Jeff McDonald | May 25, 2016 – 9 p.m.

  • CPUC worked with utility on legal strategy during San Onofre investigation

Even as it was preparing to review a $4.7 billion deal settling costs for the failed San Onofre nuclear plant, the California Public Utilities Commission was working behind the scenes to draft and send subpoenas on behalf of plant owner Southern California Edison.

Read the rest of this entry »

Los Angeles Times

A large shareholder of L.A. Times owner Tribune Publishing has questioned the company’s decision to turn down a buyout offer from Gannett and sell millions of new shares to billionaire Patrick Soon-Shiong.

James Rufus Koren
May 26, 2016

Another major Tribune Publishing investor is crying foul over the company’s rejection of Gannett’s buyout offer — even as two more advisory firms weighed in to give the board cover against a possible shareholder lawsuit.

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Prime Healthcare

Paul Sisson
May 26, 2016

The U.S. Justice Department has joined a whistle-blower case against Prime Healthcare Services, adding significant weight to allegations of widespread Medicare overbilling at 14 of the company’s hospitals in California.

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Patrick Soon-Shiong

Patrick Soon-Shiong (Danny Moloshok / Associated Press)

James Rufus Koren
May 23, 2016

In the battle for control of Los Angeles Times parent Tribune Publishing, two health tech investors look to be the likely winners, while a massive newspaper company may walk away empty-handed.

Read the rest of this entry »

Up Arrow

Job growth picks up in April.

Natalie Kitroeff
May 20, 2016

California employers picked up hiring in April, adding 59,600 jobs during the month, according to state data released Friday.

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The San Diego Union-Tribune: Moody’s dings Southern California Edison

San Onofre

Reopening San Onofre nuclear settlement a ‘credit negative’

By Rob Nikolewski |
May 17, 2016 – 2:35 p.m.

It’s not a ratings downgrade, but Moody’s Investor Service on Tuesday called reopening the financial details of the San Onofre nuclear plant shutdown a “credit negative” for the plant’s operator, Southern California Edison.

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Los Angeles Times: Gannett’s bid for Tribune Publishing jumps to $15 a share

Los Angeles Times

The Los Angeles Times is owned by Tribune Publishing. (Al Seib / Los Angeles Times)

Robert Channick
May 16, 2016

Gannett boosted its all-cash offer to acquire Tribune Publishing to $15 per share, raising the stakes after the owner of the Los Angeles Times, Chicago Tribune and other major newspapers earlier this month rejected an unsolicited $12.25-a-share bid.

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Virgin America

A Virgin America plane taxis past an Alaska Airlines plane waiting at a gate at Seattle-Tacoma International Airport. (Ted S. Warren / Associated Press)

Hugo Martin
May 15, 2016

Executives at Southwest Airlines like to joke that they run a California airline, based in Texas.

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Oakland Magazine: Governor Jerry Brown Has Financial Link to Oakland Coal

Smoke and Mirrors

Public records show that Brown has financial ties to a company that could profit greatly from shipping coal through Oakland.

Mike Rosati
May 12, 2016

During a high-profile speech last July in Vatican City, Governor Jerry Brown told Pope Francis that “90 percent of the coal” reserves worldwide “can never be taken out of the ground” if the planet is to avoid a climate catastrophe. Brown’s remarks, which are posted on the governor’s official website, were hailed by climate change activists around the globe and further positioned Brown as a world leader in the fight to reduce greenhouse gas emissions.

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KQED: California’s Obamacare Premiums May Rise 8 Percent Next Year

Covered California

By Chad Terhune
California Healthline
May 11, 2016

California’s health insurance exchange estimates that its Obamacare premiums may rise 8 percent on average next year, which would end two consecutive years of more modest 4 percent increases.

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The Sun: Cadiz water project in Mojave Desert wins big in Appellate Court

Cadiz

By Jim Steinberg, The Sun
Posted: 05/10/16 – 6:53 PM PDT |

Cadiz Inc. won a decisive courtroom victory Tuesday for its plans to transfer ancient groundwater in a remote part of San Bernardino County’s Mojave Desert to parts of Orange County and other locations.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
May 10, 2016 – 3:33 PM

  • San Onofre nuclear power plant shut down
  • Secret deal stuck ratepayers with most costs
  • As probe continues, PUC reopens the case

The long-simmering scandal in the state Public Utilities Commission over a secret deal to stick ratepayers with most of the costs of shutting down the San Onofre nuclear power plant just got more interesting.

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