Archive for the ‘ Finance ’ Category

The Public Eye
By Brad Branan
bbranan@sacbee.com
January 21, 2017 – 1:17 PM

In South Lake Tahoe, roads are crumbling, and the city is struggling to find ways to repair years of damage caused by harsh weather and snowplows. Orangevale residents worry that fire crews won’t arrive quickly enough in an emergency after their local fire station was closed during the recession.

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California employers added just 3,700 jobs in December, according to the state Employment Development Department. That was less than a third of the 13,600 jobs that were added the previous month. (Photo by Neil Nisperos, SCNG/File)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 01/20/17 – 11:38 AM PST |

California employers scaled back their hiring in December with just 3,700 jobs added, the state Employment Development Department reported Friday.

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Calpensions: State pension costs doubled after rate increases

By Ed Mendel
Monday, January 17, 2017

State payments to CalPERS next fiscal year are expected to total $6 billion, nearly double the $3.2 billion paid six years ago before a wave of employer rate increases.

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American Apparel began laying off 2,400 Southern California workers on Monday. (Al Seib / Los Angeles Times)

Shan Li
January 16, 2017

American Apparel began to lay off 2,400 workers in Southern California on Monday — kicking off its final chapter as the country’s largest garment maker.

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Los Angeles Times: Can L.A. support two NFL teams? It’s a challenge

Nathan Fenno
January 14, 2017

When Dan Reeves moved the Rams from Cleveland to Los Angeles in 1946, the owner made a prediction about his new home.

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California’s bullet train could cost taxpayers 50% more than estimated — as much as $3.6 billion more – according to a confidential federal report obtained by the Los Angeles Times.

Ralph Vartabedian
January 13, 2017

California’s bullet train could cost taxpayers 50% more than estimated — as much as $3.6 billion more. And that’s just for the first 118 miles through the Central Valley, which was supposed to be the easiest part of the route between Los Angeles and San Francisco.

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Jim Puzzanghera
January 13, 2017

Wells Fargo & Co. on Friday reported a 6% drop in fourth-quarter profit in the wake of a scandal over its employees creating as many as 2 million accounts without customer authorization.

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Associated Press: California revenue is growing. So why the talk of deficits?

By Jonathan J. Cooper
Associated Press
Jan 11, 2017 – 9:13 p.m. EST

SACRAMENTO, Calif. (AP) — California’s economy is expanding and voters just approved billions of dollars in tax increases, yet Gov. Jerry Brown this week projected a budget deficit for the first time in four years and called for spending cuts.

So what’s going on?

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The Sacramento Bee: Gov. Jerry Brown sees downturn, proposes flat state budget

By Dan Walters
dwalters@sacbee.com
January 10, 2017 – 4:18 PM

Ever since he returned to the governorship six years ago, Jerry Brown has preached fiscal caution, warning that the state would inevitably see another economic decline and plunging revenue.

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Gov. Jerry Brown, seen discussing his 2016-17 state budget last year, will release his new spending plan next week in Sacramento. (Rich Pedroncelli / Associated Press)

John Myers
January 6, 2017

In the six years since Gov. Jerry Brown returned to the state Capitol, his relatively parsimonious approach to state budgets has been consistent enough to leave few watchers expecting major surprises.

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The Consumer Financial Protection Bureau fined Equifax and TransUnion for providing consumers with credit scores not actually used by most lenders in making credit decisions.

James Rufus Koren
January 4, 4016

All credit scores are not created equal.

That’s the upshot of federal enforcement actions levied Tuesday against credit bureaus Equifax and TransUnion.

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By one estimate, CalPERS has missed out on $3 billion in financial returns by refusing to buy tobacco stocks. But the pension giant decided Monday to stick with the ban despite a recommendation from its staff that the ban be relaxed.

By Dan Walters
dwalters@sacbee.com
January 2, 2017 – 12:01 AM

It’s very rare, but always welcome, when reality intrudes on political decision making.

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The Sacramento Bee: A tax cut for Californians? Yes, really

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
December 30, 2016 12:13 PM

Californians are about to enjoy a rare tax cut.

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Los Angeles Times: Southern California home prices keep rising, and sales jump

The Southern California median home price has now risen, year-over-year, every month for more than four years.

Andrew Khouri
December 27, 2016

Southern California home prices and sales rose in November compared with a year earlier, according to a report released Tuesday.

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A homebuyer who held off purchasing a $500,000 home in July when rates sank to 3.41 percent now will pay $255 more a month on a 30-year loan.

By Kathy Orton
December 22, 2016 at 5:58 PM

House hunters might need to start adjusting their expectations as the days of ultra-low mortgage rates could finally be winding down.

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Pension costs for state and local government will begin to rise in 2017 after CalPERS officials voted to throttle back the expectations on profits earned from its $299 billion portfolio.

By John Myers
Dec. 21, 2016

In the four years since California’s largest pension fund recalibrated its investment projections, the annual contribution from state and local governments — in effect, the money paid by taxpayers — has slowly been on the rise.

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By Dale Kasler
Business & Real Estate
dkasler@sacbee.com
December 20, 2016 – 5:17 PM

The cost of that government pension is about to go up again, for California taxpayers as well as some public employees.

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Los Angeles County saw healthy job gains last month but the region’s construction sector posted a loss of 1,600 jobs. (AP File)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 12/16/16 – 5:31 PM PST |

California employers added 13,600 jobs in November, marking the weakest showing since March.

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By Kevin Smith, San Gabriel Valley Tribune
Posted: 12/16/16 – 5:32 PM PST |

California employers added 13,600 jobs in November, marking the weakest showing since March.

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KPMG was hired to save Riverside County money. But one supervisor wonders when the savings part starts

By Jeff Horseman / Staff Writer
Published: Dec. 14, 2016 – Updated: 9:21 p.m.

Change in Riverside County government comes at a price – almost $21 million, to be precise.

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By Jeff Horseman / Staff Writer
Published: Dec. 12, 2016
Updated:    Dec. 13, 2016 – 6:59 a.m.

In a nod to Riverside County’s ongoing financial challenges, a proposal before the county Board of Supervisors would have supervisors defer any pay raise they’re due to receive until 2019.

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InlandPolitics: Local economist who pimped warehouses now says — What jobs?

Saturday, December 10, 2016 – 10:30 a.m.

One would hope that several local Inland Empire governments are feeling stupid and duped these days.

But maybe they don’t care.

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Supervisor Marion Ashley suggests that his peers defer pay increases since unions are being asked to hold the line on raises.

By Jeff Horseman / Staff Writer
Published: Dec. 7, 2016
Updated:   Dec. 8, 2016 – 4:47 p.m.

Riverside County Supervisor Marion Ashley wants his peers to defer the automatic pay raises they received over the summer to show empathy with union employees, who also are being asked to forgo raises.

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The Sun: What San Bernardino did during its 4-year bankruptcy

By Ryan Hagen, The Sun
Posted: 12/07/16 – 6:46 PM PST |

SAN BERNARDINO >> A day after the city emerged from its 53-month bankruptcy, city officials marked the “watershed moment” with a detailed statement on what they’ve done since filing for bankruptcy and their plans for the future.

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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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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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The Sacramento Bee: Brown probably won’t leave budget deficit, but future cloudy

Dan Walters

By Dan Walters
dwalters@sacbee.com
November 20, 2016 2:44 PM

California’s gubernatorial transitions have included a less-than-stellar tradition in recent decades – outgoing governors leaving budget deficits to successors.

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Calpensions: CalPERS, CalSTRS considering more rate increases

Pensions

Ed Mendel
November 21, 2016

The state’s two largest public pension systems never recovered from huge investment losses during the deep recession and stock market crash in 2008. CalPERS lost about $100 billion and CalSTRS about $68 billion.

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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 Union Democrat (AP): California analyst projects $2.8 billion budget surplus

California Money

AP Nation / World
By Jonathan J. Cooper
Associated Press
Nov 16, 2016 – 6:35 PM EST

SACRAMENTO, Calif. (AP) — California’s nonpartisan legislative analyst said Wednesday he’s forecasting a $2.8 billion budget surplus next year and says California should be able to weather a mild recession without major budget cuts or tax increases over the next four years.

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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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The Mercury News: Apple sales post first annual decline in 15 years

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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Los Angeles Daily News: San Bernardino reaches ‘momentous’ bankruptcy hearing

U.S. Bankruptcy Court

United States Bankruptcy Court in Riverside

By Ryan Hagen, San Bernardino Sun
Posted: 10/14/16 – 7:38 PM PDT |

RIVERSIDE >> The city of San Bernardino entered the final stage of its bankruptcy case Friday in U.S. Bankruptcy Court, with a confirmation hearing the city and its thousands of creditors have awaited for more than four years.

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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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Calpensions: Ruling challenges prevailing view of pension law

Pensions

By Ed Mendel
October 10, 2016

Three appeals court justices, citing the alarming view of critics that unaffordable public pensions are headed for the financial cliff, looked for a new way to allow a change in direction and found one.

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Daily Bulletin: Ontario airport bonds clinch an A-minus rating

Ontario International Airport

Fitch Ratings reported its assessment of fixed-rate bonds for ONT, setting them at an A-minus rating with a “stable” outlook. (File Photo)

By Richard K. De Atley, The Press-Enterprise
Posted: 10/06/16 – 9:21 PM PDT |

ONTARIO >> Fitch Ratings reported Thursday its assessment of $52.2 million in fixed-rate bonds for Ontario International Airport Authority, setting them at an A-minus rating with a “stable” outlook.

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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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Jerry Brown

Gov. Jerry Brown

Sophia Bollag and Samantha Masunaga
September 29, 2016

Nearly 7 million workers for California companies will be automatically enrolled in a new state-run retirement program under a bill signed Thursday by Gov. Jerry Brown.

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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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Tax Reform

California voters on Nov. 8 will consider a ballot initiative that would tax cigarettes by an additional $2 per pack. They also will weigh a separate income tax increase on some of the state’s highest earners.

Capitol Alert
By Christopher Cadelago
ccadelago@sacbee.com
September 26, 2016 – 8:00 PM

California’s likely voters solidly support a fall initiative to extend higher income taxes on top earners, while a separate proposal to boost state taxes on tobacco is clinging to a majority vote, according to a new survey released Monday.

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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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nomoney1

By Ali Tadayon, The Press-Enterprise
Posted: 09/25/16 – 6:31 PM PDT |

SAN BERNARDINO >> A bill that would ensure first responders to the Dec. 2 terrorist attack in San Bernardino get fully reimbursed for the cost of their response was vetoed Sunday by Gov. Jerry Brown.

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The Sacramento Bee: California voters will decide hundreds of tax and bond measures

Dan Walters

By Dan Walters
dwalters@sacbee.com
September 20, 2016 – 4:41 PM

We Californians cough up about $250 billion in state and local taxes each year, one of the nation’s highest tax burdens at 12-plus percent of our personal incomes.
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calpers

John Myers
Sept. 20, 2016 – 2:47 p.m.

The retiring forecaster for California’s largest public employee pension fund offered some final advice on Tuesday: State and local governments should be required to pay more into the system as soon as next year.

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The Sacramento Bee: Prop. 13 still a hot topic four decades after passage

Dan Walters

By Dan Walters
dwalters@sacbee.com
September 19, 2016 – 3:21 PM

Nearly four decades after its passage, California’s Proposition 13 is still a contentious political landmark.

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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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Dan Walters

By Dan Walters
dwalters@sacbee.com
September 11, 2016 – 4:00 AM

The “unfunded liabilities” of state and local pension funds are California’s biggest unresolved political issue – at least in financial terms.

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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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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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The Press-Enterprise: Federal probe into Beaumont finances continues

Beaumont

At least one former city official will testify next week before SEC officials

By David Danelski / Staff Reporter
Published: Aug. 23, 2016
Updated: Aug. 24, 2016 – 6:17 a.m.

As the state criminal case against seven former Beaumont officials moves through Riverside County Superior Court, a more secretive federal probe of the city’s troubled finances also is advancing.

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Money

Patrick McGreevy
Aug. 22, 2016 – 4:43 p.m.

In the continuing fallout from the city of Bell’s financial scandal, Gov. Jerry Brown on Monday signed a bill requiring city councils and county boards of supervisors to publicly announce pay and benefit increases for government executives before they are approved by a vote.

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Calpensions: Court pension decision weakens ‘California rule’

Pensions

Ed Mendel
August 22, 2016

The one thing some pension reformers say is needed to cut the cost of unaffordable public pensions: give current workers a less costly retirement benefit for work done in the future, while protecting pension amounts already earned.

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Taxes

Seven Inland cities are asking voters to approve tax measures; four would raise sales taxes.

By Alicia Robinson / Staff Writer
Published: Aug. 19, 2016
Updated: Aug. 21, 2016 12:24 a.m.

Several Riverside County cities are hoping to cut through the election season noise and convince residents to support tax increases to pay for police, fire and other key services.

Read the rest of this entry »

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 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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calpers

Ed Mendel
August 15, 2016

Two actuarial associations did not publish a controversial paper by their joint task force, reflecting a split in the profession over whether public pension debt should be measured with risk-free bonds or the earnings forecast for stock-laden investment funds.

Read the rest of this entry »

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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InlandPolitics: Newspaper needs to get real on local pension data

Seriously

Tuesday, August 9, 2016 – 12:00 p.m.

I just sent an email to Staff Writer Teri Sforza at The Orange County Register regarding her article on the “Top 25 Public Pensions” in California, published Tuesday.

Her story mysteriously omitted San Bernardino County pension data.

Read the rest of this entry »

Pensions

By Alicia Robinson, The Press-Enterprise
Posted: 08/08/16 – 7:54 PM PDT |

High-earning state and local government retirees are scattered around the state, with no one city or agency dominating the list of the biggest pension payouts in 2015, data from an open records advocacy group show.

Read the rest of this entry »

InlandPolitics: Sheriff’s deputies approve three-year agreement

SBCO

Wednesday, August 3, 2016 – 08:30 a.m.

San Bernardino County Sheriff’s Deputies and District Attorney Investigators have given their approval to a new three-year collective bargaining agreement.

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Riverside County Seal

District Attorney and county supervisors are at odds. And one supervisor had harsh words for his colleague

By Jeff Horseman / Staff Writer
Published: Aug. 2, 2016
Updated:   Aug. 3, 2016 – 6:27 a.m.

A lack of money is inflaming tensions among Riverside County’s elected leaders.

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red-ink

By Dan Walters
dwalters@sacbee.com
August 1, 2016 – 6:00 AM

  • California’s state and local public employee pension systems are caught in a vicious circle of rising outlays to retirees, very low pension fund earnings, higher unfunded liabilities and rising demands for more tax dollars.

Ron Seeling, the California Public Employees Retirement System’s chief actuary, believed he was speaking to a closed-door seminar in 2009 when he warned that public employee pension costs were becoming “unsustainable.”

Read the rest of this entry »

InlandPolitics: San Bernardino County pension fund posts investment loss

SBCO

Monday, August 1, 2016 – 11:00 a.m.

The pension fund for employees and retirees of San Bernardino County, California will post a negative return for it’s fiscal year just ended.

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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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Pay Raise

The State Worker
By Rachel Cohrs
rcohrs@sacbee.com
July 29, 2016 – 10:17 AM

The state has offered a nearly 12 percent general salary increase for SEIU Local 1000 employees spread out over four years, or a 9 percent increase over three years.

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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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Mike Hestrin

Hestrin says he needs additional funds to avoid layoffs. But supervisors say he’s being unreasonable

By Jeff Horseman / Staff Writer
Published: July 28, 2016 – Updated: 9:44 p.m.

  • Riverside County District Attorney Mike Hestrin has warned he would need $12.25 million in additional funding to avoid layoffs.

Riverside County District Attorney Mike Hestrin’s budget battle with the Board of Supervisors already has led to some public-safety service cuts, he acknowledged Thursday, July 28.

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The Press-Enterprise: RIVERSIDE COUNTY: Over objections, tight budget approved

Riverside County Seal

During contentious discussions, the district attorney says his department was underfunded and would need to lay off workers or cut services

By David Danelski / The Press Enterprise
Published: July 26, 2016
Updated:   July 27, 2016 – 7:23 a.m.

Following about an hour of contentious discussions, the Riverside County Board of Supervisors approved on Tuesday, July 26, revisions to an austere county budget designed to start closing a spending gap of more than $60 million a year.

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