Archive for the ‘ Finance ’ Category

The Sun: Hidden costs of gas-tax legislation: Jon Coupal

Gov. Jerry Brown speaks during a press conference regarding a landmark road repair and transportation investment package on April 4, 2017 in Riverside. (Stan Lim, The Press-Enterprise/SCNG)

By Jon Coupal
Posted: 04/21/1 – 4:11 PM PDT |

For the last three weeks this column has focused on both the policies and politics of the $5.2 billion annual transportation tax increase. In the unlikely event that some have forgotten — or were on another planet — the taxes include a substantial hike in the car tax as well as a 12 cent increase in the gas tax.

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By Mark Muckenfuss, The Press-Enterprise
Posted: 04/21/17 – 8:08 PM PDT |

Just a year ago, the faculty of California State University was ready to walk.

After months of stalled negotiations, the California Faculty Association and its members had already planned for a weeklong work stoppage when Chancellor Timothy White stepped into the process, cut a last-minute deal and kept the system’s classrooms open.

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By Natalie Kitroeff
April 21, 2017

  • Job Layoffs Job Market Jobs and Workplace Unemployment and Layoffs

California piled on 19,300 jobs in March and its unemployment rate dropped to 4.9%, according to figures released Friday by the state’s Employment Development Department. That’s the first time since December 2006 that the jobless rate has fallen below 5%.

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By Dale Kasler
dkasler@sacbee.com
April 15, 2017

Blowing past state officials’ financial projections, three construction contractors submitted bids for the Oroville Dam repairs that begin at $275 million, the Department of Water Resources said Saturday.

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By Jeff Horseman | jhorseman@scng.com | The Press-Enterprise
Published: April 10, 2017 at 2:47 pm |
Updated:   April 11, 2017  at 10:13 am

Cutting 11 jobs and changing the staffing mix on fire engines are two ideas Riverside County supervisors will consider as they try to close an $11.9 million shortfall in the Fire Department’s budget for next fiscal year.

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Assembly Speaker Anthony Rendon (D-Paramount), left, Gov. Jerry Brown and Senate President Pro Tem Kevin de León (D-Los Angeles) were the forces pushing for a new transportation funding bill. (Gary Coronado / Los Angeles Times)

Patrick McGreevy, Melanie Mason and John Myers
April 9 , 2017

In one of the biggest legislative victories of his storied political career, Gov. Jerry Brown pushed through an ambitious plan last week that will increase gas taxes and vehicle fees to raise $52 billion over the next decade for the repair of California’s system of crumbling roads, highways and bridges.

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By Thomas Lee
Published: April 8, 2017
Updated:   April 9, 2017 – 10:26am

The bills keep piling up for Wells Fargo as it grapples with a scandal where employees signed up customers for millions of accounts they never asked for. There’s $110 million to settle a class-action lawsuit, on top of $185 million in fines to regulators. The company has made amends in other ways, firing CEO John Stumpf, adding two independent directors to the board and slashing executive bonuses.

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Democratic state Senators Ricardo Lara, of Bell Gardens, left, and Richard Roth, of Riverside, confer off the Senate floor in Sacramento. By a razor-thin margin, lawmakers late Thursday, April 6 approved a $5-billion-a-year boost in California’s gas and vehicle taxes to pay for major road repairs. (Rich Pedroncelli, Associated Press)

By Jeff Horseman / Staff Writer
Published: April 7, 2017 – Updated: 11:41 a.m.

Riverside County will get $420 million for transportation infrastructure projects, and four cities will finally get their vehicle license fee revenue back, thanks to a deal struck with two Democratic lawmakers to get their votes for a massive transportation funding package.

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Capitol Alert
By Jim Miller, Christopher Cadelago and Taryn Luna
jmiller@sacbee.com
April 8, 2017 – 12:01 AM

California drivers will begin paying 12 cents per gallon more in gas taxes later this year, the first of several tax and fee hikes contained in this week’s road-funding bill that eventually will cost the average motorist about $120 a year.

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Capitol Alert
By Taryn Luna and Alexei Koseff
tluna@sacbee.com
April 6, 2017 – 7:00 PM

The state Legislature on Thursday passed a sweeping $52 billion transportation plan that will raise California gas taxes after leaders struck deals with wavering lawmakers to fund road projects in their districts.

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Pay gap between men and women by industry

Natalie Kitroeff and Nina Agrawal
April 4, 2017

Today is Equal Pay Day, which was invented by an activist group two decades ago to draw attention to the wage divide between men and women.

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The Sacramento Bee: Jerry Brown’s gas tax increases still need more votes

By Dan Walters
dwalters@sacbee.com
April 3, 2017 – 3:22 PM

During Barack Obama’s presidency, Republican congressional leaders easily passed repeals of Obama’s landmark health insurance law, knowing they were DOA.

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California Gov. Jerry Brown discusses a plan to raise $52 billion to fix California roads, during a news conference Wednesday in Sacramento. The 10-year plan would boost the gasoline excise tax by 12 cents a gallon along with higher registration fees and a $100 charge on emission-free vehicles. Rich Pedroncelli (AP)

By Jeff Horseman, The Press-Enterprise
Posted: 04/03/17 – 8:25 PM PDT |

Gov. Jerry Brown is bringing his pitch for a $52 billion transportation funding plan to Riverside.

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U.S. News (AP): $52B Needed to Fix California Roads, Taxes and Fees Proposed

California’s governor and legislative leaders want to raise $52 billion to fix roads through a big increase in the gas tax.

By DON THOMPSON and SOPHIA BOLLAG, Associated Press
March 29, 2017, at 9:11 p.m.

SACRAMENTO, Calif. (AP) — California’s governor and legislative leaders on Wednesday proposed raising $52 billion to fix the state’s roads through a big gasoline tax increase, higher car registration fees and a charge on emission-free vehicles.

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Natalie Kitroeff
March 24, 2017

California’s unemployment rate ticked down to 5% in February, reaching a 10-year low on eight consecutive months of job growth.

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Natalie Kitroeff
March 24, 2017

California’s unemployment rate ticked down to 5% in February, reaching a 10-year low on eight consecutive months of job growth.

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Los Angeles Times: Trump budget would reignite California’s financial strains

Protesters rally in 2013 against cuts to Medi-Cal. (Rich Pedroncelli / Associated Press)

Evan Halper and Sarah D. Wire
March 16, 2016

President Trump’s budget would deliver a painful financial blow to California, with the potential to push a state that has struggled for years to keep its books balanced back into the kind of red ink that consumed it after the housing market collapse a decade ago.

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Los Angeles Daily News: California’s property tax burden 10th worst in nation

California’s 0.81 percent effective rate, by WalletHub math – that’s 81 cents per $100 of assessed value – was tied for 17th lowest among the states. (Register file photo)

By Jonathan Lansner,
jlansner@scng.com
Posted: 03/12/17 – 10:17 PM PDT |

Warning: Property taxes are due April 10.

Before you search for the bill and the checkbook – and perhaps express a few choice nasty words aloud about the financial pinch – let me make you extra grumpy.

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CNBC: US created 235,000 jobs in Feb, vs 190,000 expected

Jeff Cox | @JeffCoxCNBCcom
March 10, 2017

Nonfarm payrolls increased by 235,000 in February and the unemployment rate was 4.7 percent in the first full month of President Donald Trump’s term, the Bureau of Labor Statistics reported Friday.

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By Kevin Smith, San Gabriel Valley Tribune
Posted: 03/03/17 – 2:16 PM PST |

Los Angeles County and the Inland Empire saw heavy job losses in January following the meager gains that were posted in December, but California still managed to add nearly 10,000 jobs, the state Employment Development Department reported Friday.

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California saw a net gain of 9,700 jobs in January while its unemployment rate fell to 5.1%. (Source: Employment Development Department and Los Angeles Times graphics)

Natalie Kitroeff
March 3, 2016

The California economy started 2017 on a strong note, with employers adding a net 9,700 jobs in January and the unemployment rate dropping to 5.1%, according to data released by the Employment Development Department.

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The Sacramento Bee: Bullet train suffers two big setbacks that could be fatal

By Dan Walters
dwalters@sacbee.com
March 2, 2017 – 3:59 PM

Late Wednesday, the California High-Speed Rail Authority dispatched a report to the Legislature, crowing about progress in building a statewide bullet train system.

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By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 03/01/17 – 5:56 PM PST |

CLAREMONT >> President Donald Trump’s tough talk on potential tariffs — which has some fearing a trade war — also concerns a leading regional business and economy expert.

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Calpensions: CalPERS investment priority shifts to avoiding loss

Ed Mendel
February 27, 2017

Despite a low funding level little changed since massive investment losses nearly a decade go, CalPERS is focusing on avoiding another big loss, not risky attempts to maximize investment earnings.

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Sun Feb 26, 2017 | 10:11 pm EST

The White House will send federal departments a budget proposal on Monday containing the defense spending increase President Donald Trump promised, financed partly by cuts to the U.S. State Department, Environmental Protection Agency and other non-defense programs, two officials familiar with the proposal said.

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By Kevin Smith, San Gabriel Valley Tribune
Posted: 02/22/17 – 8:11 AM PST |

L.A. County’s manufacturing sector has suffered massive job losses over the last decade, but a new report points to worse news — those positions have been replaced by jobs that pay less than half as much.

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The Sacramento Bee: Once again, poll finds voters are ignorant on budget

By Dan Walters
dwalters@sacbee.com
February 19, 2017 – 4:00 PM

It’s been said that ignorance is bliss.

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Don Lee
February 14, 2017

Federal Reserve Chairwoman Janet L. Yellen on Tuesday painted a largely upbeat picture of the economy, telling lawmakers that somewhat faster wage growth is in store for workers, even as she signaled that the central bank would consider raising interest rates as early as next month.

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Chris Nichols
Thursday, February 9, 2017 | Sacramento, CA |

The share of California home buyers who could afford the state’s median priced home remained at just 31 percent during the last quarter of 2016, according to a new report.

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Los Angeles Daily News: Area pay raises shrink to smallest in a year

The December edition default index suggests local borrowers may need to monitor their 2017 household budgets more carefully. (Photo by Mark Wilson/Getty Images)

By Jonathan Lansner
Posted: 02/06/17 – 5:04 PM PST |

It might not have been the year-end bonus you expected, as Southern California pay raises dipped to a one-year low as 2016 ended.

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The Sacramento Bee: Trump threatens to defund ‘out of control’ California

In this Jan. 26, 2017 file photo, President Donald Trump speaks at the Republican congressional retreat in Philadelphia. . (AP Photo/Matt Rourke File)

Politics & Government
By Sean Cockerham
scockerham@mcclatchydc.com
February 5, 2017 – 5:17 PM

Washington —

President Donald Trump is threatening to withhold federal funds from “out of control” California if the state declares itself a sanctuary state.

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John Myers
February 5, 2017

During the depths of California’s budget crisis, talk in Sacramento about how many tax dollars were sent to Washington, compared with what the state received in services, generally sparked anger. But these days, it’s triggered fear.

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The Sacramento Bee: Jerry Brown, legislators headed for budget clash?

By Dan Walters
dwalters@sacbee.com
February 2, 2017 – 4:52 PM

State budgets have been easy-peasy political exercises in recent years, thanks to hefty increases in revenue from an expanding economy.

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The Sacramento Bee: Acknowledging lower returns, CalSTRS drops investment forecast

Business & Real Estate
By Adam Ashton
aashton@sacbee.com
February 1, 2017 – 5:50 PM

The fund that manages pensions for California teachers on Wednesday voted to lower its investment forecast by half a percentage point, a decision that will have many educators stepping up their payroll contributions for their retirement plans by several hundred dollars a year.

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Capitol Alert
By Jim Miller
jmiller@sacbee.com
January 25, 2017 – 1:52 PM

California faces a $76.67 billion cost to provide healthcare and dental benefits to retired state employees, state Controller Betty Yee reported Wednesday, an increase of $2.49 billion over the previous year’s estimate.

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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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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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