Archive for the ‘ Finance ’ Category

The San Francisco Chronicle: Closer look at $175 million UC hid from the public

UC President Janet Napolitano reads her statement concerning the audit conducted Elaine Howle (right), state auditor. (Photo: Rich Pedroncelli, Associated Press)

By Nanette Asimov and Melody Gutierrez
May 14, 2017

News that thousands of students at the University of California often go hungry because they can’t afford meals prompted a generous promise last summer from UC President Janet Napolitano: $3.3 million for more food pantries and other ways of feeding the young scholars.

Read the rest of this entry »

The Sacramento Bee: California’s economy growing faster than national average

By Phillip Reese
preese@sacbee.com
May 11, 2017

California’s economy grew faster in 2016 than all but a few other states, outpacing the average national growth for the sixth consecutive year, according to data released Thursday by the U.S. Bureau of Economic Analysis.

Read the rest of this entry »

Capitol Alert
By Jim Miller and Christopher Cadelago
jmiller@sacbee.com
May 11, 2017 – 10:45 AM

California Gov. Jerry Brown released a revised, $180 billion budget proposal Thursday that closely mirrors his January plan, maintaining a cautious approach amid uncertainty about the direction of the economy and possible federal actions that could hurt the state’s bottom line.

Read the rest of this entry »

Observations on California and its politics
By Dan Walters
dwalters@sacbee.com
May 08, 2017 – 2:07 PM

Democratic legislators have counted on a revenue surge to persuade Gov. Jerry Brown to loosen up on spending – but just the opposite is occurring.

Read the rest of this entry »

James Rufus Koren
May 5, 2016

The latest allegations of unethical practices at Wells Fargo are so disturbing that even the bank has called them “offensive.”

Read the rest of this entry »

Observations on California and its politics
By Dan Walters
dwalters@sacbee.com
May 02, 2017 – 5:10 PM

Throughout California, local government and school district officials are writing new budgets and confronting rapidly rising costs of pensions.

Read the rest of this entry »

California budget
John Myers
April 28, 2017 – 4:07 p.m.

California’s most important month for collecting income taxes could end some $600 million short of official projections, based on preliminary data collected Friday.

Read the rest of this entry »

Early morning traffic makes its way along the 91 Freeway in Riverside County. A new report from a nonpartisan think tank finds that the recently passed $52.4 billion transportation funding bill, which raises the gas tax by 12 cents a gallon, isn’t a long-term solution for California’s transportation needs. (File)

By Jeff Horseman, The Press-Enterprise
Posted: 04/24/17 – 7:43 PM PDT |

A newly passed transportation funding bill that raises California’s gasoline tax by 12 cents a gallon isn’t a long-term fix for the state’s crumbling roads, according to a report released Monday by a nonprofit, nonpartisan think tank.

Read the rest of this entry »

A newly released report from Coldwell Banker Commercial details commercial activity that’s occurring throughout Southern California. This artist rendering of a new research facility for Huntington Medical Research Institutes (HMRI) in Pasadena is one of many projects that are underway throughout the region.

By Kevin Smith, San Gabriel Valley Tribune
Posted: 04/23/17 – 11:23 AM PDT |

Southern California’s commercial real estate market is booming, according to new report from Coldwell Banker Commercial.

Read the rest of this entry »

Darren Chin, project manager of Twelve Oaks, stands amid a vineyard on the 700-acre development, financed by Chinese investors. (Allen J. Schaben / Los Angeles Times)

David Pierson
April 23, 2016

David Liu made his first fortune more than two decades ago, exporting American scrap metal to his rapidly industrializing home country of China. After the financial crisis, he scored big again buying thousands of distressed apartments in the United States and selling them later for a tidy profit.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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%.

Read the rest of this entry »

The Sacramento Bee: Gas tax deals illegal? ‘Preposterous,’ says Jerry Brown

Capitol Alert
By Christopher Cadelago
ccadelago@sacbee.com
April 19, 2017 – 11:37 AM

Gov. Jerry Brown on Wednesday dismissed as “preposterous” suggestions that he broke the law by providing district-specific projects to lawmakers to win their support for his $52 billion road repair package with tax and fee increases.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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?

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »