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Skelton: Sacramento lawmakers are brewing a massive borrowing binge

Published Fri, 07 Feb 2025 12:30:00 GMT

Left to their individual desires, California legislators would go on a massive borrowing binge.They’d sell bonds to fund ambitious projects such as housing and treating homeless people who are mentally ill, controlling floods and updating classrooms — all worthy projects.But should they be paid for with borrowed money that, with interest, roughly doubles the projects’ cost? Or should they be financed with cash out of the state banking account, the general fund?Here’s an example of the opposition bond backers will face when their proposals are debated in the Capitol next month and eventually hit the ballot:“Why is a bond — any bond — necessary?” asks Jon Coupal, president of the Howard Jarvis Taxpayers Assn., named after the anti-tax crusader who sponsored the landmark Proposition 13 in 1978 that substantially cut property taxes.“Despite a drop-off in state tax collections, California continues to produce massive amounts of tax revenue from the highest-in-the-nation income tax rate, ...

University of Southern California’s Bronny James discharged from hospital, returns home after cardiac arrest

Published Fri, 07 Feb 2025 12:30:00 GMT

USC men’s basketball player Bronny James was discharged from the hospital and returned home after collapsing and suffering a cardiac arrest during a practice Monday, Cedars-Sinai Medical Group doctor Merije Chukumerije announced in a statement Thursday afternoon.Chukumerije’s full statement said: “Thanks to the swift and effective response by the USC athletics’ medical staff, Bronny James was successfully treated for sudden cardiac arrest. He arrived at Cedars-Sinai Medical Center fully conscious, neurologically intact and stable.“Mr. James was cared for promptly by highly-trained staff and has been discharged home, where he is resting. Although his workup will be ongoing, we are hopeful for his continued progress and are encouraged by his response, resilience, and his family and community support.”In his first public comments since his son’s cardiac arrest, Lakers star LeBron James gave a positive update on social media earlier Thursday morning.Related ArticlesCollege Sports | ...

Walters: State’s 63-year-old higher education plan needs a reality check

Published Fri, 07 Feb 2025 12:30:00 GMT

As California’s population exploded in the 1950s and 1960s – surpassing New York to become the nation’s most populous state in 1962 – its political leaders responded with sweeping plans to satisfy burgeoning demands for public services.New freeway routes were plotted to carry millions of additional cars. State and local bond issues were drafted to build schools for the baby boom. New dams and canals were designed to increase water supplies. And, a master plan was written to unify California’s colleges and universities.Six decades later, California’s population is nearly three times larger, but stalled at just under 40 million and has been declining slowly.Many of those once-planned freeways never got past the planning stage, public school enrollment is declining, the California Water Plan has mostly been built (but still has a bottleneck in the Sacramento-San Joaquin Delta), and the much-vaunted Master Plan for Higher Education remains on the books but never achieved the seamless pa...

For clergy abuse survivors, Sinead O’Connor’s protest on SNL that offended so many was brave and prophetic

Published Fri, 07 Feb 2025 12:30:00 GMT

By HOLLY MEYERIn 1992, Sinéad O’Connor destroyed a photo of Pope John Paul II on U.S. national television. The pushback was swift, turning the late Irish singer-songwriter’s protest of sex abuse in the Catholic Church into a career-altering flashpoint.More than 30 years later, her “Saturday Night Live” performance and its stark collision of popular culture and religious statement is remembered by some as an offensive act of desecration. But for others — including survivors of clergy sex abuse — O’Connor’s protest was prophetic, forecasting the global denomination’s public reckoning that was, at that point, yet to come. O’Connor, 56, died Wednesday.The SNL moment stunned David Clohessy, a key early member of the Survivors Network of those Abused by Priests. In his 30s at the time, he had only recently recalled the repressed memories of the abuse he suffered. He found O’Connor’s act deeply moving. It was something he and other survivors never thought possible.RELATED: California has i...

Man suspected of following 12-year-old girl into California park bathroom, secretly recording her

Published Fri, 07 Feb 2025 12:30:00 GMT

A 33-year-old man suspected of secretly putting a phone equipped with a camera inside a women’s restroom at a Fullerton park is also suspected of following a 12-year-old girl inside the restroom and recording her, prosecutors said on Thursday, July 27.Jacob Anthony Arriola, of Fullerton, was charged Tuesday with possession of child pornography and using a concealed recording device to record someone without their consent, according to the Orange County District Attorney’s Office. He also faces charges of using a minor in the sale or distribution of obscene matter or production of pornography and placing a concealed camera to secretly videotape someone in partial dress and peeping.On July 23, Arriola is suspected of following the 12-year-old victim into a women’s restroom at the park and recording the girl, authorities said. The victim noticed Arriola attempting to film her and notified her parents, who confronted the man and held him down until police arrived.A wireless camera was f...

Would new bank rules shut out first-time homebuyers?

Published Fri, 07 Feb 2025 12:30:00 GMT

A sweeping overhaul of bank capital rules proposed by regulators includes changes to requirements for residential mortgages that will likely inflame criticism that the measures push home-ownership beyond the reach of first-time or minority borrowers.The long-awaited proposals would raise the so-called risk weights for some residential mortgages, including those with smaller down payments, meaning banks ultimately have to hold more capital against those assets.Currently in the US, a 50% risk weight is assigned to many first-lien residential mortgage loans. Under the new proposals, regulators would apply risk weights of 40% to 90% for large banks, depending on the loan-to-value ratio. Riskier loans, with higher LTV ratios, would get the higher risk weights.RELATED: San Francisco was too expensive so they moved to Spain and bought a beautiful house for $50,000. Here’s how they did itCritics have warned the reforms could exacerbate a pull-back by banks from lending to riskier borrowers ...

Aplazan los premios Emmy por huelga de actores y guionistas de Hollywood

Published Fri, 07 Feb 2025 12:30:00 GMT

La Academia de Televisión y la cadena Fox han decidido posponer a enero de 2024 la ceremonia de los Premios Emmy ante la huelga que mantienen los sindicatos de actores y guionistas.El medio especializado The Hollywood Reporter informó que los premios anuales conocidos como Emmy Primetime, que estaban previstos para el 18 de septiembre, están siendo reprogramados para enero, aunque aún no hay una fecha definitiva para su entrega.La revista, que cita fuentes cercanas a la programación de los premios, informó que “idealmente” la edición 2023 de entrega de los Emmy no se celebrará hasta que el Sindicato de Actores de Estados Unidos (SAG-AFTRA, por sus siglas en inglés) y el de guionistas lleguen a un acuerdo con la Alianza de Productores de Cine y Televisión.“Tanto la Academia de Televisión como la cadena ​​​​Fox todavía están en conversaciones sobre para cuándo se reprogramará el evento”, aseguró The Hollywood Reporter. Los mejores momentos de los ...

T. Rowe: Q2 Earnings Snapshot

Published Fri, 07 Feb 2025 12:30:00 GMT

BALTIMORE (AP) — BALTIMORE (AP) — T. Rowe Price Group Inc. (TROW) on Friday reported second-quarter earnings of $476.4 million.On a per-share basis, the Baltimore-based company said it had net income of $2.06. Earnings, adjusted for non-recurring gains, came to $2.02 per share.The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.71 per share.The financial services firm posted revenue of $1.61 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.58 billion._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TROW at https://www.zacks.com/ap/TROWSource

Stellar Bancorp: Q2 Earnings Snapshot

Published Fri, 07 Feb 2025 12:30:00 GMT

HOUSTON (AP) — HOUSTON (AP) — Stellar Bancorp, Inc. (STEL) on Friday reported second-quarter profit of $35.2 million.The bank, based in Houston, said it had earnings of 66 cents per share.The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.The bank holding company posted revenue of $152.4 million in the period. Its revenue net of interest expense was $113.8 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $117 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on STEL at https://www.zacks.com/ap/STELSource

Newell Brands: Q2 Earnings Snapshot

Published Fri, 07 Feb 2025 12:30:00 GMT

ATLANTA (AP) — ATLANTA (AP) — Newell Brands Inc. (NWL) on Friday reported second-quarter net income of $18 million.On a per-share basis, the Atlanta-based company said it had profit of 4 cents. Earnings, adjusted for restructuring costs and non-recurring costs, were 24 cents per share.The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.The consumer products company posted revenue of $2.2 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $2.15 billion.For the current quarter ending in September, Newell Brands expects its per-share earnings to range from 20 cents to 24 cents.The company said it expects revenue in the range of $2.11 billion to $2.16 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $2.26 billion.Newell Brands expects full-year earnings in the range of 80 cents to 90 cents per sh...