Monday morning headlines

Stocks take tumble: New worries about European debt and perhaps a bit of profit-taking. Dow is down about 70 points.

Brown announces budget: Here we go - the newly elected governor plans to make deep cuts and propose a ballot measure to extend temporary tax increases. (Capitol Alert)

Oil prices stabilize after pipeline closure: If they're able to reopen the Trans-Alaska Pipeline sometime soon, global supplies should be all right, say analysts. Crude is now running around $89.33 a barrel. (Dow Jones)

Farmers Insurance buys into stadium plan?: The L.A.-based insurer apparently is ready to cut a multimillion dollar naming-rights deal for the proposed downtown NFL facility. No word on terms - AEG, which would be bankrolling the stadium, had been looking for $20 million a year. (LAT)

Zine pooh-poohs conflicts: The L.A. councilman has taken part in at least three votes over the last two year involving companies that his girlfriend worked for. Zine told the LAT that there was no conflict of interest.

In July 2009, Zine voted with his colleagues to approve a proposed 43-story tower on Figueroa Street in downtown Los Angeles, one that needed a change in zoning and a break from the city's parking rules that would have required 72 more spaces. That developer had retained Veronica Becerra as its representative. Last March, Zine voted for a six-story condominium proposed by businessman Charlie Woo, another Becerra client. That 320-unit project called for the closure of a city street. And on Dec. 15, Zine voted to support a beer and wine permit in his San Fernando Valley district for a company that had retained Becerra. Zine made the motion to approve the application even though the Canoga Park Neighborhood Council had opposed alcohol sales at that location several months earlier.

Concert promoter moves to AEG Live: Brian Murphy's departure from Live Nation comes as a surprise and could have big implications for the local live music scene, says the LAT.

Hefner to take Playboy private: Actually, it's a partnership led by Hefner, in a deal valued at $177 million. From Bloomberg:

The decision by a Playboy board committee to support Hefner ends a contest for control with FriendFinder Networks Inc., owner of Penthouse adult magazine, which in July said it would offer $210 million for Chicago-based Playboy. The board determined Hefner's bid is in the company's best interests, Sol Rosenthal, a board member, said in a statement.

MySpace layoffs set for Tuesday: Between 550 to 600 staffers are expected to be cut, bringing down the social networking site's workforce to just over 1,000. (All Things Digital)