Follow LA Observed on Twitter here
Stocks open lower: Market remains stuck in a fairly narrow trading range. Dow is down about 90 points.
California adds jobs in June: See post below.
DirecTV, Viacom settle dispute: After a nine-day blackout, Nickelodeon, MTV, Comedy Central, and the other Viacom channels are back on the El Segundo-based satellite service. A long-term deal was announced this morning, but no details. (NYT)
June was good month for tax coffers: The state received 5.6 percent more in tax revenues than expected, with income taxes coming in 8.4 percent above projections. From the LAT:
But that doesn't mean the last several months weren't financially difficult for California. When revenue is compared with expectations set when the 2011-12 budget was approved, taxes fell short by 4.8%, or $4.2 billion. A dismal April, the most important month for income-tax collections, was responsible for a large chunk of that gap. That helped increase this year's budget deficit from $9.2 billion to an estimated $15.7 billion.
San Bernardino readies for layoffs: With a bankruptcy filing all but certain, the next step is to prepare a short-term budget that will keep the city operating. From the Riverside Press-Enterprise:
The city has not stopped providing any services and "is committed to continuing to provide all essential services throughout the bankruptcy process," according to a statement from the city manager's office. But continuing to do so will be difficult, city officials say. San Bernardino has about $9 million in cash on hand -- enough for a month's payroll -- and has a $3.4 million payment on a pension obligation bond due today.
L.A. venture capital picks up: Second-quarter deals totaled $545 million, up 37 percent from a year earlier, according to Dow Jones VentureSource. Bay Area funding, which makes up the brunt of venture funding in the state, fell slightly. (LAT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.