Index
Tuesday
Sep022014

POLITICS (National): Capitol Hill to Wall Street: "Former House Majority Leader Eric Cantor takes job on Wall Street" ....  

* Los Angeles Times:  "Former House Majority Leader Eric Cantor takes job on Wall Street" - From the LAT:

Former House Majority Leader Eric Cantor is moving to Wall Street, taking a job with investment bank Moelis & Co., the firm said. Cantor, 51 who resigned last month after an upset loss in a Republican primary in June, will be vice chairman and managing director at the 7-year-old company.

The veteran lawmaker "will provide strategic counsel to the firm’s corporate and institutional clients on key issues," the company said in a news release Monday night. Cantor also "will play a leading role in client development and advise clients on strategic matters," it said.

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Cantor becomes the latest official to cash in on Wall Street after working in Washington. Last year, former Treasury Secretary Timothy F. Geithner joined private equity firm Warburg Pincus.

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Wall Street was a logical landing spot for Cantor. During his congressional career, he raised more money -- $3 million -- from the securities and investment industry than any other sector, according to the Center for Responsive Politics...........

Monday
Sep012014

POLITICS (International): Hong Kong, Basic Law, elections, popular vote: "China sets limits on 2017 Hong Kong popular vote, dismaying activists" ....

* Los Angeles Times:  "China sets limits on 2017 Hong Kong popular vote, dismaying activists" - From the LAT:

Setting up a showdown with democracy activists, China’s top legislative body said Sunday that Hong Kong residents can vote directly for their next leader in 2017 — but that only two or three candidates will be allowed and all must be approved by special nominating committee.

Tension has been building for months over rules for the 2017 election of a new chief executive of the largely autonomous former British territory, which returned to Chinese sovereignty in 1997 under a framework known as “one country, two systems.” The drama has mounted this summer amid a series of rallies and counter-rallies, petition drives and even an unofficial vote that drew nearly 800,000 participants.

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Activists say one-person, one-vote will be meaningless if candidates all have to be approved by a nominating committee they see as beholden to Beijing’s interests. Instead, they’ve been pushing for an open nominations system, allowing any candidate with a modicum of public support to join the race. If that doesn’t happen, they have proposed blockading Hong Kong’s central business district to press their demands.

Beijing, however, contends that an open nominations system is counter to the Basic Law .......................

Monday
Sep012014

POLITICS (State, Local/Los Angeles): Local impact: AB 1522, employee sick leave mandate; proposed city of L.A. minimum wage increase: "San Fernando Valley businesses weigh potential costs of minimum wage hike, sick leave mandate" ....

* Daily News:  "San Fernando Valley businesses weigh potential costs of minimum wage hike, sick leave mandate"

For more than three decades Herman Halici has followed a financial recipe for success while whipping up tasty sandwiches at his Dan’s Super Subs on Ventura Boulevard in Woodland Hills: When operating expenses go up, the customers always pay.

That’s how he deals with cost-of-doing-business mandates leveled by politicians at the local and state level. Two are on his radar now: a proposal by Los Angeles Mayor Eric Garcetti to raise the minimum wage in the city to $13.25 an hour, a plan he will announce Monday, and a bill introduced by Assemblywoman Lorena Gonzalez, D-San Diego, that would require paid sick leave for every worker, full or part time, in California. It was approved by the Legislature on Saturday morning and sent to Gov. Jerry Brown, who also worked on the legislation.

“My take is, look, we are an established business. We’ve been here 35 years. We use a formula for our prices, and for that reason they have been pushed higher,” Halici said. “I basically look at the formula and come up with the price and pass it onto my customers.”

If both measures come to pass, that sandwich is going to cost more.

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If the two measures become law, Halici estimates that 20 percent of Valley restaurants will be out of business by the end of the year.

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Some business advocacy groups strongly disagree with the wage increase and sick leave plans ........................

Monday
Sep012014

SACRAMENTO: 2013-2014 legislative session, commentary (George Skelton): "Productive lawmakers can thank a retooled system" ....

* Los Angeles Times (George Skelton):  "Productive lawmakers can thank a retooled system" - From the LAT:

It was a moderately productive two-year session that the Legislature wrapped up at the witching hour Saturday. Credit mainly voter-approved reforms. This is a new era in Sacramento.

But another factor also helped greatly: the devastating drought. You've heard the political maxim: Never let a serious crisis go to waste. The lawmakers didn't. They passed not only a major water bond proposal, but hotly contested legislation to regulate California's declining groundwater for the first time.

Legislators also capitalized on tragedy. Fatal shootings provided the inspiration to pass bills aimed at disarming potentially dangerous psychotic gun owners and to help police distinguish between real and toy firearms. Meanwhile, embarrassing corruption scandals in the Senate led to some modest political reforms.

And, of course, an improving national economy coupled with Gov. Jerry Brown's 2012 soak-the-rich tax increase meant the governor and legislators could resume smiling and spending, rather than crankily cutting.

Also, kudos for termed-out Senate leader Darrell Steinberg (D-Sacramento). . . . . . . .

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But let's back up: The productivity was mostly due to a revamping of the system. . . . . . . .

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But the governor and Legislature still are afraid to tackle two very tough but crucial issues: tax and regulatory reform. The new system hasn't emboldened them enough for that.

Monday
Sep012014

POLITICS/BUSINESS: Report, Bureau of Labor Statistics: "Los Angeles is largest manufacturing center in U.S., government says" ....

* Los Angeles Times:  "Los Angeles is largest manufacturing center in U.S., government says" - From the LAT:

The largest manufacturing workforce in the country is based in the Los Angeles, Long Beach and Santa Ana metropolitan area, according to government figures. As of July, the region had 510,900 manufacturing workers, according to the Bureau of Labor Statistics.

Producers in Chicago and the surrounding cities employ 408,100 workers; in New York, northern New Jersey and Long Island, there are 356,100 manufacturing workers.

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At the heart of Silicon Valley, San Jose has 160,900 manufacturing workers while San Francisco, Oakland and Fremont have 118,400 workers.

In Los Angeles, major manufacturing sectors. . . . . . . .

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The overall industry head count is shrinking in the Southland.................