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Jan 20, 2015

Stockton, California, bankruptcy judge denies motion to stall plan

Jan 20 (Reuters) – The judge overseeing the bankrupt city of
Stockton, California, has denied a motion by a holdout creditor
to stall the city’s plan to begin paying its debts.

U.S. Federal Bankruptcy Court Judge Christopher Klein said
on Tuesday the potential harm to other creditors, such as the
city’s 1,100 retirees, and to the city’s ability to attract new
business, along with the low likelihood of an appeal’s success,
convinced him to deny a pending stay on the confirmed plan.

Aug 25, 2014

California wine country rocked by 6.0 quake, dozens hurt

By Jim Christie

NAPA Calif. (Reuters) – A 6.0 magnitude earthquake rocked wine country north of San Francisco early on Sunday, injuring more than 100 people, damaging historic buildings, setting some homes on fire and causing power outages around the picturesque town of Napa.

The quake, the biggest in the region in 25 years, jolted many residents out of bed when it hit at 3:20 a.m. (1020 GMT). It was centered 6 miles (10 km) south of the city of Napa, which is located about 50 miles northeast of San Francisco.

Aug 24, 2014

Bottle shock: Napa Valley quake shatters prized wine collections

, Aug 24 (Reuters) – Prized collections and
wooden casks crashed to cellar floors when a 6.0 magnitude
earthquake struck Napa Valley on Sunday, but damage to the
famous wine region at the start of harvest time might be limited
to a handful of wineries and warehouses.

Wineries closest to the city of Napa and the earthquake’s
epicenter reported the most serious losses after the pre-dawn
jolt, but the extent of damage was still unclear.

Aug 24, 2014

Quake rocks California’s Napa valley, causing damage

By Jim Christie

NAPA Calif. (Reuters) – An earthquake of 6.0 magnitude rocked the San Francisco Bay area early on Sunday, seriously injuring two people, damaging historic buildings, setting some homes on fire and causing power outages in the wine country around Napa.

The biggest quake in the region in 25 years jolted many residents out of bed when it hit at 3:20 a.m. local time (1020 GMT), centered six miles (10 km) south of the city of Napa.

Jan 11, 2014

Lawmaker seeks to halt bond sales for California high-speed rail

SAN FRANCISCO, Jan 10 (Reuters) – A Republican California
lawmaker proposed on Friday to put a measure before voters to
stop bond sales for the state’s planned high-speed rail system,
in the latest bid by critics to derail the ambitious project.

The rail system, a priority of Governor Jerry Brown, would
send passengers hurtling through the state’s fertile San Joaquin
Valley as they travel from San Francisco to Los Angeles. Lines
would eventually extend to San Diego and Sacramento.

Jan 9, 2014

Despite recovery, fiscal restraint urged in California budget plan

By Jim Christie and Sharon Bernstein

(Reuters) – California Governor Jerry Brown continued his message of fiscal restraint in his state budget plan, which would increase funding for education but not restore many recession-era cuts, including healthcare services for the poor.

Brown’s plan, which was leaked on Wednesday night and posted online, proposes spending $106.8 billion from the state’s general fund, and sets up a $1.6 billion rainy day fund, according to a copy posted on the Internet by the Sacramento Bee and confirmed to Reuters by an aide to a top Democratic lawmaker.

Jan 8, 2014

California pension reformer disputes write-up of initiative

SAN FRANCISCO (Reuters) – A controversial campaign to reform California’s public pensions faces an uncertain future after the state attorney general chose what the measure’s backers consider to be unfriendly language for their proposed ballot initiative.

Chuck Reed, the mayor of San Jose and the driving force behind the proposal, told Reuters on Tuesday he will confer with supporters on whether to press ahead with trying to get the overhaul before voters later this year, and he might sue over Attorney General Kamala Harris’ wording for the ballot. A decision should be made by the end of January, Reed said.

Dec 20, 2013

California’s Gov. Brown to take cautious tack on budget

SAN FRANCISCO, Dec 20 (Reuters) – California Governor Jerry
Brown is being peppered with requests from fellow Democrats in
the legislature as he prepares his state budget plan, but they
should not expect he will embark on a spending spree despite the
state being flush with cash.

Brown may eventually support some spending increases, but
the plan he will unveil no later than January 10 will take a
cautious view of the state’s improved revenue and emphasize
using it to pay down debt and build reserves, said H.D. Palmer,
his spokesman on fiscal matters.

Dec 13, 2013

California high-speed rail grinds on as troubles mount

SAN FRANCISCO, Dec 13 (Reuters) – Dan Richard is determined
to keep California’s plan for building an 800-mile (1,300-km)
high-speed rail system on track despite two recent court rulings
against it and rising criticism of the effort.

“It’s nowhere near as dire as the opponents are making it,”
said Richard, chairman of the California High-Speed Rail
Authority, the agency in charge of plans for building the
system, which at an estimated cost of $68 billion would be the
state’s most expensive infrastructure project.

Dec 3, 2013

California unions brace for showdown over pension reform

SAN FRANCISCO (Reuters) – For California’s public-sector unions, San Jose Mayor Chuck Reed’s proposed statewide ballot measure for pension reform is a call to arms – and they’re bringing out the big guns.

Reed, a Democrat, has taken only preliminary steps in his quest to amend the state constitution to allow changes in future pension benefits for current public employees, a move to help local governments control soaring retirement-related spending. Courts have interpreted the constitution as now barring changes to a public employee’s pension after he or she was hired.

    • About Jim

      "Jim Christie covers financial, economic and public debt matters of Western U.S. states along with general news. He previously covered network equipment manufacturers and venture capital, and prior to joining Reuters in late 2000 he covered dot-com start-ups for RedHerring.com and the U.S. economy for Investors Business Daily."
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