Stocks move higher: The tax cut deal might be helping. Dow is up 60 points.
Mixed bag in UCLA forecast: Unemployment in California and L.A. remains high - and is likely to stay that way - but the rest of the economy is showing improvement, according to the UCLA Forecast. From economist Jerry Nickelsburg's report:
Slow growth in the California economy in the near term means the unemployment rate will remain at the elevated rate of 11.4% next year. The later part of our forecast calls for the health care, professional and business services, export and technology-related manufacturing sectors to generate a bit more robust growth in California. Job creation, though more rapid in 2011 and 2012, will not be fast enough to push the unemployment rate below double digits until the end of 2012.
Bleak housing forecast: Look for more defaults and foreclosures and an increased inventory of homes for sale, according to Chapman University's latest forecast. (OC Register)
Electric bills going up?: DWP rates could jump 3 percent to 5 percent over each of the next 20 years as the utility moves toward renewable energy. From the LAT:
Mike Webster, the DWP's assistant director of power system development and planning, predicted the average rate hikes would be even larger over the next five years, as the city complies with new state carbon emission limits and regulations requiring the adoption of renewable power, such as solar and wind energy. Those annual increases would range from 5% to 8%, but more likely be "closer to 8%," he said.
Big jump in gas prices: An average gallon in the L.A. area rose eight cents in the last week, to $3.24, according to the government's report. Oil prices have been on the rise.
Schwarzenegger's last stand: His proposals for balancing the budget include a number of earlier ideas that died in the legislature, including the elimination of welfare-to-work and shifting prisoners to local jails. Lawmakers aren't biting. (Sacramento Bee)
Council considers layoffs: Faced with an $88 million budget deficit (so far), City Administrative Officer Miguel Santana proposes eliminating 225 LAPD civilian jobs. Employee unions are balking. (Daily News)
Will Santa Ana mayor clean up in office sale?: Lots of confusion over whether Miguel Pulido will receive $500,000 if the purchase of 24 state buildings by private investors goes through. At first, Pulido said it was a "success fee," but then insisted there's no chance he'll get anything. (LAT)
Rift at Santa Monica firm: The co-founder of Aletheia Research and Management, Roger Peikin, is clashing with the other co-founder, Peter Eichler, over Eichler's trading practices, personal expenses and general disregard for regulatory controls. From the NYT:
The complaint depicts Mr. Eichler's lavish lifestyle including the use of private jets and expensive hotel suites "ranging from $10,000 to $18,000 per night." It says Mr. Eichler recently spent $7 million on renovating the firm's offices at 100 Wilshire Boulevard, a prestigious building with commanding views of the Pacific Ocean. "Mr. Peikin's claims are meritless," said Mark D. Kemple, a lawyer at Jones Day representing Aletheia in the lawsuit. "He was terminated for his many failures to fulfill his duties. The firm is now responding to and working through the remaining issues caused by Mr. Peikin's nonperformance."
Chargers coming to L.A.?: LAT columnist T.J. Simers says it could happen in 2012 if plans for a downtown L.A. stadium take root and if Chargers owner Dean Spanos doesn't resolve a stadium issue with San Diego.
Tribune lenders to sue Zell: They'll allege that the leveraged buyout he engineered took on too much debt and made the company immediately insolvent, the NY Post reports.
LAX concessions get two-year extension: HMS Host International will continue to operate airport restaurants as officials seek out a new concession deal. (Daily Breeze)