Friday morning headlines

Stocks move higher: A volatile week, with the market bouncing around on news about Greek debt and the economy. Dow is up about 80 points.

Weak job report in California: As noted earlier this morning, the state lost 29,200 payroll jobs last month while the unemployment rate fell to 11.7 percent from 11.9 percent. (BLS)

State budget in limbo: Gov. Jerry Brown continues the search for enough Republicans to support his budget proposal, and Democratic leaders continue to grouse over Brown's veto of their budget plan. Still no word on whether legislators will be paid. From the Sacramento Bee:

Rank-and-file Democratic legislators vented their frustrations at Brown like never before. Sen. Ted Lieu, D-Torrance, said on Twitter, "No excuse for a Democratic Governor to blindside a Democratic legislature that was working with him and his staff." Assemblyman Wesley Chesbro, D-Arcata, said in a statement that if the veto leads to further cuts to education and public safety, "the governor will join the Republicans in bearing the responsibility for this tragedy."

Gas and oil still falling: An average gallon of regular in the L.A. area is $3.941, down 4.1 cents from last week, according to the Auto Club. Crude is trading under $94 a barrel.

No renovations for Coliseum: Government entity running the place says there's not enough money for pay for the sorely needed improvements. From the LAT:

USC could make renovations on its own instead of paying rent to the commission; it could leave; or it could ask to receive a master lease giving it day-to-day authority over the publicly owned Coliseum. That would have USC oversee repairs, maintenance, the booking of events and require it to pay rent to the commission or the state. For its part, USC officials signaled that they want to work at staying at the Coliseum.

L.A. investment firm on the prowl: Leonard Green & Partners and CVC Capital Partners are offering to buy BJ's Wholesale Club. Leonard Green is already the company's largest shareholder, with roughly 9.3 percent of the stock. (DealBook)

Malibu project turned down: U2 guitarist the Edge (real name David Evans) wanted to build five mansions in an area that's home to mountain lions and native chaparral, but the Coastal Commission voted 8-4 against the plan. From the LAT:

"In 38 years of this commission's existence, this is one of the three worst projects that I've seen in terms of environmental devastation," Peter Douglas, the agency's executive director, said in an interview after the vote. "It's a contradiction in terms -- you can't be serious about being an environmentalist and pick this location" given the effects on habitat, land formation, scenic views and water quality. Douglas said he expected the matter to end up in court.

Riordan still warning about L.A. finances: It's all about pension shortfalls. The former mayor tells the Bond Buyer that "a lot of things are going to happen dramatically over the next couple of years, and then people will listen."

Rating agencies and others have pointed to the rising costs of pension and retiree health-care benefits as the main long-term fiscal concern for Los Angeles. However, analysts are not as gloomy as Riordan, assigning double-A category ratings to the city.

Confusion over Mike Molina resignation: The former LAX executive said he used an airport-issued phone for personal business, but that it wasn't sexting, as had been reported by KCBS Channel 2.. From the LAT:

"There were probably texts I sent that were of personal nature. I'm sure there were. I should have used a personal cellphone rather than mix personal texts with business texts," he said. Asked who sent or received the texts, he said: "It could have been friends of mine. It could have been people I know from church. It would be unprofessional for me and inappropriate for me to use a city phone like that, and unfortunately that's what I did."