Business & Economy

Business news

California Adds 38,000 Jobs in July

Aug 16, 2013
Andrew Nixon / Capital Public Radio

The latest California employment numbers are out, and on the surface, July’s 38,000 job gain looks great.  But as Ben Adler reports from Sacramento, a troubling trend in today’s report calls that gain into question.

The 38,000 job increase is the state’s largest monthly gain this year.  It’s also nearly a quarter of the nation’s total job growth in July.  But citing a flawed seasonal adjustment in teacher jobs, the state is revising June’s 30,000 job gain down to 12,500, and May’s 17,000 increase down to 9,500.

Joe Moore / Valley Public Radio

A diamond in the rough. That’s what Los Angeles developer Shay Maghame sees in the 90-year old former J.C. Penney building on downtown Fresno’s Fulton Mall.

Fresno Mayor Ashley Swearengin joined Maghame at a press conference today, announcing plans for apartments and retail in the long vacant building, which overlooks Chukchansi Park.

“We stand ready to make sure this is a good business experience for you,” Swearengin says. “We know we are on the right track and your investment proves it.”

Maghame calls the building “The Diamanti.”

Flickr user Mariam - http://www.flickr.com/photos/70123617@N00/ / Creative Commons license

A new crop forecast from the USDA and the California Department of Food and Agriculture indicates this year's raisin crop could be as much as 25 percent larger than last year's.

It's expected to be the largest raisin crop since 2008, at 2.4 million tons. Last year's crop was just over 1.9 million tons. Over 200,000 acres of raisin grapes are in production this year. 

Officials say that warm weather has been good for crop development, which is a few days ahead of normal.

Elon Musk

It's an ambitious project that would connect San Francisco and Los Angeles with a high speed transportation system running through the San Joaquin Valley. But it's not California's planned high speed train system. Instead it's called the Hyperloop -  the latest concept from billionaire entrepreneur Elon Musk.

Dole Food, which operates several packing and storage facilities in the San Joaquin Valley has agreed to a buyout offer from its CEO David Murdock. Dole's Packaged Foods division operates a plant in Atwater. The company also has facilities in Terra Bella and Bakersfield.

Bakersfield-based produce grower and packer Sun World International has been acquired by Renewable Resources Group, a Los Angeles-based asset management firm.

Terms of the sale, which closed on August 9, were not disclosed. Sun World grows, packs and markets a variety of agricultural products ranging from grapes and stonefruit to vegetables. 

Sun World began operation in 1976, and had been owned since 2005 by Black Diamond Capital Management, a Connecticut-based investment firm. Black Diamond purchased Sun World assets at a bankruptcy auction for $127.8 million.

Jackets bearing a logo that is similar to the one used by the United Farm Workers labor union will be removed from Urban Outfitters stores after a dispute over the trademark.

The Economist

Three years ago, The Economist published an article that chronicled the toll the great recession had taken on the people and the economy of the San Joaquin Valley, calling the region the Appalachia of the West.

YouTube user Doug Winston / http://www.youtube.com/watch?v=PkMxEZUAoS8

State officials have launched an investigation into a demolition accident at a former PG&E power plant in Bakersfield which injured several bystanders on Saturday.

The planned implosion of a former PG&E power plant injured several early Saturday morning in Bakersfield.

Pages