I'm Davan Maharaj, editor of the Los Angeles Times. Here are some story lines I don't want you to miss today.
A stalling Chinese economy. A plunging Shanghai market. A nervous global reaction. A plummeting Dow Jones industrial average before a partial recovery. What does it all mean for the U.S. economy? It may be too soon to know. The Fed, trying to stall a recession, most likely will delay raising interest rates. Economists and investors will wait and see. The ride isn’t over.
In Sacramento, state lawmakers are also warily monitoring Wall Street. Because California relies on about 1% of its residents for roughly half of its income tax revenue, a drop in capital gains taxes after a stock market dip can roil the state’s finances. Since stabilizing the budget in recent years, Gov. Jerry Brown has been stockpiling revenue in a rainy-day fund. And it’s looking stormy out there.
Looting and Selling
The destruction of some of the Middle East’s most-treasured antiquities has been an abiding feature of the reign of terror by Islamic militants. But Islamic State, with an eye on the bottom line, isn’t taking a sledgehammer and pickax to everything. One of its special offices is sending in-house experts to search for artifacts that can be turned into cold, hard cash, experts say. The wrecking mission continues, including the destruction of a 1st century temple in Palmyra, Syria. But so does the business of trading artifacts on the black market – a major revenue stream.
East Coast Silicon Beach
Here’s the idea: As Florida governor, Jeb Bush offered more than $500 million in state and local incentives to persuade La Jolla's Scripps Research Institute to expand to that state in an effort to boost the biotech industry there. Such government subsidies were widely welcomed in the previous decade. Now they can spark skepticism about government spending. And the lasting economic impact is at issue in the run-up to the 2016 presidential race.
Who Ya Gonna Call?
When paramedics respond to a 911 call, as everyone knows, they usually deliver a patient to the emergency room. Under new pilot programs, though, first responders have a new title – community paramedics – and they are playing a different role, that of "health coach." Some are even stopping by a frequent caller’s home to make sure he has taken his prescribed medicine. Others are transporting patients to urgent-care centers, a less expensive alternative to the ER.
-- L.A. officials want to get tiny houses for the homeless off the street.
-- The Napa Valley Wine Train says it will apologize to #laughingwhileblack passengers.
-- Gov. Jerry Brown takes aim at oil companies over a "highly destructive" product.
-- The Assembly OKs drone privacy regulations and blocks a body camera bill.
-- A Washington wildfire is now the biggest in state history.
-- Bush and Trump visit the U.S.-Mexico border a month apart, and the contrast is stark.
-- North and South Korea reach a deal to end a "semi-state of war."
-- At a Kenya park, the "People’s Parliament" keeps up grass-roots sessions.
-- Detroit automakers lead a surge in California auto sales.
-- A look at Harley-Davidson's 2016 lineup.
-- Jered Weaver has become more deceptive and dominant for the Angels.
-- Boxer Abner Mares seeks to make a difference in the ring and the inner city.
-- MLS develops a buzz with an international influx of talent.
-- The melding of humans and machines at FYF Fest.
-- Clifton's cafeteria is finally reopening, crammed with curiosities on every floor.
WHAT OUR EDITORS ARE READING
-- Wired magazine details the turmoil at science fiction's Hugo Awards.
-- Roger Federer is 34. Old in tennis terms, but now he's sneaky good, according to the Wall Street Journal.
-- CityLab: Why you don't interact with your neighbor.
ONLY IN CALIFORNIA
Cowboys have their rodeos – bull riding, roping and wrestling, plus barrel racing. Well, school bus drivers have “roadeos” – tournaments to test their turning, parking and maneuvering skills. Drivers from the Newport-Mesa Unified School District were among the professionals put through their paces on a tricky obstacle course. Find out how they did.
Please send comments and ideas to Davan Maharaj.