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History will — or at least should — see a $165 billion error in revenue estimates as one of California’s most boneheaded political acts. It happened in 2022, as the state was emerging from the effects of the COVID-19 pandemic. Gov. Gavin Newsom’s Department of Finance, based on one short-term spike in income taxes, projected that revenues from the state’s three largest sources would remain above $200 billion a year indefinitely. Newsom then declared that the budget had a $97.5 billion surplus , although that number never appeared in any documents. “No other state in American history has ever experienced a surplus as large as this,” Newsom bragged as he unveiled a 2022-23 fiscal year budget that topped $300 billion. With that in mind, he and the Legislature adopted a budget with billions in new spending, most notably on health and welfare programs and cash payments to poor families. Within a few weeks, Newsom and legislators learned that real revenues were falling well short of the rosy projections. But the damage, in terms of expanded spending, was done. Two years later, buried in its fine print, the deficit-ridden 2024-25 budget acknowledged that sales taxes and personal and corporate income tax revenues would fall well short of the $200 billion a year projection, estimating a $165.1 billion shortfall over four years. The past two years have seen budgets with deficits papered over with direct and indirect borrowing, tapped emergency reserves, vague assumptions of future spending cuts, and accounting gimmicks. For instance, the current budget “saves” several billion dollars by counting next June’s state payroll as an expenditure in the following fiscal year. This bit of fiscal history is important to remember because the twin 2022 acts of overestimating revenues and overspending billions of nonexistent dollars on new and expanded services continues to haunt the state, as a new analysis indicates. The Legislature’s budget analyst, Gabe Petek, unveiled his office’s annual overview of the state’s finances Wednesday and it wasn’t a pretty picture. There’s been a recent uptick in personal income tax revenues thanks to wealthy investors’ stock market gains , some stemming from Donald Trump’s presidential victory. However, Petek said, government spending — much of it dating from 2022’s phony surplus — is continuing to outpace revenues from “a sluggish economy,” creating operating deficits. “Outside of government and health care, the state has added no jobs in a year and a half,” the analysis declares. “Similarly, the number of Californians who are unemployed is 25% higher than during the strong labor markets of 2019 and 2022. Consumer spending (measured by inflation‐adjusted retail sales and taxable sales) has continued to decline throughout 2024.” Meanwhile, it continues, “one reason the state faces operating deficits is growth in spending. Our estimate of annual total spending growth across the forecast period — from 2025‐26 to 2028‐29 — is 5.8% (6.3% excluding K‐14 education). By historical standards, this is high.” Petek’s grim outlook coupled with the more conservative bent of voters , as shown in this month’s election, present a political dilemma for a governor and a Legislature oriented toward expanding government. Assembly Speaker Robert Rivas , reacting to the analysis in a statement, indicated that he’s gotten the message. “We need to show restraint with this year’s budget, because California must be prepared for any challenges, including ones from Washington,” Rivas said. “It’s not a moment for expanding programs, but for protecting and preserving services that truly benefit all Californians.” Newsom will propose a 2025-26 budget in January, but no matter what he and the Legislature decide, the structural budget deficit will still be there when he exits the governorship in 2027. It will be part of his legacy. — CalMatters is a public interest journalism venture committed to explaining how California’s state Capitol works and why it matters. For more stories by Dan Walters, go to Commentary .Mitsubishi Chemical Group Co. ( OTCMKTS:MTLHY – Get Free Report ) reached a new 52-week low on Friday . The company traded as low as $23.77 and last traded at $23.77, with a volume of 346 shares trading hands. The stock had previously closed at $24.81. Mitsubishi Chemical Group Price Performance The stock has a market cap of $6.76 billion, a price-to-earnings ratio of 11.21 and a beta of 0.37. The company has a quick ratio of 0.82, a current ratio of 1.31 and a debt-to-equity ratio of 0.69. The company’s 50-day moving average is $26.59 and its 200-day moving average is $28.50. Mitsubishi Chemical Group ( OTCMKTS:MTLHY – Get Free Report ) last issued its earnings results on Friday, November 1st. The company reported $0.03 earnings per share (EPS) for the quarter. The business had revenue of $7.48 billion during the quarter. Mitsubishi Chemical Group had a return on equity of 4.04% and a net margin of 2.07%. About Mitsubishi Chemical Group Mitsubishi Chemical Group Corporation provides performance products, chemicals, industrial gases, health care products, and other products in Japan and internationally. It operates in five segments: Specialty Materials, Industrial Gases, Health Care, MMA, and Basic Materials. The Specialty Materials segment offers performance polymers, soarnol, gohsenol, sustainable polymers, and engineering plastics; coating materials, additives, and fines; packaging, industrial and medical, acetyl, and polyester films; engineering shapes and solutions, carbon fiber and composite materials, and fibers; aqua, life, and infrastructure solutions; and semiconductor, electronics, and battery materials. 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Former president Jimmy Carter died Sunday at the age of 100. A common misconception is that Ronald Reagan freed the American hostages in Iran, but Carter's administration negotiated their release, which occurred after Reagan's inauguration. Contrary to the belief that Carter was an unabashed liberal, he was a moderate politician with policies that often defied easy labels. Exaggeration, misinformation and myth have always infected politics – even before social media took it to the extreme. Misconceptions take especially strong hold where U.S. presidents are concerned: sometimes to their advantage, sometimes not. Some claims relate to policy, others to their biographies and personal traits. That George Washington story about the cherry tree? Apocryphal. And his teeth weren’t actually made of wood. (At least some of his "false teeth" were taken from the mouths of enslaved persons.) There’s no evidence that William Howard Taft ever got stuck in a bathtub. (He was the heaviest president on record, though, at more than 300 pounds.) RELATED: Jimmy Carter, 39th president of the United States, dies at 100 James Monroe wasn’t the principal force behind the Monroe Doctrine. (That would be his secretary of state and future president John Quincy Adams.) And Richard Nixon wasn’t actually impeached. (He resigned before the full House could vote on the matter.) As the world mourns the death of former President Jimmy Carter , misconceptions about his life are coming into focus as well. Most are rooted in some truth but need more context: Jimmy and Rosalynn Carter in the Middle East in 1979 (Credit: The Carter Center) MISCONCEPTION: Ronald Reagan freed the American hostages in Iran. MORE ACCURATE: Carter and his administration negotiated their release, but Tehran wouldn’t free them until after Reagan’s inauguration on Jan. 20, 1981. THE DETAILS: Iranian revolutionaries stormed the U.S. Embassy in Tehran on Nov. 4, 1979. They would hold 52 U.S. citizens for 444 days. From the outset, Carter resolved not to start a shooting war in response. He authorized a rescue mission in the spring of 1980, but mechanical problems forced the helicopter operation to abort and one crashed, killing eight servicemen. RELATED: Jimmy Carter dies at 100: Georgia leaders react to death of former president Carter, a Democrat, continued diplomatic efforts but suffered politically amid intense news coverage of the crisis. He lost in a Nov. 4 landslide to the Republican Reagan. A final round of negotiations began in Algeria after. The U.S. delegation was led by Deputy Secretary of State Warren Christopher. Iran and the U.S. finalized terms for the hostages’ release on Carter’s final full day in office, Jan. 19, 1981, and Carter remained in the Oval Office the next morning, Inauguration Day, seeing through details. They were released shortly after Reagan was sworn in. Reagan then sent Carter to West Germany to greet the freed Americans. MISCONCEPTION: Jimmy and Rosalynn Carter founded Habitat for Humanity. MORE ACCURATE: The Carters were Habitat’s most famous endorsers and volunteers. But the organization was established by wealthy businessman Millard Fuller and his wife, Linda, as an outgrowth of a Georgia commune where they spent time in the 1960s. THE DETAILS: Habitat grew out of the housing ministry of Koinonia Farm, a multiracial commune in Carter’s home county that was ostracized in the days of Jim Crow segregation. In 1965, Fuller came to the farm for what he’d later describe as spiritual renewal. Jimmy Carter and his wife, Rosalynn, observe the 2006 Palestinian parliamentary elections (The Carter Center) Carter biographer Jonathan Alter details that Martin Luther King Jr. befriended Koinonia’s white founder, Clarence Jordan, during the civil rights movement. But the non-profit organization was accused in Georgia courts of being a communist front, and King’s inner circle considered it radical. Jordan was beaten on the streets of Americus, a short distance from Plains. Against this backdrop, Alter writes, Jimmy Carter kept his distance. Jordan’s nephew, Hamilton Jordan, would become Carter’s White House chief of staff. Alter records the younger Jordan, who died in 2008, saying his uncle viewed Carter as "just a politician." Koinonia’s local housing programs were formalized as the "Fund for Humanity" in the late 1960s. Carter was running for governor then. The Fullers established Habitat for Humanity in 1976, the year Carter won the presidency. The Carters’ first volunteer Habitat build was in New York City in 1984. That became the annual Jimmy & Rosalynn Carter Work Project, which would eventually build, renovate or repair 4,400 homes in 14 countries. The Carters worked alongside more than 104,000 volunteers, by The Carter Center’s count. MISCONEPTION: Jimmy Carter was an unabashed liberal. MORE ACCURATE: Carter was a moderate politician, campaigned deliberately and, once in office, pursued policies that don’t fit easily under one label. THE DETAILS: Carter sought the presidency in 1976 as an outsider in a party largely controlled in Washington by New Deal liberals and Kennedy loyalists. Carter was a "Southern Democrat" who never gelled with Massachusetts Sen. Ted Kennedy, who challenged him in a damaging 1980 primary. Carter had described himself in Georgia as both "conservative" and "progressive," depending on the issue, the audience and the campaign. Sometimes he even used those words together. Jimmy Carter attends the Nobel Peace Prize Ceremony in 2002 (The Carter Center) He was a good-government policy wonk who spent considerable political capital reorganizing government in Atlanta and then Washington. He pushed windfall taxes on big oil (unsuccessfully) but frustrated fellow Democrats on spending priorities and added little to the national debt compared to all his successors (less than $300 billion in four years). The deregulatory era often associated with Reagan actually began with Carter loosening regulations on airlines, trains and trucking. Carter advocated for a national health program but his top health care bill failed because it didn’t go far enough for party liberals, including Kennedy. Carter grew more openly progressive as a former president, voting for Bernie Sanders in the 2016 presidential primaries. But he also warned his party ahead of 2020 not to move too far left if they hoped to defeat then-President Donald Trump. MISCONCEPTION: Jimmy Carter was married to "RAHZ-lyn," and he was there when she was born. MORE ACCURATE: It’s "ROSE-lyn," and he met her as a newborn – but not immediately. THE DETAILS: Eleanor Rosalynn (again, "ROSE-lyn") Smith was born in Plains on Aug. 18, 1927. The nurse who delivered her was Lillian Carter, the future president’s mother. But Jimmy Carter, who was born Oct. 1, 1924, was back on the family farm in nearby Archery, outside Plains. "Miss Lillian" brought her her son back to the Smiths’ house a few days later to see baby Rosalynn, who died in November 2023. As for the pronunciation, remember the flower. The former president’s affectionate name for her might help, too. He often called her "Rosie."EU rules requiring all new smartphones, tablets and cameras to use the same charger came into force on Saturday, in a change Brussels said will cut costs and waste. Manufacturers are now obliged to fit devices sold in the 27-nation bloc with a USB-C, the port chosen by the European Union as the common standard for charging electronic tools. "Starting today, all new mobile phones, tablets, digital cameras, headphones, speakers, keyboards and many other electronics sold in the EU will have to be equipped with a USB Type-C charging port," the EU Parliament wrote on social media X. The EU has said the single charger rule will simplify the life of Europeans and slash costs for consumers. By allowing consumers to purchase a new device without a new charger, it will also reduce the mountain of obsolete chargers, the bloc has argued. The law was first approved in 2022 following a tussle with US tech giant Apple. It allowed companies until December 28 this year to adapt. Makers of laptops will have extra time, from early 2026, to also follow suit. Most devices already use these cables, but Apple was more than a little reluctant. The firm said in 2021 that such regulation "stifles innovation", but by September last year it had begun shipping phones with the new port. Makers of electronic consumer items in Europe had agreed on a single charging norm from dozens on the market a decade ago under a voluntary agreement with the European Commission. But Apple, the world's biggest seller of smartphones, refused to abide by it and ditch its Lightning ports. Other manufacturers kept their alternative cables going, meaning there were about half a dozen types knocking around, creating a jumble of cables for consumers. USB-C ports can charge at up to 100 Watts, transfer data up to 40 gigabits per second, and can serve to hook up to external displays. At the time of its approval, the commission said the law was expected to save at least 200 million euros ($208 million) per year and cut more than a thousand tonnes of EU electronic waste every year. "It's time for THE charger," the European Commission wrote on X on Saturday. "It means better-charging technology, reduced e-waste, and less fuss to find the chargers you need." ub/giv
UP Shocker: 2 Men Dragged For 300 Metres By Truck In Agra, Here's What Happened NextFormer US president Jimmy Carter dies aged 100Watch: Swimming raccoons rescued from Rhode Island drain
KORE Group Holdings, Inc. ( NYSE:KORE – Get Free Report ) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totalling 17,700 shares, a decrease of 21.3% from the November 30th total of 22,500 shares. Based on an average daily volume of 35,600 shares, the short-interest ratio is presently 0.5 days. Currently, 0.4% of the shares of the company are sold short. Analyst Ratings Changes Separately, TD Cowen lifted their target price on shares of KORE Group from $2.00 to $2.50 and gave the company a “hold” rating in a report on Wednesday, November 20th. Get Our Latest Analysis on KORE Hedge Funds Weigh In On KORE Group KORE Group Trading Up 28.4 % Shares of KORE Group stock opened at $2.44 on Friday. KORE Group has a fifty-two week low of $1.10 and a fifty-two week high of $6.45. The company has a debt-to-equity ratio of 13.25, a quick ratio of 1.18 and a current ratio of 1.30. The company has a market cap of $41.50 million, a P/E ratio of -0.35 and a beta of 2.33. The firm has a 50-day simple moving average of $1.77 and a two-hundred day simple moving average of $2.15. KORE Group Company Profile ( Get Free Report ) KORE Group Holdings, Inc provides Internet of Things (IoT) services and solutions worldwide. It offers connectivity and location-based services, device solutions, and managed and professional services that are used in the development and support of IoT technology for the business market. The company’s products include IoT connectivity-as-a-service; connectivity enablement-as-a-service; device management services; and security location based services. Featured Articles Receive News & Ratings for KORE Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for KORE Group and related companies with MarketBeat.com's FREE daily email newsletter .
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NEW YORK —The New York Department of State’s Division of Consumer Protection is providing tips to help consumers navigate return and refund policies. According to the National Retail Federation, this year’s holiday weekend from Thanksgiving Day through Cyber Monday set record levels for consumer spending. The State of Retail Returns 2024 Report states $743 billion dollars’ worth of merchandise were returned last year. However, policies vary from store to store, making returns and refunds a challenge at times. Consumers should be aware of laws that protect them so they can make informed decisions about holiday returns and understand what to look for when reviewing return and refund policies. “As the holiday shopping season comes to an end, both gift givers and receivers may have changed their minds about what they bought,” Secretary of State Walter T. Mosley said in a news release. “But depending on where you’re returning the items, there may be some limitations. It’s important for consumers to pay attention, prior to purchase, the return and refund policy so you can exchange that item you’ll never use for something you love.” The Division of Consumer Protection offers the following tips to help consumers navigate return and refund policies: Pay Attention to Return Policies: New York State law requires that stores post their refund policies conspicuously – on the item, at the store entrance or on or near the cash register. Retailers must provide a written copy of the store’s return policy when requested. New York State Law does not require retailers to accept returns; however, they must post a conspicuous notice visible to consumers before the point of sale, advising that no returns will be accepted.If the retailer does not post a return policy, the law requires the retailer accept returns of unused, undamaged merchandise within 30 days of the purchase date. The returned item must include a proof of purchase and the refund must be in the form of cash or credit based on the customer’s preference.Understand the Refund Terms: For retailers that allow returns, New York State law does not require refunds to be given in any specific manner. However, it does require the form of the refund – cash, credit or exchange – be clearly disclosed in advance of purchase. Retailers must also disclose any fees associated with the return. If no fee is listed, customers should inquire whether the store imposes a re-stocking fee for returned merchandise and determine prior to purchase if the item can be returned for a refund or only store credit. Retain Any Proofs of Purchase: Consumers should hold on to receipts in the event a product needs to be returned. If purchasing gifts, ask if a gift receipt is available. It is also advised to keep the packaging of an item, along with its confirmation number. Consumers having difficulty obtaining a refund are encouraged to file a complaint with the New York State Division of Consumer Protection. About the New York State Division of Consumer Protection Follow the New York Department of State on Facebook, X and Instagram and check in every Tuesday for more practical tips that educate and empower New York consumers on a variety of topics. Sign up to receive consumer alerts directly to your email or phone here. The New York State Division of Consumer Protection provides voluntary mediation between a consumer and a business when a consumer has been unsuccessful at reaching a resolution on their own. The Consumer Assistance Helpline 1-800-697-1220 is available Monday to Friday from 8:30am to 4:30pm, excluding State Holidays, and consumer complaints can be filed at any time at www.dos.ny.gov/consumerprotection. The Division can also be reached via X at @NYSConsumer or Facebook.DirecTV extends its agreement as title sponsor of the Holiday BowlDividend Champion, Contender, And Challenger Highlights: Week Of December 29
Women urged to join feed and fodder productionRiley Jones has left Vera viewers 'conflicted' and with 'mixed emotions' after breaking his social media silence on the drama coming to an end, with a short six word statement. In the cast of the hit show from its early days on ITV , North East actor Riley quickly established himself as a real favourite with viewers at home, with his Vera alias, DC Mark Edwards, a trusted member of the Northumberland & City Police team, led by Brenda Blethyn' s famous character DCI Vera Stanhope. Riley's role has seen him at the centre of the murder mystery action in all 13 of Vera's series to date and, as they were left blindsided by the exit of Kenny Doughty in spring 2023, many fans championed Riley to be Vera's new sidekick, before original right hand man, David Leon, made a shock return to the fold for series 13 at the start of this year. Like co-stars Brenda and David, Riley travelled all over the North East during the summer, to shoot scenes for the two final episodes of Vera, which are now just days away from airing on ITV. The first of the two new feature length tales - Inside - will be shown on New Year's Day, before things wrap up for good with The Dark Wives, just 24 hours later. First look images from both episodes were released by ITV earlier this month and Riley shared the post to his X (Twitter) account, as he willed viewers to tune in, by adding: "Pop it in your diary folks!" Riley's own post on Vera's ending quickly gathered plenty of comments, as many of his followers admitted they welcomed news of the final series transmission dates with very mixed emotions. One replied: "Looking forward to seeing the final episodes with equal feelings of joy and trepidation" as another, echoing the same sentiments, told Riley: "Both happy and sad at the same time - gonna miss you all. "
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