Daily Headlines March 27, 2023

We scan major news sources* and compile selected articles to keep you up-to-date on current issues affecting California business – the economy, health care, environment, transportation and more. Receive Daily Headlines by Email

Today’s Top Story

Celebrating Women’s History Month: Past Women Chairs of CalChamber Board: A Cross-Section of California Economy
The eight women to hold the top volunteer position at the California Chamber of Commerce represent a cross-section of industries in the state with a slight tilt toward smaller operations.

Top California News

• What are California Lawmakers Doing to Fix the Housing Crisis? A Look At 2023’s New Bills
  Feeling political pressure to solve California’s severe housing shortage and ballooning homelessness, state lawmakers are pushing new bills to increase production of affordable homes and strengthen tenant protections against evictions and surging rents. Los Angeles Times (Subscription required)

• First Citizens Acquires Much of Failed Silicon Valley Bank
  … The Federal Deposit Insurance Corp. said First Citizens is acquiring all of Silicon Valley Bank’s deposits, loans and branches, which will open Monday morning under the new ownership. The purchase includes $56.5 billion in deposits and about $72 billion of SVB’s loans at a discount of $16.5 billion. Some $90 billion of SVB’s securities will remain in receivership. The Wall Street Journal (Subscription required)

• Genentech Closing South San Francisco Production Facility, Laying Off 265 Workers
  Biotech giant Genentech said it plans to close its South San Francisco production facility and lay off 265 workers there, the company confirmed. The drugmaker said the move is part of a long-term plan and is unrelated to the current economic downturn. San Francisco Chronicle (Subscription required)

• Despite Setbacks, Supporters of Single-Payer Health Care System Still Pushing for Change
  … Last year, AB 1400, a bill called the California Guaranteed Health Care for All Act — CalCare for short — died in committee with opposition from the California Chamber of Commerce which — joined by organizations that represent health insurance companies and health providers in a lobbying group called Protect California Health Care — publicly called the legislation a job killer… But the California Nurses Association, representing more than 100,000 workers in California, clearly still believes in the single-payer system, moving this weekend to fuel grassroots support during 51 “canvassing” events held statewide. The San Diego Union-Tribune (Subscription required)

• California Eases Water Restrictions, But Drought Isn’t Over
  California Gov. Gavin Newsom ended some of the state’s water restrictions on Friday because a winter of relentless rain and snow has replenished the state’s reservoirs and eased fears of a shortage after three years of severe drought. The Associated Press (No subscription required)

Top National, International News

• Work-From-Home Era Ends for Millions of Americans
  … The new number is also close to the share of establishments—76.7%—that said they had no employees teleworking before the Covid-19 pandemic, and that were open in February 2020, the Labor Department said. Employers recently have begun pushing harder to get staff to work on-site more often, as recession fears prompt an increased emphasis on worker productivity. The Wall Street Journal (Subscription required)

• Wind Industry Predicts Bounceback and Rapid Growth In 2023
  The wind power industry on Monday projected growth to rapidly accelerate this year, with incentives and policy changes in key nations helping to overcome factors that led to a slowdown in 2022. The Associated Press (No subscription required)

• Israel Convulsed by Strikes, Protests as President Urges Netanyahu to Halt Judicial Overhaul
  Strikes and protests rocked Israel on Monday as the country’s president warned that a controversial judicial overhaul planned by the government threatened the economy and national security—raising doubts about the future of Prime Minister Benjamin Netanyahu’s coalition. The Wall Street Journal (Subscription required)

• What Really Caused the Banking Crisis?
  Who’s to blame for Silicon Valley Bank’s collapse and the ongoing panic that has engulfed Signature Bank and Credit Suisse? Was it overzealous regulation from Dodd-Frank and EU bureaucrats, a lack of accounting for risk, rising interest rates or even ESG? WSJ Opinion staff and contributors analyze the root causes. The Wall Street Journal (Subscription required)

• You Can’t Cancel Me, I Quit
  I was scheduled to give a speech on Monday at Furman University about my recent book, “Primal Screams: How the Sexual Revolution Created Identity Politics.” I canceled it. Here’s why. Mary Eberstadt in The Wall Street Journal (Subscription required)

* Some newspapers listed require the viewer to register, log in, or pay in order to view the entire article. After some time, most papers file older stories in their archive section. Access to those stories may require that you pay to view them.