july

In deal with business leaders, $30 minimum wage for L.A. hotel and airport workers will be delayed

A $30 minimum wage for hotel and airport workers will be delayed after Los Angeles elected officials persuaded a group of business leaders to drop a ballot measure that would have devastated the city budget.

On Tuesday, the City Council approved the 18-month delay, which will postpone the wage increase until after the 2028 Olympics and fend off the business-backed initiative to eliminate the gross receipts tax, which is the city’s second-largest revenue stream.

The minimum wage will still increase to $25 in July and continue in increments until reaching $30 in January 2030.

Because the 11 to 4 vote was not unanimous, the new pay schedule will head to a second vote next week. Councilmembers Eunisses Hernandez, Ysabel Jurado, Nithya Raman and Hugo Soto-Martínez cast the “no” votes.

In May 2025, the council approved a proposal that would have increased the minimum wage to $30 in July 2028 and also raised an hourly payment for healthcare coverage.

In response, a coalition of airline and hotel businesses gathered enough signatures to place a measure on the Nov. 3 ballot that took aim at the city’s gross receipts tax, which is imposed on a vast array of businesses, including entertainment companies, child-care providers, law firms, accountants, healthcare businesses, nightclubs and many others.

If approved by voters, the measure would have stripped $740 million from the city’s general fund over the first year, according to city officials, and over five years would have amounted to a $860 million loss annually on average.

City officials, hotel and airport businesses and labor unions had been in continuous negotiations since last Wednesday, when the council narrowly approved an initial postponement of the wage increase to allow time to reach an agreement. The business coalition agreed to withdraw the measure if the council permanently approved the delay.

In addition to delaying the $30 minimum wage, the council on Tuesday pushed back the hourly healthcare payment to start at $8.15 an hour for airport workers in July 2027 and $4.25 for hotel workers July 1 of this year.

The council also voted to set up a committee to study possible changes to the business tax structure.

“Imposing wages and benefits without bringing business to the table is not reasonable,” said Nella McOsker, president and CEO of the downtown business group Central City Assn., at the council meeting. “It is reasonable to ask us to partner together to be on the other side of the table and negotiate, but it is not OK to do so without that process.”

Kurt Petersen, president of Unite Here Local 11, which represents the hotel workers, accused city officials of giving “into blackmail.”

“They now have a playbook. The next time workers win something, they’ll threaten to blow up the city,” Petersen said of the business coalition. “It’s a bad day for workers.”

Council President Marqueece Harris-Dawson described the process as painful but nearing a conclusion.

“I think we walked away from the negotiating table, like many negotiating tables, where no one was happy about the outcome, but everybody came away better than when we started off,” he said.

Shortly before the council vote, Mayor Karen Bass issued a statement that said she was called in by both business and labor leaders to close the deal.

She called the proposed repeal of the gross receipts tax “an existential threat to the city budget and the services it supports,” including street repairs, public safety and efforts to clean the city.

“This agreement ensures workers are paid fairly and that businesses that create jobs can continue serving LA and hiring Angelenos,” Bass said.

On Tuesday, the council chamber was filled with union workers in red, purple and yellow shirts.

Laura Esquivel, a janitor at Los Angeles International Airport, expressed frustration that council members were not standing by their earlier commitment.

“We’re sick and tired of being exploited. Some members of the council that are here, now we know, do not stand with workers,” Esquivel said. “We are not giving up, we will continue to fight and we’ll be back here in 2028.”

Before voting against the delay, Soto-Martínez, a former Unite Here organizer, called it sad and enraging.

“I cannot support anything that is going to take away money from workers,” he said.

Councilmember Imelda Padilla, who spoke in Spanish, was critical of the way the negotiations unfolded.

“If this thing about the gross tax receipts passes, we don’t have a city,” Padilla said. “The business community has us by our necks.”

She said workers deserve the wage increase, though she voted for the delay.

“Next time, let’s negotiate, and let’s negotiate well,” she said.

Times staff writer Suhauna Hussain contributed to this report.

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Trump threatens ‘much higher’ EU tariffs if deal not signed by July 4

May 8 (UPI) — President Donald Trump threatened to raise tariffs to “much higher levels” on the European Union if it doesn’t agree to a trade deal by July 4.

“I had a great call with The President of the European Commission, Ursula von der Leyen. We discussed many topics, including that we are completely united that Iran can never have a Nuclear Weapon. We agreed that a regime that kills its own people cannot control a bomb that can kill millions. I’ve been waiting patiently for the EU to fulfill their side of the Historic Trade Deal we agreed in Turnberry, Scotland, the largest Trade Deal, ever! A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO! I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels,” the president said Thursday afternoon on Truth Social.

The threat came after The EU has struggled to agree on the terms of the Turnberry Accord, which was for the United States to lower tariffs on EU products and for the EU to remove tariffs on U.S. industrial goods and invest billions in U.S. industries, including energy.

Von Der Leyen said on X that the bloc is still committed to the deal.

“I had a very good call with @POTUS. We discussed the situation in the Middle East and our close coordination with regional partners. We are united that Iran must never possess a nuclear weapon. Recent events have clearly shown that the risks to regional stability and global security are too great.

“We also discussed the EU-U.S. trade deal. We remain fully committed, on both sides, to its implementation. Good progress is being made towards tariff reduction by early July.”

Last week, Trump threatened to raise tariffs on European autos to 25%. It’s unclear if his renewed threat is specifically for vehicles or if it encompasses all EU exports.

Complicating matters is that Trump’s current method of levying tariffs was blocked Thursday by the U.S. Court of International Trade.

In February, the U.S. Supreme Court struck down the administration’s tariffs issued under the International Emergency Economic Powers Act of 1977. Trump then added a 10% across-the-board tariff and then later upped it to 15%.

U.S. Trade Representative Jamieson Greer said in an interview with Politico Thursday that the EU is moving slowly.

“With the tariffs, they’ve at least started a process. They’re working it through,” Greer said. “It’s a pain. I understand it’s slow. We’re not patient. But there are other things where they haven’t even started a process.”

“We’re 95% compliant for nine months … and they’ve been 0% compliant during that time. What am I supposed to do?” he said.

Speaker of the House Mike Johnson, R-La.,, speaks during an observance celebrating the 75th National Day of Prayer in Statuary Hall at the U.S. Capitol on Thursday. Photo by Bonnie Cash/UPI | License Photo

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Last gambling resort in Primm, Nev., is set to close by July

Primm Valley Resorts, the last full-time casino among a cluster of three off Interstate 15 in Primm, at the California-Nevada border, is permanently closing, according to a termination notice sent to employees on Tuesday.

The letter, posted by Las Vegas insider publication Las Vegas Locally, noted that employees who worked at Primm Valley would be let go by July 4. It’s not known if the casino will close that day or before.

An email to Primm Valley Resorts owner Affinity Gaming was not immediately returned.

Primm Valley was the last of three operating casino resorts in Primm, formerly known as State Line. The castle-shaped Whiskey Pete’s opened in 1977, followed by Primm Valley in 1990 and Buffalo Bill’s in 1994.

In a letter to the Clark County Board of Commissioners, Erin Barnett, Affinity’s vice president and general counsel, wrote in October 2024 that “traffic at the state line has proved to be heavily weighted towards weekend activity and is insufficient to support three full-time casino properties.”

Along with Primm Valley Resorts, Primadonna Co. LLC, owned by Affinity Gaming, is closing the Primm Center gas station and the Flying J truck stop located at Whiskey Pete’s; that casino closed in December 2024.

The termination notice comes nearly a year after Affinity Gaming ended 24/7 operations at Buffalo Bill’s Resort on July 6. The casino opened on days in which its concert venue, the Star of the Desert Arena, hosted special events.

Lights glow on the Buffalo Bill's Resort and Casino sign on July 6, 2025, in Primm, Nev.

Lights glow on the Buffalo Bill’s Resort and Casino sign on July 6, 2025, in Primm, Nev.

(Bridget Bennett / For The Times)

It’s unclear what happens to music and magic acts booked until July 25.

It’s not known how long other Affinity-owned properties in the area, such as the popular Lotto Store on the California side of the border, will continue to operate. Nevadans have been known to drive for several miles and wait in long lines to buy Powerball tickets, particularly when jackpots creep into 10 figures.

The notice informed employees “this action is expected to result in the permanent termination of employment for all employees at these locations.”

As late as September, Primm Valley Resorts emailed media members promoting renovated rooms and signature experiences at its final resort.

Primm once shined as one of Nevada’s more popular gambling resorts. The three-casino complex served as a less expensive, less flashy, slightly more kitschy alternative to Las Vegas that benefited from being a good 45 minutes closer to Los Angeles than Sin City.

Several factors have contributed to Primm’s slow decline, including the COVID pandemic and increased competition from casinos popping up on tribal lands in California.

Those newer casinos are easier to get to than Primm from key Southern California population centers, reducing the value proposition.

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DTCC Launching Tokenization for $114T Asset Market This July

Just-in-time account funding may be right around the corner as tokenization provides real-time capabilities.

Banks, broker-dealers, and clearing agencies could soon reduce capital buffers as Depository Trust & Clearing Corporation (DTCC) moves closer to operationalizing tokenization through its subsidiary, Depository Trust Company (DTC).

The DTC—which provides book-entry custody for more than $114 trillion in assets, such as municipal bonds, corporate bonds, corporate stocks, and money market instruments from the U.S. and more than 131 other countries and territories—expects to launch a limited first phase of its tokenization service in July. The full service is scheduled to roll out in October.

In December 2025, the U.S. Securities and Exchange Commission (SEC) granted the industry utility permission for a three-year pilot to process highly liquid assets, including components of the Russell 1000 Index, exchange-traded funds that track other major U.S. indices, and various Treasuries. The intent is to give tokenized securities the same entitlements, protections, and ownership rights as assets currently held in DTC custody.

“Our vision is coming to fruition,” said Frank La Salla, president and CEO of DTCC, in Monday’s announcement. “Tokenization has the potential to reshape market structure by improving liquidity, transparency and efficiency.”

Standards Aligned

Tokenization—which creates a digital representation of a tangible asset like real estate or municipal bonds—is no longer just a finance-sector buzzword. More companies are weaving tokens into their corporate finance strategies, using them in a wide array of instruments, including smart contracts, stablecoins and tokenized U.S. Treasury bills.

The DTCC developed the tokenization platform in collaboration with the DTCC Industry Working Group, which includes more than 50 custodians, asset managers, broker-dealers, and market infrastructure providers across traditional and decentralized finance. The group is focused on aligning standards and preparing market participants for new operational and settlement workflows.

Despite the infrastructure milestone, the near-term implications for corporate treasurers may be limited.

“I don’t see a material benefit yet for CFOs,” said David Easthope, senior analyst and head of fintech research at Coalition Greenwich. “The more immediate value proposition is coming from stablecoins, not tokenized securities.” He added that the benefits for issuers, and their representatives like CFOs and treasurers, “are much further out in the tech cycle that we are in.”

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Karol G announces stadium world tour, with a stop at SoFi

Karol G is taking her 2025 album, “Tropicoqueta,” worldwide.

After wrapping two bombastic headlining sets at Coachella this year, the Colombian superstar announced a stadium world tour on Instagram Tuesday morning.

The “Viajando Por El Mundo Tropitour” will kick off July 24 at Chicago’s Soldier Field. The “Provenza” artist will then head out to Las Vegas on Aug. 7 before making a stop at SoFi Stadium in Inglewood on Aug. 14. She’ll grace California with one more performance on Aug. 21 at Levi’s Stadium in Santa Clara.

The 35-year-old singer will wrap up the U.S. leg of her tour with a performance in Dallas on Oct. 15 before commencing the international section of the tour in Monterrey, Mexico, on Nov. 6. This string of shows is scheduled to finish exactly a year after commencing, with a July 24, 2027, set in Milan, Italy.

Karol G was the first Latina to headline Coachella in the desert fest’s 27-year history. She was only the second Latin music artist to get top billing at the event, with Bad Bunny being the first to ever do it with his 2023 headlining performances.

“This is for my Latinos that have been struggling in this country lately,” she told her fans during her history-making performance. “We stand for them. I stand for my Latina community. I am very proud because this brings out the best in us: unity, resilience and a strong spirit. We do this because we want everyone to feel welcome to our culture, so I want everyone to feel proud of where you come from.”

During her Coachella shows, which took place across two weekends in April, she brought out a cavalcade of guest performers — including L.A.’s own Becky G, the Colombian reggaeton revivalist J Balvin and Greg Gonzalez from Cigarettes After Sex.

The “Si Antes Te Hubiera Conocido” artist first teased that she’d be embarking on a tour at the end of her set during the second weekend of Coachella. Text reading “Nos Vamos de Tour” (We’re going on tour) was displayed as she played her final song.



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