Slow

California’s population growth to slow in coming decades

California’s population will grow more slowly in the next few decades than it has in the past — and that is good for the state’s still-struggling economy, according to a new USC report.

The study projects that the state’s population, now 37.3 million, will continue to increase at a healthy clip — about 1% annually — for years to come. But at least through 2050, we are unlikely to see the boom rates of recent decades, especially the 1980s.

“This is more manageable growth and that’s good news for California,” said Dowell Myers, a USC demography and urban planning professor who co-wrote the report with colleague John Pitkin. “We’re returning to a more normal rate of growth.”

The cooling pace means the state, city and county governments and other entities will have more time to prepare for a bigger population than they did in years past, allowing for more effective planning, Myers and other experts said. That could ensure that new roads and parks, for example, are put in areas where they are most needed and where growth is likely to be sustained, they said.

The researchers said the slowdown will mainly stem from a sharp drop in immigration to California, part of a nationwide trend detailed in other recent studies.

Although the slower pace of growth may be a net positive for California, it will require revisions to an array of public and private plans, including for schools, water projects, transportation, hospitals, highways and other infrastructure.

“Those of us who’ve been here for a while think of California as a place that’s grow, grow, grow — and go, go, go — but this shows that we’re not that anymore,” Hans Johnson, a demographer with the Public Policy Institute of California, said of the USC study released Tuesday. “We’re now more typical of the rest of the nation.”

Johnson noted that the brakes on California’s growth were evident in the 2010 census, after which, for the first time, the state failed to gain a new seat in Congress.

The report, the third in a series of projections by USC’s Population Dynamics Research Group, predicts that California’s population will grow at less than 10% per decade for the next several decades.

In the 1980s, the state’s population surged nearly 26%, adding about 6 million residents. The increases were fueled primarily by the booming aerospace industry and economic problems elsewhere in the country, which made the Golden State a powerful magnet for job seekers.

In the 1990s, the state’s growth rate fell to 14% but remained strong. It slowed further, to 10%, in the decade just ended, the USC report shows. Myers said the continuing falloff from 2000 to 2010 may have been partly due to the recession that began in 2008. Growth was slow even in 2005, when the economy was still strong.

The new predictions differ significantly from California’s official population projections. Those show that the state’s population by 2020 would reach 44 million, a level USC’s researchers now say will not be attained until 2028.

Bill Schooling, chief of demographics research for the state department of finance, praised the USC report and said his staff, too, is working on a new set of population figures, which he says will be lower than its previous estimates. Schooling’s office is racing to produce the new estimates ahead of its regularly scheduled report because demographic changes are so profound that state agencies urgently need fresh data to update their planning.

The USC analysis also predicts that as California’s growth slows, its population will change in various ways. The state in coming decades is expected to have more senior citizens, fewer children and more young adults. The state’s immigrant population will be more settled, with a larger share that has lived in the U.S. at least 20 years.

Each change has implications, the experts said.

The average age of the state’s population, as in the nation, is rising, partly driven by the aging of the huge baby boom generation, whose oldest members were born in 1946 and are of retirement age. The USC researchers say the number of Californians of retirement age compared with people of prime working age (25- to 64-year-olds) will rise to 36 seniors per 100 working-age adults in 2030. It stood at 22 to 100 in 2010.

As the boomers age, they will require more state services and that will create budget challenges, Johnson noted. Also significant is the loss of their workforce skills to the state, he said. Baby boomers are California’s most highly educated generation, he said, with a greater share having graduated from college than younger or older age groups.

A smaller population of children in years to come means savings for the state, mainly in education costs. It could lead to higher per capita spending for the education of those who remain, Johnson said.

The rising share of young adults age 25 to 34 in the next 20 years is good news for the state, which experienced negative growth for that age group from 1990 to 2010, Myers said. Young adults are crucial for the state’s economic growth. They are most likely to become new workers, rent their first apartment, buy a home, have children and be first-time voters, he said.

California’s increasingly settled immigrant population means that its members are more likely than before to have learned English, have children born in the U.S. and remain in the state, Johnson said.

“It’s important for us as a state to make sure immigrants and their families are integrated into our society and are successful, so it’s really important to look to their education,” he said. “The biggest challenge California faces long term is to ensure that enough of our residents go to college, and to make sure they graduate.”

rebecca.trounson@latimes.com

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Mohamed Belloumi: Hull City winger makes up for slow introduction with match-winning impact

It has not been a straightforward two seasons in English football for the forward.

He joined the East Yorkshire club from Portuguese outfit Farense in August 2024 and enjoyed a decent start only for an anterior cruciate ligament injury at Oxford in November to end his season.

By the time he returned to action last August the club had sacked both Tim Walter and his replacement Ruben Selles and brought in Jakirovic.

Understandably after such a serious injury it took him time to get back up to speed and two hamstring injuries have kept him out for four months of this campaign.

He started Friday’s goalless first leg and hit the post after just two minutes but Jakirovic said he began Monday’s game on the bench as he had not been able to train since.

“He was very tired and had fatigue in both his hamstrings and Achilles so the plan was to give him the second half,” Jakirovic told BBC Radio Humberside.

“It was a great substitution and a great decision. Now I am very smart, if they do nothing I am stupid. It’s always like this.

“This group of players is unbelievable with the chemistry between them.”

Skipper Lewie Coyle was also full of praise for the match-winner and the club’s medical staff.

“He’s incredible. We are so lucky that we’ve got so many players that can come on and impact the game,” he said.

“We all know what that boy’s about. I’m so pleased for him.

“He’s had an incredibly tough injury but it says a lot about him and the recovery team that he’s come back as he has.”

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Police raid Peru’s election authorities after outcry over slow vote count | Elections News

Anticorruption police gathered material from the homes of election officials including former office leader Piero Corvetto.

Police in the Peruvian capital of Lima have raided a home belonging to the former head of its national election agency, amid growing frustration in the aftermath of the country’s presidential election.

As of Friday, results still had not been finalised for the presidential race, which took place on April 12.

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Delays in ballot deliveries forced the voting in some areas to be extended by an extra day, and the slow vote count has led to accusations of wrongdoing. But the European Union’s election mission to Peru found no indication of fraud.

Law enforcement was seen entering the home of Piero Corvetto, the former head of Peru’s National Office of Electoral Processes (ONPE), on Friday as part of a judicial warrant.

The officers with the local anticorruption police unit were tasked with removing mobile phones, laptops and documents, according to local broadcaster RPP.

The homes of five other officials were also targeted by police raids, as were offices belonging to Galaga, a private company that transports election ballots.

Corvetto resigned on Tuesday, though he denied any wrongdoing or irregularities in the election process. In a statement, he said he hoped his departure would boost public confidence.

On Friday, his lawyer, Ricardo Sanchez Carranza, told the news agency Reuters that a judge authorised the raid but denied prosecutors’ request to put Corvetto in preliminary detention.

But one of the leading presidential candidates, Lima’s former far-right mayor, Rafael Lopez Aliaga, has accused Corvetto of being a “criminal” and pledging to pursue him “until he dies”.

Lopez Aliaga is currently in a narrow race for second place in the presidential election.

With 95 percent of the ballots tallied, right-wing candidate and former First Lady Keiko Fujimori is in first place with 17 percent of the vote. She is all but assured of proceeding to the run-off on June 7.

Lopez Aliaga, meanwhile, is in third place with 11.9 percent, behind left-wing Congress member Roberto Sanchez at 12.03 percent.

Roughly 20,000 votes separate Sanchez from Lopez Aliaga, who has increasingly denounced the election as illegitimate, though he has yet to provide evidence to support that claim. Still, he has called the vote tally an “electoral fraud unique in the world”.

The final results are expected on May 15.

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How Autonomous Treasury Fixes Slow Cash Checks

The advent of autonomous treasury has ignited a competitive push, complete with aggressive industry targets. Not all companies will want to proceed at the same speed.

The shift to an autonomous treasury is reshaping the world of corporate finance, driven by new strategies and technologies—from self-healing cash forecasts to AI-driven liquidity engines—that are replacing legacy systems and maximizing yield.

To fully realize the potential, corporate finance leaders are strategically investing in the key areas that will accelerate the transition. The next phase of autonomous treasury will be defined by three investment-focus areas, says Sayantan Chakraborty, head of Digital Payments at Fiserv. “Treasurers don’t lack visibility anymore; they lack widgets that can act on that visibility in real time,” he says. “The gap isn’t analytics. It’s execution.”

Although agentic AI can forecast cash positions and draft funding instructions, Chakraborty notes, current corporate infrastructure often runs in batch mode. The first essential missing link is comprehensive, real-time cash positioning, second, it’s combined with rule-based, just-in-time money movement across multiple payment rails—including instant and traditional—and third, integration of new features like tokenized deposits and programmable payments.

The technological journey still requires human expertise, however. And Chakraborty advises building around legacy ERP systems rather than waiting for a complete modernization.

“Think of it as an AI-powered autopilot added to an older cockpit,” he says. “Policies are enforced, actions are executed, and audit trails are preserved without forcing a full-core replacement on day one, under the watchful eyes of a trained cockpit and cabin crew.”

The era of multi-year, big-bang upgrades is over, Chakraborty argues. Instead, the best course is to implement a lightweight, 24/7 automation layer to handle real-time balances, rules, and payments.

As instant payment rails and real-time reporting become more widespread, Chakraborty predicts the current practice of pre-funding accounts before cut-offs will become obsolete. Instead, “agentic AI will push treasury from once-a-day instructions to continuous, just-in-time funding: as soon as execution matches intent across all rails.”

This shift will impact float, causing idle-balance float to decrease and driving banks to focus their earnings on 24/7 clearing services, intraday credit, and real-time liquidity.

Siemens, a leader in autonomous treasury, adopted J.P. Morgan’s programmable payment feature (formerly Onyx, now Kinexys) in late 2023. Siemens shifted to advanced programmable payments using the blockchain-based ledger, JPM Coin. This allows their bank accounts to autonomously manage cash and execute transactions based on pre-defined rules. Addressing the inefficiency of idle pre-funded balances, Siemens implemented a just-in-time mechanism. Funds are only moved into a specific account the moment a payment is due. If a balance drops below a set threshold, the system autonomously sweeps funds from a central cash pool, enabling Siemens to operate with near-zero balances in local accounts.

 “In my experience, the biggest challenge is not technology, but the mindset shift in finance and treasury,” states Heiko Nix, global head of Cash Management and Payments, Siemens.  “For almost every technical problem, there is a solution. But simplifying entrenched processes and changing how people think about treasury and its role takes significantly more time and effort. In practice, you do not need to convince everyone at once, what matters is building sufficient momentum across the organization to enable real transformation.”

John Stevens, Kyriba

A ‘Forward-Looking Control Tower’

AI creates a strategic opportunity, argues John Stevens, senior vice president, global head of Capital Markets, Financial Institutions & Working Capital at Kyriba.

“AI can transform working capital management from a retrospective reporting function into a forward-looking control tower,” he says. “Instead of focusing on past events, you can optimize for the future in real time. This is because tasks that previously required manual, analog effort, or demanded analysts to spend long hours consolidating reports, can now occur instantaneously. This real-time capability allows for significantly more sensible and timely decision-making.”

Companies still need to work closely with vendors to build AI safely, he cautions: “We don’t see a single out-of-the-box ‘autonomous’ product replacing the diversity of treasury needs.” The future will be “composable,” he predicts, although it is important to be precise about what this means.

While Kyriba App Studio serves as an extensibility layer for building bespoke integrations and workflows on the Kyriba platform, Stevens stresses that it is not an agent-building toolkit. The agentic AI layer is TAI, which provides Kyriba-developed agents with “a clear human in the loop posture.”

Using a third-party model doesn’t automatically make an AI tool less intelligent and using only in house-models doesn’t automatically make it more intelligent, he argues.

“In treasury, the deciding factor is whether the AI can be used safely and consistently in a regulated environment,” Stevens says. TAI isn’t positioned to avoid external LLMs. “We use a leading external model [Anthropic’s Claude] within a controlled, governed deployment. The difference is the wrapper around the model: strict limits on what data it can access, clear rules on what it’s allowed to do, and a full audit trail of activity.”

Practically, that means the AI can help generate insights—summaries, explanations, flag anomalies, scenario narratives—while anything that could affect payments, liquidity, or risk stays under platform controls, approvals, and policy-driven workflows.

“So it’s not a binary choice between open and sovereign,” he notes. “Some organizations will require sovereign options for policy or jurisdiction reasons, but most regulated treasuries are looking for governed AI: strong models, used in a way that is secure, auditable, and designed for real operational control.”

Redefining Corporate Finance

The potential benefits to treasury have ignited a competitive push for autonomy, complete with aggressive industry targets and a race for “fully autonomous” platforms.

HighRadius recently updated its agentic AI platform with the goal of achieving over 90% automation for the Office of the CFO by 2027. The initiative involves deploying AI agents across six product suites and 20 products within accounts receivable, payables, treasury, close, and consolidation. The release of 186 agentic AI agents, announced last February, moves HighRadius closer to the “fully autonomous platform vision” it first announced in 2019, with cash application and cash forecasting already demonstrating 90% touchless automation.

HighRadius prioritizes “measurable value creation,” which it validates with clients through mutually agreed success criteria (MASC). This value is delivered via automated agents, aiming for 90%-plus automation, and assisted agents, designed to triple user effectiveness.

CEO Sashi Narahari views agentic AI as an interim step toward HighRadius’s goal of ensuring that all its products are “fully autonomous”—defined as 90%-plus touchless end-to-end process—by 2027. Narahari stresses the critical nature of this goal, to the point that failing to achieve it would lead to the company’s demise.

What about mid-tier banks that may not want to jump to a comprehensive transformation? For them, Chakraborty advises that a single, reliable orchestration endpoint is better than many disparate APIs.

“Essential to this is a real time balance plus payment execution API,” he says “exposing positions, limits, and instant movement through a single, resilient interface. That’s what lets AI driven treasury systems act as agents, not just analysts.” Integrating such a process with tokenized deposit movement is also beneficial where possible, he adds.

That said, the journey toward the autonomous treasury, spearheaded by pioneering companies like Siemens and driven by the rapid evolution of agentic AI, is fundamentally redefining corporate finance.

The shift is not merely about incremental efficiency gains but is coming to be seen as a strategic imperative for maximizing yield, securing real-time liquidity, and moving beyond the constraints of legacy systems. Corporate treasurers who are embracing the transition are attracted by a promised tactical roadmap to a future-proofed role. For the financial institutions that serve them, autonomous treasury is an urgent call to align their offerings with a new era of continuous, intelligent, and just-in-time financial control.

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