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US Postal Service reports $5.2 Billion Loss for Third Fiscal Quarter

credit: USPS

(Best Syndication News) - The United States Postal Service (USPS) announced a net loss of $5.2 billion in their third fiscal quarter results (April 1 – June 30). The USPS also showed a net loss $3.1 billion for the same time period last year.

The USPS attributes the sizeable increase in losses to the mandated prefunding of retiree health benefits. A financial shortfall has caused the USPS to be unable to pay the required $5.5 billion prefunding payment for retiree health benefits that was due on Aug. 1.

Another problem was the reduction in First Class Mail. There was a reduction of 4.4 percent in First Class revenue for the last quarter. There was a 9 percent growth in revenue from Shipping Services and package delivery, but the decline in First Class mail volume offset the growth. Total mail volume this quarter was 38.5 billion pieces, which was a decrease of 1.4 billion pieces compared to the same time last year.

Southern California Edison asks customers to Conserve Electricity during Heat Wave

sunshine and thermometer - BSN

(Best Syndication News) This week the weather forecast is for temperatures to hit the 100 degree mark for the Inland Empire and Desert regions of Southern California. The extreme warmth has prompted Southern California Edison (SCE) to ask their customers to use less power during the day.

The conservation of energy usage will help ease the increased demand during the extreme heat. Additionally, using less electricity will help if there is an unexpected power emergency, such as a mechanical problem or wildfire.

SCE explains that one benefit to conserving energy is a reduced electric bill. Customers who use air conditioning can see an increase of up to 30 percent in their bill.

The City of San Bernardino files petition for Chapter 9 Bankruptcy

Money - BSN

(Best Syndication News) - The City of San Bernardino announced that they have filed an emergency Chapter 9 Bankruptcy petition in the United States Bankruptcy Court for the Central District of California, Riverside Division. At this time, the City plans to continue to operate and provide the community essential services and have not reduced any services yet.

During the bankruptcy proceedings, the City officials will be working on a Pendency Plan that will outline their operational budget. The Pendency Plan may require the City to reduce services. The officials announced that they do not have any idea what this plan will be yet. However, an official announcement said that they will “remain committed to providing the services that are essential to its continued operation and the health and safety of the community.”

Multi-Million Dollar Verdict Awarded for Catastrophic Highway 138 Accident

Road with stop - BSN

(Best Syndication News) - Today, a San Bernardino jury awarded David Evans and his wife over $31.5 million for an accident that occurred on highway 138 on April 29, 2009. The responsibility for the accident was 85 percent the driver that hit David Evans and the remaining 15 percent of the responsibility went to Caltrans.

There have been at least ten other accidents that happened at Highway 138 and Mountain Road. The California Highway Patrol shared this information during the trial. The other driver was making an illegal left hand turn at Mountain Road.

California - Earthquakes shake near Fort Bragg and Twentynine Palms Today

California Map - BSN

(Best Syndication News) - Two minor earthquakes shook during the early morning in Northern and Southern California today. A 4.3 magnitude earthquake shook near Fort Bragg in Northern California. Another 3.3 magnitude earthquake occurred near Twentynine Palms, which is located in the low desert region of Southern California.

The Fort Bragg earthquake was at 5:48 a.m. this Sunday morning, according to the US Geological Survey (USGS). The 4.2 magnitude earthquake was reported by residents in the area as having light shaking with no damage. The USGS CISN Shakemap suggested a moderate tremor with very light damage potential. The earthquake was located 2 miles north-northwest of Fort Bragg, California. The next nearest city was Ukiah, which was 40 miles away from the epicenter.

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