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Reports US

US stock market daily report (July 16, 2014, Wednesday)

July 17, 2014, Thursday, 04:56 GMT | 00:56 EST | 09:26 IST | 11:56 SGT
Contributed by Millennium Traders

Efforts to create a more business-friendly environment, solve California’s water issues and ease traffic congestion has prompted Timothy Draper, billionaire founder of Silicon Valley-based venture capital firm from Menlo Park, to take a long shot towards breaking up California into six separate states. Draper has sunk $2 million into gathering signatures for the proposal and maintains it will break bureaucratic gridlock in Sacramento - the proposed state of North California - as well as attracting more business.

On Monday, Draper's campaign said in a statement, "California needs a reboot. With six California's, we can refresh our government."

On Tuesday, Draper submitted signatures to state officials aimed at putting his proposal to breakup California, before voters in 2016 election. For the issue to qualify to be added to the ballot in two years, Draper needs 808,000 signatures by Friday.

Draper said, "Today, we turn in 1.3 million signatures that say we are ready to make a change. We are ready to create six more responsive, representative governments." He has been agitating for months over a ballot initiative to chop the most populous U.S. state into smaller entities. Draper's plan would split the world’s 8th largest economy along geographic lines.
The tech hub along with the San Francisco Bay Area would be one state, to be called Silicon Valley. The northernmost region of California would be named after the third U.S. president - Jefferson. Sacramento, California state capital, would be in proposed new state of North California. San Diego would be known as South California. Los Angeles would be part of a proposed state called West California.

Bipartisan hackles across the state as well as opponents say Draper's plan stands little chance of gaining voter approval. If in fact the proposal does win support of voters, it must still be passed by Congress, which opponents say is very unlikely.