Follow LA Observed on Twitter here
Stocks bouncing back: Some pretty good economic reports could be playing a role, though the Dow remains three hundred or so points off its recent highs.
Thanksgiving Eve travel: It's still very early, but there's no sign of any big tie-ups at the airports - and very few passengers are choosing not to go through the body scanners. We'll monitor throughout the day. (KPCC)
Big drop in jobless claims: The week-to-week fluctuations can be misleading, but the latest claims number has fallen to 407,000, a much bigger drop than had been expected and definitely a good sign. (AP)
Consumers more upbeat: More good news - consumer confidence is at its highest level since June, according to the Thomson Reuters/University of Michigan. (Reuters)
Record corporate profits: American companies had their best quarter ever for the July-September period. From the NYT:
This breakneck pace can be partly attributed to strong productivity growth -- which means companies have been able to make more with less -- as well as the fact that some of the profits of American companies come from abroad. Economic conditions in the United States may still be sluggish, but many emerging markets like India and China are expanding rapidly.
Harris nears victory over Cooley: The SF District Attorney is leading by nearly 53,000 votes over the L.A. County District Attorney, all but assuring that she'll be the next Attorney General. (LA Weekly)
Drama led to CEO's exit: Nelson Rising was apparently butting heads with the board of L.A.-based MPG Office Trust on a variety of issues, including whether the company should be put on the block. From the WSJ:
During the past two years, the company has fielded a number of acquisition and merger inquiries from other REITs and private-equity investors, including office landlord Brookfield Properties Corp. and Kennedy Wilson, a Beverly Hills, Calif.-based real-estate firm, according to people familiar with the matter. A representative for Kennedy Wilson had no immediate comment. Patrick Soon-Shiong, a billionaire physician who founded biotech company Abraxis BioScience, also made an overture in December 2008. But he backed out of a deal partly because there are too many lender consents required, these people said.
More investigations of L.A. BBB: It starts with why the local president of the Better Business Bureau was making $409,490 in 2008, way more than the national president. From the LAT:
The salaries took a significant bite out of the budgets of the chapters, which were supported by members' dues. The Southland chapter spent $5 million of its $7-million budget on compensation, according to the tax documents. The national office spent $10 million of its $16-million budget on employees.
City looks to cut red tape: Two consulting firms will be making recommendations on how best to streamline the thorny permitting process. (Daily News)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.