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Stocks rally: Good earnings and continued hope out of Europe (whether misplaced or not) are behind the surge. Dow is up over 200 points.
State jobless rate falls: As I posted below, September's rate was 11.9 percent, down from 12.1 percent the previous month.
Europe still without debt deal: Finance chiefs were meeting on Friday on a plan to strengthen the bailout fund, but so far no deal. More talks are scheduled for next week. (AP)
L.A. gas prices edge higher: An average gallon of regular is $3.892, up about a nickel from last week, according to the Auto Club.
California to cap emissions: Big deal - the nation's only comprehensive plan to limit greenhouse gases. The law requires the state to reduce carbon dioxide emissions to 1990 levels by 2020. From the SF Chronicle:
The cap-and-trade element covers about 20 percent of that goal, with the majority of the other reductions coming from limiting the amount of carbon in fuel and requiring more efficient vehicles, renewable energy mandates and energy efficiency requirements. "When the nation is ready to address the growing danger of climate change, as I believe it must and will, California's climate program will serve as a model for a national program," said Mary Nichols, chairwoman of the California Air Resources Board.
Wal-Mart cuts back on health insurance: Citing rising costs, the retail giant will not provide coverage to future part-time employees who work less than 24 hours a week. Coverage for the spouses of part-timers is also being reduced. From the NYT:
The company said the changes were not a result of the new federal health care law. But the higher rates along with steep spikes in premiums for other plans this year are likely to stoke the national debate over the year-old legislation that has pitted President Obama and Democrats against Republicans opposed to the changes. Challenges to the law by several states are now before the Supreme Court. These moves are also occurring in a postrecession period when Wal-Mart has been struggling to regain its footing after months of disappointing or flat sales.
Murdoch to face shareholders: Get ready for News Corp.'s annual meeting at the Fox lot, where the company's embattled CEO has some 'splaining to do. From the NYT:
Mr. Murdoch has in recent years grown increasingly impatient with shareholder speeches, [said Stephen Mayne, a director at the Australian Shareholders' Association]. "I got 40 minutes of back and forth in 1999," he said, adding: "But he's gotten a lot tougher as he's gotten older." Mr. Mayne's advice for shareholders standing up to confront Mr. Murdoch? "He'll shut you down. You've got to be quick and polite but firm at the same time."
News Corp. settles phone hacking claims: Interesting timing: The company announced this morning that it will pay $3.2 million to the family of schoolgirl Milly Dowler, who was murdered in 2002. The money is to settle claims that the News of the World tabloid hacked Dowler's mobile-phone messages. (Bloomberg)
Bryson confirmed as Commerce Secretary: The former head of Edison International had surprisingly little trouble from Republicans. Vote was 74-26. (Politico)
Selling bonds to finance LAX construction: Offering will probably total $700 million and is planned for early next year. Proceeds will be used for the ongoing $4.1 million modernization and expansion project. (Dow Jones)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.