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Stocks slip a bit: This morning it's Slovakia, if you can believe it. The Parliament is balking at an expansion of the Euro Zone's bailout fund, and that could present complications in preventing a Greek default. Dow is down about 20 points.
NBA cancels first two weeks: That's 100 games, and many more could follow if the players and owners don't get serious about a new labor contract. From AP:
The cost of cancellations would be staggering. Deputy Commissioner Adam Silver said the league would lose hundreds of millions of dollars; Hunter estimated players' losses at $350 million for each month they were locked out. Now ushers, security personnel, parking lot attendants, concession workers, restaurant employees and others all stand to have their hours cut or join the country's 14 million unemployed. A few teams also have either trimmed their staffs or instituted sharp pay cuts - some did that as the lockout began - and more layoffs could be forthcoming.
Roski changing course on stadium: The L.A. developer is willing to hand over 600 acres he controls in the City of Industry to any team that relocates there. The team would then finance the stadium and sell Roski a share of the franchise at market rate. This is quite different from AEG's downtown stadium proposal. (LAT)
99 Cents Only Stores finally cuts deal: The Commerce-based retailer is being sold to a group of investors, including its founding family, for $1.6 billion in cash. Under terms of the deal, Ares Management and the Canadian Pension Plan Investment Board will pay $22 a share, 7.3 percent above Monday's closing price. (DealBook)
Villaraigosa donor facing big fines: Koreatown real estate developer Alexander Hugh was indicted by a grand jury on charges of making illegal campaign contributions in 2009. The city Ethics Commission meets today to decide the fine on Hugh - it could be as much as $184,000. Prosecutors said they have no evidence that Villaraigosa knew of Hugh's activities. (LAT)
Carpool lane changes make traffic worse: Booting single-occupant hybrids off HOP lanes increases congestion - including in the HOP lanes, according to a study. (LAT)
Wall Street protesters moving uptown: Plan is to demonstrate in front of the homes of JP Morgan Chase CEO Jamie Dimon, billionaire businessman David Koch, News Corp. CEO Rupert Murdoch and hedge fund investor John Paulson. (Crain's NY Business)
Movie chains object to studio plans: Universal plans to offer "Tower Heist," the upcoming Eddie Murphy-Ben Stiller comedy, on premium video-on-demand just three weeks after it opens in theaters. And as you might guess, the theaters are not happy. From the LAT:
A number of independent theater chains including Sherman Oaks-based Galaxy Theatres, Regency Theatres in Calabasas and Emagine Theatres of Detroit, vowed not to play the movie "Tower Heist" in any of their locations if Universal proceeds with its plans for the early release. Additionally, many small cinema houses representing 50 screens around the country have also refused to book the movie. "We just feel it's a time to draw a line in the sand,'' said Rafe Cohen, president of Galaxy Theatres, which operates 106 screens in California, Washington, Nevada and Texas.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.