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Stocks hover around line: Attention focusing on a possible Greek debt deal. Dow is down a few points.
Greece update: They're working on a deal in which private bondholders would lose 65 to 70 percent on their Greek bonds. Several details remain unresolved. (Reuters)
Dodger auction begins today: About 20 bids are expected for the team. Process is supposed to be completed by April 1. The LAT has a Q&A on the bidding.
No urgency on pension reform: LAT columnist George Skelton says there's a time bomb ticking, and yet nobody seems to be moving very quickly:
Gov. Jerry Brown has proposed a 12-point pension overhaul, but seems to be telling legislators to take their time -- a dangerous suggestion in Sacramento. "When we're dealing with a 40-year matter," the governor told a legislative hearing on pensions last month, "you don't have to deal with it in 40 minutes or 40 days or even 40 months. We have time here." Not much. And certainly not 40 months if Brown wants to showcase pension reform as he urges voters in November to approve his proposed tax increases.
LAX expansion delays: They're running at least two months behind schedule on the Tom Bradley International project - and costs are $4 million over projections. Initial construction is now expected to be finished during the first part of 2013. From the Daily Breeze:
By then, airport officials hope to open seven new airline gates, first class lounges and upgrades to the federal inspection area, along with a new dining and retail area that will be known as the "Great Hall." After that, an older area of the Bradley terminal will be demolished as construction continues on the remaining airline gates through Dec. 24, 2013.
LAX workers protest: Demonstrations are expected at the departure areas over plans to take away health benefits. The protesters are employed by Aviation Safeguards, a contractor that supplies passenger-services workers at LAX. (Daily Breeze)
L.A. bankruptcies fall in 2011: Individual and business filings were down 4.3 percent; for all of the Central District, they were down 5.7 percent (OC Register)
New strategy for JC Penney: The struggling chain will cut thousands of jobs nationwide and implement an everyday pricing policy that eliminates traditional sales and clearance events. From the NY Post:
"Many employees were given an option . . . to either leave the company or be moved to a different shift," according to a source briefed on Penney's plans. However, some were forced to quit because they couldn't work the oddball shifts they were offered, the source added. Insiders said fears of further firings are rippling through the ranks -- from store associates to execs at the retailer's headquarters in Plano, Texas -- as Johnson beats the drum about transforming Penney's sleepy corporate culture.
Another Spanish language network: News Corp. and a Colombian television broadcaster are looking compete with Univision and Telemundo. From the WSJ:
Lining up distribution could present another challenge. Fox is seeking local TV stations, generally ones that already broadcast in Spanish, to carry MundoFox beginning in the fall and says it is in talks with several interested stations. At an industry conference in Miami this week, Fox and RCN plan to brief several dozen TV stations on the network's planned lineup of news, movies, sporting events and scripted and variety shows.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.