May 6 - May 12, 2012
Saturday, May. 12
Instead of $9.2 billion, it's $16 billion. Gov. Brown blamed a shortfall in state tax receipts and the federal government blocking certain cuts. On Monday, he'll release a revised budget that's expected to include additional reductions.
Watch the video
Friday, May. 11
No wonder so many bad guys have been taken out - pilotless aircraft can be quite efficient. Two California companies, in particular, are being singled out for their work on drones.
Frankly, nobody knows. The prospect of lost business was raised by opponents of the constitutional amendment banning same-sex marriage and civil unions - and it obviously got nowhere. But tolerant communities tend to be creative communities, and sooner or later, people might get the message.
These are the 20 extra weeks that had been provided under a federal program and which raised the maximum amount of unemployment benefits to 99 weeks. These and other changes have reduced the number of people eligible for state or federal unemployment insurance to below 50 percent.
The final tally runs $4.7 million, roughly $2 million higher than an earlier estimate. Most of that, $4.2 million, is on the city's tab. Councilman Mitch Englander thinks it should be a warning to his colleagues who were so quick to approve of the encampment.
Video prepared by the Private Equity Growth Capital Council, a lobbying group, is not exactly a disinterested assessment, but at least you get the basic idea.
But most would - 63 percent of those sampled by Gallup. That's up three points from when the survey was taken in 1996. The numbers are virtually identical for Democrats and Republicans, but a 65 year-old is less likely to be interested in wealth than a 30 year old.
Investors are pooh-poohing JPMorgan news, regulators looking into bank's trades, consumer sentiment edges higher, and prepping for more state budget cuts.
Thursday, May. 10
The session could get pretty ugly. JPMorgan Chase is a major market player and at last check its stock was down more than six percent in after-hours trading - the result of the bank's stunning announcement of a $2 billion trading loss. The bank can cover the losses, but what does this say about the post-meltdown financial world?
Smart & Final is the latest to announce plans for a new store. There's also a Target and a Walmart in the works. It's partly the result of large retailers running out of desirable space in the suburban areas - as well as the recognition that downtown is a viable place to do business.
West Coast spot markets, where wholesale gasoline is sold, has seen big price increases in recent days - despite a general drop in oil prices. It's a reminder that regional factors can hold sway, at least in the short term.
CEO Jamie Dimon estimated the losses in the company's portfolio of investments at $2 billion. "These were egregious mistakes," Dimon said in an unscheduled conference call. "They were self-inflicted and this is not how we want to run a business."
In a manner of speaking. For the first time since September 2008, more money came in than went out. Maybe the debt ceiling timetable will be extended.
The Minnesota state Senate all but sealed the construction of a $975 million football stadium that will rely heavily on public financing. Some months back there had been speculation that the Vikings would consider relocating to L.A. if the stadium deal wasn't cut.
Why Clooney's event is expected to raise so much money, Socal economy will expand slowly, local hotels are looking good, and Magic can veto any effort by McCourt to develop land.
Wednesday, May. 9
Just look at the schedule. Thursday night's event at the home of George Clooney is expected to raise $12 million for the president's campaign, much of it from Hollywood people active in the gay-rights cause.
Michael and Julian Omidi are accused of stealing the identities of four L.A. area doctors as part of a medical-billing scheme, according to the suit, filed in L.A. Superior Court. The names of the doctors, as well as their medical license numbers, were allegedly used to create dummy corporations.
The paper's CEO told a luncheon audience on Tuesday that the U-T (formerly Union-Tribune) was in "final talks" to purchase the Register. Today, he pushed back on those reported comments, but the U-T's owner confirmed that negotiations were taking place.
With no major economic reports being released, it's the the European debt crisis that gets most of the attention. Whether investors are really worried that Spanish stocks fell to an 8 1/2-year low is not clear, but it's moving the market and that's what counts.
CEOs only make lots of money if the stock price goes way up - and a higher stock price is good for shareholders. The problem is that CEOs sometimes make decisions that pump up the stock, but not the company.
No offense, but L.A.'s shipping activity alone would seem to trump any other American city, except NY. It's another reminder that city rankings are only as good - or as bad - as the methodology on which they're based.
Jon Stewart ventures into the Republican world of cognitive dissonance. You'll laugh, you'll cry.
Volatility on Wall Street amid new concerns about Europe, big delays in refinancing loans, Bed Bath & Beyond buys Cost Plus, and KCET program supplier could be running into financial problems.
Tuesday, May. 8
Theme parks and ESPN saved the day. Also, the movie division should revive quite nicely with "The Avengers," which opened over the weekend with a box office take of more than $200 million. A sequel is already in the works.
Is there something wrong with a world in which everything is for sale? Harvard Prof. Michael Sandel examines that proposition at the next Live Talks Business Forum breakfast. He'll be in conversation with Richard Waters, West Coast Editor of the Financial Times, at the City Club on Thursday morning. Breakfast is at 7:45 and the session starts at 8:15. I have a few free tickets. Click here if you're interested....
Anyone wanting to get all goose-pimply for NFL football might want to pass on this latest pitch from AEG. It's Columbus, Ohio with a few more skyscrapers.
The Federal Trade Commission says the struggling site, now owned by an OC company, shared users' personal information. Without admitting or denying the charge, MySpace promised not to do that again.
The businessman turned deputy mayor turned mayoral candidate said he couldn't "devote the time to this and balance it with my family." Beutner, very much an outsider in a race that's dominated by City Hall veterans, had been considered an unlikely pick from the start.
That's 20 percent below projections. Much of the shortfall came from personal income tax receipts, which were almost $2 billion below forecasts. The upshot is that California must deal with a significantly larger deficit than had been expected.
No worries about a mortgage or about the plumbing going kablooey. No taxes either. And if you want out, you don't have to worry about finding a buyer. A Moody's report finds that renting is a better bet than buying in 71 percent of metro areas, up from 54 percent a decade ago.
Quite a bit lower than it was in April - and a reminder that the loss of 586,000 positions does have an effect on the overall economy.
Parking fines could go up again, state job outlook is decent but not great, Chinese company might be buying AMC, and Fredericks of Hollywood explores sale.
Monday, May. 7
The billionaire's investment arm will hold a 20 percent stake in the high-end fashion retailer as part of a debt restructuring. Current owner, Istithmar World, the investment arm of state-owned Dubai World, paid $942 million for Barneys at the top of the market in 2007.
It's another one of those phantom statistics that gets repeated over and over again - and which is almost certainly not true. Countless reporters grabbed onto because they saw it in other stories and no doubt assumed that those reporters had checked it out.
Somebody must have checked it out, right?
He guesses that if Carson went up against Jay Leno in 1965, Johnny would win. In 2000, Jay would win. "I would not want to see Johnny Carson try to survive in this age, competing with YouTube and videogames and tapped-out attention spans; that's not who he was," Maher writes. "His era breathed a little, and I miss it. I miss him, and always will."
Just 19 Socal companies are on the Fortune 500 - and only five of the 19 are headquartered in the city of L.A. Exxon Mobil tops the full list, followed by Walmart and Chevron.
I did point out several weeks ago that despite his investment success, Johnson, who has a small stake in the team, lacks much experience in actually running a business. And it's already starting to show.
Brothers Michael and Julian Omidi are a couple of sweetie pies. The Medical Board of California stripped Julian Omidi of his license and placed Michael Omidi on three years' probation for various infractions. But that's nickel-and-dime stuff compared with the investigations and lawsuits connected with their weight loss surgery business.
California's Facebook windfall, figuring out Dodger Stadium parking lot deal, "Avengers" has monster box office weekend, and ABC and Univision team up on news channel.
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