May 20 - May 26, 2012
Friday, May. 25
A long time ago in a galaxy far, far away, a smallish movie called "Star Wars" opened in just 32 theaters, including the Avco on Wilshire Boulevard. No fanfare, no text-messaged reviews - just a bunch of weird characters, a compelling good vs. evil plotline, and a towering soundtrack.
He's making history with the Space X Dragon capsule, but let's not forget the other players in the fledgling commercial space business - an industry that's taking shape in California.
Holiday weekend in sight, consumer sentiment is at its highest level since late 2007, Carmageddon 2 gets delayed until August or September, and Apple CEO turns down $75 million in dividends.
Using a robotic arm, astronauts captured the unmanned vehicle. It's considered the big first test of a privately funded space mission.
Thursday, May. 24
Actually, this could turn out to be a pretty big deal for the packaging industry. But it's not just ketchup. A bunch of MIT mechanical engineers and nano-technologists have been working on a way of coating different kinds of surfaces.
A number of economists are breaking down the president's prospects according to monthly jobs growth between now and November. Anything over 180,000 each month and Obama is in good shape. The latest projection: 184,000.
You might be getting confused - and understandably so. After the sharp run-up in March, area gas prices fell pretty substantially, only to take off a couple of weeks ago. Now, they're falling. What gives?
L.A. billionaires Stewart and Lynda Resnick have a net worth of of $1.9 billion, which is more than enough to push back on an administrative law judge's ruling this week that health claims about their pomegranate juice were deceptive.
The good news for the governor is that 56 percent of likely voters say they would vote for the ballot measure to temporarily raise both the state sales tax and the personal income tax on the wealthy. But these sorts of campaigns typically tighten up in the weeks leading up to the vote, especially if there is strong opposition.
Generally all right, but don't be surprised if there are legal challenges and griping from shoppers once the city of L.A. finalizes an ordinance to ban plastic bags and charge customers for paper bags.
Wednesday, May. 23
The buyout plan - more like a revolt - had been in the works since last year when a group of senior agents demanded to have more of a say in how the business was run. The takeover pushes aside longtime Chairman and CEO Jeff Berg.
The Dow finished down just 6 points, which is a near miracle considering that earlier in the day the index was off by nearly 200. Why the comeback? Well, Greece, what else?
But between environmental reviews and grace periods, it will be at least a year before the ban takes effect. Paper bags are still allowed, but merchants will be required to charge 10 cents per bag.
The TV actress, L.A. resident, and Heal the Bay board member was at this morning's City Council hearing to support an ordinance that would prohibit plastic bags at supermarket checkout lines.
California's jobless rate in April was 10.9 percent, which doesn't tell you all that much about what's happening within the state. In Orange County, the April rate was 7.4 percent (not seasonally adjusted), and in Imperial County it was 26.8 percent. So what gives?
Despite all the new restaurants and night spots, the office market remains weak, especially when compared with West Los Angeles, Santa Monica, and Beverly Hills.
A nearly impossible story to follow, especially on this side of the pond. Why should we care? Lots of reasons.
Shareholders sue Facebook over IPO, financial markets tumble on fears that Greece will drop the euro, environmental group is not happy with downtown stadium plan, and NBC plans all Olympics all the time this summer.
Tuesday, May. 22
Easy, if those 13 miles are between Imperial Highway and Getty Center Drive. A new study on the nation's traffic corridors ranks that stretch of the 405 as the most congested in 2011.
What a mess. Shares fell almost 9 percent, dropping to $31.00. Today's pushback comes amid reports that analysts for two of Facebook's underwriters revised downward their forecasts prior to the offering - and the revisions were only passed along to some investors.
The company has filed a document in U.S. Bankruptcy Court that lays out a more streamlined corporate structure. Sometime next month, Tribune is expected to win court approval of its reorganization plan, which could mean an exit from bankruptcy protection by the end of the year.
If all goes well, the unmanned vehicle will rendezvous with the International Space Station on Thursday. The next day, astronauts plan to grab onto the capsule with the station's robotic arm.
Peter Guber and Joe Lacob are announcing plans to build an arena on Piers 30-32, near the foot of the Bay Bridge (piers, by the way, that are literally crumbling). It will be privately financed and should be ready in time for the 2017-18 season
Really, really rich people don't stay in one place for very long. Billionaires who are based somewhere else and live here at least part of the year include Microsoft co-founder Paul Allen, Oracle CEO Larry Ellison, computer entrepreneur Michael Dell, and Dallas Mavericks owner Mark Cuban.
Facebook's stock price keeps falling, ads for Pom Wonderful pomegranate juice are ruled deceptive, local car wash workers sue, and Long Beach Airport offers some of the cheapest fares in the nation.
Monday, May. 21
Scott Schenter, who is emerging as a pivotal player in the county assessor scandal, is accused of falsifying documents and unlawfully lowering property values by $172 million. He is also alleged to have secured campaign donations for Assessor John Noguez. All told, 60 felony counts.
As budget deliberations go, this one flew by. In closing up a $230-billion deficit, the council voted to increase parking fees, delay layoffs through the end of the year, and trim nearly $70 million in city services.
The Dow picked up 135 points, to 12,504, ending a six-day losing streak and brightening what has been a miserable May. The gain came despite Facebook's stunning 11 percent drop in its second day of trading.
That would be Carol Bartz (it's getting hard to keep track), who was the keynote speaker at the University of Wisconsin. Her basic message: Take risks, accept failures, ignore doom and gloom forecasts, and have a life away from the job.
Not for another two or three years, according to IHS Global Insight, which is sooner than Nevada, Arizona, Florida, and Michigan, but later than New York, Virginia, Colorado, and a bunch of other states.
Lewis Coleman, who is president of Glendale-based DreamWorks Animation, received $5.6 million last year for his work as a director of Northrop - most of that going for "residential and personal security," But the company isn't providing information on what those threats were or whether they're still being made.
Facebook down sharply, AMC is bought by Chinese company, L.A. City Council deliberates on budget, and "The Avengers" is still on top.
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