May 27 - June 2, 2012
Friday, Jun. 1
The landmark venue on Sunset Boulevard, along with its 90,000-square-foot parking lot, are being listed by an unidentified investment group, reports THR, and the property is being marketed as a development opportunity.
Boy, what a day. First the jobs report, then the stock market plunge, and now comes word that auto sales - the one bit of news that the Obama administration had come to rely on - fell 4.1 percent in May.
LA Biz Observed coverage
This time Irvine-based Freedom Communications is unloading 20 newspapers in Florida and North Carolina. Still no word about what happens with the Register.
The Dow lost 274 points, which was the worst one-day drop in 2012 and brings the blue-chip index into negative territory for the year (0.8 percent). It also moves the Dow closer to the 12,000 mark (12,118).
The couple certainly got a deal - the property was first listed two years ago for $68.5 million. Chinese purchases of pricey Southern California real estate have become more commonplace in the last few years (especially since the recession).
No recession is in sight, but barring some disaster in Europe, this is shaping up to be a grayish kind of economy - and if there's one thing politicians, pundits, and media folk can't stand it's gray.
Applications for next year's tax credit program are being accepted today, and there's already a lineup at the California Film Commission in Hollywood.
Weak jobs report raises speculation about Federal Reserve action this summer, California workplace is getting tougher, according to a new poll, Americans were still buying cars in May, and Calpers slashes pensions in Vernon.
Only 69,000 jobs were added and the unemployment rate increased to 8.2 percent from 8.1 percent the previous month. Not only that, the gains from the previous two months were revised downward, by a net 49,000.
Thursday, May. 31
This outburst from a Illinois state representative has been all over the Web, a kind of rant for the ages. But check out his colleagues. I ask you, where are the Marx brothers when you need them?
While the rest of the stock market was taking it on the chin. Facebook shares gained 5 percent to $29.60. That's still 22 percent off the offering price, and the stock remains quite volatile. But it's a reminder that in due course the naysaying will settle down.
The videogame giant and the two co-creators of the "Call of Duty" franchise come to terms the day before a jury trial was scheduled to get under way. Jason West and Vince Zampella sued Activision, claiming they were fired so that the company could avoid paying them millions of dollars in bonuses. Activision countersued. The two sides have been in the throes of a settlement for several days. Terms are not likely to be released.
Horn was president and COO of Warner Bros. during a period when that studio churned out franchises like Batman and Harry Potter. He's also a known quantity, which will be a contrast to his TV-oriented predecessor.
So much for stereotypes. Greek workers put in, on average, 2,109 hours each year, while German workers put in 1,419 hours. Actually, there is a logical explanation.
Until recently union contributions and education groups made up much of the donations. The governor has been seeking business support for his tax hike measure, which would temporarily increase sales taxes, as well as personal income taxes for the wealthy.
Flurry of weak economic news, Facebook shares are down again (stock is hovering at $27), only 46 percent of California voters want to see pot legalized, and support is slipping for tobacco tax.
Wednesday, May. 30
Recent survey helps explain why the various sides are sniping at each other over the refinancing of Greek debt.
This is funding for projects that the cities say had been conceived before the state killed off redevelopment agencies. But a Superior Court judge would not grant a request from Glendale, Pasadena and other cities to block the payout of property taxes.
The team's operating income is likely to be north of $20 million, up from just $1.2 million last season, according to Forbes. Attendance is way up this season - averaging over 39,000 per game - though it obviously doesn't hurt that the Dodgers have the best record in baseball.
It's not just the Dow, which dropped another 160 points. European markets fell big time (more concerns about debt and the economy), and crude oil settled at $87.82 a barrel, the lowest level this year.
They're looking at possible tax evasion and other financial misconduct when McCourt owned the Dodgers and associated companies, the Daily Journal is reporting. The inquiry is said to be in the early stages.
Not so, as explained by Harvard Professor Edward Glaeser. Housing prices stayed static for six years after the recession in 1991 - and longer still in Southern California.
The Web has shaken up the world so profoundly - and so quickly - that it's worth pausing for a moment to take a look (put down those mobiles, please!). Kleiner Perkins partner Mary Meeker has provided just such a recap.
Part of the Hollywood & Highland complex, the hotel is being purchased by Loews Hotels & Resorts. The deal, which should close in a few weeks, will be Loews's first owned-and-operated hotel in the L.A. area.
Brown's tax hike plan is holding up in LAT-USC poll, state's administrative office for Superior Courts is called dysfunctional, ban on medical marijuana dispensaries advances in the L.A. City Council, and Mark Zuckerberg is less of a billionaire than he used to be.
Tuesday, May. 29
The nation's second-largest theater chain will receive a financial infusion that allows for debt restructuring and an accelerated remodeling program. "The movie may be great. But if the bathroom isn't clean, trust me, I hear about it," says CEO Gerry Lopez.
So bad that a short-sale circuit breaker was tripped because the stock price kept falling.
Facebook fell 9.6 percent, to $28.84. Since the company went public earlier this month, shares have dropped more than 24 percent.
Actually, it's already a big deal. SpaceX has a workforce of 1,800 people, most of them based at the company's headquarters in Hawthorne. That's a significant number of jobs in an industry that's been shrinking substantially.
More than 10,000 households with adjusted gross income of at least $200,000 paid no income tax in 2009, according to an IRS study.
This is the blockbuster case involving the video game giant and the two guys who created "Call of Duty" - and who were fired by Activision. A hearing was about to get started this morning when the postponement was announced. That immediately raised speculation about settlement talks.
They're getting more expensive to build and operate - and increasingly, local and state governments around the country are being asked to pony up. All of which is another reason why the proposed downtown stadium needs a very close look.
Consumer confidence takes big fall in May, Facebook stock is down another 5 percent, to near $30 a share, L.A. City Council considers ban on medical marijuana dispensaries, and possible dangers along the new Expo line.
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