June 3 - June 9, 2012
Friday, Jun. 8
Munger's plan would raise income taxes on a sliding scale for all but the poorest Californians. Gov. Brown's plan would increase the state sales tax and the personal income tax for wealthy Californians.
The Dow had its best week this year, gaining up 435.63 points, or 3.59 percent, to 12,554. Good luck trying to figure out why.
The problem is that the number would be much higher if there were more stores. So the Australian-based Westfield Group, which owns and operates Century City and nine other centers in the L.A. area, is ready to start construction on a $500 million expansion. With Westfield, bigger is always better.
Writer Virginia Postrel was all set to sign up for Sunday delivery, but then the paper made her an offer she could refuse.
The proposed ordinance would allow folks to cultivate pot for medicinal use (they would need a prescription). But all the clinics in L.A. would be out - at least until there's more clarity from the courts.
Obama tip-toes on European debt crisis, Californians have little faith that state lawmakers can resolve budget problems, Socal Edison warns of blackouts this summer, and Bijan's Beverly Hills estate goes on the market for $12 million.
Thursday, Jun. 7
The Scott Walker victory has some people wondering whether there even is a future. That would seem to be a stretch, especially if you examine unions one by one.
Sticking points include cuts to welfare-to-work and child care for low-income families. The legislature faces a June 15 deadline to come up with a budget for the upcoming fiscal year and then send it on to Gov. Brown.
More signs of a sluggish economy: Consumer credit grew in April at a much slower pace than expected - and the March figures were revised downward. Revolving credit, which includes credit-card debt, actually fell.
This is just too bizarre for words. Kerkorian turned 95 yesterday and his fiancé, Joan Dangerfield, the widow of comedian Rodney Dangerfield, wanted to give him a special gift. You just have to see what happens next.
No formal announcement, but Architect's Newspaper is reporting that the badly needed overhaul will be handled by the Italian design firm Studio Fuksas. What the overhaul will include is the big question.
The big news in the U.S. is the recent purchase of the AMC movie chain for $2.6 billion (photo), but acquisitions have been made in South America and Europe as well.
Believe this, don't believe this - it's entirely up to you. But for what it's worth, the NYT's numbers guy gives the president a 61.8 percent chance of winning in November while Mitt Romney has a 38.2 percent chance. Other indicators are a little less positive for Obama.
Bernanke says Fed is prepared to do something, Tribune Co. is getting closer to an exit from Chapter 11 bankruptcy, feds are targeting L.A. County medical marijuana dispensaries, and Westfied wins LAX concession contracts for Terminal 1, 3 and 6.
Wednesday, Jun. 6
Whippersnappers attending this week's E3 show take note. From Pong to "Call of Duty" - what the industry has given us in 40 some-odd years.
About 600 people will be attending tonight's LGBT Leadership Council at the Beverly Wilshire Hotel. But what you actually see and do depends on how much money you're willing to contribute to the campaign.
Your first thought might be no big deal - LinkedIn is not a place to keep financial information. Problem is, folks often use the same password across multiple sites - including banks and credit card companies.
Up to 2,500 positions will be eliminated at all 247 stores in California and Nevada. No stores are being closed. Not that big a surprise - Albertsons parent Supervalu lost $424 million in the fourth quarter.
The news has been so relentlessly bad that all it takes is a small break in the clouds to cheer up investors. That appears to be the case with today's rally.
Certainly not for a while - there will be all sorts of legal challenges that could easily drag out for months or perhaps years. But the overwhelming passage of two ballot measures to curb employee pension costs can't be great news for city unions.
Martin Wolf is worried - not only by the legitimate questions that have been raised about European debt, but by all the "what ifs" that no one has good answers for. No wonder Wall Street is so skittish (even though the market is up sharply this morning).
Stockton moves closer to bankruptcy, Facebook ads don't sway most users, California Film Commission announces projects receiving tax credits, and super-low interest rates could delay retirement.
Tuesday, Jun. 5
Tonight's vote on changing the city pension system is likely to end up in the courts. But it could offer some insight into public attitudes about publicly financed retirement plans.
Funny how life works. Michael Lewis was a graduate student going nowhere fast when he happened to have been invited to some dinner and then happened to be seated next to the wife of a big shot at Salomon Brothers.
Aside from a few successful stretches, most carriers have made little or no money over the last 40 years - and many have lost huge amounts. Fares are often too low, which forces the companies to look for new revenue sources, such as baggage fees.
California's gross domestic product was 2 percent, according to the Bureau of Economic Analysis, which is better than some (New York, Illinois, Pennsylvania, Florida among them) but well below others (Texas, Oregon, North Dakota, Alaska among them).
The consoles themselves have become de facto connections to streaming services from Netflix, Hulu and others. Matter of fact, video game consoles are the most common means of watching content from the Internet on a television set.
Turnout for election expected to be low, Disney to restrict junk food ads on ABC and its other platforms, Starbucks to upgrade food with purchase of SF bakery, and Golden West Financial co-founder dies.
Monday, Jun. 4
This doesn't sound like a dealbreaker, but the draft environmental impact report prepared by developer Anschutz Entertainment Group didn't provide enough details on traffic congestion and the project's effects on nearby neighborhoods.
Good news is that it's coming along; the first phase of the expanded-and-overhauled Bradley Terminal is expected to open next April. The bad news is a bunch of road closures, starting Tuesday.
The industry has always gotten short shrift locally - the area is too huge, the businesses too diverse, the Bay Area too close, the absence of a Google or Apple too glaring. Whatever. But L.A.'s reputation appears to be shifting.
They're expecting about 45,000 people at the Electronic Entertainment Expo, one of downtown's biggest shindigs and almost always a gamer's delight. Except maybe not this year.
The 100 biggest spenders - individuals and special interest groups - have shelled out more than $1.25 billion to state campaigns over the last 12 years, about a third of the total contributed in that time, according to California Watch. The biggest single donor is Hollywood producer Stephen Bing.
Stocks struggling to recover, developer scaling down Grand Avenue plans, California voters oppose funding for high-speed rail, and Kings reach long-term deal with Fox Sports.
© 2003-2015 •
About LA Observed •
Email the editor
