Los Angeles Times : Business (79)

Wall Street equity fund buys control of $1.7-billion Burbank Media District portfolio

Wall Street private-equity titan Blackstone is buying majority ownership of the Burbank Media District's biggest office portfolio in a deal that values the properties at $1.7 billion. The six office properties, with a combined total of 3.3 million square feet, house some of the ...

U.S. stocks slide in first decline for the market this week

A slide in technology companies weighed on U.S. stocks Thursday, pulling the market lower for the first time this week and erasing modest gains from a day earlier. Supermarket operators, beverage companies and other consumer-focused stocks also declined. Industrial companies and banks led the ...

SEC reveals 2016 hack that may have been used for illegal trades

The nation's top financial markets regulator has revealed that its computer system was hacked last year and that private information might have been used to make illicit gains' through stock trades. Jay Clayton, chairman of the Securities and Exchange Commission, said in a statement posted on...

Being evicted from a rent-controlled apartment? You have rights

The Ellis Act permits the eviction of tenants if a property is going to be demolished or converted into condos.

Toys R Us plans to hire thousands of seasonal workers despite bankruptcy

Toys R Us Inc. said Thursday that it plans to again hire thousands of part-time workers nationwide for the holiday shopping season despite the toy chain's bankruptcy filing this week. The company did not specify the number of additional hires for this year's holidays. In recent years, it's added...

Standard & Poor's cuts China credit rating, citing debt

The Standard & Poor's rating agency cut China's credit rating Thursday due to its rising debts, highlighting challenges faced by the country's leaders as they cope with slowing economic growth. The downgrade added to mounting warnings about the dangers of increasing Chinese debt, which has fueled...

Amazon reviews site after report that 'frequently bought together' items include bomb-making materials

Amazon says it is reviewing its website after a British TV report said that the online retailer recommended purchasing ingredients together that could make a bomb. Channel 4 News in London said that when it tried to buy certain chemicals on Amazon, the website's frequently bought together' ...

KB Home CEO Jeffrey Mezger sees his bonus cut after vulgar rant at Kathy Griffin

One of the nation's biggest homebuilders is putting its top executive on notice after a vulgar rant against comedian Kathy Griffin was caught on tape and went viral. KB Home CEO Jeffrey Mezger, who is a neighbor of Griffin's in California, was recorded by a security camera hurling slurs against...

To justify a 35% rate hike, Anthem expects Californians to use a lot more drugs next year

Health insurance giant Anthem predicts Californians will pop a lot more pills next year. To make the case for a hefty premium hike in the state's individual insurance market, Anthem Blue Cross has forecast a 30% jump in prescription drug costs for 2018, reflecting not just price hikes but rising...

Google buys HTC's Pixel team in $1.1-billion bet on devices

Google is biting off a big piece of device manufacturer HTC for $1.1 billion to expand its efforts to build phones, speakers and other gadgets equipped with its arsenal of digital services. It's buying the HTC engineering team that built the Pixel smartphone for Google in a cash deal, the ...

In L.A.'s Broadway Theater District, Chinese developer plans condos priced for first-time buyers

Beckoned by the lingering allure of Old Hollywood, a Chinese developer is building a $300-million condominium skyscraper on a long-moribund corner in the historic Broadway Theater District. The intersection, at Broadway and 4th Street, is part of a six-block stretch of downtown that is home ...

SEC reveals 2016 hack that may have been used for illegal trades

The Securities and Exchange Commission said Wednesday that a cyber breach of a filing system it uses may have provided the basis for some illegal trading in 2016. In a statement posted on the SEC's website, Chairman Jay Clayton said a review of the agency's cybersecurity risk profile determined...

Can you make meat without an animal? Hampton Creek is betting its future on it

Josh Tetrick has gone up against Big Mayo, the egg industry, Target and his own staff and board of directors.Now, the 37-year-old entrepreneur behind Hampton Creek is vowing to beat a handful of food-tech start-ups to market a meat made without an animal.We're about to sell a product before the...

Facebook moves to block offensive terms from targeted advertising campaigns

Advertisers on Facebook no longer can use offensive search terms such as Jew hater' and how to burn Jews' to target specific audiences, the company said Wednesday. The new policy comes a week after ProPublica published a story demonstrating how advertisers could reach thousands of Facebook users...

Bag fees didn't make base airfares that much lower, government report finds

Travelers who check at least one bag when flying domestically are paying more overall to fly than they did before airlines began unbundling fares in 2008 and charging separately for checked baggage, a government watchdog has found. A report by the Government Accountability Office said airline ...

KB Home CEO Jeffrey Mezger hurls slurs at Kathy Griffin

KB Home Chief Executive Jeffrey Mezger went on a profanity-laden rant against his neighbor Kathy Griffin last weekend, hurling slurs at the comedian in reaction to a noise complaint. Mezger let loose after Griffin's boyfriend, Randy Bick, called the Los Angeles Police Department to complain about...

Redondo Beach halts mixed-use developments after residents raise concerns about traffic

The Redondo Beach City Council has placed a nearly one-year moratorium on mixed-use development, a move that comes amid a statewide housing shortage driving up rents and home prices. The 10½-month ban, which passed unanimously Tuesday evening, puts a brake on projects that combine retail and ...

Waymo seeks $2.6 billion in damages from Uber for alleged use of one trade secret

With three weeks to go until the explosive Waymo vs. Uber trial begins, court-watchers got a peek Wednesday at the hefty price tag Uber could face if it loses. Waymo is seeking $2.6 billion in damages for just one of the nine self-driving car trade secrets it claims Uber put to use, lawyers ...

Yellen defends Federal Reserve's bond buying as the central bank starts reducing its stockpile

The Federal Reserve announced Wednesday that it would start slowly reducing the trillions of dollars in bonds it bought to stimulate the economy, another milestone in the central bank's efforts to return to a normal monetary policy after the Great Recession.The long-awaited reduction in the Fed's...

Stocks wobble after Federal Reserve news but close mostly higher

U.S. stock indexes overcame a wobble to close mostly higher Wednesday after the Federal Reserve said it would start reducing its huge bond portfolio next month and was still on track to raise interest rates later this year.The central bank's announcement drove bond yields higher, lifting shares...

Republican report accuses consumer bureau of going easy on Wells Fargo

The Consumer Financial Protection Bureau could have fined Wells Fargo & Co. more than $10 billion for its illegal sales practices but instead settled for $100 million, according to the agency's internal documents released by congressional Republicans this week. The CFPB also had evidence ...

Stocks mostly flat as investors await Federal Reserve news

Stocks are nearly flat in early trading on Wall Street as investors wait to hear from the Federal Reserve.Energy stocks were rising along with the price of crude oil early Wednesday. ConocoPhillips gained 1.3%.Bed Bath and Beyond plunged 17% after reporting earnings and sales that missed ...

Redondo Beach halts mixed-use developments for 10 months amid residents' backlash

The Redondo Beach City Council has placed a nearly one-year moratorium on mixed-use development, a move that comes amid a statewide housing shortage driving up rents and home prices. The 10-month ban, which passed unanimously Tuesday evening, puts a brake on projects that combine retail and ...

Can you make meat without an animal? Hampton Creek is betting its future on it

Josh Tetrick has gone up against Big Mayo, the egg industry, Target and his own staff and board of directors. Now, the 37-year-old food-tech entrepreneur behind Hampton Creek is vowing to beat a handful of food-tech start-ups to market a meat made without an animal. We're about to sell a product...

White House, Republican leaders join new push for Obamacare repeal as bipartisan effort falters

President Trump and Republican leaders have joined a revived push to roll back the Affordable Care Act as lawmakers faced a critical deadline next week and efforts to reach a bipartisan compromise appeared to collapse. But it was still unclear Tuesday evening whether Trump and his Senate allies...

Toys R Us says its bankruptcy won't interrupt the holiday shopping season

With its spacious, high-ceiling stores that hold thousands of items, Toys R Us pioneered the big-box format for toy sales and became the go-to destination for playthings and baby products — elbowing many smaller toy stores out of business. Now, Toys R Us Inc. has tumbled into bankruptcy, filing...

Airlines pocketed $44.6 billion in passenger fees, frequent flier revenues and commissions in 2016

The world's biggest airlines collected an estimated $44.6 billion in passenger fees and commissions last year, with some low-cost airlines generating nearly half of their total revenue from charges for bags, food entertainment and other extras. Airlines around the world are making more and ...

Stocks edge up, lifting Dow, S&P and Nasdaq to new records

Wall Street capped a day of mostly listless trading Tuesday with a slight gain, good enough to lift the major U.S. stock indexes to another set of all-time highs. Banks, insurers and other financial companies led the gainers. Technology firms helped lift the market. Healthcare stocks lagged the...

Don't expect a big raise next year, survey says

About that pay raise next year: Don't expect much of a bump in salary, and bonuses may be hard to come by as well, except for those perceived as high performers by their corporate overlords.Salary increases are expected to be nearly flat next year at 3%, up slightly from 2.9% in 2017, according...

Kohl's to start accepting Amazon returns at some stores in L.A. and Chicago

Kohl's, which is opening some in-store Amazon shops, will start accepting returns for the online retailer at some of its stores in Los Angeles and Chicago next month. Kohl's Corp. said Tuesday that it will pack and ship eligible Amazon return items free of charge at the 82 stores offering the ...

Walgreens and Rite Aid say FTC has approved their shrunken $4.38-billion deal

Walgreens and Rite Aid have finally devised a combination of the nation's largest and third-largest drugstore chains that will get past antitrust regulators. The companies said Tuesday that they have Federal Trade Commission clearance for a slimmer version of a store-purchase agreement announced...

Southern California home prices jump again. Lots of residents worry about affordability

The Southern California real estate market continued to sizzle in August as home prices jumped 7.5% from a year earlier, reinforcing new poll results showing widespread concern about the state's housing affordability. Across the six-county region, the median price increased to $500,000 from ...

Employer health insurance premiums show a small rise, less than the increase for Obamacare plans

Family health insurance premiums rose an average of 3% this year for people getting coverage through their jobs, the sixth consecutive year of small increases, according to a study released Tuesday. The average total cost of family premiums was $18,764 for 2017, according to a survey of ...

Equifax reveals it had another data breach in March

Equifax suffered another major breach before the massive data breach disclosed this month, the credit reporting company confirmed Monday, revealing yet again the vulnerability of its computer systems. The earlier breach, first reported by Bloomberg, was discovered by Equifax in March. But the ...

Stocks edge up, led by tech firms and banks

Stock indexes are edging higher on Wall Street in early trading, extending the market's gains from a day earlier. Technology and healthcare stocks were among the biggest gainers early Tuesday. Facebook climbed about 1%, and Amgen rose 0.3%. The Dow Jones industrial average rose 28 points, or ...

Equifax suffered another data breach in March

Equifax suffered another major breach before the massive data breach disclosed this month, the credit reporting company confirmed Monday, revealing yet again the vulnerability of its computer systems. The earlier breach, first reported by Bloomberg, was discovered by Equifax in March. But the ...

Toys R Us files for bankruptcy protection as the holiday shopping season nears

Toys R Us Inc. has filed for bankruptcy reorganization, a victim of the sea change in retailing and the company's own heavy debt burden, but said it would continue to operate as usual heading into the crucial holiday shopping season.With hits spacious, high-ceiling stores that hold thousands of...

Toys R Us files for bankruptcy while continuing normal operations

Toys R Us, the big box toy retailer struggling with $5 billion in debt and intense online competition, has filed for bankruptcy protection ahead of the key holiday shopping season — and says its stores will remain open for business as usual.The company based in Wayne, N.J., said late Monday ...

Despite Equifax hack, GOP lawmakers want to deregulate credit agencies

Even as millions of consumers grapple with fallout from the Equifax data breach, Republican lawmakers are quietly backing legislation to deregulate credit agencies and make them even less accountable for wrongdoing. Bills are pending in Congress to limit class-action damages for violations of the...

Toys R Us files for bankruptcy while continuing normal operations

Toys R Us, the pioneering big-box toy retailer, has filed for Chapter 11 bankruptcy protection while continuing with normal business operations. A statement by the Wayne, N.J.-based company late Monday says that it is voluntarily seeking relief in U.S. Bankruptcy Court for the Eastern District...

Northrop Grumman aims for space with $7.8-billion bid to buy Orbital ATK

With its $7.8-billion bid to buy Orbital ATK Inc., Northrop Grumman Corp. is betting that the militarization of space and missile defense will get increasing attention — and dollars — from the Pentagon. Orbital, based in Dulles, Va., has developed several small to medium-sized rockets that ...

Wisconsin governor signs bill offering Foxconn $3 billion in tax credits

Wisconsin Gov. Scott Walker has signed into law a $3-billion incentive package for Foxconn Technology Group, setting up the Taiwanese technology giant to become the country's biggest foreign recipient of state subsidies. "Foxconn's creation of 13,000 good-paying, family-supporting WI jobs ...

Banks lead stocks modestly higher; oil prices slide

Banks and other financial companies led U.S. stocks modestly higher Monday, nudging the stock market to another record high.The Standard & Poor's 500 index and Dow Jones industrial average closed at new highs as the market extended its gains from last week.Investors continued to bid up bank ...

Trump's chance to reshape the Federal Reserve could be his biggest economic legacy

President Trump is betting he can turbocharge the U.S. economy with tax cuts and trade deals, but his greatest leverage to influence growth may rest with an unparalleled opportunity to reshape the world's most powerful central bank. Because of a wave of vacancies, Trump will have the ability in...

With a deadline approaching, Republicans' last push to roll back Obamacare gains strength

A last-ditch Republican push to roll back the Affordable Care Act appeared to pick up momentum Monday even as opposition from leading patient advocates and healthcare organizations mounted, setting the stage for another potentially dramatic Senate vote on the future of the 2010 law, often called...

Slacker Radio agrees to be acquired by LiveXLive for $50 million

Slacker Radio, an online music streaming outfit, has agreed to be acquired by LiveXLive Media Inc. for $50 million. The deal is contingent upon LiveXLive completing a pending public stock offering, where it expects to generate proceeds of at least $100 million. LiveXLive, formerly Loton ...

Americans still love eating out. So why are restaurants like Chili's, BJ's and Cheesecake Factory struggling?

Chili's Grill & Bar is going on a diet to fatten its sales — just one of the strategies casual-dining chains are using to reverse a slowdown in growth. Starting Monday, Chili's is slashing the number of items on its menu by 40%, to 75 from 125, to focus on its core offerings, such as burgers, ...

Stocks open slightly higher. Tech and banks climb; Orbital ATK soars

Stocks are edging higher on Wall Street in early trading as the market comes off its best week since the beginning of the year. Technology companies and banks were among the biggest gainers early Monday. Chipmaker Nvidia jumped 3.8%, and JPMorgan Chase rose 0.7%. Aerospace manufacturer Orbital...

Northrop Grumman is buying Orbital ATK for $7.8 billion

Defense giant Northrop Grumman Corp. is acquiring aerospace and defense firm Orbital ATK Inc. for about $7.8 billion in cash, a deal that would boost Northrop's presence in the space, launch and missile industries. Orbital shareholders are to receive $134.50 per share in cash, a 22.2% ...

California Inc.: Why you'll want to rethink a weekend road trip to Mexico

Welcome to California Inc., the weekly newsletter of the L.A. Times Business Section. I'm Business columnist David Lazarus, and here's a rundown of upcoming stories this week and the highlights of last week. We learned Friday that California lost 8,200 net jobs in August and the unemployment rate...