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L.A. Times - Business



National and international business news. Find stock updates, the latest trends in technology, real estate news and the latest on the economy.



Last Build Date: Thu, 29 Sep 2016 06:53:07 -0700

Copyright: ©2016 Los Angeles Times
 



Wells Fargo live updates: CEO faces another round of grilling about bogus accounts

Thu, 29 Sep 2016 06:38:00 PDT

Wells Fargo live updates: CEO faces another round of grilling about bogus accounts Sept. 29, 2016, 6:38 a.m. Wells Fargo Chairman and Chief Executive John Stumpf returns to Capitol Hill today to testify before the House Financial Services Committee, where angry lawmakers are expected to grill him...(image)



Realtors: California home prices and sales expected to rise next year

Thu, 29 Sep 2016 05:00:00 PDT

The California housing market is expected to grow increasingly unaffordable next year, driving would-be home buyers away from high-cost coastal regions and toward the more inexpensive inland stretches of the state, according to an industry forecast.

The California Assn. of Realtors on Thursday...

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This app fuels the illicit trade of dumplings and pork knuckles in Southern California

Thu, 29 Sep 2016 04:05:00 PDT

Shirley Zhang knows she can get a perfectly reliable Chinese dumpling from a restaurant chain such as Din Tai Fung. 

But to get that home-cooked taste — with dumpling skin that’s extra chewy and meat filling that’s always generous — the Chinatown resident turns to WeChat.

The Chinese messaging app...

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OPEC nations reach preliminary accord to curb oil production

Wed, 28 Sep 2016 14:25:00 PDT

OPEC nations reached a preliminary agreement Wednesday to curb oil production for the first time since the global financial crisis eight years ago, pushing up prices that had sunk over the past two years and weakened the economies of oil-producing nations.

Mohammed Bin Saleh Al-Sada, Qatar's energy...

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Biotech's L.A. presence grows, with trade groups fighting over turf

Wed, 28 Sep 2016 22:50:00 PDT

In a sign of growing interest in Los Angeles County as a major biomedical hub, the California Life Sciences Assn. has opened an office in Monrovia.

It also this week announced partnerships with two organizations in the L.A. region — LA BioMed, a nonprofit research institute in Torrance, and the...

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With drug prices spiking, Americans want more government action, new poll finds

Thu, 29 Sep 2016 00:00:00 PDT

More than three in four Americans believe that prescription drug prices are unreasonable, a new poll shows.

And large majorities — including Democrats and Republicans — favor aggressive government steps to make pharmaceuticals more affordable for consumers, according to the survey by the nonprofit...

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California treasurer sanctions Wells Fargo over fake-accounts scandal

Wed, 28 Sep 2016 13:10:00 PDT

Founded during the gold rush as a place that could be trusted with your money, Wells Fargo & Co. has deep California roots and remains one of the state’s largest and oldest institutions.

But on Wednesday, the state’s treasurer announced he was cutting some business ties to the San Francisco bank...

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Four stiff challenges Elon Musk will have to overcome to turn his Mars dream into reality

Wed, 28 Sep 2016 12:30:00 PDT

SpaceX Chief Executive Elon Musk has finally laid out his plans to eventually transport up to a million people to colonize Mars. But there are more than a few hurdles he'll have to clear first. In a speech Tuesday at the International Astronautical Congress in Guadalajara, Mexico, Musk presented...(image)



SABMiller and AB InBev to combine: Beer makers' $103-billion deal clears final hurdle

Wed, 28 Sep 2016 09:10:00 PDT

A deal worth more than $100 billion to combine the world's two biggest beer companies cleared its last major hurdle Wednesday when the shareholders of SABMiller approved the takeover by Budweiser maker Anheuser-Busch InBev.

SABMiller shareholders approved the $103-billion deal — dubbed Megabrew...

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Lawmakers press Fed Chief Janet Yellen to punish Wells Fargo for fake accounts scandal

Wed, 28 Sep 2016 12:50:00 PDT

Outraged lawmakers pressed Federal Reserve Chairwoman Janet L. Yellen on Wednesday to punish Wells Fargo & Co. for creating as many as 2 millions fake accounts, but she declined to commit to any regulatory penalties.

“Two million phony accounts. Break them up!” Rep. Brad Sherman (D-Porter Ranch)...

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Energy stocks surge on oil deal hopes, sending market higher

Wed, 28 Sep 2016 14:45:00 PDT

Energy companies powered to big gains Wednesday, leading the broader stock market higher, on reports that OPEC nations were moving closer to an agreement to cut oil production.

Stocks switched between gains and losses for most of the day, and most industries did not move much. Energy companies...

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Obama's former Supreme Court lawyer, Donald Verrilli, joins L.A. law firm

Wed, 28 Sep 2016 12:00:00 PDT

Former U.S. Solicitor Gen. Donald B. Verrilli Jr., who successfully defended President Obama’s healthcare plan before the Supreme Court, is joining the Los Angeles law firm of Munger, Tolles & Olson.

Verrilli, 59, will lead the firm’s new Washington office.

“This firm has an extraordinary reputation,...

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Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Wed, 28 Sep 2016 08:10:00 PDT

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

Stumpf will give up about 910,000 shares in unvested stock awards,...

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California's housing shortage will hamper the economy, reports say

Wed, 28 Sep 2016 01:00:00 PDT

The dearth of housing in California will put a drag on the state’s economic growth, according to two new studies. 

California will continue to pile on jobs in 2017, but its advantage over the rest of the country will shrink in the future, say a report from UC Riverside and another from UCLA.

The...

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Why L.A. City Atty. Mike Feuer knew the Wells Fargo scandal was going to blow up

Wed, 28 Sep 2016 14:55:00 PDT

After Wells Fargo & Co. Chief Executive and Chairman John Stumpf was grilled by members of the Senate Banking Committee last week, regulators took the stand to answer senators’ questions about their investigation into the bank’s sales practices.

But one key figure was missing from the action: Los...

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SeaWorld bets $175 million on new orca shows and virtual-reality attractions

Tue, 27 Sep 2016 16:10:00 PDT

SeaWorld Entertainment Inc. said it would spend $175 million on new attractions, including a documentary-style orca encounter in San Diego to replace the theatrical Shamu shows that have been the park’s signature draw for half a century.

The substantial investment in new rides and marine mammal...

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Sea Launch to be acquired by Russian aviation holding company

Tue, 27 Sep 2016 11:25:00 PDT

Sea Launch, a satellite launcher that has flung rockets into space from a floating platform in the Pacific Ocean and has its home port in Long Beach, is being acquired by a Russian firm.

S7 Group, a private aviation holding company, said it signed an agreement Tuesday with Sea Launch Group to acquire...

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Elon Musk's Mars plan involves giant reusable rockets, spaceships flying 100 people

Tue, 27 Sep 2016 18:50:00 PDT

SpaceX Chief Executive Elon Musk envisions a fleet of 1,000 spaceships embarking en masse for Mars, establishing a self-sustaining colony of as many as 1 million people and turning humans into a multiplanetary species within 40 to 100 years.

“There are really two fundamental paths,” Musk said....

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Republicans say there's another villain in the Wells Fargo scandal

Wed, 28 Sep 2016 03:00:00 PDT

Wells Fargo & Co. Chief Executive John Stumpf took the full brunt of congressional anger over the bank’s fake-accounts scandal at a Senate hearing last week and will face more outrage on Thursday before a House panel.

But this time, he could share the villain’s role with a favorite target of House...

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Tech and consumer companies lead stocks higher

Tue, 27 Sep 2016 14:40:00 PDT

U.S. stocks rebounded Tuesday and climbed after a survey showed consumer confidence is at a nine-year high, a sign Americans will keep spending in the months to come. Technology and consumer stocks made the largest gains.

The market opened lower after two days of losses but quickly recovered. The...

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Wells Fargo faces 'top-to-bottom' Labor Department review for possible workplace violations

Tue, 27 Sep 2016 07:15:00 PDT

The Labor Department has launched a “top-to-bottom review” of how Wells Fargo & Co. treated employees as it pushed the aggressive sales quotas that led to the bank’s fake-accounts scandal.

A working group that includes officials from five Labor Department enforcement divisions has been established to...

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Google-backed LendUp fined by regulators over payday lending practices

Tue, 27 Sep 2016 11:25:00 PDT

Online lending start-up LendUp, which has billed itself as a better and more affordable alternative to traditional payday lenders, will pay $6.3 million in refunds and penalties after regulators uncovered widespread rule-breaking at the company.

The California Department of Business Oversight,...

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China's Dalian Wanda Group in talks to buy Dick Clark Productions

Mon, 26 Sep 2016 17:45:00 PDT

Chinese conglomerate Dalian Wanda Group is in talks to buy a controlling stake in the iconic Dick Clark Productions, a move that would further accelerate its rapid push into Hollywood.

The deal would value the production firm at as much as $1 billion, according to one person familiar with the process...

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Attendance and sales of hot sauce balls rise at L.A. County Fair

Mon, 26 Sep 2016 16:10:00 PDT

Cooler weather, dinosaurs and deep-fried hot sauce balls helped push attendance up 3% at this year’s Los Angeles County Fair.

The annual celebration of carnival rides and outrageously fattening foods drew 1.32 million guests, up from 1.28 million last year at the Fairplex at Pomona.

The fair, which...

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American Apparel taps top lawyer as CEO as sale rumors swirl

Wed, 28 Sep 2016 03:00:00 PDT

American Apparel’s incoming chief executive is a lawyer with a background in mergers and acquisitions and little retail experience — yet another sign that the troubled retailer may be heading for a sale soon.

Chelsea Grayson has served as general counsel for American Apparel for nearly two years....

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