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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: Sat, 25 Feb 2017 04:12:56 -0800

Copyright: ©2017 Los Angeles Times

Lockheed will move 650 missile jobs away from Sunnyvale

Fri, 24 Feb 2017 11:20:00 PST

Lockheed Martin will move 650 jobs in the legendary Trident missile program from Sunnyvale, Calif., to other states, the defense contractor said Thursday.

The affected employees work for the Fleet Ballistic Missile Program, which designs and engineers nuclear missiles for the nation's submarine...


U.S. stocks rally to set another record after slow start due to investor jitters

Fri, 24 Feb 2017 14:00:00 PST

A late push helped U.S. stocks finish higher Friday after indexes spent most of the day lower. There was far more selling than buying on Wall Street overall, but the Dow Jones industrial average managed to extend its winning streak to an 11th day and set another all-time high.

Energy companies...


J.C. Penney to close 130 to 140 stores and offer early retirement to 6,000 workers

Fri, 24 Feb 2017 07:00:00 PST

J.C. Penney said Friday it will be closing 130 to 140 stores as well as two distribution centers over the next several months as it aims to improve profitability in the era of online shopping.

The closures represent 13% to 14% of the department store operator's current store count, and less than...


The luxury housing that Measure S would stop doesn’t actually require many evictions

Fri, 24 Feb 2017 12:40:00 PST

Eve Hars, undergoing chemotherapy for Stage 3 breast cancer, was facing eviction.

A developer had purchased her rent-controlled Echo Park bungalow to level it and build new housing.

Hars recounted her story in a recent campaign ad paid for by supporters of Measure S, the March 7 ballot measure...


Big new convention center hotel proposed for downtown L.A.

Fri, 24 Feb 2017 15:35:00 PST

A towering 1,024-room hotel will rise next to the Los Angeles Convention Center a few years from now if developer TriCal Construction Inc. gets its way.

TriCal filed a development application with city officials Thursday to build a 53-story skyscraper across Figueroa Street from the convention...


Why Snapchat's unprecedented real estate strategy in Venice could be tech's new standard

Sat, 25 Feb 2017 03:05:00 PST

A tech start-up based in Los Angeles rather than Silicon Valley. A mobile app that built its appeal by deleting photos and messages. Vertical video in a widescreen world.

Snapchat, the popular photo and video messaging app, has broken the mold in many ways. Now, with parent company Snap Inc.’s...


Factory CEOs tell Trump: Jobs exist, skilled applicants don't

Thu, 23 Feb 2017 14:30:00 PST

President Trump brought two dozen chief executives of manufacturing companies to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition.

Yet some of the CEOs suggested that there were still plenty of openings for U.S. factory jobs...


Beauty companies hustle to keep up with faster trends

Thu, 23 Feb 2017 10:45:00 PST

When reality TV star Kylie Jenner introduced her first cosmetics products to the Internet in late 2015, the Kylie Lip Kits — matte liquid lipstick and lip liner combos — sold out in minutes.

Competing brands were paying attention. Companies quickly started promoting their own matte lipsticks as...


Stocks end mixed as investors seek safety

Thu, 23 Feb 2017 14:40:00 PST

Stocks wobbled Thursday as investors changed course and tempered their expectations for faster economic growth. Industrial companies, which have surged over the last few months, finished lower as Wall Street focused on gold, bonds and companies that pay big dividends.

Construction equipment, transportation...


SpaceX Dragon brings supplies (and a birthday treat) to the International Space Station

Thu, 23 Feb 2017 09:45:00 PST

SpaceX’s Dragon capsule successfully attached to the International Space Station early Thursday, a day after aborting its first attempt.

NASA confirmed on its TV service that the capsule, carrying nearly 5,500 pounds of supplies and research materials — as well as a birthday treat for French astronaut...


Mnuchin says Trump tax overhaul could happen by August

Thu, 23 Feb 2017 12:10:00 PST

The Trump administration wants to overhaul the tax code by August, Treasury Secretary Steven Mnuchin said Thursday, laying out an aggressive timetable in his first significant public comments since taking office last week. 

In a series of interviews, Mnuchin also said that the stock market rally...


See a layoff through, or see yourself out?

Fri, 24 Feb 2017 07:00:00 PST

Question: My company has decided to close several of our branch offices this year. I'm an IT manager; my job and half of my team's jobs will be eliminated when our office closes in the fall.

We've been offered severance, and some folks have been offered retention bonuses to stay until the bitter...


Ghosn steps aside as Nissan CEO to focus on 3-automaker alliance

Thu, 23 Feb 2017 12:05:00 PST

Carlos Ghosn, who leads the Nissan-Renault-Mitsubishi alliance, is handing over the helm at Nissan Motor Co. to Hiroto Saikawa, a veteran Japanese executive at Nissan, but Ghosn is staying on as the automaker’s chairman.

Saikawa will become chief executive at Nissan — based in Yokohama, Japan —...


Kenneth Arrow, Nobel Prize winner whose theories changed modern economics, dies at 95

Wed, 22 Feb 2017 15:25:00 PST

Kenneth Arrow, the Nobel Prize-winning Stanford economist whose groundbreaking work redefined the world’s understanding of the free marketplace, has died at his home in Palo Alto.

Stanford University, where Arrow spent much of his career, reported that the economist died Tuesday at the age of 95.


Two-thirds of Americans aren't using this easy way to save for retirement

Wed, 22 Feb 2017 11:50:00 PST

Less than one-third of Americans are saving money in their 401(k)s and other workplace retirement accounts, according to an analysis of tax records by Census Bureau researchers.

Although nearly 80% of Americans work for an employer that offers a retirement program — whether a 401(k), 403(b) or...


Brad Grey leaves struggling Paramount Pictures as search for new studio chief begins

Wed, 22 Feb 2017 15:40:00 PST

Paramount Pictures Chairman Brad Grey has finalized his exit from Viacom Inc. after 12 years managing the legendary movie studio that has struggled to produce box-office hits.

Grey’s departure, which was telegraphed last week and announced Wednesday, takes effect immediately. It comes as Viacom’s...


Aerojet Rocketdyne buys missile-target maker and may provide satellite launches

Wed, 22 Feb 2017 12:40:00 PST

In a deal that could have implications for the satellite launch business, rocket engine manufacturer Aerojet Rocketdyne has acquired leading missile-target developer Coleman Aerospace for $15 million in cash.

The deal, which is expected to close Friday, will allow Aerojet Rocketdyne — a unit of...


Trump's promise to ramp up deportations spreads fear — among California businesses

Thu, 23 Feb 2017 06:00:00 PST

The news that President Trump ordered an aggressive crackdown on 11 million undocumented people sent a chill through immigrant communities. California businesses that employ lots of immigrants are shivering too.

Two memos released by Homeland Security Secretary John F. Kelly on Tuesday directed...


Americans buy existing homes at fastest pace in a decade

Wed, 22 Feb 2017 09:40:00 PST

Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007. That has set off bidding wars that have pushed up prices as the supply of available homes has dwindled to record lows.

Home sales rose 3.3% in January from December to a seasonally...


SpaceX Dragon capsule aborts attempt to dock at International Space Station

Wed, 22 Feb 2017 09:15:00 PST

A SpaceX capsule carrying more than 5,000 pounds of cargo aborted its attempt to dock at the International Space Station early Wednesday because of an “easily correctable” GPS error, officials said. It is scheduled to try again Thursday.

This was not the mission’s first small delay. Hawthorne-based...


Fed officials indicate another interest rate hike could come 'fairly soon'

Wed, 22 Feb 2017 11:00:00 PST

Federal Reserve policymakers said at their latest meeting that another small hike in a key interest rate could come "fairly soon," opening the door a bit wider to an increase next month, according to minutes of the meeting released Wednesday.

Fed officials reiterated their "considerable uncertainty"...


Stocks mostly slip, but Dow hits a new record high

Wed, 22 Feb 2017 14:35:00 PST

U.S. stocks mostly slipped Wednesday after their recent record-setting run. Energy companies stumbled, but basic materials makers rose as investors hoped two large deals would win approval from regulators.

While energy stocks fell with the price of oil, most other sectors didn't make big moves....


Head of U.S. Honda to leave air bags behind, turn to gin and vodka

Tue, 21 Feb 2017 15:40:00 PST

The U.S. head of Honda is retiring to make gin and vodka with his sons.

John Mendel, 62, executive vice president for the Japanese carmaker at American Honda Motor Co. in Torrance, told a group of dealers Monday night that he’s retiring.

He goes out on a high note: Honda sales in the U.S. last...


Wal-Mart's online sales jump 29% as it works to make inroads against Amazon

Tue, 21 Feb 2017 15:45:00 PST

The nation's largest retailer keeps working to make headway against the largest online seller.

Wal-Mart Stores Inc. drew more shoppers to its namesake stores in the United States and its online sales soared 29% in its fiscal fourth quarter, which covers the crucial holiday shopping season. That's...


Universal Studios Hollywood raises gate ticket prices

Fri, 24 Feb 2017 20:30:00 PST

About a week after Disneyland raised its ticket prices, Universal Studios Hollywood hiked attendance prices an extra $5 per visitor.

The daily ticket price at the gate rose to $120 from $115, on top of increases adopted last year of up to 20%. Universal Orlando also raised prices over the weekend...