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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: Tue, 28 Mar 2017 15:08:00 -0700

Copyright: ©2017 Los Angeles Times

Regulators ding Wells Fargo's community-lending record, citing accounts scandal

Tue, 28 Mar 2017 14:55:00 PDT

Bank regulators have given Wells Fargo & Co. a poor grade when it comes to serving low-income communities, the bank said Tuesday.

In a regulatory filing and news release, the San Francisco bank said that the Office of the Comptroller of the Currency had given it a rating of “needs to improve” on...


Wells Fargo to pay $110 million to settle lawsuits over unauthorized accounts

Tue, 28 Mar 2017 14:50:00 PDT

Wells Fargo & Co. on Tuesday agreed to pay $110 million to settle class-action lawsuits related to the bank’s practice of opening accounts without customers’ authorization.

The settlement, if approved by a federal judge in San Francisco, would provide payouts to all Wells Fargo customers who say...


Amgen plans to shuffle and cut hundreds of jobs

Tue, 28 Mar 2017 11:00:00 PDT

Hundreds of Amgen employees in Thousand Oaks will relocate to other cities or change jobs, and some will be laid off, the biotech giant has said.

The company sent an announcement to staff last week, saying that it notified almost 500 people about “changes to their roles” over the next year and...


Stocks edge up, and oil rises

Tue, 28 Mar 2017 08:05:00 PDT

U.S. stock indexes edged higher in morning trading Tuesday, recovering after an early slide. Investors weighed the latest batch of company earnings and economic news. Banks and other financial stocks led the gainers, while phone company stocks were down the most. Energy stocks rose as oil prices...


How does your doctor rank? Check out this new website

Tue, 28 Mar 2017 06:00:00 PDT

An unprecedented statewide website takes aim at one of the most fraught issues in medicine: Rating the performance of individual doctors.

Newly launched by the California Healthcare Performance Information System, the site scores 10,000 doctors in California, providing ratings of one to four stars...


Consumers and pay-TV industry are far apart on a la carte channel pricing

Tue, 28 Mar 2017 03:00:00 PDT

Pay-TV companies lost nearly 800,000 video subscribers last year, almost twice as many as a year before — the latest evidence that a growing number of Americans are sick and tired of paying through the nose for hundreds of channels they never watch.

But if the future of TV is paying only for the...


A trade war is brewing inside the White House between rival camps

Tue, 28 Mar 2017 03:00:00 PDT

Soon after President Trump took office, an executive order was quietly drafted to suspend talks with China on an obscure but potentially far-reaching treaty about bilateral investment.

After eight years and two dozen rounds of negotiations, the treaty terms were almost in final form. Pulling out...


American Airlines buys $200-million stake in China Southern Airlines

Mon, 27 Mar 2017 21:40:00 PDT

American Airlines has agreed to pay $200 million for a stake in China Southern Airlines, one of the country's three major state-owned carriers, and expand commercial cooperation.

China Southern Airlines said in an announcement Tuesday through the Hong Kong stock exchange that the purchase will...


Bond king Bill Gross agrees to settlement in lawsuit against Pimco, ending nasty dispute

Mon, 27 Mar 2017 17:35:00 PDT

Investment manager Bill Gross has reached a settlement with Pacific Investment Management Co., the Newport Beach investment giant he co-founded and led for decades, then sued in 2015 after an acrimonious split.

In a joint news release Monday, Gross and Pimco executives called the settlement amicable,...


United Airlines says customers are 'welcome' to wear leggings — unlike teens who used special passes

Mon, 27 Mar 2017 16:15:00 PDT

It’s the biggest leggings fiasco since the see-through Lululemon debacle of 2013.

A day after United Airlines refused to allow two teenage girls onto a flight for wearing the stretchy, form-fitting pants, the Chicago-based carrier wants the world to know that its passengers are “welcome” to wear...


Billionaire doctor demands right to buy more shares in fight for control of L.A. Times parent

Mon, 27 Mar 2017 15:15:00 PDT

Patrick Soon-Shiong, the L.A. billionaire battling for control of Los Angeles Times owner Tronc Inc., is pressuring the company’s board to allow him to buy more stock now that Chairman Michael Ferro has been allowed to up his stake.

In a letter sent Monday to Tronc executives and obtained by The...


Did Treasury Secretary Mnuchin cross ethical line in plugging 'The Lego Batman Movie'? A senator wants to know

Mon, 27 Mar 2017 15:00:00 PDT

A Democratic senator wants to know if Treasury Secretary Steven Mnuchin committed an ethics violation when he publicly plugged “The Lego Batman Movie,” a film in which he has a financial stake.

A former Hollywood financier, Mnuchin was asked at the end of a question-and-answer session on Friday...


Johnson & Johnson and GM join companies suspending their YouTube ads over extremist videos

Mon, 27 Mar 2017 15:00:00 PDT

Healthcare product maker Johnson & Johnson and automaker General Motors Co. are among the latest companies to halt advertising on YouTube after concerns that Google is not doing enough to ensure brands’ ads are not appearing near terrorist content.

New Jersey-based Johnson & Johnson said in a statement...


Stocks sink early on Washington worries before paring losses

Mon, 27 Mar 2017 14:50:00 PDT

Worries that Washington may not be able to help businesses as much as once thought knocked stock indexes down hard early Monday, but they clawed back most of their losses and ended the day mixed.

The Standard & Poor's 500 index fell 2.39 points, or 0.1%, to 2,341.59 for its seventh drop in the...


Trump to unveil team that will use business ideas to overhaul government

Mon, 27 Mar 2017 10:35:00 PDT

President Trump plans to unveil a new White House office Monday with sweeping authority to overhaul the federal bureaucracy and fulfill key campaign promises — such as reforming care for veterans and fighting opioid addiction — by harvesting ideas from the business world and, potentially, privatizing...


New York mayor says 'Fearless Girl' statue can stay til February 2018

Mon, 27 Mar 2017 07:00:00 PDT

Mayor Bill de Blasio says the wildly popular statue of a young girl staring down Wall Street's famous "Charging Bull" will be allowed to remain through February 2018.

De Blasio says the artwork, called "Fearless Girl," has inspired many people and "fueled powerful conversations about women in leadership."...


California Inc.: Long Beach plays host to 'Pulse of the Ports' shipping event

Mon, 27 Mar 2017 05:00:00 PDT

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.

Steady (albeit unspectacular) improvement in the Golden State: We learned Friday that employers...


As millennials 'Venmo' each other money, banks fight back with their own mobile apps

Mon, 27 Mar 2017 05:00:00 PDT

Odds are, you’ve at least heard of Venmo, but there’s also a good chance you haven’t used the mobile app or anything else like it to send money to family or friends.

But that’s likely to change over the next few years, as banks, payment companies and even the likes of Google and Facebook push so-called...


Venmo used to be just for paying friends. Now you can use it to pay for White Castle

Mon, 27 Mar 2017 05:00:00 PDT

Mobile payment apps are easy ways for people to send money to each other — digital replacements for the cash used to pay back a friend for beers or the $50 birthday check to your granddaughter.

But some peer-to-peer, or p2p, payment systems are looking beyond payments between friends and family,...


Why California stinks for first-time home buyers

Sun, 26 Mar 2017 03:00:00 PDT

If you’re a millennial living in California, buying your first home doesn’t come any harder.

California ranked as the toughest state in the nation for first-time home buyers, who typically would be in the millennial age bracket of 18 to 34, according to a recent report by Claes Bell, an analyst...


The old magazine scam is alive and well. Here's how to fight back

Sun, 26 Mar 2017 03:00:00 PDT

Dear Liz: I got scammed by a magazine company a year ago. I thought the call was about two magazines I wanted to stop as I was moving. The woman talked fast and took me through the steps with my bank card (which was stupid of me, I now know) as if she was helping and at the end she said, “Oh, those...


Uber suspends its self-driving car tests after one of its SUVs was struck in Arizona

Sat, 25 Mar 2017 13:10:00 PDT

After a self-driving Uber SUV was struck in a high-impact collision Friday night, the ride-hailing company is suspending tests of its autonomous vehicles while it investigates.

Officials say Uber’s SUV was operating on its own when it was hit by another vehicle making a left turn at an intersection...


LAX trains workers to provide 'gold standard' service for fliers

Sat, 25 Mar 2017 07:00:00 PDT

Los Angeles International Airport was recently ranked one of the 10 most improved airports in the world.

But SkyTrax, the air-transport industry research company that gave LAX that ranking, also listed the facility as the 86th best airport in the world, behind airports in Russia, South Korea, Colombia...


How parents with less-than-stellar credit can help their kids get a credit card

Sat, 25 Mar 2017 07:00:00 PDT

Parents with less-than-perfect credit: You can still help your teenager or young adult child get a credit card and start building a strong credit history.

Your credit history isn't shared

Your credit history and scores are yours alone. A person who shares an account with you shares only the history...


Buying an HOA property in a liquefaction zone is not for the faint of heart

Sat, 25 Mar 2017 06:00:00 PDT

Question: My family is interested in purchasing a townhome or condominium by a marina so we can dock our boat. Someone we know is moving from the marina because of rising homeowner association dues and too many special assessments, so we made an offer to purchase at a steep discount.

The seller...