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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, 21 Sep 2017 23:50:55 -0700

Copyright: ©2017 Los Angeles Times

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

Thu, 21 Sep 2017 15:55:00 PDT

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 highest-profile...


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

Thu, 21 Sep 2017 14:20:00 PDT

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 gainers....


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

Thu, 21 Sep 2017 13:20:00 PDT

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

Thu, 21 Sep 2017 11:15:00 PDT

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

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

Thu, 21 Sep 2017 09:15:00 PDT

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

Thu, 21 Sep 2017 08:40:00 PDT

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

Thu, 21 Sep 2017 07:05:00 PDT

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” section...


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

Thu, 21 Sep 2017 06:50:00 PDT

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

Thu, 21 Sep 2017 06:00:00 PDT

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

Thu, 21 Sep 2017 05:15:00 PDT

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 companies...


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

Thu, 21 Sep 2017 05:00:00 PDT

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 to...


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

Wed, 20 Sep 2017 16:15:00 PDT

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 disclosed...


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

Wed, 20 Sep 2017 16:15:00 PDT

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 office...


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

Wed, 20 Sep 2017 15:10:00 PDT

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

Wed, 20 Sep 2017 14:55:00 PDT

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

Wed, 20 Sep 2017 14:50:00 PDT

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 that the...


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

Wed, 20 Sep 2017 14:15:00 PDT

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

Wed, 20 Sep 2017 13:55:00 PDT

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

Wed, 20 Sep 2017 13:05:00 PDT

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 officials...


KB Home CEO Jeffrey Mezger hurls slurs at Kathy Griffin

Wed, 20 Sep 2017 13:00:00 PDT

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...


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

Tue, 19 Sep 2017 16:35:00 PDT

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...


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

Tue, 19 Sep 2017 16:35:00 PDT

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...


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

Tue, 19 Sep 2017 14:50:00 PDT

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 more...


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

Tue, 19 Sep 2017 14:25:00 PDT

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

Tue, 19 Sep 2017 14:25:00 PDT

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...