Boeing Co.'s decision to lay off possibly hundreds of employees at its El Segundo satellite factory has sparked concerns that the entire aerospace industry could suffer if Congress does not revive the Export-Import Bank, the Los Angeles Times reports. Some are concerned there could be a ripple effect for subcontractors in light of the fact Boeing channeled $48 billion in business last year to subcontractors, including more than 3,000 in California. But others argue the layoffs are not necessarily a sign of bad news to come.
If you think Los Angeles has the worst traffic in the nation, think again. While Southern California drivers sat in traffic for around 80 hours last year, Washington, D.C. commuters faced the biggest delays, clocking 82 hours, according to traffic analysts, the Los Angeles Times reports. However, Los Angeles still has some of the most troublesome stretches of freeways with the top one being the southbound 101 Freeway from Woodland Hills to downtown.
The Los Angeles City Ethics Commission is debating whether to require that businesses that donate directly to city campaigns publicly disclose more information about who owns them, the Los Angeles Times reports. The argument is that without knowing who owns a company, it is not clear who might be funding a candidate. Some argue that such rules would violate free speech rights, and campaign consultants are concerned they would make it more difficult to raise money.
The U.S. economy’s second quarter was better than expected with the gross domestic product growing at a seasonally adjusted annual rate of 3.7 percent, the Wall Street Journal reports. The Commerce Department had previously estimated a rate of just 2.3 percent, the agency said Thursday.
After several delays, the new Broad Museum, built by philanthropists Eli and Edythe Broad, is scheduled to open Sept. 20, and there’s still a chance to be among the first to visit it, LAist reports. Free tickets for the contemporary art museum downtown, next door to Disney Concert Hall, can be reserved online, beginning Monday. The museum will feature more than 250 works from such artists as Andy Warhol, Barbara Kruger and Kara Walker.
The Dow Jones industrial average was up 169 points in early trading Thursday to 16,455. The S&P 500 was up 26 points to 1,966. The Nasdaq was up 71 points to 4,768. The LABJ Stock Index was up four points to 222.
The Dow Jones industrial average was up 253 points in early trading Wednesday to 15,919. The S&P 500 was up 37 points to 1,904. The Nasdaq was up 75 points to 4,581. The LABJ Stock Index was up two points to 213.
Stocks rebounded in early trading Wednesday after plunging late Tuesday, the Wall Street Journal reports. The Dow Jones industrial average surged briefly more than 400 points early Wednesday before trimming its gains. Fears about China’s economy in light of the recent devaluing of its currency have shaken the markets in recent weeks. As a result, some are now predicting the Federal Reserve will not raise interest rates in September.
The expiration of the Export-Import Bank is having ripple effects in Southern California. Boeing Co. has announced it will lay off possibly several hundred employees at its El Segundo satellite factory after a client canceled an order for an electric-powered satellite because it couldn’t get financing through the bank, the Los Angeles Times reports. The bank’s charter expired July 30, but some in Congress still hope to revive it.
City lawmakers heard testimonies from locals Tuesday about whether L.A. residents should be allowed to temporarily rent out their homes, through such services as Airbnb, even if they are not their primary residences, the Los Angeles Times reports. Some city officials are concerned about those renting out houses or apartment buildings continually, which they say takes much-needed rental units off the market. Councilman Mike Bonin hopes legislation might be drafted by October.
A New York judge has approved the final sale of embattled entertainment company Relativity Media to take place in October and is allowing the studio to keep running for now, the Los Angeles Times reports. Some lenders had originally filed objections to the timeline before the hearing, saying it was too short to allow for an auction. Relativity Media filed for bankruptcy last month after being unable to pay its debts. A possible starting bid has been set at $250 million.
Bad news for tenants at Hollywood’s 22-story high-rise at Sunset Boulevard and Gordon Street as a California court has issued a tentative ruling Tuesday that could void the building’s permits and possibly lead to residents being evicted, the Los Angeles Times reports. A legal dispute over the building dates back to 2012 after city officials said the developer, real estate company CIM Group, had to preserve the building’s historic façade. The company offered to build a replica instead which angered area neighbors who filed a legal action against it.
An eight-bedroom, 18,000-square-foot Beverly Hills estate once owned by comedian Danny Thomas could go on the market for $135 million, according to local realtors, the Wall Street Journal reports. The Trousdale Estates house currently features $2.5 million of Baccarat chandeliers and custom-made carpets as well as 360-degree views of Los Angeles. Thomas’ children, including Marlo Thomas, sold the house for $15 million in 2000 after Thomas’ wife died.
Stock markets took off Tuesday morning after the biggest two-day drop since the financial crisis, Bloomberg reports. Of course, the big question now: Will the gains hold?
Monday’s stock market plunge was a good reminder that California depends on its top 1 percent of earners for about half the state’s revenue. Lawmakers claim that Monday’s stock plunge did not make them worry about a big fall in capital gains, at least not yet, the Los Angeles Times reports. But depending on the current tax structure remains a problem.