Review
January 9 – 15
Home Prices: Median home prices in Los Angeles County jumped 23.7 percent in December from a year earlier, to $345,000, according to DataQuick Information Systems, while sales in the month rose 8.3 percent. For all of 2003, the median price reached $319,000, up 21.8 percent from a year earlier. Analysts generally anticipate a slowdown in price appreciation for 2004, but little sign of a flattening or decline.
Screener Inquiry: A copy of at least two Oscar-contending movies have wound up on the Internet and the Motion Picture Arts and Sciences said it is investigating to determine the sources of the unauthorized copies. The Internet versions of “The Last Samurai” and “Something’s Gotta Give” carried markings identifying them as coming from a video sent to an Oscar voter, the Los Angeles Times reported.
Bond Bailout Losing: Gov. Arnold Schwarzenegger’s proposal to borrow $15 billion to cover past state budget deficits doesn’t have enough support with voters to win approval in March, according to two polls. A Field Poll found 33 percent of likely voters would approve the bond while 40 percent would reject it, and a poll released by the Public Policy Institute of California found the borrowing plan losing by a 44-35 percent vote.
Biz Tax Proposal: A long-awaited study from outside consultant MBIA MuniServices Co. on alternatives to L.A.’s gross receipts tax recommends taxing businesses with more than $30,000 in annual revenues $3.50 for every $1,000 in net receipts (gross receipts minus payments to subcontractors) and would also tax businesses on square footage. Restaurateurs, manufacturers, landlords and parking lot owners all of whom would see increased business taxes under the plan spoke out against it last week. The proposal next goes to the blue-ribbon Business Tax Advisory Committee and to a City Council committee.
Mouse Cuts: Seeking greater efficiency, Walt Disney Co. will close its Orlando animation studio and consolidate all animation operations in Burbank. Some of the 258 employees at the Florida studio will move to Burbank. Disney said shutting down Orlando completes a reorganization that included job cuts and studio closings in Tokyo and Paris.
Gas Update: There they go again. Gasoline prices rose for the second consecutive week as OPEC shows little inclination to boost production. For the week ended Jan. 12, a survey by the Energy Information Administration has a gallon of self-service regular in L.A. at $1.691, up from $1.632 the previous week and $1.596 the week before that.
‘Saturday Night’ Suit: NBC sued E! Entertainment Television in U.S. District Court in Los Angeles to block the cable channel from airing a five-episode compilation of “Saturday Night Live” clips, saying that the show would compete with NBC’s own “best of” specials. The suit was filed two days before E! was scheduled to air “101 Most Unforgettable SNL Moments;” the cable channel did not air the show as scheduled.
Newspaper News: The Lozano family, the owner of La Opinion and CPK Media, which owns New York’s El Diario/La Prensa newspaper, have formed a holding company to purchase more Hispanic publications. The holding company, Impremedia LLC, was formed after CPK Media bought Tribune Co.’s 50 percent stake in La Opinion. The Lozano family has been seeking to end its partnership with Tribune since October when it hired UBS Investment Bank to help it find a buyer.
Preview
January 19 – 25
King Holiday: U.S. financial markets, government offices and many schools will be closed on Monday (19th) for Martin Luther King Jr. Day. Businesses generally will be open.
Anti-Gang March: The 100,000 Man March will address the problems of gang violence on Monday (19th) on the field outside of the Sports Arena. Actor Lou Gossett Jr., former Laker star Norm Nixon and various local officials are expected to attend the event, scheduled to run from 3 p.m. to 8 p.m.
Venture Awards: Brad Jones, general partner with Brentwood Venture Capital, will be honored on Thursday (22nd) as the Los Angeles Venture Association hosts its first annual awards dinner at the Regency Club from 6-9 p.m. For information: 310-752-4400.
Sports Beat: The Lakers are home on Monday (19th) against Phoenix and away the rest of the week. The Clippers are home on Monday (12:30 p.m. tip-off) against Sacramento, Wednesday (21st) against Golden State and Friday (23rd) against Utah. The Kings are home on Tuesday (20th) against Calgary, Thursday (22nd) against Detroit and Saturday (24th) against the Ducks. In men’s college hoops, both USC and UCLA are away this week to face California and top-ranked Stanford. This is also the weekend for the Bob Hope Chrysler Classic, the season’s first tour event in California.
Economic Reports: Thursday (22nd): December Housing Starts and Leading Indicators. On Friday (23rd), the federal budget is released.
Earnings Season: This is the beginning of the onslaught of fourth-quarter earnings results. Watch for Wall Street reaction to any surprises among the big boys.
Aussie Talk: Australia’s foreign minister, Alexander Downer, speaks before a dinner meeting of the Los Angeles World Affairs Council on Monday (19th) at 7:30 p.m. Downer is likely to talk about Iraq; Australia has pushed for the United Nations taking a lead role in the transition. For information: 213-628-2333.
Golden Globes: Hollywood has many conceits but perhaps the most audacious is the annual Golden Globes, where awards presented by that small group of undistinguished foreign press writers become the springboard for other awards, most especially the Oscars. And everyone, it seems, turns out at the Beverly Hilton for the festivities. In case you’re not invited, it’s Sunday night (25th) and telecast on NBC.
