L.A. Times - Business

CalPERS health premiums will rise an average of 3% in 2014

By Chad Terhune, Los Angeles Times — Thu, 20 Jun 2013 07:00:00 GMT

Increases for members' health coverage approved by the California Public Employees' Retirement System board are the smallest since 1998.

The California Public Employees' Retirement System, the country's third-largest purchaser of health benefits, said its health insurance premiums next year would increase 3%, on average, for nearly 1.3 million members.

Aliso Viejo burger chain Johnny Rockets sold

By Tiffany Hsu — Wed, 19 Jun 2013 22:25:00 GMT

Southern California burger chain Johnny Rockets has a new owner in Boston Market parent Sun Capital Partners.

Fed's plan for the economy a surprise to many investors

By Alana Semuels — Wed, 19 Jun 2013 21:05:00 GMT

NEW YORK -- Everyone on Wall Street knows that the Federal Reserve will eventually stop its $85-billion-a-month bond buyback program and see if the U.S. economy can stand on its own two feet. Though most investors want this to happen and look forward to when the economy is booming again, many worry about what could happen to the economy without this government money.

Dow tumbles more than 200 points after Fed meeting

By Andrew Tangel — Wed, 19 Jun 2013 20:18:00 GMT

NEW YORK -- Stocks fell sharply after the Federal Reserve's statement and Chairman Ben Bernanke's news conference Wednesday, with major U.S. indexes losing more than 1%.

Defiant Chrysler says recalled vehicles aren't defective

Ken Bensinger — Wed, 19 Jun 2013 19:46:00 GMT

Less than a day after announcing a massive recall of 1.56 million Jeeps, Chrysler again struck a defiant tone, saying that the trailer hitches it agreed to install won’t protect motorists in high speed crashes and that the recalled vehicles are not, in fact, defective.

Live blog: Fed Chairman Bernanke's outlook for the economy

From Times staff writers — Wed, 19 Jun 2013 19:45:00 GMT

Federal Reserve Chairman Ben S. Bernanke outlines what he expects for U.S. growth in the coming year as the central bank releases its policy statement. He'll also face TV cameras and reporters during a quarterly news conference.

Stocks fall about 1% as investors digest Fed and Bernanke statements

By Andrew Tangel — Wed, 19 Jun 2013 19:16:00 GMT

NEW YORK -- Investors' early reaction to the Federal Reserve's statement: sell.

Fed holds steady on interest rates and stimulus, sees risks easing

By Jim Puzzanghera — Wed, 19 Jun 2013 18:24:00 GMT

WASHINGTON -- Federal Reserve policymakers said Wednesday that they would continue the central bank’s controversial bond-buying stimulus program and leave short-term interest rates near zero to help boost the economic recovery, which they said was facing fewer downside risks.

GM brands make big jump in J.D. Power initial quality rankings

By Jerry Hirsch — Wed, 19 Jun 2013 17:00:00 GMT

General Motors Co. brands made a big jump in the rankings of the 2013 J.D. Power Initial Quality Study, which examines the problems drivers encounter during the first 90 days of owning a new vehicle.

Wall Street: all eyes on the Fed

Associated Press — Wed, 19 Jun 2013 16:12:00 GMT

The stock market is waiting on the Fed.

Seat latch problem prompts first Tesla Motors Model S recall

By Jerry Hirsch — Wed, 19 Jun 2013 15:10:00 GMT

Add another first to electric car company Tesla Motors’ list of accomplishments -- its first recall of its Model S sporty sedan.

Men's Wearhouse fires founder George Zimmer; no reason given

By Tiffany Hsu — Wed, 19 Jun 2013 14:15:00 GMT

Men’s Wearhouse Inc. said Wednesday that it was removing founder George Zimmer as executive chairman, without offering a reason for the dismissal.

Treasury secretary improves his penmanship for currency signature

By Jim Puzzanghera — Wed, 19 Jun 2013 14:04:00 GMT

WASHINGTON -- Treasury Secretary Jacob J. Lew has improved his penmanship, unveiling a less loopy version of his unusual signature that will be printed on U.S. paper currency.

Tribune hires Berns as CFO, promotes Bigelow to strategic role

By Meg James — Wed, 19 Jun 2013 13:20:00 GMT

Tribune Co. has hired Steven Berns, the top finance executive for cosmetics company Revlon Inc., as its chief financial officer and promoted its current CFO, Chandler Bigelow, to serve in an expanded role developing strategy for the company.

Casting call turns out to be a prank

By Jasmine Elist, Los Angeles Times — Wed, 19 Jun 2013 12:00:00 GMT

About 30 women who thought they were auditioning for a movie were asked to perform in blackface, impersonate Adolf Hitler or shout Nazi slogans. None knew it was for a film within a film.

Katey Zouck was excited to see a casting announcement on the website Actors Access for a role in the feature film "May the Best Man Win."

L.A. Cleantech Incubator is getting room to grow

By Catherine Green, Los Angeles Times — Wed, 19 Jun 2013 12:00:00 GMT

Work is set to begin on the 3.2-acre La Kretz Innovation Campus in L.A.'s arts district, which will give the nonprofit 10 times more space to nurture start-ups.

Inside a cavernous warehouse downtown, crumbling brick walls, exposed wiring and a gaping concrete pit suggest anything but the future of clean technology.

Aetna to exit a key market in California

By Chad Terhune, Los Angeles Times — Wed, 19 Jun 2013 07:00:00 GMT

Nearly 50,000 Aetna customers with individual health policies in California will need to find new coverage.

Facing tougher price competition from a state-run marketplace, Aetna Inc. said it would exit California's individual health insurance market by year-end and leave nearly 50,000 customers searching for new coverage.

Caltrans waves red flag on Millennium Hollywood project

Michael Hiltzik — Wed, 19 Jun 2013 07:00:00 GMT

It has become almost routine for community groups to rise up in protest whenever a big developer proposes a project likely to make their city neighborhoods unrecognizable.

StubHub sees stadium naming deal as ticket to expanding globally

By Paresh Dave, Los Angeles Times — Wed, 19 Jun 2013 07:00:00 GMT

The naming deal for StubHub Center in Carson marks the online ticketing service's boldest move yet to broaden its appeal outside the U.S.

Goodbye Home Depot, hello StubHub.

Chrysler reverses course, agrees to repair Jeeps

By Ken Bensinger, Los Angeles Times — Wed, 19 Jun 2013 05:08:00 GMT

The automaker had initially defied a U.S. request to recall 2.7 million vehicles.

Two weeks after defiantly refusing a government request to recall 2.7 million Jeeps prone to dangerous fires in rear-end collisions, Chrysler has reversed course and agreed to repair many of the vehicles.

Era of falling interest rates appears to be over

By Don Lee, Andrew Tangel and E. Scott Reckard, Los Angeles Times — Wed, 19 Jun 2013 04:17:00 GMT

After 3 decades in which borrowing costs mostly have declined steadily to rock-bottom levels, the long-term path of interest rates is headed up, experts say.

For all the mixed messages from the Fed and the uncertainty that has roiled financial markets recently, one thing looks very clear: The era of declining interest rates is over.

Senators urge scrutiny of American Airlines and US Airways merger

By Hugo Martin — Tue, 18 Jun 2013 22:43:00 GMT

On the eve of a Senate hearing on airline mergers, two senators are urging the Obama administration to carefully scrutinize the proposed merger of American Airlines and US Airways.

G-8 leaders vow to crack down on tax evasion

By Henry Chu, Los Angeles Times — Tue, 18 Jun 2013 21:39:00 GMT

The Group of 8 nations agree on a 10-point plan to swap financial information and expose companies that use elaborate schemes to hide profits.

LONDON — With many of their governments strapped for cash, leaders at a summit of rich nations vowed Tuesday to crack down on tax cheats by swapping financial information and exposing companies that set up elaborate structures to hide their profits.

Google wants to reveal how many secret security requests it gets

By Salvador Rodriguez — Tue, 18 Jun 2013 21:05:00 GMT

Google is petitioning the Foreign Intelligence Surveillance Court for approval to reveal detailed information about the amount of national security requests it receives.

Student loan debt nearly doubles in last five years, report says

By Adolfo Flores — Tue, 18 Jun 2013 20:51:00 GMT

Student loan debt has nearly doubled in the last five years, posing a potential risk to the economy, according to a new report from Congress .