L.A. Times - Business

Texas is the new retirement mecca

Sat, 7 Nov 2009 00:00:00 -0800

The Lone Star State's attractions include its low cost of living and no income tax.

After trying out Pasadena, Atlanta and Miami, Lilian Junco decided this was the place to retire. Being near her son was the first attraction, but soon she was drawn in by the same combination of features that has lured tens of thousands of others from out of state: Gulf Coast living and super-low costs.

Unemployment rate rises to 10.2%

Sat, 7 Nov 2009 00:00:00 -0800

It's the first time it has hit double digits since 1983. Employers cut 190,000 jobs last month, a bigger drop than expected.

The nation's unemployment rate jumped to 10.2% in October, raising questions about the staying power of the budding economic recovery and confronting President Obama with a politically explosive new challenge.

Price war, no deals barred

Sat, 7 Nov 2009 00:00:00 -0800

Wal-Mart's rivals fear the chain's power to undercut them, but they have holiday plans of their own.

With another tough holiday season looming, Wal-Mart Stores Inc. is ratcheting up a price war that could be good for shoppers but has competitors fearing the worst.

United Commercial Bank is shut down, sold to East West Bancorp

Sat, 7 Nov 2009 00:00:00 -0800

This creates by far the largest U.S. bank focused on the Chinese American market and the largest bank based in Southern California. United Commercial was the 120th bank to fail in the U.S. this year.

Toppled by loan losses and misstated financial reports, San Francisco's United Commercial Bank was shut down by regulators Friday night and immediately sold to Pasadena's East West Bancorp, creating by far the largest U.S. bank focused on the Chinese American market.

IPhone sales in China are nothing to call home about

Sat, 7 Nov 2009 00:00:00 -0800

Only 5,000 of the Apple phones have sold since the Oct. 30 launch. High prices and a lack of Wi-Fi capability are blamed, especially with a thriving gray market in iPhones.

Apple Inc.'s iPhone has been a ringing success wherever it has been launched. But in China few are picking up the buzz.

Why gold is shining brighter

Sat, 7 Nov 2009 00:00:00 -0800

The American public has no say in Federal Reserve policy.

CalPERS to consider requiring placement agents to register as lobbyists

Sat, 7 Nov 2009 00:00:00 -0800

Advocates see the plan as a way to limit political pressure on the pension fund, which some believe may have occurred in dealings with agent Alfred Villalobos. Opponents say it's counterproductive.

Highly paid financial intermediaries at the center of a growing uproar over the way California's huge public pension plan invests its money may soon be required to register as government lobbyists and regularly report their fees and clients.

FlyMiwok launches private air service in Southern California

Sat, 7 Nov 2009 00:00:00 -0800

The company will fly passengers between more than 28 municipal and commercial airports from Santa Barbara south to San Diego and as far east as Las Vegas.

The recession continues to pummel the nation's airlines, but that has not stopped a couple of local entrepreneurs from launching an air service for traffic-weary Southern Californians.

Toyota is sued over concerns of sudden acceleration

Sat, 7 Nov 2009 00:00:00 -0800

A lawsuit filed Thursday by two Los Angeles County residents claims that the majority of Toyota and Lexus vehicles made since 2001 contain defective components that can cause unintended acceleration.

Two Los Angeles County residents have sued Toyota Motor Corp., alleging that the majority of Toyota and Lexus vehicles made since 2001 contain defective components that can cause unintended acceleration.

Edison International profit falls 8.2% on lower sales, rates

Sat, 7 Nov 2009 00:00:00 -0800

But at subsidiary Southern California Edison, third-quarter earnings jump 47% on lower expenses and higher customer rates.

Edison International, parent of Southern California Edison Co., said Friday that its profit dropped 8.2% in the third quarter as the recession pushed sales down and power rates declined in the Midwestern U.S.