L.A. Times - Business

News Corp. board approves company split, set for June 28

By Meg James — Fri, 24 May 2013 16:40:00 GMT

Rupert Murdoch's News Corp. moved closer to the planned breakup of the $76-billion global media conglomerate as board members this week formally approved the split.

Procter & Gamble says CEO swap doesn't signal "bigger problem"

By Tiffany Hsu — Fri, 24 May 2013 16:03:00 GMT

Procter & Gamble Co. wants to make something clear to investors: The replacement of Chief Executive Bob McDonald with his predecessor A.G. Lafley is not a death knell for the company.

Abercrombie & Fitch earnings stumble, stock slumps

By Tiffany Hsu — Fri, 24 May 2013 15:21:00 GMT

Teen retailer Abercrombie & Fitch Co. stumbled hard in its first quarter, with same-store sales diving 15% and profit missing Wall Street’s expectations.

Stocks head lower, market headed for a weekly loss

Associated Press — Fri, 24 May 2013 15:19:00 GMT

The stock market is heading lower in early trading, putting it on track for its first weekly loss in a month.

Prius leads 2013 California car sales; domestic brands make gains

By Jerry Hirsch — Fri, 24 May 2013 14:40:00 GMT

The Toyota Prius hybrid was the bestselling vehicle in California during the first quarter of this year, narrowly outpacing Honda’s redesigned Accord sedan.

Sears reports bigger-than-expected 1Q loss

By ANNE D'INNOCENZIO AND CANDICE CHOI, AP Retail Writers — Fri, 24 May 2013 14:04:08 GMT

NEW YORK (AP) — It was another ugly quarter for Sears Holdings Corp.

Procter & Gamble brings back A.G. Lafley as CEO

Associated Press — Fri, 24 May 2013 13:40:24 GMT

Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again.

Durable goods orders bounce back in April, jumping 3.3%

By Jim Puzzanghera — Fri, 24 May 2013 13:38:00 GMT

WASHINGTON -- Orders for airplanes, appliances, computers and other long-lasting durable goods jumped 3.3% in April after a sharp decline the previous month, a positive sign for the economic recovery.

Ripley's Believe It or Not museum gets family-friendly makeover

By Hugo Martín, Los Angeles Times — Fri, 24 May 2013 12:00:00 GMT

The Hollywood museum replaces many of its macabre exhibits to increase attendance, but a few chilling curiosities remain.

A gruesome photo gallery of men and women impaled by arrows, augers and pipes is gone from the Ripley's Believe It or Not museum in Hollywood.

Car review: Jaguar sets bar high for 2014 F-Type

By David Undercoffler, Los Angeles Times — Fri, 24 May 2013 07:00:00 GMT

The automaker is billing the F-Type, now for sale, as the spiritual successor to the elegant 1961 E-Type. One thing the car won't do is lift sales significantly.

In a 1961 debut that reverberated worldwide, Jaguar pulled the covers off its E-Type coupe at the Geneva Motor Show and redefined beauty in automobiles.

Navy conducts first test flight of Northrop's Triton drone

By W.J. Hennigan, Los Angeles Times — Fri, 24 May 2013 07:00:00 GMT

The successful flight could have a major effect on the drone program's future in the Southland.

Aerospace giant Northrop Grumman Corp., plagued by setbacks with its pricey high-flying spy drones, has come up with a new version for the Navy that could keep the company's unmanned aircraft assembly line in Palmdale humming.

Wall St. bucks global slump

By Andrew Tangel, Los Angeles Times — Fri, 24 May 2013 07:00:00 GMT

U.S. stocks recover after worldwide sell-off that began in Japan.

NEW YORK — After bracing for a steep fall, Wall Street barely shrugged at a sharp sell-off in stock markets around the globe.

If this health plan is 'socialism,' we need more of it

David Lazarus — Fri, 24 May 2013 01:18:00 GMT

As Obamacare's exchanges take shape in California, true, transparent, capitalistic competition will be seen among insurance firms, going toe to toe to win consumers.

So this is what socialism looks like: Private companies competing for people's business in an open marketplace.

New California health insurance rates unveiled

By Chad Terhune, Los Angeles Times — Fri, 24 May 2013 00:59:00 GMT

Health insurance premiums for Covered California, the state-run marketplace, are lower than expected.

Amid anxiety over rising costs from the federal healthcare law, California received better-than-expected insurance rates for a new state-run marketplace, but many consumers still won't be spared from sharply higher premiums.

Freddie Mac: Mortgage rates higher, 30-year fixed averages 3.59%

By E. Scott Reckard — Thu, 23 May 2013 17:49:00 GMT

Mortgage rates have risen for the third week in a row, with Freddie Mac's survey of lenders pegging the average 30-year fixed-rate home loan at 3.59%, up from 3.51% last week.

California picks 13 health plans for state-run insurance market

By Chad Terhune — Thu, 23 May 2013 16:36:00 GMT

After weeks of negotiations, California said it has selected 13 health plans for a new state-run insurance marketplace where as many as 5 million people will shop for coverage next year.

Chevy Spark EV lease highlights electric-car price cuts

By Brian Thevenot — Thu, 23 May 2013 16:00:00 GMT

General Motors is joining the electric-car price war with a lease deal on the Chevrolet Spark EV at $199 a month.

New home sales climb in April

By Alejandro Lazo — Thu, 23 May 2013 15:55:00 GMT

New home sales climbed strongly in April, an indication that a long-awaited building market comeback is strengthening.

Twitter adds two-step verification option to help fend off hackers

By Salvador Rodriguez — Thu, 23 May 2013 15:31:00 GMT

Twitter has rolled out a two-step verification, a feature users can turn on to give themselves more protection against would-be hackers.

Pickup truck surge is powering strong May auto sales

By Jerry Hirsch — Thu, 23 May 2013 15:24:00 GMT

May is turning out to be another good month for car sales, according to auto research firms J.D. Power and Associates and TrueCar.com.

Japan market plunge sparks global sell-off; U.S. stocks dip, rebound

By Andrew Tangel — Thu, 23 May 2013 14:13:00 GMT

Wall Street followed Europe in a broad sell-off following a 7.3% overnight plunge in Japan's stock market.

Initial jobless claims drop to 340,000 after one-week spike

By Jim Puzzanghera — Thu, 23 May 2013 13:13:00 GMT

WASHINGTON -- Initial unemployment claims dropped back to a level indicating moderate job growth last week after a spike the previous week raised alarms about the labor market recovery.

Jennifer Lopez, Verizon team up to launch mobile brand Viva Movil

By Andrea Chang, Los Angeles Times — Thu, 23 May 2013 12:00:00 GMT

Entertainer Jennifer Lopez partners with Verizon Wireless to launch Viva Movil, a mobile brand aimed at the fast-growing Latino population.

Jennifer Lopez: actress, singer, dancer, fashion designer, and now, mobile phone mogul.

Xbox past and present

Thu, 23 May 2013 07:00:00 GMT

Global gaming market: $65 billion spent in 2012

Auto Club to cut automobile insurance for 1 million customers

By Marc Lifsher — Thu, 23 May 2013 07:00:00 GMT

The average policyholder will see a $65 reduction in his or her annual bill. It's the Auto Club of Southern California's fourth rate decrease in the last nine years.

About 1 million customers of the Automobile Club of Southern California will get an average $65 reduction in their annual car insurance bills, the auto club and the state Insurance Department announced.