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Stellantis CEO says 'cost-cutting race' of EV transition will especially hit suppliers

Business / Business News /

The electric vehicle transition is a game of severe cost-cutting, and automotive suppliers must figure out how to adapt or risk going under in the next five to 10 years, Stellantis NV CEO Carlos Tavares warned Wednesday.

EVs cost 40% to 50% more to produce than gas-powered cars on average, he said. That means automakers like Stellantis are "not...Read more

Allen J. Schaben/Los Angeles Times/TNS

Ocean technology hub AltaSea blooms on San Pedro waterfront

Business / Business News /

A moon shot to make Southern California an international leader in the “blue economy” is taking shape in San Pedro as a $30-million renovation of three historic waterfront warehouses nears completion.

AltaSea at the Port of Los Angeles, as the complex is known, is home to sea-centered businesses such as the headquarters of explorer Robert ...Read more

Amy Beth Bennett/South Florida Sun-Sentinel/TNS

Number of 'millionaire cities' rises to 17 in South Florida. Here's a look at the communities

Business / Business News /

South Florida now has a larger number of “millionaire cities.”

There are 17 cities in South Florida where the typical home is worth at least $1 million, according to an analysis done by Zillow, in which it identified its millionaire cities across the country. That’s compared with 16 last year.

Newly on the list this time: Palmetto Bay, a...Read more

Dai Sugano/Bay Area News Group/TNS

One San Jose tiny home shelter is successfully moving people to housing. Can it be a model for other sites?

Business / Business News /

San Jose, California, more than any other Bay Area city, has embraced tiny homes as a solution to homelessness.

Since 2020, the city has developed six tiny home sites with around 500 beds. Three upcoming locations will add more than 700 new beds. The facilities provide rent-free private units, some with individual bathrooms, as well as shared ...Read more

Real estate Q&A: How can I circumvent neighbor's refusal to allow pool installation equipment on her property?

Business / Business News /

Q: I want to install a pool in my backyard, but my neighbor won’t agree to let the contractor use any portion of her side yard to get equipment in and out even though I agreed to pay for all repairs and landscaping to put things back to how they were. What do I do? —Jennifer

A: You are in a difficult situation. You want to use your property...Read more

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Slotkin bill seeks permanent review process for high-tech Chinese cars

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WASHINGTON — Democratic U.S. Rep. Elissa Slotkin released new legislation Wednesday aimed at ensuring federal review of high-tech cars coming from China.

Her bill would codify parts of executive actions from the Trump and Biden administrations that directed the Commerce Department to investigate national security threats from Chinese ...Read more

Wally Skalij/Los Angeles Times/TNS

California consumer group blasts insurance bill backed by Newsom

Business / Business News /

A bill backed by Gov. Gavin Newsom that is intended to halt more exits from California's troubled homeowners insurance market by speeding up reviews of proposed rate hikes drew sharp criticism Wednesday from an influential consumer group.

The administration this week released the draft of a bill Newsom proposed this month that he said would ...Read more

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Cuba's entrepreneurs could open US bank accounts soon. Here's a look at how it would work

Business / Business News /

The Biden administration this week modified the regulations on the U.S. embargo on Cuba to allow private entrepreneurs on the island to open and manage U.S. bank accounts, a big bet to support the private sector on the island.

However, the new policy requires several steps before Cubans can take advantage, and several issues are still up in the...Read more

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Lilly, Amazon pump billions into Indiana's industrial resurgence

Business / Business News /

An industrial renaissance is fueling record capital inflows into Indiana, putting the Midwestern state on pace to surpass last year’s almost $29 billion in investments.

Eli Lilly & Co. last week pledged to spend $5.3 billion in the state to expand a site that makes a key ingredient in the weight-loss and diabetes drugs that have exploded in ...Read more

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Michael Hiltzik: With Live Nation lawsuit, government signals it's fed up with alleged corporate scofflaws

Business / Business News /

Is there a better example of arrogant corporate behavior than flouting a government decree — not once but multiple times? That's the question raised by the antitrust lawsuit against the giant concert and ticketing conglomerate Live Nation alleging a raft of monopolistic practices.

The lawsuit, filed Thursday by the Department of Justice, 29 ...Read more

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Ring has a new mission. 'Hey, there's raccoons in my backyard'

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For years, Ring touted its crime-fighting bona fides, selling smart doorbells that let homeowners remotely monitor their residences — and sometimes share what they recorded with local police. Now the Amazon.com Inc. unit is looking to transform itself into a smart-camera business with a cheery social-media side hustle, sort of a mashup between...Read more

Henry Payne/The Detroit News/TNS

Revealed: See Cadillac's latest EV, the Optiq

Business / Business News /

DETROIT — Cadillac on Wednesday revealed its newest all-electric offering, the Optiq SUV — its entry-level EV that will hit dealer lots later this year with the goal of attracting new customers to the luxury brand.

Cadillac debuted the 2025 Optiq with an event to celebrate the opening of a Cadillac City Paris store as the brand pushes ...Read more

Henry Payne/The Detroit News/TNS

Henry Payne: 5 noteworthy things about the Cadillac Optiq EV

Business / Business News /

DETROIT — Cadillac is bringing the bling for its all-electric future with the extravagant, custom-built, $350k Celestiq sedan and the $100k Escalade Q mega-SUV.

And its entry-level Cadillac Optiq ain’t too shabby either.

Studded with many of the gem-like features found in the midsize Lyriq — Caddy’s first EV entry launched for the 2023...Read more

Dreamstime/Dreamstime/TNS

Meta removes AI-generated influence campaigns in China, Israel

Business / Business News /

Meta Platforms Inc. removed hundreds of Facebook accounts associated with covert influence campaigns from China, Israel, Iran, Russia and other countries, some of which used artificial intelligence tools to generate disinformation, according to the company’s quarterly threat report.

Meta, the parent of Facebook, Instagram and WhatsApp, has ...Read more

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Why Silicon Beach didn't live up to the hype as an LA tech powerhouse

Business / Business News /

High atop a Century City tower with floor-to-ceiling views of the Westside, a group of venture capitalists, other investors and startup founders picked at charcuterie boards, sipped drinks and debated the future of tech ventures in the Los Angeles area.

The mood was upbeat. L.A. is a sleeping tech giant, they said, home to a diverse range of ...Read more

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Tech review: Father's Day gift guide

Business / Business News /

Father’s Day is around the corner, and Dad deserves something nice. I know my dad suffered through years of ties and cologne before I was old enough to know what he really wanted.

I’ve got three gift ideas and one is bound to make him happy. I’ve used all three of these items and your dad will love all of them.

OnePlus Watch 2

I’ll ...Read more

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Is a change in slot-machine jackpot thresholds really coming?

Business / Business News /

Color me skeptical, but I’ll believe the recent news about the Internal Revenue Service and U.S. Treasury acting to increase the threshold on reportable slot machine jackpots when I see it.

Last week, there was a report that the Internal Revenue Service Advisory Council recommended to IRS Commissioner Danny Werfel that the current amount ...Read more

Charles Fox/The Philadelphia Inquirer/TNS

These adult mini-golf bars have some of the hottest tee times in Philly

Business / Business News /

When Puttshack opened in Philadelphia's Center City as a spot for drinks, food, and mini golf last weekend, it became the second business of its kind in about a two-mile radius.

Mini golf isn’t just for kids anymore. Adults are loving it, too.

It’s a plan for a Sunday Funday out with friends, local consumers said, and a built-in icebreaker...Read more

Glen Stubbe/Minneapolis Star Tribune/TNS

Interest rates could stay high 'indefinitely,' says Minneapolis Fed president Kashkari

Business / Business News /

The Federal Reserve has made no secret of its plan to keep interest rates higher as it seeks to tame inflation coming out of the COVID-19 pandemic, but it's now looking like rates could stay higher for much longer than anticipated.

Despite the Fed's efforts to pump the brakes on the U.S. economy by holding interest rates at 5.25% to 5.5% since ...Read more

Dean Musgrove/Los Angeles Daily News/TNS

Bill advances in Sacramento to make social media pay for harm to California kids

Business / Business News /

Social media platforms may be held financially liable for harm caused to California’s minors thanks to a bill authored by Assemblymember Josh Lowenthal, D-Long Beach.

AB 3172 would impose financial liabilities on large social media companies if a court finds that they knowingly offered products or design features that resulted in harm to ...Read more