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Elon Musk loses $27 billion as historic wealth gains unravel

Business / Business News /

Elon Musk set records last year for one of the fastest streaks of wealth accumulation in history. The reversal is underway, and it’s steep.

The Tesla Inc. chief executive officer lost $27 billion since Monday as shares of the automaker tumbled in the selloff of tech stocks. His $156.9 billion net worth still places him No. 2 on the Bloomberg ...Read more

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Boeing CEO gave up millions in pay last year, though future stock awards loom large

Business / Business News /

With Boeing in crisis due to the grounding of the 737 MAX and the coronavirus pandemic's hit to air travel, chief executive Dave Calhoun chose last March to forgo his base salary for the rest of the year and his annual incentive bonus for 2020, leaving aside $3.6 million that he could have taken.

With that, his direct take-home pay last year ...Read more

LiPo Ching/San Jose Mercury News/MCT

John McAfee charged over crypto promotion on top of tax woes

Business / Business News /

Cybersecurity pioneer John McAfee, in custody in Spain facing U.S. tax charges, was indicted for fraud and money laundering over his use of social media to promote cryptocurrencies, as prosecutors go after illegal activity in the sector.

McAfee and another man, Jimmy Gale Watson Jr., used McAfee’s Twitter account to push a variety of digital ...Read more

J. KYLE KEENER/Detroit Free Press/TNS

Mark Phelan: Jeep owes the Cherokee Nation; it's time to pay up

Business / Business News /

It’s time Jeep and Stellantis, the huge automaker that owns the popular and profitable brand, pay their debt to the Cherokee Nation of American Indians. It won’t be easy, it shouldn’t be free, but it’s the right thing to do.

Jeep has reaped billions of dollars from positive perceptions of what "Cherokee" means since the first vehicle ...Read more

Allen J. Schaben/Los Angeles Times/TNS

California theme parks, stadiums can reopen as early as April 1 after COVID-19 rules revamped

Business / Business News /

California theme parks and sports stadiums will be allowed to welcome back visitors far sooner than expected under new guidance the state unveiled Friday.

While the changes don't mean it'll be business as usual at large-capacity facilities, they do reflect the state's growing sentiment that, with case rates on the decline and the COVID-19 ...Read more

Erin Hooley / Chicago Tribune/Chicago Tribune/TNS

As Illinois weed sales boom, cannabis industry faces growing movement to unionize

Business / Business News /

CHICAGO — The Illinois weed industry, fresh off surpassing $1 billion in revenue during its first year of recreational marijuana sales, may already be facing its “Norma Rae” moment of union awakening.

Seeking higher pay, career advancement and better protection from the COVID-19 pandemic, cannabis workers from Chicago to Springfield have ...Read more

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Consumer Confidential: Getting Olympics tickets refunded shouldn't be like running a marathon

Business / Business News /

Mary Olmos had no difficulty obtaining refunds for Lakers games, Los Angeles Philharmonic concerts and other events that were canceled because of the COVID-19 pandemic.

But getting all her money back for the yet-to-be-held 2020 Tokyo Olympics has been like running a marathon.

And the Upland, Calif., resident is starting to wonder if she'll ...Read more

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Amazon's telehealth arm quietly expands to 21 more states

Business / Business News /

An Amazon telehealth outfit that started as a pilot service for Seattle-area employees and their families has quietly filed paperwork to operate in 21 more states, a signal of Amazon’s expanding ambitions for the $3.8 trillion medical sector.

The service, Amazon Care, launched a year ago as an app providing on-demand chat and video ...Read more

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Elon Musk trolls GM, Chrysler on Twitter. Ford CEO responds with 1 word

Business / Business News /

Just one word.

That's all Ford CEO Jim Farley used to respond to Tesla CEO Elon Musk on Friday.

"Tesla & Ford are the only American carmakers not to have gone bankrupt out of 1000’s of car startups. Prototypes are easy, production is hard & being cash flow positive is excruciating," Musk tweeted Thursday.

Farley retweeted Musk early Friday ...Read more

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Economists ratchet up US growth forecasts on spending plan

Business / Business News /

Growth prospects for the U.S. economy this year are brightening considerably as Americans get vaccinated from the coronavirus and Congress closes in on another massive fiscal relief package.

The latest Bloomberg monthly survey of economists shows the pace of growth in the first quarter will be twice as fast as respondents expected just two ...Read more


Auto review: Second-gen Chevy Bolt EV is a treat. Pity it isn't a Caddy

Business / Business News /

The second generation, battery-powered Chevy Bolt EV is better than ever. I just wish it were a Caddy.

The 2022 Bolt EV (as in Electric Vehicle) has acquired a stretched version — called the Bolt EUV (Electric Utility Vehicle) — and all kinds of luxury touches. Super Cruise self-driving like a Cadillac Escalade. Three inches of rear legroom...Read more


Will electric crossovers like Volvo's C40 be the key to mass EV adoption?

Business / Business News /

With the introduction of its new C40 Recharge on Tuesday, Volvo became the latest automaker to bet that consumers who have so far been cool to the idea of an electric vehicle might change their minds if it comes in a form they love: the crossover. Whether they do may be crucial to the success of California's plan to end sales of gasoline and ...Read more


Debut: Would you believe an electric Porsche station wagon?

Business / Business News /

The automotive world is changing freaky fast. SUVs have eclipsed sedans. Electric pickup trucks are a thing. Dashboards look like iPads. And Corvette has put the engine behind the driver. What's next?

Would you believe an electric Porsche station wagon?

The iconic sports car brand unveiled its 2021 Taycan Cross Turismo Thursday, a wagon ...Read more

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Auto review: 2021 VW ID4 electric SUV challenges leaders like RAV4, CR-V, despite marginal battery range

Business / Business News /

Volkswagen joins the race to build America’s leading affordable electric vehicle this month with the ID4, a sleek model designed to challenge popular compact — and conventionally powered — SUVs like the Honda CR-V, Toyota RAV4, Ford Escape and Chevrolet Equinox.

There’s still room at the top as automakers compete to see who nails the ...Read more


Auto review: This Buick's beguilingly good looks are hindered by performance that could be better

Business / Business News /

It may sound shallow, but great design always wins out. It is why Apple has become one of the world’s most highly valued companies, a lesson not lost on Dell and Microsoft. So, I wasn’t expecting to like the redesigned 2021 Buick Envision, if only for the fact that it is the only car currently sold in the U.S. made in China. But then it ...Read more


The Week Ahead: Inflation worries yielding market nerves

Business / Business News /

During a cold winter with plenty of snow, a sunny day with temperatures in the upper 30s can feel like spring relief. It still is cold — especially for those of us in south Florida — but the relative warmth can change one’s mood.

Much the same can be said of the bond market and inflation. Interest rates remain historically low, but the ...Read more

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US job growth surges past estimates; unemployment dips to 6.2%

Business / Business News /

U.S. employers added more jobs than forecast in February and the unemployment rate declined, suggesting the labor market is clawing its way forward again following several disappointing months.

Payrolls increased 379,000 after an upwardly revised 166,000 January increase, according to a Labor Department report Friday. Economists in a Bloomberg ...Read more

Carolyn Cole/Los Angeles Times/TNS

A year into pandemic, LA's trendy Melrose Avenue still struggling

Business / Business News /

To the casual observer, Melrose Avenue last Monday afternoon was back in full swing. The sun shone brightly and throngs of fashionistas decked in edgy streetwear prowled the famed shopping district.

People clacked away on their laptops on the Starbucks patio. Even tattoo parlors and barbershops showed signs of life after a tumultuous year, ...Read more


Ford begins early production of not-yet-announced small pickup truck

Business / Business News /

A new pickup truck from Ford Motor Co. quietly began rolling off assembly lines at the Dearborn automaker's Hermosillo plant in Mexico last month, according to production data reported to shareholders this week.

The news was first reported by CNBC. The new product — dubbed "C-Pick Up" and expected to be called "Maverick" — appeared in a ...Read more

Brian van der Brug/Los Angeles Times/TNS

Universal Studios Hollywood to reopen with a food and shopping event

Business / Business News /

Nearly a year after it closed because of the pandemic, Universal Studios Hollywood plans to reopen on weekends to let fans buy food, shop and wander throughout most of the 415-acre park that celebrates moviemaking.

The theme park plans to rehire several hundred workers who were previously furloughed to staff the event.

Starting March 12, ...Read more