Tronc completes LA Times sale, may change corporate name

Business / Business News /

Tronc completed its $500 million sale of the Los Angeles Times and San Diego Union-Tribune to biotech billionaire Patrick Soon-Shiong on Monday, ushering in a new era for both the Chicago-based newspaper chain and its former California holdings.

Tronc also is looking to shed its much derided corporate moniker, and bring the Tribune name back in...Read more

Florida has most in the nation to lose from sea rise

Business / Business News /

Florida stands to lose more homes -- and real estate value -- to sea-rise damage than any other state in the nation this century, according to a new study.

That conclusion, in a report compiled by the Union of Concerned Scientists, was reached using housing information from Zillow and a flood model from the National Oceanic and Atmospheric ...Read more

Critics say CFPB nominee Kathy Kraninger lacks the experience to be the nation's top consumer financial watchdog

Business / Business News /

WASHINGTON -- Nominees for top federal financial regulators usually have worked in high-level government or private-sector jobs and President Trump had been following that traditional playbook. Until his latest pick.

His choice for Comptroller of the Currency was chief executive of Pasadena's OneWest Bank; the selection for Federal Deposit ...Read more

Veteran journalist Norman Pearlstine named executive editor of the Los Angeles Times

Business / Business News /

LOS ANGELES -- Norman Pearlstine, who has spent 50 years in journalism helping shape some of the nation's most prominent publications -- including Time Inc. magazines, Bloomberg News, Forbes and the Wall Street Journal -- on Monday was named executive editor of the Los Angeles Times.

It was the first major move by Dr. Patrick Soon-Shiong, who ...Read more

Pompeo calls China's appeals for more trade openness a 'joke'

Business / Business News /

Secretary of State Mike Pompeo amplified President Donald Trump's tough line in a brewing trade war with China in a speech on Monday, saying U.S. action was long overdue and calling Chinese appeals for greater economic openness "a joke."

"Chinese leaders over these past few weeks have been claiming openness and globalization, but it's a joke," ...Read more

Is this scathing report the death knell for bitcoin?

Business / Business News /

As if bitcoin fans didn't have enough to worry about these days, a widely respected international bank has just published a scathing analysis of the cryptocurrency questioning whether it ever will be more than a fad -- and a costly fad for its adherents.

The report by the Swiss-based Bank for International Settlements doesn't present any ...Read more

Here's what you need to know about the current salmonella and cyclospora outbreaks

Business / Business News /

The U.S. consumer can be forgiven any Foodborne Illness Outbreak Confusion and Fatigue.

As spring's romaine lettuce-E. coli and shell egg-salmonella outbreaks faded after causing, respectively, five deaths and a record recall, news of three more foodborne illness outbreaks within a week drenched consumers.

These aren't just preventive ...Read more

Tesla builds another production line to make Model 3 cars more quickly

Business / Business News /

Electric car manufacturer Tesla Inc. has set up an additional, no-frills production line to churn out vehicles, according to Chief Executive Elon Musk.

Musk tweeted a photo Saturday of a general assembly line that he said was built in three weeks with "minimal resources." The photo shows a Model 3 rolling off the line in what appears to be a ...Read more

Furniture retailers, discounters among retailers claiming former Toys R Us stores

Business / Business News /

Many Toys R Us stores are still conducting going-out-of-business sales, but as the toy chain sells off the last of its merchandise, it's also begun selling its stores.

The bidders in early store auctions give a look at the kinds of stores that will fill the empty properties Toys R Us leaves behind. Retailers including Aldi, Burlington, Ollie's ...Read more

Trump Tower, one of largest users of Chicago River water, has never met EPA rules for protecting fish, records show

Business / Business News /

CHICAGO -- Fishing piers and floating gardens welcome anglers to the Chicago Riverwalk, but a few blocks upstream is a little-known threat to fish and other aquatic life in the city's steadily improving waterway: Trump International Hotel & Tower.

State records obtained by the Tribune show the president's glass-and-steel skyscraper is one of ...Read more

Cargill sounds alarm as possible trade war looms

Business / Business News /

WASHINGTON -- Devry Boughner Vorwerk's speech to global development experts in the nation's capital last week was a call to action.

Global trade, said Cargill's chief of global corporate affairs, can be a development tool that promotes the environment, education and equality. But only if people and organizations become activists willing to work...Read more

U.S. whiskey producers fear being casualties of possible trade war

Business / Business News /

Makers of American whiskey worry the increasing likelihood of retaliatory tariffs, particularly from the European Union and China, could hurt business after years of booming growth abroad.

The Trump administration announced Friday that it was moving forward with 25 percent tariffs on $50 billion worth of Chinese goods, most of which will go ...Read more

Consumer Confidential: 50,000 percent markup for a shot makes the case for a single-payer healthcare system

Business / Business News /

A single-payer healthcare system once again is being talked about for California -- the leading candidate for governor supports the idea -- and once again the issue is being framed as a debate between starry-eyed dreamers and sober-minded realists.

It doesn't have to be an either/or proposition.

The reality is that California could, and should...Read more

The Journey: Keeping an eye on the big numbers of retirement

Business / Business News /

Critics panned it, but there's a great line from the 1979 film "The Main Event" that pretty much sums up our weird relationship with money.

Barbra Streisand played an entrepreneur who has just learned her business manager has run off with virtually all of her financial assets.

"When you say I have no money, do you mean I have to be careful at ...Read more

Susan Tompor: Why Fed rate hike can drive you to pay down credit cards

Business / Business News /

For roughly a decade, millions of consumers could afford to focus on the rewards and ignore the rates on their credit cards.

"They haven't really had to think too much about interest rates because they didn't change that much," said Robert A. Dye, chief economist at Comerica Bank.

Game over. Get ready for higher rates on your credit cards ...Read more

On Philanthropy: Community foundations are key partners in achieving U.N. Goals

Business / Business News /

The world's first community foundation was established in Cleveland in 1914. Today, there are almost 1,900 community foundations -- 75 percent of them created in the last 25 years. Among these are 1,033 in North America, 670 in Europe, 62 in Asia, 56 in Oceania, 31 in Africa and 11 in South America.

Community foundations are independent ...Read more

'Incredibles 2' smashes record with biggest opening ever for animated film

Business / Business News /

LOS ANGELES -- The Pixar superhero movie "Incredibles 2" made 14 years of anticipation worth the wait for Disney, as the follow-up to 2004's "The Incredibles" smashed the record for highest animation debut of all time with an estimated $180 million in ticket sales for the U.S. and Canada, according to the measurement firm ComScore.

"Pixar has ...Read more

Iran Says 3 OPEC members will veto Saudi-backed oil production boost

Business / Business News /

LONDON –– Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that's backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week.

"Three OPEC founders are going to stop it," Iran's representative to the bloc, Hossein Kazempour Ardebili, said Sunday. "If the Kingdom of Saudi ...Read more

Visionaries and scoundrels made the Los Angeles Times, which returns to local ownership after 18 years

Business / Business News /

LOS ANGELES--The Los Angeles Times rose to prominence under the leadership of a bellicose, union-busting Civil War colonel who kept an arsenal of shotguns in the newsroom in case of labor strife and drove through the city with a custom horn that looked like a cannon mounted to his hood.

For more than a century, starting in 1882, Harrison Gray ...Read more

Profiting from pain: 'Murderabilia' has macabre appeal to collectors

Business / Business News /

The Murder Museum bragged about selling two rocks snatched from the scene of Florida's worst school shooting.

"Sold! Two rocks taken from the grounds of Marjory Stoneman Douglas High School. $85 shipped," read a post on its Facebook page, which also included a photo of the killer.

It isn't the only dealer of morbid merchandise known as "...Read more