September 20, 2013 |
David C. Bohnett, an Internet technology entrepreneur and busy philanthropist, serves on the boards of the Los Angeles Philharmonic Assn., the John F. Kennedy Center for the Performing Arts, amfAR: The Foundation for AIDS Research, the Los Angeles County Museum of Art and his own eponymous foundation. The L.A. Phil board chairman for the last five years discussed his involvement with the orchestra since Walt Disney Concert Hall's opening a decade ago. How long have you served on the L.A. Phil board and why did you choose to work with them?
September 15, 2013 |
WASHINGTON - With political opposition mounting against him, former Treasury Secretary Lawrence H. Summers pulled his name from consideration as the next chairman of the Federal Reserve, an abrupt turn of events that underscored President Obama's weakness in Congress. The unexpected decision, disclosed Sunday, left some financial analysts recalibrating the odds of changes in the central bank's policies, which have major global implications. Economists and other experts were stunned.
September 15, 2013 |
WASHINGTON -- Former Treasury Secretary Lawrence H. Summers has withdrawn his name from consideration to be the next chairman of the Federal Reserve chairman, President Obama said Sunday. Summers had been a leading contender to replace current Chairman Ben S. Bernanke, whose term expires in January, and in recent weeks had appeared to be the front-runner. His withdrawal opens the door for the other leading contender, Janet L. Yellen, the Fed's current vice chair. If nominated and confirmed, she who would be the first woman to head the central bank.
September 13, 2013 |
WASHINGTON - Two momentous decisions involving the Federal Reserve are coming to a head, with significant implications for the U.S. and global economies. Janet L. Yellen, a former UC Berkeley economist, stands in the middle of both of them. As vice chair of the central bank, Yellen will take a leading role next week, when policymakers decide whether to start rolling back the Fed's massive monetary stimulus after several years of providing extraordinary support for the weak economy.
September 10, 2013 |
Lionsgate has promoted Kevin Beggs to chairman of its Television Group as part of his new long-term contract, the company said Tuesday. Beggs, who has been with the company for 15 years, will continue to oversee development and production of programming at Lionsgate and will report to Jon Feltheimer, Lionsgate's chief executive. “He is an integral part of a management team notable for its breadth, depth and continuity, and we are confident that...
August 13, 2013 |
J.C. Penney's turmoil at the top continued Tuesday as activist investor Bill Ackman stepped down from the board following a public disagreement over the struggling retailer's choice of chief executive and chairman. Ackman, whose Pershing Square Capital Management hedge fund is J.C. Penney's largest shareholder, was replaced Monday by retail veteran Ronald W. Tysoe, the department store chain said Tuesday. Tysoe spent nearly two decades between 1988 and 2006 in high-level positions at Macy's Inc. back when it was Federated Department Stores Inc. J.C. Penney Chairman Thomas Engibous, in a statement, touted Tysoe's “deep knowledge of the retail industry and financial expertise” as a key tool in the embattled company's turnaround efforts.
August 12, 2013 |
The Dole Food Co. agreed Monday to sell all its remaining shares to the company's chairman and chief executive, David H. Murdock, taking the Westlake Village produce giant private in a sweetened deal valued at $1.2 billion. The 90-year-old Los Angeles billionaire will pay $13.50 a share in cash for all the outstanding shares of common stock he doesn't already hold. As of June, he and his family owned nearly 40% of Dole stock. The agreement, months in the making, comes after Murdock made a $12-a-share proposal in June.
July 29, 2013 |
WASHINGTON -- President Obama said his pick for the next head of the Federal Reserve would need to focus on both parts of the central bank's dual mandate -- keeping inflation in check and promoting maximum employment -- while helping improve the lives of average Americans. Appearing to confirm widespread expectations that Fed Chairman Ben S. Bernanke is not seeking a third term, Obama said this weekend that he had not made a final decision on a nomination. An announcement would come in "the next several months," Obama said.
July 19, 2013 |
NEW YORK - Investors pushed major U.S. indexes to a fresh round of all-time highs this week after strong profit reports from Wall Street banks were seen as another sign that the economy is improving. Citigroup Inc., Goldman Sachs and Morgan Stanley all reported that their investment banking business did big business during the second quarter. Analysts viewed that as a sign companies are turning to major financial firms to raise money and expand. Bulls hope that stronger corporate profits will help the underlying value of stocks and keep this year's rally going.
July 18, 2013 |
WASHINGTON - President Obama's choice for replacing Federal Reserve Chairman Ben S. Bernanke probably comes down to a quiet consensus builder, who would be a historic pick, or one considered brilliant but difficult to work with. Through unprecedented policy moves and public outreach, Bernanke has dramatically expanded the role and the profile of the nation's central bank. But neither he nor the White House have indicated whether he would seek a third term or be renominated. It is widely expected, though, that Bernanke will step down when his current term expires in January.