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BUSINESS
February 14, 2014 | By Jim Puzzanghera
WASHINGTON -- Severe weather put a big freeze on factory production last month, causing output to fall the most since the Great Recession ended, the Federal Reserve said Friday. Manufacturing output fell 0.8% in January compared with the previous month, the first drop since July and the biggest falloff since May 2009. The decline was "partly because of the severe weather that curtailed production in some regions of the country," the Fed said. PHOTOS: Federal Reserve chairs through the years The drop in factory output caused overall industrial production to unexpectedly fall 0.3% in January.
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BUSINESS
February 9, 2014
The company: The Cheesecake Factory Inc. Headquarters: Calabasas Ticker: CAKE Employees: 33,900 Leadership: David M. Overton, co-founder and chief executive Fiscal 2012 revenue: $1.8 billion Fiscal 2012 net income: $98.4 million Stock price: $44.69 at Friday's close 52-week range: $32.64 to $49.74 P/E ratio: 22 Quarterly dividend: 14 cents, a current yield of 1.2% ...
BUSINESS
February 9, 2014 | By Stuart Pfeifer
People like rich, tasty food - and sweet, smooth desserts. That's a recipe the Cheesecake Factory Inc. has been following for more than three decades. The company's roots can be traced to the home kitchen of Evelyn Overton, who ran a small baked goods business from the family home in Detroit in the 1940s. She and her husband, Oscar, later moved to California to launch a bakery. In 1978, their son, David, opened the first Cheesecake Factory restaurant in Beverly Hills. "I didn't know what I was doing," David Overton told The Times in a 2011 interview.
BUSINESS
February 4, 2014 | By Ricardo Lopez
Factory orders fell 1.5% in December, led largely by a decline in orders for new aircraft, the U.S. Commerce Department reported Tuesday. New orders fell $7.2 billion to $489.2 billion, the largest drop in five months. December's decline followed an increase of 1.5% the previous month, the Commerce Department said. Removing the transportation equipment category, which includes aircraft, new orders were actually up 0.2%. Orders for non-defense capital goods, a proxy for business investment, declined by less than previously estimated, falling 0.6% instead of an earlier estimate of 1.3%.
BUSINESS
January 27, 2014 | By Shan Li
Foxconn Technology Group, the Taiwanese manufacturer for tech firms such as Apple Inc., is looking to build a factory in the United States. The major maker of iPhones and iPads is in talks with several states including Arizona and Colorado to set up a manufacturing facility to make high-tech parts, company spokesman Simon Hsing told Bloomberg. Rising transporation costs and wages in mainland China has spurred some companies to look at bringing some manufacturing capacity closer to home either within the U.S. or in nearby Mexico or Canada.
BUSINESS
January 17, 2014 | By Don Lee
WASHINGTON -- U.S. industrial production last year grew faster than the overall economy, speeding up especially in the fourth quarter. Yet factories added only about 60,000 jobs over the year, just one-third the rate of growth for all employers. Part of the explanation is that manufacturing made greater strides in productivity than service firms did. That means factories got more out of their workers and machinery. But data released Friday suggest that U.S. manufacturers are at a point where they may soon have to bulk up. The Federal Reserve said industrial production rose 0.3% in December -- the fifth straight month of increase -- and resulted in a 6.8% annualized gain for the fourth quarter.
SCIENCE
January 6, 2014 | By Deborah Netburn
Using a powerful radio telescope, scientists have spotted an enormous cloud of dust billowing in the center of a supernova - finally. The discovery, announced at the American Astronomical Society, helps to confirm what scientists have long thought - that massive supernova explosions could have provided the dust found in the first galaxies. Early galaxies were dusty places, but where did that dust come from when the universe was still so new? Astronomers hypothesized that supernovae - the end-of-life explosions of stars at least eight times the size of our sun - may have been the source of that ancient, primordial dust.
NATIONAL
December 18, 2013 | By Tina Susman
NEW YORK - He was the onetime golden boy of the Los Angeles wine scene, but Rudy Kurniawan's life as a high-profile collector of rare vintages ended Wednesday when a jury convicted him of fraud for operating a fake wine factory and selling counterfeit wines to fund his lavish lifestyle. Some of the wines Kurniawan sold privately or at auctions fetched more than $5,000 per bottle. But wine experts said Kurniawan's victims went far beyond a few very rich collectors and that his actions cast a cloud over the entire wine world.
BUSINESS
December 6, 2013 | By Jim Puzzanghera
WASHINGTON -- Big gains in factory and construction jobs last month have experts optimistic that the labor market is starting to produce enough higher-paying jobs to fuel stronger economic growth. "It's not just the quantity of the jobs but the quality," Diane Swonk, chief economist at Mesirow Financial, said of Friday's Labor Department report of a surprisingly strong 203,000 net new jobs added in November. Of those hires, manufacturers accounted for 27,000, the most since March 2012 and a sharp increase from October's 16,000 new jobs.
CALIFORNIA | LOCAL
November 29, 2013 | By Frank Shyong
After a judge ordered the partial shutdown of the Sriracha hot sauce plant in Irwindale, experts must now determine which parts of the factory's operation cause odors - a decision that could affect next year's sauce supply. Sauce maker Huy Fong Foods has already ground all the chiles for next year's supply of Sriracha hot sauce. The raw materials for its three sauces, Sambal Oelek, Sriracha, and Chili Garlic, are created during a three-month harvesting and production cycle that concluded earlier this month.
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