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BUSINESS
February 14, 2014 | By Jim Puzzanghera
The severe weather that has hit much of the country this winter has cost the economy nearly $50 billion in lost productivity and 76,000 jobs, according to a new survey. The debilitating effects of Old Man Winter hit factory production, which last month fell the most since the Great Recession ended, the Federal Reserve said Friday. Manufacturing output dropped 0.8% in January compared with the previous month, the first decline since July and the biggest falloff since May 2009.
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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.
BUSINESS
November 29, 2013 | By Shan Li
TIJUANA - In an industrial park five miles east of downtown Tijuana, Ariel Ceja toils in a white room bustling with assembly workers hunched over blue tables. A master scheduler, Ceja is in charge of all steps of production at this factory nestled inside a cavernous warehouse. A cluster of anonymous buildings surround the facility. Nearby are pitted roads, and just a few minutes away by car is the Tijuana airport and a university. San Diego-based 3D Robotics moved into this once-vacant spot in June, producing affordable drones and electronic parts destined for customers in the U.S. and around the world.
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