BUSINESS
May 8, 2012 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - The U.S. government could end up pocketing a $15.1-billion profit from the bailout of insurance giant American International Group Inc., according to a new estimate by the Government Accountability Office. The report came as the Treasury Department this week continued to wind down its stake in AIG, which the government rescued from collapse in late 2008 with a multi-step infusion of $125 billion in taxpayer money to stabilize the company. The Treasury Department said this week that it agreed to sell $5.75 billion worth of shares to reduce the government's ownership stake to 61% from 70%. The sale, which could be final as early as this week, includes about $750 million from underwriters that exercised their option to buy additional shares.
CALIFORNIA | LOCAL
May 6, 2012 | By Rong-Gong Lin II, Los Angeles Times
La Niña, the demon diva of drought, has ended, but what comes next could be even more foreboding: La Nada. La Nada, or "nothing" in Spanish, is climatologist Bill Patzert's nickname for when surface sea temperatures in the equatorial Pacific Ocean are about normal. That means ocean temperatures are not too warm, which would trigger an El Niño and would typically mean a rainy winter in Southern California. The sea also is not too cold, which produces a La Niña and usually means a dry season.
BUSINESS
May 5, 2012 | By Alejandro Lazo, Los Angeles Times
A nation still struggling to clear up one housing debacle has run smack into another - soaring rents. The foreclosure mess has pushed millions of former homeowners with tarnished credit into a competitive apartment market across the U.S. Add fresh demand from young workers, few new units and tight standards for home loans, and the result is rental sticker shock not seen in years. Rents are surging from New York to Los Angeles. The average monthly U.S. rent for apartments hit $1,008 in the first quarter, pushing past the all-time high set in the third quarter of 2008, according to the data firm RealFacts.
BUSINESS
May 4, 2012 | By Chad Terhune, Los Angeles Times
Health Net Inc.shares plunged 25% as the Woodland Hills insurer posted disappointing first-quarter results and slashed its full-year profit outlook. The company surprised analysts and investors by disclosing an additional $67 million in medical claims that hadn't been reported in the fourth quarter because of errors in processing claims. Health Net said outside vendors that handle those claims for the company experienced problems with a new industrywide billing format. Health Net also cut its 2012 profit forecast to a range of $2.35 to $2.50 a share, excluding certain items.
SCIENCE
May 4, 2012 | By Amina Khan, Los Angeles Time
A stream of highly charged particles from the sun is headed straight toward Earth, threatening to plunge cities around the world into darkness and bring the global economy screeching to a halt. This isn't the premise of the latest doomsday thriller. Massive solar storms have happened before - and another one is likely to occur soon, according to Mike Hapgood, a space weather scientist at the Rutherford Appleton Laboratory near Oxford, England. Much of the planet's electronic equipment, as well as orbiting satellites, have been built to withstand these periodic geomagnetic storms.
NATIONAL
April 28, 2012 | By Ken Kaye, Sun Sentinel
FORT LAUDERDALE, Fla. — Forecasting teams are calling for the 2012 Atlantic hurricane season to be slower than normal, although not by much. AccuWeather.com predicts 12 named storms, including five hurricanes, two with sustained winds greater than 110 mph. Weather Services International, or WSI, a part of the Weather Channel, projects 11 named storms, including six hurricanes, two of those intense. Both forecasts would translate to a slightly slower than normal season: On average, there are 12 named storms, including six hurricanes, three of them major.