CALIFORNIA | LOCAL
May 12, 2012 | By Phil Willon, Los Angeles Times
Every morning when UC San Diego physicist Herbert Levine laces up his running shoes and chugs alongside Mission Bay, his earphones crackle with radio ads opposing a proposed $1-per-pack cigarette tax to raise money for cancer research. The ads are funded by the tobacco industry. They call Proposition 29, the tobacco tax that state voters will consider on the June 5 ballot, a bureaucratic boondoggle, an initiative that would raise mountains of cash for research but not a penny for treatment.
BUSINESS
May 8, 2012 | By Jessica Guynn, Los Angeles Times
SAN FRANCISCO — Dressed in his trademark hoodie and jeans, Facebook Inc. co-founder Mark Zuckerberg kicked off a cross-country roadshow to pitch his company's initial public stock offering. Hundreds of institutional investors stood in long lines Monday to pile into a ballroom at New York's Sheraton Hotel to hear the billion-dollar pitch from the 27-year-old chief executive before his company's hotly anticipated IPO. The meeting was closed to the media. Facebook is trying to build excitement for the IPO that in a few weeks could value the company at more than $96 billion.
BUSINESS
May 6, 2012 | Liz Weston, Money Talk
Dear Liz: After working all out for 28 years in a small business, I have put away $2.6 million in stocks, bonds and some cash. (I am a reasonably smart investor.) I'm 58 and want to be done at 60. I'm not tired of my business, just tired of working. How much do you think I could draw out and not get myself into trouble? I'm in great health, so I could last 30 more years. Our house is paid off, and my wife gets about $40,000 a year from a nice pension. Any ideas? Answer: Financial planners typically recommend an initial withdrawal rate of 3% to 4% of your portfolio.
BUSINESS
May 3, 2012 | By Tiffany Hsu, Los Angeles Times
Nearly 30% of jobless Americans have been out of work for at least a year, according to the Pew Fiscal Analysis Initiative report on the first quarter. The report found that of the 13.3 million unemployed workers in the country, 3.9 million had been jobless for all or most of 2011. That's more people than live in Oregon. That 29.5% long-term unemployment rate is slightly off the peak reached in the third quarter of last year, when 31.8% of jobless Americans were out of work for a year.
CALIFORNIA | LOCAL
May 3, 2012 | By Michael J. Mishak, Los Angeles Times
SACRAMENTO — A labor union that pushed a pair of ballot measures that would have reined in excessive hospital billing and expanded healthcare for the poor has dropped them — in exchange for an agreement that enlists the hospital industry in the union's organizing efforts. The agreement, announced late Wednesday, ends a months-long public battle between the Service Employees International Union and the California Hospital Assn. Private hospitals had accused the union of using the initiative process as leverage in contract negotiations to expand its membership, a charge the union strongly denied.
CALIFORNIA | LOCAL
May 2, 2012 | By Dennis McLellan, Los Angeles Times
Patricia Medina, a British-born actress whose Hollywood career as a leading lady in the 1950s spanned the talking mule comedy "Francis" and Orson Welles' crime-thriller "Mr. Arkadin," has died. She was 92. Medina, the widow of actor Joseph Cotten, died Saturday at Barlow Respiratory Hospital in Los Angeles, said Meredith Silverbach, a close friend. She had been in declining health. A petite, dark-haired beauty who launched her film career in England in the late 1930s, Medina was married to actor Richard Greene when she arrived in Hollywood after World War II. "She was a stunning woman," said Silverbach.