October 8, 2013 |
WASHINGTON - President Obama will nominate Janet L. Yellen to be the next head of the Federal Reserve, the White House said Tuesday. If confirmed, the former UC Berkeley economist would become the first woman to lead the world's most powerful central bank in its 100-year history. Yellen, the Fed's vice chair, would replace Ben S. Bernanke, whose second four-year term as chairman expires Jan. 31. She would take over at a crucial time as the central bank prepares to reduce its unprecedented support for the economy while trying to avoid damaging the still-fragile recovery.
CALIFORNIA | LOCAL
October 6, 2013 |
BUCKHORN MEADOWS, Calif. - Calls for massive salvage logging, restoration and reforestation projects in the 257,000 acres of public wilderness scarred by the Rim fire have ignited controversy over how to proceed with the largest recovery effort undertaken in the Sierra Nevada. "We're hoping to negotiate our way through this, but we need the infrastructure and personnel," said Jerry Snyder, a spokesman for the Stanislaus National Forest. "This effort will be huge, so we'll also need additional help from Washington.
October 6, 2013 |
For most of this year, the emerging markets have felt more like the submerging markets. Developing countries such as Brazil and India have gone from being the object of intense investor affection to the albatross of the global stock market. After years of outsized investment performance, the developing world lagged badly in 2013. The MSCI emerging-market index has fallen 4.5% this year even as the Standard & Poor's 500 index has jumped 18.5%. Emerging-world stocks rallied last month after the U.S. Federal Reserve delayed the expected tapering of its stimulus program.
October 4, 2013 |
A prolonged government shutdown could deliver a substantial blow to an already softening housing recovery. If the political standoff lasts for weeks, it could stall sales because lenders can't use IRS documents to confirm borrower qualifications. The impasse could also threaten loans backed by agencies such as the Federal Housing Administration. "With each passing day, the anxiety in the marketplace is building," said Stuart Gabriel, director of UCLA's Ziman Center for Real Estate.
CALIFORNIA | LOCAL
October 2, 2013 |
Los Angeles Mayor Eric Garcetti sought Wednesday to rebuild his frayed ties with the city's business leaders, embracing their City Hall agenda while promoting his efforts to speed L.A.'s economic recovery. "You set the agenda for us," Garcetti told a gathering of L.A. Area Chamber of Commerce members in the City Hall rotunda. "It's time to put the recession in the rearview mirror," he said. "It's time for us, as Los Angeles, to be an example for what a modern city can be, and an economy of a modern city can look like.
September 30, 2013 |
WASHINGTON - The last time the federal government shut down, for three weeks in the winter of 1995-96, the American economy felt a jolt but recovered quickly. Things don't look anywhere near as promising this time around. The nation is currently more than four years into an economic expansion with some momentum behind it. That also was the case in 1995. But this time, things are a lot more fragile. Shutdown Q&A: How long? What's the impact? Americans continue to suffer from a relatively high unemployment rate of 7.3%, which is about 2 percentage points higher than in December 1995.
September 28, 2013 |
The Lakers opened training camp on Saturday by holding media day at their El Segundo practice facility. Pau Gasol, who recently arrived in Los Angeles after spending most of the summer in Spain, is healthy after May procedures to help relieve tendinosis in both knees. "It wasn't easy," Gasol said. "They had to put me on crutches for a few weeks, after the painful season that I had. It was what I needed to do in order to be healthy today. " Gasol missed 33 games last season with a variety of ailments (concussion, foot and knees)
September 24, 2013 |
Los Angeles builder KB Home rode the housing recovery to soaring revenue and profit during the third quarter, as it sold more homes at higher prices. The Southland's largest production home builder beat Wall Street's profit expectations Tuesday, reporting net income of $27.3 million, or 30 cents per share, in the third quarter. That's up remarkably from $3.3 million, or 4 cents per share during the same period last year. Revenue climbed 29% over the year to $549 million, as each of the company's regions - the West Coast, Southwest, Central and Southeast - brought in at least 25% more in revenue. Still, analysts followed by Yahoo Finance expected more, $569.6 million in revenue.
September 19, 2013 |
DENVER - In an acknowledgment of the breadth of destruction that has visited his state, Colorado Gov. John Hickenlooper announced Thursday the appointment of a business executive to oversee the state's recovery from catastrophic flooding, which he framed as "a race against the onset of winter. " Jerre Stead, the e xecutive chairman of IHS Inc., a global information company, will become the state's so-called Chief Recovery Officer as Colorado contends with roughly 2,000 lost homes, 200 miles of destroyed state highways and scores of bridges damaged or destroyed across the state.
September 17, 2013 |
WASHINGTON -- Reflecting the sluggish economic recovery, the nation's poverty rate remained stuck at a near generation-high of 15% last year, while the average income of American households continued to stagnate, the Census Bureau reported Tuesday. The number of people living in poverty stood at 46.5 million in 2012, representing 15% of the country's population for the second year in a row. In 2010, the poverty rate reached 15.1%, the peak of the recent business cycle. The poverty figure was 12.5% in 2007, the year before the Great Recession.