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BUSINESS
July 15, 2013 | By Andrew Tangel
NEW YORK -- Like other major banks, Citigroup sees a slowdown in its mortgage-refinancing business amid a rise in long-term interest rates. “Although the housing market is gaining strength, lower volume of mortgage refinancing will impact our consumer business,” Chief Executive Michael Corbat told analysts during a conference call Monday. “We're already taking steps to make sure the mortgage business is sized correctly,” he said. Federal Reserve Chairman Ben S. Bernanke roiled financial markets last month by fueling speculation that the central bank was poised to scale back monetary stimulus later this year.
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BUSINESS
April 4, 2014 | By Don Lee
WASHINGTON - The U.S. economy shook off the winter doldrums and added a healthy batch of new jobs last month, a reassuring sign that the labor market recovery remains on track. The gain of 192,000 jobs in March, reported Friday by the Bureau of Labor Statistics, indicated that the hiring slowdown earlier in the winter was temporary and stemmed from the unusually cold weather across much of the country. All the jobs added last month came in the private sector, lifting total non-government payrolls to a new peak.
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CALIFORNIA | LOCAL
January 13, 2014
Join Times staff writer Julie Cart for an online discussion at 9 a.m. Monday about the dimming prospects of solar energy. The Obama administration set off a building boom of large-scale solar power plants across the Southwest about five years ago, but the pace of development has slowed to a crawl. A number of companies have gone out of business and projects have been canceled. The first auction of public land for solar developers, an event once highly anticipated by federal planners, failed to draw a single bid last fall.
ENTERTAINMENT
January 30, 2014 | By Meg James
Media company Viacom Inc. reported 16% higher profit in its fiscal first quarter but revenue dipped -- raising worries on Wall Street about a slow-down in domestic advertising sales. But blame Paramount Pictures, the Los Angeles-based movie studio, for  Viacom's lower revenue in the quarter ended Dec. 31. Studio revenue plunged 30% to $681 million because of fewer movie releases compared to the year-earlier period. TIMELINE: Best Super Bowl commercials Paramount lost $74 million in the quarter, which was an improvement over the previous year period when the studio lost $139 million.
NEWS
July 19, 1990
It's interesting how the animal activists are claiming responsibility for the slowdown of fur sales. Are they responsible for the overall slowdown of our economy? For the very visible slowdown in the whole garment industry? For the very publicized slowdown in car sales? For the standstill in real estate sales? For the layoffs in the aerospace industry? WANDA PRESS Beverly Hills
NEWS
June 19, 2008
Bottled water: An article in Business on Wednesday about a slowdown in bottled-water sales misspelled the surname of the brand manager for the Pur water line, Bruce Lux, as Letz.
BUSINESS
May 28, 1989
"Houses last year sold in less than 30 days. Now you're looking at 90 to 180 days at least." --Sherry Powers, a real estate agent in Mission Viejo, on the slowdown in sales of single-family houses in California last month.
ENTERTAINMENT
September 2, 2006
AS a producer and creator of special-edition DVDs, I couldn't help but read with some amusement the whining and clucking of studio executives over the slowdown in the growth of DVD sales ["A Blue Period for Hollywood?," by Rachel Abramowitz, Aug. 29]. To read quotes calling high DVD sales "the old reliable standard" or claims that it's "always been this catchall," you would think they were bemoaning the loss of a decades-old institution, not a recent bonanza they've only experienced for the past six years or so. If the slowdown translates into more thought and less waste, then in the long run it bodes well for the film business.
BUSINESS
May 26, 1989 | OSWALD JOHNSTON, Times Staff Writer
The nation's economy grew at an annual rate of 4.3% during the first three months of the year, well below the 5.5% estimated a month ago and far slower than analysts had expected, the Commerce Department said Thursday. And excluding the farm economy, which rebounded briskly from last year's drought, economic expansion was only 1.8%, down from the 3% reported earlier. By contrast, the non-farm economy grew 3.5% in the last quarter of 1988. The slowdown in reported growth had little impact in financial markets Thursday, as the Dow Jones industrial index fell by barely more than a point.
BUSINESS
February 18, 1986
SFE Technologies, citing the overall slowdown in the electronics industry, reported a widened loss of $2 million, or 32 cents a share, in the first quarter ended Jan. 24. In the same quarter the year before, the company lost $869,000, or 14 cents a share. SFE's sales declined 28% to $10.7 million. The San Fernando-based company makes ceramic electrical capacitors, devices that store electrical charges, used in computers and telecommunications equipment.
CALIFORNIA | LOCAL
January 13, 2014
Join Times staff writer Julie Cart for an online discussion at 9 a.m. Monday about the dimming prospects of solar energy. The Obama administration set off a building boom of large-scale solar power plants across the Southwest about five years ago, but the pace of development has slowed to a crawl. A number of companies have gone out of business and projects have been canceled. The first auction of public land for solar developers, an event once highly anticipated by federal planners, failed to draw a single bid last fall.
BUSINESS
October 24, 2013 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Bank of America Corp. is slashing 1,200 jobs in its mortgage division as the company's refinancing business slows amid rising interest rates. The Charlotte, N.C.-based bank made the cuts this week, a BofA representative said. The jobs are scattered around the country, including some in California, but the bank declined to elaborate. The nation's banks have experienced a sharp slowdown in once-booming profits from refinancing as mortgage rates rose from their historic lows while the housing market healed.
BUSINESS
July 15, 2013 | By Andrew Tangel
NEW YORK -- Like other major banks, Citigroup sees a slowdown in its mortgage-refinancing business amid a rise in long-term interest rates. “Although the housing market is gaining strength, lower volume of mortgage refinancing will impact our consumer business,” Chief Executive Michael Corbat told analysts during a conference call Monday. “We're already taking steps to make sure the mortgage business is sized correctly,” he said. Federal Reserve Chairman Ben S. Bernanke roiled financial markets last month by fueling speculation that the central bank was poised to scale back monetary stimulus later this year.
BUSINESS
June 21, 2013 | Alana Semuels and Andrew Tangel
This year's dizzying stock market rally was halted with the biggest one-day plunge of the year. The Dow Jones industrial average slumped almost 354 points Thursday amid fears that the economy will slow now that the Federal Reserve has signaled it will end its aggressive economic stimulus programs. Investors yanked $500 billion from the stock market during the brutal trading session, wiping out two months' worth of market gains. Though the blue-chip index is still up 15% from a year earlier, analysts have begun to question whether this week's sell-off could portend a deeper problem for investors.
BUSINESS
June 6, 2013 | By E. Scott Reckard
A month after nearly halting foreclosure sales in reaction to tighter federal regulation, Wells Fargo & Co. and Citigroup Inc. are still selling seized properties at a sharply reduced pace, according to a research firm that tracks Western foreclosure filings. The slowdown illustrates the continuing fallout from scandals that erupted in 2010 over “robo-signed” foreclosure documents, bank staffs that struggled to process loan modification applications reliably, and other borrower complaints.
BUSINESS
April 26, 2013 | By Don Lee, Los Angeles Times
WASHINGTON - The nation's sluggish recovery can't seem to catch a break. Persistent federal spending cuts and a slowdown in business investments thwarted hopes for stronger economic growth in the first quarter, setting up more modest gains in jobs and income into the summer. The U.S. economy expanded at an annual rate of 2.5% in the first three months of the year, the Commerce Department reported Friday. That was a big improvement from the measly 0.4% increase in the fourth quarter, when deep defense cuts and smaller stockpiling by companies slashed growth.
BUSINESS
June 18, 1985 | From Times Wire Services
Data General will reduce its worldwide work force by 1,300 and shut down U.S. manufacturing plants for five days this summer because of a weak computer market, its president said Monday. Meanwhile, in Palo Alto, Hewlett-Packard announced Monday that it will close most of its U.S. facilities during the already short Fourth of July week and ask 84,000 workers to take three days off--paid or unpaid. At the same time, two smaller semiconductor firms, Raychem Corp.
CALIFORNIA | LOCAL
September 3, 1987 | DARYL KELLEY, Times Staff Writer
United Auto Workers at Douglas Aircraft Co.'s main plant in Long Beach have narrowly elected a new union president who says he favors more cooperation with the company. The election of Doug Griffith, who campaigned to end the union's confrontational approach, sets up a resumption of contract talks stalled since March. Douglas, a subsidiary of St. Louis-based McDonnell Douglas Corp., has been hit by a worker slowdown that has delayed airliner deliveries. Griffith received 51.
BUSINESS
April 12, 2013 | By E. Scott Reckard and Andrew Tangel, Los Angeles Times
Two of the nation's healthiest banks reported sharply higher profits and fewer loan delinquencies as bank earnings season began, but a slowdown in the mortgage business disappointed investors. JPMorgan Chase & Co.'s first-quarter earnings rose 33% and Wells Fargo & Co.'s 22%, but much of the profit came from cost-cutting and the release of reserve funds that had been set aside to cover possible losses. "They beat expectations [for per-share earnings] but the beat largely came from improved credit trends, which is not what investors wanted to see," said analyst Joe Morford, who follows Wells Fargo for RBC Capital Markets and has an "outperform" rating on the San Francisco bank.
BUSINESS
April 10, 2013 | By Jim Puzzanghera
WASHINGTON -- The World Trade Organization on Wednesday lowered its forecast for global trade growth in 2013, saying economic improvement in the U.S. would not be enough to offset Europe's struggles. The dimmer outlook for trade this year follows a historically poor 2012. Global trade expanded just 2% last year, down from 5.2% in 2011. Excluding years in which worldwide trade contracted, last year was the smallest annual increase since 1981, the WTO said. Growth will improve this year, but not as much as forecast last fall, the WTO said.
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