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BUSINESS
August 13, 2013 | By Shan Li
A strange and elaborate stone villa perched atop an apartment building in Beijing has caught the attention of authorities there who have ordered the structure be torn down. Dubbed "the most outrageous illegal structure" by local media, the sprawling fortress resembles the top portion of a mountain peak, complete with trees, shrubbery and piles of rocks, that just happens to be fused onto the roof of a 26-story apartment complex. It has been seized upon by the Chinese public and media as yet another example of the willingness of the country's uber-wealthy to flout rules and usually get away with it. The owner, a businessman in the traditional Chinese medicine industry, spent six years building the 8,600-square-foot villa despite complaints by neighbors who said it was causing problems with the building's pipe system and structural integrity, according to the Associated Press.
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BUSINESS
August 12, 2013 | By Shan Li
Tell The Times how your family is dealing with the current job market. Although the economy is slowly picking up, Californians of all ages are struggling with their employment situations and their finances. In many cases, family members are stepping in to help. Are you a twentysomething who is working multiple part-time jobs and living with your parents? A fortysomething supporting your parents or children? A sixtysomething who is facing depleted retirement savings and looking for work?
BUSINESS
August 9, 2013 | By Walter Hamilton
One of the best-performing investments over the last year hasn't come from the stock market or Wall Street - but rather from New York City's famously gaudy yellow taxis. The value of taxi medallions - the legal right to drive a cab in New York - has soared 49% to a record $1.3 million, far outpacing the 21% return on the Standard & Poor's 500 index, according to a new report. The good fortunes of taxi owners spring in part from an unexpected source - advances in technology that have made it easier to find and pay for a cab ride, wrote Nicholas Colas, chief market strategist at ConvergEx Group, a global brokerage company based in New York.
BUSINESS
August 8, 2013 | By Walter Hamilton
Tell us your story. Although the economy is perking up, these are tough times for Californians of all ages. Are you a recent college graduate searching for work, a mid-career professional trying to keep your job or a retiree facing financial pressure? Whatever your situation, the Los Angeles Times wants to hear from you. Tell us how you're handling today's economy and job market. Please email walter.hamilton@latimes.com or shan.li@latimes.com .   ALSO : Many Americans say they can't retire until their 70s or 80s Today's retirees face declining standard of living, study says Student debt is No. 1 fear of college-bound, according to survey
BUSINESS
June 28, 2013 | By Michael Memoli
WASHINGTON - U.S. senators headed home for a Fourth of July recess without passing a bill that would prevent interest rates from doubling on student loans next week, leading to a ramp-up of political finger-pointing. Last year, Democrats used the looming increase in the cost of student loans to great political effect, pressuring Republicans in an election year and rallying young voters in support of President Obama's campaign. Now, as a temporary extension of discounted interest rates is set to lapse, Democrats are at odds with one another over the issue, with the party's leaders privately grumbling about a White House proposal nearer to Republicans' solution than their own. So Republicans are happily turning the political heat on Democrats.
OPINION
June 22, 2013 | By Adam B. Wolf
Cable news channels regularly stoke their viewers' fears about China holding $1.1 trillion of U.S. debt. But they're focused on the wrong $1.1 trillion of loans. The borrowers of this other $1.1-trillion debt are far more likely to default on their obligations: students, particularly those who went to for-profit colleges. The global consequences could be - and likely will be - staggering. More than 38 million Americans have student loans outstanding. To put this in perspective, 38 million is the combined population of New York and Florida.
BUSINESS
June 18, 2013 | By Adolfo Flores
Student loan debt has nearly doubled in the last five years, posing a potential risk to the economy, according to a new report from Congress . The information, released Tuesday by the Joint Economic Committee, found that student loans increased from $550 billion in late 2007 to just under $1 trillion in the first quarter of 2013. Two-thirds of recent graduates have student loans, with an average balance of more than $27,000. New borrowers could face additional costs in their higher education pursuits unless Congress acts to keep interest rates for federally subsidized Stafford loans from doubling from 3.4% to 6.8% for new loans starting July 1, the report said.
BUSINESS
June 16, 2013 | By Chad Terhune
Shares of Corinthian Colleges Inc. fell 23% last week after the Santa Ana for-profit college chain disclosed that the Securities and Exchange Commission had launched an investigation into the company. Corinthian said it received a subpoena this month from the SEC related to student recruitment, degree completion, job placement, loan defaults and compliance with U.S. Education Department rules, among other issues. The company said in a securities filing it intends to cooperate with the SEC investigation.
CALIFORNIA | LOCAL
June 9, 2013 | By Larry Gordon, Los Angeles Times
A UC Berkeley senior who majors in social welfare and has been active in student government and Mideast issues is expected to become the next University of California student regent, joining the board that sets policies for the 10-campus system. A special regents committee has nominated Sadia Saifuddin, 21, of Stockton to be the student regent in 2014-15. Confirmation by the full Board of Regents is expected next month. For the next year, Saifuddin would be a regent-designate, able to participate in all discussions but without voting rights until her one-year term as a fully empowered student representative begins in July 2014, officials said.
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