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Fed declares economy strong enough for bond-buying stimulus to end
In the dark days of the 2008 financial crisis, the Federal Reserve began buying tens of billions of dollars in bonds each month in a controversial, last-ditch effort to stimulate the economy. Now, nearly six years and more than $4 trillion in purchases later, central bank policymakers declared Wednesday that the economy is strong enough for the Fed to end the unprecedented program. In their statement following a two-day meeting, Fed officials gave their best assessment of the labor market in years, citing the "solid" job gains in recent months and the faster-than-expected drop in the unemployment rate, which fell to 5.9% in September. "The numbers in the economy are good...
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Fed declares economy strong enough for bond-buying stimulus to end
In the dark days of the 2008 financial crisis, the Federal Reserve began buying tens of billions of dollars in bonds each month in a controversial, last-ditch effort to stimulate the economy. Now, nearly six years and more than $4 trillion in...
Stockton bankruptcy ruling will decide fate of public pensions
In a closely watched case, a federal judge on Thursday is expected to decide whether the bankrupt city of Stockton can continue to pay employees generous pensions that soon could consume one-fifth of municipal revenues. The ruling has been much...
Businesses remain on Apple Pay sidelines
For years, the big question facing mobile payment systems was whether enough shoppers would use them. Turns out, they will. IPhone 6 users rushed to register more than 1 million credit cards on Apple Pay in the first 72 hours last week,...
Orbital Sciences had a plan to retire rocket engines before explosion
Even before this week's fiery explosion of an unmanned rocket bound for the space station, executives at Orbital Sciences Corp. had been working on a plan to retire the problem-plagued engines that powered it. The explosion Tuesday evening,...
Stocks slip after Fed statement; Dollar gains
U.S. stocks are closing slightly lower after the Federal Reserve said it was shutting down a bond-buying program because the economy no longer needs as much help. An optimistic statement from the Federal Reserve sent the dollar up and gold...
Wall Street talks, companies respond -- by axing thousands of jobs
Today's Times business page has a grim cast to it, related to reports of thousands of layoffs provoked not by a bad business climate but by Wall Street investors dissatisfied with their income. If you're looking for a mockery of the image...
CBRE posts 31% jump in revenue, 13% growth in profit in 3rd quarter
CBRE Group Inc., the world's largest commercial real estate brokerage, reported a 31% jump in revenue during the third quarter to $1.7 billion, led in part by a surge in property sales around the globe. Profit for the Los Angeles company was up...
L.A. City Council backs proposal to toughen foreclosure registry
Los Angeles is poised to tack a new fee on foreclosed properties, in a move that the city hopes will help keep the homes from turning into crumbling wrecks. The City Council on Wednesday gave its initial approval to a measure that would toughen...
Wells Fargo ordered to pay restitution for practices that boosted fees
Wells Fargo & Co. must pay customers $203 million for manipulating debit-card transactions to boost overdraft fees, a federal appeals court in San Francisco ruled. The case is replete with examples of Wells Fargo's false and misleading...
Marvel's 'Agent Carter' is helping boost TV production in L.A.
Superheroes still save the day in Los Angeles ? at least on the small screen. Although Marvel shoots most of its movies outside of California, the Walt Disney Co.-owned studio is expanding its foray into the local television market,...
American to keep reward program features after US Airways merger
The merger to create the world's largest airline took a key step Tuesday as American Airlines announced plans to keep most of its loyalty rewards program features when it combines with US Airways and avoid a controversial change taken by its biggest...
Healthcare overhaul ramps up business at WellPoint
WellPoint Inc. raised its 2014 earnings forecast again and trumped third-quarter expectations as the overhaul of the healthcare system adds millions of people to the nation's health insurance rolls, and at a lower cost than was expected at the nation's...
Colorful CEO John Legere lifts T-Mobile's reputation, customer base
When John Legere vowed to make big changes at T-Mobile, he started with himself: He grew his hair into a shaggy mane, traded in his suit and tie for a hot pink wardrobe and silver fang necklace, and unleashed a loudmouth attitude never before seen in...
Federal Reserve votes to end bond-buying stimulus program
Federal Reserve policymakers voted Wednesday to end the central bank's controversial bond-buying stimulus program, determining the economy is strong enough to remove the unprecedented support. The Fed also kept its benchmark short-term interest...
Downtown's development boom nears historic Olvera Street
The revitalization of downtown Los Angeles is reaching the heart of the city's historic birthplace with the approval Tuesday of a $135-million development of 341 apartments as well as shops and community facilities near Olvera Street and Union...
Facebook ad revenue grows 64%
Facebook's advertising revenue increased 64% in the third quarter, helped by a boost in mobile ads that are becoming an increasingly large chunk of the social networking giant's advertising business. The steady increase indicates that Facebook...
FTC sues AT&T over unlimited data plans
For millions of AT&T Inc. wireless customers, unlimited data plans come with a catch, federal regulators said: slower Internet speeds for browsing, video streaming and other Web page loading after reaching a ceiling. In its first lawsuit...
Amgen, bowing to hedge fund pressure, to cut up to 1,100 more jobs
Amgen Inc., the Southern California biotech giant that has struggled to match the torrid growth of its pharmaceutical peers, finds itself in the crosshairs of a New York hedge fund manager, one of the new breed of activist investors, who is loudly...
Data breaches jump in California and are expected to keep climbing
Data breaches soared last year in California as cybercriminals leaped over digital security gates to endanger the personal data of millions of consumers, California Atty. Gen. Kamala Harris said. Harris, in a report released Tuesday,...
Allergan seeks to bar Bill Ackman from voting amid takeover bid
Attorneys for Botox maker Allergan Inc. asked a federal judge in Santa Ana on Tuesday to prohibit activist investor Bill Ackman's hedge fund from voting in a shareholder election that could decide a hotly contested takeover effort. At issue...
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