Market edges higher: January was a bust, so we'll see how February goes. In the first day of trading, the Dow is up about 80 points, perhaps boosted by a pickup in factory orders.
Toyota lays out plan: The Japanese automaker says it will begin fixing those faulty accelerator pedals this week. Some dealerships will stay open 24/7 to complete a process that could take months. From the NYT:
The company plans to send notices by mail to owners of the vehicles affected by the recall but said the letters could take at least several weeks to reach everyone. It is urging customers to wait until they receive a letter before contacting their dealer for a repair appointment. "Nothing is more important to us than the safety and reliability of the vehicles our customers drive," James Lentz, the president of Toyota Motor Sales U.S.A., said in a statement. "We deeply regret the concern that our recalls have caused for our customers, and we are doing everything we can -- as fast as we can -- to make things right."
Tesla going public: The California-based electric car company wants to raise up to $100 million in an initial public offering. Up to now, Tesla has been helped along with government R&D money. No idea of when the offering will happen. (LAT)
Disney selling off Miramax: Up to 10 bidders are interested in the Miramax name and its 700-film library, the NYT is reporting. Bidders include private equity groups and at least one other independent studio.
Housing plan gutted: Developer Geoff Palmer was able to avoid including below-market rate units in his downtown apartment complex, so that puts the city's ambitious plan back at square one, according to a Planning Department report. From the Downtown News:
The ruling, made final in the state Court of Appeal late last year, sets a legal precedent for developers statewide to challenge affordable housing mandates on rental buildings, experts have said. It also seriously hampers a $5 billion, five-year housing proposal Villaraigosa put forth in 2008. The initiative is largely centered around the Mixed-Income Ordinance, which would require developers of large projects across the city to include a certain percentage of affordable residences in their developments, or pay the city to build the housing elsewhere.
SAG-AFTRA back together?: The Screen Actors Guild voted to explore a bargaining partnership with the American Federation of Television and Radio Artists. Joint negotiations could be a first step toward a merger of the two guilds. (The Wrap)
Another bank failure: First Regional Bank in Culver City was seized by federal regulators, who then arranged to have assets transferred to First-Citizens Bank & Trust Co., a Raleigh, N.C. First-Citizens will be operating today at the old First Regional offices. (Business Journal)
Anti-gang group tries LAX: Homegirl Cafe is vying for one of the restaurant spots up for bid at the airport. If a contract is awarded, a Mexican menu is planned. From the Daily Breeze:
A selection committee is scheduled next month to interview qualified bidders among the 43 companies vying for the lucrative retail and restaurant concession contracts in Terminals 4, 5, 7 and 8, according to Mike Molina, LAX's senior director of external affairs. After that, airport officials will issue a call for bids for concession contracts for the remaining terminals. Molina said that the airport is seeking bids from companies that include shops and eateries that reflect the distinctive culture of Los Angeles.