Wednesday morning headlines

Is the double-dip dead?: Today is Don't Worry, be Happy Day on Wall Street, though for reasons that aren't entirely clear. Hell, they're not clear at all. Dow is up 245 points in early trading.

Modest back-to-school season: Consumers spent a bit more last month than they had the year before, says MasterCard Advisors, but the numbers badly lagged 2008 levels. (press release)

More job losses: Private-sector employment fell by 10,000 in August, according to the ADP, the first month of job declines since early in the year. The government's employment report comes out Friday. (MarketWatch)

OXY CEO to step down: After growing pressure from major shareholders, Ray Irani, one of the most highly compensated chief executives in the U.S., is expected to announce his retirement at a board meeting next month. From the WSJ:

The move toward his retirement follows weeks of negotiations between Occidental directors and two prominent institutional shareholders waging a proxy fight for seats on the company's board. Relational Investors LLC and the California State Teachers' Retirement System, which together own about 1% of the company's shares, said this summer that they would try to unseat at least four of Occidental's 13 directors at its 2011 annual meeting. The investors are unhappy about pay practices that have made Mr. Irani one of the highest paid CEOs in the U.S. They also fault Occidental for its failure to announce a CEO-succession plan, even though Mr. Irani already has reached the company's retirement age of 75 for directors. The board waived the retirement-age rule for him and two other directors at this year's annual meeting in May.

Oxy to ratchet down pay: At that same October board meeting, directors are likely to restructure compensation to better reflect what others in the industry are doing. The board of the L.A.-based energy company is also expected to split the chairman and CEO positions. (Dow Jones)

Local plastic bag bans?: Now that the state Senate has failed to pass legislation that would have eliminated single-use plastic bags, attention turns to local governments. Already, SF and a handful of other California cities have banned the bags. (AP)

Bell official lent money without asking council: Not only that, ex-City Manager Robert Rizzo, already under fire for his exorbitant pay, made the loans to two businesses without asking for collateral. From the LAT:

Several experts said the secret loans violated basic tenets of municipal government and appeared to violate Bell's charter, which requires that all contracts be approved by the City Council. "This is a complete breakdown of checks and balances," said veteran municipal lawyer Michael G. Colantuano. "It's plainly illegal."

What will Apple announce today? Much of the speculation centers on the launch of a cheaper, upgraded version of the Apple TV. Also expect a number of iPod upgrades. The company is streaming the announcement, something it never does. (Washington Post)

Icahn ups bid for Lions Gate: Now he's offering an extra buck a share, to $7.50. It's conditioned on the company rescinding a debt-for-equity swap in July that gave Lions Gate's second-largest shareholder, Mark Racheksy, a boost that raised his stake to nearly 29 percent. (NYT)

Sluggish summer at the movies: Look for box office revenue to drop 1 percent from last year - and that's with higher ticket prices because of the 3D premiums. Ticket sales are down almost 6 percent. (THR)

Big upgrade at Del Amo Fashion Center: No details on the $200-million makeover, other than that it will stretch out over several years. (Daily Breeze)

Conan announces name of his show: It'll be called "Conan." Glad we got that straight.