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Stocks bounce back: This could be a month of zigzags. Dow is up about 60 points.
Two-track economy: Global players like 3M Co. and McDonald's are doing well because of growth overseas (especially China and Brazil), but companies reliant on the American market are struggling. From the WSJ:
Among the 30 companies in the Dow Jones Industrial Average, the 10 that get the largest share of their sales abroad are expected to see revenues grow by an average of 8.3% over the next year, industry analysts say. By contrast, the 10 that do the least business outside the U.S. are likely to show average revenue gains of just 1.6%.
Health insurers plan hikes: Aetna and some BlueCross BlueShield plans say it's the result of the health overhaul and rising medical costs. Some consumers could face premium increases of more than 20 percent. (WSJ)
Health Net cleared to raise rates: Policyholders who buy insurance on their own will be hit by premium increases averaging 16 percent. Rates go into effect Oct. 1. (LAT)
LAX concession battle takes turn: City Attorney Carmen Trutanich says that the company recommended by airport officials be disqualified because of a conflict of interest. Trutanich also recommended that one of the losing bidders be disqualified. The move could well prompt a City Council panel to start the bidding process all over again. (L.A. Weekly)
Governor is off to Asia: Schwarzenegger heads a delegation leaving for China, Japan and South Korea. This is the first trade mission by the governor in more than three years. (Daily News)
Lancaster officials offs to China: They'll be promoting the Antelope Valley as the best place for electric car maker BYD to have a manufacturing plant. (Daily News)
Boeing restructuring could affect local facilities: The reorganization involves moving the unit responsible for the Long Beach-based C-17 Globemaster from Seattle to a suburb of Philadelphia. From the Press-Telegram:
Boeing Spokesman Damien Mills said other cuts will be made across all levels of Boeing's Defense, Space and Security division in coming years, a move likely to affect the company's workforce in Long Beach, Seal Beach and Huntington Beach. Nearly 10,000 are employed building the C-17 and researching space and satellite programs locally. Boeing had earlier announced plans to slash 10,000 defense-related jobs across the country by 2011.
Furlough day at CA Supreme Court: At issue is whether Gov. Arnold Schwarzenegger illegally ordered unpaid days off for more than 200,000 state workers. Labor groups are suing the governor and his state Department of Personnel Administration. (Sacramento Bee)
H-P sues Mark Hurd: Tech giant accuses its ousted CEO of violating his severance deal by taking a job at rival company Oracle. Lawyers tell the NYT that California law did not appear to favor H-P.
Sidney Harman's succession plan: The new owner of Newsweek says that "family members" are interested in owning the magazine after he is gone. (NY Post)
Meanwhile, Tina Brown tell the NY Observer that she is "not serious" about being editor of Newsweek.
Internet service to expand internationally: Row 44, which provides broadband connection for airline passengers, has raised $37 million from investors. The company will now be able to expand its coverage area. (LAT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.