Wall Street opens lower: New worries about China. Dow is down about 40 points in early trading.
Big drop in jobless claims: Filings for the week fell to 404,000, and the more reliable four-week moving average fell to 411,750. Breaking 400,000 would be a big deal. (Reuters)
Boeing layoffs in Long Beach: A total of 900 jobs are being cut because of sluggish orders for C-17 cargo planes. Barring a pickup in demand, analysts say the factory might shut down completely by the end of next year. (LAT, Press-Telegram)
Takeoff error at LAX: An American Airlines Boeing 757 apparently took off at an unusually slow speed and was forced to return to the field last week. From the WSJ:
The takeoff mistake in Los Angeles ended with the Hawaii-bound Boeing 757--piloted by a senior-management captain who is the chief pilot for 757 crews based in Los Angeles--quickly returning to the field. The aircraft may have suffered significant damage from what is called a "tail strike," which usually happens when the takeoff angle is too steep and the rear portion of a departing jet's underbelly hits or drags on the runway. The heavily loaded Boeing 757 was taken out of service and may need repairs to its rear bulkhead, according to people familiar with the details.
Stadium idea gets warm reception: A council committee is putting the proposal on a fast-track, with AEG head Tim Leiweke offering lots of promises and few specifics about financing. From the LAT:
Leiweke declined to say which NFL owners he regularly converses with and opted to avoid criticizing a rival NFL stadium project in the City of Industry. The San Diego Chargers, Minnesota Vikings, Jacksonville Jaguars and St. Louis Rams are thought to be possible tenants. "We'll be bringing a team to L.A.," Leiweke said to committee members Hahn and Councilman Tom LaBonge. The NFL "encouraged us to jump in, they believe this is the best location.... There are one or two teams ready to move. Mr. Anschutz believes a team will come if we build it. At least one team will come. We wouldn't be acting if we weren't encouraged by those men."
Socal ranks worst in congestion: L.A.-area commuters wasted 514.9 million hours in 2009, up from 481.4 million in 2008. The region also ranked first in travel time, excess gasoline used, and commuter stress. (Daily News)
No time for turf wars: Gov. Jerry Brown is asking city officials to restrain themselves in trying to safeguard their redevelopment funds. From the Sacramento Bee:
The governor's proposal would not impair any existing redevelopment debt payments. But it would take $1.7 billion in 2011-12 to pay for Medi-Cal and trial courts, as well as provide some money to schools and local governments. Cities contend they need redevelopment programs to counter blight and sustain jobs. Brown made his case at the Hyatt - itself a redevelopment project - by asking city officials to sacrifice for the sake of California. He said most government programs are facing reductions and that it's necessary to cut redevelopment to pay for core services. He asked city leaders not to get territorial. "I don't see this as the time for turf wars or state fighting local or different groups all vying for a diminishing pie."
Regis Philbin dumps agent: Is it a late-life crisis or what? Just a day after giving notice at "Live with Regis & Kelly," he's dropping Paradigm's Jim Griffin, who has represented him for 30 years. "I don't understand what this is all about," Griffin told the LAT.