Wednesday morning headlines

Dow tops 12,000: Briefly - good earnings, plus generally good reviews on Obama speech.

We're #2: Only Nevada had a higher jobless rate in December than California, though the gap is substantial (14.5 percent versus 12.5 percent). (LAT)

Big UCLA donation: The $100 million gift by Meyer Luskin and his wife is the second-largest ever to the school (topped only by David Geffen's $200 million). Luskin made his fortune in animal feed. From the LAT:

Half of the Luskin donation will go to UCLA's School of Public Affairs, where it will support graduate student financial aid, and teaching and research in such fields as public policy, urban planning and social welfare. The school will be renamed in honor of the couple. The other half of the gift will help build a 282-room conference center and faculty club that is intended to replace the existing campus faculty center if opposition does not alter or stop the project.

Defending redevelopment: City officials from around the state, including L.A. Mayor Antonio Villaraigosa, will present their case during a meeting today with Gov. Jerry Brown. (Daily News)

Anybody seen the City Council?: After yesterday's session had to be canceled because not enough members were present, they'll try again today. Among the agenda items is the transfer of redevelopment funds to city coffers.

LAX traffic increases: The airport had more than 59 million passengers in 2010, up 4.5 percent from the year before. The increase comes after two straight years of passenger declines. (Daily Breeze)

Calpers moving back into real estate: Earlier investments cost the state pension fund more than $10 billion, but this time the focus is on modest returns. From the WSJ:

Calpers's new strategy--set to be discussed in a board meeting as early as next month--signals a broad swing toward more conservative real-estate investing among U.S. pension funds and points to continuing turmoil in a real-estate industry that in the last decade saw pensions emerge as an increasingly important source of equity capital and fees. The more conservative strategy means borrowing less money to buy property and acquiring higher-quality, well-leased buildings. During the boom years, Calpers, like many other big investors, sought profits on risky land deals and boosted its real-estate returns with increasing amounts of debt, generating annual returns as high as 30%.

Disney layoffs: Nearly 200 jobs will be cut as part of a shake-up at the company's interactive media division. Most of the employees let go had worked in the console videogame area. (WSJ)

Hilton Hotels space sold: The former Bev Hills headquarters office has been purchased by NY landlord Tishman Speyer. Price said to be in the $55 million range. Hilton moved to McLean, Va. in 2009. (LAT)

Demand Media raises IPO: The Santa Monica-based content company is selling 8.9 million shares at $17 instead of its initial plan to sell 7.5 million at $14 to $16. That gives the company a value of just under $1.5 billion, about the same as the New York Times. (All Things Digital)

Zsa Zsa's house for sale: Medical bills and meager savings are taking a toll. Gabor's Bel-Air mansion is priced at $28 million. From the LAT:

"I just want to settle my wife's debts and keep her comfortable," [Gabor's husband, Frederic Prinz von Anhalt], said Tuesday during a tour of the home he gave to the news media. "The upkeep alone per month on the house is $35,000. It gives me a big headache, and I cannot afford to keep paying it." Gabor, 93, has no health insurance besides Medicare, bringing her monthly medical bills to $21,000, he said. "She partied with the rich and famous, flirted and sometimes got married," von Anhalt said. "She did not think of the future."