Market closed: Wall Street is shuttered for President's Day.
Gas update: Average in the L.A. area is running over $4 a gallon - and little sign of a peak.
Approval of Greek debt deal?: Looks like euro zone finance ministers will finally sign off on the bailout. Whether Greece can implement the mandated austerity measures or prevent the economy from slipping further into recession is another story. (NYT)
California gets big Chinese order: Electronics maker Huawei Technologies will be purchasing $6 billion worth of microchips and other components from three California tech firms, including Irvine-based Broadcom. From the LAT:
Huawei has been aggressively pushing into the U.S. market in recent years, with analysts saying it is poised to become a real threat to U.S. companies such as Cisco Systems Inc. Last year Cisco Chief Executive John Chambers called Huawei "a very tough competitor over the long term." Huawei has also faced significant hurdles to breaking into the U.S. market because of the federal government's suspicions that the company has ties to the Chinese military and gets unfair assistance.
Assessor investigation: Questions being raised on whether special favors were granted to property owners faced with high tax bills. Case centers on County Assessor John Noguez and a facilitator named Ramin Salari. (LAT)
New approach to bullet train: The focus is on upgrading local rail corridors - a departure from the original idea of running the high-speed line on dedicated track. From the LAT:
The new proposal would blend the bullet train into existing rail corridors and make it share track with commuter trains and even freight railroads. The plan, which has received some encouragement from Gov. Jerry Brown's top bullet train appointee, would provide $1 billion to improve key Southern California passenger rail corridors, making it possible for Metrolink and Amtrak to increase maximum speeds from 79 mph to 110 mph.
Downtown car wash for sale: More like the car wash property, which happens to be across the street from L.A. Live. The owner is asking $25 million. From the Downtown News:
Given its prime location, the site has been the subject of many unsolicited offers, especially during the early part of the decade, said broker Rod Delson, who represents property owner Robert Bush. Bush, an 82-year-old who has owned at least three car wash businesses in Los Angeles, was never inclined to sell -- until now. "People have been trying to buy this off him for years," Delson said. "The price kept escalating and he wasn't in a mood or position to want to sell.... It's finally gotten to a point where the land is now far more valuable as an asset to his family than the income from the business."