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Stocks on a roll: Fed official turns up the heat by calling for the central bank to begin pumping money into the system. Dow is up 80 points.
Steady job growth forecast: Look for a continuation of the statewide recovery, according to Chapman University. Its employment Indicator is 110.7 (anything above 100 indicates job growth) From the OC Register:
Statewide construction spending, which was in negative territory on the index for 4½ years, turned positive in the third quarter of last year and appears solidly in recovery. Spending increased 8.1% in the second quarter, up from 7.1% in the first three months. Despite worries about slowing growth oversees, California exports also rose -- up 4.3% in the second quarter compared to 4% in the first quarter.
DreamWorks Animation plans Chinese theme park: The Glendale-based company and a group of Chinese partners will develop a cultural and entertainment district in Shanghai. From the NYT:
The Dream Center, a riverfront complex that is expected to cover six large city blocks, has ambitions to rival the Broadway theater district in New York and the West End in London, with theaters, performance halls, restaurants, shops and an entertainment zone with a "Kung Fu Panda" theme. The entertainment district is expected to be completed in 2016, at the same time a $4.4 billion Disneyland theme park is set to open in Shanghai.
Bummed about helicopter noise: Valley residents packed an FAA hearing to complain. From the Daily News:
The power to restrict aircraft lies with the FAA. On Monday, its officials were listening. Acting upon a request by Berman, the federal transportation agency said it would accept testimony from residents and helicopter industry groups. A report on how to quell the noise is expected within a year. Regulations may be soon to follow. "We want to examine every remedy we can for (helicopter) noise," said FAA Regional Administrator Bill Withycombe, who was joined by a dozen other FAA officials. "We are here tonight to listen."
Final price for Occupy L.A.: City officials now say it cost $4.2 million in services and overtime, way more than the original estimate. (Daily News)
Padres sold to O'Malley group: Other investors include California beer distributor Ron Fowler and golfer Phil Mickelson. The purchase price of $800 million would include a 21 percent stake in Fox Sports San Diego. (Bloomberg)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.