Los Angeles Business Journal

Big SUVs Keep G.M. Moving

Sales of large SUVs are a significant boon to G.M. as the automaker copes with billions in costs related to safety problems, especially a malfunctioning ignition switch that led to major vehicle recalls, according to the New York Times.

Burger King’s Youth Movement

Burger King Chief Executive Daniel Schwartz is in his early 30s and two of the fast food company’s other top executives are in their 20s. The youthful leaders are running the company at a time when consumers prefer fancier eateries, Bloomberg Businessweek reports.

Stocks Down

The Dow Jones industrial average fell 147 points in Friday morning trading to 16,936. The S&P 500 was down 12 points to 1,976. The Nasdaq was down 36 points to 4,436.

Dow Jones, Nasdaq Down; S&P Up; LABJ Flat

The Dow Jones industrial average fell 3 points in Thursday’s trading to close at 17,084. The S&P 500 rose a point to 1,988. The Nasdaq dropped 2 points to 4,472. The LABJ Stock Index was flat at 200.

Testimony Concludes in Sterling Case

Testimony concluded Wednesday in the probate case between Los Angeles Clippers co-owners and estranged spouses Donald and Shelly Sterling to decide whether the latter had the right to negotiate a $2 billion sale of the NBA team. Both sides are scheduled to return to court Monday for closing arguments, according to the Associated Press.

CEOs Demand Tax Reform

The chief executives of Eli Lilly and Caterpillar said during interviews on CNBC that that U.S. corporate taxes need to be lowered and reformed in response to concerns over so called inversions, or companies leaving the country to seek lower taxes.

Algerian Jet Crashes, Lost Over Mali

An Air Algerie flight with 116 passengers is believed to have crashed in Mali after taking off in Burkina Faso. The plane may have gone down in an area where Islamist militants are battling the Malian government and French military, the Wall Street Journal reported.

American Apparel Gets First Female Board Member

Colleen B. Brown, formerly the chief executive of Fisher Communications, has been the first woman named to American Apparel’s board. Her appointment may be an attempt to signal a change in corporate culture than that which existed under former chief Dov Charney, who has been accused of sexual harassment in the past, the Los Angeles Times said.

Wal-Mart Leader to Resign

Bill Simon, Wal-Mart Stores Inc.’s U.S. chief executive, will leave the company for undisclosed reasons. The retail giant has faced serious competition from online sellers and dollar stores, the Wall Street Journal said.

Presidential Motorcade Blocks Woman From Hospital

A pregnant woman in labor was unable to walk across a street in order to get to Cedars Sinai because the street was closed for President Obama’s motorcade, The Blaze reported.

Jobless Claims Plummet to Eight Year Low

The number of Americans filing jobless claims fell to lowest level since February 2006 last week, a welcome development that analysts did not anticipate, Bloomberg said.

Hermosa Beach Vote Set on Oil Project

Hermosa Beach residents will get a chance to vote on whether E&B Natural Resources Corp. will be allowed to drill for oil in the city. The vote is set for March 3, the Daily Breeze reported.

Calpers Cuts Hedge Fund Investments

The California Public Employees’ Retirement System is expected to reduce its hedge fund investments by 40 percent this year as other public pension managers are seeing less value in such investments, according to the Wall Street Journal.

T.V. Ads Fall Short

Television advertising revenues booked this summer have fallen some $600 million below last year’s levels, possibly due to advertisers migrating to the Internet or becoming more cautious, the Los Angeles Times said.

Mobile Ads Boost Facebook Profits

Social networking service Facebook’s profit surged to $791 million in the second quarter as the company received some two thirds of its revenue from ads shown on mobile devices, the New York Times said.