The Securities and Exchange Commission announced today that Standard & Poor’s Ratings Services has agreed to pay more than $77 million to settle federal and state charges that it loosened its ratings criteria to win business and did not disclose those changes to investors, the Wall Street Journal reports.
A proposal from the European Central Bank’s executive board calls for bond purchases of roughly €50 billion ($58 billion) a month that would last for a minimum of one year, sources told the Wall Street Journal. The proposal indicates that officials are weighing a large stimulus to aid the eurozone’s fragile economy and boost inflation.
Los Angeles police detectives are hoping that real estate mogul Kameron Segal, who was shot in the face while sitting in his Rolls-Royce in Hollywood on Friday, can help them determine who would have the motive to commit the crime, the Los Angeles Times reports. The problem: Segal, who is the chief executive of William Holdings Inc., is in critical condition and cannot yet speak.
Two department heads who were in charge of overseeing a fund from which $6.4 million was allegedly embezzled have been fired, Pasadena officials announced Tuesday, the Pasadena Star News reports.
The Port of Long Beach saw its third-busiest year in 2014, as cargo container volume rose 1.3 percent over the previous year, and more than 6.8 million containers moved through the port, the Los Angeles Business Journal reports.
A billboard company challenging L.A.’s restrictions on digital signs has disclosed plans to donate tens of thousands of dollars in advertising to help Councilman Jose Huizar and five other candidates in the March 3 election, the Los Angeles Times reports. Read more about the conflict between billboard companies and city officials in the Los Angeles Business Journal.
The Dow Jones industrial average was up 67 points in Wednesday morning trading to 17,582. The S&P 500 was up 14 points to 2,037. The Nasdaq was up 33 points to 4,688. The LABJ Stock Index was flat at 215
After a series of disappointing releases, DreamWorks Animation SKG is planning to cut up to 400 jobs, or about 20 percent of its California workforce, under plans still being finalized, sources told the Los Angeles Times.
Amazon announced Monday that it would take on the big screen, producing and acquiring films for theatrical release and early distribution on its Prime Instant Video service, the New York Times reports.
While the United States as a whole has seen a remarkable turnaround in manufacturing employment in recent years, California has been among the slowest to recover jobs in the sector, the Los Angeles Times reports.
In the latest chapter of the labor battle at the ports of Los Angeles and Long Beach, the Pacific Maritime Association, which represents shipping companies in their dealings with port labor, is under fire after it prevented dockworkers from unloading ships Monday. The PMA said it issued the order to clear out cargo containers from congested terminal yards, but the move left nine container ships languishing at sea as they waited to be unloaded, the Long Beach Press Telegram reports.
California’s ban on foie gras, since overturned by a federal judge, increased consumer interest for the product, which is now appearing in strange and creative dishes — including foie gras ice cream, the New York Times reports.
A Morgan Stanley analyst downgraded his rating on the entertainment sector today from “overweight” to “cautious,” and specifically lowered his ratings on Viacom and Time Warner, according to the Hollywood Reporter.
U.S. stocks fell today as crude-oil futures slumped almost 5 percent to $46.84 a barrel, the Wall Street Journal reports.
The Alhambra Police Department recently opened an account on WeChat, China’s biggest mobile messaging service, in an effort to improve communication with the estimated 30,000 Chinese immigrants in the city who prefer Chinese social media platforms to American ones, KPCC reports.