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| March 23, 2019

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U.S. posts largest-ever monthly budget deficit as corporate tax receipts plunge

March 23, 2019 |

The United States posted its biggest monthly budget deficit on record last month, amid a 20% drop in corporate tax revenue and a boost in spending so far this fiscal year.

The budget gap widened to $ 234 billion in February, compared with a fiscal gap of $ 215.2 billion a year earlier. That gap surpassed…


L.A. Times – Business

Can Shaquille O’Neal help Papa John’s revive its image?

March 23, 2019 |

Papa John’s International Inc. — briefly embraced by neo-Nazis as their pizza chain of choice after its then-chief executive blamed disappointing sales on NFL protests against police brutality and later used a racial epithet during a marketing call — has been on a yearlong quest to rehabilitate…


L.A. Times – Business

Indonesia airline seeks to cancel order for 49 Boeing 737 Max 8 planes

March 23, 2019 |

In a blow to Boeing Co., Indonesia’s national airline is seeking the cancellation of a multibillion-dollar order for 49 of the manufacturer’s 737 Max 8 jets, citing a loss of confidence after two of those planes crashed in the last six months.

It is the first announcement of a cancellation since…


L.A. Times – Business

The Fox lot is one asset Rupert Murdoch wouldn’t sell to Disney — with good reason

March 23, 2019 |

In the end, the legendary Los Angeles birthplace of what became the vast Fox film empire was just too dear to part with.

The historic Century City lot on Pico Boulevard was retained by the newly formed Fox Corp., even as Walt Disney Co. absorbed much of 21st Century Fox’s entertainment assets in…


L.A. Times – Business

Stocks tumble as fears about the U.S. and worldwide economy spread

March 22, 2019 |

Fears of a steeper slowdown in the global economy rattled financial markets Friday, sending stock prices sharply lower and bond prices higher as investors piled into safer securities.

The stock market has been climbing this year — and celebrated its historic, 10-year-bull rally two weeks ago —…


L.A. Times – Business

Bond market sends recession signal for first time since financial crisis

March 22, 2019 |

A closely watched financial metric turned negative Friday for the first time since the financial crisis more than a decade ago, underscoring concern about a possible economic slump and the prospect that the Federal Reserve will have to star cutting interest rates again.

The gap between the 3-month…


L.A. Times – Business

Honda’s Passport is a big, blocky SUV that performs better on the road than off

March 22, 2019 |

Honda Motors, having made significant sales inroads with its small CR-V and its large Pilot, is tripling down on the SUV market with its new mid-sized Passport.c

This Goldilocks version is meant to attract buyers who find the CR-V too small and tinny, and the Pilot too big and pricey. Sliced right…


L.A. Times – Business

Safety features as a premium upgrade? Boeing 737 crashes show why that’s a bad idea

March 22, 2019 |

The passenger jets that crashed in Ethiopia and Indonesia, killing hundreds, reportedly lacked special safety features in their cockpits — features that Boeing charged extra for.

Meanwhile, buyers of new cars have to decide how much extra they want to shell out for add-on safety features such as…


L.A. Times – Business

Levi Strauss IPO: Stock surges nearly 32% in first day of trading

March 22, 2019 |

Levi Strauss & Co. shares hit the New York Stock Exchange on Thursday morning, marking the second Wall Street debut in the iconic jeans maker’s 166-year history.

Late Wednesday, Levi’s priced its initial public offering at $ 17 a share — higher than the estimated range — valuing the company at $ 6.6…


L.A. Times – Business

Dockworkers battle plan to bring driverless trucks to the Port of Los Angeles

March 22, 2019 |

A fierce struggle over automation has erupted at the Port of Los Angeles, as local union officials representing some 12,000 dockworkers demand that one of the world’s largest shipping firms abandon a plan to introduce driverless electric cargo trucks.

Shouting, whistling and jeering, more than…


L.A. Times – Business