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Wells Fargo CEO to forfeit $45 million in pay over fake-accounts scandal

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million, part of the company’s response to the still-unfolding scandal over millions of fake accounts created by bank employees. Stumpf will give up about 910,000 shares in unvested stock awards, and will not...

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  • Airbnb takes a toll on the U.S. lodging industry, but Los Angeles hotels continue to thrive

    Airbnb takes a toll on the U.S. lodging industry, but Los Angeles hotels continue to thrive

    The U.S. hotel industry’s robust recovery from the recession is expected to slow down next year partly because of growing competition from short-term rental companies like Airbnb. That is one of the conclusions of a Moody’s Investor Service analysis that provided a rare look at data on how short-term...

  • SpaceX's Elon Musk is set to announce plans for colonizing Mars

    SpaceX's Elon Musk is set to announce plans for colonizing Mars

    As if he doesn’t have enough on his plate with solving the mystery of an exploding rocket and tweaking Tesla’s driver-assistance software, SpaceX Chief Executive Elon Musk will discuss plans for colonizing Mars at a space conference in Mexico on Tuesday. In a highly-anticipated speech titled “Making...

  • Rocket Lab finishes launch complex in New Zealand

    Rocket Lab finishes launch complex in New Zealand

    Small-satellite launch firm Rocket Lab has completed its New Zealand launch complex ahead of a first test flight expected this year. The Los Angeles rocket company’s Launch Complex One is located on the Mahia Peninsula on the east coast of New Zealand’s North Island. The pad will be the primary...

  • New home sales drop 7.6% in August nationwide but rise in the West

    New home sales drop 7.6% in August nationwide but rise in the West

    One month after surging to their highest level in nearly nine years, sales of new homes nationwide retreated in August, with the exception the west, the Commerce Department reported Monday.  Sales of newly built houses in the west jumped 8% from a month earlier, while nationwide sales dropped 7.6%...

  • Mylan's EpiPen profit was 60% higher than what the CEO told Congress

    Mylan's EpiPen profit was 60% higher than what the CEO told Congress

    Lawmakers were skeptical last week when Mylan’s chief executive said that the company made only $100 in profit for a two-pack of EpiPens. During a House hearing, she repeatedly referred to a poster board showing how little of the $608 list price trickled back to the company. The incredulity was...

  • A hot market for IPOs shows itself — at least for a week

    A hot market for IPOs shows itself — at least for a week

    Ample free food and other perks are nice, but it’s stock options and lofty missions that often seduce people into joining tech start-ups. That’s why Jeff Green will never forget the excited expressions on employees’ faces last month when he told them their advertising software company would go...

  • Can homeowner association boards hold frequent 'emergency' meetings?

    Can homeowner association boards hold frequent 'emergency' meetings?

    Question:  Over the past 10 years our homeowner association’s board has taken action on items outside of regular board meetings. It seems that the directors always have an excuse why they had to have a meeting and not tell anyone. They are making decisions behind the backs of owners and they say...

  • Arjan Schütte: A different point of view in the 'gray world' of low-income consumer finance

    Arjan Schütte: A different point of view in the 'gray world' of low-income consumer finance

    Among the members of a committee that advises the Consumer Financial Protection Bureau on consumer issues, there are a handful of professional consumer advocates, an academic and executives from a few financial firms. And then there’s Arjan Schütte. He’s the founder and managing partner of Hollywood’s...

  • Snapchat to sell Spectacles, sunglasses with an embedded camera

    Snapchat to sell Spectacles, sunglasses with an embedded camera

    In the coming weeks, Snapchat plans to begin selling sunglasses that have a small camera capable of recording 10-second video clips. The high-tech shades will cost $130 and mark the app maker’s first crack at electronics, the Wall Street Journal Magazine reported late Friday. Snapchat Chief Executive...

  • Airlines seek to limit types of therapy animals allowed on planes

    Airlines seek to limit types of therapy animals allowed on planes

    Turkeys, pigs and even roosters have flown the friendly skies, carried onto commercial planes by passengers who identified the critters as emotional support animals. But a committee of airline representatives and disabled rights advocates has been meeting for months in Washington, D.C., to come...

  • A few extra pounds can hurt your job chances -- more so if you're a woman

    A few extra pounds can hurt your job chances -- more so if you're a woman

    The suddenly reluctant zipper can bring more than a sting of self-consciousness. A new study from the journal Plos One out this month found slight weight gain can hurt a job seeker's employment chances -- especially a woman's. The authors, a team of Scottish and Canadian researchers, already knew...

  • How to decide when to start receiving Social Security benefits

    How to decide when to start receiving Social Security benefits

    Should I start receiving Social Security benefits at 62 or wait a few years? How does my decision affect my spouse’s benefits? Every day tens of thousands of people are making decisions about when they’ll start receiving Social Security, but many people don’t know what options are available to...

  • Airline fees create the 'billion-dollar club' for 10 carriers

    Airline fees create the 'billion-dollar club' for 10 carriers

    The airline industry collects so much revenue from charges to check bags, reserve seats, buy food and connect to the Internet, among other things, that 10 of the world’s biggest carriers have surpassed the $1-billion revenue mark solely from fees. A report by IdeaWorks, a Wisconsin-based consultant...

  • Alaska Airlines tries out DIY bag tagging at LAX

    Alaska Airlines tries out DIY bag tagging at LAX

    Alaska Airlines has gained a reputation for being willing to test new technology on its passengers. The Seattle-based carrier tried adding solar panels to power its passenger ramps in 2013. The airline tested out fingerprint machines to identify passengers at its airport lounges in 2014 and launched...

  • California labor commissioner fines illegal garment businesses

    California labor commissioner fines illegal garment businesses

    Eighteen garment companies received fines of more than $682,000 for violating labor laws, state regulators announced. The businesses, all based in Los Angeles, were inspected this month by the California labor commissioner’s office.  The inspections revealed that the companies did not have workers’...

  • It's strange Yahoo took 2 years to discover a data breach, security experts say

    It's strange Yahoo took 2 years to discover a data breach, security experts say

    When Yahoo reported Thursday that hackers had breached its databases and gained access to users’ emails, dates of births, encrypted passwords and security answers, cybersecurity experts weren’t surprised. Cyberattacks are, after all, now par for the course, and no company is immune.  But what struck...

  • American Apparel is losing CEO Paula Schneider, who was supposed to turn it around

    American Apparel is losing CEO Paula Schneider, who was supposed to turn it around

    Paula Schneider, the chief executive tasked with turning around American Apparel Inc.'s flagging business, is leaving, according to two sources close to the company. Chelsea Grayson, the company’s general counsel and chief administrative officer, will take the reins as CEO on Oct. 3 — opening yet...

  • Stocks move lower as energy and tech shares fall

    Stocks move lower as energy and tech shares fall

    U.S. stock indexes closed moderately lower Friday after three days of gains. Several technology stocks traded heavily, including Yahoo, Twitter and Facebook. Energy stocks fell along with a steep decline in the price of oil. The Dow Jones industrial average sank 131.01 points, or 0.7%, to 18,261.45....

  • Salesforce, Google may be interested in buying Twitter

    Salesforce, Google may be interested in buying Twitter

    Shares of Twitter Inc. surged Friday after reports that the social media company could receive a formal bid soon. Citing unnamed sources, CNBC reported that Twitter has received “expressions of interest” from several tech companies and was “engaged in conversations with potential suitors.” Those companies...

  • SpaceX explosion: 'Large breach' took place in helium system in second stage of rocket

    SpaceX explosion: 'Large breach' took place in helium system in second stage of rocket

    Early analysis of debris and data from SpaceX’s launch pad explosion suggests that a “large breach” took place in the cryogenic helium system of the rocket’s second-stage liquid oxygen tank, the space company said Friday. The Hawthorne space company said it still has not determined the root of...

  • World's airlines on pace to pocket record $39 billion in profits

    World's airlines on pace to pocket record $39 billion in profits

    Noted investor Warren Buffett once warned that investing in airlines was “a death trap.” He may be rethinking his view on the airline industry now that the trade group for the world’s carriers has predicted that the industry will pocket a record $39.4 billion this year. Alexandre de Juniac, director-general...

  • Marriott closes $13-billion purchase of Starwood to become world's largest hotel chain

    Marriott closes $13-billion purchase of Starwood to become world's largest hotel chain

    Several of the best-known names in travel are now united in one hotel company. Marriott International closed Friday morning on its $13-billion acquisition of Starwood Hotels & Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz-Carlton brands with Starwood’s Sheraton, Westin,...

  • Here are some tax breaks and loan options to help pay for college

    Here are some tax breaks and loan options to help pay for college

    Your child has selected a college, and now comes the fun part: figuring out how to pay for it. Because the four-year cost of college can range from $100,000 to $280,000 per child, parents must have a plan for how to fund their children’s higher education.  First, a suggestion: Manage your children’s expectations...

  • What you should do if you have a Yahoo account

    What you should do if you have a Yahoo account

    Yahoo confirmed Thursday that at least 500 million user accounts had been affected by a massive breach. Here are some answers to basic questions that you may have about the breach. What information has been hacked? Yahoo's chief information security officer, Bob Lord, said in a blog post that account...

  • 2016 Toyota Mirai: A fuel cell phenom hits the road running

    2016 Toyota Mirai: A fuel cell phenom hits the road running

    The world’s car companies are all reaching for the same holy grail: a good-running, zero-emissions vehicle that has long driving range. And is affordable. And can be refueled quickly. Toyota’s latest entry is an electric-motor vehicle that boasts a range of 312 miles and can be refueled in three...

  • Tenant buyouts lead to protests and a crackdown plan by L.A. City Council

    Tenant buyouts lead to protests and a crackdown plan by L.A. City Council

    Curtis Jeter recalls fearing for his future when his new landlord told him he must move from his South Los Angeles apartment because the building in the gentrifying neighborhood would no longer be for rent. In early August, when Los Angeles developer CIM Group offered the West Adams resident $8,000...

  • Enrollment is tanking at the University of Phoenix, DeVry and other for-profit colleges

    Enrollment is tanking at the University of Phoenix, DeVry and other for-profit colleges

    Some of the nation's largest for-profit colleges are suffering steep declines in enrollment amid growing competition, new regulation and government pressure that led to the recent collapse of one of the industry's biggest players, ITT Technical Institute. The industry has been losing students for...

  • China's Wanda Group accused of funneling foreign money into Beverly Hills ballot measure

    China's Wanda Group accused of funneling foreign money into Beverly Hills ballot measure

    A labor union representing hotel workers filed a complaint Thursday calling on state and federal election officials to investigate the potential illegal use of foreign money in a heated Beverly Hills ballot measure that has pitted the owner of the Beverly Hilton against a builder controlled by...

  • Yahoo hacked: Personal data stolen from at least 500 million accounts

    Yahoo hacked: Personal data stolen from at least 500 million accounts

    Yahoo Inc. suffered a data breach in 2014 that affected at least 500 million Yahoo user accounts, the company announced Thursday. The Sunnyvale, Calif., Internet firm said the hacker is believed to be a “state-sponsored actor” and may have gained access to user information such as names, email...

  • Tesla sues Michigan, challenging law that automakers must sell through dealers

    Tesla sues Michigan, challenging law that automakers must sell through dealers

    Tesla Motors Inc. sued Michigan Gov. Rick Snyder and other top state officials Thursday, challenging a law that ensures automakers can sell only through independent, franchised dealerships and not directly to customers. The federal lawsuit seeks a declaratory judgment that the 2014 “anti-Tesla”...

  • Disneyland brings back Southern California annual passes at a higher price

    Disneyland brings back Southern California annual passes at a higher price

    Two years after Disneyland discontinued an annual pass for Southern California residents, the Anaheim theme park is bringing the pass back — with a price increase. Disneyland officials suspended new sales of the Southern California Annual Passport in 2014, in part to help address surging attendance...

  • Stocks rise, led by high-dividend sectors

    Stocks rise, led by high-dividend sectors

    Stocks posted solid gains Thursday as investors, comfortable that the Federal Reserve will keep interest rates low for now, bought up stocks that pay big dividends. Real estate companies rose as investors looked for income. So did telecom stocks, which also typically pay higher-than-average dividends....

  • MacArthur 'genius' winner: This immigrant helps others build good credit

    MacArthur 'genius' winner: This immigrant helps others build good credit

    Jose Quinonez crossed the border from Mexico to California when he was 9 years old, accompanied by his five siblings, driven out of his home after the death of their father and mother. Three decades later, Quinonez is set to receive one of the most prestigious honors offered to American professionals:...

  • California Supreme Court votes to review a libel case over negative Yelp reviews

    California Supreme Court votes to review a libel case over negative Yelp reviews

    The California Supreme Court agreed to review Yelp’s objection to a decision ordering it to strip the Internet of comments posted about a San Francisco law firm.  The law firm owner, Dawn Hassell, sued Ava Bird, the disgruntled former client who allegedly posted the reviews — and lower courts agreed...

  • Mylan CEO blames rising cost of the EpiPen on 'opaque' industry pricing

    Mylan CEO blames rising cost of the EpiPen on 'opaque' industry pricing

    Lawmakers blasted the chief executive of the maker of EpiPens at a House hearing Wednesday, saying the company’s price hikes of more than 500% were stopping families from keeping their children safe. “Do you have a guilty conscience about any of this?” Rep. Scott DesJarlais (R-Tenn.) asked Mylan...

  • U-2 crash shows why some want drones to replace spy planes

    U-2 crash shows why some want drones to replace spy planes

    The crash of a U-2 spy plane that killed one pilot and injured another during a Tuesday training mission could bolster arguments in favor of unmanned systems, as the long battle against the decades-old plane’s retirement winds closer to an end. However, analysts said the crash, which occurred in...

  • O.C. Register moving from Santa Ana to make way for development

    O.C. Register moving from Santa Ana to make way for development

    The Orange County Register, which has called Santa Ana home for 111 years, will move to Anaheim next year, the paper announced Wednesday. The move to a location near Angel Stadium comes after Digital First Media purchased the Register and its sister paper, the Riverside Press-Enterprise, from Freedom...

  • Tesla to release Autopilot update under shadow of security hack

    Tesla to release Autopilot update under shadow of security hack

    Hacking into a phone is unlikely to physically hurt the victim. But hacking into a car? A security research team in China hacked into a Tesla Model S and said they took over the car’s brakes from 12 miles away. A video released this week shows members of the research team being thrust forward as...

  • McLaren refutes report that it is in talks with Apple

    McLaren refutes report that it is in talks with Apple

    Not so fast. High-performance car company McLaren is putting the brakes on a report that it was in talks to get acquired by Apple Inc.  The story, reported by the Financial Times, said the two firms have been talking for several months about plans to have Apple make a strategic investment in the...

  • Cyberattacks against companies don't hurt them much financially, Rand study finds

    Cyberattacks against companies don't hurt them much financially, Rand study finds

    The soaring number of cyberattacks against American companies is causing comparatively little financial damage, which is discouraging many businesses from beefing up security, Rand Corp. said in a study released this week. Rand researchers estimated that a typical computer breach costs a company...

  • Government paves way for driverless cars to hit the roads

    Government paves way for driverless cars to hit the roads

    To fast-track to a future where cars drive themselves, the freewheeling tech world and the historically buttoned-up auto industry joined forces to develop autonomous vehicles. But behind the rapid-fire innovation of the last few years, questions loomed over whether the federal government would...

  • Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing

    Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing

    The trouble at Wells Fargo &  Co. started small, with a few employees at branches opening bogus accounts as they tried to meet aggressive sales goals and keep their jobs. Now, after an incendiary hearing during which U.S. senators told the bank’s chief executive he should resign and face criminal...

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