SpaceX cargo mission blasts off to ISS at last, defying latest hurdle

SpaceX cargo mission blasts off to ISS at last, defying latest hurdle

A SpaceX Falcon 9 rocket launched from Cape Canaveral Air Force Station on Friday and sped through a cloud-covered sky on its way to deliver supplies to the International Space Station for NASA.

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California adds 11,800 jobs, unemployment rate holds at 8.1%

California adds 11,800 jobs, unemployment rate holds at 8.1%

This post has been corrected. See the note below for details.

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Herbalife gets more bad news: Illinois AG investigation

Herbalife gets more bad news: Illinois AG investigation

The bad news is piling up for Herbalife Ltd.

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Obamacare enrollment nears 1.4 million in California exchange

Obamacare enrollment nears 1.4 million in California exchange

Covered California signed up more than 200,000 consumers for Obamacare coverage after extending its enrollment deadline by two weeks, bringing the statewide total to nearly 1.4 million people.

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Report: Mathematicians have the best jobs, lumberjacks have the worst

Report: Mathematicians have the best jobs, lumberjacks have the worst

Job hunters on the prowl for a career change might want to brush up on their math skills: Mathematicians have the best jobs in 2014, one report said.

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Jobless claims edge up, but 4-week average falls to prerecession level

Jobless claims edge up, but 4-week average falls to prerecession level

Initial jobless claims over the previous month hit their lowest level since the start of the Great Recession, indicating the labor market might be nearing a return to normal.

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Freddie Mac: Mortgage rates near low for year; 30-year at 4.27%

Freddie Mac: Mortgage rates near low for year; 30-year at 4.27%

Mortgage rates have fallen as the spring home-buying season begins, with Freddie Mac pegging the average 30-year fixed loan at 4.27% this week, the lowest it has been since early February.

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East West and Cathay banks report higher first-quarter earnings

East West and Cathay banks report higher first-quarter earnings

The two largest Chinese-American banks reported higher first-quarter earnings on solid loan growth, with profit up 6% at Pasadena's East West Bancorp and 9% at Los Angeles' Cathay General Bancorp.

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Healthcare costs in U.S. far exceed costs in other countries, report says

Healthcare costs in U.S. far exceed costs in other countries, report says

An average one-day hospital stay in the United States cost $4,293 last year, six times more than it did in Argentina and nearly 10 times the cost in Spain, an industry group reported Thursday.

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Bay Area home prices still surging, up 23% in March

Bay Area home prices still surging, up 23% in March

Home prices in the Bay Area continued their brisk pace upward in March, according to new figures out Wednesday.

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Deaf college student: Is there an app to follow lectures?

Deaf college student: Is there an app to follow lectures?

Marc's daughter is attending college in Michigan. She's also deaf.

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Petroleum group says fracking helped reduce greenhouse gas emissions

The American Petroleum Institute said hydraulic fracturing, or fracking as it is sometimes called, contributed to a 3.4% drop in greenhouse gas emissions in 2012, the trade group said in a statement.

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Joe's Crab Shack loads up on trans fat despite pledge, watchdog says

Artificial trans fat still lurks in our food, at least at the Joe’s Crab Shack chain, according to a health watchdog group.

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Water shortage divides Californians on solutions and blame

The vast majority of Californians believe, unsurprisingly, that the state is in the throes of a serious water crisis. But many disagree about what can be done about it.

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Mortgage-related legal costs sock BofA with $276-million loss

Socked by mortgage-related legal expenses, Bank of America Corp. lost $276 million during the first quarter, sending its stock down sharply.

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Bitcoin exchange Mt. Gox says 'no prospects' for restart of business

Mt. Gox, the online bitcoin exchange that shuttered in February, said Wednesday that a Japanese court had dismissed its request for a civil rehabilitation proceeding, similar to a Chapter 11 bankruptcy filing. 

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Housing starts rise slightly in March

Builders broke ground on more new homes nationwide in March, although the increase missed expectations.

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Southern California median home price jumped to $400,000 in March

Home prices in Southern California are at their highest level in six years, according to new data, though those gains may be taking a bite out of sales volume.

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Tax day deadline: Who gets penalized and how to get an extension

April 15 is tax day, which brings with it the annual scramble to file returns in time.

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Average American foots the bill when firms sidestep taxes, report says

The average American would have to fork over an extra $1,259 in state and federal income taxes this year to make up for the revenue lost because of offshore tax havens used by corporations and wealthy individuals, according to a new report.

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Home-builder confidence steady but weak in April

Home-builder confidence inched up this month, but remains shaky as the spring home-buying season gets underway.

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Food, housing costs rise sharply in March; overall inflation low

Food and housing costs rose sharply in March, but overall inflation remained low, the U.S. Bureau of Labor Statistics reported Tuesday.

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Yellen says Federal Reserve considering tougher rules for big banks

WASHINGTON -- The Federal Reserve is considering tougher rules for big banks to keep credit flowing in case of another financial crisis, Fed Chairwoman Janet L. Yellen said Tuesday.

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US Airways sends out tweet with graphic porn image, is really sorry

US Airways apologized Monday for sending out a Twitter message that included a pornographic image.

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SpaceX scrubs launch to ISS due to helium leak; reschedules for Friday

Hawthorne rocket maker SpaceX said its planned launch to the International Space Station has been delayed because of a helium leak on its Falcon 9 rocket.

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Think you pay too much in taxes? 52% of America agrees with you

Yes, most Americans think federal taxes are too high. Shocking! Seriously, what’s more interesting about the results of a new Gallup poll is that we’re much – much --  more at peace now with our taxes than we used to be.

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Computer glitch won't stop SpaceX's launch to space station Monday

SpaceX, the upstart rocket manufacturer, plans on launching a cargo mission to the International Space Station despite a computer glitch that threatened to delay the mission.

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Teen suspected of tweeting terror threat to American Airlines arrested

A Dutch teenage girl has been arrested on suspicion of sending a Twitter message that sounded like a terrorist threat against American Airlines.

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TIAA-CREF to buy Nuveen Investments in $6.25-billion deal

TIAA-CREF, one of the largest money managers in the country, on Monday said it had agreed to acquire Nuveen Investments in a deal valuing Nuveen at $6.25 billion.

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When a mail carrier spends too much time on the cellphone

Stephen says there's a new mail carrier in his neighborhood, and she's fond of chatting on her cellphone.

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WTO says global trade to improve in next two years

After a two-year slump, global commerce is expected to pick up in the next two years, one report says.

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Last chance for Obamacare ends Tuesday for most Californians

After many deadline extensions and grace periods, Tuesday will mark the end of the first open enrollment for Obamacare in California.

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Retail sales surge in March at fastest pace in 1 1/2 years

WASHINGTON -- Retail sales surged last month at their fastest pace in 1-1/2 years as consumer spending heated up after a harsh winter.

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What business travelers like is not always what they buy

Business travelers prefer flying Seattle-based Alaska Airlines over any other carrier, but Delta and United Airlines carry the most business travelers in the U.S.

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Allegiant's Air's 'Giant Seats' are made for a bigger bottom line

Las Vegas-based Allegiant Air has rolled out a roomier airplane seat dubbed the “Giant Seat.”

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Connecticut estate sells for $120 million, a U.S. record

A Greenwich, Conn., estate called Copper Beech Farm has sold for $120 million, making it the most expensive recorded home sale in the U.S.

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Universal Studios 'Despicable Me' ride launches with minions and mayhem

The latest piece in Universal Studios Hollywood's $1.6-billion expansion debuted Friday with dancing, music, speeches by dignitaries and swarms of minions.

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Herbalife under FBI investigation; shares tumble

Shares of Herbalife Ltd. suffered their biggest loss in more than a year Friday following a report that criminal authorities are investigating the Los Angeles nutritional products company.

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Waxman says experts concerned about Times' fate in Tribune spinoff

WASHINGTON -- Rep. Henry A. Waxman said Friday that six media experts he consulted have serious concerns about the fate of the Los Angeles Times under the Tribune Co.'s plans to spin off the newspaper and seven others into a separate unit and called on company executives to change the terms.

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Report forecasts steady home price gains in Southern California

Home prices are likely to keep climbing in the Southland in the next few months, though not as fast as last year.

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Bankrupt Coldwater Creek plans Mother's Day liquidation sales

Coldwater Creek Inc., a women's wear retailer with hundreds of stores nationwide, said in bankruptcy filings that it plans to start liquidating the business with deep discounts pegged to Mother’s Day.

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Subway 'yoga mat' ingredient to be removed in a week

After a spate of bad publicity over the use of an ingredient also used in the making of yoga mats, Subway confirmed that the chemical will be removed from all of its breads in a week.

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Amazon offers employees up to $5,000 to quit

Amazon warehouse workers who hate their job and are eyeing the exit now have a lucrative payout offer.

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Wells Fargo first quarter profit jumps 14%, beating expectations

California's banking giant, Wells Fargo & Co., reported 14% higher first quarter earnings, powering well beyond Wall Street's expectations as declining loan losses and operating cost cuts offset the slowdown in mortgages at America's largest home lender. 

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JPMorgan Chase earnings miss estimates; mortgages, trading weaker

Weakness in the mortgage and bond-trading businesses socked JPMorgan Chase & Co. with disappointing first-quarter earnings, a signal that the start of this year was a tough time for the banking industry.

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Los Angeles ranks No. 1 in total installed solar, report says

Los Angeles has outstripped San Diego as the city with the most solar installations in the nation, one report says.

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Record-breaking $102-million L.A. mansion is for lease at $400,000

Fleur de Lys, the Westside mansion that recently sold for a Southern California record-breaking price of $102 million, is now available for lease for $400,000 a month to long-term tenants.

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Nasdaq sees triple-digit decline as technology shares plunge

Another plunge in once-soaring technology stocks sent the Nasdaq composite index into a triple-digit decline and pushed the rest of the stock market down with it.

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More people sickened by Foster Farms salmonella outbreak

More than two months after declaring the outbreak over, the U.S. Centers for Disease Control and Prevention said an additional 43 people have been sickened by strains of salmonella linked to Foster Farms poultry.

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Boeing to move 1,000 engineering jobs to Southern California

Aerospace giant Boeing Co., which for years has been cutting its workforce in Southern California, announced that it plans to increase its engineering workforce in Long Beach and Seal Beach by 1,000 positions over the next two years.

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March retail sales struggle to grow amid cool weather, later Easter

Retailers had a middling March, watching their sales improve from a frigid February while struggling to beat their performance from the same month last year.

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Family Dollar to close 370 stores, cut prices on 1,000 items

Family Dollar Stores Inc. said it would close 370 under-performing stores later this year and slash prices on 1,000 products after its profit for the second quarter plunged more than 30%.

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Jobless claims fall to lowest level in nearly seven years

Initial jobless claims plunged last week to their lowest level in nearly seven years, a sign that the labor market was picking up traction.

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Ebay and activist investor Carl Icahn settle proxy fight

The fight between activist investor Carl Icahn and eBay Inc. has been settled as the two sides have quietly reached a truce, Ebay said Thursday.

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Freddie Mac: Mortgage rates fall; 30-year loan averages 4.34%

Lenders were offering 30-year fixed-rate mortgages at an average of 4.34% this week compared with 4.41% a week ago, according to the widely watched survey from home finance giant Freddie Mac. 

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Ikea is investing in first wind farm in U.S.

Swedish home goods giant Ikea Group is investing in its first wind farm in the U.S., joining a parade of other companies that are venturing into the renewable energy sector.

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Most paid tax preparers err in calculating refunds, GAO audit finds

As the deadline for tax season nears, a study shows that many tax preparers are prone to errors when preparing returns for their clients.

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Financial discipline = happiness in retirement, study says

People who are financially disciplined feel more secure about their finances and are likelier to be happy in retirement, according to a new study.

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Proposed merger of ports of L.A., Long Beach 'fraught with political uncertainties'

Citing a drop in market share by the busiest port complex in the U.S., the Los Angeles 2020 Commission has issued a recommendation to merge the ports of Los Angeles and Long Beach, an idea likely to revive tensions between the rival seaports.

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Bank of America to pay $772 million for illegal credit card practices

WASHINGTON -- Bank of America Corp. has agreed to refund customers $727 million and pay $45 million in fines for illegal credit card practices, according to a settlement with federal regulators announced Wednesday.

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Mars to buy pet brands from Procter & Gamble for $2.9 billion

Confectionary giant Mars Inc. is buying most of Procter & Gamble's pet food business for $2.9 billion, a move that will shore up the company's growing pet care business.

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Live chat: More moms are staying home with the kids

When it comes to the home front, what's old is new again. More moms are staying at home with their kids today, according to new analysis of government data by the Pew Research Center. This is a reversal of a three-decades long decline in the last century in the number of "stay-at-home" moms. 

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Bacon prices rise as disease hits pork production

That extra slice of bacon is going to cost more than just your cholesterol.

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When a rent hike's too much, who you gonna call?

Adik has leased a beauty salon in La Crescenta for 20 years. The rent is now going up 10%, and Adik wants to know whom to complain to.

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Prom spending falls, but West still spends the most

The theme for prom this year appears to be frugality.

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Kosher foods maker Manischewitz sold to private equity firm

Manischewitz, the largest maker of matzo and other kosher foods, has been sold to Sankaty Advisors, a division of Bain Capital LLC, for an undisclosed amount, the two firms said Tuesday. 

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Downtown L.A. condo prices surge 6% in March

Despite a boom of apartment building, the condo market in downtown Los Angeles remains tight as a drum. And that’s pushing up prices.

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Cruise industry still facing sinking public perception, survey shows

The cruise industry has suffered a series of calamities over the last two years or so that have continued to sink its already plummeting image.

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Universal Studios Hollywood to add 'Fast and Furious' attraction

Universal Studios Hollywood is putting the pedal to the metal on a new attraction based on the popular "Fast and Furious" movie series.

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More Southern Californians expected to travel for spring break

Gasoline prices may be on the rise but that is not going to keep Southern Californians homebound for spring break.

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CVS Caremark to pay $20 million to settle SEC charges

CVS Caremark Corp., the country's second-largest pharmacy chain, has agreed to pay $20 million to settle charges that it misled investors and used improper accounting techniques to artificially boost its financial earnings, the U.S. Securities and Exchange Commission announced Tuesday. 

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Number of stay-at-home mothers on the rise, study says

The percentage of mothers who stay home with their children is rising due to shifting demographics and a troubled job market.

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KPMG auditor should get 3 years for insider trading, prosecutors say

Prosecutors want former KPMG auditing partner Scott London to serve three years in federal prison for giving confidential information about his firm’s clients to a friend, who used the tips to make more than $1 million in illegal stock-trading profits.

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American Airlines revamps loyalty rewards program

Less than two months after Delta Airlines revamped its loyalty rewards program, American Airlines has announced loyalty program changes that offer breaks for some travelers but cut out some freebies for others.

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Takeda, Eli Lilly must pay $9 billion in punitive damages over Actos

Drugmakers Takeda Pharmaceutical Co. and Eli Lilly & Co. were ordered to pay a total of $9 billion in punitive damages after a Louisiana jury decided the companies did not disclose cancer risks of their diabetes medicine Actos.

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Women's employment resilient during recessions, analysis finds

Women's employment during economic recessions is more resilient than men's, even expanding during previous recessions, according to a new analysis by a U.S. Bureau of Labor Statistics economist.

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IMF says global economic recovery is strengthening

WASHINGTON -- Global economic growth should gain momentum this year, with the U.S. leading the way among developed countries and some long-depressed southern Eurozone economies finally turning the corner, says the International Monetary Fund.

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KFC parent Yum launches Chick-fil-A chicken competitor Super Chix

KFC parent Yum Brands Inc. is readying to launch an assault on chicken chain Chick-fil-A.

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Small-business optimism rebounds as winter ends, survey finds

WASHINGTON -- Small-business owners were more optimistic about the economy last month and expected sales to increase as a winter marked by severe weather ended, according to survey results released Tuesday.

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California women make 84 cents for every $1 men do, report says

Despite all the recent focus on female empowerment and "leaning in" at work, California women are still paid just 84 cents for every $1 paid to men in the state.

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U.S. Navy to test laser weapon aboard ship in Persian Gulf

The Navy plans to install a laser weapon prototype on a ship this summer for at-sea testing in the Persian Gulf.

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Virgin America tops ranking of overall airline quality

California-based Virgin America ranked highest among the nation's top 15 carriers in a study that looked at on-time performances, customer complaints and lost bag rates, among other factors.

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GlaxoSmithKline launches probe into claims of misconduct in Iraq

British drug-maker GlaxoSmithKline said it is launching an investigation into claims of misconduct in Iraq.

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IMAX movie to promote U.S. national parks to begin filming

Tourism officials plan to go big to promote the United States to foreign visitors. IMAX big.

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Boeing to shut C-17 plant in Long Beach 3 months earlier than expected

Boeing Co. announced plans to stop production of C-17 cargo jets at the company's sprawling Long Beach plant three months earlier than it previously anticipated.

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Tyson recalls 75,000 pounds of chicken nuggets sold at Sam's Club

Tyson’s Foods Inc. is recalling 75,000 pounds of chicken nuggets sold at Sam’s Club stores nationwide after discovering the food contained pieces of plastic that have caused minor oral injuries to consumers, the company and the U.S. Department of Agriculture said.

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The best way to find an affordable accountant

Jeff is having tax troubles. He says he owes money for missed payments.

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Irish firm to buy fast-growing MS-drug maker Questcor for $5.6 billion

Irish pharmaceutical company Mallinckrodt will pay $5.6 billion in cash and stock for Anaheim-based Questcor Pharmaceuticals Inc., a fast-growing bio-pharmaceutical firm that specializes in treating multiple sclerosis, the companies announced Monday.

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Customer satisfaction high with airline websites, low with airlines

Airlines in the U.S. don’t have a very good reputation among travelers. Maybe those ever-multiplying passenger fees and ever-shrinking economy seats play a role in that.

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Flight attendants support bill to ban knives on planes

Under pressure from lawmakers and flight attendants, the Transportation Security Administration backed off last year on a plan to allow knives on commercial planes.

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Ten things to know about your lost baggage

Returning from a recent leisure trip to Miami, Jerry Jorgensen landed in Detroit only to face one of the biggest frustrations of air travel: His bag was nowhere to be found.

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Scientists create a non-glare surface inspired by moth's eyeballs

UC Irvine scientists say they have discovered a way to make a surface capable of eliminating glare. It could be a huge relief to anyone blinded by solar panels and by extremely bright electronic displays.

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U.S.' top three oil suppliers see their share of market go up

Although U.S. imports of crude oil are down overall, the share of oil from the nation's top three suppliers soared to its highest levels in four decades in 2013, according to the U.S. Energy Information Administration.

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Beverly House ups ante with $135-million asking price

No sooner did the mountain move -- the $125-million Fleur de Lys chateau listing that held the price peak in the Southern California market sold this week for a record-breaking $102 million -- than another pinnacle popped up to take its place at the summit of the price spectrum.

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Private-sector employment reaches milestone in March

WASHINGTON -- It took more than four years, but the economy last month finally recovered all the millions of private-sector jobs lost in the last downturn.

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Economy adds 192,000 jobs; unemployment rate holds steady at 6.7%

WASHINGTON -- The U.S. economy added a fairly solid number of new jobs in March as employers reverted to their average pace of hiring after the unusually harsh winter weather.

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Report sees housing bubble echoes in Southern California

High prices, climbing interest rates and flat incomes are pushing home-buying out of reach for more Southern Californians, according to a new report Friday from Zillow. And that’s starting to bring back behavior seen in the bubble days of the mid-2000s.

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Merchants give Trader Joe's thumbs-down for avoiding downtown L.A.

Trader Joe’s may be the favorite store of many Southern Californians, but it has earned the ire of some prominent downtown Los Angeles boosters who are royally miffed at the popular grocery chain.

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Blacks fall further behind whites, Latinos in job market, report says

African Americans are falling further behind their white and Latino counterparts when it comes to employment and income, according to a new report from the National Urban League released Thursday.

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Barnes & Noble stock slides after key investor unloads shares

Barnes & Noble Inc. shares were sharply lower Thursday after a key investor said it was slashing its stake in the bookstore chain.

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Shoreline Square trophy tower in Long Beach sold for $102 million

One of Long Beach’s trophy skyscrapers, Shoreline Square, has been sold for nearly $102 million to a San Diego real estate investment firm.

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Rocket blasts off from Vandenberg, lifts military satellite into orbit

An 18-story rocket carrying a $518-million military weather satellite was launched into orbit from Vandenberg Air Force Base on Thursday, extending the life of a program that began in the early 1960s.

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Mortgage rates flatten out, Freddie says: 30-year fixed at 4.41%

Mortgage rates leveled off early this week, with the average for a 30-year fixed loan at 4.41%, a smidge above the 4.4% recorded a week earlier, Freddie Mac said.

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Guitar Center gets new owner and relief from crushing debt

Ares Management gained control of Guitar Center Holdings Inc. in a debt-for-equity swap, the Westlake Village retailer said in a statement.

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Jeremy Stein to step down from short-handed Federal Reserve Board

WASHINGTON -- Federal Reserve Governor Jeremy C. Stein plans to step down next month, creating another vacancy on the central bank's already short-handed board.

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Zillow to partner with Beijing firm to market U.S. homes abroad

In a deal that underscores a Chinese home-buying spree, real estate website Zillow Inc. said it will partner with a Beijing firm to market U.S. homes in China.

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Jobless claims rise, but remain low heading into Friday's jobs report

WASHINGTON -- Initial jobless claims unexpectedly increased last week but remained low in a positive sign for labor market growth before Friday's jobs report.

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SeaWorld reports latest drop in attendance amid Blackfish controversy

Amid ongoing controversy over its killer whale shows, SeaWorld Entertainment Inc. reported a 13% drop in attendance for the first three months of the year.

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U.S. energy imports hit two-decade low in 2013

With domestic oil and gas production on the rise, net U.S. energy imports plunged last year to its lowest level in two decades, according to the U.S. Energy Information Administration.

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Latest cyberscam enables crooks to extract huge sums from ATMs

Sounding alarm over an especially sinister new wave of cybercriminals, regulators are warning bankers that hackers have succeeded in changing the controls on automated teller machines to enable thieves to make nearly unlimited withdrawals using fraudulent debit, prepaid and ATM cards.

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The Hollywood Citizen News building was erected in 1930.

Art deco Hollywood Citizen News building is sold

The former home of the Hollywood Citizen News newspaper, now an office building, has been sold for more than $14.5 million to Los Angeles investor SE Edinger.

Brentwood Capital Partners sold the two-story building at 1545 Wilcox Ave., said real estate broker Trevor Belden of Industry Partners.

Constructed in 1930, the  art deco structure designed by architect Francis D. Rutherford was the production headquarters for the Hollywood Citizen News. The newspaper operated under various owners from the 1930s to the early 1970s.

HOME PRICES: Southland market stagnant in February

The building, which is located between Hollywood and Sunset boulevards, underwent a multimillion-dollar renovation in 2006 to cater to the tastes of tenants in the media and entertainment industries. It has high ceilings, skylights, operable windows and patios on the second floor.

The 49,000-square-foot building was 94% leased at the time of sale to a variety of entertainment industry tenants, including Larson Studios...

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Seeking satisfaction for an unsatisfactory water heater

Bob related a tale of woe involving a tankless water heater.

He purchased the unit from a company called Eternal in 2010. By 2013, he said, it was making a lot of noise and not behaving properly.

ASK LAZ: Smart answers to consumer questions

Bob thought his water heater came with a 20-year warranty, but he got stuck with the cost of repairs.

His question: Who regulates tankless water heaters?

For the answer, and what probably happened in this case, check out today's Ask Laz video.

If you have a consumer question, email me at asklaz@latimes.com or contact me via Twitter @Davidlaz.



 

 

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A home in the Pine Mountain Club in Kern County, Calif. About half of the homes in the development are vacation or second homes. Sales of vacation homes jumped nearly 30% in 2013.

Report: Vacation home sales jumped in 2013

The market for a place at the lake is hopping.

Sales of vacation homes jumped nearly 30% in 2013, the National Assn. of Realtors reported Wednesday, and second-home purchases made up their biggest share of the housing market since 2006.

“Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” said Lawrence Yun, NAR’s chief economist, though he noted that vacation home sales remain one-third below their peak in 2006.

There were an estimated 717,000 vacation homes purchased last year, according to NAR, up from 553,000 in 2012. The median price of these homes was $168,700, up 12.5% from the year prior. They were most likely to be located in the South -- home to 41% of vacation homes -- followed by the West at 28%, 18% in the Northeast and 14% in the Midwest.

And NAR found signs that more people are treating vacation homes at least in part as an investment. The...

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MannKind Corp. of Valencia is seeking Food and Drug Administration approval of its inhaled diabetes medication, Afrezza.

MannKind shares soar on FDA panel's support of diabetes drug

MannKind Corp. shares were up nearly 80% Wednesday after the Valencia company said an FDA advisory panel had backed its inhaled diabetes drug that could replace most insulin injections.

The panel voted 13-1 to recommend that the FDA approve the drug, Afrezza, for the treatment of Type 1 diabetes and 14-0 to approve it for the more common Type 2 diabetes.

The FDA doesn't have to follow the panel's recommendation, but the panel's nod was considered a key hurdle for the company.

PHOTOS: Top 10 Southern California companies

MannKind shares were up $3.13, or 78%, to $7.15 in midsession trading Wednesday.

MannKind has been working for more than seven years to gain approval for Afrezza. The drug's approval is vital to the future of the company and its nearly 250 employees.

If approved, analysts estimate that Afrezza could generate more than $580 million for MannKind by 2018, Bloomberg News reported.

As a powder that is inhaled, Afrezza would eliminate the need for most insulin injections. The...

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