Business Briefing
Foreclosure of store site delayed
The foreclosure of the former Robinsons-May department store site in Beverly Hills set to be completed Friday was postponed.
Developers Nicholas and Christian Candy of Britain bought the 8-acre property for $500 million in 2007 to build an ultra-luxury condominium, retail and hotel complex.
The finance and real estate markets soon tanked, and the development never got off the ground.
A bank controlled by Mexican billionaire Carlos Slim, Banco Inbursa, is now expected to take title to the property Thursday.
The delay was for “administrative reasons” at Banco Inbursa, Nicholas Candy said.
COURTS
Tobacco firms, U.S. file appeals
The tobacco industry and the Obama administration filed dueling appeals with the U.S. Supreme Court on the government’s racketeering suit against the industry, a case that at one point sought $280 billion.
Cigarette makers, including Altria Group Inc.’s Philip Morris USA, are asking the court to review a ruling that they conspired to defraud the public about the dangers of smoking.
The ruling could open companies to continuing judicial oversight and impose more stringent limits than the 2009 law that let the Food and Drug Administration regulate tobacco.
Ford told to pay $23.4 million
A jury has awarded an Upland woman $23.4 million in a civil judgment against Ford Motor Co. for a 2007 freeway accident that left her a quadriplegic.
Cynthia Castillo lost control of her 1997 Ford Explorer when the tread separated from her left rear tire as she was driving.
Her attorney, Brian Brandt, said the sport utility vehicle veered off the freeway and rolled three times down an embankment, leaving Castillo’s legs and most of her body paralyzed.
Brandt said flaws in the vehicle’s design cause a loss of control when the tire tread separates.
An attorney for Ford said the accident was caused by a worn-out tire.
AEROSPACE
1,000 at Boeing may face layoffs
Boeing Co. said it sent layoff notices to more than 1,000 people, most of them technology workers in Washington state and California.
The notices mean the workers are at risk of being laid off April 23. A spokesman said it was possible the final number of layoffs could shrink.
RETAIL
J.C. Penney’s profit down 5.2%
J.C. Penney Co. said fourth-quarter net income declined 5.2% to $200 million, or 84 cents a share, from $211 million, or 95 cents, a year earlier. Revenue fell 3.6% to $5.55 billion.
The company, based in Plano, Texas, forecast annual earnings of $1.55 a share for 2010, more than analysts’ estimate of $1.45.
AUTOS
GM chief’s pay set at $9 million
General Motors Co. said Chief Executive Ed Whitacre would receive a pay package valued at $9 million this year.
Whitacre will receive a cash salary of $1.7 million, plus stock awards worth as much as $7.3 million that can be sold when the automaker goes public again.
-- times wire reports
