Stories for August 2008

Friday, August 29

Major GM Recall

Nearly 1 million vehicles are being voluntarily recalled by General Motors Corp. due to a problem with a heated washer fluid system that could short circuit and potentially cause a vehicle fire.

Thursday, August 28

Developer's request OKd

Builder of condo project on Brand Blvd. gets a partial waiver on fees for affordable housing.

Labor Department says jobless claims fell for third straight week after hitting 6-year high

WASHINGTON The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said.

State Notified of Nestle Job Cuts

Nestle USA Inc. in Glendale has notified the state of layoffs at its Glendale headquarters to take place through October.

Valley Business Alliance Changes Name

The board of directors and stakeholders of the Economic Alliance of the San Fernando Valley voted to change the name of the organization slightly as part of a re-branding campaign.

Waldman Named New VICA President

Stuart Waldman, who served as chief of staff for two members of the California Assembly, has been named as the new president of the Valley Industry & Commerce Association.

California insurance commissioner backs pay-as-you-drive policies

Commissioner Steve Poizner releases proposed regulations. The plan is considered to be more accurate, and it would give a financial incentive to California motorists to drive less.

Camarillo to buy 12 acres, parcel could house ice rink

The Camarillo Community Development Commission, which is made up of all five members of the City Council, approved the purchase of 12 acres of land that could provide a new site for the Channel Islands Ice Center.

Wednesday, August 27

Durable goods post strong increases in July, June

WASHINGTON -- Orders for big-ticket manufactured goods turned in a second consecutive strong monthly performance in July, a far bigger-than-expected gain led by a huge jump in demand for commercial aircraft.

Wal-Mart initiative qualifies for ballot

Large number of names gathered may trigger costly special election

Design guidelines mulled

Council directs staff to work on La Crescenta residents' ideas for buildings in area.

Experimental laser gets test at EAFB

EDWARDS AFB - An experimental laser device that has the ability to detect potential hazards at a lunar landing site for future robotic spacecraft was flight-tested at NASA's Dryden Flight Research Center.

Judge To Determine Damages In Bratz Case

A hearing will take place this week in federal court to determine the amount of damages levied against MGA Entertainment in its copyright infringement case involving the popular Bratz doll line.

Solid Concepts Makes Michigan Acquisition

Manufacturer Solid Concepts Inc. has acquired a Michigan firm that supplies the automotive and other industries with fabricated components.

Tuesday, August 26

Capstone Receives Data Center Generator Order

Capstone Turbine Corp. received a $1.3 million order for power generators to be used at data centers in Texas and Virginia.

Santa Barbara County supervisors expected to back offshore oil drilling

In a symbolic vote today, officials probably will support offshore drilling. Supervisor Brooks Firestone says new, safer technology is one reason he's reversing his previous opposition to drilling

Major studio film shoots in Los Angeles grind almost to a halt

Production was ramped up in anticipation of a possible actors strike, with most big-budget movies for next year wrapping by June 30.

United Online Completes FTD Acquisition

United Online Inc. completed its purchase of florist company FTD Group Inc. for $441 million.

Goleta energy firm seeking efficiency over capacity

When it comes to developing wind energy, there's too much emphasis on capacity and not enough attention to efficiency, said Gene Kelley, founder of W2 Energy Development Corp.

Monday, August 25

Hardware store stays in the family

Landmark in Somis has passed from father to son

Realtors say existing home sales rose in July

WASHINGTON -- Sales of existing homes rose 3.1 percent in July, easily beating Wall Street's expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

NASDAQ: North American Scientific Out of Compliance

North American Scientific Inc. has six months to regain compliance or else face delisting from The NASDAQ Stock Market.

FDA Approves Amgen's Platelet Drug

The Food and Drug Administration has approved Nplate, a drug Amgen developed to produce platelets in those with low amounts of the substance in their blood.

Schiff hosts forum on economy

A round-table gathering of seven business and economic leaders from Los Angeles County and the region gathered in Pasadena to address concerns about the economy, energy prices and the recent closure of 33 IndyMac banks throughout California.

Budget crisis hits healthcare district

LANCASTER - The inability of Democratic and Republican legislators to resolve differences over the state's budget is costing the Antelope Valley Healthcare District more than $1 million a week.

Van Nuys Target of License, Sales Tax Check

Businesses in Van Nuys will be among those visited by state inspectors in a crackdown on non-compliance with licenses and paying sales tax.

Friday, August 22

Irradiation of leafy produce OK'd

Growers considering radiation to destroy E. coli and other germs

Boeing weighs exiting $35B tanker competition

WASHINGTON -- Boeing Co. is considering bailing out of the politically-charged bidding for a $35 billion contract to build aerial refueling tankers for the Air Force, if it does not receive an additional four months by the Pentagon to put together a compe

Airport district OKs lease for landscaping bark business

MOJAVE - The East Kern Airport District Tuesday approved a lease in the Mojave Air and Space Port's industrial park for a landscaping bark business.

Thursday, August 21

July's leading indicators fell sharply as building permits, stocks dropped, unemployment rose

NEW YORK (AP) _ A private business group's measure of the economy's health showed the largest drop in one year as stocks fell, new building permits declined and unemployment rose.

Blanks to close his gym in area

Westlake site less than 2 years old

Image Expands Distribution To iTunes

Image Entertainment Inc. has made feature films, television episodes and specialty programs available through iTunes.

Talon Zips Up Profitability

Zipper-maker Talon International reported second quarter earnings were moving in the right direction, with net income rising 22 percent higher than in the same period in 2007.

AV Chambers of Commerce president moving on

LANCASTER - Percy "Steve" Malicott announced Wednesday he will resign as president and CEO of the Antelope Valley Chambers of Commerce to take a similar position in Great Falls, Mont., where his wife has family.

Mattel Seeks $1.8 Billion From MGA In Bratz Case

Mattel Inc. seeks $1 billion in profits that MGA Entertainment Inc. has made from its popular line of Bratz dolls.

Lead wheel weights to be phased out in California by end of 2009

Chrysler and three lead wheel weight makers agree to the phaseout in a settlement of a suit brought by an environmental group, which contended the car parts threatened drinking water.

Cheesecake Factory Wins Honor from Magazine

The Cheesecake Factory Inc. has received the platinum award in casual dining from Restaurants & Institutions magazine.

Wednesday, August 20

Semtech Income Up 30 Percent in Q2

Semiconductor manufacturer Semtech Corp. improved its net income for the second quarter when compared to the previous year.

Developer is asked to alter hotel

Glendale officials are worried the design of the helipad at Embassy Suites veered from plans.

Building gets green light

Burbank's new Community Services facility meets a number of strictly enforced environmental standards set by LEED.

IBM To Manage Health Net Computer System

Health Net Inc. signed a five-year agreement to have IBM manage the entire information technology system.

BofA deal may not rescue lender

Countrywide still faces pitfalls

Palmdale Flyer bus service to use vans, require reservations

PALMDALE - Starting next month, travelers wanting to use the free Palmdale Flyer bus service, which shuttles airline passengers between the Palmdale and Van Nuys airports, will need to call ahead for reservations.

Tuesday, August 19

Wholesale prices rising at fastest pace since 1981

WASHINGTON -- Wholesale inflation surged in July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released Tuesday.

Developer fees to be revisited

Glendale City Council will mull reducing amount paid in lieu of the affordable housing requirements.

MRV Appealing Delisting

MRV Communications has asked for a hearing over non-compliance with NASDAQ rules for a delay in filing a quarterly financial report.

Radio Lazer off a bit, but still tops on radio

An Oxnard Spanish-language radio station is so popular that a loss of nearly 2 percentage points of its audience share couldn't topple it from the No. 1 spot.

Superior Cutting Workforce As SUV, Truck Sales Drop

Superior Industries International Inc. will close a Kansas facility and make other additional layoffs to reduce spending and excess manufacturing capacity, the company announced.

Farmers clucking over animal proposition

PALMDALE - Antelope Valley farmers believe passage of Proposition 2, the Prevention of Farm Animal Cruelty Act, would place greater financial burden on the state's egg industry and leave consumers shell-shocked.

Monday, August 18

VALLEY NEWSMAKERS

Who's in, who's out at Valley companies.

Lockheed Martin, Northrop Grumman now hiring

PALMDALE - Employment at Air Force Plant 42 and its adjacent defense contractor facilities appears to have decreased slightly in the first six months of 2008, but two of the major contractors are hiring.

Presidential Aspirations?

The Reagan Library is the main tourist draw for the area.

Pirates, Off-Shore Drilling Concerns

Pirates, Off-Shore Drilling Concerns

Firms Help Businesses Get Strategy for Tough Times

Firms are getting tough with clients to help them survive. By Thom Senzee.

As City Matures, Development Issues Get Complex

For a look at the future of development in Simi Valley, take a drive on Madera Road and across the street from the Madera Royal Plaza shopping center and in various stages of construction are the 26 professional and medical office buildings of the Woodranch Professional Center.

Five Honored for Exemplary Financial Performance

Five Honored for Exemplary Financial Performance

Landmark housing project set for Simi

Simi Valley could become the home of Ventura County's largest Habitat for Humanity housing project.

New York faction blasts Screen Actors Guild leaders on contract talks with studios

The group, alleging 'willful inaction,' calls for a mediator if no progress is made by Aug. 25.

Major Presence By Countrywide Raises Questions

Countrywide remains the city's largest employer and real estate holder.

Highbrow Trendsetter

Senna Cosmetics blends family traits into an effective management team

When Times Are Bad, a Good CFO Can Be a Lifesaver

Companies going from the depths of despair to financial health

East Valley Gets New Venue For Business-Related Events

A new event space has opened in Toluca Lake

VALLEY BIZ SEEN

A new reader-driven feature: photographs of Valley business people being feted, awarded, commended or just taking part in interesting regional events.

Honorees Represent Variety, Strength of Local Business

The greater Valley Top CFOs Honorees Represent Variety, Strength of Local Business.

Bottom Line Impact of Chief Financial Officers

The chief financial officer is often an unsung hero at many companies both public and private. But these professionals are an integral part of a business' operation and there are very few CEOs who don't credit their CFO for successes in their companies. B

Governors Outline Border State Priorities

Gov. Arnold Schwarzenegger and nine other chief executives who govern states along the U.S.-Mexico border signed a joint declaration to work together to outline future policy priorities for the border region during a conference at Universal Studios.

Facility Acquired To Help Nurture Biotech Businesses

The 101 Corridor has plans for a crucial incubator building.

Teens Get a Helping Hand from Local Businesses

NBC Universal, California United Bank, Topco support area charities

Action Among Partnerships, Local Health Care Leadership

Reporter Nadra Kareem covers a variety of changes at area medical facilities.

VICA Flexes Muscles On Uncollected Bills

VICA is pushing the city to make a concerted effort to collect unpaid bills.

New Skilled Nursing Facility Fills Void in Region

Assisted living, skilled nursing facility opens in Thousand Oaks

Tix Subsidiary Inks Detroit Deal

A subsidiary of entertainment organization Tix Corp. will produce a Broadway series at the Fox Theatre in Detroit.

AROUND THE VALLEYS

Firm Given Olympic-Sized Chance.

First California Bank Hopes Move Boosts Efficiency

Reporter Linda Coburn details California First Bank's move to Westlake Village and other transactions

A Five-Year Look at the Valley 50

Review of the Valley 50 public company index performance.

CFO Event Photos

Pictures from the Top Valley CFO Awards Luncheon

IT Management: The Achilles Heel of Businesses

Robert Green begins a series of articles on strategic solutions to help grow a business

Weston-Benshoof Westlake Village Office Seen as Critical in Alston & Bird Merger

Weston-Benshoof Westlake Village Office Seen as Critical in Alston & Bird Merger

Southern California home sales jump in July

The increase, which appears to be spurred by the ongoing decline in prices, is the first in nearly three years.

Dubai Connection Good News for Burbank Firm

Reporter Mark Madler writes about local companies finding Dubai a source of revenue

View of the Valley

View of the Valley - Elaine Freeman, land use consultant, discusses the city's future

VICA Prompts Action on Huge Problem

VICA Prompts Action on Huge Problem. Column by SFVBJ Editor, Jason Schaff

Turning the Page on the Los Angeles Times

Turning the Page on the Los Angeles Times. Column by Martin M. Cooper

Friday, August 15

California's unemployment rate rises to 7.3%

Nearly 15,000 jobs were lost in July because of ongoing slowdowns in construction, real estate and the financial services industries.

Car dealership sales ailing

Brand Boulevard lots are suffering as fewer customers are showing the drive to buy.

Council to review LaSala exit contract

LANCASTER - Mayor R. Rex Parris on Tuesday scheduled a closed-session discussion for the council's next meeting to explore efforts to recoup a portion of the money granted as severance to former City Manager Bob LaSala.

Thursday, August 14

Software Firm Turns Profit In Q3

Software developer CaminoSoft Corp. returned to profitability for the third quarter when compared to a year ago.

Environmental Issues on Conference Agenda

The governors of 10 states along the U.S.-Mexico border gathered in Universal Studios for a conference on environmental protection, climate change and building commerce in the border region.

Olympic Competitor Signs with Cherokee

Cherokee Inc. of Van Nuys has signed a sponsorship agreement that will have beach volleyball Olympian Todd Rogers promoting its SIDEOUT brand in Beijing.

Wednesday, August 13

Strong Sales But Net Loss For Laser Firm

Strong sales by QPC Lasers Inc. into the consumer electronic market did not help the company turn a profit in the second quarter.

EST Receives Another Order From China

Elecronic Sensor Technology received an order from China for six of its detection units.

Oil drilling on rise in Ventura County; jobs added

Requests for wells double over 2007

CVS to acquire Longs Drug to expand West Coast reach

It's a natural pairing, Longs' CEO says. For shoppers, it might mean fewer choices.

Welding Firm Opens New Subsidiary

Arc Machines Inc. has formed a new subsidiary to market and sell welding products in new markets and industries.

Vitesse Finalizes Settlement Of Shareholder Lawsuits

Vitesse Semiconductor Corp. received final approval to settle lawsuits stemming from allegations of stock option backdating and accounting manipulations.

CLU Gets $100,000 Wal-Mart Grant

California Lutheran University in Thousand Oaks received a $100,000 grant from retailer Wal-Mart to enroll, retain and graduate first-generation college students.

Builder fails to renew license

Troubled Ventura builder R.W. Hertel & Sons Inc. has not renewed its business license, according to the city licensing department.

Retail sales drop for first time in 5 months

WASHINGTON -- Retail sales fell in July, the weakest performance in five months, as a variety of economic woes combined to blunt the impact of billions of dollars in government stimulus payments to U.S. households.

Palmdale Partners with EPA's WaterSense Program

The City of Palmdale has joined a federal program to promote water conservation and help residents identify water-efficient products.

Tuesday, August 12

8 county superintendent finalists named

Five candidates have worked locally; 2 days of interviews set

Olympic sponsors' splash diluted by rogue marketers

Advertisers without official ties to the Games are elbowing in. Some analysts wonder whether sponsorship is worth the hefty fees.

Image Results Up in Q1

The release of feature films contributed to Image Entertainment Inc. posting positive income results for the first quarter.

Grandview home plan draws ire

Residents in northwest area are ready to lash out again against six-story project.

Supervisors unite against MTA sales tax

LOS ANGELES - County supervisors Michael D. Antonovich and Gloria Molina - two leaders often at political loggerheads - will join forces today in asking their fellow supervisors to oppose a sales tax increase.

KCLU Adds AM Station

KCLU increased its broadcast signal in Santa Barbara and Ventura counties with the purchase of KIST-AM 1340 in the city of Santa Barbara.

Election Software Firm Restructures

Voting software developer Vote Power Corp. restructured itself through a stock split as a means to raise capital and win government contracts.

Disney Establishes University Research Labs

Two renowned technology universities will do research and development of computer animation, robotics and autonomous characters in new labs funded by The Walt Disney Co.

Sales Strong In Q2 for Easton-Bell

Strong sales in team and action sports equipment contributed to Easton-Bell Sports Inc. reporting a 28 percent increase in net income for the second quarter when compared with the previous year.

Monday, August 11

Ventura businesses may pool resources

Group wants to promote downtown

Get a move on quake preparedness plans

Small businesses should take steps to minimize injury and damage in the next temblor.

Airport is going greener

Renovations could include hands-free faucets, recycled paper and solar tubes over baggage claim roof.

Palmdale Applies for Power Plant Permit

The City of Palmdale has submitted an application to the California Energy Commission for certification for a 570-megawatt hybrid power plant.

Capstone Posts Net Loss In Q1

Capstone Turbine Corp. narrowed its net loss in the first quarter when compared to a year ago.

Retail, consumer confidence and inflation data due

The dollar's rebound and oil's tumble breathed some serious optimism into Wall Street last week. But no one knows for sure yet whether the two trends are truly antidotes for what's been ailing the stock market.

Friday, August 8

Council Moves On Uncollected Bills

Los Angeles would create a new position to oversee the collection of unpaid bills in a motion brought Friday by City Councilmember Wendy Greuel.

Ex-Countrywide CEO Angelo Mozilo is under formal SEC investigation

The probe is focused on whether he violated insider-trading law and whether the mortgage lender's disclosures misled investors, sources say.

Decision on peaker power plant put off

State coastal panel says it would like more information

DTS Meeting Revenue Forecast

Digital technology company DTS Inc. is on track to meet its forecast revenue for the year helped along with a positive second quarter.

DMV eliminates Saturday service this month

The cutback follows the dismissal of 700 employees, or nearly 8% of its workforce, because of the state budget battle.

Thursday, August 7

City Updating Warner Center Specific Plan

The Los Angeles Department of City Planning chose a Santa Ana-based company to update the plan guiding development at Warner Center in Woodland Hills.

Swiss food and drinks Nestle posts 6.1 percent increase in first-half net profit

VEVEY, Switzerland (AP) _ Nestle SA, the worlds biggest food and drink company, reported 6.1 percent growth in first-half net profit Thursday despite rising transport and raw materials costs and slowing bottled water sales amid criticism from environmenta

Retailers report mixed sales results in July

NEW YORK -- The outlook for the back-to-school shopping season looked grim today, as retailers' July sales reports showed an increasing shift toward buying necessities like food and household supplies at discounters and away from discretionary splurges on

Local musicians wailin' as gas costs make getting to gigs tough

For the last seven summers, the Ventura-based band Army of Freshmen has hit the road in an RV to showcase its energetic pop-rock sound at clubs, festivals and fairs throughout the United States.

Nasdaq Tells Image Stock Price Too Low

Image Entertainment Inc. has three months to meet a minimum market value of its shares or face delisting from the Nasdag Global Market.

Glendale Galleria Adds Retailers

The Glendale Galleria has pumped up its tenant roster with two new apparel stores, a new beverage provider and a new restaurant.

Local company has flair for selling zany office supplies

Call them office supplies with personalities.

Wednesday, August 6

Palmdale Pairs With FilmLA For Permits

The Palmdale City Council approved using FilmLA to handle permitting for on-location filming in the city.

Crown Narrows Net Loss

Crown Media Holdings narrowed its net loss for the second quarter when compared to a year ago.

Agency approves parking exception

Orbis Education students and staff will have to pay for parking in nearby public garages.

Airport will not increase fees

Burbank airport turns to other revenue sources to make up for falling passenger counts and a drop in overall revenue.

The Tall and Short of The World's Largest Passenger Jet

Business Journal reporter Mark Madler takes a quiet, smooth flight aboard a luxury airliner.

County software costs $5.4 million, should save paper

The Ventura County Board of Supervisors agreed Tuesday to buy a software system that will cost $5.4 million, but it should save nearly $6 million over the next four years.

Salem Income Up In Q2

Net income jumped by 20 percent in the second quarter for Christian media company Salem Communications Corp. when compared with the prior year.

Tuesday, August 5

Munchkin Launches 'Project Pink' Campaign

Munchkin Inc., launched its third annual Project Pink campaign to spotlight early breast cancer detection and urging women to have breast exams.

Amgen Licenses Pain Molecule

Thousand Oaks biotech firm Amgen recently licensed a clinical stage molecule for the treatment of chronic and neuropathic pain to Ortho-McNeil-Janssen Pharmaceuticals Inc., a Johnson & Johnson company.

PS Business Parks Posts Positive Results

The narrow focus of real estate investment trust PS Business Parks has proven to be a winner with the company posting a 21 percent gain in net income for the second quarter of 2008.

Monday, August 4

Pilot Turned Broker Takes Off

Football player, pilot, broker -- one broker's career evolution

VEDC Establishes Office To Assist West Valley Firms

New program reaches out to small businesses

Conservatorship Applications Down

Changes in probate laws are causing major changes in the law and accounting industries.

Specializing in the Sweet Stuff

Shops that specialize in customization have become popular in the Conejo Valley

Hospital attempts to regain status

Providence St. Joseph Medical Center has made several changes since it received an unsatisfactory rating in November.

Limo firm maneuvers to avert a drop-off

Entrepreneur looks for efficiencies while gas is high. But he's still investing in new vehicles.

Several Area Retail Projects Underway

Retailers expanding despite slowdown

LEARNING CURVE

Learning Curve. Judith Valles, the new president of Mission College.

VALLEY NEWSMAKERS

Who's in, who's out at Valley companies.

Learning to Work A Little Like Contractors

Learning to Work A Little Like Contractors

First Hyatt for Valley Planned in Glendale

A proposed 11-story Hyatt hotel for downtown Glendale

A Glass Act

UltraGlas manufactures unique decorativc glass

Verizon, unions agree to extend contract talks

NEW YORK -- Verizon Communications Inc. and two unions representing some 65,000 of its workers remained in talks after agreeing to "stop the clock" on contracts that were set to expire late Sunday.

Responsible State Deficit Reduction

Ways Lawmakers can Balance the State Budget. Column by Gregory N. Lippe.

MGA Loses Move For Mistrial

A federal judge ruled that a racial slur by a juror was not cause to declare a mistrial in the lawsuit between MGA Entertainment and Mattel Inc.

Verdict Won't Halt MGA Plans

Doll and toymaker still on track to move from Van Nuys to Chatsworth

EXECUTIVE SUMMARY / THE PACESETTER

Summary of the Largest Valley Retail Centers; Pacesetter - Northridge Fashion Center

Economy, Competition Hits Electro Rent In Income

The poor economy and heavy competition resulted in high tech equipment renter Electro Rent Corp. in posting a 16 percent decrease in net income for the fourth quarter when compared with the previous year.

AROUND THE VALLEYS

A look at the people, places and things that make our valleys tick.

It's Time to Get Creative

Commercial brokages seem to be weathering a tough market

Changes Planned At Sheraton Universal

Management changes for the Universal City hotel.

Fuel prices squeeze farmers at local markets nationwide

NEW YORK , Franca Tantillo puts rising fuel prices in the same category as the springtime hailstorm that wiped out part of her strawberry crop. Both cut into the profit she can make at the farmers markets she sells at in New York City, about 135 miles sou

Valley-Area Hospitals Boosting Services, Efficiencies

Area hospitals adding technology and expanding facilities. Column by Nadra Kareem

Companies Get on 3D Bandwagon With Focus on Ads

Two Valley companies make headway in 3D advertising.

Negotiating Thorny Issues of Medical Marijuana Outlets

One broker addresses the medical marijuana dispensary challenge.

Bells Toll for Reporters But What About Zell?

Reporters losing jobs, but will Times owner Zell follow. The MEDIA Column by Mark Madler

Local Business Spurns Suitors, Keeps All in the Family

Moore Industries marks 40 years in business.

Sun Community Papers Suspend Publishing Again

Sun Community Newspapers suspends publication

Valley Chambers Credited in 'Largest Mixer' Success

Valley Chambers credited with Los Angeles Mixer success. Plus: North Valley Regional Clusters Aid Referrals

FEATURED BROKERS

Six brokers who are outstanding in a variety of ways

Friday, August 1

Across Systems Chosen by Volkswagen

Company to provide translation for customer service.

Sunbelt opens its latest office center in Oxnard

Sunbelt Enterprises, the real estate firm owned by local philanthropist Fred Kavli, has opened its latest office center in Oxnard and just received permits for two other projects.

Parking lot workers may unionize

Attendants in city-owned garages are awaiting a possible change in management.

Healthcare REIT Profits Down

LTC Properties, Inc. of Westlake Village announced a drop of about $1 million in net income from the same reporting period in 2008. In the second quarter of 2008, net income was $7.5 million, or $0.33 per diluted share.

New Light Jet Takes Shape In Pacoima

A Los Angeles aerospace company will develop the next generation of very light jets at its hangar at Whiteman Airport in Pacoima.

Board lauds panned plan

Design review panel likes look of project that would replace market; residents don't.

Second-quarter economic growth weaker than expected

Gross domestic product expands at a 1.9% annual pace. The recession was 'interrupted by the rebate checks,' an economist says.

Teledyne Subsidiary Expands Defense Offerings

A subsidiary of Teledyne Technologies Inc. has purchased the defense electronics business of a British-based company for $25 million.

Litigation Settlement Raises K-Swiss Earnings

Athletic footwear company K-Swiss announced second quarter net earnings increased significantly from the previous year thanks to $30 million it received from the settlement of a lawsuit.