Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, I compile interesting business stories affecting Southern California.
- President Barack Obama's budget request didn't include the F/A-18 Super Hornet fighter jet. If that budget becomes final, that could eliminate 900 jobs at Northrop Grumman's El Segundo plant, according to the Press-Telegram.
- Newport Beach-based Pacific Investment Management Co. (PIMCO), which manages investments for clients like public and private pension and retirement plans, is getting competition even in Southern California, according to the Wall Street Journal. The Orange County Employees Retirement System chose to have Swiss fund management firm GAM Holding AG manage $100 million in new funds, instead of PIMCO, the WSJ reports.
- In Santa Monica, there's a crude oil pipeline underneath the city, according to the Santa Monica Daily Press. Santa Monica's city council will consider whether to approve an agreement to allow Crimson California Pipeline to become the official operator of the pipeline. But even if the council doesn't approve the agreement, city officials believe Crimson may still be able to operate the pipeline under eminent domain or state law, according to the Santa Monica Daily Press.
- Culver Studios, the place where "Gone With The Wind" was filmed, will be sold to real estate investment firm Hackman Capital Partners, according to the Los Angeles Times. Deadline reported there was speculation the property might be turned in condos, but an investment summary obtained by the Times indicates the buyer plans to keep the place as a studio.
Los Angeles writer Mickey Rapkin signed up to work as an uberX driver for a week and chronicles his experience in GQ. He says Uber takes about 20 percent of a driver's fare depending on the city and drivers don't get a tip. At one point in the story, he worries about his safety. "I was basically picking up hitchhikers and trying to convince myself: Murderers don't use iPhones," he writes in the article. KPCC covered the growing competition between Uber and the taxi cabs in Southern California last year.
Got business news? Tweet me @thewendylee.