The Breakdown

Explaining Southern California's economy

In SoCal business news: BYD could lose Long Beach Transit contract, American Apparel stock at risk of being delisted

59740 full
59740 full

Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, we compile interesting business stories in the region.

  • Build Your Dreams (BYD) could lose its $12 million contract with Long Beach Transit  (Los Angeles Times). Times reporters Shan Li and Abby Sewell said automaker BYD didn't submit the necessary information on time for the Disadvantaged Business Enterprise Program, which now puts the contract in jeopardy. Last year, KPCC reporter Brian Watt said the Department of Industrial relations fined BYD for not providing some of its workers minimum wage, but later dropped the citations.
  • American Apparel stock is doing so poorly, it's in danger of getting delisted from the New York Stock Exchange (Los Angeles Times). The stock was trading at about 75 cents on this morning.
  • Meanwhile, Pacific Investment Management Co.'s (Pimco) stewardship rating was lowered by Morningstar, from a "B" to a "C," due to uncertainty surrounding changes in the company's leadership (Reuters). 
  • The drama surrounding the firing of Los Angeles Times investigative reporter Jason Felch continues. The Washington Post's Erik Wemple takes a deeper dive into the situation and the reporting of Felch's story that resulted in a correction.
  • Even though California received a $268 million settlement with Ocwen Financial Corp., people impacted by wrongful foreclosures may not be able to buy a home in at least two years due to bad credit reports (Press-Enterprise)
  • The Washington Post is joining with large newspapers like the Dallas Morning News for a new type of partnership. The paper will allow subscribers of the Dallas Morning News and other partners to view the articles behind the Post's paywall (The Financial Times).
  • There have been reports that Disney is interested in buying Maker Studios, a producer and distributor of online videos, although no deal has been announced yet. Re/code takes a look at why the deal makes sense for Disney and what it will do with Maker Studios
  • Disney held its shareholders meeting yesterday and revealed some tidbits about its upcoming films. The new Star Wars film will take place 30 years after "Return of the Jedi." Disney CEO Robert Iger said there are no hand-drawn animation films in the works (Los Angeles Times). 
  • Watch where you swing that golf club. A UC Irvine study says that when golfers swing titanium-coated golf clubs against a rock in frustration, that could cause a fire with nearby plants (Orange County Register).

Got business news? Tweet me @thewendylee.

blog comments powered by Disqus

Enjoy reading The Breakdown? You might like KPCC’s other blogs.

What's popular now on KPCC