Financial
Orange County Register owner plans daily LA paper PDF  | Print |  E-mail
Written by ANDREW DALTON, Associated Press   
Friday, 13 December 2013 06:55

LOS ANGELES (AP) — The parent company of the Orange County Register plans to expand with a daily paper in Los Angeles, looking to further stretch its regional reach to nearly all of Southern California.

The new, seven-days-a-week paper will be known as the Los Angeles Register, Freedom Communications CEO Aaron Kushner told The Associated Press on Thursday night, a few hours after announcing the move to his staff in the Orange County Register's newsroom.

Kushner didn't give many specifics about plans for the paper but said it will be launched "quickly" and will be widely distributed in print in Los Angeles County. The Register's story on the launch said it would come early next year.

Kushner said the paper will share Orange County Register content in sports and other areas with regional relevance, but he emphasized it will be a distinct entity with a Los Angeles office and a staff made up of existing Register employees and new hires.

"It will be the LA Register, not the Orange County Register," Kushner said in a phone interview. "We're not a national paper, we are a local community-building paper, so that means having local people in the community they're covering."

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Michael Jordan shoes auctioned for $104,000 PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 12 December 2013 15:26

SALT LAKE CITY (AP) — An auction company says Michael Jordan's shoes from the famous flu game of the 1997 NBA finals have sold for more than $100,000.

The shoes were owned by a Utah Jazz ball boy who befriended Jordan when the Chicago Bulls visited Salt Lake City. Jordan was playing with what he thought was the flu, but still led the Bulls to a key victory in the NBA Finals.

Preston Truman has said he asked for Jordan's shoes after the game.

Truman kept the shoes locked in a safe-deposit box at a Utah bank for 15 years. He recalls turning down an $11,000 offer for the red-and-black shoes from a collector the next season. The recent sale was first reported by ESPN.com.

Grey Flannel Auctions says online bidding started at $5,000 before soaring to more than $104,000 when bidding closed Thursday. The buyer wasn't identified.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
Merrill paying $131.8M to settle SEC charges PDF  | Print |  E-mail
Written by MARCY GORDON, AP Business Writer   
Thursday, 12 December 2013 15:31

WASHINGTON (AP) — Merrill Lynch has agreed to pay $131.8 million to settle U.S. civil charges that it misled investors about risky mortgage bonds it sold ahead of the 2008 financial crisis.

The Securities and Exchange Commission announced the settlement Thursday. Merrill Lynch was accused using misleading materials to market the investments in 2006 and 2007. The materials gave investors a false impression that the collateral for the securities was chosen by an independent firm, the SEC said.

Merrill neither admitted nor denied the allegations. But it did agree to refrain from future violations of the securities laws. The SEC also censured Merrill, bringing the possibility of a stiffer sanction if the alleged violation is repeated.

When the housing bubble burst in 2007, millions of home borrowers defaulted on their loans and bundles of mortgages sold by big banks left investors with billions in losses.

Bank of America acquired Merrill at the height of the crisis in September 2008.

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Labor group sees progress at major Apple supplier PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 12 December 2013 15:24

SAN FRANCISCO (AP) — A labor group monitoring three Chinese factories that make iPhones and other Apple products says once-oppressive working conditions have steadily improved in the last 18 months, but more must be done to reduce the amount of overtime that employees work.

The audit released Thursday by the Fair Labor Association represents the final assessment in a process that started last year at plants run in China by Apple's largest supplier, Foxconn.

Reports depicting the Foxconn plants as inhumane sweatshops prompted Apple Inc. to hold its foreign contractors to higher standards. The Cupertino, Calif., company joined the Fair Labor Association last year as part of a commitment to improve the situation.

Apple is the only major tech company in a 14-year-old labor group that also includes clothing makers, shoe makers and other manufacturers promising to curb abuses in overseas factories.

The report concluded Foxconn factories in Longhua, Chengdu and Guanlan had reached virtually all the goals set out in a plan adopted last year.

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