The Bernard Osher Foundation has donated $70 million to support private scholarships for California’s community college students. The donation is the single largest gift to a community college system in the nation and one of the largest gifts ever made to higher education, according to the Office of the Governor. “We are all overjoyed about this historic and unprecedented gift to the California Community Colleges,” California Community Colleges Chancellor Diane Woodruff said. The gift was made courtesy of the Osher Initiative for CCC students. The initiative includes two separate monetary commitments that will assist students with $1,000 scholarships at each of California’s 109 community colleges. A $50 million gift will support endowed annual scholarships at CCCs, $25 million of which will fund an endowment managed by the Foundation for California Community Colleges. The remaining $25 million will be contributed to the endowment on a two-to-one match, according to the Office of the Governor. The community college foundation will partner with the CCC System Office and state’s community colleges to raise a matching $50 million over a three-year period. The resulting $100 million endowment will serve as a permanent fund for annual student scholarships. Once the endowment is fully funded, it is expected that at least 5,000 scholarships will be awarded annually.

Californians paid an “unexpected” $1.4 billion in income taxes for 2007, Controller John Chiang reported. This means the state’s budget deficit will be reduced by about $738 million, his statement concluded. Since at last count the State was $20 billion in the hole, those on Capitol Hill are likely not sighing in relief just yet. Chiang also referenced the fact that these numbers reflected the 2007 economic picture, intimating that 2008 is not expected to be as rosy.

Higher advertising rates and lower programming costs helped offset drops in ad revenues in the broadcasting division due to the Hollywood writers strike, The Walt Disney Co. said in releasing its second quarter financial statements. Revenue dropped 2 percent in the second quarter for the Burbank-based media conglomerate’s ABC Network when compared with the same period the year before. The difference, of course, was the three-month television and film writers strike that limited airing of original scripted programming on ABC resulting in lower ratings and advertising revenues. The writers began their walkout over a failure to reach a new contract with the Alliance of Motion Picture and Television Producers. The strike ended in February after the two sides reached a new deal, primarily through the intervention of Disney President and CEO Robert Iger and Fox Group Chairman and CEO Peter Chernin. For the second quarter ending March 31, Disney reported a net income of $1.1 billion, or $0.58 per diluted share, on revenues of $8.7 billion. That is an 18 percent increase over the net income of $931 million, or $0.44 per diluted share, on revenues of $8 billion for the same period in 2007.

Video game publisher THQ Inc. fell short of its revenue targets for its just completed fiscal year, the company announced. In response, the Agoura Hills-based company has taken measures to roll out a stronger title line and improve its quality line and competitiveness to improve its finances in fiscal 2009. Weak sales of certain game titles led THQ to report a fourth quarter net loss of $34.5 million, or $0.52 per diluted share, on revenues of $187 million. For the same period in 2007, the company reported a net income of $6.5 million, or $0.10 per diluted share, on revenues of $172 million. For the full fiscal year, the company reported a net loss of $35.3 million, or $0.53 per diluted share, on revenues of $1.03 billion. For fiscal year 2007, the company reported a net income $68 million, or $1.05 per diluted share, on revenues of $1.02 billion. THQ anticipates improved sales in fiscal 2009 from the sequels of its popular Saints Row and Red Faction Guerilla franchises; new titles for the Nintendo Wii platform; and the introduction of new original brands, de Blob and Darksiders.

California regulators want to expand a pilot program under which utilities offer interest-free loans to small businesses that want to buy energy-efficient gear. The three big utilities that tried the program last year are on board to enlarge the effort. At least one will probably propose raising the cap for loans to small businesses to $100,000, from $50,000, and increasing the payback timetable to 10 years for loans to institutional customers such as cities and schools, said energy consultant Hank Ryan, who is credited with bringing a successful Connecticut program to California that lets customers make loan payments through their utility bills. Southern California Edison wants to boost its loan fund, which was about $2.5 million last year. For the full story visit http://www.latimes.com/business/la-fi-smallbiz5-2008may05,0,7350365.story

Los Angeles airport director Gina Marie Lindsey — about to complete her first year overseeing one of the world’s busiest travel gateways — will spend the next few days explaining to her bosses what role she played in the awarding of $67 million in LAX construction contracts. Today she will appear before airport commissioners. On May 7, she will sit before a City Council committee, whose chairwoman has recommended that the body take jurisdiction over one of two contracts in dispute. The contracts grew controversial over the last two weeks after questions were raised about Lindsey’s role in the selection of firms competing for a share of a huge expansion planned at Los Angeles International Airport. For the full story visit http://www.latimes.com/business/la-me-airport5-2008may05,0,5203747.story

Westlake Village Inn has been selected by Summit Hotels & Resorts to be the first and only California hotel to be part of its portfolio of properties. Summit is a division of Preferred Hotel Group, which represents fine hotels around the world. “We’re extremely pleased to be the first and only California member of Summit Hotels & Resorts,” Westlake Village Inn General Manager Amy Commans said. “Our affiliation with the distinguished and renowned Preferred Hotel Group helps to further position Westlake Village Inn as a world-class destination.” Owned by local developer and philanthropist John L. Notter, the inn features 141 individually-appointed guestrooms and suites accompanied by a private lake coupled with an award-winning restaurant and after-hours retreat.

Today the Cheesecake Factory Inc. announced the opening of its 140th Cheesecake Factory restaurant at the Americana at Brand in Glendale. The restaurant opened its doors May 2. It contains approximately 11,500 sq. feet and 330 seats. The Cheesecake Factory Inc. is headquartered in Calabasas Hills.

Semiconductor developer Fulcrum Microsystems raised $29.9 million in its fifth round of funding, the company announced. Calabasas-based Fulcrum has raised a total of $100 million since its founding in 2000. The latest round of funding came from Granite Ventures, Infinity Capital, New Enterprise Associates, and Palomar Ventures and closed on April 28. At the Interop show in Las Vegas, Fulcrum executives announced an alliance with nine companies enabling communications equipment providers to create switching technologies with Fulcrum’s chips more easily.

Plans to send a subway rumbling below Westside streets to link the traffic-choked region to Eastside rail lines have been narrowed to four possible routes estimated to cost up to $6.5 billion. And even with no available funding source, Metro is forging ahead and preparing what it hopes will eventually be an attractive package to federal officials who have not offered any financial support for a subway beyond repealing a 1985 ban last year on federal money for construction under Wilshire Boulevard. “There is a long way to go before the subway extension can become a reality,” said Los Angeles County Supervisor Zev Yaroslavsky, a Metro board member. “But building support for, and selecting, a preferred route is the prerequisite to the next difficult step – finding a way to pay its $450 million-per-mile cost.” For the full story visit http://www.dailynews.com/breakingnews/ci_9153926