Talks have been extended between the Screen Actors Guild and the major Hollywood studios on a new three-year contract. This is the second time the contract talks have been extended since beginning in mid-April. The actors union has scaled back some its demands including a doubling of residuals from DVD sales and a 50% pay increase for guest stars on TV shows, the Los Angeles Times reported. Such concessions created enough goodwill to keep the talks alive a little longer, said people close to the situation, the Times said. Although the development is a positive sign, there are still steep hurdles to overcome before the parties can agree on a new contract to replace on that current that expires on June 30. Among other things, the sides are still arguing over the length of time film and TV shows can be streamed over the Internet before residuals can be paid to actors for their work, and what kind of programs created for the Internet should be covered under the union’s contract, the Times reported.

Gov. Arnold Schwarzenegger called for a dramatic boost in federal, private and state infrastructure investment during the 2008 Milken Institute Global Conference this week. “Infrastructure is the foundation for future economic growth, but for far too long California has been living off of the infrastructure investments of the past and not renewing those investments,” Gov. Schwarzenegger said. In 2006, California voters approved $42 billion in infrastructure bonds to rebuild California’s roads, schools, parks, levees and housing. “The bonds approved by voters in 2006 were a huge down payment and will go a long way toward updating California’s infrastructure, but more is needed to meet the demands of the state’s growing population and our aging roads, schools, parks, buildings and levees,” the Governor said. To address California’s infrastructure gap, which the Department of Finance estimates at $500 billion over the next two decades, the Governor has proposed new policies to improve how California builds and finances infrastructure by enabling the broad use of Performance Based Infrastructure Schwarzenegger also joined with Pennsylvania Gov. Edward Rendell and New York City Mayor Michael Bloomberg earlier to form a new bipartisan, multi-state coalition called “Building America’s Future” to rally support for federal infrastructure investment.

QPC Lasers Inc. raised $2 million in new financing for an expansion of its manufacturing facilities in Sylmar. The company needs more space to meet increased production requirements as it competes in the high volume markets such as consumer electronics. The company’s lasers are also used in military and health care applications. QPC needs additional manufacturing capacity to meet and grow customer orders, said co-founder and CFO George Lintz. “The ability to deliver in volume and on-time is an important underlying requirement to maintaining and growing long fruitful relationships with new and current customers alike,” Lintz said.

Robert Downey Jr.’s Tony Stark character in “Iron Man,” the wealthy arms dealer, swinger and superhero alter ego, asks: “Is it better to be feared or respected? And I say, ‘Is it too much to ask for both?’ ” Fortunately for Marvel Studios, which financed and produced the adaptation of its comic book, and distributor Paramount Pictures, the answer is no, it’s not too much to ask. The giddiest box-office analysts predict an opening of $100 million for “Iron Man,” which launches today at 4,105 theaters in the U.S. and Canada after advance screenings Thursday night at many locations, although $75 million strikes Projector as more realistic. For the full story visit http://www.latimes.com/business/la-fi-projector2-2008may02,0,5279700.story

The pilot of a charter plane that crashed at Van Nuys Airport in January 2007 failed to maintain an adequate airspeed resulting in the aircraft going into a stall, the National Transportation Safety Board said. The failure to properly secure the front baggage door also contributed to the crash when it became open and distracted the pilot, the NTSB said in its probable cause report released April 30. The crash on Jan. 12 of the twin-engine Cessna Citation killed Frank Kratzer, a retired airline pilot, and Fernando “Chris” Fernandez. Kratzer was owner of Sun Quest Executive Air Charter based at Van Nuys. Kratzer and Fernandez were on their way to Long Beach to pick up passengers before continuing to Arizona when the plane crashed. Line personnel told NTSB investigators that one of the pilots pulled the front left baggage door down but did not lock or latch it. Witnesses near the end of the runway saw the left baggage door open as the plane took off. “All of the witnesses reported that the airplane turned slightly left, leveled off, and was slow. The airplane began to descend, and the wings were slightly rocking before it stalled, broke right, and collided with the terrain,” the NTSB said. The baggage door was found among the wreckage with the key lock in the horizontal, or unlocked, position, the NTSB said.

Bank of America’s stock rose, while Countrywide’s fell May 2 on news that Standard & Poor’s ratings service cut the credit rating of Countrywide to junk status. A new SEC filing yesterday by Bank of America cast doubt on whether they would be ” redeeming, assuming or guaranteeing some or all of (Countrywide’s) debt ” and was cited by S & P; as the prompt for the status change.

Over 2,000 of developer Rick Caruso’s “closest friends” attended a lavish party in Glendale May 1 to celebrate the grand opening of his newest development: the Americana at Brand. The black-tie soiree took place on the top floor of the Americana parking structure. Entertainment included master of ceremonies Jay Leno, Tony Bennett, Natalie Cole, the Temptations and the USC Trojan marching band. Monsignor Lloyd Torgerson blessed the Caruso family, and Gov. Arnold Schwarzenegger lauded Caruso as his “very good friend,” saying the new mixed-use project was “a tide lifting everyone around here.” The $400 million development spans 15.5 acres, with 75 retail shops and restaurants at the ground level and 238 residential units (100 rental apartments and 138 for-sale condominiums).

Los Angeles’ population has surpassed 4 million for the first time, officials announced. While state officials said last year that L.A. had passed that milestone on Jan. 1, 2007, they said final tabulations on that earlier estimate showed the city’s population was actually 3.996 million. However, the city’s population grew 1.2 percent last year to reach 4,045,873 residents as of Jan. 1, 2008, according to the state Department of Finance. For the full story visit http://www.dailynews.com/breakingnews/ci_9125880

WASHINGTON — After three months of deep job losses, the unemployment rate settled down just slightly in April to 5% — better than analysts had expected but masking a sharp increase in part-time work. The Labor Department reported today that payrolls declined by 20,000 jobs in April, a far slower pace of job losses than in the first three months of the year, when the economy lost a cumulative 240,000 jobs. The steepest losses were in manufacturing, construction and retail trade, but employment in health care and other professional services expanded. The unemployment rate had stood at 5.1% in March, falling 0.1% in April, the department reported. For the full story visit http://www.latimes.com/business/la-fi-jobs3-2008may03,0,2382100.story

Homebuilder and mortgage financier Ryland Group had its corporate and unsecured debt ratings downgraded to “junk” status by Standard & Poors Ratings Service on May 1. The S & P; announcement said the “very weak” housing market and Rylands “relatively limited liquidity” as reasons for the cut; conditions which S & P; said are not expected to improve in the next year. The move follows Moody’s downgrading of Calabasas-based Ryland in December.