NEW YORK — Bank of America Corp., the largest U.S. retail bank, said quarterly profit fell a larger-than-expected 77%, dragged down by more than $5 billion of write-downs and credit-related costs. Results fell short of analyst forecasts as more consumers and businesses fell behind on debt payments. It followed weak earnings reports at rivals such as Citigroup Inc., JPMorgan Chase & C.o and Wachovia Corp. “These results clearly did not meet our expectations,” Chief Executive Kenneth Lewis said. “The weakness in the economy and prolonged disruptions in the capital markets took their toll.” For the full story visit http://www.latimes.com/business/la-fi-bofa22apr22,0,2472993.story

PALMDALE – Navdeep Jaggi already owns a small Palmdale cafe, but it was the launch of his second venture last month that fulfilled a lifelong dream. Trained in a five-star hotel in his native India, Jaggi came to the United States nearly 25 years ago, working as a chef and in management in restaurants and hotels in California and Arizona. Last month, he and his wife, Melinda, opened Romi’s Fine Dining – adding a rare, upscale establishment to a city with a culinary landscape better known for low-cost chain eateries. For the full story visit http://www.dailynews.com/ci_8995014

The Service Employees International Union plans to file a motion to dismiss the temporary restraining order filed last week by the California Nurses Association against the organization and its president, Andy Stern, for harassment. The restraining order was issued under a California provision intended to protect “employees subject to violence or threats of violence at the workplace.” A lawyer representing the union predicted a quick dismissal of the order, which had been done without giving the union a chance to respond. “Under no circumstances have SEIU members or staff harassed CNA members or leadership,” Stern stated. “It’s shameful that the CNA is continuing to spread misinformation and distorting reality to divert focus from the real issues,the anti-union tactics that sabotaged the opportunity for more than 8,000 nurses and other hospital workers in Ohio to freely choose whether to form a union with SEIU.”

Pasadena-based East West Bancorp Inc. has seen its share price fall to its lowest point in the past year, to $13.97, in the two days following the company’s announcement that first-quarter profits were 88 percent lower than the previous quarter. A large loan-loss provision was blamed for the bulk of decrease. The stock has lost more than 50 percent of its value over the 52-week period. Four industry analysts have lowered their price targets for the company to an average of $15.67. East West announced today they would be paying a quarterly common stock cash dividend of $0.10 per share in the second quarter of 2008.

Venture West Funding of El Segundo, Calif. has arranged $24 million in refinancing for two owners of multi-family properties in Sherman Oaks, Chatsworth and Brentwood. Matt Douglas, principal of Venture West brokered the deals. In the first deal, Douglas arranged the financing for $12.35 million in loans through Union Bank and Luther Burbank Savings for a Northern California-based apartment investor. The four apartment buildings include one 66-unit property at 14343 Addison St. in Sherman Oaks and three in Brentwood that are an aggregate of 97% occupied. Union Bank is the lender for the Chatsworth property owned by a Los Angeles-based private investor. The 80-unit property at 9101 Topanga Canyon Blvd. is 98 percent occupied and was appraised in excess of $17 million. Three five-year fixed rate loans and one 10-year fixed with an average rate less than 5.5 percent comprised the refinancing deals. The loan-to-value ratio ranges from 35 percent to 70 percent on the four buildings.

Artist Jeff Foye savors the bitter flavor and floral aromas that emanate from a well-crafted beer. Lately, the San Pedro resident has experienced an unexpected sensation when he reaches for a brew — the unpleasant taste of rising prices. A worldwide shortage of hops — a key ingredient for the pale ales Foye likes so much — and rising prices for malted barley have pushed up the cost of imbibing a tall cold one. These days, he’s paying $9.99 a six-pack, about 40% more than a year ago, for such California-crafted favorites as Union Jack India Pale Ale brewed by Firestone Walker Brewing Co. of Paso Robles and Racer 5 made by Bear Republic Brewing Co. of Cloverdale. For the full story visit http://www.latimes.com/business/la-fi-beer18apr18,1,6987015.story

The world-famous HOLLYWOOD sign that has been used by TV and movie directors in more scene-setting shots than a film student could ever count was first erected in 1923 to promote real estate in the fledgling capital of celluloid. Eighty-five years later, some fear the sign and the hillside on which it sits are threatened by, yes, a real estate deal. An investment group that owns 138 sage-covered acres above and to the left of the 45-foot-high, steel-and-concrete H put the land up for sale last month for $22 million. For the full story visit http://www.dailynews.com/ci_8964366

NEW YORK — AT & T; Inc. on Friday said it plans to cut about 4,600 jobs, or 1.5 percent of its work force, to shift resources to growing parts of its business. The nation’s largest telecommunications provider said most of the layoffs will be among managers, particularly in wireline operations, including local phone service and service for large corporate customers. Jobs in corporate functions in like finance will also be cut. “Even with the reductions announced today, we expect our head count overall to remain stable this year as we hire additional employees to support growth areas like wireless and TV,” said spokesman Michael Coe. For the full story visit http://www.latimes.com/business/nationworld/wire/ats-ap_business13apr18,1,6181518.story

Pharmaceutical software firm Simulations Plus Inc. announced that GlaxoSmithKline has renewed its global multi-year license for Simulations Plus software and has added a new site at its Parsippany, N.J. location. “We appreciate the continued confidence GSK has shown in Simulations Plus over the years, as well as suggestions for improvement they have provided that are now standard features in our programs,” said Walt Woltosz, chairman and chief executive officer of Lancaster-based Simulations Plus. “This is a time of growing use of simulation and modeling tools in pharmaceutical research, and GSK has been one of the companies at the forefront. We look forward to continuing the excellent relationships we have with GSK scientists worldwide.”

NEW YORK — Retail gas prices pushed past a record high $3.40 a gallon, fulfilling expectations that they’ll keep climbing toward $4 as the summer driving season approaches. Oil prices, meanwhile, fluctuated after setting yet another record high overnight. Analysts said investors were locking in gains from crude’s ongoing rally and trying to determine whether prices have more room to rise. At the pump, the average national price of a gallon of unleaded gas rose 1.9 cents overnight to $3.418 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. Diesel fuel also hit a new record of $4.146 a gallon after jumping 1.7 cents overnight, the survey said. For the full story visit http://www.latimes.com/business/nationworld/wire/ats-ap_business12apr17,1,5722764.story