Consumer affairs, money and business news from KTLA https://ktla.com Los Angeles news and live streaming video Wed, 17 Jan 2024 22:58:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.3 https://ktla.com/wp-content/uploads/sites/4/2020/01/favicon.png?w=32 Consumer affairs, money and business news from KTLA https://ktla.com 32 32 Tech worker goes viral after posting her layoff on TikTok https://ktla.com/news/money-business/she-went-viral-after-posting-her-layoff-on-tiktok/ Wed, 17 Jan 2024 22:30:28 +0000 https://ktla.com/?p=2799991 A tech worker has gone viral -- and received job offers -- after posting her layoff by San Francisco's Cloudflare on TikTok.

Brittany Pietsch, 27, told the Wall Street Journal she has no regrets about posting the video and has been flooded with responses congratulating her on sticking up for herself.

Cloudflare is a networking and cybersecurity firm. Pietsch started working there last August and says she's received high marks from her boss.

Nevertheless, she was contacted at her Atlanta home recently by a pair of Cloudflare HR employees, who broke the bad news that she was being handed her hat because she didn't meet expectations.

Pietsch didn't just roll over.

Brittany Pietsch
Brittany Pietsch (TikTok: @brittanypeachhh)

"Every single one-on-one I've had with my manager, every conversation I've had with him, he has been giving me nothing but I am doing a great job," she told the HR reps, and asked to hear the real reason she was being let go.

She speculated that Cloudflare, like many tech companies, had overhired and now couldn't afford its payroll.

"If that's the real answer, I would rather just you tell me that instead of making up some bull**** and telling me that right before I lose my job from someone that I've never met before," she said.

The HR duo declined to go into specifics.

"To be let go for no reason is like a huge slap in the face," Pietsch said. She was equally miffed that her manager wasn't willing to do the dirty work himself, outsourcing the task instead to HR.

After the video went viral, Cloudflare's CEO, Matthew Prince, weighed in via Twitter (aka X).

"The video is painful for me to watch," he admitted. "Managers should always be involved. HR should be involved, but it shouldn’t be outsourced to them."

Prince said employees should never be blindsided with a verdict that they're underperforming. "We don’t always get it right," he said.

The video has been viewed millions of times -- and has drawn mixed reactions on social media. Some see it as a breach of trust between an employee and her employer.

But most viewers responded with you-go-girl enthusiasm for how Pietsch defended herself.

"Reputable companies have reached out to me and told me, 'I want someone like you on my sales team,'" she told the Journal.

Proving that a little gumption can go a long way.

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2024-01-17T22:58:20+00:00
The super-rich are richer than ever (you, not so much) https://ktla.com/news/money-business/the-super-rich-are-richer-than-ever-you-not-so-much/ Mon, 15 Jan 2024 22:17:14 +0000 https://ktla.com/?p=2795782 These past few years have been challenging economically for many if not most people.

For the super-rich, on the other hand, life is good, thank you very much.

The nonprofit organization Oxfam says in a new report that the world's five richest men saw their combined wealth more than double from March 2020 to the end of 2023.

We're talking about Tesla's Elon Musk, Amazon's Jeff Bezos, Oracle's Larry Ellison, investor Warren Buffett and LVMH boss Bernard Arnault.

Early in the pandemic, they were worth a combined $405 billion. Now, Oxfam says, their wealth has more than doubled to $869 billion.

In terms of income, that means these guys' net worth was rising by $14 million per hour. Nice work if you can get it.

"Meanwhile," Oxfam observes, "people worldwide face a prolonged cost-of-living crisis, climate breakdown, and conflict. Many are still reeling from the pandemic and working harder and longer hours, often for poverty wages in precarious and unsafe jobs."

Put another way, the report notes that the world's billionaires have accumulated another $3.3 trillion since 2020.

The richest 1% now own 43% of the world's financial assets, Oxfam found.

Maybe that would be a bit more palatable if all that loot was the result of innovative products or unparalleled business savvy.

The reality is that the wealthy are simply more heavily invested in financial markets, the proceeds from which are taxed less onerously than most other forms of income.

Which is to say, the system is rigged to make the rich richer and the rest of us -- well, you know.

Not surprisingly, Oxfam predicts we'll see the world's first trillionaire within a decade.

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2024-01-15T22:27:19+00:00
Only Peacock subscribers will see this NFL playoff game https://ktla.com/news/money-business/only-peacock-subscribers-will-see-this-playoff-match/ Fri, 12 Jan 2024 22:25:47 +0000 https://ktla.com/?p=2790826 Football fans are not happy.

For the first time, a playoff game -- Saturday night's AFC wild card match between the Kansas City Chiefs and the Miami Dolphins -- will be behind a streaming paywall.

That is, NBCUniversal's Peacock streaming service has the rights to the game, so if you're not a subscriber, you're not watching.

In the past, of course, anyone with a TV would be able to see all postseason action at no additional cost.

But as more live sports make their way to digital streaming platforms, fans are put into the uncustomary position of shelling out extra cash to see key events.

"You’ve decided to rip off fans by exclusively broadcasting tomorrow’s Chiefs vs. Dolphins wild-card game on Peacock," an angry Rep. Pat Ryan (D-NY) wrote to execs at the NFL and NBC Sports.

"For the first time ever, fans will be forced to choose between signing up for yet another expensive streaming service or missing out on a major playoff game."

Yeah, pretty much. And they'll probably have to get used to it.

Professional sports have always followed the money, and the big bucks for sports licensing is now coming from the streaming world.

Amazon has gone heavy into football with its Thursday night games, and Netflix has been dipping its toes into the worlds of golf and tennis.

There's a good reason the streamers -- most of which remain unprofitable -- are bullish on live sports: It's appointment television.

In other words, it's live TV with big audiences, and that's what advertisers crave. That means the streamers can charge more for commercial time.

While football fans are justifiably cheesed about potentially missing out on a playoff game, streaming services and event organizers will be watching closely to see how big an audience Peacock manages to attract.

If the service draws a crowd, it's a sure bet more sports and appointment TV will go digital, which means the Super Bowl, the World Series, maybe even the Oscars eventually will find streaming homes.

What can you do? Well, you can subscribe to everything, but that's not financially feasible for most people.

Otherwise, look around for free trials for specific services ahead of a desired program.

Pro tip: Don't forget to cancel when you're done.

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2024-01-13T00:14:24+00:00
Homeownership now 'unaffordable' in these California counties: study https://ktla.com/news/california/homeownership-now-unaffordable-in-these-california-counties-study/ Fri, 12 Jan 2024 16:55:51 +0000 https://ktla.com/?p=2790192 Most of us know we can't afford a home in Beverly Hills or Cape Cod, but it's not just wealthy enclaves where the prospect of owning a home has grown out of reach.

As home prices have skyrocketed over the past few years, locals – who haven't seen their wages skyrocket to match – are finding it harder and harder to enter the housing market.

Personal finance site MoneyGeek analyzed the rising cost of real estate in metro areas around the country and compared home appreciation between 2021 and 2023 to changes in income over the same period. They compiled a list of 57 counties where homeownership has recently become unaffordable for the typical family.

As you would expect, California is well-represented.

New to the list are the exurbs of San Francisco and several Sacramento-area counties. People priced out of the core Bay Area have flocked to other Northern California locales, and now those places, like Placer, Solano and San Joaquin counties, are seeing home prices spike out of reach.

Further north along the West Coast, 10 counties in Oregon and Washington are facing the same problem. In Clackamas County, just outside Portland, home prices have grown 33% in two years, according to MoneyGeek's analysis.

Another area seeing rapid growth and gentrification is Travis County, Texas, home to the state capital of Austin. MoneyGeek found home prices there rose by nearly 50% since 2021 to a new median price of $610,000.

For their analysis, MoneyGeek only looked at counties with populations larger than 250,000 that are experiencing population growth higher than the national average.

See the full list of 57 counties where the cost of owning a home has grown "unaffordable" below:

RankCountyMetro areaMedian household incomeMedian home priceHome price growth in last 2 years
1Placer County, CaliforniaSacramento--Roseville--Arden-Arcade, CA$105,445$740,06825.9%
2Norfolk County, MABoston-Cambridge-Newton, MA-NH$115,969$740,96734.0%
3Washoe County, NVReno, NV$80,125$568,84733.9%
4San Joaquin County, CAStockton-Lodi, CA$86,056$553,13329.7%
5Clackamas County, ORPortland-Vancouver-Hillsboro, OR-WA$97,419$639,34933.4%
6Solano County, CAVallejo-Fairfield, CA$92,959$633,44227.6%
7Lane County, OREugene, OR$64,069$461,42140.5%
8Contra Costa County, CASan Francisco-Oakland-Hayward, CA$120,061$875,18340.7%
9Washington County, ORPortland-Vancouver-Hillsboro, OR-WA$98,906$598,21325.8%
10Essex County, MABoston-Cambridge-Newton, MA-NH$92,413$650,95930.2%
11Sacramento County, CASacramento--Roseville--Arden-Arcade, CA$84,211$550,42228.3%
12Larimer County, COFort Collins, CO$88,403$639,70944.0%
13Denver County, CODenver-Aurora-Lakewood, CO$88,213$681,24341.1%
14Marion County, ORSalem, OR$71,022$439,91937.6%
15Ada County, IDBoise City, ID$87,774$572,81242.1%
16Essex County, NJNew York-Newark-Jersey City, NY-NJ-PA$74,994$543,64829.2%
17Travis County, TXAustin-Round Rock, TX$95,259$609,62549.9%
18Riverside County, CARiverside-San Bernardino-Ontario, CA$86,748$609,29942.8%
19Merced County, CAMerced, CA$66,164$430,76638.2%
20Plymouth County, MABoston-Cambridge-Newton, MA-NH$103,173$578,53535.9%
21Fresno County, CAFresno, CA$69,571$424,91534.2%
22Snohomish County, WASeattle-Tacoma-Bellevue, WA$101,532$759,09047.9%
23Worcester County, MAWorcester, MA-CT$86,258$464,54136.7%
24Kitsap County, WABremerton-Silverdale, WA$94,775$565,13433.4%
25Salt Lake County, UTSalt Lake City, UT$91,924$588,71343.8%
26Spokane County, WASpokane-Spokane Valley, WA$69,070$470,27956.1%
27Arapahoe County, CODenver-Aurora-Lakewood, CO$93,784$605,75936.8%
28Dane County, WIMadison, WI$84,831$432,64338.7%
29Clark County, NVLas Vegas-Henderson-Paradise, NV$70,797$479,98841.8%
30Charleston County, SCCharleston-North Charleston, SC$80,401$557,57951.0%
31Utah County, UTProvo-Orem, UT$95,338$609,39849.8%
32Clark County, WAPortland-Vancouver-Hillsboro, OR-WA$91,248$543,16535.0%
33Thurston County, WAOlympia-Tumwater, WA$88,853$533,15241.2%
34Fulton County, GAAtlanta-Sandy Springs-Roswell, GA$90,346$538,76538.3%
35Collier County, FLNaples-Immokalee-Marco Island, FL$80,815$657,62363.8%
36Pierce County, WASeattle-Tacoma-Bellevue, WA$93,420$575,63946.4%
37Davidson County, TNNashville-Davidson--Murfreesboro--Franklin, TN$72,473$489,82954.7%
38El Paso County, COColorado Springs, CO$82,389$501,12838.1%
39Broward County, FLMiami-Fort Lauderdale-West Palm Beach, FL$70,978$500,48052.9%
40Cumberland County, MEPortland-South Portland, ME$89,345$526,85257.7%
41Williamson County, TNNashville-Davidson--Murfreesboro--Franklin, TN$129,275$862,33361.9%
42Buncombe County, NCAsheville, NC$68,019$464,93556.0%
43Palm Beach County, FLMiami-Fort Lauderdale-West Palm Beach, FL$76,592$524,91854.7%
44Alachua County, FLGainesville, FL$58,354$338,83442.8%
45Williamson County, TXAustin-Round Rock, TX$101,323$520,95354.6%
46Hays County, TXAustin-Round Rock, TX$88,617$464,99154.3%
47Manatee County, FLNorth Port-Sarasota-Bradenton, FL$72,108$476,59258.4%
48Canyon County, IDBoise City, ID$70,818$439,22660.3%
49St. Lucie County, FLPort St. Lucie, FL$62,705$397,52259.2%
50Orange County, FLOrlando-Kissimmee-Sanford, FL$72,324$445,50354.5%
51Maricopa County, AZPhoenix-Mesa-Scottsdale, AZ$83,747$516,44253.5%
52Sarasota County, FLNorth Port-Sarasota-Bradenton, FL$78,341$508,65867.1%
53Mecklenburg County, NCCharlotte-Concord-Gastonia, NC-SC$80,365$471,82358.6%
54Osceola County, FLOrlando-Kissimmee-Sanford, FL$63,271$396,31158.3%
55Lee County, FLCape Coral-Fort Myers, FL$71,072$440,05664.0%
56Durham County, NCDurham-Chapel Hill, NC$80,089$452,38171.4%
57Hillsborough County, FLTampa-St. Petersburg-Clearwater, FL$74,308$436,72360.3%

See more data on each of the 57 counties from MoneyGeek here.

One thing that's made homeownership unrealistic for many over the past two years has been climbing interest rates. However, housing economists expect that the average rate on a 30-year mortgage will decline this year. Don't expect anything drastic — forecasts generally see it moving no lower than 6%.

Despite mostly falling since October 2023, the average rate on a 30-year home loan remains sharply higher than just two years ago, when it was 3.22%. That large gap between rates now and then has helped limit the number of previously occupied homes on the market by discouraging homeowners who locked in rock-bottom rates from selling.

“While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise,” said Sam Khater, Freddie Mac’s chief economist.

The Associated Press contributed to this report.

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2024-01-12T16:55:51+00:00
Sam's Club announces major change to shopper checkout process https://ktla.com/news/money-business/sams-club-to-stop-checking-receipts-at-the-door/ Wed, 10 Jan 2024 21:28:31 +0000 https://ktla.com/news/nationworld/sams-club-to-stop-checking-receipts-at-the-door/ Sam's Club will soon stop checking shoppers' receipts as they leave the store, opting to instead use AI to scan the carts.

The announcement was made during the Walmart keynote at CES 2024 in Las Vegas. Sam's Club is a subsidiary of Walmart, KTLA sister station WFLA in Tampa Bay, Florida reports.

Sam's Club Chief Merchant Megan Crozier introduced the feature during the keynote, which showed a video demonstrating how it works.

"At Sam's Club, we care about every second a member spends with us, so eliminating even the few seconds it takes to scan a receipt at the exit door, it's well worth it," Crozier said during the keynote.

Customers will shop as normal, and instead of stopping at the door to have their receipt checked, "computer vision and digital technology" at the exit will take photos of carts to verify that all items were paid for.

"We aspire to be the most convenient place to shop," Crozier said.

The demonstration showed two customers walking through the exit. One customer used the store's Scan and Go app, and the other paid at a register. The process worked the same for both shoppers.

Courtesy: Sam's Club

"With AI working in the background to continually speed the process, this digital innovation not only streamlines the member's exit, but also allows exit greeters to refocus their time and expertise to assisting members and ensuring they have an enjoyable shopping experience," the company said in a news release.

The company said it is piloting the technology at 10 stores but plans to have it rolled out to all of its stores in the U.S. by the end of 2024.

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2024-01-11T01:31:38+00:00
Taylor Swift is latest celeb to get deep faked https://ktla.com/news/money-business/taylor-swift-is-latest-celeb-to-get-deep-faked/ Tue, 09 Jan 2024 22:31:53 +0000 https://ktla.com/?p=2784462 If you saw an ad on Facebook or another platform recently that features Taylor Swift extolling the virtues of Le Creuset cookware and kitchen gear, you were had.

Yes, Swift is a fan of the brand. But no, that's not her voice, realistic though it may seem.

Tay-Tay is the latest celebrity to have his or her voice or image deep faked with AI technology to dupe you into thinking the celeb endorses a product or organization.

Tom Hanks, Gayle King and YouTube personality MrBeast have similarly been deep faked with bogus AI versions of themselves.

As the New York Times reports, someone coupled a synthetic version of Swift's voice with old footage of her alongside Le Creuset Dutch ovens.

"In several ads," the Times reported, "Ms. Swift’s cloned voice addressed 'Swifties' -- her fans -- and said she was 'thrilled' to be handing out free cookware sets. All people had to do was click on a button and answer a few questions before the end of the day."

Le Creuset says it played no role in the deep-fake ads and urged shoppers to be wary of clicking on suspicious marketing.

This is the latest example of how AI can be used by scammers to trick people into thinking an offering is legitimate.

After all, if Swift supports it, it must be good.

In the past, such ploys were often transparent to anyone who took the time to wonder why an A-list celebrity would be stooping to product pitches.

But AI has grown so sophisticated so quickly that it's harder than ever to tell what's bogus and what isn't.

That's why it's vital that lawmakers step up, fast, with regulations for this technology.

As it stands, there are currently no federal laws addressing AI scams. Two bills -- the Deepfakes Accountability Act in the House and the No Fakes Act in the Senate -- are currently pending.

But they focus more on disclosure or seeking permission to use a celebrity's voice or likeness.

That's a start. But scammers aren't known for following rules or seeking permission to fool people.

To nip this problem in the bud, online platforms need to be held accountable for the content they run, including ads.

It's not that difficult. Any sensible Facebook employee should have wondered if someone of Swift's stature would really be selling utensils or whatever. If the veracity of the ad can't be confirmed, it shouldn't be posted.

Period.

Digital technology continues to be light years ahead of existing laws and regulations. We need to catch up, and we need to do it now.

And social media need to be held accountable for ensuring users aren't being taken to the cleaners (or the kitchen) by deep fakes.

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2024-01-10T02:46:31+00:00
New study finds bottled water contains loads of microscopic plastic particles https://ktla.com/news/money-business/ap-scientists-find-about-a-quarter-million-invisible-nanoplastic-particles-in-a-liter-of-bottled-water/ Mon, 08 Jan 2024 21:11:21 +0000 The average liter of bottled water has nearly a quarter million invisible pieces of ever so tiny nanoplastics, detected and categorized for the first time by a microscope using dual lasers.

Scientists long figured there were lots of these microscopic plastic pieces, but until researchers at Columbia and Rutgers universities did their calculations they never knew how many or what kind. Looking at five samples each of three common bottled water brands, researchers found particle levels ranged from 110,000 to 400,000 per liter, averaging at around 240,000 according to a study in Monday’s Proceedings of the National Academy of Sciences.

These are particles that are less than a micron in size. There are 25,400 microns — also called micrometers because it is a millionth of a meter — in an inch. A human hair is about 83 microns wide.

Previous studies have looked at slightly bigger microplastics that range from the visible 5 millimeters, less than a quarter of an inch, to one micron. About 10 to 100 times more nanoplastics than microplastics were discovered in bottled water, the study found.

Nanoplastics Bottled Water
Tourists fill plastic bottles with water from a public fountain at the Sforzesco Castle, in Milan, Italy, June 25, 2022. A new study found the average liter of bottled water has nearly a quarter million invisible pieces of nanoplastics, microscopic plastic pieces, detected and categorized for the first time by a microscope. (AP Photo/Luca Bruno, File)

Much of the plastic seems to be coming from the bottle itself and the reverse osmosis membrane filter used to keep out other contaminants, said study lead author Naixin Qian, a Columbia physical chemist. She wouldn’t reveal the three brands because researchers want more samples before they single out a brand and want to study more brands. Still, she said they were common and bought at a WalMart.

Researchers still can’t answer the big question: Are those nanoplastic pieces harmful to health?

“That’s currently under review. We don’t know if it’s dangerous or how dangerous,” said study co-author Phoebe Stapleton, a toxicologist at Rutgers. “We do know that they are getting into the tissues (of mammals, including people) … and the current research is looking at what they’re doing in the cells.”

The International Bottled Water Association said in a statement: “There currently is both a lack of standardized (measuring) methods and no scientific consensus on the potential health impacts of nano- and microplastic particles. Therefore, media reports about these particles in drinking water do nothing more than unnecessarily scare consumers.”

Naixin Qian, a Columbia physical chemist, demonstrates the placement of a sample for nanoplastics, microscopic plastic pieces, in New York on Monday, Jan. 8, 2024. A new study found the average liter of bottled water has nearly a quarter million invisible pieces of nanoplastics, detected and categorized for the first time by a microscope. (AP Photo/Mary Conlon)

The American Chemistry Council, which represents plastics manufacturers, declined to immediately comment.

The world "is drowning under the weight of plastic pollution, with more than 430 million tonnes of plastic produced annually" and microplastics found in the world's oceans, food and drinking water with some of them coming from clothing and cigarette filters, according to the United Nations Environment Programme. Efforts for a global plastics treaty continue after talks bogged down in November.

All four co-authors interviewed said they were cutting back on their bottled water use after they conducted the study.

Wei Min, the Columbia physical chemist who pioneered the dual laser microscope technology, said he has reduced his bottled water use by half. Stapleton said she now relies more on filtered water at home in New Jersey.

However study co-author Beizhan Yan, a Columbia environmental chemist who increased his tap water usage, pointed out that filters themselves can be a problem by introducing plastics.

“There’s just no win,” Stapleton said.

Outside experts, who praised the study, agreed that there’s a general unease about the perils of fine plastic particles, but it’s too early to say for sure.

Naixin Qian, a Columbia physical chemist, zooms in on an image generated from a microscope scan, with nanoplastics, microscopic plastic pieces, appearing as bright red dots in New York on Monday, Jan. 8, 2024. A new study found the average liter of bottled water has nearly a quarter million invisible pieces of nanoplastics, detected and categorized for the first time by a microscope. (AP Photo/Mary Conlon)

“The danger of the plastics themselves is still an unanswered question. For me, the additives are the most concerning,” said Duke University professor of medicine and comparative oncology group director Jason Somarelli, who wasn’t part of the research. “We and others have shown that these nanoplastics can be internalized into cells and we know that nanoplastics carry all kinds of chemical additives that could cause cell stress, DNA damage and change metabolism or cell function.”

Somarelli said his own not yet published work has found more than 100 “known cancer-causing chemicals in these plastics.”

What’s disturbing, said University of Toronto evolutionary biologist Zoie Diana, is that “small particles can appear in different organs and may cross membranes that they aren’t meant to cross, such as the blood-brain barrier.”

Diana, who was not part of the study, said the new tool researchers used makes this an exciting development in the study of plastics in the environment and body.

About 15 years ago, Min invented dual laser microscope technology that identifies specific compounds by their chemical properties and how they resonate when exposed to the lasers. Yan and Qian talked to him about using that technique to find and identify plastics that had been too small for researchers using established methods.

Kara Lavender Law, an oceanographer at the Sea Education Association, said “the work can be an important advance in the detection of nanoplastics” but she said she’d like to see other analytical chemists replicate the technique and results.

The inside of an optical box reveals the components that organize the light from laser beams to identify nanoplastics, microscopic plastic pieces, in New York on Monday, Jan. 8, 2024. A new study found the average liter of bottled water has nearly a quarter million invisible pieces of nanoplastics, detected and categorized for the first time by a microscope. (AP Photo/Mary Conlon)

Denise Hardesty, an Australian government oceanographer who studies plastic waste, said context is needed. The total weight of the nanoplastic found is “roughly equivalent to the weight of a single penny in the volume of two Olympic-sized swimming pools.”

Hardesty is less concerned than others about nanoplastics in bottled water, noting that “I'm privileged to live in a place where I have access to ‘clean’ tap water and I don't have to buy drinking water in single use containers.”

Yan said he is starting to study other municipal water supplies in Boston, St. Louis, Los Angeles and elsewhere to see how much plastics are in their tap water. Previous studies looking for microplastics and some early tests indicate there may be less nanoplastic in tap water than bottled.

Even with unknowns about human health, Yan said he does have one recommendation for people who are worried: Use reusable bottles instead of single-use plastics.

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2024-01-09T19:28:14+00:00
Starbucks announces it won't be restocking viral pink Stanley cups https://ktla.com/news/nationworld/starbucks-announces-it-wont-be-restocking-viral-pink-stanley-cups/ Sat, 06 Jan 2024 00:42:52 +0000 https://ktla.com/?p=2777875 Fans of Stanley cups, the tumbler brand with a massive following, who couldn’t snag the viral pink Quencher cup may be out of luck. Starbucks confirmed to KTLA that it won’t be restocking the item.

We are seeing an enthusiastic response to the Starbucks x Stanley Quencher, and many stores have sold out. It will not be restocked,” the statement said in part.

tarbucks x Stanley Quencher - Winter 2024
A view of the Starbucks x Stanley Quencher cup. (Starbucks)

On Jan. 3, Starbucks and Stanley released the limited-edition cup, which was only available at Starbucks locations inside Target retail stores nationwide. Social media was flooded with videos of fans lining up and rushing inside Target stores to get the limited-edition item.

The cup was released as Starbucks celebrated its new winter menu and expanded its “Bring Your Own Cup” rules.

Customers can now use their own cups at the drive-thru and for mobile orders. Previously, customers could only do so in-store.

The 40 fl. oz stainless steel, vacuum-sealed tumbler retailed for $49.95 but is being resold on websites like eBay for higher prices. One eBay listing says the cup is being sold for $350.

Stanley had similar success once it released two Target-exclusive Stanley tumblers on Dec. 31. The cups, which sold out online and at many stores, came in Cosmo Pink and Target Red. The items were a part of Target’s "Galentine's Collection."

Fans once again camped out at Target locations nationwide for the limited-edition item.

KTLA reached out to Target to see if the company plans to restock the Stanley cups but didn’t hear back in time for publication.

Customers can still purchase other Stanley cup colors on Target, Walmart, Amazon, the Stanley 1913 website and other retailers.

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2024-01-06T01:27:58+00:00
Here's how long $1M in retirement savings will last in California https://ktla.com/news/california/heres-how-long-1m-in-retirement-savings-will-last-in-california/ Thu, 04 Jan 2024 21:56:42 +0000 https://ktla.com/?p=2775772 For Americans planning to retire soon, having $1 million in savings might seem like enough, but depending on where someone decides to spend their post-working years, that money may or may not go very far.

A new study from Go Banking Rates analyzed how long a $1 million retirement fund will last nationwide.

The study assumed a retirement age of 65 or older and examined the annual cost of living expenses, such as housing, utilities, and food, in all 50 states.  Researchers used the latest data from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.

In some states, like Mississippi and Oklahoma, a $1 million retirement fund would last about 22 years.

In other states like New York and Hawaii, which already have high cost of living expenses, the $1 million retirement fund would last less than 15 years.

For retirees in California, the annual cost of living expenses would be $72,319.57, meaning a $1 million retirement fund would last for about 14 years.

Retirement can often last 25 years or more, according to Fidelity.

Financial experts shared that $1 million may not have the same longevity as it once did in certain states due to changing factors like inflation.

It’s important to note that retirement funds will look different for everyone. Experts and financial institutions, like Fidelity, recommend that people put away about 15% of their annual income for retirement.

 But it’s ok if that amount isn’t feasible for everyone to do. Fidelity still recommends people put away at least 1% of their annual income until they reach that 15% mark.

The full Go Banking Rates study can be viewed here.

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2024-01-05T18:29:19+00:00
Verizon customers could get $100 each: Who qualifies and how to get paid https://ktla.com/news/money-business/verizon-customers-could-get-100-each-thanks-to-new-settlement-who-qualifies-how-to-get-paid/ Thu, 04 Jan 2024 19:24:23 +0000 https://ktla.com/news/nationworld/verizon-customers-could-get-100-each-thanks-to-new-settlement-who-qualifies-how-to-get-paid/ Verizon customers may be entitled to a piece of a $100 million sum the company agreed to pay to settle a class action lawsuit.

The lawsuit alleges Verizon customers were hit with an administrative charge as part of a "deceptive scheme." Verizon denies any wrongdoing but has agreed to pay affected users up to $100 each.

The group of people who qualify includes all Verizon customers, current or former, in the U.S. who "received postpaid wireless or data services from Verizon and who were charged and paid an Administrative Charge and/or an Administrative and Telco Recovery Charge between January 1, 2016 and November 8, 2023."

"Postpaid" phone plans are the opposite of prepaid plans. With postpaid plans, you sign a contract with a phone provider, and then you're billed monthly based on your usage.

People who qualify should have also received a notice by mail or email.

To claim your payout, you'll need the ID and confirmation code from the settlement notice sent to you. Once you have that, you can submit a claim online by the April 15 deadline.

As is common with class action lawsuits, how much each person will get isn't yet known. It depends, in part, on how many people file a claim and get approved.

You may end up having to share the $100 million fund with millions of other Verizon customers. In a fact sheet published late last year, the company said it had 92.7 million "wireless retail postpaid connections" under its consumer division, and 29.5 million in its business division.

The minimum payment for eligible members is expected to start at $15, according to the settlement administrator, and grow by increments of $1 depending on how long you were a Verizon customer. The maximum payment is $100 per customer.

Once the settlement is approved and final, payments will be sent by check or electronic payment.

Verizon plans to keep charging the administrative fee in question, but has agreed to amend its customer agreement to better disclose it, according to the settlement.

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2024-01-04T20:34:54+00:00
The surprising and unexpected effects of weight loss drugs https://ktla.com/morning-news/dr-jandial-discusses-weight-loss-drugs-and-their-effects/ Thu, 04 Jan 2024 17:18:11 +0000 https://ktla.com/?p=2775226 Neurosurgeon and scientist Dr. Rahul Jandial joined KTLA 5 Morning News where he discussed the unexpected, unusual, and potentially concerning effects of weight loss drugs.

For more on this topic, you can visit CityOfHope.org and follow Dr. Jandial on social media @Dr.Jandial.

This segment aired on the KTLA 5 Morning News on Jan. 4, 2023.

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2024-01-04T17:18:11+00:00
More people are canceling their streaming subscriptions https://ktla.com/entertainment/more-people-canceling-streaming-subscriptions/ Thu, 04 Jan 2024 15:33:52 +0000 https://ktla.com/news/nationworld/more-people-canceling-streaming-subscriptions/ Retaining customers is getting more difficult for streaming services.

Customer cancellations on major streaming platforms rose to 6.3% in November, from 5.1% the year prior, the Wall Street Journal reported Tuesday. The newspaper cited data from Antenna, a subscription analytics provider.

The data comes as multiple streaming services have announced price changes and hikes over the past year.

Amazon Prime Video is moving ahead with plans to introduce advertisements to its content unless users pay an additional fee of $2.99 per month. Netflix upped the price of its "Basic" and "Premium" tiers by $2 earlier this fall.

People who use Peacock, Paramount+, Hulu and Apple TV+ also saw price increases in 2023.

Companies have been trying a range of tactics to boost revenues, including lower-priced options that include advertising.

In a shareholder letter earlier this fall, Netflix said roughly 30% of its incoming subscribers are opting for its $7 plan with commercials, growth that is likely to attract more spending from advertisers. The higher prices for Netflix’s premium plans also seem likely to divert more subscribers into the ad-supported option.

“The ‘streamflation’ era is upon us, and consumers should expect to be hit with price hikes, password sharing limits, and enticed with ad-supported options,” Scott Purdy, U.S. media leader for KPMG, told the Associated Press.

The Associated Press contributed to this report.

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2024-01-04T16:22:26+00:00
New California law 'great' for renters https://ktla.com/news/california/new-california-law-great-for-renters/ Thu, 04 Jan 2024 01:33:16 +0000 https://ktla.com/?p=2774195 New housing laws are going into effect in 2024, and one of them aims to make renting a little more affordable.

Starting July 1, landlords will have to limit security deposits to one month’s rent. Governor Gavin Newsom signed Assembly Bill 12 into law in October.

Paul Prouty, with National Commercial Property Management in the Bay Area, says the new law is “great” for tenants. They manage more than 500 properties, with roughly 1,500 tenants.

He says this new law will help potential tenants who may have a hard time qualifying.

“If you have credit trouble, or whatever the issue is, which would want to make a landlord charge you two months security deposit… this restricts that,” Prouty said. 

And, if you’ve already paid a double security deposit, Prouty has a tip for you:

“Talk to them about getting some of that money back, they are not required to give it back to you, but reasonable people will be reasonable and work it out with you.”

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2024-01-04T01:33:16+00:00
Starbucks will now let you bring your own cups https://ktla.com/news/money-business/starbucks-allowing-customers-to-use-reusable-cups-for-drive-thru-mobile-orders/ Wed, 03 Jan 2024 15:43:58 +0000 https://ktla.com/news/nationworld/starbucks-allowing-customers-to-use-reusable-cups-for-drive-thru-mobile-orders/ Starbucks fans who want to be a bit more environmentally friendly in 2024, rejoice!

The coffee giant will be the first national coffee chain to accommodate reusable cups for customers' drive-thru and mobile orders.

"Starting January 3, 2024, customers will be able to use their own clean, personal cup for every visit at all company-operated stores and participating licensed stores in the U.S. and Canada – including drive-thru, the Starbucks app, and in café," the company said in a statement on its decision.

"With the majority of Starbucks beverages enjoyed on-the-go, this milestone unlocks a big opportunity for customers to choose reusables and supports Starbucks commitment to reduce waste by 50 percent by 2030."

Michael Kobori, Starbucks chief sustainability officer, said: “At Starbucks, we envision a future where every beverage can be served in a reusable cup. … Offering customers more options to use a personal cup when they visit Starbucks marks tangible progress towards the future. We know our customers are passionate about the planet, and now, they can join us in our efforts to give more than we take, no matter how they order.” 

According to the company, customers who bring clean personal cups will get a $0.10 discount on their drinks.

Drive-thru customers just need to let the baristas know they brought their own cup when they order. The company says that the baristas will then make the drink in reusable "custom beverage craft smallware that has standardized lines" to make the drink before pouring into the cup that the customer brings.

If ordering through the Starbucks app, customers will have an option under “customization” to show they are bringing their own cup.

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2024-01-03T21:46:22+00:00
Fleeing California: Moving company says exodus continued in 2023 https://ktla.com/news/california/fleeing-california-moving-company-says-exodus-continued-in-2023/ Tue, 02 Jan 2024 19:47:59 +0000 https://ktla.com/?p=2772124 If you simply follow the moving trucks, it appears more people moved out of California than moved to the Golden State again last year.

U-Haul has released a list of the Top Growth States of 2023, and for the fourth year in a row, California showed the largest net loss of one-way movers.

U-Haul compiled the data from more than 2.5 million one-way truck, trailer and portable container rentals in the U.S. and Canada.

The company says Texas saw the largest net increase of movers for a third straight year, followed by Florida, North Carolina, South Carolina and Tennessee. Idaho, Washington, Arizona, Colorado and Virginia round out the top 10.

While U-Haul isn’t an official source, its data largely aligns with government figures that also show California has seen an exodus of residents in recent years.

Between July 2021 and July 2022, California lost a net of 407,000 residents to other states, according to the Census Bureau. The state's finance department shows California has been losing residents to other states for over two decades.

California net migration
A chart showing net migration in California. (Public Policy Institute of California)

With over 39 million residents, California remains the most populous state in the nation and the reasons why people move out -or move in- vary from person to person and family to family.

A policy report from Stanford University’s Institute for Economic Policy Research states that “California’s high cost of living has spurred many businesses and residents to leave the state, posing serious consequences for the state’s job market and fiscal outlook.”

Politics and environmental policies were also factors, the institute said.

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2024-01-02T19:48:00+00:00
Beloved L.A. bakery chain abruptly closes https://ktla.com/news/local-news/sweet-lady-jane-bakery-closes-its-doors/ Tue, 02 Jan 2024 17:01:31 +0000 https://ktla.com/?p=2771812 A popular Los Angeles bakery chain, Sweet Lady Jane, has abruptly closed its doors.

The bakery announced on its website and social media that its last day was on New Year's Eve.

"After 35 years we are closing our doors. Our last day of business was December 31, 2023," the statement read. "We did not come to this decision lightly nor quickly."

Despite customer loyalty, the bakery said sales were not strong enough to continue to do business in California while servicing lease obligations and paying its employees a living wage.

In the statement, Sweet Lady Jane said it did not want to pass the costs to its customers.

Instagram: Sweet Lady Jane

"For more than three decades, we didn’t just build a loyal customer base, we created a real community. It has been a privilege to be included in your sweetest moments. Big and small," the bakery continued.

"L.A.’s most beloved Triple Berry Cake will live on in your memories, and in ours."

Bakery employees were notified of the closure on New Year's Day according to an email obtained by KTLA 5.

The email also explained that employees will be paid their regular wages through Jan. 5, which also includes any unused PTO. They are also being offered a severance package.

"We want to tell you that we are very grateful for your loyal service," the letter read.

The bakery is a favorite among Angelenos and celebrities like Taylor Swift, Gigi Hadid, Kurt Russell, Kourtney Kardashian and more.

Once news of the closure was posted to Instagram, fans immediately flooded the comment section.

Actress Sophia Bush called the closure a "loss for our community."

"Just … hate this," she continued. "And just love you and your business so much."

"This is truly an end of an era," commented celebrity hairstylist Scotty Cunha.

The bakery was founded by Jane Lockhart in 1988 and has eight locations across the Los Angeles area.

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2024-01-02T19:03:47+00:00
Here are the stores that will be open or closed on New Year's Eve and Day in California https://ktla.com/news/money-business/here-are-the-stores-that-will-be-open-or-closed-on-new-years-eve-and-day-in-california/ Fri, 29 Dec 2023 20:13:30 +0000 https://ktla.com/?p=2767730 Many of your favorite stores in California will be open for business on New Year’s Eve and Day but will have limited hours of operation.

Other establishments will be closed altogether for the first day of the New Year.

It is important to note that Californians should still call stores in their area for the most up-to-date information.

Here’s what you need to know:

  • Aldi: Stores will be open for limited hours on New Year’s Eve and closed on New Year’s Day
  • Best Buy: Best Buy stores will be open for extended holiday hours but hours of operation will vary based on the store’s location
  • Costco: Costco will be closed on New Year’s Day and open from 8:30 a.m. to 5 p.m. on New Year’s Eve.
  • CVS: CVS stores will be open on New Year’s Day and will be open from 9 a.m. to 5 p.m. on New Year’s Eve.
  • Whole Foods Market: Stores will be opened for limited hours on New Year’s Eve and Day.
  • Walmart: Walmart stores will be open during regular business hours on New Year’s Eve and Day, the company confirmed to KTLA.
  • Trader Joe’s: All Trader Joe’s locations will close at 5 p.m. on New Year’s Eve and will be closed on New Year’s Day.
  • Target: Most Target stores will close at 9 p.m. on New Year’s Eve. Customers can expect regular store hours on New Year’s Day, a company official confirmed to KTLA.
  • Sam’s Club: Stores will be open until 6 p.m. on New Year's Eve and closed on New Year's Day.
  • Dollar Tree: Stores will be open during regular business hours on New Year's Eve. On New Year’s Day, stores will be open from 9 a.m. to 7 p.m., a company official confirmed to KTLA.
  • Family Dollar: Stores will be open during regular business hours on New Year's Eve. On New Year’s Day, store hours will vary based on location. Customers can find their closest store here.
  • 99 cent stores: Stores will be open from 8 a.m. to 8 p.m. on New Year's Eve and New Year's Day, a company official confirmed to KTLA.
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2023-12-30T03:55:17+00:00
California Pizza Hut operators laying off all delivery drivers https://ktla.com/news/california/california-pizza-hut-operators-laying-off-all-delivery-drivers/ Tue, 26 Dec 2023 19:25:50 +0000 https://ktla.com/?p=2763780 Two large Pizza Hut operators in California are laying off all their delivery drivers ahead of a new state law that raises the minimum wage for fast-food workers to $20 an hour, Business Insider reports.

The layoffs impact hundreds of Pizza Hut locations across the state including Los Angeles, Orange, Riverside, Ventura and San Bernardino counties and Sacramento, and involve more than 1,200 in-house delivery drivers.

The job cuts will take place through February, according to federal employment notices obtained by Business Insider.

The new minimum wage law takes effect in April.

"PacPizza, LLC, operating as Pizza Hut, has made a business decision to eliminate first-party delivery services and, as a result, the elimination of all delivery driver positions," a federal WARN Act notice filed by the franchisee said.

The Worker Adjustment and Retraining Notification Act (WARN) requires employers to provide notification 60 calendar days before mass layoffs.

The second Pizza Hut franchisee, Southern California Pizza Co., is laying off roughly 841 drivers, according to another WARN Act notice obtained by Business Insider.

The current minimum wage in California is $16 per hour. The increase to $20 comes after the passage of Assembly Bill 1228 which aims to help fast-food workers cope with the rising cost of living and inflation in the Golden State.

The bills' authors say a large percentage of fast-food restaurant workers are living at or below the federal poverty line, and a significant number are enrolled in the state’s safety net programs.

Fast-food chains Chipotle and McDonald's have already announced they plan to raise menu prices in California to offset the higher cost of worker compensation.

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2023-12-26T20:13:35+00:00
These jobs have seen the biggest wage increases in 2023 https://ktla.com/news/money-business/these-jobs-have-seen-the-biggest-wage-increases-in-2023/ Mon, 25 Dec 2023 19:07:26 +0000 https://ktla.com/?p=2761192 Some customer service, skilled trade and freelance job positions saw double-digit wage growth this past year, according to a new Payscale analysis.

The compensation data firm released a report ranking the most in-demand jobs where workers secured higher paychecks on average in 2023 compared to the previous year. Payscale examined salary data from more than 774,000 U.S. workers and information from the Bureau of Labor Statistics for its analysis.

Despite experiencing the highest year-over-year wage growth percentages, the top two positions on the list — customer service assistant manager and hairstylist — also recorded the lowest median salaries, standing at $44,200 and $34,300 respectively.

Bloomberg noted in a September 2023 article that while retail wages are rising fast, retail workers are quitting at higher rates and earning less than the median U.S. worker.

Payscale also acknowledged the retail industry’s high turnover rate in its report, stating that wages are likely increasing for the assistant manager role since “customer service centers can be stressful work environments, often leading people to seek better positions with higher incomes as soon as they gain the prerequisite skills.”

As for hairdressers, Payscale indicated that many people in this profession faced layoffs during the COVID-19 pandemic and subsequently left the field, resulting in a shortage of stylists.

The pandemic also contributed to a surge in people pursuing freelance or self-employment gigs. About 400,000 more Americans reported being self-employed in 2023 than before the pandemic, according to a recent report from the Center for Economic and Policy Research. Some of these roles, like job and fitness coaches, landed on the in-demand jobs list.

Among the skilled trade positions included in the ranking, master plumbers had the highest median salary at $82,700. The report referenced a Mr. Rooter study, which found that Americans are relying more on experienced plumbers than DIY methods to handle their plumbing issues.

In-demand jobs by wage growth

RankJob TitleMedian PayWage Growth (YOY)
1Assistant manager, customer service$44,20022%
2Hairstylist$34,30022%
3Master plumber$82,70021%
4Automotive body repairer$52,10021%
5Job coach$46,60021%
6Audio visual technician$57,10020%
7Animator$71,40019%
8Fitness coach$51,10019%
9Roofer$51,70019%
10General manager$70,70018%
Source: Payscale

It’s important to remember that the pay for all positions listed above will vary depending on geographic locations and potentially the size of the company. Larger firms and coastal cities typically offer higher median wages, the report stated.

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2023-12-25T19:07:28+00:00
What happens to the billions spent on unused gift cards? https://ktla.com/news/what-happens-to-the-billions-spent-on-unused-gift-cards/ Mon, 25 Dec 2023 14:40:15 +0000 https://ktla.com/?p=2762319 Gift cards make great stocking stuffers — just as long as you don't stuff them in a drawer and forget about them after the holidays.

Americans are expected to spend nearly $30 billion on gift cards this holiday season, according to the National Retail Federation. Restaurant gift cards are the most popular, making up one-third of those sales.

Most of those gift cards will be redeemed. Paytronix, which tracks restaurant gift card sales, says around 70% of gift cards are used within six months.

But many cards — tens of billions of dollars’ worth — wind up forgotten or otherwise unused. That’s when the life of a gift card gets more complicated, with expiration dates or inactivity fees that can vary by state.

Here’s what to know about the gift cards you’re giving — or getting:LOVED, BUT LOST

After clothing, gift cards will be the most popular present this holiday season. Nearly half of Americans plan to give them, according to the National Retail Federation.

But many will remain unspent.

Gift cards get lost or forgotten, or recipients hang on to them for a special occasion. In a July survey, the consumer finance company Bankrate found that 47% of U.S. adults had at least one unspent gift card or voucher with an average value of $187. That’s a total of $23 billion.THE GIFT OF TIME

Under a federal law that went into effect in 2010, a gift card can’t expire for five years from the time it was purchased or from the last time someone added money to it. Some state laws require an even longer period. In New York, for instance, any gift card purchased after Dec. 10, 2022, can’t expire for nine years.

Differing state laws are one reason many stores have stopped using expiration dates altogether, says Ted Rossman, a senior industry analyst at Bankrate.

USE IT OR LOSE IT

While it may take gift cards years to expire, experts say it’s still wise to spend them quickly. Some cards — especially generic cash cards from Visa or MasterCard — will start accruing inactivity fees if they're not used for a year, which eats away at their value. Inflation also makes cards less valuable over time. And if a retail store closes or goes bankrupt, a gift card could be worthless.

Perhaps consider clearing out your stash on National Use Your Gift Card Day, a five-year-old holiday created by a public relations executive and now backed by multiple retailers. The next one is Jan. 20, 2024.

OR SELL IT

If you have a gift card you don’t want, one option is to sell it on a site like CardCash or Raise. Rossman says resale sites won’t give you face value for your cards, but they will typically give 70 to 80 cents per dollar.

THE MONEY TRAIL

What happens to the money when a gift card goes unused? It depends on the state where the retailer is incorporated.

When you buy a gift card, a retailer can use that money right away. But it also becomes a liability; the retailer has to plan for the possibility that the gift card will be redeemed.

Every year, big companies calculate “breakage,” which is the amount of gift card liability they believe won’t be redeemed based on historical averages. For some companies, like Seattle-based Starbucks, breakage is a huge profit-driver. Starbucks reported $212 million in revenue from breakage in 2022.

But in at least 19 states — including Delaware, where many big companies are incorporated — retailers must work with state unclaimed property programs to return money from unspent gift cards to consumers. Money that isn’t recovered by individual consumers is spent on public service initiatives; in the states' view, it shouldn't go to companies because they haven't provided a service to earn it.

CLAIM IT

All 50 states and the District of Columbia have unclaimed property programs. Combined, they return around $3 billion to consumers annually, says Misha Werschkul, the executive director of the Washington State Budget and Policy Center.

Werschkul says it can be tricky to find the holders of unspent gift cards, but the growing number of digital cards that name the recipient helps. State unclaimed property offices jointly run the website MissingMoney.com, where consumers can search by name for any unclaimed property they’re owed, including cash from gift cards.

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2023-12-25T14:40:16+00:00