Stories for June 2013
Friday, June 28
The Los Angeles City Council voted Friday to move forward with a potential $59 million tax break for Australian developer Westfield Group LLC, billed as a way for the firm to speed up construction of its Village at Westfield Topanga project.
Hachette Book Group on Friday announced that is has agreed to buy part of Walt Disney Co.’s book business, which has published best-sellers by Mitch Albom, Jamie Oliver and Michael J. Fox.
The Los Angeles Business Journal’s index of largest local public companies gained following a volatile week in the larger markets.
In Friday trading, the Dow Jones industrial average closed down 115 points to 14,910. The Nasdaq rose 1 points to 3,403. The S&P 500 fell 7 points to 1,606. The LABJ Stock Index was unchanged at 161.
The Los Angeles County Metropolitan Transportation Authority on Thursday shelved a controversial plan to impose massive fees on developers to pay for transit projects, the Los Angeles Business Journal reports.
Owners of the Hyatt Regency Century Plaza Hotel are seeking historical cultural monument status for the famed Century City site, which they had proposed demolishing only a few years ago, the Los Angeles Business Journal reports.
The Esprit, a luxury Marina del Rey apartment complex and boat anchorage has sold for $225 million in one of the Southland's largest real estate deals of the year, the Los Angeles Times reports.
Moldering house for sale, in an iffy L.A. neighborhood, why not flip it to some hipsters? Bloomberg BusinessWeek looks at this growing niche market.
A proposal to fine large companies that have workers on Medi-Cal came up short in an initial vote in the California Assembly amid strong business opposition, the Los Angeles Times reports.
Former Maker Studios Chief Executive Danny Zappin has filed suit against the digital studio's co-founders and board members, alleging that he was the victim of a conspiracy to oust him from the board, the Los Angeles Times reports.
Hollywood veteran Bumble Ward and philanthropy professional Tracy Bechtold have launched Hive Collective, TheWrap.com reports.
As the Senate voted on an immigration bill that would let Silicon Valley companies import more foreign engineers, some Americans remain in an argument over whether outsiders are taking jobs away from U.S. workers, the New York Times reports.
Investors who rushed into "risk parity" funds — which follow a popular strategy that promises to make money in most environments — are being hit hard by the current market turmoil, the Wall Street Journal reports.
In addition to ruling on voting rights and gay marriage, the U.S. Supreme Court delivered a string of wins for businesses and employers, Reuters reports. CNBC looks at the U.S. Chamber of Commerce's role in these victories.
While other U.S. airlines have struggled over the past decade from the ups and downs of the economy and the price of jet fuel, Las Vegas' Allegiant Air has been profitable for 10 straight years. The Associated Press looks at why.
At San Diego's quiet La Jolla Farms, property owners including Ron Burkle and disgraced former litigator Bill Lerach share a coastline with college kids and sports enthusiasts, the Wall Street Journal reports.
In Friday morning trading, the Dow Jones industrial average was down 17 points to 15,007. The Nasdaq was up 5 points to 3,407. The S&P 500 was unchanged at 1,6173.
The Los Angeles County Metropolitan Transportation Authority on Thursday killed a controversial plan to impose massive fees on developers to pay for transit projects.
Owners of the Hyatt Regency Century Plaza Hotel are seeking historical cultural monument status for the famed Century City site, which they had proposed demolishing only years ago.
Thursday, June 27
Shares in Crown Media Holdings Inc. closed down on Thursday, after experiencing an earlier spike following the announcement that its largest shareholder, the founding family of Hallmark Cards, was weighing taking the company private.
The UCLA Anderson School of Management has received final approval from University of California President Mark Yudof to convert its state-supported M.B.A. program into a self-supporting one, the school announced Thursday.
DirecTV on Thursday said it would take a $25 million charge in the second quarter to adjust for inflated subscriber numbers reported by its Brazilian operation.
KB Home on Thursday reported a lower net loss in its fiscal second quarter, with the Los Angeles homebuilder delivering more homes at a higher average selling price.
Chinese electric vehicle manufacturer BYD Co. Ltd. will make buses at its Lancaster facility for use by the Los Angeles County Metropolitan Transportation Authority.
The Los Angeles City Council postponed until Friday a vote on giving a tax break for Westfield Group that could save the mall developer up to $59 million over 25 years.
In Thursday trading, the Dow Jones industrial average closed up 114 points to 15,024. The Nasdaq rose 26 points to 3,402. The S&P 500 rose 10 points to 1,6173. The LABJ Stock Index rose 1 point to 161.
After testing its platform for buying and selling mobile ads for six months, Santa Monica startup Gradient X has made its technology publicly available.
Earlier this week they launched Innovate Pasadena, a non-profit that will organize events and provide resources to entrepreneurs.
As of today, the firm will be known as Upfront Ventures, with a new logo to boot.
The Los Angeles City Council on Wednesday voted to turn over management of the Los Angeles Convention Center to L.A. Live operator Anschutz Entertainment Group, despite objections that AEG now gains an unfair advantage in filling its hotel rooms while booking conventions, the Los Angeles Times reports.
The U.S. economy grew more sluggishly in the first three months of the year than the government first reported, CNBC reports, as higher taxes on payrolls dampened consumer spending and held overall growth down to just a 1.8 percent annual rate.
Century City venture capital firm GRP Partners is changing its name to Upfront Ventures, moving to Santa Monica and launching a $200-million fund, the Los Angeles Times reports.
Miramax Chairman Richard Nanula has taken a leave of absence from both Santa Monica film studio Miramax and its co-owner Colony Capital, the Los Angeles Times reports. This follows the online publication of sex photos allegedly featuring him.
IRS Inspector General J. Russell George told Congress this week that his office stands by its determination that conservative groups were uniquely singled out for special scrutiny by the tax agency, which the Washington Times reports rebuts contentions by Democrats that liberal groups also were targets.
PayPal wants to explore space — or at least begin to figure out how payments and commerce will work beyond Earth's realm once space travel and tourism take off, the Associated Press reports.
The sweeping immigration measure advancing rapidly in the U.S. Senate includes a crucial requirement that could affect every American who takes a new job in the future, the New York Times reports.
In California alone, the state's budget could see a gain of $40 million in wedding-related tax revenue over the next three years with the resumption of gay marriages, according to UCLA think tank Williams Institute, the Los Angeles Times reports.
John Malone may not get the attention lavished on Rupert Murdoch or Netflix's Reed Hastings, but the media-shy mogul behind international cable giant Liberty Global and Liberty Media could be on the verge of matching their global profiles, the Hollywood Reporter says.
Bike Nation, the Tustin company behind the plan to place as many as 4,000 rental bikes around Los Angeles, has delayed the launch after learning it can't sell advertising on its kiosks, the Los Angeles Times reports.
As part of an ongoing programming reboot, the Oprah Winfrey Network has acquired limited "summertime" rights to iconic daytime dramas "All My Children" and "One Life to Live," originally designed for the Internet, the Los Angeles Times reports.
The fallout continues for celebrity cook Paula Deen more than a week after her admission surfaced that she used a racial slur in the past, as an increasing number of sponsors have dropped her, CBS News reports.
The headlines may look bad — the biggest single-month exodus from bond funds, volatile equity market swings, general confusion — but the hysteria over bonds still seems overdone, CNBC reports.
In Thursday morning trading, the Dow Jones industrial average was up 135 points to 15,046. The Nasdaq rose 30 points to 3,406. The S&P 500 rose 14 points to 1,617.
Wednesday, June 26
Southern California Edison on Wednesday announced plans to eliminate 600 non-union jobs this summer as it winds down operations at the San Onofre nuclear power plant.
The Securities and Exchange Commission on Wednesday charged medical imaging device developer Imaging3 Inc. and its chief executive with civil fraud.
CIM Group on Wednesday said that it has sold Sunset Vine Tower, a 20-story, 64-residence luxury apartment building, to an unidentified buyer.
A joint venture led by L.A. real estate investment trust Hudson Pacific Properties Inc. has completed its acquisition of the second building in Burbank's Pinnacle office complex, the company said Wednesday.
IPC The Hospitalist Co. Inc. on Wednesday said that it acquired Sound Senior Geriatrics LLC, a post-acute hospitalist practice in Connecticut, where the company already has operations.
In Wednesday trading, the Dow Jones industrial average closed up 150 points to 14,910. The Nasdaq rose 28 points to 3,376. The S&P 500 rose 15 points to 1,603. The LABJ Stock Index rose 2 points to 160.
The Supreme Court issued decisions on Wednesday that open the way for same-sex marriage in California and federal benefits for gay married couples, the Washington Post and New York Times report.
Los Angeles Department of Transportation has sent cease and desist letters to Uber, Lyft, and Sidecar, three ride-sharing operators that have been running here, the Los Angeles Business Journal reports.
The board of the California Science Center, landlord of the Los Angeles Memorial Coliseum, has approved USC control of the Coliseum for the next century, the Los Angeles Times reports.
Real estate developer Casden West L.A. has agreed to chop down the size of its hotly contested commercial and residential project on the Westside, the Los Angeles Times reports.
Check out the poison pen emails between WME’s Ari Emanuel and music exec Irving Azoff, possibly the most powerful guy in the music business, TheWrap.com reports.
Gov. Jerry Brown’s drive to revamp a nearly 3-decade-old business tax break passed the state Senate with bipartisan votes to spare late Tuesday night, the Los Angeles Times reports.
The Supreme Court has ruled that a Florida landowner could sue a local government agency for denying him a building permit because he refused to pay for improvements on public property several miles away, the Los Angeles Times reports.
State regulators are warning virtual-currency exchanges and other companies that deal with bitcoin that they could be closed down if their activities run afoul of state money-transmission laws, the Wall Street Journal reports.
The Federal Trade Commission told search engine companies on Tuesday they should more clearly identify advertising, the New York Times and Bloomberg News report.
Microsoft is giving people a peek into Windows 8.1, which the Associated Press reports is a free update that promises to address some of the gripes people have with the latest version of the company's flagship operating system.
Barnes & Noble Inc. said that it will stop manufacturing its own Nook tablets, marking the end of its expensive attempt to compete alone with deeper-pocketed rivals Amazon, Apple and Google, Reuters and CNet.com report.
Pope Francis has set up a special commission to review the work of the often opaque Vatican bank, which has been plagued by scandals for decades, the Wall Street Journal reports.
Do you have too much stuff in your email inbox? The Wall Street Journal reviews Mailstrom and Sizzle, web-based services that can help clean out junk mail and other unwanted inbox clutter.
In Wednesday morning trading, the Dow Jones industrial average was up 87 points to 14,848. The Nasdaq rose 22 points to 3,370. The S&P 500 rose 9 points to 1,597.
Tuesday, June 25
On Monday, the city's Department of Transportation sent cease and desist letters to Uber, Lyft, and Sidecar, three ride-sharing operators that have been running in Los Angeles for several months.
Prominent developer Alan Casden has won a court ruling against a former partner seeking to recoup losses from a real estate venture gone south.
AeroVironment Inc. late Tuesday said it moved from a profit to a loss in its fiscal fourth quarter as the maker of unmanned drone aircraft and electric-car charging stations recorded fewer sales but incurred higher research and development costs.
The number of TV pilots shot in Los Angeles picked up dramatically this year, thanks to an industry-wide boom in pilot production, according to permitting agency FilmL.A.
Vitesse Semiconductor Corp. on Tuesday said that it raised $40.2 million in a public offering of its common stock after strong demand prompted underwriters to sell additional shares.
Two weeks after its 90-year-old chief executive offered to take the company private again, Dole Food Co. has designated a special board committee to review the proposal.
In Tuesday trading, the Dow Jones industrial average closed up 101 points to 14,760. The Nasdaq rose 27 points to 3,348. The S&P 500 rose 15 points to 1,588. The LABJ Stock Index rose 1 point to 158.
Amazon, one of several retailers carrying the $99 console, has reported all units are sold out at both its U.S. and U.K sites.
The Bouqs, a Venice online flower shop, announced Tuesday that it has raised $1.1 million in seed funding from Quest Venture Partners in Menlo Park and Siemer Ventures in Santa Monica.
The Los Angeles City Council on Wednesday will consider a major package of financial assistance for shopping mall developer Westfield and its Woodland Hills project, the Los Angeles Times reports.
A divided Supreme Court on Tuesday upended a longstanding pillar of civil-rights era legislation, the 1965 Voting Rights Act, the Wall Street Journal and Washington Post report.
Less than a week after the Federal Reserve set off a cascade of selling in global markets, two of its top officials downplayed the notion of an imminent end to monetary stimulus, Reuters reports.
Investors have been exiting their bond investments with unexpected ferocity. The New York Times looks at why Wall Street never thought that the end of the bond boom would come this way.
The departure of Jeff Robinov as Warner Bros. film chief is the conclusion of a public and contentious competition for the top job at the studio. TheWrap.com reports it left nearly everyone burned. Variety also looks at the quirky new structure.
Rock 'n' roll icon Joan Jett's Blackheart Records Group Inc. has sued Hot Topic Inc. accusing the apparel chain of ripping off the Blackheart name for its new lingerie line, the Los Angeles Times reports.
Discount supermarket chain Aldi USA, which has ties to Trader Joe's, is headed for Southern California, but the Los Angeles Times reports reports that unlike most of its competitors, it's skipping Los Angeles and aiming for the Inland Empire.
Billboard announced that when it tallies the sales numbers of Jay-Z’s new release, it won’t count the 1 million copies Samsung purchased as giveaways for Galaxy smartphone users. Bloomberg BusinessWeek looks at why this illustrates a larger problem for musicians and labels.
Sales of new homes rose to the highest level in nearly five years in May, suggesting the housing industry will continue to power the U.S. recovery, the Wall Street Journal reports.
Time to welcome back the Twinkie: Hostess is bringing back its Twinkies, Ho Hos and Ding Dongs on July 15 under the new ownership of private equity firms Apollo Global Management and C. Dean Metropoulous & Co., Bloomberg News reports.
American Apparel has team up with lesbian, gay, bisexual and transgender advocacy group GLAAD for an exclusive line of T-shirts released in commemoration of LGBT Pride Month, the Huffington Post reports.
In Tuesday morning trading, the Dow Jones industrial average was up 113 points to 14,772. The Nasdaq rose 17 points to 3,337. The S&P 500 rose 13 points to 1,586.
Monday, June 24
BreitBurn Energy Partners LP on Monday said that it will acquire interests in a pair of Whiting Petroleum Corp. oil fields in Oklahoma and related assets for about $860 million.
Warner Bros. Entertainment on Monday announced a major executive reshuffling in its Warner Bros. Pictures unit, promoting three long-time executives following the departure of President Jeff Robinov.
Bio-fuel crop developer Ceres Inc., which saw a huge jump in its share price earlier this month, fell sharply on Monday, losing 17.8 percent of its value.
The Los Angeles Business Journal on Saturday won the top prize in a national journalism awards contest.
In Monday trading, the Dow Jones industrial average closed down 140 points to 14,660. The Nasdaq fell 36 points to 3,321. The S&P 500 fell 19 points to 1,573. The LABJ Stock Index fell 2 points to 157.
The investment – a series B – is worth $60 million according to a filing with the Securities and Exchange Commission filing, and the two-year-old company now carries a reported value of $800 million.
Demand Media Inc. on Monday said it acquired Society6, an e-commerce marketplace for artists, in a cash-and-stock deal valued at about $94 million.
Wall Street awoke to another global market meltdown this morning, this time triggered by hands-off Chinese banking regulators, Yahoo's Breakout reports. Investment strategist Bob Doll tells CNBC that the current market environment should be considered a "pause that refreshes."
The U.S. Supreme Court on Monday put new limits on lawsuits claiming on-the-job harassment, Bloomberg News reports, throwing out a case filed by a black catering worker who said a colleague slapped her and used racial epithets.
Hulu’s sale could signal the end of one of the pioneers of online streaming, which has become an increasingly popular way to watch television, the New York Times reports.
Recently a vital tool for the American military to spy, communicate and attack in places like Afghanistan, drones may become a common sight in American skies within a few years, the Los Angeles Daily News reports. Check out the Business Journal's earlier coverage.
Because homes in bucolic Rolling Hills are limited to one story above ground, shrimp importer John Z. Blazevich went five stories underground when he built there 17 years ago. Now that home is on the market for $53 million, the Los Angeles Times reports.
TheWrap.com reports that lawsuits by unpaid or underpaid interns against entertainment and media companies have accelerated in recent weeks following the success of interns who first sued Fox Searchlight two years ago.
Edison, a boutique apartment and mixed-use community, will replace Long Beach's long-vacant City Hall East, the Long Beach Press Telegram reports.
Two Hollywood studios have quietly begun testing a controversial business model in South Korea: renting movies via video on demand while they are still playing in theaters, the Wall Street Journal reports.
Fliers are slightly more satisfied with the service offered by U.S. airlines than they were last year, but with the airline industry ranked below the U.S. Postal Service for customer satisfaction, it still has a way to go, the Los Angeles Times reports.
A Los Angeles judge has set a Sept. 13 trial date for former L.A. Times reporter Anita Busch's lawsuit against CAA co-founder Michael Ovitz, stemming from the wire-tapping investigation of private investigator Anthony Pellicano, TheWrap.com reports.
Jeff Robinov, head of Warner Bros.' movie unit, is planning to exit the company, sources tell the Los Angeles Times.
Walt Disney Co. hopes that the legend of "The Lone Ranger" is so strong that the stars of the new film can keep their masks on for most of its marketing campaign, the Wall Street Journal reports.
Soda sold in glass bottles, a package generally phased out decades ago, is providing a rare spot of growth in a declining soft-drink industry, the Wall Street Journal reports.
In Monday morning trading, the Dow Jones industrial average was down 239 points to 14,560. The Nasdaq fell 58 points to 3,299. The S&P 500 fell 30 points to 1,562.
BANKING & FINANCE QUARTERLY
International City Bank still steers clear of construction loans after being nailed by them when the real estate market crashed.
BANKING & FINANCE QUARTERLY: Banks getting back into construction loans – very cautiously.
Some banks are now building up their construction loans after years of staying away. But they’re still super-cautious.
Home theater, waterfall not enough at high end
Finding room for luxury amenities has become a must for some L.A. mansion buyers and owners.
Women will keep rising through the exec ranks; it’s just a matter of time, according to Charles Crumpley.
ADVERTISING: Bid4Spots uses auction to land air time for clients.
Bid4Spots helps radio advertisers dial into stations’ low-cost air time through a reverse auction.
OP-ED: Leaders from public and private sectors must step up to ensure local tech community continues to click.
Sean Arian plugs the growing tech sector as a priority for local business and civic leaders.
Mary Leslie serves up a food-waste recycling program as an example of successful clean technology.MARY LESLIE
PROPERTY: Media complex may fetch over $278 million.
Investment firm’s deal for entertainment-focused office complex could be a blockbuster.
Silicon Beach office stars in online comedy about Silicon Valley.
Real Office Centers took on a new Hollywood role when one of its spaces became the set of a TV show.
ENGINEERING: Tetra Tech shares plummet amid government contract woes.
U.S. sequestration woes and a Canadian scandal make double trouble for Tetra Tech.
LENDING: Wells Fargo, Hanmi look beyond Koreatown market.
Two new executives hope to broaden the business base of their Koreatown banks.
Yummy Cupcakes sees shop in San Diego as first of many in United States.
Yummy Cupcakes hopes its plan pans out for franchised shops across the United States.
MANUFACTURING: Deals in hospitality sector helped Republic bounce back.
Republic Furniture checks into hotels as the company focuses on the rebounding hospitality sector.
“Team-building exercises” used to mean holding hands and singing “Kumbaya.”
MUSIC: 4Jacks looks to tap Troubadour’s pop history for program.
In its heyday, the Troubadour in West Hollywood was the launch pad for stars including Elton John and Jackson Browne. Now, the venue is hoping to play a larger role of its own on the global stage.
Investment: Lorraine Spurge sees opportunity to tap overlooked companies.
After more than 20 years of winding through the worlds of high-yield bonds, publishing and entertainment consulting, Lorraine Spurge is trying out private equity. But she will draw from a limited pool.
Northrop works to help local high schoolers prepare for careers.
Northrop mentorship program helps high schoolers get their careers off the ground.
SPORTS: Donald Sun puts Manhattan Beach Open back on AVP’s schedule.
New owner of Association of Volleyball Professionals comes back to Manhattan Beach.
TAXES: Broadreach says previous owners should pay taxes on WeHo ‘wallscape.’
Landlord of office-retail complex wants previous owners to pay property tax on “wallscape” ad space.
REAL ESTATE: Future up in air for property and owner.
New York hotel developer might be taking off from foreclosure-facing property near LAX.
Construction: Helping others like a him a priority for Mop Crew founder.
Juan Marquez used to live the gang life; now he runs his own construction services company.
ACQUISITION: $96 million for office building is highest in market this year.
A 22-story Glendale office tower has traded hands for $96 million, the highest price paid for a single property in the Tri-Cities market this year.
Patina, Philharmonic work in concert for Hollywood Bowl bar.
Hollywood Bowl raises glasses to its first-ever wine bar.
Friday, June 21
L.A. County’s unemployment rate fell again in May, reaching 9.6 percent, according to state figures released Friday.
First PacTrust Bancorp Inc. on Friday announced that shareholders of Private Bank of California in Century City had approved a $50 million merger with First PacTrust’s Beach Business Bank in Manhattan Beach.
Software firm NetSol Technologies Inc. has signed a $10 million deal with an international auto finance organization.
The Los Angeles Business Journal’s index of largest local public companies closed down for the week, following a volatile week in the larger markets.
In Friday trading, the Dow Jones industrial average closed up 41 points to 14,799. The Nasdaq fell 7 points to 3,357. The S&P 500 rose 4 points to 1,592. The LABJ Stock Index rose 2 points to 159.
The White House unveiled new anti-piracy initiatives and is calling for more cooperation in the fight against intellectual property theft from search engines, data storage services and domain name registrars, the Los Angeles Times reports.
Ronald C. Hasse has been named publisher and president of the Los Angeles News Group, owner of the Los Angeles Daily News, Long Beach Press-Telegram and other suburban newspapers, the Daily News reports.
Hundreds of startup tech developers and others converged in Santa Monica this week for Silicon Beach Fest, seeking to raise money from investors, build industry contacts and gain exposure for their companies, the Los Angeles Times reports.
The Academy of Television Arts & Sciences has appointed Lucy Hood president and chief operating officer, TheWrap.com reports.
More than three decades after his death, Paul Revere Williams is still one of the hottest architects in Hollywood, the Los Angeles Times reports.
This week, a shadowy weapons development facility in Palmdale silently celebrated its 70th anniversary. Few places in the aerospace industry are as revered as Lockheed Martin Corp.’s Skunk Works, the Los Angeles Times reports.
Insurance giant WellPoint Inc. has agreed to pay $6 million to resolve allegations that the company improperly dropped policyholders after they got sick and needed treatment, the Los Angeles Times reports.
Facing a growing outcry, Gov. Jerry Brown and legislative leaders abandoned a plan Thursday that threatened to reduce public access to government records, the Los Angeles Times reports.
The Associated Press looks at how the prospect of higher interest rates in the coming months will affect a variety of sectors, starting now.
In true soap opera fashion, several locals of the International Alliance of Theatrical Stage Employees union have kissed and made up with Prospect Park, a production firm behind online versions of "All My Children" and "One Life to Live," the Los Angeles Times reports.
An industry working group assigned by the Federal Aviation Administration to research the use of electronics on airplanes is expected to recommend relaxing the ban on portable electronic devices during takeoff and landing, the New York Times reports.
When Marvel.com recently announced that Robert Downey Jr. will return for two “Avengers” sequels, Marvel Studios made it clear it has embraced Lucasfilm’s method for controlling news about its movies, Variety reports.
The Wall Street Journal reports that with the economy struggling to find its footing, Americans spent less time at work last year and found more time for leisure activities such as watching television, according to a new government survey.
In Friday morning trading, the Dow Jones industrial average was down 16 points to 14,742. The Nasdaq fell 25 points to 3,340. The S&P 500 fell 4 points to 1,584.
Thursday, June 20
California safety officials ordered LAX air services contractor Menzies Aviation to pay fines of nearly $95,000 for violations of worker safety rules.
The Los Angeles County Regional Planning Commission gave its approval for Walt Disney Co. to build a movie production studio in the Santa Clarita Valley.
Tutor Perini Corp. announced Thursday it had won a contract for work on the San Francisco Central Subway Project.
Clearlake Capital Group LP on Thursday said it led a management-backed acquisition of Chicago electronic data discovery provider Inventus LLC, its second tech deal this month.
In Thursday trading, the Dow Jones industrial average closed down 354 points to 14,758. The Nasdaq fell 79 points to 3,365. The S&P 500 fell 41 points to 1,588. The LABJ Stock Index fell 5 points to 157.
Fresh signs that the Fed is considering pulling back on efforts to support the U.S. economy has rattled the markets this morning, the Wall Street Journal reports.
Three men are due in court Thursday in connection with the stabbing death of a woman next to the Hollywood Walk of Fame, KTLA.com and the Los Angeles Times report.
Barely a year after overhauling his upscale downtown Water Grill eatery to make it more appealing to young diners, restaurateur Sam King is launching a second Water Grill location in Santa Monica next month, the Los Angeles Times reports.
Punk bands packed patrons into grungy Al's Bar in downtown Los Angeles throughout the 1980s and 1990s. The building's new owner has plans spruce up the old joint, the Los Angeles Times reports.
Men’s Wearhouse founder George Zimmer, who built the retailer into a chain with more than 1,000 stores, says he was fired after raising concerns about the company’s strategy, AdAge.com reports. Yahoo's Daily Ticker looks at how the company can avoid a consumer backlash.
Jeffrey Katzenberg tells CNBC that he wants to change DreamWorks Animation from a movie studio with a few big films a year to a multiplatform media business.
A once-notorious building on Hollywood Boulevard next door to where "Jimmy Kimmel Live!" television show is broadcast has been sold to a Maryland real estate investment firm, the Los Angeles Times reports.
The Jimmy Stewart of American commerce, wheat has never been particularly sexy. It's also never been the subject of dark intrigue and mystery — until last month, Bloomberg BusinessWeek reports.
Variety, Hollywood Reporter and the TheWrap.com look at the unlikely stardom — and the role of a lifetime that helped launched it — of the late actor James Gandolfini, who died suddenly Wednesday while on vacation in Rome.
Miniseries such as "Top of the Lake" and "The Bible" are in the vanguard of the remarkable resurgence of a format that, until recently, the industry had all but abandoned, the Los Angeles Times reports.
Tom Cruise was among several Hollywood stars at the annual gathering for the retail giant, which sells about 40 percent of all DVDs in the United States, the Hollywood Reporter says. But it was the star's description of the retailer as a corporate "role model" that raised eyebrows.
Quiet Calabasas is built for privacy, and generally has done well by the celebrities who live there. But Justin Bieber's fast ways have some residents upset, the Los Angeles Times reports.
Former Los Angeles Times Editor Sallie Hofmeister has become the newest member of Sitrick and Co. public relations firm, TheWrap.com reports.
Sony Chief Executive Kazuo Hirai, reiterated on Thursday that the company’s music and movie businesses were not for sale, striking a cautious tone on a renewed push to break up Sony’s sprawling empire, the New York Times reports.
Taper, taper, taper! It's the newest craze among the Fed-obsessed on Wall Street who hang on to every single word uttered by the Fed's chairman, CNBC reports, tongue-in-cheek.
In Thursday morning trading, the Dow Jones industrial average was down 229 points to 14,883. The Nasdaq fell 55 points to 3,388. The S&P 500 fell 27 points to 1,602.
Wednesday, June 19
Kennedy Wilson on Wednesday said it has completed fundraising for its fourth U.S. real estate investment fund, with total capital commitments of $303 million.
Live Nation Entertainment Inc. on Wednesday said that it acquired a majority stake in Estonia’s BDG Music Group, considered the largest concert promoter in the Baltic region.
Shares of Vitesse Semiconductor Corp. fell more than 17 percent on Wednesday after the chipmaker announced plans to sell $30 million of common stock in a public offering.
PennyMac Mortgage Investment Trust on Wednesday said it signed an agreement with Citigroup Global Markets Realty Corp. to buy a portfolio of non-performing residential mortgage loans and some residential properties.
In Wednesday trading, the Dow Jones industrial average closed down 206 points to 15,112. The Nasdaq fell 39 points to 3,443. The S&P 500 fell 23 points to 1,629. The LABJ Stock Index fell 3 points to 162.
StartEngine's class of eight startups trotted out in front of investors and other interested parties Tuesday evening at the Cross Campus co-working space in Santa Monica.
After nearly a decade as Leads360, the El Segundo sales software provider has changed its name to Velocify.
The developer of the controversial Millennium Hollywood project agreed Tuesday to reduce the height of two residential towers, but the Los Angeles Times reports that Caltrans, residents and other critics still aren't satisfied.
Following weeks of market volatility, global investors this morning are on hold, waiting for comments from the Federal Reserve’s policy-making arm on when the central bank will wind down its monthly $85 billion purchases of mortgage-backed securities and Treasury securities, Yahoo's Daily Ticker reports.
The Los Angeles Daily News reports that executives are promising that GenCorp Inc.'s just completed purchase of Pratt & Whitney Rocketdyne will help the renamed Aerojet Rocketdyne stabilize and even grow its L.A.-area workforce.
A coalition of Hollywood unions wants the Los Angeles City Council to change the glaring fluorescent green color of bike lanes that cut through a popular location for film and TV shoots: downtown's Historic Core neighborhood, the Hollywood Reporter says.
Clear Channel Airports, a bidder for a lucrative LAX media contract, on Tuesday accused former airport commissioner Alan Rothenberg of a conflict of interest because of his involvement with a joint venture recommended for the work, the Los Angeles Times reports.
In a counterclaim filed on Tuesday, former Variety owner Reed Elsevier accused Jay Penske, the trade paper's new owner, of defaulting on $1.3 million of the trade's purchase price, TheWrap.com reports.
The Los Angeles Times looks at what StubHub, eBay's online ticketing service, hopes to gain after agreeing to shell out millions each year to have its name emblazoned on the home of the Los Angeles Galaxy soccer team, Los Angeles Times report.
The 'anonymous' search engine DuckDuckGo is getting a boost off the PRISM scandal that is putting big tech companies like Google and Apple to shame, CNBC reports.
Four Time Warner Cable subscribers filed a proposed class-action lawsuit against the cable company Tuesday, contending they should not be forced to pay higher rates to bankroll the company's purchase of broadcasting rights for Lakers and Dodgers games that they have no interest in watching, the Los Angeles Daily News reports.
Thomas Tull, head of “Man of Steel" backer Legendary Entertainment, says the company will decide whether to stay at Warner Bros. by the end of the summer, Variety reports. Sources tell the Hollywood Reporter that Paramount and Disney already have been ruled out as a potential new partner.
More than a year after the nation's five-largest mortgage servicers signed a $26 billion legal settlement over blatantly improper foreclosure procedures, those banks still need to do better, National Mortgage Settlement's monitor told CNBC.
The American Medical Association decided Tuesday to recognize obesity as a disease, requiring a range of medical interventions, a decision prompting reactions of both praise and alarm, USA Today and the Los Angeles Times report.
Aggressively going after faith-based audiences, Warner Bros. and faith-based marketing firm Grace Hill Media are comparing Superman to Jesus as a way to encourage ministers across the country to speak about the new film "Man of Steel," the Hollywood Reporter says.
In Wednesday morning trading, the Dow Jones industrial average was down 14 points to 15,304. The Nasdaq fell 1 point to 3,481. The S&P 500 fell 1 point to 1,651
Tuesday, June 18
Subblime is a website where YouTube personalities can share lists of their favorite things a la Pinterest.
The Los Angeles City Council on Tuesday approved a ban on plastic bags at grocery stores and other retailers that sell perishable food items.
Anschutz Entertainment Group has signed a joint venture with MGM Resorts International to develop a $350 million, 20,000-seat arena near the Las Vegas Strip, MGM announced Tuesday.
Shares of Staar Surgical Co. jumped 11 percent on Tuesday after the maker of implantable eye lenses said it had received regulatory approval to sell a product in Korea and Argentina.
Mattel Inc. on Tuesday announced a series of new or extended licensing agreements for properties it either owns or licenses, including Thomas the Train and Monster Jam.
MPG Office Trust, Inc. has completed the sale of what was once one of its crown jewels, downtown L.A.’s U.S. Bank Tower.
In Tuesday trading, the Dow Jones industrial average closed up 138 points to 15,318. The Nasdaq rose 30 points to 3,482. The S&P 500 rose 13 points to 1,652.
President Barack Obama has suggested he's ready to let Federal Reserve Chairman Ben Bernanke step down from the central bank when Bernanke's term ends in January, the Wall Street Journal reports.
The Port of Long Beach posted a 17 percent increase in cargo volume in May, its highest level in nearly three years.
Scott London, the former KPMG senior partner accused of securities fraud, talked with CNBC outside an L.A. court on Monday about the KPMG insider trading scheme and how much he made in kickbacks.
Perhaps no spot in L.A. was hotter than Westwood in the 1960s and '70s. The Los Angeles Times reports that boosters are looking to downtown's revitalization as a model for getting their neighborhood's mojo back.
Blue Shield of California is poised to take a lucrative health insurance contract for city workers away from rival Anthem Blue Cross, the Los Angeles Times reports.
Aetna Inc., which earlier opted not to participate in California's new state-run insurance exchange, said it would stop selling individual health insurance policies in the state, but continue to offer plans for small and large employers, the Los Angeles Times reports.
Bob Meistrell, who with his twin brother founded pioneering wet suit maker Body Glove in Redondo Beach, died on Sunday in Catalina at age 84, the Los Angeles Times and New York Times report.
A Los Angeles County Superior Court judge on Monday said that the Exide Technologies' Vernon battery recycling plant, which was closed by state inspectors in April, will be allowed to reopen pending a court hearing next month, the Los Angeles Times reports.
If Gov. Jerry Brown signs Senate Bill 71 this week, local government agencies will no longer be required to follow key provisions of California’s Public Records Act, Southern California Public Radio reports.
Grammy Award-wining musician and entrepreneur will.i.am has been named a partner at Beverly Hills-based licensing and strategic marketing firm memBrain Licensing, the Hollywood Reporter says.
73-year-old billionaire Carlos Slim tells CNBC that says workers, at least those in developed economies, are at their prime in their 60s and really should be working longer.
Adrian Barrie Smith, a British recruiter who supplies butlers, maids and other domestic workers to some of the world’s wealthiest families, has turned on many of his former clients in court, the New York Times reports.
Need to check if crowdsourcing is one word or two? Now you can look it up in the Oxford English Dictionary, which CBS.com reports is breaking its own rule that a word must be "current for 10 years" before it can be included.
In Tuesday morning trading, the Dow Jones industrial average was up 95 points to 15,274. The Nasdaq rose 22 points to 3,474. The S&P 500 rose 8 points to 1,647.
Monday, June 17
American International Group Inc. on Monday said that it has given a Chinese consortium until the end of July to complete the $4.8 billion purchase of International Lease Finance Corp., after the consortium missed a Friday deadline.
Motorcar Parts of America Inc.’s fiscal fourth quarter loss more than quadrupled as the company took an $84.7 million write-off of its failed acquisition of a Canadian parts maker.
The California Department of General Services on Monday said it had sold a vacant 1.9-acre parcel in the Los Angeles Civic Center district for park development.
Executive search firm Korn/Ferry International reported higher net income in its fourth quarter ended April 30.
MannKind Corp. said it has completed the second of two additional trials requested by the Food and Drug Administration for its inhaled insulin pipeline product.
In Monday trading, the Dow Jones industrial average closed up 109 points to 15,180. The Nasdaq rose 28 points to 3,452. The S&P 500 rose 12 points to 1,639. The LABJ Stock Index rose 1 point to 163.
DreamWorks Animation SKG Inc. will bring its feature film characters to the small screen in a deal to produce original content for streaming through Netfilix Inc., the companies announced on Monday.
Culver City network Fullscreen announced Monday that it has raised a Series A round of financing from Chernin Group, Comcast Ventures and WPP.
DreamWorks Animation Inc. has signed a multi-year deal to produce original series for Netflix Inc., marking a significant expansion of the Glendale animation studio's television operation, the Wall Street Journal and Hollywood Reporter say.
The Supreme Court ruled Monday that Arizona violated the federal “motor voter” law when it added a proof-of-citizenship requirement to standard voter-registration forms intended for use nationwide, the Wall Street Journal reports.
Orchard Supply Hardware Stores Corp. which was spun off by Sears Holdings Corp. less than two years ago, has filed for Chapter 11 bankruptcy protection, Reuters and the Wall Street Journal report, with rival retailer Lowe's Companies acting as a "stalking horse bidder" in a planned sale of assets.
The downtown Los Angeles arts area's improvement district was recently ordered disbanded, following a court challenge. Critics say such districts often become bloated bureaucracies, the Los Angeles Times reports, but others still see benefits.
Pasadena officials are negotiating a proposal to convert the city's long-vacant former YWCA building into a 150-room boutique hotel, the Los Angeles Times reports.
Republicans and Democrats have begun work on a bipartisan bill that would replace Fannie and Freddie within five years with a new "public guarantor," part of a broader framework designed to wean the government from its outsized role backstopping the nation's $10 trillion mortgage market, the Wall Street Journal reports.
Oil prices could consolidate around current levels this week, supported by expectations that the Federal Reserve won't slow its bond-buying program, CNBC reports.
Is the era of ultra-low interest rates nearing an end? That's the question —and the fear — Chairman Ben Bernanke will face at this week’s Federal Reserve policy meeting, the Associated Press reports.
The Cheesecake Factory, which struggled during the recession, is on the rebound and easing back into expansion mode, the Los Angeles Times reports in a company profile.
Large banks are pushing back against regulators' plans to toughen rules on short-term, high-interest consumer loans, the Wall Street Journal reports.
New York City Mayor Michael R. Bloomberg, who has tried to curb soda consumption, ban smoking in parks and encourage bike riding, is taking on a new cause: requiring New Yorkers to separate their food scraps for composting, the New York Times reports.
The boring television genre is as old as the test pattern that was on screen for hours each day at the dawn of television, as old as the film of logs flickering in the fireplace at Christmas. But Norwegians love boring television and have adopted it as their "reality TV," the Wall Street Journal reports.
In Monday morning trading, the Dow Jones industrial average was up 190 points to 15,260. The Nasdaq rose 44 points to 3,468. The S&P 500 rose 19 points to 1,646.
The Business Journal morning newsletter on June 11 linked to a Reuters report regarding a Chapter 11 bankruptcy filing. The report initially misidentified the company as low-speed electric car company Miles Electric Vehicles LLC of Santa Monica. Instead, the company was a Hong Kong affiliate of L.A. electric car company Coda Holdings Inc., Miles Electric Vehicles Ltd.
Darryl Holter says workers’ wallets are at stake in court cases about piece and commission compensation.
MEDIA: Trades pull in readers and ads with glossy weekly magazines.
Hollywood Reporter and Variety have recast the role of print as the show biz trades’ glossy weeklies draw readers and ads.
HEALTH CARE: Shareholders fight execs over Avanti’s money.
Investors in Avanti Hospitals accuse executives of doctoring finances to their benefit.
Wilshire Bancorp vaults into New Jersey as part of the Koreatown lender’s expansion strategy.
Furniture firm adds company’s titanium water to mattresses.
Futon Shop gets in bed with Eastern health practices by treating mattresses with titanium water.
Fiji Water pitches washable bottle topper as brand builder.
Fiji looks to suck in customers with a new reusable straw and cap set.
When customers of Boston Private Bank & Trust Co. in Pasadena meet with Chuck White, they’ll hear a familiar voice – if they’re UCLA or Clippers fans.
APPAREL: Shop owner Nevena Borissova returns to fashion design with new line A.O.T.C.
Retailer Nevena Borissova now has designs on launching her own clothing line.
ENERGY: Strong harvest should help Ceres provide seeds to Brazilian mills.
Ceres’ bountiful sweet sorghum crop spurs Wall Street to harvest the firm’s stock.
automotive: Ditching Fenco revs up shares of parent Motorcar Parts.
Axing its poorly performing unit drives up value of Motorcar Parts on Wall Street.
FINANCING: Green Dot’s bank takes over for GE’s service at the retail giant.
Investors ring up purchases of Green Dot shares after the debit card company replaces GE at Wal-Mart.
PAPER: Company under Gores Group’s control files for bankruptcy.
Gores Group could be addressing problems with a supply contract by having National Envelope file for bankruptcy.
EXPANSION: Latham hire Dan Burnham will focus on early stage companies.
L.A.’s largest firm by revenue is moving further into the growing local startup scene.
dining: Dog Haus aims to serve up franchises in 36 states at outset.
Three Pasadena restaurateurs are betting that entrepreneurs across the country want to snag a bite of their gourmet hot dog concept, Dog Haus.
ACQUISITION: $27 million deal a rare sale in popular Westside leasing market.
A two-building Playa Vista office complex has traded hands for $27 million in a rare sale for the submarket.
Let’s do lunch, Charles Crumpley says. Well, maybe not: the traffic’s too awful.
L.A. businesses and facilities should keep Chinese visitors in mind as they work to boost tourism industry.
Ernest Wooden Jr. says drawing more Chinese visitors would be great for Los Angeles.
Oaktree Capital quintet took root among L.A.’s highest-paid non-chief executives.
Special Report: Executive Compensation
Chief executives at small-cap companies stocked up on fatter paychecks as the markets’ recovery broadened.
TECHNOLOGY: Local firm sees commercial uses for UAVs.
DreamHammer looks to direct its drone software into use for nonmilitary functions.
AUTOMOTIVE: State’s new storage requirements for utilities may aid Coda.
State utilities’ obligation to boost power storage capacity could rev up the energy business for former electric-car maker Coda.
Friday, June 14
GenCorp on Friday completed its acquisition of storied San Fernando Valley rocket-engine manufacturer Pratt & Whitney Rocketdyne.
Mob Science is known for "Legends: Rise of a Hero," a game where players try to rescue a captured princess by slaying monsters.
CBRE Group Inc. on Friday said it has acquired full ownership of Sogesmaint-CBRE, a property and asset management specialist primarily operating in Belgium.
American States Water Co. said that its Golden State Water subsidiary has acquired Rural Water Co. in San Luis Obispo County.
Shares of Capstone Turbine Corp. fell nearly 10 percent on Friday after the company reported a net loss in its fiscal fourth quarter.
The Los Angeles Business Journal’s index of largest local public companies closed down slightly for the week, in line with the larger markets.
In Friday trading, the Dow Jones industrial average closed down 106 points to 15,070. The Nasdaq fell 22 points to 3,424. The S&P 500 fell 10 points to 1,627. The LABJ Stock Index fell 1 point to 161.
The Los Angeles Area Chamber of Commerce and Small Business Administration on Thursday launched Bixel Exchange, a small-business development center focusing on technology startups, the Los Angeles Times reports.
California Insurance Commissioner Dave Jones says Anthem Blue Cross should be excluded from the health exchange for small businesses because it imposes excessive rate hikes, the Los Angeles Times reports.
Rupert Murdoch and Wendi Deng are getting divorced, the New York Times and New York Daily News report. Australian site Crickey.com looks at how Murdoch’s numerous divorces provide plenty of lessons for other business owners keen to protect their assets.
The divorce of oil baron Harold Hamm has had its dramatic moments. But CNBC reports that the split of the Continental Resources chief executive's fortune, worth at least $11 billion, could result in the largest divorce settlement in history.
Rep. Linda T. Sanchez of Lakewood has asked regulators to investigate allegations that Herbalife Ltd. operates a well-disguised pyramid scheme that victimizes "our country's most vulnerable populations," the Los Angeles Times reports.
The question of how some Bloomberg reporters may have uncovered market-moving information on some of the service's subscribers has become a critical issue for the company, the New York Times reports.
Wal-Mart Stores Inc has in recent months been only hiring temporary workers at many of its U.S. stores, Reuters reports, the first time the world's largest retailer has done so outside of the holiday shopping season.
After multiple enforcement actions, lawsuits and multibillion-dollar settlements, state and federal regulators are making sluggish progress in their efforts to prod banks to help mortgage borrowers, CNBC reports.
The New York Times examines how Yahoo and some other tech firms became part of the National Security Agency’s secret Internet surveillance program against their will.
USA Today looks at some reasons why Millennials have become big fans of prepaid cards, payday loans and other alternative financial products that often come with high fees.
In Friday morning trading, the Dow Jones industrial average was down 57 points to 15,119. The Nasdaq fell 12 points to 3,433. The S&P 500 fell 4 points to 1,633.
Thursday, June 13
The U.S. Supreme Court on Thursday further weakened the Port of Los Angeles’ Clean Truck Program, overturning two minor provisions that had been upheld by a lower court.
Shamrock Capital Advisors reportedly is looking to sell Harlem Globetrotters, the iconic exhibition basketball team known for its on-court antics.
In Thursday trading, the Dow Jones industrial average closed up 181 points to 15,176. The Nasdaq rose 45 points to 3,445. The S&P 500 rose 24 points to 1,636. The LABJ Stock Index rose 3 points to 162.
The Supreme Court unanimously ruled early Thursday that human genes isolated from the body can't be patented, a victory for doctors and patients who argued that such patents would interfere with scientific research and the practice of medicine, the Wall Street Journal reports.
ESPN's decision to shut down its 3-D channel by the end of the year is the latest sign that the format is unlikely to revolutionize entertainment as the industry once hoped, the Associated Press and Bloomberg BusinessWeek report.
Wild Oats Markets Inc. is planning a comeback this year, potentially aided by a former investor, billionaire Ron Burkle, and the storefront vacancies from the fading Fresh & Easy chain, the Los Angeles Times reports.
Kaiser Permanente will offer some of the highest rates in California's new health exchanges next year, and the Los Angeles Times looks at possible reasons why.
Looking into their crystal ball at USC event on Wednesday, George Lucas and Steven Spielberg predicted the imminent arrival of a radically different entertainment landscape, including pricey movie tickets, a vast migration of content to video-on-demand and even programmable dreams, Variety reports.
Expect clogged traffic courts and delays for civil cases in Los Angeles County's court system in the wake of significant cuts that will take effect on July 1, the Los Angeles Times reports.
Malibu’s celebrity-filled Broad Beach is in a throwdown of sorts with the nearby billionaire bastion of Carbon Beach, as several notable properties have come on the market within the last month, the Los Angeles Times reports.
As real estate gains value nationwide, banks are acting more quickly on delinquent loans and repossessing more homes, CNBC reports, with so-called REO (real estate owned) activity by banks rising 11 percent in May from the previous month.
An aging former Holiday Inn near Santa Monica's Third Street Promenade is not long for this world, the Los Angeles Times reports, with its owners hoping to tear it down and erect a three-building tiered showplace that embraces the property's Pacific Ocean views.
The U.S. Census Bureau on Thursday said that for the first time, America's racial and ethnic minorities now make up about half of the under-5 age group, and rural America is losing population, the Associated Press and New York Times report.
"Man of Steel" flies into theaters on Friday carrying not just a $200 million price tag and the fate of Superman on its chiseled shoulders, but the future of Warner Bros. as well, The Wrap.com reports.
Coffee-bean prices have fallen 54 percent in the past two years, and the Wall Street Journal reports that some investors smell opportunity in this biggest coffee-market bust in more than a decade.
Gannett has reached a deal to buy Belo for about $1.5 billion in cash, which would make the company the nation’s fourth-largest owner of major network affiliates, Bloomberg News reports.
With subscriber growth stalled, the Hollywood Reporter says that major cable system operators, in an effort to reinvigorate their business, are looking to new technology that personalizes the customer experience.
Fifteen percent of U.S. firms provide some paid leave for new fathers, according to a new survey, but in reality men are reluctant to take time off for a variety of reasons, ranging from a fear of losing status at work to lingering stereotypes about a father's role in the family, the Wall Street Journal reports.
In Thursday morning trading, the Dow Jones industrial average is up 30 points to 15,026. The Nasdaq rose 7 points to 3,408. The S&P 500 rose 4 points to 1,616.
Wednesday, June 12
Shares of Ceres Inc. soared 77 percent on Wednesday as the agricultural biotech’s beaten-down stock benefitted from an analyst who previewed good news expected in the next several weeks.
Computer Sciences Corp., a Virginia company that was founded in Los Angeles, has sold its applied technology division, which has locations in Palmdale and Edwards Air Force Base in the Antelope Valley.
Shares of Virco Mfg. Corp. fell more than 4 percent on Wednesday after the furniture maker reported lower fiscal first quarter revenue. It also warned that demand from its core K-12 public school market remains unpredictable.
Amgen Inc. said that it will spend $25 million to expand its licensing agreement with Cytokinetics Inc. to cover the Japanese market.
In Wednesday trading, the Dow Jones industrial average closed down 127 points to 14,995. The Nasdaq fell 37 points to 3,400. The S&P 500 fell 14 points to 1,612. The LABJ Stock Index fell 2 points to 159.
The free app, which went live on Wednesday, gives listeners access to a library of 53 million songs.
As Tribune Co. prepares to auction off the Los Angeles Times and its other newspapers, a question has emerged about the impact on the papers' ties to crucial digital assets such as CareerBuilder.com and Classified Ventures LLC, the Wall Street Journal reports.
Layoff notices will be delivered to 177 Los Angeles County Superior Court employees on Friday, part of a plan to eliminate 511 positions and close a projected $85-million budget shortfall for the next fiscal year, the Los Angeles Times reports. An additional 139 people will receive demotions and pay cuts and some open positions won’t be filled.
The recent deadly garment factory collapse in Bangladesh reinforced the decision of some Los Angeles clothing lines to keep production local, but many challenges remain for them to stay profitable, the Los Angeles Times reports.
Enbrel, a blockbuster drug made by Amgen Inc. is no more effective than a cocktail of cheaper generic therapies in treating rheumatoid arthritis, according to a new study funded by the Department of Veterans Affairs, the Wall Street Journal reports.
The war between Hollywood’s two largest talent agencies has truly become a street fight, Variety reports.
New York State regulators are calling for a nationwide moratorium on transactions that life insurers are using to alter their books by billions of dollars, saying that the deals put policyholders at risk and could lead to another taxpayer bailout, the New York Times reports.
With News Corp.'s split set for June 28, the Hollywood Reporter breaks down the mogul's big bet on his legacy, son James' bigger role at Fox, and how to read the business tea leaves.
High debt levels have raised the chances of a global recession in the next three to five years to more than 60 percent, says Pimco, manager the world's largest bond fund, CNBC reports.
DirecTV says it's time for Congress to step in and either jettison broadcast regulations altogether or make must-carry/retransmission laws smarter to reflect the marketplace, Broadcast & Cable reports.
Recent headlines miss an important part of the work-life balance story, Time.com reports: plenty of working mothers are earning less than men because they want the sort of jobs and working arrangements which pay less.
In Wednesday morning trading, the Dow Jones industrial average was down 21 points to 15,101. The Nasdaq fell 9 points to 3,427. The S&P 500 fell 3 points to 1,623.
Tuesday, June 11
Shares of Dole Food Co. jumped 22 percent on Tuesday, as investors reacted to an unsolicited offer by its largest shareholder to take the company private.
Two companies split from Motorcar Parts of America Inc. have filed for bankruptcy, with plans to liquidate.
Chong Guk Kum, former chief executive of Westlake Village’s First California Financial Group Inc., has been named chief executive of Koreatown’s Hanmi Financial Corp.
In Tuesday trading, the Dow Jones industrial average was down 117 points to 15,122. The Nasdaq fell 37 points to 3,437. The S&P 500 fell 17 points to 1,626. The LABJ Stock Index fell 1 point to 160.
The El Segundo wine retailer announced Tuesday that it has partnered with Brooklyn, N.Y., boutique winemaker Wonderful Wine Co. to produce a line of six wines.
Dole Food Co. received a buyout offer from 90-year-old Chief Executive David Murdock on Tuesday that values the Westlake Village company at just more than $1 billion, Reuters and the Associated Press report.
Harry Lewis, who founded the Hamburger Hamlet chain of restaurants, and later Kate Mantilini, has died at age 93, the Los Angeles Times reports.
As first reported in the Business Journal: Amazon on Monday expanded its fresh grocery delivery service to Los Angeles neighborhoods, the Los Angeles Times and Bloomberg News report.
SMG, a Pennsylvania company that wants the contract to run the Los Angeles Convention Center, has filed a challenge to the city's plan to hire AEG, arguing that the L.A. company doesn’t meet the search specifications, the Los Angeles Times reports.
News Corp. shareholders on Tuesday formally approved the planned split of the conglomerate into an entertainment and a publishing company, the Hollywood Reporter says.
An Ernst & Young survey finds that media and entertainment companies expect that by 2015 a majority of their income will be generated from digital sales, TheWrap.com reports.
The judge presiding over the Michael Jackson wrongful-death suit in Los Angeles County Superior Court on Monday admonished AEG Live Chief Executive Randy Phillips to answer the questions from the Jackson family's attorney, the Los Angeles Times reports.
The case of Edward J. Snowden, former Booz Allen Hamilton consultant who leaked to the media existence of U.S. government monitoring operations, also draws attention to another important issue: the vast amount of money private contractors make from selling goods and services to the government, CNBC reports.
Multibillionaire Carlos Slim tells CNBC that he does not think the new telecom law in Mexico will hurt the profitability of his America Movil, the dominant wireless provider in Latin America.
Global shale resources are vast enough to cover more than a decade of oil consumption, according to the first-ever U.S. assessment of reserves from Russia to Argentina, the Financial Times reports.
Georgia battery maker Exide Technologies filed for bankruptcy protection on Monday, citing the forced closure of its Vernon lead-recycling plant and other economic pressures, the Los Angeles Times reports.
In Tuesday morning trading, the Dow Jones industrial average was down 36 points to 15,203. The Nasdaq fell 11 points to 3,464. The S&P 500 fell 5 points to 1,638.
Monday, June 10
Motorcar Parts of America Inc. on Monday said the company it bought two years ago will be broken off and would then likely file for bankruptcy protection.
The Federal Trade Commission on Monday said that it has closed its investigation into the planned acquisition of Pratt & Whitney Rocketdyne by GenCorp, paving the way for the $550 million purchase of the longtime San Fernando Valley rocket-engine manufacturer.
Green Dot Corp. on Monday said its own bank unit will replace GE Capital RetailBank to service Green Dot’s Wal-Mart-branded reloadable prepaid cards program.
Koreatown’s Wilshire Bancorp Inc. on Monday said it plans to acquire a small Korean-American bank in New Jersey, adding to its East Coast presence.
City National Bank on Monday said that it opened its first ground-floor banking office in Manhattan as part of a continuing expansion in the New York area.
In Monday trading, the Dow Jones industrial average closed down 9.5 points to 15,238. The Nasdaq rose 4.5 points to 3,474. The S&P 500 fell less than 1 point to 1,643. The LABJ Stock Index fell 1 point to 162.
The company announced Monday that it had launched operations at the Los Angeles International Airport.
Edward Snowden, a 29-year-old government contractor publicly identified himself Sunday as the source of recent disclosures about secret National Security Agency data-gathering programs, the Wall Street Journal reports, which adds that Snowden's decision to flee to Hong Kong has baffled authorities there given the city’s existing rendition treaty with the United States.
Opponents say the proposed Casden West L.A. project would add to congestion near the 405 Freeway, the Los Angeles Times reports, with proponents arguing that the plan for 638 apartments and stores is socially responsible.
Wilshire Bancorp has agreed to buy BankAsiana, another Korean-American bank holding company in Palisades Park, N.J., for $32.5 million, American Banker and RTT News report.
Millions of small businesses will be able to use simplified, streamlined methods for measuring and presenting their financial results under a new accounting framework announced Monday, the Wall Street Journal reports.
Southland residents and businesses will have to get serious about energy conservation, particularly this summer, now that the San Onofre Nuclear Generating Station has been shut down permanently, the Los Angeles Times reports.
In the first days since announcing his transition plans, Mayor-elect Eric Garcetti has been deluged with those who want to be part of the new administration, the Los Angeles Daily News reports.
Dole Food Co. introduced mainland Americans to the Hawaiian pineapple more than a century ago and grew its fresh fruit business into a global empire. But the Westlake Village food company recently trimmed down considerably, the Los Angeles Times reports in a company profile.
Credit rating agency Standard & Poor's on Monday upgraded its credit outlook for the U.S. government to “stable” from “negative,” reducing the threat of a further downgrade to the country's sovereign rating, Bloomberg News and Reuters report.
Investors are bracing for a stormy summer, the Wall Street Journal reports, as steady asset-price gains have given way to sharp swings jolting stocks, currencies and commodities alike.
As Mexico gets ready to unleash a battery of regulations to curb the power of telecom mogul Carlos Slim, Reuters reports that the government is sending clear signals it will not shy away from breaking up his business if necessary.
A Pew Research Center study says the growing number of nonprofit news websites need more help from business experts than journalists, the Associated Press reports.
Tire rental chains such as Rent-a-Wheel and Rimco are seeing business boom, the Los Angeles Times reports, even though many consumers end up paying double or triple the cost of buying tires and face aggressive repossession policies.
Barron's Bill Alpert says that while Tesla's electric car offers a quiet, powerful ride, the company's stock could turn out to be a lemon unless the company comes up with a cheaper, stronger battery.
Some companies now allow their workers to buy and sell their vacation time, a perk that the Society for Human Resource Management says gives workers more flexibility in managing their time off, the Associated Press reports.
In Monday morning trading, the Dow Jones industrial average was up 34 points to 15,283. The Nasdaq rose 13points to 3,481. The S&P 500 rose 4 points to 1,647.
MEDIA: But Finke’s Deadline comes out big winner in ratings battle.
Show biz journalism took Hollywood spotlight after a rival claimed Deadline.com fired Nikki Finke.
Real Estate: Developer’s terms too much for investor.
Partnership is left with little room for comfort when the two parties vacate apartment deal.
Bruce P. Jeffer’s conservative approach over 30 years has turned his law firm into one of L.A.’s most profitable.
Lawyer Bruce P. Jeffer works to catch magic in a bottle as an avid wine collector.
HEALTH CARE: Sister of CEO to take helm at prosthetic maker.
Sister takes reins at prosthetics maker Swiss Balance after sudden death of founder.
INVESTMENT: Clearlake buys IT firm and fashion website in two recent deals.
Santa Monica private equity firm Clearlake Capital Group has been putting a new fund to work with two acquisitions announced in recent weeks.
ADVERTISING: Engage elected to work for free to assist an Eric Garcetti PAC in order to score future contracts.
Engage: BDR campaigned for future political gigs by working for free on Eric Garcetti’s mayoral campaign.
SOFTWARE: Long Beach police swept up in market expansion by Laserfiche.
Laserfiche continues to seek and find new customers for its document-handling products.
INTERNET: Dollar Shave Club seeks to mirror bathroom success.
Dollar Shave Club looks to clean up in online sales with its new wipes for men.
Shopping network suits up as magazine maker
Shopping network operator ThisNext now pages potential customers for magazine-making site Glossi.
REAL ESTATE: Riot lease would be market’s largest deal in five years.
Playa Vista office building is in play as the future home of video game company Riot.
OP-ED: Governor’s approach to funding schools underscores importance of other kinds of economic intervention.
Kofi Sefa-Boakye laments the loss of Community Redevelopment Agencies.
Matthew Click hopes to steer California toward more toll lanes to drive down traffic.
Startup airline Surf Air seemed so promising but now appears likely to be a dud, Charles Crumpley writes.
VACANCY: Farmers’ move of HQ to Woodland Hills lifts vacancy to 70 percent.
The departure of Farmers Insurance Group from its longtime Wilshire Boulevard headquarters is a blow to the already struggling Park Mile submarket.
TRANSPORTATION: First trip by Surf Air to fly from Burbank to San Carlos.
Surf Air Inc. in Santa Monica has finally gotten the all-clear from the government to begin flying.
Malibu REIT American Homes 4 Rent projected to raise $1.2 billion.
APPAREL: But company’s future still tied to prospects of European recovery.
Investors see Guess may be on the road to a turnaround. But its European market is still a problem.
Ben M. Davidson’s friends were surprised to see him quoted in Bloomberg Businessweek’s cover story last month about the collapse of global law firm Howrey.
Yogurt chain Menchie’s continues to pile on franchise locations.
Menchie’s pours it on as the frozen yogurt chain maintains an aggressive expansion pace.
Husband and wife aim to spin pizza franchise into family business.
Retirees Bob and Judy Fox look to continue to make dough with their Papa Murphy’s pizza shop.
Marketing firm helped Tiffany jewelry score role in ‘Great Gatsby.’
Createology helped polish the Tiffany brand by getting its bling cast in “Great Gatsby.
Friday, June 7
The Long Beach Board of Harbor Commissioners on Friday said that Al Moro, chief harbor engineer, would serve as interim executive director until a permanent director is hired.
Kuapay operates a mobile wallet, which is essentially an app that stores information about a person’s credit cards.
Brighter announced this week that it has scrapped its membership fees in favor of a free service that doles out discounted dental care.
UTi Worldwide Inc. reported a fiscal first quarter net loss of $12.4 million (-12 cents a share) compared with net income of $12.9 million from the same period last year.
Camarillo biofuels startup Cool Planet Energy Systems Inc. has raised almost $30 million to build its first production facility.
The Los Angeles Business Journal’s index of largest local public companies closed up slightly for the week, in line with Friday’s gains in the larger markets.
In Friday trading, the Dow Jones industrial average closed up 207 points to 15,248. The Nasdaq rose 45 points to 3,469. The S&P 500 rose 21 points to 1,643. The LABJ Stock Index rose 2 points to 163.
Southern California Edison announced Friday that it would shut down the troubled San Onofre nuclear power plant, the Los Angeles Times reports. The plant powered about 1.4 million households in Southern California before an outage last year.
Coliseum officials made a secrecy agreement requested by USC on negotiations to surrender control of the venue to the university, the Los Angeles Times reports.
To address an uproar spurred by the disclosure of secret surveillance, the nation's top intelligence official is declassifying one program’s key details, the New York Times and Associated Press reports.
People are leaving a increasingly digital trail of revealing data that can be tracked by profit-seeking companies and terrorist-hunting government officials, says the Associated Press, which also looks at what you should know about the NSA phone data program.
Google's Motorola Mobility division, Cisco and Time Warner Cable have entered a patent-licensing arrangement that will be lucrative for digital TV recording pioneer TiVo, the Hollywood Reporter says.
Paul Scott had received an invitation to a Democratic National Committee fundraiser in Santa Monica this week and hoped to tell the president about the merits of electric cars. But the invitation was rescinded and his donation returned. The Los Angeles Times looks at why.
The U.S. Financial Accounting Standards Board and London-based International Accounting Standards Board expect to complete a joint project to overhaul rules that govern the way companies recognize revenue, the Wall Street Journal reports.
'Batman' and 'Sherlock Holmes' found their cool and spawned sequels. 'Tarzan worked best in animation. But other revivals didn't ace the transition. The Wall Street Journal looks at prospects for the latest reboots of the Lone Ranger and Superman.
Costco Wholesale, where sales have grown 39 percent and stock price has doubled, is an anomaly in a retail segment marked by turmoil and downsizing. Bloomberg News looks at why.
In a Santa Monica warehouse this week, Toyota Motor Corp. revealed a 2014 redesign of the Corolla, adding a dash of style without dramatic changes that could alienate customers, Bloomberg News and CNBC report.
Pimco's Bill Gross said the Federal Reserve is unlikely to reduce its asset purchases, Bloomberg News reports. But former Fed Chairman Alan Greenspan told CNBC that the central bank should taper its bond buying, even if the economy is not ready for it.
Major U.S. retail chains on Thursday reported sales increases for May that suggested consumer spending continues to improve moderately, the Los Angeles Times and Reuters report.
In Friday morning trading, the Dow Jones industrial average was up 186 points to 15,226. The Nasdaq rose 33 points to 3,458. The S&P 500 rose 18 points to 1,640.
Thursday, June 6
The California High Speed Rail Authority board has unanimously approved a $985 million bid to build the first stage of the rail line by a joint venture that includes Sylmar construction firm Tutor Perini Corp.
Shares of RealD Inc. gained in afterhours trading Thursday after the 3D movie technology provider reported a smaller-than-expected net loss in its fiscal fourth quarter.
Meridian Sports Clubs California LLC, which operates fitness clubs in three states, has exited Chapter 11 reorganization. An affiliate of Praesidian Capital in New York is the new owner.
In Thursday trading, the Dow Jones industrial average closed up 80 points to 15,041. The Nasdaq rose 22 points to 3,424. The S&P 500 rose 14 points to 1,623. The LABJ Stock Index rose 2 points to 161.
The National Security Agency is collecting the telephone records of millions of U.S. customers of telecom giant Verizon under a top secret court order issued in April, the U.K.'s Guardian reports. The Obama administration is defending the practice as a “critical tool in protecting the nation from terrorist threats,” Bloomberg News says.
Supporters of Exposition Park museums were successful Wednesday in stopping a vote on a plan that they said would cripple the institutions by giving USC control of public parking as part of the school's pending takeover of the Los Angeles Memorial Coliseum, the Los Angeles Times reports.
The Los Angeles Times details how developer Wayne Ratkovich, with a record of renovating well-known historic properties, plans to invest $160 million to restore the luster of downtown's Macy's Plaza, a 1970s-era indoor mall that's gotten a bit long in the tooth.
The ongoing auction for video service Hulu is one of the most anticipated sales of the year in the entertainment world. But CNBC reports that each passing day is creating more problematic uncertainty and could erode some of the company's value for a new owner.
Los Angeles Superior Court Judge Scott Gordon on Wednesday said that the owners of the Dodgers must reveal details of their financial arrangements with former owner Frank McCourt, the Los Angeles Times reports. Jamie McCourt wants the material to prove her ex-husband fraudulently misled her about the value of the Dodgers and their assets.
Ronald Calderon's knack for raising campaign cash and collecting gifts has attracted attention, often unwanted, since he arrived in Sacramento more than a decade ago. Now the Democratic state senator finds himself in the sights of federal investigators, the Los Angeles Times reports.
China will be the biggest market for movies in under five years, DreamWorks Chief Executive Jeffrey Katzenberg told CNBC during his trip to that country.
Time Warner and Chinese investment fund China Media Capital have formed a strategic investment partnership aimed at meeting China's demand for content across multiple platforms, TheWrap.com reports.
Former students hobbled by a collective $1 trillion in U.S. education loans can be hindered in expanding or forming small businesses and creating jobs for themselves and others, Bloomberg News reports. While self-employment among those 65 years old and over increased 24 percent in 2010 from 2005, the Small Business Administration says it fell 19 percent among individuals 25 and younger.
Wall Street's self-regulator, the Financial Industry Regulatory Authority, has sent 15 examination letters to operators of so-called "dark pools," lightly regulated, off-exchange trading venues that have become a concern as more activity shifts away from exchanges, the Wall Street Journal reports.
Economists surveyed by the Associated Press say they don't think the Federal Reserve has inflated a stock market bubble by driving interest rates to record lows.
A new Pew Research Center estimates says 56 percent of all American adults now own a smartphone – but 10 percent still don't own a mobile phone at all, PC Magazine reports.
The Wall Street Journal reports that Microsoft Corp. is employing additional software, and discounts to aid a troubled corner of its Windows world: the Windows RT, a version of Windows 8 software intended to operate on-the-go gadgets like tablets.
In Thursday morning trading, the Dow Jones industrial average fell 8 points to 14,952. The Nasdaq was up 2 points to 3,403. The S&P 500 rose 1 point to 1,610.
Wednesday, June 5
Farmers Insurance Group, a fixture on Wilshire Boulevard since the Great Depression, is moving its headquarters to the San Fernando Valley, the company announced late Tuesday.
American Homes 4 Rent said that it now hopes to raise up to $1.25 billion in its initial public offering, potentially the largest debut among a growing number of home-rental firms.
Signature Group Holdings Inc. on Wednesday announced another leadership change as the Sherman Oaks finance company settled a proxy battle with an investor group.
In Wednesday trading, the Dow Jones industrial average closed down 217 points to 14,961. The Nasdaq fell 44 points to 3,401. The S&P 500 fell 22 points to 1,609. The LABJ Stock Index fell 3 points to 159.
FBI agents on Tuesday searched Capitol offices of state Sen. Ron Calderon (D-Montebello) and the Latino Legislative Caucus, in what law enforcement officials said was a corruption probe that began in Los Angeles County, the Los Angeles Times and Sacramento Bee report.
The city’s top budget official recommended Tuesday that Anschutz Entertainment Group run the Los Angeles Convention Center, despite objections from one of the facility's employee unions, the Los Angeles Times and Los Angeles Daily News reports. Miguel Santana said his recommendation was based on an analysis from an independent panel.
UCLA's latest Anderson Forecast, which analyzed long-term trends of past recoveries, concludes that the long-anticipated "Great Recovery" has not yet materialized, with the U.S. gross domestic product not even creating enough good jobs to build a strong middle class, the Los Angeles Times reports.
Buses rumbling through morning traffic on Wilshire Boulevard may move slightly faster today with the debut of bus-only lanes along one of L.A. County's most congested corridors, the Los Angeles Times reports. The lanes are part of the $31.5-million Wilshire Boulevard project, which calls for 12.5 miles of modifications between downtown and Westwood.
The California Film Commission on Tuesday awarded 31 film and TV producers $100 million in film tax credit funds, after a record 380 projects applied, Variety and the Los Angeles Times report. The winners include 14 feature films and a dozen cable-TV series.
AEG Live Chief Executive Randy Phillips testified Tuesday that he thought the wrongful death suit brought against the company by Michael Jackson’s mother and children was an extortion attempt against his company, which he insisted bears no liability in the pop icon's 2009 death, CNN and the Los Angeles Times report.
The U.S. Treasury Department on Wednesday announced plans to sell 30 million shares of General Motors Co. common stock as it winds down the government's stake in the bailed-out automaker. Reuters reports that a planned public offering would coincide with GM's turn to the S&P; 500.
The International Trade Commission on Tuesday issued a ban on imports of Apple's iPhone 4 and an iPad 2 model, after finding the devices violate a patent held by South Korean rival Samsung Electronics, the Associated Press and Bloomberg BusinessWeek report. President Barack Obama, usually a foe of import bans on the basis of the type of patent, has 60 days to invalidate the order.
A new PricewaterhouseCoopers report predicts that global spending for media and entertainment will reach $2.2 trillion by 2017, compared with $1.6 trillion in 2012, the Hollywood Reporter says.
Bloomberg Beta, to be announced today, is the first time that Bloomberg L.P. will reap profits from investments in some of the technology companies that its news operation covers, the New York Times reports.
Investors are again clamoring for one of the risky investments blamed for creating the financial crisis: synthetic collateralized debt obligations. The Wall Street Journal reports that J.P. Morgan Chase and Morgan Stanley bankers are moving to assemble new CDO pools of these insurance-like derivative contracts on bonds.
In Wednesday morning trading, the Dow Jones industrial average fell 112 points to 15,055. The Nasdaq was down 28 points to 3,417. The S&P 500 fell 14 points to 1,617.
Tuesday, June 4
AIG's planned sale of its Century City airplane-leasing business was back on track Wednesday, with the Chinese investor group hoping to buy International Lease Finance Corp. finally paying a required deposit.
Attorneys representing Tutor Perini Corp. were in Nevada Supreme Court on Tuesday, arguing that an unopened Las Vegas hotel that the Sylmar construction firm built for MGM Resorts International should remain standing.
In another sign or recovery, Wilshire Bancorp Inc. on Tuesday announced it would resume paying a quarterly dividend at the end of the second quarter.
Tesoro Corp. has completed the purchase of BP Plc’s Carson refinery and Arco service station assets in a deal valued at $2.4 billion.
Homebuilder Ryland Group Inc. has added a chief operating officer to its roster of executives as part of an organizational change geared toward expansion plans.
In Tuesday trading, the Dow Jones industrial average closed down 76 points to 15,177. The Nasdaq fell 20 points to 3,445. The S&P 500 fell 9 points to 1,631. The LABJ Stock Index fell 1 point to 162.
WeWork, a New York operator of co-working facilities that has been in the building since 2012, has expanded into the former io/LA office and opened an incubator of its own.
Dollar Shave Club on Tuesday released “One Wipe Charlies,” a self-described “butt wipe for men,” gunning squarely at the $9 billion toilet paper industry.
Following Monday’s report that San Francisco social gaming company Zynga has laid off 18 percent of its workforce and shuttered several offices – including its L.A. outpost – several local gaming companies have already swooped in to snatch up available engineers.
Jason Calacanis, one of L.A.’s most colorful tech entrepreneurs, is raising a $10 million venture fund to back startups from his conferences, Reuters reports.
President Barack Obama's administration today announced a package of executive actions aimed at discouraging "patent trolls" firms, after longstanding concerns they are abusing the system and disrupting competition, the Wall Street Journal reports.
The California Film Commission saw a nearly 20 percent jump in the number of applications for its annual film tax credit lottery, the Los Angeles Times reports.
The Los Angeles Times reports on Nikki Finke, who built a must-read website for the entertainment industry, Deadline Hollywood, which she now may abandon after clashing with her new boss, Jay Penske.
Amazon.com Inc. on Tuesday said it made a deal with Viacom that will bring hundreds of TV shows — such as Nickelodeon's "SpongeBob SquarePants" and "Dora the Explorer" — to Amazon's Prime Instant Video service, the Los Angeles Times and Hollywood Reporter said.
A survey funded by Santa Monica online dating site eHarmony contends that couples who met online are more satisfied with their marriages, but the Los Angeles Times reports that other researchers are skeptical.
Blue Shield of California owes $24.5 million in rebates to thousands of small-business customers, and rival Anthem Blue Cross will return $12 million to small firms under requirements of the federal health care law, the Los Angeles Times reports.
For the first time, the Los Angeles parking department in March made more from credit and debit cards than it did from cash. Convenience is the key, an official tells the Los Angeles Times.
Bond guru Bill Gross in his monthly letter to investors has skewered the Fed and Chairman Ben Bernanke, asserting that ultra-loose monetary policies are holding back the recovery, CNBC reports.
Large investment firms have spent billions of dollars over the last year buying homes in some of the nation’s most depressed markets. The New York Times reports that the influx has been so great that ordinary buyers are feeling squeezed out.
Mark Kohn has built a career out of finding hidden money for estranged wives and husbands. The L.A. forensic accountant, who has written a book about his 25-year career, is profiled by Bloomberg News.
The city of Ontario has sued Los Angeles in order to take control of the Ontario International Airport, saying the facility has been neglected for years as the Los Angeles World Airports agency focused on LAX, CBS Los Angeles reports.
In Tuesday morning trading, the Dow Jones industrial average was down 11 points to 15,243. The Nasdaq rose 4 points to 3,469. The S&P 500 fell 1 point to 1,639.
Monday, June 3
Macerich Co. on Monday said it sold a shopping mall and a mixed-use project, both in Indiana, and is under contract to sell three more malls later this month.
Shares of Mannkind Corp. rose sharply Monday after the Valencia biotech said that it had completed one of two required trials of its experimental inhaled insulin drug Afrezza.
Nine overlapping bank branches will close later this month now that First California Bank's merger with PacWest Bancorp has been completed.
In Monday trading, the Dow Jones industrial average closed up 138 points to 15,254. The Nasdaq rose 9 points to 3,465. The S&P 500 rose 10 points to 1,640. The LABJ Stock Index rose 1 point to 163.
Surf Air in Santa Monica was always an appealing company to investors and future customers. It offered a new type of airline that would shuttle passengers in commuter jets to and from small airports along the West Coast. Plus, for a monthly fee, subscribers could have unlimited flights.
Firefighters battling the Powerhouse fire in Santa Clarita will endure another day of high heat and strong winds through the Antelope Valley today, the Los Angeles Times and KTLA.com report. The cost of fighting the fire has already reached $2.7 million, with 15 homes destroyed or damaged, and more than 1,000 other structures in danger.
Deadline Hollywood founder Nikki Finke is famous for breaking news on the entertainment industry, but the Los Angeles Times reports that the online gossip maven herself is now the center of speculation. Rival TheWrap.com said Sunday night that Finke has been fired after clashing with new boss Jay Penske, which Deadline denies.
Across California, bond underwriters have come to play a vital role in efforts to pass ballot measures for hundreds of millions of dollars in school bonds. The propriety and legality of such a role is being questioned, the Los Angeles Times reports.
CNBC reports that nearly two-thirds of Americans who currently lack health insurance don't know yet if they will purchase that coverage by the Jan. 1 deadline, according to a new survey.
U.S. manufacturing unexpectedly contracted in May at the fastest pace in four years, Bloomberg News reports, with factory activity on the wane since reaching an almost two-year high in February as federal budget cuts took hold and overseas markets struggled to improve.
Walt Disney Co. has raised tickets to its theme parks in California and Florida for the fourth time in as many years, the Los Angeles Times reports. The cost of the day pass has risen 28 percent since early 2010, when it was $72.
A trustee of the California Science Center's fundraising arm says his organization is considering legal action to block a contract that would give control of the museum's parking to USC, the Los Angeles Times reports.
May was quite a volatile month for the world's major equity markets, and CNBC looks at prospects for a repeat in June.
Jon Feltheimer, who has been in charge of Lionsgate for 13 years, has signed a new contract to remain as chief executive officer of the Santa Monica studio through May 2018, TheWrap.com reports.
OSI Systems's Rapiscan full-body security scanners are out of U.S. airports, but privacy advocates still aren't satisfied the replacements, the Los Angeles Times reports.
Apple Inc. goes to trial today over allegations by federal and state authorities that it conspired with publishers to raise the price of e-books, Reuters reports.
Three long-running trends suggest the U.S. economy has turned soft on risk, the Wall Street Journal reports, reflecting broader, more permanent shifts, including an aging population and the new dominance of large corporations in many industries.
Android is becoming the standard operating system for the “Internet of things,” Bloomberg BusinessWeek reports.
Van Nuys' Superior Industries firm, which sells aluminum wheels to major automakers, is investing in more capacity, even as earnings fall 27 percent, the Los Angeles Times reports in a company profile.
Who knows if the corporate world would be any good at hacking? Bloomberg BusinessWeek looks at plans to give corporations more freedom to use hacking techniques against cybercriminals.
In Monday morning trading, the Dow Jones industrial average was up 50 points to 15,165. The Nasdaq fell 21 points to 3,434. The S&P 500 fell 3 points to 1,627.
Backers split over type of trolley for Miracle Mile rail line
Miracle Mile business interests in conflict over what kind of trolley to use as they prepare to punch the ticket for a new line.
FRUITS: Resnicks, Sun Pacific to take orange feud to food aisle.
Former mandarin orange partners look to show more marketing juice in the supermarket aisle.
DINING: CPK looks to ax longtime relationship as part of cost cutting.
California Pizza Kitchen looks to shake soda deal with Pepsi as part of the chain’s cost-cutting strategy.
L.A. Galaxy kicks off new online chapter with ‘social hub.’
Pro soccer’s L.A. Galaxy hopes to get the ball rolling on social media with its new mobile site.
TV: Kabillion looks to heat up summer with new video-on-demand fare.
Video-on-demand kids’ network Kabillion punches up its offerings with “Power Rangers” and other shows.
L.A. personal injury attorney and liberal Democrat Brian Kabateck has long been at political odds with his younger brother John, a Republican who heads the California chapter of the National Federation of Independent Business.
REAL ESTATE: Bank finally works to turn shoreline eyesore into luxury condos.
Latest owner looks to shore up long-delayed luxury condo development in Malibu.
Don’t kill the state law called Micra: It has been a life saver for California’s medical industry, Charles Crumpley writes.
COMMENTARY: Industry leaders must address poor, dangerous working conditions that arise from pressure to cut costs.
Bruce Dobb and Frances Harder back the clothing industry’s Ethical Fashion movement.
Dan Schnur thinks Richard Riordan and Eric Garcetti might elect to shake up the city of L.A.’s budget status quo.
GROCERY: Meat vendor makes the cut as one of first clients.
Huntington Meats hopes Amazon’s new delivery service will beef up its business.
INTERNET: Investors now cool to subscription e-commerce sites.
Kids’ clothing seller Wittlebee has found investors are no longer sold on the monthly subscription model.
Rubicon Project’s Frank Addante aspires to snatch cyberspace crown from Internet leader Google.
Internet ad pioneer Frank Addante is confident he can expand his cyberspace territory.
LEASE: CBRE to bring together HQ with other offices on Hope Street.
CBRE Group Inc., one of the world’s largest commercial real estate brokerages, is moving its headquarters to downtown Los Angeles from the Westside.
HEALTHCARE: Kite raises $20 million in private placement of shares.
A Westwood company has made significant progress on a treatment designed to restore the body’s immune system to fight off cancer.
CLOTHING: Full lifestyle brand would be big score for Shawne Merriman.
After retiring from the National Football League last spring, former San Diego Chargers linebacker Shawne Merriman is making moves in a decidedly different field.
TRADE: Commissioners deny departures were caused by meddling.
Shipping association alleges meddling port commissioners are behind a wave of administrative departures in Long Beach.
ENERGY: Agreement with real estate developer boosts Capstone in office market.
Microturbine maker Capstone generates some buzz on Wall Street with a pair of deals.
Recording studio offers time for ownership stake in artists’ songs.
Singer-songwriter’s sound business model offers recording studio time in exchange for a stake in artists’ songs.