Stories for March 2013
Friday, March 29
Westwood accelerator StartEngine has enlisted the help of global consulting firm Accenture to pair startups and established companies looking for new technologies.
L.A. County’s economy improved in February as the unemployment rate dipped to 10.3 percent and the county added 39,000 jobs, according to state figures released Friday.
Los Angeles City Attorney Carmen Trutanich announced Friday that Michael McNeilly’s Sky Tag Inc. has agree to pay $1.2 million in civil penalties to settle a long-standing supergraphic billboard dispute with the city.
Avery Dennison Corp. on Friday announced settlement of patent and antitrust litigation with onetime suitor 3M Co., enabling Avery Dennison to continue selling its specialty reflective sheeting product used on traffic signs.
The Los Angeles Business Journal’s index of largest local public companies rose for the week, as the broader markets posted gains as well.
Despite last-minute intervention by Los Angeles City Councilman Eric Garcetti, the City Planning Commission on Thursday approved the controversial Millennium Partners' project, which would add 1 million square feet of apartment, office and retail space, the Los Angeles Times and Los Angeles Business Journal reports.
A holding company connected with Los Angeles effects and animation studio Prana Studios has beat out other bidders to acquire El Segundo's Rhythm & Hues, the Oscar-winning visual effects house that filed for bankruptcy protection last month, sources tell Variety and the Wall Street Journal.
The Environmental Protection Agency will move ahead Friday with a rule requiring cleaner gasoline and lower-pollution vehicles nationwide, amounting to one of President Obama’s most significant air pollution initiatives, sources tell the Washington Post and New York Times.
Bank of America Corp. accounted for the largest share of consumer complaints lodged with the new Consumer Financial Protection Bureau over the past 16 months, the Wall Street Journal reports, highlighting the challenges that the nation's second-largest bank faces in improving its sprawling operations.
Research in Motion Ltd. reported its second consecutive quarterly profit and decent sales for its new flagship phone, but perhaps the biggest revelation from its chief executive was a risky mixed-price phones strategy to help revive the company, the Wall Street Journal reports.
Deutsche Telekom AG's attempt to merge its U.S. wireless business, T-Mobile USA, with smaller rival MetroPCS Communications Inc. has run into serious trouble as a prominent shareholder advisory firm recommended that MetroPCS's already-divided investors vote against the deal, the Wall Street Journal reports.
The California bullet train project has reasonable ridership and revenue forecasts, according to a report by the Government Accountability Office, which appears to run counter to widespread criticism of the state rail authority's projections, the Los Angeles Times reports.
Millennium Entertainment and Gravitas Ventures have formed an alliance on distribution of indie films, with Gravitas handling digital distribution and Millennium on home entertainment, Variety reports.
A mysterious malady that has been killing honeybees en masse for several years appears to have expanded drastically in the last year, commercial beekeepers say, wiping out as much as 50 percent of the hives needed to pollinate many of the nation’s fruits and vegetables, the New York Times reports.
If the U.S. Supreme Court strikes down a federal law defining marriage as between a man and woman, the newfound rights for gay married couples may bear something not so welcome -- a bigger tax burden, Reuters reports.
Thursday, March 28
Los Angeles city planners on Thursday unanimously approved a controversial $664 million development plan with two huge skyscrapers in the heart of Hollywood.
CBRE Group Inc. said it had refinanced its existing credit facilities and will pay off some senior notes, which it said would lower debt levels by nearly $500 million.
In Thursday trading, the Dow Jones industrial average closed up 52 points to 14,578. The Nasdaq rose 11 points to 3,267. The S&P 500 rose 6 points to 1,560. The LABJ Stock Index rose 1 point to 155.
With the forthcoming closure of Hollywood co-working space io/LA, many of the startups working out of the office have already found new homes.
The latest PR firm to make a move into Los Angeles is theMix, a San Francisco communications and media consultancy.
Los Angeles officials have agreed to pursue a parallel track for redeveloping the city's Convention Center in the event that Anschutz Entertainment Group and the National Football League fail to reach agreement on the Farmers Field stadium downtown, the Los Angeles Times reports.
American Airlines has won bankruptcy court approval to combine with US Airways and form the world's biggest airline, the Associated Press and New York Times report.
Trade leaders on Wednesday urged stakeholders to rally against sequestration cuts to U.S. Customs and Border Protection that threaten to delay cargo movement at the ports of Long Beach and Los Angeles, the Long Beach Press-Telegram reports.
Landlord J.P. Morgan Asset Management has signed new tenants to fill nearly three floors in the Century Plaza Towers in Century City, the Los Angeles Times reports.
The U.S. economy grew at a slightly faster but still anemic rate at the end of last year, suggesting that companies are looking to expand despite uncertainty in Washington, the Wall Street Journal and Associated Press report.
When “Disney Infinity” launches this summer, the videogame-toy hybrid will give Walt Disney Co. a unique way to promote older Disney characters that may not have been worthy of their own high-profile release, Variety reports.
As wages rise, employers consider replacing certain types of workers with technology, the Wall Street Journal reports.
The financial crisis is over and the recession ended in 2009. But food stamps, one of the federal government's biggest social welfare programs that expanded when the economy convulsed, isn't shrinking back alongside the recovery, the Wall Street Journal reports.
The mobile-apps industry is still in its infancy, but it is already taking on giants. Apps are cheap to make and easy to distribute, forcing many old-line industries to rethink the way they do business, the Wall Street Journal reports.
How long will it be before airlines start charging for the extra body weight you carry aboard? Not too long, says the Washington Post. Just consider a new study by an economist encouraging airlines to charge a fat flier fee.
Despite making enormous strides professionally and financially, almost half of American women fear becoming bag ladies, even many of those earning six-figure salaries, the Los Angeles Times reports.
As Europe's financial woes deepen and depositors increasingly question the safety of their savings, CNBC reports that some European citizens are looking to escape their economic troubles by joining an Italian hippie commune, replete with its own monetary, political and economic system.
In Thursday morning trading, the Dow Jones industrial average was up 50 points to 14,576. The Nasdaq rose 6 points to 3,262. The S&P 500 rose 4 points to 1,567.
Wednesday, March 27
The Lancaster City Council has voted to make the city the first in the nation to require solar panels on all new homes in an effort to make the community more carbon neutral.
L.A. production company Participant Media announced its plans on Wednesday to launch a new cable channel called Pivot.
Aspiriant, a West L.A. independent wealth management firm that oversees $7 billion in client assets, announced the launch of its first mutual fund.
In Wednesday trading, the Dow Jones industrial average closed down 33 points to 14,526. The Nasdaq rose 4 points to 3,256. The S&P 500 fell 1 point to 1,562. The LABJ Stock Index rose more than 1 point to 153.
CBS Corp. has acquired the cable channel TVGN, formerly called the TV Guide Network, along with TVGuide.com and plans to operate both with co-owner Lions Gate Entertainment Corp., AdAge.com and TheWrap.com report.
The California bullet-train project has collided with farmers, political conservatives and wealthy suburbanites who would like to see the $68-billion system killed. Now it's facing tough criticism from an unlikely quarter: the ranks of high-speed rail's true believers, the Los Angeles Times reports.
Filming for Web productions in Los Angeles last year rose 46 percent over 2011. Such content has evolved from short episodes to full-length productions, some with budgets comparable to conventional TV shows, the Los Angeles Times reports.
The Los Angeles and Long Beach ports would get back more of the money they raise under a bill sent to the Senate by Sen. Barbara, the Los Angeles Times reports.
Los Angeles Mayor Antonio Villaraigosa and city leaders will join USC President C.L. Max Nikias today to sign an agreement for the construction of USC Village, a $1 billion retail and residential project billed as the largest in South Los Angeles history, the Los Angeles Daily News reports.
Cyprus's government is preparing aggressive curbs on the flow of cash out of the country, sources tell the Wall Street Journal. These and other worries about Europe rattled stock markets on Wednesday, a day after the Dow Jones industrial average showed its biggest gain in three weeks, the Associated Press reports.
A dispute between a group fighting spam and a Dutch company that hosts Web sites said to be sending spam has escalated into one of the largest computer attacks on the Internet, causing widespread congestion and jamming crucial infrastructure around the world, the New York Times reports.
The members of Generation Y have developed an obsession with money — partly because they don’t have any, the New York Times Magazine reports.
Fannie Mae and Freddie Mac will simplify their mortgage-modification policies, waiving a requirement that borrowers who are already seriously delinquent on their mortgages prove hardship, the Wall Street Journal reports.
Not many writing staffs get to settle in on an Amtrak train to hammer out new storylines as they head toward the destination where their series is set. But Variety reports that for the writers of “Psych," a train ride to Santa Barbara has become the traditional way to get back to work before the crew heads off for production in Vancouver.
In Wednesday morning trading, the Dow Jones industrial average was down 59 points to 14,500. The Nasdaq fell 11 points to 3,241. The S&P 500 fell 6 points to 1,558.
Tuesday, March 26
SpaceX’s Dragon capsule returned to Earth on Tuesday after a nearly month-long supply mission to the International Space Station.
In Tuesday trading, the Dow Jones industrial average closed up 112 points to 14,560. The Nasdaq was unchanged at 3,050. The S&P 500 rose 12 points to 1,564. The LABJ Stock Index rose more than 1 point to 153.
The Viterbi School of Engineering’s new Startup Garage at USC is designed to foster an environment where start-ups could flourish in Southern California with financial resources and business expertise provided by the school and its corporate partners, the Los Angeles Times reports.
Nick D'Aloisio, creator of the news summarization app Summly, is Britain's most exciting young tech entrepreneur, the U.K.'s Telegraph reports. D'Aloisio told Bloomberg News that he plans even more startups now that Yahoo Inc. has paid $30 million to buy his company, which had early backing from Stephen Fry and Ashton Kutcher, and bring him on board Yahoo's mobile team.
No stranger to leveraging his Twitter presence to maximize attention for his electric car company, Tesla Motors co-founder Elon Musk sent his company's stock up 2.5 percent on Monday with a single, cryptic tweet, the Los Angeles Times reports.
Dan Schnur, the longtime Republican strategist and political pundit who now runs the Jesse M. Unruh Institute of Politics at USC, has dropped his Republican Party registration, the Los Angeles Business Journal reports.
The decision to further push back the re-opening of banks in Cyprus, which have been shut since March 16, may be seen as a signal of further uncertainty in the crisis-hit island nation. But some analysts tell CNBC the move actually should help restore investor confidence.
Known for its white-sand beaches and killer rums, Puerto Rico hopes to stake a new claim: tax haven for the wealthy. The island has created tax breaks for interest, dividends and capital gains in an effort to lure affluent American executives from the mainland, the New York Times reports.
T-Mobile USA is ditching phone subsidies under a new set of service plans, hoping to differentiate its offerings from bigger rivals by promising customers more flexibility, Reuters reports. CNet.com looks behind the curtain of the No. 4 U.S. mobile network operator's new contractless plan for smartphone subscribers.
With two bids competing with Michael Dell's buyout plan for Dell Inc., he may lose control of the company he founded nearly three decades ago, Bloomberg News reports. But the Los Angeles Times reports that the computer company's founder might still join with suitors Blackstone Group or Carl Icahn.
The Federal Housing Finance Agency on Tuesday cracked down on a little-known practice that has hit millions of struggling borrowers with expensive homeowners' insurance policies arranged by banks that benefit from the costly coverage, the Wall Street Journal reports.
General Motors Co. will make another attempt to get Buick to appeal to younger buyers with freshened up versions of the Regal midsize sports sedan and the LaCrosse large luxury car. GM unveils the new cars Tuesday ahead of the New York auto show, the Associated Press reports.
The gap between the wealthy and the rest of America is a hot-button issue in Washington, especially in the White House and Congress. Now the Federal Reserve has taken a greater interest in the topic, leaving some analysts to ask whether financial inequality in the U.S. might soon become part of the Fed's decision-making process, CNBC reports.
In Tuesday morning trading, the Dow Jones industrial average was up 80 points to 14,527. The Nasdaq rose 7 points to 3,242. The S&P 500 rose 6 points to 1,558.
Monday, March 25
Dan Schnur, the longtime Republican strategist and political pundit who now runs the Jesse M. Unruh Institute of Politics at USC, has dropped his Republican Party registration.
At the Games for Cats Hackathon this weekend, the winning tablet app was a game that allows cats to make music with their paws.
Village Roadshow Entertainment Group said it had a deal to sell its eclectic Concord Music Group subsidiary to a Connecticut private equity firm for more than $115 million.
Billionaire Ron Burkle has made his latest investment in the entertainment industry, partnering with media veteran Richard Beckman to launch a branded TV and digital content studio called Three Lions Entertainment.
In Monday trading, the Dow Jones industrial average closed down 64 points to 14,448. The Nasdaq fell 10 points to 3,235. The S&P 500 fell 5 points to 1,552. The LABJ Stock Index fell less than 1 point to 151.
The Hollywood digital media company, which operates a network of 45 pop culture websites, announced Monday it had changed its name to SpinMedia.
News Corp. wants the F.C.C. to waive a rule that would prevent it from acquiring the Los Angeles Times, but last week's exit of Federal Communications Commission Chairman Julius Genachowski may delay further action, the New York Times reports.
Cyprus and the EU reached a late-night bailout deal that will dampen the enthusiasm of rich depositors for keeping money in banks that get themselves into financial trouble, Yahoo’s Daily Ticker and Reuters report.
Movie visual effects artists, frustrated by poor pay, working conditions and recent Oscar snubs, met recently to consider organizing a union and other solutions to the industry's numerous problems, the Los Angeles Daily News reports.
A potential partnership between UCLA and Ascension Health Alliance is among proposals that the owner of St. John's Health Center in Santa Monica is said to be weighing, the Los Angeles Times reports.
Altadena small businesses near new Wal-Mart Neighborhood Market had hoped the store would attract new customers and increase sales throughout their older business district. But so far, the crowds are only streaming to Wal-Mart, Southern California Public Radio reports.
Broadcast television ratings have dropped sharply this season. And that, combined with the weak economy and competition from other media, augurs badly for the spring ad-sales market, the Wall Street Journal reports.
Hoping to cash in if pot becomes legal nationwide, entrepreneurs pitch their ideas to potential investors, the Los Angeles Times reports.
Regulators cleared Nasdaq OMX Group Inc.’s plan to pay $62 million to compensate brokers for its mishandling of Facebook Inc.’s public debut, dealing a defeat to Wall Street firms that say they lost many times that amount, Bloomberg News reports.
As rising labor costs push manufacturing of T-shirts, jeans and the like out of China, the country has been able to offset that loss by grabbing the high end. Nowhere is that on better display than the San Francisco-Oakland Bay Bridge, the Wall Street Journal reports.
Facebook Inc. Chairman Mark Zuckerberg and his dorm-room buddies, who created the $64 billion social-media site at Harvard in 2004, sparked a startup culture that’s still gaining momentum, Bloomberg News reports. The university is building a reputation as a hotbed for innovation, promoting entrepreneurship and weaving it into campus life.
In Monday morning trading, the Dow Jones industrial average was down 37 points to 14,475. The Nasdaq fell 5 points to 3,240. The S&P 500 fell 1 point to 1,556.
Contest competitors to craft feline apps to score cats’ fancy.
Cats are out of the bag in a tech contest to develop fun apps for our feline friends.
Hotelier now puts focus on management
Setbacks during the recession led hotel developer Avi Brosh to check into property management.
March Madness is spreading through offices everywhere and employment attorney Lonnie Giamela couldn’t be happier.
Perfume shop catches lightning in bottle with speedy launch.
Original Scent co-founders’ swift launch of their business is nothing to sniff at.
Nanny wrangler grows into range of personal service placements.
Lexington Nannies is now home to other personal placements such as chefs and housekeepers.
GOVERNMENT: Employers fear loss of hiring tax credits.
Some businesses fear changes to the state enterprise zone program will cost them tax credits and crimp hiring.
APPAREL: New ownership aims to shape up Frederick’s.
New Frederick’s of Hollywood owner reveals plans for the lingerie company’s recovery.
Shipping: Royal Vopak to sink money into Long Beach facility.
Vopak plunges into a Long Beach oil terminal project despite the recent collapse of a comparable plan at the port of L.A.
Felipe Aguirre fears a proposed environmental ranking program will make it tough for some cities to attract businesses.
Results Only Work Environment policy goes distance in helping employees find work-life balance.
Edmunds.com CEO Avi Steinlauf credits organizational trust for success of the company’s flex-time program.
Don’t think Coda’s frumpy electric car is quite as sexy as the Corvette? No? Neither does Charles Crumpley.
SALE: Avery Dennison makes $20 million deal with Legacy Partners.
Avery Dennison Corp., a label and packaging maker, has a contract to sell its Pasadena headquarters for about $20 million.
Steve Carlston works to return KNBC to top of L.A.’s nightly coverage.
Steve Carlston is channeling change as he works to improve the ratings for KNBC (Channel 4).
PUBLISHING: Hollywood Journal to accent spiritual entertainment stories.
Even with the glut of show business coverage already available online, Tribe Media Corp. felt there was still a niche to fill: coverage of positive entertainment stories and the various mensches in the business.
INVESTMENT: Oaktree, National Financial praise bank as stable tenant.
When Wells Fargo & Co. pays its rent next month, the San Francisco banking giant will be sending a few big checks to Los Angeles.
FOOD: Management at Overhill Farms gives cold shoulder to call for sale.
Frozen-cuisine maker Overhill Farms faces heat from an investor who is pushing for a sale.
ENERGY: BNK’s proceeds will allow exploration and payment of obligations.
BNK shares rise as investors dig company’s sale of part of an Oklahoma oil field.
HEALTH CARE: Obagi accepts acquisition offer from Montreal’s Valeant.
Successful suitor Valeant fleshes out deal for skin care products maker Obagi.
Aerospace: Boeing and Airbus contracts provide lift for Ducommun.
Aviation industry orders have investors high on parts supplier Ducommun.
REAL ESTATE: Four Seasons condo project accuses Four Seasons hotel of obstruction.
Four Seasons hotel seems reluctant to make room for a similarly branded condo project across the road.
Friday, March 22
L.A. County’s economy took a big hit in January as more than 81,000 payroll jobs were lost and the unemployment rate edged up to 10.4 percent, according to revised state figures released Friday.
In Friday trading, the Dow Jones industrial average closed up 90 points to 14,512. The Nasdaq rose 22 points to 3,245. The S&P 500 rose 11 points to 1,557. The LABJ Stock Index more than 1 point to 152.
The L.A. Cleantech Incubator and Clean Tech Los Angeles announced that they are merging into one entity.
YouTube knows that channels with devoted followings could earn a tremendous amount of money by charging viewers. Subscriptions would benefit both creators and the platform, TheWrap.com reports.
With NBC's "Tonight Show" poised to migrate back to New York, Southern California is in danger of losing not just jobs but also cultural clout, the Los Angeles Times reports. Variety looks at ABC’s possible indirect role in NBC’s move.
The United States is applying money-laundering rules to “virtual currencies,” amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities, the Wall Street Journal reports.
Calling for an end to the "billboard wars," City Attorney Carmen Trutanich asked the L.A. Superior Court to order 100 digital displays operated by CBS Outdoor and Clear Channel to shut be down, the Los Angeles Daily News reports.
Eric Garcetti and Wendy Greuel are Democrats with long histories of supporting organized labor. But the competition for labor support has upended conventional thinking about the candidates, the Los Angeles Times reports.
Due to federal budget cuts, Southern California could lose tower service at airports in Palmdale, Pacoima and elsewhere that handle civil, commercial and military flights. Santa Monica Airport will be considered in a later round of cuts, the Los Angeles Times and Wall Street Journal report.
Health insurers are privately warning brokers that premiums for many individuals and small businesses could increase sharply next year because of the health-care overhaul law, Wall Street Journal reports.
California's craft distillers want to be able to charge for tastings and sell bottles for their visitors to take home. But they have run up against the liquor lobby, led by wholesalers opposed to changing state law, the Los Angeles Times reports.
Federal Communications Commission Chairman Julius Genachowski announced that he will resign soon. Genachowski has hewed a middle line between the desires of public-interest groups and the telecom industry, and that hasn't enamored him to either side, the New York Times and Washington Post report. National Journal looks at the unfinished business his successor will face.
In Friday morning trading, the Dow Jones industrial average was up 82 points to 14,503. The Nasdaq rose 15 points to 3,238. The S&P 500 rose points to 1,555.
Thursday, March 21
KB Home reported a narrower loss for its fiscal first quarter, as new home sales and prices improved amid the nationwide recovery of the housing market.
Guitar Center Inc. announced that Mike Pratt has been appointed chief executive and a member of the music retailer’s board, effective April 1.
In Thursday trading, the Dow Jones industrial average closed down 90 points to 14,421. The Nasdaq fell 31 points, or 1 percent, to 3,223. The S&P 500 fell 13 points, or 1 percent, to 1,546. The LABJ Stock Index fell 1 point to 150.
TestFlight, a Santa Monica company that helps developers test their mobile phone apps before they go up for sale on the iTunes App Store, launched a tool on Tuesday for apps once they go live.
Former Los Angeles Mayor Richard Riordan backed Wendy Greuel's mayoral bid Wednesday and said if she wins, he will join her administration as a senior advisor on the ongoing budget crisis at City Hall, the Los Angeles Times and Los Angeles Daily News report.
Prime Focus, the Indian visual effects and 3-D conversion company, has emerged as a possible buyer for bankrupt visual effects company Rhythm & Hues, the Los Angeles Times reports.
Two West Hollywood luxury apartment buildings under construction will target mobile, creative tenants who make a living on the go, often tapping on their laptops in coffee bars and other hangouts, the Los Angeles Times reports.
As Boeing Co. tests fixes to the batteries of its 787 Dreamliners, it now faces the challenge of persuading passengers that the jetliner will be safe to fly when it resumes commercial service, the Wall Street Journal reports.
A new pilot middle school, which is scheduled to open next year but still lacks a site, will teach students how to launch a business in addition to academics. Despite enthusiasm for the school's concept, the plan has been hung up in disputes over its location and union concerns, the Los Angeles Times reports.
As the economy stagnated and the labor market moved sideways, corporate America has dramatically increased its cash piles over the past few years, last year filling coffers with an additional $130 billion for record $1.45 trillion total, Forbes reports.
Pharmacy chain CVS has told workers around the nation to reveal their weight and other health information or pay extra for health coverage. It's part of a so-called “A Plan for Health,” featuring a mix of rewards and penalties for employees, the Huffington Post and Fox News report.
NBC appears to have settled on two new stars for “The Tonight Show” in 2014: Jimmy Fallon and New York City, the New York Times and Wall Street Journal report.
When people talk about the future of health care, Kaiser Permanente is often the model they have in mind. Yet its executives acknowledge that Kaiser has yet to achieve the holy grail of delivering that care at a low enough cost, the New York Times reports.
The U.S. Register of Copyrights testified on Wednesday that Congress should make extensive revisions to copyright law, even suggesting some limitations to the length of copyright terms, Billboard reports.
J.C. Penney Co Inc. said Wednesday that fixing its performance could take more time than it initially believed and suggested that any change in its strategy could be expensive, Reuters and the Dallas Business Journal report.
In Thursday morning trading, the Dow Jones industrial average was down 68 points to 14,444. The Nasdaq fell 26 points to 3,228. The S&P 500 fell 8 points to 1,551.
Wednesday, March 20
Dan Brian, Demand’s executive vice president, said the company views Creativebug and the crafting space it occupies as an add-on feature to Demand’s existing ad-supported eHow site.
Shares of Guess Inc. plummeted in after hours trading Wednesday after the company reported earnings that showed sales in Europe and North America continued to fall in the fiscal fourth quarter.
In Wednesday trading, the Dow Jones industrial average closed up 56 points to 14,511. The Nasdaq rose 25 points to 3,254. The S&P 500 rose 10 points to 1,558. The LABJ Stock Index rose 1 point to 151.
The venture capital firm, which has offices in Santa Monica and New York, announced Wednesday that it has named Mark Terbeek partner in Los Angeles.
Realty Mogul announced Wednesday that is has launched out of private testing and raised $500,000 in seed funding.
Canadian drugmaker Valeant Pharmaceuticals International Inc. today said it would buy Long Beach's Obagi Medical Products Inc. for about $344 million to boost its dermatology business, Reuters reports. Obagi makes physician-prescribed skin-care products.
The trustees of L.A.'s Museum of Contemporary Art have decided not to turn over the keys to their financially ailing institution to the Los Angeles County Museum of Art and instead will raise the money needed to keep the downtown museum independent, the Los Angeles Times and New York Times report.
South Korean entertainment and media company JS Communications has withdrawn its bid to acquire Rhythm & Hues, the El Segundo visual effects company that recently filed for bankruptcy protection, the Los Angeles Times reports.
Just a week after pulling the entertainment giant off the block, Phil Anschutz reportedly is prepping a fresh acquisition strategy for L.A.'s AEG. Sources tell the New York Post that may include purchase of Live Nation’s Foxwoods Theatre on New York's 42nd Street.
The Federal Reserve today is expected to maintain its resolve to keep borrowing costs at record lows despite growing signs that the economy is strengthening, the Associated Press reports.
Amgen Inc. said its experimental and novel treatment for advanced melanoma met the main goal of a late-stage clinical trial by demonstrating a durable response in significantly more patients than a comparison treatment, the New York Times and Reuters report.
The Securities and Exchange Commission is closely scrutinizing the fees and expenses, including travel and entertainment, that hedge funds and private-equity firms charge to their investors, the Wall Street Journal reports. Many managers of hedge funds and private-equity funds – collectively called "private investment advisers" – had long been largely unregulated.
Restaurants are reeling from their worst three months since 2010, as American diners concerned by higher payroll taxes cut back on eating out, Bloomberg News reports.
BlackBerry inventor Mike Lazaridis is the latest techie trying to build a real-life medical tricorder, a fictional handheld device on "Star Trek" that enables users to quickly diagnose ailments, the Los Angeles Times reports. Lazaridis is starting a $97-million quantum technology fund that wants to commercialize technologies from research labs that he's been funding.
While market trading may slow during March Madness, hackers are ramping up to get you in their own brackets, CNBC reports. Basketball fans should be extra careful when scouring the web for live footage of games and teams' scores while the tournament is going on.
In Wednesday morning trading, the Dow Jones industrial average was up 73 points to 14,528. The Nasdaq rose 18 points to 3,247. The S&P 500 rose 9 points to 1,557.
Tuesday, March 19
True Religion Apparel Inc. late Tuesday said Jeff Lubell has decided to step down as chief executive. The board appointed Lynne Koplin as interim CEO.
CBRE Group Inc. has acquired Impact-Corti, which provides property management services in the Czech Republic and Slovakia.
In Tuesday trading, the Dow Jones industrial average closed up 4 points to 14,456. The Nasdaq fell 8 points to 3,229. The S&P 500 fell 4 points to 1,548. The LABJ Stock Index was unchanged at 150.
Demand Media on Tuesday announced it has acquired teaching web service Creativebug in a sign of the company’s new interest in paid-for content.
Rexter has created a so-called professional relationships management system to help people build and maintain work contacts.
At least 20 reputed members of one of Los Angeles' most notorious gangs have been indicted in connection with a violent extortion racket that targeted food-truck operators in the Hollywood area over at least five years, the Los Angeles Times reports.
Digital Domain Chief Executive Ed Ulbrich tells TheWrap.com how he thinks the visual-effects industry can be saved. "We need to stop acting like visual-effects vendors and start acting like digital production companies."
Valero Energy Corp. won't try to sell its refineries in Wilmington and Benicia, but instead will attempt to bring in low-priced, domestically produced crude to make them more profitable, the Wall Street Journal reports.
John Malone's Liberty Media Corp. agreed on Tuesday to buy more than 27 percent of cable operator Charter Communications in a $2.62 billion deal, Bloomberg News and Fox Business report. Liberty will purchase the stake from Apollo Management, Oaktree Capital Management and Crestview Partners.
While speculation is high that Metro Goldwyn Mayer may soon launch an initial public offering to raise as much as $3 billion, sources tell Variety that the producer of such recent hits as “Skyfall” and “The Hobbit: An Unexpected Journey,” is more likely to seek a significantly smaller $400 million to $500 million private placement.
California's jobless rate was unchanged at 9.8 percent in January for the second straight month, but a high rate of payroll job growth, the Los Angeles Times reports.
After more than 25 years with Santa Monica agency RPA, the automaker parcels out parts of its business, with MediaVest of New York and Mullen of Boston now getting a slice of the pie, the Los Angeles Times reports. RPA will keep the creative side.
Southern California Edison officials say one of the two reactors at the darkened San Onofre nuclear plant could be restarted at full power and operate safely for almost a year, the Los Angeles Times reports.
Faced with a growing panic that rattled the world markets yesterday, Cypriot lawmakers may now shoot down an unprecedented levy on bank deposits, risking the island’s membership in the euro, Bloomberg News reports.
The rebounding housing market has helped return Fannie Mae to profitability and now might allow the company to repay as much as $61.5 billion to the U.S. Treasury, the Wall Street Journal reports.
After 80 years, Daily Variety publishes its final daily print edition today, bringing the curtain down on the one thing that has separated it from other Hollywood trade publications in recent years, TheWrap.com reports.
In Tuesday morning trading, the Dow Jones industrial average was up 33 points to 14,485. The Nasdaq rose 3 points to 3,241. The S&P 500 rose 1 point to 1,553.
Monday, March 18
Factual, a Century City data company, announced Monday that it has inked a deal with TripAdvisor to provide information on restaurants in more than 50 countries.
Frederick’s of Hollywood has a new majority owner: Five Island Asset Management, a unit of New York investment firm Harbinger Group Inc. now has a controlling stake in the Los Angeles lingerie maker.
Shares of Camarillo oil and natural gas producer BNK Petroleum soared Monday after the company announced it had reached a deal to sell property in Oklahoma to a unit of Exxon Mobil Corp. for $148 million.
J2 Global Inc. continued its acquisition spree on Monday, announcing that it has acquired MetroFax Inc., a provider of Internet faxing services.
In Monday trading, the Dow Jones industrial average closed down 62 points to 14,452. The Nasdaq fell 11 points to 3,238. The S&P 500 fell 8 points to 1,552. The LABJ Stock Index fell more than 1 point to 150.
What's going on in the small Mediterranean nation of Cyprus could matter not just to the rest of Europe, but the rest of the world, Yahoo's Daily Ticker and the Wall Street Journal report. The decision to raise $7.6 billion from taxes on depositors, including individuals with small amounts in their accounts, risks a wider political fallout for the euro-zone leaders who are guiding the bloc's crisis strategy.
Bolstered by big openings for co-productions "Skyfall" and "The Hobbit," privately-held producer Metro Goldwyn Mayer may go public in May or June, the Hollywood Reporter says.
The International Air Transport Association wants to upgrade the computer system used by agents and websites so airlines can offer more than seats on flights, the Los Angeles Times reports.
Northridge homeowners are fighting construction of what they call a "Costco-sized" local elder-care home, the latest in a series of skirmishes since Los Angeles changed its rules to allow senior-care residences almost anywhere, the Los Angeles Times reports.
The U.S. Environmental Protection Agency has notified the owners of a 40-year-old San Pedro tank farm that it is prepared to sue to ensure compliance with federal law. The Rancho LPG Holdings terminal is one of the largest and oldest aboveground fuel-storage facilities of its kind in the country, the Los Angeles Times reports.
Investors say they're providing nice homes for families by buying up bargains, holding them and renting them out. Critics say they're taking advantage of a situation they caused, the Los Angeles Times reports.
U.S. regulators are investigating whether high-frequency traders are routinely distorting stock and futures markets by illegally acting as buyer and seller in the same transactions, sources tell the Wall Street Journal.
The Securities and Exchange Commission is filing significantly fewer civil fraud cases this year, as its efforts to punish misconduct related to the financial crisis start to ebb. Sources tell the Wall Street Journal that the agency is likely to fall short this fiscal year of its record-breaking number of enforcement actions in the previous two years.
Seeking to fill yet another second-term Cabinet vacancy, President Barack Obama is set to nominate Thomas Perez, an assistant attorney general, to be the next secretary of labor, the Associated Press reports.
Just as concerns over a hard landing in the world's second largest economy look to have faded, economists at Nomura have sounded a warning that the Chinese economy is exhibiting the same worrying symptoms that triggered the 2008 financial crisis, CNBC reports.
In Monday morning trading, the Dow Jones industrial average was down 33 points to 14,482. The Nasdaq fell 14 points to 3,235. The S&P 500 fell 7 points to 1,553.
TECHNOLOGY: L.A. firms make their presence known at interactive conference.
Silicon Beach firms looked to make industry waves during an Austin, Texas, conference.
Arthur F. Rothberg warns that California’s business policies are polishing the Lone Star State’s shine.
TV: DirecTV goes ‘Rogue’ in hope that new drama draws subscribers.
Satellite broadcaster DirecTV hopes to pull more subscribers into its orbit with original drama “Rogue.”
MANUFACTURING: Retail deals more than double outlets for Jammin Java.
Coffee maker Jammin Java hopes new distribution deal perks up sales.
FOOD: Snak King restyles packaging of Whole Earth brand to accent flavor over health benefits.
Snak King hopes shoppers bite on the refocus of its Whole Earth line from healthy to tasty products.
ENERGY: Extraction levy may leave California in hole.
Cheesecake Factory looks to follow up its Mideast expansion by dishing out licensed locations in Latin America.
Tightened credit standards at banks have prompted businesses to turn to factors for high-cost, short-term loans.
Ex-partners of Johnnie Cochran spar over name, legacy
Former partners fight to use attorney Johnnie Cochran’s name to court clients.
Reduction or phase-out of city’s gross receipts tax could determine future of business in Los Angeles.
The future of L.A. commerce could hinge on the handling of the city’s gross receipts levy, according to Larry Palmer.
LEDtronics takes shine to venue’s sign and donates bulbs.
LEDtronics president has bright idea to donate light bulbs for L.A. Memorial Coliseum’s sign.
Former Myspace exec Michael Jones still clicks with tech scene through his incubator, Science.
Former AOL and Myspace exec Michael Jones stays plugged into the tech scene through incubator Science.
Not only can Texas tout its low tax rates, but it now can brag that it has the most affordable house prices, Charles Crumpley writes.
LEASE: Parent of Variety plans to move operations into Westwood building.
Angelenos may soon be talking about the Variety building … in Westwood.
L.A.’s apparel industry has helped factoring find a foothold in the area.
Temp agencies and trucking companies are among the businesses fueling factoring’s growth.
Fast A/R Funding uses online advertising to pursue clients outside of factoring’s traditional sectors.
INTERNET: MySammy compiles data on at-home workers’ productivity.
Yahoo Inc. Chief Executive Marissa Mayer sparked an online uproar last month when she sent out an edict banning telecommuting.
HOSPITALITY: Developer Zislis Group gets OK to begin work at waterfront.
A makeover of the outdated Redondo Beach waterfront that began last month with a ceremonial ground-breaking for a new hotel is gaining momentum.
INVESTMENT: Cereplast activity partly fueled by new shares from debt deals.
Investors have turned up Cereplast’s stock trading volume as they attempt to sound out the plastic resin maker’s future.
When entertainment attorney Jordan Bromley bought a house on Effie Street in Silver Lake in 2010, he realized that a half-dozen musicians he represented lived within a few blocks.
Alternatives facility permits moderate use while treating patients.
Addiction treatment facility Alternatives offers moderation as a means for patients to gain control.
Ice Cream Lab hopes to change treat lovers’ tastes by degrees with liquid nitrogen-blasted confections.
DINING: Cheesecake Factory adds Latin America to menu.
Cheesecake Factory looks to follow up its Mideast expansion by dishing out licensed locations in Latin America.
Friday, March 15
Shares of Obagi Medical Products Inc. rose 7 percent on Friday after two analyst upgrades followed the company’s fourth-quarter earnings.
The Los Angeles Business Journal’s index of largest local public companies rose again for the week amid wider market gains.
The Dow Jones industrial average on Friday closed down 25 points to 14,514. The Nasdaq fell 10 points to 3,249. The S&P 500 fell 2 points to 1,561. The LABJ Stock Index was unchanged at 152.
Hulu has tapped Andy Forssell to fill in for Chief Executive Jason Kilar when he leaves the company later this month.
Billionaire philanthropist Eli Broad has joined with financier and former L.A. Deputy Mayor Austin Beutner to turn the Los Angeles Times into a non-profit, sources tell the Hollywood Reporter.
Philip Anschutz's decision to take AEG off the market damages the prospect the NFL will return to Los Angeles, reports the Los Angeles Times and Los Angeles Daily News. The Times also looks at how departing CEO Tim Leiweke over the years wove AEG into the fabric of Los Angeles.
A 5-foot-long shark died last week after being placed in an above-ground pool at a Van Nuys shoot for a Kmart commercial, the Los Angeles Times reports.
Nearly a year after 20th Century Fox executive Gavin Smith disappeared, detectives have concluded he was murdered and identified a "person of interest" in the case, the Los Angeles Daily News reports.
Billionaire Eli Broad's 2008 bailout of MOCA gave him provisions that could complicate a potential deal with LACMA, the Los Angeles Times reports.
Companies are bracing for a fee in the federal health-care law that will charge them $63 for each person they insure next year, the Wall Street Journal reports.
Timber prices have soared more than 40 percent over last year as sawmills are reopening and hiring again, the Los Angeles Times reports. Truck companies that haul wood out of state are also reviving.
Warren Buffett earned a salary of $100,000 in 2012 as chairman and chief executive of his Berkshire Hathaway Inc., an amount that has remained unchanged for more than three decades, the Wall Street Journal reports.
The TSA is facing mounting opposition from many of the biggest players in aviation safety, including flight attendants and its own screeners, CNN and NBC report.
While some popular cloud storage providers typically scan only for child pornography, their terms of service generally allow for other kinds of files to be considered non grata as well, CNBC reports.
They’ve been lied to, stolen from and betrayed, but they keep coming back, day after day. They’re your colleagues. The Wall Street Journal reports on a new survey that uses personality tests to improve workplace performance.
The Dow Jones industrial average was down 42 points to 14,597. The Nasdaq fell 10 points to 3,249. The S&P 500 fell 3 points to 1,560.
Thursday, March 14
Target Corp. announced it had acquired Marina del Rey cooking ecommerce site Cooking.com.
The U.S. Department of Labor announced Thursday that a judge ordered downtown L.A. retailer Forever 21 Inc. to release supply chain information that the apparel company refused to disclose after the federal agency demanded it last summer.
Live Nation Entertainment Inc. on Thursday said that its board has appointed Greg Maffei, chief executive of largest shareholder Liberty Media Corp., as its non-executive chairman.
The Port of Los Angeles and Port of Long Beach on Thursday reported higher container volume in February compared with the previous year.
In Thursday trading, the Dow Jones industrial average closed up 83 points to 14,539. The Nasdaq was unchanged at 3,250. The S&P 500 rose 9 points to 1,563. The LABJ Stock Index rose more than 1 point to 152.
Reacting to Philip Anschutz’s decision to not sell AEG, L.A. Mayor Antonio Villaraigosa late Thursday said he wouldn’t wait on the sports and entertainment giant as a partner in modernizing the city’s Convention Center.
Some Americans could see their insurance bills double next year as the health care overhaul law expands coverage to millions of people, the Associated Press reports.
Los Angeles County supervisors have decided not to fast track a proposed county's stormwater cleanup fee, opting not to proceed with the parcel fee as written but allowing for the possibility it could re-appear on a general election ballot next year, the Los Angeles Times and San Gabriel Valley Tribune report.
Two rundown 1920s-era buildings in Long Beach will be converted to a medical office complex for Molina Healthcare Inc., as the city's historic downtown notches another addition to its budding revival, the Los Angeles Times reports.
Contract talks broke down between the Motion Picture & Television Fund and the union representing healthcare workers Wednesday, paving the way for a planned strike early next week, the Los Angeles Times reports. The SEIU-UHW represents about 500 nurses, dietary workers, housekeepers and other healthcare workers at the fund’s Woodland Hills retirement community.
Saying that a Los Angeles County Superior Court plan to reduce the number of courts handling landlord disputes "shuts the courthouse doors on many of the county's most vulnerable residents," several legal aid organizations filed a lawsuit Wednesday against the court system and the state, the Los Angeles Times reports.
Banks are repossessing fewer homes, in fact the fewest since March of 2007, but in some states that may be about to change, CNBC reports.
Samsung Electronics is taking to the Big Apple today to reveal its next big challenge to Apple Inc.: a successor to its top-selling Galaxy S III smartphone. At the same time, the Korean company faces increasing competition from other Android smartphones, the Associated Press reports. Apple also is firing back, with its marketing chief attacking Google Inc.'s "fragmented" Android software and its biggest adopter, Reuters reports.
Across the country, cities are showing a renewed interest in taking over electricity business from private utilities, reflecting intensifying concerns about climate change, responses to power disruptions and a desire to pump more renewable energy into the grid, the New York Times reports.
A bipartisan group of eight senators must consider how legalizing over 10 million immigrants might affect jobs, border security and tax revenue, and also Social Security taxes and checks, Yahoo's Daily Ticker reports.
The last year for Matt Lauer, the once-popular host of the network’s “Today” show, is a lesson on how a combination of missteps can precipitate a star’s fall, the New York Times and Hollywood Reporter say.
In Thursday morning trading, the Dow Jones industrial average was up 52 points to 14,507. The Nasdaq rose 9 points to 3,254. The S&P 500 rose 5 points to 1,559.
Wednesday, March 13
Edgecast, a Santa Monica technology company, has continued its worldwide expansion with a deal to place its servers in Indonesia.
Hot Topic Inc., which last week announced it would be taken private by a private equity firm, on Wednesday reported that its fiscal fourth-quarter profit jumped by more than one-third.
Shares of BioSolar Inc. jumped 39 percent on Wednesday after announcing the first commercial order for its innovative solar panel protective film.
In Wednesday trading, the Dow Jones industrial average closed up 5 points to 14,455. The Nasdaq rose 3 points to 3,245. The S&P 500 rose 2 points to 1,555. The LABJ Stock Index rose less than 1 point to 151.
The Beverly Hills social network announced Wednesday that it signed a new sponsorship deal with Chevrolet – the site’s first since the revamp a few months ago.
BBB of the Southland, the Los Angeles chapter of the Council of Better Business Bureaus, has been expelled after years of internal strife and a slew of audits by the national group, the Los Angeles Times reports. The local group has changed its name and vows to carry on. Also, check out the Los Angeles Business Journal’s earlier report on the controversy.
Hostess is moving ahead with plans to sell its Twinkies and other snack cakes after no one stepped forward to top an offer made by two investment firms, Reuters and the New York Times reports.
UCLA economists predict that the U.S. economy is ready to stage an earnest comeback this year — led by housing starts and auto sales — and California stands to grab a large proportion of the gains, the Los Angeles Times reports.
U.S. regulators have approved the combination of wireless carriers MetroPCS Communications Inc. and Deutsche Telekom AG's T-Mobile USA, the Wall Street Journal and Bloomberg News report.
The National Consumers League has called on the Federal Trade Commission to investigate the business practices of Herbalife Ltd., the Los Angeles nutritional products company that’s been described as a pyramid scheme by hedge fund manager Bill Ackman and others, the Los Angeles Times reports.
Steven Spielberg has revealed that DreamWorks is prepping a film to shoot in Kashmir, on the India-Pakistan border, with its Indian partner Reliance Entertainment, Variety reports.
The Glendale City Council has narrowly approved an ordinance banning gun shows on city-owned property, the Los Angeles Daily News reports.
An internal ABC study showed "The View" co-hosts Joy Behar's and Elisabeth Hasselbeck's politics were too "polarizing" as the aging daytime hit faces a risky reboot amid a stiff ratings decline, the Hollywood Reporter says. Behar, 70, announced last week that she will exit the talk show after 16-plus years at the end of her contract this summer.
The Federal Trade Commission has ruled that digital ads that pop up on Twitter, Facebook and on mobile sites must be accompanied by disclosures to avoid deceptive practices, AdWeek and USA Today report.
HBO’s “Game of Thrones” already has some of the most passionate fans in television. Now it has its own beer. The network has partnered with Brewery Ommegang, a New York state craft beer maker, to create a series of brews inspired by the popular television series, the Los Angeles Times reports.
In Wednesday morning trading, the Dow Jones industrial average was down nearly 4 points to 14,446. The Nasdaq rose 1 point to 3,243. The S&P 500 rose 1 point to 1,553.
Tuesday, March 12
Shares of L.A. jeans company Guess Inc. fell Tuesday after news that Nancy Shachtman, the retailer’s president of North America, has left the company.
Dole Food Co. Inc. shares dropped in after-hours trading Tuesday after the fresh food company reported a worse-than-expected loss in the fourth quarter.
Beverly Hills real estate investment and services firm Kennedy-Wilson Holdings, Inc. said Tuesday it planned sell 9 million shares of common stock.
Billionaire brothers Charles and David Koch are considering a bid for the Los Angeles Times, according to a report Tuesday by L.A. Weekly.
In Tuesday trading, the Dow Jones industrial average closed down 3 points to 14,450. The Nasdaq fell 10 points to 3,242. The S&P 500 fell 4 points to 1,552. The LABJ Stock Index was unchanged at 150.
Entrepreneur Chance Barnett led a talk at the Hilton hotel in downtown Austin, Texas, about whether highly anticipated changes to investment regulations will live up to the challenge of funding more small businesses and creating jobs.
To help grow its database of symbols, Noun Project held a brainstorming session called an Iconothon Monday evening during the South by Southwest interactive conference in Austin, Texas.
Madison Square Garden Co. sold its $44 million stake in Live Nation Entertainment Inc., severing ties with the concert promoter after MSG Chairman James Dolan stepped down from Live Nation’s board last month, Bloomberg News and TheWrap report.
Manpower Group's latest staffing outlook among L.A. area employers shows that layoffs may hit a five-year low during the second quarter, the Los Angeles Business Journal reports.
Cinedigm plans to transform itself into a leading digital distributor of movies, documentaries and TV shows — not just to theaters but a variety of platforms, the Los Angeles Times reports.
The 41.4 million visitors to Los Angeles County last year spent $16.4 billion, most of it on lodging, food and drinks, the Los Angeles Times reports. More tourists come from China than any other foreign country.
Mary Jo White will likely face questions about her work for Wall Street when senators consider her for head of the Securities and Exchange Commission, but Reuters reports that one lawmaker wants to huddle about football.
Star Wars” apparently is setting a different course on TV under Walt Disney Co. Lucasfilm announced that the fifth season of its popular computer animated show “Clone Wars,” which recently finished airing on Time Warner's Cartoon Network will be its last, Wired and AdWeek report.
Ridley Scott and his commercial company have partnered with West Hollywood online network Machinima to produce 12 original sci-fi short films, TheWrap reports.
A minimum wage worker in California must toil about 130 hours a week in order to feasibly afford a two-bedroom rental, a new report found, the Los Angeles Times reports.
With the failure of Measure A last week, L.A.’s 95 neighborhood councils are being asked to weigh in on a proposal to either cancel their elections next year or help cover the costs, the Los Angeles Daily News reports.
Diners will have to wait to find calorie counts on most restaurant chain menus, in supermarkets and on vending machines, the Associated Press reports. Writing a new menu labeling law "has gotten extremely thorny," says the head of the Food and Drug Administration.
Since 1948 multilevel marketing companies have faced questions of product efficacy and distributors have battled firms over non-compete agreements. CNBC reports that these persisting questions about multilevel marketing are bigger than Herbalife's latest drama.
A National Retail Federation forecast says cargo volume at the nation's ports is expected increase in March, despite port slowdowns as a result of automatic federal budget cuts, the Los Angeles Times reports.
In Tuesday morning trading, the Dow Jones industrial average was down 4 points to 14,443. The Nasdaq fell 16 points to 3,237. The S&P 500 fell 5 points to 1,551.
The staffing outlook among L.A. area employers shows that layoffs may hit a five-year low during the second quarter, according to a survey released Tuesday from Manpower Group.
Monday, March 11
Struggling downtown real estate investment trust MPG Office Trust Inc. announced it had agreed to sell U.S. Bank Tower, the tallest building west of the Mississippi River, and a related parking garage, for $368 million.
Reliance Steel & Aluminum Co.’s acquisition of Metals USA Holdings Corp. moved forward Monday, with Metals USA announcing that no competing bids had emerged and anti-trust regulators did not planning to block the $766 million deal.
In Monday trading, the Dow Jones industrial average closed up 50 points to 14,447. The Nasdaq rose 8.5 points to 3,263. The S&P 500 rose 5 points to 1,556. The LABJ Stock Index was unchanged at 150.
Twenty L.A. companies set up booths inside Frank to pitch their ideas and demo products for the hundreds of investors, entrepreneurs and tech enthusiasts who filtered through.
Rhythm & Hues Studios Inc., the struggling Oscar-winning visual-effects company behind the effects in "Life of Pi," said in a bankruptcy filing that it received a bid valued at about $17 million from a South Korean media company, the Wall Street Journal and Variety report.
Since 2007, 471 U.S. banks have failed, nearly depleting the FDIC deposit-insurance fund with $92.5 billion in losses. But rather than sue, the agency has typically preferred to settle for a fraction of the losses while helping the banks avoid bad press, the Los Angeles Times reports.
Disney, with its new hit Wizard of Oz prequel, and Warner Bros., which owns rights to the 1939 original, are preparing to do battle over filmgoers' hearts and pocketbooks with merchandising and possible films and a TV show, the Los Angeles Times reports.
Reacting to a scathing internal review, Metrolink officials are moving to correct serious accounting problems that led to the recent resignation of the commuter railroad's chief financial officer, the Los Angeles Times reports.
The current bull market cycle in the U.S. sailed past the four-year mark on March 9, and the Dow Jones industrial average hit a new all-time high of 14,397 the day before. Yet stocks as an asset class continue to be viewed with suspicion, despite strong corporate profits and the housing sector recovery, Bloomberg BusinessWeek reports.
Schlotzsky's, an Austin, Texas-based restaurant chain, has a big appetite for Southern California, the Los Angeles Daily News reports. The fast-casual operator plans to open about 200 restaurants across the region, creating more than 7,000 jobs.
Prominent short-seller David Einhorn raised eyebrows last month when he popped up on Twitter to disavow that he had tweeted about Herbalife Ltd. He isn't the only investor who has been impersonated on Twitter, which has become an important source of information for many investors, Reuters reports.
A state-of-the-art prototype military vessel diverted to Alaska hasn't worked out as a ferry. Officials there are desperate to be rid of it, and some L.A. County officials think the $78-million "Susitna" might be of use to Catalina Island, the Los Angeles Times reports.
Carl Icahn has reached a pact with Dell Inc. that allows him to look at the computer company’s books, the Wall Street Journal and Associated Press report.
Computer algorithms are capable of trading stocks, winning “Jeopardy” and even choosing bra sizes. But increasingly, behind the curtain, there is a human helper, the New York Times reports.
Google Glass won't hit the market for months, but there's at least one bar where the tech-geek eyewear will not be welcome, CNet.com reports. The 5 Point, a self-described dive bar in Seattle, plans to ban the devices, and likely won't be the only establishment considering the implications of having customers with face-mounted cameras snapping pictures of their diverse and sometimes intoxicated clientele.
In Monday morning trading, the Dow Jones industrial average was up 11 points to 14,408. The Nasdaq was down 4 points to 3,240. The S&P 500 was unchanged at 1,551.
L.A.’s business community has cause for optimism after last week’s mayoral primary results.
AUTOMOTIVE: Coda may seek sale as firm grinds gears.
Coda brings in investment banker as the electric car maker spins its wheels saleswise.
MEDIA: Salem shares rise 11 percent as investors hold out hopes for dividend.
Investors want to be left with a big dividend as conservative radio station and website operator Salem retools its debt.
FASHION: Improved sector takes on bigger role for American Apparel.
American Apparel is fashioning online sales into a bigger part of its growth plan.
FILM: AwesomenessTV looks to broaden reach with band documentary.
YouTube content is making the sizable jump to cable TV with greater frequency.
Talent agency CAA tries role of tech startup investor
Hollywood talent agencies look to cast themselves in a new role: tech investors.
AUTOMOTIVE: Wheel maker Superior touts plan for new plant as sales booster.
Wheel maker Superior hopes to regain traction on Wall Street with its plan for a new factory.
Red Bull looks to shed tangy edge with new fruit-flavored line.
Red Bull wants to pump up sales of its energy drink with new fruit flavors.
LAW: Low-key Lewis Brisbois becomes largest firm in L.A.
A focus on insurance defense has helped ensure Lewis Brisbois’ growth into L.A.’s biggest firm by attorney count. (Sidebar: Lower rates lead to job growth. Page 43.)
HEALTH CARE: West L.A. facility of VCA Antech offers high-tech treatment.
Aside from the dogs on leashes and cats in carriers in the upscale reception area, it’s hard to tell at first glance that the newest hospital on Sepulveda Boulevard is for four-legged patients.
TV: Station sees little spending from candidates despite leading ratings.
Spanish-language KMEX would like to channel more of mayoral candidates’ ad spending.
Spate of multimillion-dollar sales offers welcome evidence that local market is bouncing back.
Stephen Shapiro thinks blockbuster residential deals signal that California’s moving into a healthier housing market.
LEASE: Pair of deals takes occupancy rate to nearly 80 percent at building.
Two new leases have brought a struggling Miracle Mile office building to near 80 percent occupancy.
REAL ESTATE: KPMG to ditch its tower for new digs.
Accounting firm KPMG does a number on namesake downtown tower by moving closer to L.A. Live.
Russell Goldsmith oversees the growth of City National Bank; now he’s focused on L.A.’s infrastructure
State pollution bill AB 32 could create jobs, according to Leonard E. Robinson and Rueben Guerra.
APPAREL: True Religion lets contract of its founder expire amid plans for sale.
Jeans maker True Religion hasn’t quite sewn up the future employment status of founder Jeff Lubell.
ENERGY: Oxy launches search for new chief while industry rivals seek same.
Other gas and oil companies’ CEO hunts could force Occidental to pay top dollar for a new leader.
Greg Fass at MeUndies knew he had to jump on the “Harlem Shake” fad as fast as possible.
Furniture maker hopes new shop helps launch L.A. retail corridor.
Furniture maker Angelo Surmelis hopes to sell Los Angeles on a downtown shopping corridor.
Team looks to leave McCourts in past with ‘Whole New Blue’ ads.
Dodgers step up to the plate with “A Whole New Blue” ad campaign to shake memories of the McCourt years.
Friday, March 8
The Long Beach Board of Harbor Commissioners on Friday approved a pact to study development for a new oil terminal.
A Teledyne Technologies Inc. subsidiary has won a $350 million contract to design and test new space systems for NASA,
Gores Group said that it will acquire three outsourcing services units from Toronto’s Davis + Henderson Corp.
The Los Angeles Business Journal’s index of largest local public companies climbed for the week as the Dow ended a week of record-breaking gains.
In Friday trading, the Dow Jones industrial average closed up 68 points to 14,397. The Nasdaq rose 12 points to 3,244. The S&P 500 rose 7 points to 1,551. The LABJ Stock Index rose 1point to 150.
Ouya has reached another milestone toward its goal of releasing a crowd-funded gaming console to the masses.
Delta Air Lines has announced expanding service from LAX to cities in the West, Mexico and Central America, this summer. The Atlanta-based airline will add more flights and five destinations: San Jose, Nashville, Costa Rica and two cities in Washington state, Seattle and Spokane, the Los Angeles Times and Seattle Times report.
The Los Angeles County Museum of Art has proposed acquiring the Museum of Contemporary Art. Opposition may come from the region’s most influential art patron, Eli Broad, the Los Angeles Times reports.
Mayor Antonio Villaraigosa sent a letter to the U.S. Olympic Committee confirming that civic, business and community leaders have lined up to express their interest in bidding for the 2024 Olympics and Paralympics, the Los Angeles Times and Los Angeles Daily News report.
Its waitresses are as buxom as ever, but the Hoosters chain is making changes to counter declining sales. Efforts to make its restaurant more mainstream than man-cave are aimed as wooing women as customers too, CNBC reports.
The Federal Reserve said the financial industry’s health continues to improve, potentially clearing the way for large U.S. banks to funnel tens of billions of dollars to investors in increased dividend payments and share buybacks, the Wall Street Journal reports.
U.S. companies are showering investors with a record windfall in the form of dividends and share buybacks, helping to propel the stock market's rally, the Wall Street Journal reports.
After lagging housing starts for several months, construction jobs surged in February to the highest level in six years. But there’s a severe lack of workers, CNBC reports.
Facebook doesn't want to be dismissed as an Internet has-been before its social network even enters its adolescence. So it’s unveiled a more dynamic home page, the Associated Press and Bloomberg News report.
In Friday morning trading, the Dow Jones industrial average was up 40 points to 14,370. The Nasdaq rose 7 points to 3,239. The S&P 500 rose 3 points to 1,547.
Thursday, March 7
BBCN Bancorp on Thursday said that Chairman Kevin S. Kim has been named president and chief executive.
Shares of Hot Topic Inc. soared Thursday after the company said it will be acquired by private equity firm Sycamore Partners for about $600 million.
Long-running television franchise, “CSI” has a new owner: L.A. entertainment finance firm Content Partners LLC.
In Thursday trading, the Dow Jones industrial average closed up 33 points to 14,329. The Nasdaq was unchanged at 3,050. The S&P 500 rose 3 points to 1,544. The LABJ Stock Index was unchanged at 149.
The Los Angeles Business Journal is heading to the Lone Star State for the South by Southwest Interactive conference Friday through Tuesday. Follow tech reporter Natalie Jarvey on Twitter at @natjarv for updates from Austin. Also check out the LA Business Journal’s website and L.A. Tech Journal email newsletter for the latest stories about L.A. tech leaders at SXSW.
EHarmony veteran Jonathan Eppers got the idea for his new startup when he was searching for an apartment last year. Fed up with driving around or looking on Craigslist, Eppers decided to create an app that would help do the work for him.
Hot Topic Inc., the City of Industry operator of more than 800 teen-oriented retail stores, has agreed to be bought by private-equity firm Sycamore Partners for about $600 million, Bloomberg News and the New York Times report. Shares were up 29 percent in Thursday morning trading.
As demand for downtown Los Angeles hotel rooms grows, plans have emerged for yet another high-rise inn near Staples Center. A Marriott Renaissance Hotel with 450 rooms is slated to open in 2016 across the street from the L.A. Live entertainment complex, the Los Angeles Times reports.
Los Angeles International Airport officials unveiled three state-of-the-art gates at the new Tom Bradley International Terminal on Wednesday, showing off key facets of a project that is considerably behind schedule, the Los Angeles Daily News reports.
Despite objections from regulators, health insurers Blue Shield of California and Aetna Inc. are proceeding with double-digit rate increases for individual and small-business policyholders that state officials say are unreasonable, the Los Angeles Times reports.
Time Warner said it will spin off its Time Inc. magazine unit into a separate, publicly traded company, a move that will allow the media conglomerate to focus entirely on its cable television and film businesses, the New York Times reports.
California officials face mounting criticism from union leaders over plans to let retail giant Wal-Mart Stores Inc. enroll shoppers in President Obama's healthcare expansion, the Los Angeles Times reports.
J.C. Penney Co. Inc. laid off about 2,200 employees in its stores and district offices on Wednesday, the Dallas Morning News reports. The struggling Plano-based department store chain’s shares hit a new low on news that 10 million shares of stock were sold by a major shareholder who happens to be a board member.
Dell Inc. on Thursday said activist investor Carl Icahn is pushing for a huge special dividend instead of a planned $24.4 billion leveraged buyout by founder Michael Dell, and threatened the company with "years of litigation" if it doesn't combine a vote on the deal with its annual meeting, the Wall Street Journal reports.
The Los Angeles City Council on Wednesday approved up to $352 million to maintain a streetcar that would run from the Civic Center to the Convention Center, the Los Angeles Times reports. Supporters have emphasized the trolley's potential to create economic growth in downtown, particularly along Broadway, where the city is working to revive old theaters and other historic buildings.
Sensing a threat to their business model, telecom companies such as Time Warner and Comcast are pushing more states to curb the spread of publicly funded high-speed Internet access, arguing the networks could squash competition, the Wall Street Journal reports.
China is emerging as the next battleground for global app makers – but cracking the world's largest smartphone market is proving to be vexing, the Wall Street Journal reports.
In Thursday morning trading, the Dow Jones industrial average was up 50 points to 14,346. The Nasdaq rose 5 points to 3,228. The S&P 500 rose nearly 3 points to 1,544
Wednesday, March 6
Shareholders of Walt Disney Co. sided with management at the company’s annual meeting on Wednesday, nixing a proposal to separate the jobs of chief executive and chairman after Bob Iger retires in 2016.
Korn/Ferry International on Wednesday beat analyst’s estimates for the third fiscal quarter, even as net income fell from the same period a year earlier.
In Wednesday trading, the Dow Jones industrial average closed up 42 points to 14,296. The Nasdaq fell 2 points to 3,222. The S&P 500 rose nearly 2 points to 1,541. The LABJ Stock Index was unchanged at 149.
SharesPost, a company incubated out of Los Angeles before the slew of current incubators and accelerators opened in town, is powering the technology behind the Nasdaq’s new private shares exchange.
The Santa Monica headphone company announced late Tuesday that it has raised $60 million to spin off its streaming service, nicknamed Daisy, into a separate company.
Councilman Eric Garcetti and Controller Wendy Greuel strengthen their leads in the race for Los Angeles mayor, the Los Angeles Times reports. The Measure A sales tax increase appears headed for defeat, the Los Angeles Daily News reports.
In the latest sign of how valuable the media industry considers sports programming, News Corp. has unveiled plans for Fox Sports 1, which it hopes will eventually challenge Walt Disney Co.'s ESPN empire, Variety and the Los Angeles Times report.
Showtime, already on a winning streak with the acclaimed "Homeland" series and other hits, also is muscling for more turf on the crowded field of TV sports, the Los Angeles Times reports.
Financiers Neil Grossman and Howard Silverman have created a holding company for three existing companies to provide financing, production, distribution and other services for feature films and TV shows, the Hollywood Reporter and Variety report.
With the Dow Jones industrial average at all-time highs, the big question many people have is: Is it too late to get in? CNBC's "Squawk Box" this morning asked Wall Street pros to weigh in on where the stock market goes from here.
Two state legislators have responded to the uproar over a state tax agency’s decision to retroactively take away a tax break for angel investors, the Los Angeles Business Journal reports.
A day after the Obama administration endorsed an online petition to legalize cell phone unlocking, an Oregon senator has introduced a bill that would allow consumers to take their handsets to other carriers. Other lawmakers are climbing on board, CNet.com reports.
Jeff Berg, the veteran agent, Hollywood power broker and defrocked chairman of International Creative Management, gives the Hollywood Reporter the scoop on what happened and plans for building his new agency Resolution.
Nasdaq OMX Group Inc. will form a joint venture with SharesPost Inc. to establish a marketplace for private companies, Reuters reports.
The calendar says early March, but efforts by major media companies to attract advertising dollars, once reserved for the spring, already are in full swing, the New York Times reports.
Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, lost a bid to end an SEC lawsuit that accused him of insider trading when he sold his stake in the search company Mamma.com, the New York Times and Reuters report.
The debate over Herbalife has been reduced to the level of a junior high school feud as it becomes about hedge fund billionaires trash-talking each other, with no actual investigation, the New York Times reports.
A spat between Saudi billionaire Alwaleed Bin Talal and Forbes over the exact fortune of the prince has taken another bizarre twist, CNBC reports.
Alana Thompson, the 7-year-old star of reality show "Here Comes Honey Boo-Boo," has stopped selling Girl Scout Cookies via her Facebook page after the Girl Scouts complained. Slate looks at the entrepreneurial reasons why the youth group is so controlling about who can sell their iconic snacks.
In Wednesday morning trading, the Dow Jones industrial average was up 29 points to 14,282. The Nasdaq fell 4 points to 3,220. The S&P 500 rose 1 points to 1,541.
Tuesday, March 5
Two state legislators have responded to the uproar over a state tax agency’s decision to retroactively take away a tax break for angel investors.
AeroVironment Inc. shares fell 23 percent in after-hours trading on Tuesday after the company slashed its guidance and reported lower-than-expected fiscal third-quarter revenue and profit, largely due to reduced orders from its government clients.
The National Football League has lost interest in the current plan to bring a team to downtown Los Angeles, Yahoo Sports reports.
Mercury General Corp.’s insurance unit has filed a lawsuit against state Insurance Commissioner Dave Jones, challenging his order of an 8 percent rate decrease for the company’s 270,000 homeowner policyholders in the state.
The first British Airways Airbus A380 flights will come to LAX in mid-October. Travelers will be able to fly the double-decker planes on flights between Los Angeles and London Heathrow.
In Tuesday trading, the Dow Jones industrial average closed up 126 points, or 1 percent, to 14,254. The Nasdaq was unchanged at 3,050. The S&P 500 rose 15 points, or 1 percent, to 1,540. The LABJ Stock Index rose more than 1 point, or 1 percent, to 148.
Santa Monica game communication company Xfire is getting in on the tournament action. Xfire, which has technology that allows gamers to chat with friends and send pictures while playing PC games, announced Tuesday the launch of its video game tournament platform, Battleground.
Epoxy announced Tuesday that it had raised $2 million to hire a team of engineers and continue to build its products.
Northrop Grumman Corp. is closing a site in Dominguez Hills as part of a plant consolidation strategy developed in response to government budget pressures, the Los Angeles Business Journal reports.
Sunset Strip hotspot the Key Club will close its doors March 15, the Los Angeles Business Journal reports.
The Dow Jones industrial average powered to an all-time high today, putting devastating declines of the financial crisis in the rear-view mirror, the Wall Street Journal and CNBC report.
Los Angeles voters head to the polls today with few specifics about how the city's next mayor and City Council would fix City Hall’s chronic financial problems, the Los Angeles Times and Los Angeles Daily News report.
Fortune looks at how an Internet-trained Apple analyst from Los Angeles lost tens of millions of other peoples’ money.
The full weight of the federal research budget cuts could reduce gross domestic product by at least $203 billion through 2021 and cost 200,000 jobs this year alone. Bloomberg BusinessWeek looks at why private companies won’t pick up the slack.
Paramount Pictures announced that it easing back into television production with a high-profile pilot based on its “Beverly Hills Cop” franchise, Variety and the Los Angeles Times report.
Ikea has made a booming business out of cheap, stylish prefabricated furniture. Now, an affiliate and Marriott International Inc. are looking to create European hotels in the same mold, the Wall Street Journal reports.
n an age when the text and the tweet can destroy a movie an hour after it opens, Hollywood market research firms are scrambling to rethink film promotion, the Los Angeles Times reports.
Los Angeles Times owner Tribune Co., which plans sell its newspapers to concentrate on its broadcast properties, is seeking a single buyer for all eight publications, sources tell Bloomberg News.
MPG Office Trust Inc., the largest office landlord in downtown Los Angeles, divested enough assets in the fourth quarter to turn a profit, the Los Angeles Times reports.
In Tuesday morning trading, the Dow Jones industrial average was up 151 points, or 1 percent to 14,279. The Nasdaq rose 37 points or 1 percent, to 3,219. The S&P 500 rose 16 points or 1 percent, to 1,541.
Monday, March 4
Defense giant Northrop Grumman Corp. is closing a site in Dominguez Hills and moving its operations to other locations, citing the need to lower costs because of government budget pressures.
Historic Sunset Strip hotspot the Key Club will close its doors March 15, the club’s manager announced Monday.
Larry Fitzgibbon, Steven Kydd and Joe Perez announced Monday the launch of their multi-channel YouTube network, Tastemade, focused on food.
Vernon jeans maker True Religion Apparel Inc. will not renew its employment agreement with Jeff Lubell, the company’s founder, chief executive, chairman and creative director.
Aircraft leasing company International Lease Finance Corp. announced that it had agreed to purchase and lease 16 Boeing jet aircraft to American Airlines.
The Gores Group said that it has acquired GE Healthcare Strategic Sourcing from GE Healthcare.
Derycz Scientific Inc. has changed its name to Research Solutions Inc.
In Monday trading, the Dow Jones industrial average closed up 38 points to 14,128. The Nasdaq rose 12 points to 3,182. The S&P 500 rose 7 points to 1,525. The LABJ Stock Index rose nearly 1 point to 148.
Warren Buffett has been buying newspapers recently, but told CNBC today that he's not interested in the big papers owned by Tribune Co., such as the Los Angeles Times. Berkshire Hathaway Inc. is more on the hunt for deals similar to its planned purchase of H.J. Heinz Co., he said.
SpaceX's Dragon capsule recovered from an early glitch and delivered one ton of goods, including food, clothes and apples, to the International Space Station on Sunday, the Los Angeles Times and Wall Street Journal report.
Mexico's Carlos Slim remains the world's richest person for the fourth year in a row, according to Forbes, while Warren Buffett dropped out of the top three for the first time since 2000. The Associated Press looks at trends in the magazine's annual billionaires list.
Home Depot Center, the 125-acre AEG-owned sports facility in Carson that’s home to two Major League Soccer teams, will become StubHub Center in June, the Los Angeles Times reports.
Facebook in its annual report has made the startling admission that teenagers are becoming bored with the social networking giant, the U.K.'s Daily Mail reports. Facing competition from younger, more agile and 'cooler' apps such as Snapchat and Instagram, Facebook fears its long-term business could be harmed.
Content pirates have sailed the Web since its earliest days, but today they are bolder, faster and better armed with technology. NBCUniversal gave the Wall Street Journal a rare peek inside the cat-and-mouse game that its security team plays with suspected pirates.
The rapid growth in U.S. oil production has surprised even industry insiders, as forecasts that once sounded far-fetched are becoming reality, CNBC reports.
As automated federal spending cuts take effect, projected red ink for the next decade has been reduced by about $4 trillion. But this wasn't how Democrats or Republicans wanted to do it, the Los Angeles Times reports.
With the Dow Jones industrial average flirting with a record high, the split between American workers and the companies that employ them is widening and could worsen in the next few months as federal budget cuts take hold, the New York Times reports.
A new report details how the staggering amount of outstanding student debt — nearly $1 trillion owed – is beginning to impede the U.S. economy as a whole, chiefly by robbing the housing market of its richest crop of new buyers: young college graduates, CNBC reports.
Severe bottlenecks have brought Brazil's economy back to earth after a historic boom. A Reuters analysis looks at how President Dilma Rousseff must now balance her strong belief that the state shape the economy with the need to convince businesses to start investing again.
IT Managers are struggling to contain corporate data in the mobile age. Chinese hackers are one problem. But so are employees who put company information online with their smartphones and tablets, the New York Times reports.
In Monday morning trading, the Dow Jones industrial average was down 12 points to 14,077. The Nasdaq was up less than 1 point to 3,170. The S&P 500 rose less than 1 point to 1,518.
Gambling: Local businesses hope to split state’s online pot.
New Jersey’s approval of online gaming has strengthened the hands of several local businesses.
Broadway Federal Bank continued to shore up its balance sheet last month, selling off more than $13 million in nonperforming loans.
TV: Debmar-Mercury sees 10-90 plan add up to deal for ‘Anger Management.’
Debmar-Mercury hopes to laugh all the way to syndication with its 10-90 comedy production model.
INTERNET: MediaPass’ paywall services help publishers put price on content.
MediaPass’ paywall services let publishers give online content to readers for a fee.
ONLINE: Boingo squeezed by customers’ push for free or low-cost access.
Wi-Fi provider Boingo’s stock has trouble connecting with investors as earnings fall.
SALE: LFP headquarters building scores $82 million from Douglas Emmett.
Hustler Magazine publisher Larry Flynt has agreed to sell his Beverly Hills headquarters building for $82 million, sources told the Business Journal.
Car dealer Frederick ‘Fritz’ Hitchcock looks to improve state’s business climate as chairman of California Chamber of Commerce.
Car dealer Frederick “Fritz” Hitchcock looks to help steer state business issues as California Chamber of Commerce chairman.
FITNESS: Robeks, Jamba among chains looking to fatten up offerings.
Restaurants and shops offering more pressed vegetable juices and leafy green smoothies have been sprouting up all over Los Angeles.
ENTERTAINMENT: Five firms sign up to develop titles for Scopely venture.
Scopely Inc. is pressing pause on game-making for the moment to focus on a different role: mobile game network.
MANUFACTURING: Jakks pins hopes on licensing deals, interactive products.
Toymaker Jakks hopes to get a handle on higher sales with interactive products and action figures.
TRANSPORTATION: OK from panel could get BNSF plan on track.
L.A. Harbor Commission’s OK could clear the track for BNSF’s long-delayed rail yard project.
BIOTECH: Puma shares rise as its product moves forward in FDA trials.
Puma’s shares see healthy growth with the success of the company’s cancer drug.
Neal Baer has plenty of reasons to take a break and engage in some deep, balanced breathing.
Regular customer buys shuttered eatery and retains most of staff.
New owner Lenny Rosenberg stepped up to the plate to keep a favorite deli open.
Diet-soda maker Zevia moves beyond cans in bid to shake up sales.
Zevia hopes glass bottles result in more customers looking into its high-priced diet beverages.
Archer works to give students skill sets for future careers.
Archer School for Girls has made preparing students for the business world its job.
ENERGY: Rentech closes unit, seeks alternative strategy.
Low gas and oil prices force Rentech to power down its alternative fuels business.
REAL ESTATE: Jamison sells buildings as rents fall.
Jamison Services jettisons 10 percent of its portfolio as well as the title of L.A.’s biggest office landlord.
Eateries, bars tap cities’ speedier permit procedures
Cities across the county try to add speed to the menu when approving permits for restaurants and bars.
Cary Brazeman provides a rundown on the runaround that permit seekers get from the city of Los Angeles.
Some studies contend laws boosting workers’ paychecks don’t result in reduction in employment.
Roxana Tynan defends minimum-wage increases as an economy booster and not a job killer.
Texas is trying to sell California businesses on the notion of moving. But Charles Crumpley recalls when Nevada tried to do the same, and he wasn’t sold then.
Friday, March 1
The L.A. tech community will have a significant presence at this year’s South by Southwest festival in Austin, Texas.
Colony Capital LLC looks like the high bidder so far in the auction for Anschutz Entertainment Group, although sources say that no suitor so far has offered the minimum that the L.A. sports and entertainment giant’s owner had expected.
The Business Journal’s index of largest local public companies rose for the week as positive economic data outweighed concerns about the federal government sequester.
In Friday trading, the Dow Jones industrial average closed up 35 points to 14,089. The Nasdaq rose 10 points to 3,170. The S&P 500 rose 3.5 points to 1,518. The LABJ Stock Index rose 1 point to 147.
The Hollywood company announced yesterday it was going to work with five studios – Double Fine, Big Cave Games, High Line Games, Rocket Jump Games and Zupcat Games – as part of a new network of mobile games.
Joe Francis' GGW Brands, the company behind the “Girls Gone Wild” video empire has filed for bankruptcy, the Hollywood Reporter and Associated Press report.
A SpaceX commercial cargo ship rocketed toward the International Space Station on Friday under a billion-dollar contract with NASA that could lead to astronaut rides in just a few years, the Associated Press and Wall Street Journal report.
The mayor’s race in Los Angeles has engaged Hollywood in ways rarely seen in a municipal election. But TheWrap.com reports that candidates are offering few specifics about how to stanch production flight to rival cities.
The rally in the stock market is real and supported by the fundamentals, Goldman Sachs's Abby Joseph Cohen told CNBC on Friday.
Congressional leaders on Friday met with President Obama on ways to avoid steep budget cuts, but expectations for the meeting were low, the Washington Post reports.
Bloomberg BusinessWeek warns that pushing out the founder of online "daily deals" pioneer Groupon won't necessarily save the company. The Washington Post praises Mason's refreshing blunt memo to employees.
No matter what market forces do to the state's gasoline prices in the near future, California motorists will be paying a few pennies more per gallon four months from today, the Sacramento Bee reports.
After a leaked memo revealed that Yahoo employees with work-from-home arrangements would need to start show up in the office every day, smaller tech companies are attempting to woo the firm's disgruntled telecommuters, CNBC reports.
In Friday morning trading, the Dow Jones industrial average was up 5 points to 14,059. The Nasdaq fell 1 point to 3,159. The S&P 500 rose 1 point to 1,515.