Stories for February 2016
Monday, February 29
Snapchat is pushing to sell its own advertising across all its Discover channels, by asking some publishing partners to relinquish their exclusive advertising rights, according to sources cited by Digiday.
VCA Inc., a Los Angeles animal healthcare company, today announced the signing of a definitive agreement to acquire an 80 percent ownership interest in Companion Animal Practices, North America for $344 million.
Bram Goldsmith, who helped build City National Corp. into one of the largest American commercial banks, died Sunday. He was 93. During his years as chairman and chief executive, Goldsmith grew the company's assets more than five-fold, to $3.2 billion.
Blue Shield of California, one of the state's biggest health plans, announced it would eliminate up to 460 jobs, with more than 70 coming from Southern California.
The contentious legal dispute over media mogul Sumner Redstone's mental competency will be allowed to proceed. The trial is set to begin May 6.
The ratings are trickling in for the Sunday’s Oscar show, and the initial stats have the ABC telecast down even more from last year's low viewer numbers.
The average price of a gallon of self-serve regular gasoline in Los Angeles County rose today for the fourth consecutive day, increasing 1 cent to $2.534
The Dow Jones industrial average fell 123 points in Thursday trading to close at 16,517. The S&P 500 fell 16 points to 1,932. The Nasdaq fell 33 points to 4,558. The LABJ Stock Index fell 2 points to 213.
REAL ESTATE: Developer taps foreign coin for Waldorf Astoria.
Hotel developer looks to book $150 million in foreign investment through the EB-5 program.
Developers head to Azusa looking to ride business boost from Gold Line extension.
Businesses hope to get a line on new customers riding Metro’s light-rail Foothill Extension.
POLITICS: Business groups yet to take sides on increase that will phase out in 2026.
Long Beach businesses are in a tough spot.
NONPROFIT: Thomas Sayles to focus on job creation as new L.A. chamber chair.
New L.A. chamber chair Thomas Sayles is ready to get to work on job creation as his main focus.
In case you missed it, "Spotlight" was named best picture, the top award at Sunday's Oscars ceremony, Fox Business News reported. Mexico's Alejandro Iñarritu took the best directing Oscar for "The Revenant," while Leonardo DiCaprio took home his first award for his role in the movie.
We knew dynamic pricing was coming to Disneyland, but now we know the actual prices. According to the Los Angeles Times, each day will now be designated a “value” day, “regular” day or “peak” day, with prices ranging from $95 to $119. All one-day tickets previously cost $99.
Snapchat is the victim of a phishing scam. According to the Los Angeles Times, a payroll department employee at the Venice company emailed personal information – including Social Security Numbers – for 700 current and former employees to someone pretending to be Chief Executive Evan Spiegel on Friday. The FBI is investigating.
The West Coast’s tallest skyscraper is scheduled to be topped out in March, according to DTLA Rising. The tower portion of Wilshire Grand, which has been built over the past two years, will be 1,100 feet high upon completion.
Marvel's "Deadpool" stayed atop North American box offices over the weekend, earning an estimated $31.5 million in its third week to best newcomer "Gods of Egypt." According to the Associated Press, its total domestic revenue now stands at nearly $286 million, making it the third highest-grossing R-rated film.
The Dow Jones industrial average was down 57 points in early trading Monday to 16,639. The S&P 500 was down 1 point to 1,947. The Nasdaq was up 1 point to 4,991. The LABJ Stock Index was down slightly to 216.
EXPANSION: Charles Dunn brings in David Pinsel for out-of-state growth drive.
Downtown L.A. real estate brokerage Charles Dunn Co. is aiming to expand its reach beyond California for the first time in the firm’s 95-year history.
SHIPPING: Long Beach to scale new wave of megaships.
Port of Long Beach faces a tall order to handle a new generation of megaships: bringing in higher cranes.
MEDIA: Sector vets hope to deliver on Times’ digital future.
Parent of Los Angeles Times hopes to turn page under guidance of chief executive from tech sector.
Grip the Mat heads to galleries, nightclubs for wine, food events.
Grip the Mat shapes up unusual spaces such as art galleries and nightclubs for yoga classes.
New Penthouse owner won’t shy away from her naked ambitions.
Unlike Playboy, adult magazine Penthouse has no plans to strip nudity from its pages.
Talk about being inseparable. When Narbeh Tovmassian and Garen Derhartunian met in third grade at a Glendale elementary school more than 20 years ago, they became best friends. Little did they realize that they would stick together pretty much from then on.
News and notes from communities across Los Angeles County
West Hollywood online media firm Attn: Inc. has raised $18.6 million in an equity round led by Evolution Media Partners of New York.
INTERNET: Rubicon’s stock pulls interest from investors who once shied from sector.
Rubicon clicks with investors after the advertising tech firm posts its first annual profit.
WATER: Cadiz’s stock rises, then falls despite good news on firm’s pipeline proposal.
Shares of Cadiz made a brief splash on Wall Street after news the aquifer operator may salvage its pipeline plan.
HEALTH CARE: Kaiser’s new outpost in Bunker Hill part of shift to smaller sites.
Though Kaiser Permanente is known for its massive medical facilities in neighborhoods including Los Feliz and West Los Angeles, the Oakland-based health system has been branching out with smaller offices such as one it opened last month in Bunker Hill.
ECONOMY: Owners dislike national outlook but voice confidence in own firms.
With global markets in disarray, election year uncertainty and central banks entertaining negative interest rates, the only people feeling certain about the national economy likely don’t read the news.
Delta’s free service to TED talks part of push to connect with execs.
Delta Air Lines hopes free flights to TED talks will help it speak to a new range of exec-level customers.
LAUNCH: Marty Dakessian hopes to go against state for businesses, wealthy clients.
Tax problems are all in a day’s work for litigator Marty Dakessian.
DEVELOPMENT: Business rivals now use activist tool to slow down, kill projects.
Veteran attorney Edward Casey says business rivals increasingly turn to CEQA suits to trip up projects.
Sunday, February 28
Virgin Galactic in race to take tourists to space
Virgin Galactic’s spaceflight program may not be grounded in a quick financial payoff.
Friday, February 26
A weekly roundup of must-read L.A. tech investments and acquisitions.
Serial entrepreneur Alfred E. Mann died on Thursday. He was 90.
Pasadena’s 55Haitao, a Chinese-language online shopping guide, has raised $15 million.
Herbalife Ltd. shares posted their biggest ever same-day gain after the company announced talks with the U.S. Federal Trade Commission.
Safety concerns regarding Kite Pharma Inc.’s cancer treatments have dogged the Santa Monica biotech firm on Wall Street over the past year, contributing to the firm’s 20 percent stock price decline during the last 12 months.
In 2008, the Los Angeles Economic Development Corporation estimated that the Oscars ceremony pumps around $130 million into the local economy every year.
Fig+Pico, a new upscale hotel, will soon arrive in downtown’s South Park neighborhood.
West L.A. private equity firm Vance Street Capital announced Thursday that it has acquired A&E Medical Corp., a Farmingdale, N.J. medical device designer and contract manufacturer. Terms of the transaction were not disclosed.
The Dow Jones industrial average fell 58 points in Friday trading to close at 16,639. The S&P 500 fell 4 points to 1,948. The Nasdaq rose 8 points to 4,590. The LABJ Stock Index remained at 215.
Stamps.com, an El Segundo company providing Internet-based mailing and shipping services, was one of the week’s leading gainers on the Los Angeles Business Journal’s Stock Index of local companies, with shares up 21 percent to close at $116.51.
Proposed pipeline project would make a big splash in California, according to Gary Toebben and Ron Miller.
Noel Hyun Fleming fears landlords could be exposed as the residential rental market continues to fill up.
This may be the best time to own a small business, Charles Crumpley writes.
Playboy should turn focus from reviving magazine to restoring status as lifestyle, hospitality maverick.
Senn V. Moses wants Playboy to picture itself as a lifestyle and hospitality business.
Alfred E. Mann, a businessman and innovator who helped develop medical devices including the first rechargeable pacemaker and an artificial retina that allows the blind to see, died Thursday, according to the Los Angeles Times. He was 90. Over his career, Mann founded 17 companies and built a fortune of over $2 billion. He was the Business Journal’s Business Person of the Year in 2003.
The months-long natural gas leak in Aliso Canyon poured roughly the same amount of greenhouse gas into the air as nearly 600,000 cars, scientists reported on Thursday. It was the largest known accidental methane release in U.S. history, according to Reuters.
The Rev. Al Sharpton has announced plans to stage a rally protesting a lack of diversity in Hollywood, according to the Associated Press. Other rallies are planned in New York, Virginia, Ohio, Georgia and Michigan.
A former Disney IT worker got emotional Thursday while speaking before a Congressional hearing on the H-1B visa's impact on high-skilled workers, according to Computer World. He told the story of how he had to train his replacement, a foreign visa holder.
Viacom Inc. Chief Executive Philippe Dauman will be deposed, a New York state Supreme Court ruled. As part of a lawsuit brought by Manuela Herzer, the former girlfriend of Sumner Redstone, Herzer claimed that a declaration made by Dauman about discussions with Redstone was "riddled with falsehoods," according to Reuters.
Kim Kardashian and Kanye West are inches away from selling a Tuscany Villa- style mansion, in a move to help themselves out of debt. According to Curbed LA, the off-market deal is priced between $14 and $18 million.
The Dow Jones industrial average rose 212 points in early Friday trading to 16,967. The S&P 500 rose 22 points to 1,952. The Nasdaq rose 40 points to 4,582. The LABJ Stock Index rose 2 points to 215.
Thursday, February 25
Anticipation turned to disappointment late Thursday afternoon, both at Cape Canaveral Air Force Station in Florida and Elon Musk’s SpaceX headquarters in Hawthorne, when the second launch attempt of the Falcon 9 rocket was halted 1:40 seconds before liftoff.
Snapchat video advertising performance will now be measured by rating agency Nielsen.
Overnight, a Los Angeles travel booking app startup that connects last minute travelers with local hosts, has raised $2.5 million in a seed funding round.
After a five-decade hiatus, passenger rail service will return to L.A.’s congested Westside on May 20, according to the Los Angeles Times.
The slide in California’s gasoline prices could abruptly end Friday, with prices possibly jumping 30 cents a gallon due to seasonal changes in the state’s refinery operations, according to Consumer Watchdog.
LA 2024 officials have partnered with Snapchat in a move they hope will further their campaign to position Los Angeles as the young, innovative choice for the 2024 Summer Olympics.
Huntington Park city officials have proposed a $3.9-million redevelopment project to help Pacific Boulevard change with the times, The Los Angeles Times reported Thursday.
American Fruits and Flavors, a Los Angeles flavor supplier, was purchased by Corona energy drink maker Monster for $690 million. The transaction will allow Monster to take ownership of intellectual property related to new flavor development and its existing products.
The Dow Jones industrial average rose 213 points in Thursday trading to close at 16,698. The S&P 500 rose 22 points to 1,952. The Nasdaq rose 40 points to 4,582. The LABJ Stock Index rose 1 point to 215.
Models may soon need a doctor’s note in order to work if a new bill is approved, CBS reports. California would become the first state to require modeling agencies to be licensed by the state and would fine them for hiring models who don’t have a doctor’s note saying they’re healthy.
Restaurants and other businesses where employees receive tips cannot order those workers to share tips with other employees who don’t, such as cooks and dishwashers, a federal appeals court has ruled, reports the L.A. Daily News.
Big budget movie ¨Gods of Egypt” looks set to be a big flop for Santa Monica’s Lionsgate. The special-effects filled epic starring Gerard Butler cost $140 million to make yet is tracking to earn as little as $15 million in ticket sales when it opens this weekend in the U.S. and Canada, the Los Angeles Times reports.
TheVIPConcierge, a ticket marketplace, has offered tickets for exclusive Oscar-related parties to online buyers, according to Variety. Tickets were offered to parties hosted by Weinstein Co., ICM, UTA, WME and Vanity Fair, although guests won´t be likely to gain entrance.
The Los Angeles City Council on Wednesday agreed to a plan for toymaker MGA Entertainment, the company behind Bratz dolls, to open new headquarters in Chatsworth on a campus including manufacturing, office, residential and retail space. According to the L.A. Daily News, the development will break ground by the end of 2016.
Elon Musk’s Space X delayed yesterday’s latest launch of its Falcon 9 rocket on a satellite delivery mission due to unfavorable weather conditions. The company will try again today with a Thursday blast-off scheduled at Cape Canaveral, Fla, the Los Angeles Times reports.
The Dow Jones industrial average rose 47 points in early Thursday trading to 16,532. The S&P 500 rose 3 points to 1,933. The Nasdaq fell 3 points to 4,549. The LABJ Stock Index rose 1 point to 215.
Wednesday, February 24
The Department of Labor’s wage and hour division said Wednesday that it has gotten a consent judgment against a primary clothing supplier for Ross Stores.
An appeals court on Thursday will weigh the 2014 ruling that sent shock waves through California school districts by striking down the tenure and seniority system for public school teachers. The ruling is on hold pending an appeal.
Online advertising marketplace Rubicon Project of Playa Vista posted its first annual profit of $400,000 last year.
The Burbank-Glendale-Pasadena Airport Authority is close to an agreement with Uber to allow the service to pick up or drop off passengers at the Burbank Bob Hope Airport.
Kobe Bryant, Will Ferrell and Jessica Alba are among celebrities appearing in a new video pitching Los Angeles for the 2024 Olympics that premiered Wednesday. According to the Los Angeles Times, the 2 1/2-minute spot, “Where Will You Be in 2024,” was produced by LA 2024, the committee orchestrating the bid.
Although the promised epic storms of El Niño have not come to fruition, the threat of future storms still lingers as does their menace to ambitious downtown construction projects.
A long-stagnant housing project near the Ramon Cortines School of Visual and Performing Arts is being revived.
David Litt, a former speechwriter for President Barack Obama, is joining Funny or Die as head writer and producer of the Hollywood video website and production company’s Washington, D.C. operations, Variety reported Wednesday.
The Dow Jones industrial average rose 53 points in Wednesday trading to close at 16,485. The S&P 500 rose 8 points to 1,929. The Nasdaq rose 39 points to 4,543. The LABJ Stock Index rose 1 point to 214.
READER POLL: Space tourism may be coming to Los Angeles. Would you spend $250,000 for a in which you’d be weightless for a few minutes?
Space tourism may be coming to Los Angeles. Would you spend $250,000 for a in which you’d be weightless for a few minutes?
Viacom is looking for an investor to take a strategic minority stake in its movie studio, Paramount Pictures, as its stock tumbles and questions swirl about who will control the company after Sumner Redstone. According to the Associated Press, new Chief Executive Philippe Dauman will aim to find an investor by the end of June.
You know that a slew of creative office space has been appearing throughout Los Angeles for years. This New York Times article focuses on Hollywood, where, one source says, 30 million additional square feet may be converted to creative space in the next five years.
Executives from tech companies and Hollywood studios will help the White House develop strategies to oppose ISIS. According to CNBC, executives today will hear from national security chiefs at an event called the “Madison Valleywood Project,” a name which references Madison Avenue, Silicon Valley and Hollywood.
DreamWorks Animation on Tuesday reported strong earnings in the three months ended Dec. 31 – much better than the loss recorded a year earlier. The growth was attributed to the Glendale company´s television business, according to the Los Angeles Times.
McDonald's is partnering with Greek yogurt maker Chobani to make parfaits and smoothies in Southern California, according to the Associated Press. The partnership will mean Chobani yogurt will be available at about 800 restaurants in Los Angeles and San Diego.
From “bone injections” to dissolving string face-lifts, Academy Award nominees are scheduling all the beauty treatments they can fit in before the big show, according to the Hollywood Reporter. Some of the treatments are new, but more traditional treatments such as dermabrasion, peels and fillers are all on the agenda.
The Dow Jones industrial average fell 188 points in early trading Wednesday to 16,431. The S&P 500 fell 21 points to 1,900. The Nasdaq fell 57 points to 4,445. The LABJ Stock Index fell slightly to 213.
Tuesday, February 23
Hong Kong gaming company Fifth Journey has signed partnerships with Universal, Lionsgate and MGM to develop mobile games for the Chinese market.
Eva Ho and Jason Nazar, entrepreneurs known for their accomplishments in business start-ups, will anchor the 2016 edition of L.A.’s Entrepreneur in Residence program, Mayor Eric Garcetti announced today.
Activision Blizzard of Santa Monica has closed its $5.9 billion acquisition of King Digital.
Aldi, a German discount supermarket chain, announced plans today to open 45 stores employing more than 1,100 in Southern California by the end of the year.
Felicia Muhammad, a Lakewood real estate broker, was found guilty Friday of five felony charges for lying to banks that funded mortgages for three properties that later went into default.
Karen Gutierrez-Mac Nair will be chief executive of the Arcadia Chamber of Commerce effective Monday, according to an announcement today by the chamber.
Ava DuVernay, whose drama “Selma” was nominated for a best picture Oscar last year, is set to direct an adaptation of Madeleine L’Engle’s 1963 novel “A Wrinkle in Time” for the Walt Disney Co.
The Dow Jones industrial average fell 189 points in Tuesday trading to close at 16,432. The S&P 500 fell 24 points to 1,921. The Nasdaq fell 69 points to 4,504. The LABJ Stock Index fell 2 points to 213.
Jack Griffin, the man who fired Austin Beutner as publisher of the Los Angeles Times, has been dismissed as chief executive of the parent company, Tribune Publishing. Justin C. Dearborn has been given the top job. According to the Los Angeles Times, Michael Ferro, a tech entrepreneur, is now the company´s leading shareholder.
Los Angeles City Attorney Mike Feuer is suing Speed Weed, a delivery service that has 25,000 customers across Los Angeles and Orange counties, according to Leafly. In an announcement, Feuer said that marijuana delivery services oppose the will of the voters who passed Proposition D, which is a zoning law that limits dispensaries.
Leslie Ferraro, has resigned as co-chairwoman of consumer products and digital media at Walt Disney Co., a job she took only nine months ago, The New York Times reports. In a news release, the company’s chief operating officer said that Ferraro wanted to return to marketing.
The operations of Southwest Airlines at Long Beach airport could set up a possible battle of low-cost carriers, the Los Angeles Times reports. JetBlue Airways, the biggest carrier at Long Beach, will now go head-to-head with Southwest.
The City of Oxnard has agreed to host the L.A. Rams during the 2016 off-season. The Oxnard City Council will vote on the arrangement Tuesday, according to NBC.
The Dow Jones industrial average was up 4 points in early trading Tuesday to 16,543. The S&P 500 was down 2 points to 1,934. The Nasdaq was down 11 points to 4,204. The LABJ Stock Index was up 2 points to 215.
Monday, February 22
Looking for new ways to make money, Snapchat of Venice has launched $5 geofilters.
Ron Rogers, an influential figure in both the public relations business and L.A. civic affairs, died Friday from respiratory complications related to cancer. He was 72.
The Comprehensive Annenberg Report on Diversity (CARD), released Monday by the Annenberg School for Communication and Journalism at USC, reveals the lack of diversity in Hollywood runs through the industry’s entire hierarchy.
While downtown Los Angeles is still in the midst of its renaissance, a new Central City East Planning Study details the physical and financial struggles facing the Industrial District and lays out some possible solutions.
Los Angeles has major shortcomings as a place for women to start businesses and succeed with them, according to a study released Monday by personal finance information web site WalletHub.
Cannabis advocates and social justice reformers believe 2016 may be the year that California voters legalize all marijuana. That optimism has ignited more than 20 proposed statewide ballot measures. However, the Los Angeles Times reported Monday that only one bill, the Adult Use of Marijuana Act, is the clear favorite to make the November ballot.
The Dow Jones industrial average rose 225 points in Monday trading to close at 16,617. The S&P 500 rose 27 points to 1,945. The Nasdaq rose 66 points to 4,571. The LABJ Stock Index rose 2 points to 215.
INTERNET: J2 Global says early struggles communicated need for focus on margins.
J2 Global says it received a message on margins during its early struggles as an online fax business.
DEVELOPMENT: Piggyback site valued at over $650 million.
Price of Union Pacific yard could derail revitalization project.
Modernica’s co-founders say state tax credits for film, TV projects spurred new business.
Rentals for TV and film productions are playing a bigger role in Modernica’s furniture business.
EDUCATION: Marinello’s aid problems leave enrollees with debt load, no diploma.
Beauty school students get a course in hard knocks after Marinello shutters over federal aid issues.
Developer looks to put new museum on display
Developer Tom Gilmore looks to reframe downtown’s Old Bank District with a multibuilding museum.
Labor unions and business groups had been working together to defeat a ballot proposal known as the Neighborhood Integrity Initiative, which is aimed at preventing real estate ¨overdevelopment.¨ But the alliance has come under strain after union leaders revealed they had submitted a competing measure for the Nov. 8 ballot, according to the Los Angeles Times. The new measure puts hiring and affordable housing requirements on real estate projects.
Attention has turned to the future of the gas storage field at Aliso Canyon, according to the Los Angeles Times. On Monday, the Senate energy committee will hear a bill to extend a moratorium on injecting gas there until Southern California Gas completes safety measures. The gas field can’t be shut down: the L.A. area depends on it.
In his first earnings call since becoming chief executive last year, TrueCar´s Chip Perry said that despite the company's struggles, he remains convinced that TrueCar's business model is sound, Automotive News reports. In 2015, several top executives left, the company´s stock plummeted, and hundreds of dealer partners fled.
Chinese film studios are focused on how much money comes in at the box office, not winning Oscar nominations, the International Business Times reports. Chinese studio execs are focused on English-language co-productions such as animated comedy “Kung Fu Panda 3” and the action-adventure “The Great Wall,” neither of which is likely to sway the Academy.
¨Deadpool,¨ an R-rated movie starring Ryan Reynolds, earned approximately $55 million at North American movie theaters this weekend, bringing in a two-week domestic total of $235 million, according to the New York Times. Internationally, “Deadpool” took in in an additional $256 million.
The Dow Jones industrial average rose 177 points in early Monday trading to 16,569. The S&P 500 rose 23 points to 1,940. The Nasdaq rose 51 points to 4,556. The LABJ Stock Index rose 1 point to 214.
SALE: $127 million value towers well above market’s average square-foot price.
Hollywood’s 14-story CNN Building on Sunset Boulevard has just sold for a whopping $127 million.
Richard Giller of law firm Polsinelli fields an extensive collection of sports memorabilia.
Owner Lauren Berger has helped 5 million students line up work.
Career decision to help students line up jobs has worked out for Intern Queen founder Lauren Berger.
DINING: Kimbal Tesla has words with Wolfgang Puck over trademark assertions.
A trademark dispute is pitting star chef Wolfgang Puck against restaurateur Kimbal Musk, brother of Tesla Motors Inc.’s Elon Musk. At issue are just two words: “the kitchen.”
FASHION: Malibu Sandals saw luxury label Missoni as shoo-in for collaboration.
Milan received a taste of Malibu on the runway during its Men’s Fashion Week.
GROOMING: Patent lawsuit by rival draws sharp reply from Dollar Shave Club.
Dollar Shave Club is hitting back against Proctor & Gamble Co.’s allegations of patent infringement by counterclaiming that the razor giant’s patent is invalid.
FILM: New offerings from California may help city hold on to productions.
Bryan Cranston is among this year’s actor Oscar nominees for his performance in “Trumbo.” Yet while the whole movie is set in Los Angeles, not one of his scenes was actually filmed here.
REAL ESTATE: Ratkovich exec defends renovation’s timetable, financial outlook.
Developer Ratkovich is still sold on the Bloc’s prospects despite the shopping center’s renovation delays.
ONLINE: Fandago acquires Rotten Tomatoes, Flixster in bid to reach moviegoers.
Movie-ticket seller Fandango hopes to rate as a bigger Internet presence with the pickup of two film review sites.
News and notes from communities across Los Angeles County
Studio One Eleven, a Long Beach architecture and design firm, has opened an office in downtown Los Angeles.
M. Anthony’s program will also offer tips on making it in industry.
Denim maker M. Anthony has launched a program to help startups join the clothing industry’s fold.
Form follows function again as co-owners revive Tail O’ the Pup.
Co-owners of Tail O’ the Pup have formed a comeback plan for the hot dog-shaped stand.
INVESTMENT: Honest mulls flotation amid tech disconnect.
Honest Co.’s focus on consumer service could help sell the e-tailer’s IPO on Wall Street.
HEALTH CARE: Future costs unknown for facility, patients.
Hospital may end up paying more than just hacker’s ransom after cyberattack.
Friday, February 19
Virgin Galactic has unveiled a new spaceship just over year after that craft’s predecessor crashed during a test flight, killing one of its two pilots. The Long Beach company unveiled the new ship, VSS Unity, at Mojave Air & Space Port Friday. Virgin Galactic said it would continue to pursue the goal of putting tourists into space despite the October 2014 crash of its SpaceShipTwo, which was caused when one of the pilots prematurely deployed tail surfaces.
Alfred E. Mann, the 90-year old billionaire founder of MannKind Corp., has resigned as its executive chairman, according to a company statement. Former Northrop Grumman Corp. Chief Kent Kresa will succeed Mann after serving as a director at the Valencia drugmaker since 2004. Mann, who founded the company in 1991, poured much of his personal fortune into its operations. He will remain as chairman emeritus and serve as an adviser.
For Los Angeles hotels, the announcement Thursday that the Porter Ranch-area gas leak had been officially sealed was a mixed blessing. On the one hand, it means lots of hotel rooms will be emptied out as gas-leak refugees return home. On the other, it will give hoteliers options to serve other guests – often at higher rates.
Californians have embraced carpooling options offered by ridesharing companies Uber and Lyft despite the fact that commercial carpooling is still illegal in the state, the Los Angeles Times reported Friday.
Rapper Drake might have another hit on his hands – but this time not of the musical variety. The artist, who also goes by the nickname “Champagne Papi,” is ramping up for the launch of Virginia Black Whiskey. The beverage line has already generated some bling to the tune of $1.6 million in seed funds, according to a filing with the Securities and Exchange Commission.
The Dow Jones industrial average fell 21 points in Friday trading to close at 16,392. The S&P remained flat at 1,918 points. The Nasdaq rose 17 points to close at 4,504 The LABJ Stock Index was up 1 point to 213.
NantKwest, an immunotherapy company in Culver City, was one of the week’s leading gainers on the Los Angeles Business Journal’s Stock Index of local companies, with shares up 25 percent to close at $8.14. The firm is known for using “natural killer” cells to treat cancer, infectious diseases and inflammatory diseases. Woodland Hills Internet service provider United Online Inc. also had a good week. Shares rose 23 percent to close at $12 a share. Differential Brands Group, a downtown Los Angeles apparel firm, was one of the week’s biggest losers. Shares fell 13percent to close the week at $4.50.
A weekly roundup of must-read L.A. tech investments and acquisitions.
Virgin Galactic has unveiled a new spaceship just over year after that craft’s predecessor crashed during a test flight, killing one of its two pilots.
Attn: Inc. of West Hollywood, a politically liberal news and advocacy site, has raised $18.6 million.
The first 250-mile section of the California bullet train will be built from the Kern County line to San Jose instead of Fresno to Burbank, the Los Angeles Times reports. High construction costs and political opposition in Southern California were cited as reasons for the change.
A ballot proposal unveiled on Wednesday would force real estate developers in Los Angeles to provide affordable housing if proposing a project larger than planning rules allow. According to the Los Angeles Times, the measure is targeted for the Nov. 8 ballot.
A petroleum administrator will oversee all oil and gas production activity in the city, according to the Los Angeles Daily News. The Los Angeles City Council approved a motion to create the petroleum administrator position by a vote of 14-0.
Nicole Seligman will step down from her position as president of Sony Entertainment and Sony Corp. of America, the Los Angeles Times reports. The executive, who is leaving to pursue other opportunities, will stay with the company through the end of next month.
Alfred E. Mann has resigned as executive chairman of Mannkind Corp., according to a press release. Kent Kresa, who previously served as lead director, has been named the Valencia drug manufacturer`s new chairman. Mann was the Business Journal´s Los Angeles Business Person of the Year in 2003, while Kresa received the honor in 2002.
The Dow Jones industrial average fell 105 points to 16,286 in early Friday trading. The S&P 500 fell 14 points to 1,903. The Nasdaq fell 31 points to 4,125. The LABJ Stock Index fell 1 point to 211.
Thursday, February 18
Dollar Shave Club is hitting back against Proctor & Gamble Co.’s allegations of patent infringement by counterclaiming that the razor behemoth’s patent is invalid.
City Attorney Mike Feuer has filed a lawsuit against developer GH Palmer Associates for $20 million in compensatory damages incurred to city property by a massive fire at the DaVinci Apartment construction site on Dec. 8, 2014.
One gamble that paid off for Howard Marks, co-founder of Los Angeles distressed-debt manager Oaktree Capital Group, was his $20 million investment in 2009 for a one-fifth stake in DoubleLine Capital, founded by Jeffrey Gundlach.
Downtown clothing company Revolve is a local fashion powerhouse, selling $440 million worth of apparel, yet you may not have heard of it. Likewise, the top execs, Michael Mente and Mike Karanikolas, are not household names, a strategy in place since 2003 involving slow growth and anonymity.
Underground cell phone service in the Metropolitan Transportation Authority’s rail system has at last arrived, at least for downtown commuters. The MTA aims to roll out free cell service between Union Station and the Seventh Street/Metro Center Station by late March, the Los Angeles Downtown News reported Thursday.
The Dow Jones industrial average fell 40 points in Thursday trading to close at 16,413 points. The S&P fell 9 points to 1,918. The Nasdaq fell 47 points to 4,488. The LABJ Stock Index fell 1 point to 211.
SoCalGas pleaded not guilty Wednesday to misdemeanor criminal charges stemming from the months long gas leak near Porter Ranch that led thousands of residents to relocate. If convicted, the company could be fined up to $1,000 per day for air pollution violations and up to $25,000 for each of the days it didn’t notify state emergency authorities of the leak, according to the AP.
Channing Dungey has been named entertainment president of the Walt Disney Co’s ABC television network, the Los Angeles Times reports. Dungey, who replaces Paul Lee, will be the first African American to lead a major broadcast network. The news comes at a time when calls for more diversity in executive positions is a hot topic in Hollywood.
Yahoo Inc. will close its office in Burbank, the Los Angeles Times reports. At least 90 jobs are being eliminated there and others will be consolidated to the company’s Playa Vista office. This is part of an overall plan by the company to cut nearly 15 percent of its 11,000 employees.
Wall Street is calling for Viacom to sell off assets to raise cash. Jettisoning underearning Paramount Pictures is among the options, according to the Hollywood Reporter.
Westwood medical device developer Bruin Biometrics announced Thursday that its lead product, a handheld scanner that detects pressure ulcers, will be used by U.K. medical provider Virgin Care, owned by Richard Branson’s Virgin Group.
Real estate giant Brookfield Office is looking to sell the Marina Towers in Marina del Rey for almost twice what it paid for the oceanfront property ten years ago. Sources pinned the asking price for the Silicon Beach complex at $193 million, reports The Real Deal.
The Dow Jones industrial average was up 14 points in early trading Thursday to 16,467. The S&P 500 was down 2 points to 1,925. The Nasdaq was down 5 points to 4,529. The LABJ Stock Index was flat at 212.
Wednesday, February 17
Online movie-ticket seller Fandango has acquired movie rating websites Rotten Tomatoes and Flixster for an undisclosed amount.
For years, Distinctive Assets, a marketing company specializing in product promotion and placement, mounted an annual campaign to “win” during Hollywood’s awards season by giving away its highly publicized nominee gift bags.
Only six months of planning time may pose a challenge for many American cities to make an effective bid to host the Olympics. However, LA 2024 organizers say they are ready for the Wednesday deadline of their first major submission to the International Olympic Committee since it was selected as America's candidate city in September, according to Athletics Business.
Gov. Jerry Brown proposed a $176.6 million spending plan Wednesday to fund expedited and expanded testing and cleanup of residential properties, schools, daycare centers and parks around the former Exide Technologies facility in Vernon.
Perfect World, one of China's largest video game companies, is making a big investment in Universal Pictures to help launch its global film business. Nasdaq.com reported Wednesday that the Chinese company is investing $250 million in equity and expects to raise about $200 million in debt according to its president, Rong Chen.
Claremont Graduate University, the Claremont Colleges’ graduate school, announced Wednesday that its new campus in downtown Los Angeles will open this spring with a ceremony on March 3. It is hoped the facility “will serve as a hub for creative industry academic programs, special events, and creative collaborations.”
Did you know that every time DWP customers turn on a light or charge a cellphone, they pay a hidden and steep tax? Austin Beutner, former deputy mayor for Antonio Villaraigosa and Los Angeles Times publisher, wants to make Angelenos aware of this in his Wednesday editorial in Huffington Post.
The Dow Jones industrial average rose 254 points to 16,451 in Wednesday trading. The S&P rose 31 points to 1,927. The Nasdaq rose 97 points to 4,533. The LABJ Stock Index rose 5 points to 213.
The City Council's Economic Development Committee has approved a proposal to consider tossing out old plans to redevelop the L.A. Convention Center campus and look at a more ambitious idea to turn over the convention center to a developer for a bigger re-do. According to Curbed LA, the city could hand over the project to a developer in a public-private partnership or proceed with a design by HMC Architects and Populous.
Small, low-power TV stations could be knocked off the air by the federal government with no compensation to their owners, the Los Angeles Times reports. The Federal Communications Commission plans to use an auction to shift some public airwaves from carrying TV signals to delivering wireless services to smartphones.
Apple said Wednesday that it would not help the FBI unlock the phone belonging to the San Bernardino shooter. The company sees the order as an "overreach by the U.S. government," according to the statement.
A former Los Angeles Times printing plant may become creative office space. According to the Los Angeles Times, Kearny Real Estate Co. plans to spend more than $100 million to morph a 300,000 square feet Costa Mesa plant.
Los Angeles has unveiled its logo for the city's Olympic bid, according to the AP. The logo, a figure of an angel with outstretched arms, was displayed on a downtown skyscraper shortly after sunset on Tuesday. The city's accompanying slogan is "Follow the Sun."
Secretary of State John Kerry met with Hollywood studio executives in Los Angeles and spoke about the Islamic State, the Los Angeles Times reports. According to a person familiar with the meeting, some networks could play a role in countering propaganda from the terrorist group.
Independent wealth management firm Aspiriant this morning announced that it would merge with Glowacki Group, another independent wealth manager in Los Angeles which oversees $360 million in assets.
The local economy will see slower job growth this year and next as it reaches cruising altitude, the Los Angeles County Economic Development Corp. says in a forecast to be released this morning.
The Dow Jones industrial average was up 117 points in early trading Wednesday to 16,313. The S&P 500 was up 16 points to 1,911. The Nasdaq was up 44 points to 4,479. The LABJ Stock Index was up 3 points to 210.
Tuesday, February 16
William Stiritz, one of the largest investors in Herbalife, cut his stake in the Los Angeles nutrition and weight loss company to 5.2 percent, down from 8.2 percent, according to a regulatory filing Tuesday reported by Reuters.
Reality series “Chasing the Cup,” which made its broadcast television debut Monday night on the CW Network, offers avid video gamers and casual fans an up-close look at competitive gaming. Although the airing reached a niche audience, the Los Angeles Times reported Tuesday that the broadcast was part of an “important experiment” for Warner Bros. Entertainment, parent company of CW.
There are ambitious plans in the works to revive Crenshaw Boulevard in South Los Angeles, and make it as much of a community destination as the recently gentrified Downtown and Highland Park areas. This would be accomplished through transforming the Baldwin Hills Crenshaw Plaza and surrounding area into an “urban village” that would mirror Glendale's Americana at Brand.
While some may argue the Academy Awards’ nominee pool lacks diversity, there’s no question that Fast Company magazine’s Most Innovative Companies List of 2016, released Tuesday
Nevada State Treasurer Dan Swartz said he is growing concerned whether Faraday Future or its billionaire backer, Jia Yueting, will put up the money needed for the company’s $1 billion electric car factory in North Las Vegas.
The Dow Jones industrial average rose 220 points to 16,194 in Tuesday trading. The S&P rose 31 points to 1,895. The Nasdaq rose 98 points to 4,436. The LABJ Stock Index rose 4 points to 208.
Manhattan Beach sneaker purveyor Skechers not only gained a national marketing boost from its inaugural sponsorship of the Los Angeles Marathon, now dubbed 2016 Skechers Performance Los Angeles Marathon, it also crossed several milestones to elevate its brand over the weekend.
The Beverly Center mall, sometimes derided architecturally as a blob of ’80s amber, appears set for a major re-do. According to Curbed LA, details of the renovation will be announced March 7, but the chief executive of Taubman Centers, the owner, has said it will be a “comprehensive renovation” and added it will be “very expensive.”
After crippling the computer systems of the Hollywood Presbyterian Medical Center, hackers are demanding a $3.6 million ransom, according to Business Insider. Computer systems at the hospital have been useless for more than a week, and some patients had to be transferred to other hospitals.
Want to know how fast China’s movie industry is booming? Last week set a box office record for any week anywhere. Not only that, the week’s receipts were greater than for the entire year of 2007 in China, the Los Angeles Times reports. For the full month, the box office in China likely will outpace that of all of North America.
People in China apparently are so busy attending movies they aren’t patronizing theme parks. Hong Kong Disneyland posted a net loss of $19 million in fiscal 2015, according to the Los Angeles Times. A decreasing number of visitors was mainly to blame.
The death of Supreme Court Justice Antonin Scalia could neutralize a California lawsuit previously expected to weaken teachers unions. According to the Los Angeles Times, without Scalia, a 4-4 split in Friedrichs vs. California Teachers Association is considered likely, which means the union would be safe – for now.
The Los Angeles Dodgers have partnered with entertainment executive Tim Leiweke and music industry veteran Irving Azoff to attract major bands to Dodger Stadium, according to the Los Angeles Times.
The Dow Jones industrial average was up 143 points in early trading Tuesday to 16,117. The S&P 500 was up 19 points to 1,884. The Nasdaq was up 64 points to 4,401. The LABJ Stock Index was up 3 points to 207.
Monday, February 15
The final tab for Walt Disney Co.’s purchase of Culver City’s Maker Studios is $675 million, according to a company filing with the Securities and Exchange Commission.
Although lawn remodeling rebates prompted many Los Angeles homeowners to replace their grass with native California plants and other drought-friendly forms of landscaping, budget cuts at the Metropolitan Water District could mean those incentives would dry out.
Financial services firm Ernst & Young may help put a planned Los Angeles Streetcar program back on track, the Los Angeles Downtown News reported Monday. A June report on the proposed Los Angeles Streetcar suggested the 3.8-mile Downtown loop would cost $281.6 million, leaving a shortfall of at least $144 million after accounting for local tax dollars and hoped-for federal government funding.
Businesses and race planners in L.A.’s Chinatown are hoping this year’s edition of the Firecracker Run on Feb. 20 and 21 will boost visitor numbers, foot traffic and interest in Asian-American culture.
Harry Styles, of One Direction boy band fame, has made himself at home in Los Angeles to move ahead with his solo career. However, he finds himself so homesick for Wasel Ali's Paradise, his favorite London “curry house,” that he announced plans to help Wasel Ali’s owner launch an outpost in Los Angeles, according to the Business Standard on Monday.
RETAIL: Kin Los Angeles looks to niche brands for splash outside mainstream.
Clothing boutique Kin Los Angeles tries on a new strategy with a focus on labels outside the mainstream.
FOOD: Will Iranian farmers field challenge to Wonderful’s pistachio market share?
Wonderful Co. so far has refused to go nuts over looming competition from Iranian pistachios.
PR exec Richard Grenell doesn’t shy away from intense jobs or backing gay rights as a Republican.
Former U.N. spokesman Richard Grenell has lots to say in defense of his clients and his beliefs as a gay conservative.
REAL ESTATE: Santa Monica’s vacancies rise as firms relocate.
Santa Monica’s once-red-hot office scene cools as Silicon Beach tenants warm up to less-pricey markets.
With the Porter Ranch-area natural gas leak plugged, Southern California Gas Co. is preparing to face a series of legal battles with various government agencies that have piled up. According to the Los Angeles Times, the company is insured in excess of $1 billion.
The daughter of Sumner Redstone is intent on remaining a key player in the future of CBS and Viacom. According to the Los Angeles Times, Shari Redstone owns 20 percent of the family’s investment vehicle that holds the controlling shares of both companies.
In the age of Tinder, eHarmony remains successful. According to a profile of the company in the International Business Times, eHarmony´s commitment to helping people find serious relationships online has made it one of the leaders of the $2.4 billion online dating industry.
An Orange County designer has the vision behind what could be the most expensive home on the planet. According to the Orange County Register, Paul McClean is designing a $500 million home in Bel Air.
“Deadpool,” an R-rated movie from 20th Century Fox, took in about $135 million at North American theaters over the weekend. According to the New York Times, it was the biggest domestic opening on record for an R-rated movie.
Though Jae Whan Yoo lived in South Korea for the majority of his life, his first bank job came from an American lender and would lay the groundwork for a career that’s seen him crisscrossing the Pacific.
Fake shark in ‘Jaws’ will make jump from junkyard to museum.
The prop shark from “Jaws” is ditching his digs at a dump for a starring role at a new museum.
Lindsay Hollister’s ingredients include tea, mac ’n’ cheese.
Blossoming chain Pie Hole looks to fill customers with its range of exotic flavors.
Crelow hopes to speed matchmaking process for tenants, landlords.
Crelow’s website aims to open the door to easier, speedier deals for tenants and landlords.
Perrie Weiner might have been a rock musician, but instead he became a co-managing partner of global law firm DLA Piper.
News and notes from communities across Los Angeles County
K2 Intelligence, a New York-based investigative, compliance and cybersecurity firm, has opened an office in downtown Los Angeles.
ENERGY: Breitburn, CRC dragged down further by firms’ heavy debt loads.
Local firms lose even more ground with investors as stock and oil prices continue to plunge.
INVESTMENT: Wedbush broker, two others accused in sale of marketing firm.
Federal regulators accuse broker and two others of insider trading in deal for marketing firm.
NONPROFIT: Temporary project to put South Park on road to more greenery.
Business district finds grounds for creating a parklet along a median in downtown Los Angeles.
MEDIA: Co-founders of JS2 turn to magazines, papers to serve customers’ desires.
Digital media has been a boon to L.A. restaurants as foodies often use blogs and social media to crow about their favorite eateries.
GOVERNMENT: Mike Feuer says some L.A. operations are fronts for prostitution.
Los Angles City Attorney Mike Feuer has launched a crackdown against massage parlors believed to be fronts for brothels.
POLITICS: Supporters, foes of measures face choices on use of campaign resources.
Local businesses face the prospect of being overwhelmed this fall by the sheer number of major ballot measures that would impact operation.
Pursuing computer programming in addition to business studies allowed Noor Menai to get his finance career started at some of the biggest banks in the world.
Li Yu has a background in accounting and finance, but he got into banking by chance.
DINING: Factory Place eyes another serving of succes at new Industrial District spot.
Factory Place Hospitality Group is continuing to infuse downtown L.A.’s Industrial District with Italian dining.
Though he’s a physicist by training, banking caught Dunson Cheng’s eye when he saw the impact it could have on Chinese emigrants in Los Angeles.
South Korean-born Chong Guk Kum has been a banker for four decades, but he’d never worked for a Korean-American bank until he joined Hanmi Bank three years ago.
Bank executives give their accounts on how to serve an ethnic niche clientele and grow business.
ACQUISITION: Investor scores pair of apartment properties for $5.82 million.
A growing crop of investors is looking to cash in on Inglewood real estate now that the National Football League has declared the city will be home to the Los Angeles Rams.
How Gensler’s Cohen got world’s largest projects
Co-CEO Andy Cohen has seen business build up at Gensler side by side with downtown L.A.’s renaissance.
POLITICS: One rate may ease clash of different city wages.
Some business groups hope a statewide minimum-wage measure will pay off with a uniform rate.
Kevin Kim started his career as an accountant for “big eight” accounting firms, but he wanted something less predictable.
Friday, February 12
A weekly roundup of must-read L.A. tech investments and acquisitions.
Defiant billionaire Elon Musk remains confident his companies will persevere even in the face of heavy financial losses and speculation about their viability.
Compton city officials have moved to address the lack of a movie theater there by proposing the construction of a 14-screen, 60,000-square-foot cinema, the Los Angeles Times reported Friday.
While the hotly anticipated Universal Studios Hollywood attraction, Wizarding World of Harry Potter, doesn't officially open until April 7, a handful of lucky theme park guests would be getting a sneak peek, the Los Angeles Times reported Friday.
Delta Air Lines is deepening its ties to L.A.’s sports and entertainment community with a new six-year, multi-platform agreement with Downtown L.A. sports and entertainment presenters Anschutz Entertainment Group, the airline announced this week.
Downtown L.A. street Broadway has enjoyed a resurgence in recent years, with the redevelopment of several vintage buildings and openings of new restaurants and retailers. However, our Broadway is not quite ready for its full-on comeback, thanks in part to the lack of the neon signs that defined the thoroughfare during its golden age in the mid-20th century.
Sandro Monetti’s business take on the plots of this weekend’s new movie releases.
Cheviot Hills health care-focused private equity firm Varsity Healthcare Partners announced Thursday it has sold its majority interest in Manitowoc, Wisc.-based Forefront Dermatology, a network of dermatology practices, to OMERS Private Equity, the Toronto investment arm of a Canadian pension plan. Terms of the transaction were not disclosed.
The Dow Jones industrial average rose 305 points in Friday trading to close at 15,965. The S&P 500 rose 35 points to 1,864. The Nasdaq rose 71 points to close at 4,337. The LABJ Stock Index rose 2 points to 204.
Among stocks trading above a dollar, Los Angeles biopharmaceutical research and development oncology company CytRx was the week’s leading gainer. Shares rose 42 percent to close at $2.51 on Friday. Ritter Pharmaceuticals Inc., a Century City purveyor of therapeutic treatments for gastrointestinal diseases, also had a healthy week. Shares rose 19% percent to close at $1.41. Commerce furniture designer and manufacturer Nova LifeStyle Inc. was the week’s biggest loser. Shares fell 18 percent to close at $1.26.
There is still much work to do after the massive gas leak which caused thousands of people in Porter Ranch to leave their homes was temporarily plugged yesterday. SoCalGas is now working to permanently plug the well in Aliso Canyon so that the community can start returning to normal, the Los Angeles Times reports.
When Whole Foods opens the first of its new Whole Foods 365 stores in Los Angeles this May, a tattoo parlor could be included there as part of a plan to appeal to millennials, USA Today reports.
Los Angeles company KB Home, one of the nation’s largest home builders, has reached a $23.5 million settlement with the attorney general of Florida to resolve allegations of shoddy construction and deceptive business practices, the Los Angeles Times reports. Florida Atty. Gen. Pam Bondi alleged that the firm failed to disclose to buyers that its homes violated building codes.
Les Moonves, who was named CBS chairman last week, told analysts in the company’s quarterly earnings call he has been given a “free rein” by dominant shareholder Sumner Redstone, reports Deadline Hollywood. Moonves said there would be stability at the company for years to come and was especially bullish about the health of TV advertising.
Jerry Jones provided the pivotal support that helped assure the relocation of the Rams to Los Angeles, ESPN reports. An impassioned plea from the Dallas Cowboys owner turned the NFL vote in favor of Stan Kroenke’s Inglewood plan.
Lucian Grainge, chairman of Santa Monica’s Universal Music Group, will be a winner no matter what at Monday’s Grammy Awards, the Hollywood Reporter says in a profile piece. All five album of the year nominations are his artists.
The Dow Jones industrial average rose 162 points in early trading Friday to 16,822. The S&P 500 rose 18 points to 1,847. The Nasdaq rose 26 points to 4,292. The LABJ Stock index fell 1 point to 201.
Thursday, February 11
MySpace parent company Viant has sold a majority stake to New York’s Time Inc. for an undisclosed amount.
The gas leak that has been plaguing Porter Ranch for almost four months has been temporarily stopped, Southern California Gas Company announced Thursday.
The Ports of Long Beach and Los Angeles kicked off 2016 with a record surge of traffic.
A small bank building in Santa Monica has sold for a huge price. An affiliate of New York private real estate investor KLM Equities Inc. beat out about a dozen other all-cash offers for the 2,200 square-foot building at 2301 Wilshire Blvd. with its $6.25 million bid, according to downtown L.A. brokerage CBRE Group Inc., which represented the buyer and seller.
The newest enterprise to surface in the burgeoning field of content-focused virtual reality companies is The Rogue Initiative in Los Angeles.
Starbucks, Taco Bell and Papa John’s are among restaurant chains joining forces for a massive hiring fair called 100,000 Opportunities on Thursday at the Los Angeles Convention Center. It targets “opportunity youths,” or young people who are neither working nor in school, according to Nation’s Restaurant News.
The Dow Jones industrial average fell 255 points in Thursday trading to 15,660. The S&P fell 23 points to 1,829. The Nasdaq fell 17 points to 4,267. The LABJ Stock index fell one point to 202.
The California Coastal Commission voted 7-5 on Wednesday evening to fire Executive Director Charles Lester. The move came despite the objection of hundreds of Lester supporters, many of whom characterized the decision as a boon for developers, according to the Los Angeles Times.
Southwest Airlines has submitted an application to begin daily service out of Long Beach Airport later this year, according to the Los Angeles Times. The carrier would join JetBlue, American Airlines and Delta Air Lines at the airport.
Los Angeles County had more people working in the solar industry last year than anywhere else in the country, with Orange County a close second, City News Service reports. The Solar Jobs Census tallied more than 15,00 solar industry jobs in L.A. County and 6,100 in Orange County.
Federal financial assistance will be made available to Porter Ranch businesses impacted by the natural gas leak in Aliso Canyon, the Los Angeles Daily News reports. The businesses will be eligible for Economic Injury Disaster Loans from the U.S. Small Business Administration.
Los Angeles motorists should brace for heavy traffic as President Obama heads to town for a two-day visit, according to the Los Angeles Times. Obama is scheduled to attend an afternoon taping of “Ellen” in Burbank before heading to Hancock Park in the evening for fundraisers.
The Dow Jones industrial average was down 252 points in early trading Thursday to 15,614. The S&P 500 was down 29 points to 1,817. The Nasdaq was down 59 points to 3,908. The LABJ Stock Index was down 2 points to 201.
Wednesday, February 10
Real estate crowdfunding website Patch of Land of Westwood has signed an agreement with an undisclosed lender, who will purchase up to $250 million in loans, reports Crowdfund Insider.
There are many fish in the sea, and a new fleet of online matchmaking services offer fresh ways to reel in the perfect mate. At this year’s iDate Awards in Miami, however, the online dating industry recognized one of its oldest members, Los Angeles dating service eHarmony.
College Station, an ambitious Chinatown multi-purpose real estate project initially broached in 2014 by now-defunct developer Evoq, has been redesigned under the helm of Atlas Capital Group, which acquired Evoq, the Downtown News reported Wednesday.
The California Film Commission announced Wednesday that 13 new feature films, including 10 studio productions and three independent productions, were earmarked for the state’s expanded Film and Television Tax Credit Program in its second round of selections.
City Attorney Mike Feuer said has filed a lawsuit against Los Angeles-based massage salons after allegations their owners were operating a ring of brothels.
Jim Buss, Los Angeles Lakers co-owner and executive, has put his penthouse in downtown Los Angeles up for sale at $8.8 million, the Los Angeles Times reported Wednesday.
The Dow Jones industrial average fell 100 points in Wednesday trading to close at 15,915. The S&P 500 remained at 1,852 points. The Nasdaq rose 15 points to 4,284 points. The LABJ Stock index fell one point to 203.
READER POLL: Reports that Mattel may be in merger talks brings up an old question: Do you hate to see a big local company get bought by an out-of-town one?
Reports that Mattel may be in merger talks brings up an old question: Do you hate to see a big local company get bought by an out-of-town one?
If you want to know how much Playa Vista is taking off, consider this: A mixed-use project there has been sold to a Dallas investment firm for $475 million, according to the Los Angeles Times. The retail, residential and office development known as Runway Playa Vista, only cost about $300 million to develop.
Manuela Herzer, the jilted companion of Sumner Redstone, was set to receive $50 million and his $20 million Beverly Park mansion, but she was abruptly removed from his estate plan in October, the New York Times reports. The assets will now go to Redstone’s charitable foundation after his death.
Needing money to fight charter schools, the Los Angeles teacher´s union has asked its 32,000 members to raise dues by nearly a third, to about $1,000 a member annually, the Los Angeles Times reports. A previous attempt to increase dues failed in 2008.
Although the Walt Disney Co. reported earnings that beat expectations on Tuesday, its stock declined more than 5 percent in after-hours trading, Reuters reported. Investors appear jittery about ESPN’s decline in profit, which overshadowed the success of "Star Wars: The Force Awakens."
Speaking of Disney, the Burbank company reported a 10 percent increase in attendance at the company's domestic theme parks and a 7 percent rise in per-capita spending on food, drinks, admission and merchandise in the most recent quarter, the Los Angeles Times reports.
Optimism about the economy by U.S. small-business owners has slipped to a recent low, according to the Los Angeles Times. The monthly optimism index from the National Federation of Independent Business declined by 1.3 points to 93.9 last month, which suggests small business owners feel uncertain about the economy.
Los Angeles´ Rams owner Stan Kroenke, who already owns 11 ranches, has agreed to purchase a ranch in Texas that’s bigger than Los Angeles and New York put together, Bloomberg reports. The 520,000-acre estate had been listed for $725 million.
The Dow Jones industrial average was up 56 points in early trading Wednesday to 16,070. The S&P 500 was up 13 points to 1,866. The Nasdaq was up 51 points to 4,319. The LABJ Stock Index was down one point to 203.
Tuesday, February 9
Snapchat has signed a multiyear deal to allow Viacom Inc. to sell advertisements on its app.
Walt Disney Co. of Burbank has parted ways with Techstars, the company running its accelerator program, reports the L.A. Times.
New Viacom Inc. Chairman Philippe Dauman is already on the defensive after the media company fell short of revenue expectations for the fifth quarter in a row.
Mark Suster, a partner at L.A.’s largest venture capital firm, Upfront Ventures in Santa Monica, has warned that a major correction could be coming to the tech financing market.
Following fourth quarter profits bolstered by sales of “Star Wars” toys, Hasbro Chief Executive Brian Goldner said he would be open to future deals, but would not comment specifically about recent speculation over prospective merger talks between his company and El Segundo toy giant Mattel Inc.
Warner Music Group and others who fought to hold the copyright on “Happy Birthday to You” – listed by the Guinness Book of World Records as the most recognized song in the English language - have given up their claims to the song.
A pioneer of the medical marijuana industry has been appointed to the advisory board of Santa Monica’s Marijuana Company of America, CNN Money reports.
The Dow Jones industrial average fell 13 points in Tuesday trading to close at 16,014. The S&P 500 fell 1 point to 1,852. The Nasdaq fell 15 points to 4,269. The LABJ Stock Index remained at 204.
A battle over whether to fire the executive director of California Coastal Commission is really about whether the commission will allow more development along the coast. According to the Los Angeles Times, the commission will consider ousting Charles Lester, a 23-year veteran of the agency, during its regular meeting in Morro Bay on Wednesday.
Rupert Murdoch´s 21st Century Fox reported disappointing earnings Monday. According to the Los Angeles Times, the L.A. based film unit was a big drag; “The Martian” and “The Peanuts Movie” fell short of rescuing the quarter.
Warner Music Group has stepped up its investment in Artist Partners Group, a Los Angeles-based venture that provides business services to artists and producers. The Los Angeles Times reports that Warner Music and Atlantic are investing "multiple millions" of dollars in the venture.
Over 600,000 illegal immigrants who live in California were granted driver's licenses in 2015, AFP reports. Under a new law, the California Department of Motor Vehicles expects a total of about 1.4 million people will get their license by the end of next year.
Despite an ongoing controversy over diversity, Oscar rituals will proceed as usual, the New York Times reports. At a luncheon for Oscar nominees Monday, Cheryl Boone Isaacs, president of the Academy of Motion Picture Arts and Sciences, did not discuss additional steps to broaden the group’s membership and choices.
Chipotle Mexican Grill Inc. is spending $10 million on food-safety — and it is offering free burritos. The company closed all of its 1,971 U.S. stores for part of Monday so employees could attend a national team meeting, after recent food-borne illnesses sickened customers.
Miley Cyrus has bought a house in Malibu for $2.53 million, the Los Angeles Times reports. The contemporary two-story house has four-bedrooms and three-bathrooms and sits on two-plus-acres.
The Dow Jones industrial average was down 26 points in early trading Tuesday to 16,001. The S&P 500 was down 2 points to 1,852. The Nasdaq was up 11 points to 4,294. The LABJ Stock Index was up slightly to 204.
Monday, February 8
Southern California Gas Co. announced Monday it has reached a new agreement with the city to extend the time allotted for displaced Porter Ranch residents to return home once the Aliso Canyon gas leak has been resolved.
Imagine Entertainment, anchored by Hollywood heavyweights Brian Grazer and Ron Howard, announced Monday that it has received a significant investment from the merchant bank the Raine Group.
Online retailers Dollar Shave Club and Honest Co. ran their first Super Bowl advertisements on Sunday, signifying a major push to expand each company’s brand. The Super Bowl commercials come as both companies aim to be better known among consumers and perhaps retail investors.
CBS Corp. Chief Executive Leslie Moonves, who last week also became executive chairman, is using his expanded influence at the network to build a greater presence in the digital television realm, Reuters reported Monday.
In an effort to bring more green space to Downtown L.A.’s concrete jungle, the South Park Business Improvement District is working on plans to create a temporary park in the median of Hope Street.
On-demand parking service Zirx is pulling out of its on-demand, consumer parking business, which it launched in Los Angeles in November 2014.
The New York Times reported Monday that Crystal Cruises in Century City has announced plans to convert the SS United States, a historic ocean liner from the Cold War era, into a cruise ship called the United States by Crystal Cruises.
The Dow Jones industrial average fell 178 points to close at 16,027 in Monday trading. The S&P 500 fell 27 points to 1,853. The Nasdaq fell 79 points to 4,283. The LABJ Stock Index fell 4 points to 204.
Online retailers Dollar Shave Club and Honest Co. ran their first Super Bowl advertisements on Sunday, signifying a major push to expand each company’s brand.
Residents of the Porter Ranch area say their stress has been magnified by confusion and misinformation about reimbursements, disorganization, and bureaucracy on the part of SoCalGas, the Los Angeles Daily News reports. Since a gas leak was discovered at a well in October, SoCalGas has placed more than 6,000 households in temporary housing.
The proposed California high-speed rail is back in the spotlight. Some residents have filed a lawsuit against the state, saying it can't keep the promises made to voters in 2008 about travel times and system cost, the AP reports.
Despite Walt Disney Co.´s blockbuster success with “Star Wars,” investors are worried about subscriber losses at its cable networks, MarketWatch reports. The company on Tuesday is expected to report earnings of $1.45 a share for the first quarter, a 14 percent increase, but may not be enough to reverse a 10 percent stock slide so far this year.
"Kung Fu Panda 3" fended off the Coen brothers' "Hail, Caesar!" to stay on top at the box office this weekend, Box Office Mojo reports. The movie grossed an estimated $21 million during its second weekend in theaters.
The Dow Jones industrial average was down 211 points in early trading Monday to 16,205. The S&P 500 was down 35 points to 1,880. The Nasdaq was down 146 points to 4,363. The LABJ Stock Index was down 6 points to 208.
TV: ‘Family Feud’ puts up record ratings in wake of gaffe by host Steve Harvey.
Steve Harvey’s Miss Universe gaffe might have embarrassed him in the eyes of the world, but it hasn’t hurt the ratings for his TV game show.
Richard Stellar plugs light fixture exec Jack Zukerman’s demanding standard of excellence.
Teacher’s lawsuit over ‘agency fees’ points to union’s inability to prove advantages of membership.
Teacher’s lawsuit over “agency fees” is teaching unions a lesson on their lack of appeal for some workers, writes John Mirisch.
DINING: Chef shows may be feeding high cook turnover.
Dreams of celebrity chef status brings in cooks but the hard work drives them out as eateries struggle to hold on to good workers.
Taft Building at Hollywood and Vine turns corner as renovations pull in new tenants.
Hollywood’s iconic Taft Building steps into the spotlight with help from a $15 million makeover and tech tenants.
ENTERTAINMENT: Burnish Creative’s co-founders credit firm’s physical office, location with scoring TV editing work.
Burnish Creative’s co-founders say a physical office played a lead role in growing their TV editing firm.
Businesses make tracks to incoming Expo Line stops
Businesses are pulling out the stops to take advantage of the incoming Expo Line’s stations.
It’s unfortunate, but desalinated water may become a sticky industry for Californians, Charles Crumpley says.
ACQUISITION: Meridian picks up pair of buildings with $37.5 million offer.
A $37.5 million deal last month for a pair of decades-old buildings showcased investors’ healthy interest in Pasadena’s medical office market.
RETAIL: Rachel Zoe looks to brick-mortar location to expand celeb-fueled status.
L.A. designer and stylist Rachel Zoe is taking on a new project this month.
DINING: Pieology Pizzeria hopes Panda Express’ parent can help guide expansion.
Pieology Pizzeria has got plans in the oven to win the parlor wars.
SPORTS: Bid committee pursues event with backing from Banc of California.
While some Angelenos might be banking on Los Angeles being chosen to host the 2024 Summer Olympic Games, Banc of California will be banking the actual effort.
DINING: Chipotle and rivals take heed following food contagion crisis.
Investors find shares of Chipotle easier to swallow after containment of the chain’s health scare.
MANUFACTURING: OSI’s shares tumble after missing targets for second quarter.
Wall Street sees shares of OSI as too risky after the maker of security systems misses revenue targets.
News and notes from communities across Los Angeles County
Cathay General Bancorp, the downtown L.A. parent of Chinese-American lender Cathay Bank, has approved the repurchase of up to $45 million of the company’s common stock.
Most people who start a scholarship fund do so in the mid- to late stages of their successful career.
Family-run Abell looks back on lots of history in 100-year existence.
Family-run Abell has seen lots of action after being on the block for 100 years.
Speedway in Fontana believes $2,500 tickets won’t drive off VIPs.
Auto Club Speedway gears up to land VIPs with its pricey, trackside lounge.
Sexologist Ava Cadell uses system to hook up clients with romance.
Sexologist Ava Cadell’s compatibility survey helps people get what they are asking for in the bedroom.
ADVERTISING: Agencies get ball rolling outside Super Bowl.
Agencies crafting Super Bowl ads say the new trick is how they will play online outside of the game.
SPORTS: James Butts praises Inglewood, rips Eric Garcetti.
Mayor James Butts discusses how he and Inglewood officials – not Eric Garcetti – tackled the return of the Rams.
Sunday, February 7
TECHNOLOGY: Digital LA’s Kevin Winston links execs, firms via his one-man shop.
Kevin Winston’s Digital LA helps shore up the scene in Silicon Beach with its signature events.
Friday, February 5
USC athletic director Pat Haden will step down from his post June 30, according to a statement Friday from the university.
A weekly roundup of must-read L.A. tech investments and acquisitions.
Online retailer Honest Co. is working with bankers for an initial public offering of its stock, according to sources cited by Bloomberg.
Virtual reality content producer and publisher WEVR of Venice has raised a $25 million round.
CNBC reported Friday that negotiations for a Hasbro-Mattel merger aren't ongoing, contrary to earlier reports that the two toymakers began discussions of a merger in late 2015.
The $5 billion Landside Access Modernization Project, one of the largest construction endeavors in Los Angeles history, promises to revolutionize road and rail access to the Los Angeles International Airport and serve as the cornerstone for the airport, the Daily Breeze reported Friday.
The Sydney Morning Herald reported Friday that global retail giant Westfield has invested close to $100 million in the Los Angeles International Airport as part of its transformation of transport hubs across North America.
The Multi-Ethnic Coalition called on major Hollywood studios to do a better job of representing America's diversity at a news conference in Pasadena Thursday, according to the Los Angeles Times.
It's been a wild season in the winter produce market dominated by California growers, who are responsible for 90 percent of the country's many winter vegetables, the Los Angeles Times noted in a report tied to California vegetables’ role in filling Super Bowl snack spreads.
Brentwood private equity firm Angeles Equity Partners announced Wednesday that its affiliate has acquired U.G.N. Inc., an automotive noise damping products maker headquartered in Chicago Heights, Ill. The business will now operate under the name Applied Acoustics International. Financial terms were not disclosed.
The Dow Jones industrial average fell 212 points in Friday trading to close at 16,205. The S&P fell 35 points to 1,880. The Nasdaq fell 146 points to 4,363. The LABJ Stock Index fell 6 points to 208.
Shares of Marathon Patent Group, Inc., a Santa Monica company that acquires assets from patent holders, rose 39% to close the week at $2.50 a share. Nova Lifestyle, Inc., a furniture manufacturer in Commerce, rose 28% this week to close at $1.52 a share. The week’s biggest loser was Differential Brands Group, Inc., a Commerce firm developing clothing brands such as Joe’s Jeans, Robert Graham and Hudson in for retail, e-commerce and licensing channels, falling 33% to close at $5.35 a share.
Shares of Marathon Patent Group, Inc., a Santa Monica company that acquires assets from patent holders, rose 39% to close the week at $2.50 a share. Nova Lifestyle, Inc., a furniture manufacturer in Commerce, rose 28% this week to close at $1.52 a share. The week’s biggest loser was Differential Brands Group, Inc., a Commerce firm developing clothing brands such as Joe’s Jeans, Robert Graham and Hudson in for retail, e-commerce and licensing channels, falling 33% to close at $5.35 a share.
Shares of Marathon Patent Group, Inc., a Santa Monica company that acquires assets from patent holders, rose 39% to close the week at $2.50 a share. Nova Lifestyle, Inc., a furniture manufacturer in Commerce, rose 28% this week to close at $1.52 a share.
A state official said Thursday that the damaged well spewing natural gas near Porter Ranch could be capped by the end of next week, according to the Los Angeles Times. A senior advisor to Gov. Jerry Brown said that the relief well that is being drilled was tentatively expected to intercept the leaking well as early as Monday.
A controversial plan by SoCal Gas has been thrown out. The plan would have given displaced residents only 48 hours to return home once the Porter Ranch gas leak, which has been spewing gas since October, is contained.
The appointment of Philippe Dauman as chairman of Viacom Inc. has exposed a boardroom rift that could cause uncertainty for Nickelodeon, MTV and Paramount Pictures. The lone vote against Dauman came from Sumner Redstone's daughter, Shari Redstone.
Marinello Schools of Beauty announced Thursday it will close all 56 of its campuses after losing federal funding, the Los Angeles Daily News reports. The Department of Education said that Marinello was requesting federal aid for students based on invalid high school diplomas, and under-awarding federal aid to students, among other infractions.
Public schools are set to receive a $63-million boost because the winner of the huge SuperLotto prize has failed to file a claim, the Los Angeles Times reports. The lottery winner had until 5 p.m. Thursday to do so.
After years of waiting, imported Persian carpets are now available throughout the U.S., following the lifting of sanctions against Iran. The end of the embargo is reinvigorating a commercial lifeline in Southern California, the Los Angeles Times reports.
The Dow Jones industrial average was down 31 points in early trading Friday to 16,385. The S&P 500 was down 10 points to 1,905. The Nasdaq was down 41 points to 4,468. The LABJ Stock Index was down 2 points to 212.
Thursday, February 4
Wireless power startup uBeam of Santa Monica has hired two ultrasonic industry veterans.
MTV and Comedy Central have a new boss. The Los Angeles Times reported that Viacom chief executive Philippe Dauman was elected chairman Thursday, succeeding his mentor Sumner Redstone.
Chicago entrepreneur Michael Ferro is investing $44.4 million in Los Angeles Times owner Tribune Publishing Co. The Los Angeles Times reported Thursday that the move makes him the company’s largest shareholder and gives the company cash that could bolster a planned bid for the Orange County Register.
Lions Gate Entertainment plans to restart talks to acquire Starz about a year after buying a stake in the pay-TV network, Bloomberg reported Thursday.
Los Angeles-based Hyperloop Technologies has submitted plans for a full-scale test site at an industrial park in North Las Vegas, the Las Vegas Review-Journal reported Thursday.
SoCalTech.com reported Thursday that a study by the University of Southern California's Marshall School of Business revealed Los Angeles is home to 5 percent of all the “unicorn,” or high-value start-up companies.
The Dow Jones industrial average rose 76 points in Thursday trading to close at 16,412. The S&P 500 rose 3 points to 1,915. The Nasdaq rose 6 points to 4,510. The LABJ Stock Index fell 1 point to 214.
Viacom´s board of directors will meet on Thursday to consider naming a new chairman to succeed Sumner Redstone, CNN Money reports. Chief Executive Les Moonves was named the new chair of Redstone’s other company, CBS Corp., on Wednesday, but the transition at Viacom, owner of Paramount Pictures, MTV and Comedy Central, may not be so straightforward.
The former chief of police at the Port of Los Angeles pleaded guilty Wednesday to charges of tax evasion and providing a false statement to the FBI, according to the Los Angeles Times. Ronald Boyd faces up to 11 years in federal prison at a sentencing scheduled for July 25.
Playboy has today published its first issue without fully nude photos, CNN Money reports. In a bid to reach a younger audience, the magazine is also doing away with a pair of long-running features: the cartoon and its monthly list of party jokes.
California´s public schools might get a boost. With hours to go and $63 million on the line, no one has yet claimed a winning California Lottery ticket that was sold on Aug. 8 at a 7-Eleven store in the Chatsworth neighborhood, the AP reports.
Tickets will go on sale March 28 for the $5.5-billion Disney resort opening in Shanghai in June, Disney announced Wednesday. According to the Los Angeles Times, ticket prices will vary from $56 to $76.
Members of the city’s Personnel & Animal Welfare Committee has updated zoning rules regulating pet shops, allowing shops with four or more dogs that stay overnight in the store to be allowed in commercial neighborhoods, the L.A. Daily News reports. Such shops were previously only allowed in industrial areas.
The premiere of The People v. O.J. Simpson: American Crime Story has become FX´s most watched series launch ever, according to E! Online. The show pulled in 5.1 million total viewers.
The Dow Jones industrial average was down 58 points in early trading Thursday to 16,278. The S&P 500 was down 10 points to 1,902. The Nasdaq was down 34 points to 4,470. The LABJ Stock Index was down one point to 213.
Wednesday, February 3
The Bouqs Co., an online flower delivery company in Venice, has raised a $12 million Series B round.
OpenMethods, a customer service management software company in Los Angeles, has raised a $5 million round.
When the Expo Line to Santa Monica opens in May, you will
Sumner Redstone will resign as CBS’ executive chairman amid heightened questions about the 92 year-old billionaire's physical and mental health. Redstone will be replaced by Leslie Moonves, the president and chief executive officer of CBS, Variety reported Wednesday.
The USC Village project, at the southern end of the Figueroa Corridor, hit the halfway point of construction last week.
Describing his L.A. visit as "very special" and its venues as "most impressive," International Olympic Committee president Thomas Bach said Los Angeles has a "strong team” and “shows how much you can build on an Olympic legacy,” reported the Orange County Register late Tuesday.
"Made in the USA" has been the backbone of American Apparel's existence since the company went into business 27 years ago. CNBC.com reported Wednesday morning that Chief Executive Paula Schneider, who took the company's reins last year, said this message got lost amid some "salacious" advertising, and controversial headlines regarding founder Dov Charney.
An automotive “Scion” is stepping aside in the name of progress. The Los Angeles Times reported Wednesday that Toyota will shelve the youth-oriented nameplate.
In spite of his opinion that the O.J. Simpson case didn't introduce any novel legal principle, Alan Dershowitz still believes the “Trial of the Century” helped change the way police behave in Los Angeles.
In posting Wednesday, Medbox formally announced that as of Jan. 28, it changed its legal name to Notis Global Inc.
Virgin America said Tuesday that it plans to launch daily flights between Los Angeles and Honolulu in May, with flights to Maui starting the following month, Pacific Business News reported.
Refinery 29, a Los Angeles fashion and beauty news site, announced the launch of Treat, an app that allows women to purchase a subscription for an unlimited number of blowouts at West Hollywood and Beverly Hills salons for $125 a month.
The Dow Jones industrial average rose 172 points in Wednesday trading to close at 16,326. The S&P 500 rose 8 points to close at 1,912. The Nasdaq fell 12 points to close at 4,505. The LABJ Stock Index was up 2 points to close at 214.
The lawsuits are stacking up for the Southern California Gas Co. The utility was charged Tuesday for allegedly failing to immediately report the natural gas leak north of Los Angeles, Bloomberg reports. The criminal complaint filed by Los Angeles County District Attorney Jackie Lacey accuses SoCalGas of four misdemeanors related to discharging air contaminants and failing to report the release of hazardous materials.
It’s an odd time for the Walt Disney Co. On the one hand, it's "Star Wars: The Force Awakens" is generating billions in ticket sales and related merchandise, the Los Angeles Times reports. On the other, Disney´s shares have declined 19 percent in the last three months, mainly over concerns about its drooping TV business.
A vote to unionize part-time and contract faculty of the University of Southern California yielded mixed results, KPCC reports. Faculty at USC's Roski School of Art and Design and USC's International Academy voted to join the Service Employees International Union, while those at USC's Dornsife College of Letters, Arts and Sciences did not.
Toyota will settle a lawsuit by paying as much as $21.9 million to black and Asian borrowers who paid more for auto loans than whites, the Los Angeles Times reports. Toyota Motor Credit Corp. in Torrance had been under investigation by the Department of Justice and the federal Consumer Financial Protection Bureau since 2013 for its auto lending practices.
Volkswagen, having been caught for cheating on air emissions from diesel engines, will try to bring its motors up to California's air quality standards. According to the AP, the company submitted a proposal Tuesday to fix Porsches, Audis and Volkswagen cars with six-cylinder, 3.0-liter diesel engines.
A customer’s order for a new Tesla was canceled personally by chief executive Elon Musk after the would-be customer slammed the company in a blog post, CNBC reports. Musk called the customer "super rude." The customer noted that he hadn´t had his car order killed when he criticized BMW.
The Dow Jones industrial average was up 71 points in early trading Wednesday to 16,224. The S&P 500 was up 6 points to 1,909. The Nasdaq was up 13 points to 4,529. The LABJ Stock Index was up 2 points to 215.
Tuesday, February 2
Deluxe Entertainment Services Group of Burbank has sold off its AdServices unit, which develops television content management software, to London’s Adstream.
Apartment listing service RadPad Inc. has added short-term apartment rentals to its platform.
After a long night of deliberation among members of the Pasadena City Council, Pasadena early Tuesday became the fifth city in Los Angeles County to raise its minimum wage.
The Long Beach Business Journal reported Monday that businesses there are critical of the Long Beach City Council’s decision to raise the minimum wage to $13 an hour by 2019 with an eventual pathway to $15 an hour by 2021.
If you want to be among the first to experience the Wizarding World of Harry Potter attraction at Universal Studios Hollywood, you may want to familiarize yourself with its new pricing structure.
AMC Networks and Lionsgate were among existing investors that put a combined total of $10 million into Next Games, a Finnish game maker, according to The Los Angeles Times on Tuesday.
Despite the terminal renovations and flight expansions, Bloomberg reported Tuesday that it would be unlikely that LAX will ever be a true airline “fortress hub” like Atlanta, Dallas-Fort Worth, or Newark, N.J., in which a single airline can command as much as 75 percent of the traffic.
The Dow Jones industrial average fell 296 points in Tuesday trading to close at 16,154. The S&P fell 36 points to close at 1,903. The Nasdaq fell 103 points to 4,517. The LABJ Stock Index fell 3 points to 213.
Digital First Media, the owner of the Los Angeles Daily News, is interested in bidding for the Orange County Register, the Los Angeles Times reports. A three-way bidding war for the bankrupt publishing company might now be underway between Digital First, Freedom Communications, and Tribune Publishing.
21st Century Fox will cut its West Coast workforce in an effort to shave $250 million from its budget, the Los Angeles Times reports. The TV network and film studio announced the cuts as consumers increasingly scale back on paid-TV subscriptions.
More than 18,000 Department of Water and Power customers remain without power following a windy winter storm. The communities most affected are South Park, Harvard Heights, Wilmington, Historic South-Central, East Hollywood, and Larchmont, the L.A. Daily News reports.
The organization behind the Grammy Awards plans to form a lobbying group in Washington, the New York Times reports. The National Academy of Recording Arts and Sciences is creating a political action committee that will raise money from members for congressional candidates deemed sympathetic to their causes.
Exxon Mobil. won approval Monday to use trucks to move more than 17 million gallons of oil in storage tanks, the AP reports. The oil has been stuck since a pipeline break in May caused an oil spill in Santa Barbara, the largest coastal spill in 25 years.
Two E. coli outbreaks tied to Chipotle Mexican Grill appear to be over, the Centers for Disease Control and Prevention said. According to the Los Angeles Times, shares of the company rallied upon the news. Stocks closed Monday up 4 percent.
Thirty-five former members of the California Coastal Commission oppose an effort to fire Charles Lester, the embattled executive director of the land-use agency, the Los Angeles Times reports. The effort to oust the director reportedly pits pro- and anti-development factions.
If a SuperLotto winner fails to come forward by Thursday, a $63 million prize will be forfeited and go toward California’s public schools, CBSLA reports. The winning ticket was bought in August at a 7-Eleven in Chatsworth.
The Dow Jones industrial average was down 248 points in early trading Tuesday to 16,202. The S&P 500 was down 26 points to 1,913. The Nasdaq was down 54 points to 4,569. The LABJ Stock Index was down 3 points to 213.
Monday, February 1
Jeff Beacher, the creator of the Beacher’s Madhouse theater venues at the MGM Grand Hotel and Resort in Las Vegas and the Hollywood Roosevelt Hotel in Hollywood, is setting his sights on the Playboy Mansion for his newest and most exclusive showplace.
Movie ticket app Atom Tickets of Santa Monica has raised a $50 million Series B round from investors, including Lionsgate, Walt Disney Co. and Twentieth Century Fox.
Online movie ticket seller Fandango announced that it acquired Culver City video-streaming service MediaNaviCo, known as M-Go, late on Friday.
Beverly Hills film and television studio Relativity Media, which declared bankruptcy last year, faced a court hearing in New York Monday as it worked to regain its financial footing. Variety reported that Relativity Media on Monday revealed that the company raised just $20 million of the $100 million that it had said it needed to emerge from Chapter 11 bankruptcy.
The Aviation International News reported Monday that the city of Santa Monica has appealed the Federal Aviation Administration’s December determination that requires the city to keep the historic airport open at least through 2023.
Thomas Bach, president of the International Olympic Committee, is in Los Angeles to visit proposed venues for the 2024 Olympic Games, KCBS (Channel 2) reported Monday morning.
The owners and operators of a medical equipment supply company in Long Beach were sentenced Friday for their roles in a $1.5 million Medicare fraud scheme, the Justice Department announced Saturday on its web site.
JetBlue on Monday announced it is launching non-stop flights between Buffalo, N.Y. and Los Angeles. The new service begins June 16 and will operate year-round.
The Dow Jones industrial average fell 17 points in Monday trading to close at 16,449. The S&P fell 1 point to close at 1,939. The Nasdaq rose 7 points to close at 4,287. The LABJ Stock Index fell 1 point to close at 216.
Cities are making their own rules regarding federally banned marijuana. Torrance, Manhattan Beach, Hawthorne, Lawndale and Gardena have enacted comprehensive medical-marijuana prohibitions, with Hermosa Beach, El Segundo and Rancho Palos Verdes poised to do the same by next month, the Daily Breeze reports.
Casino executives are turning their attention to younger millennials, increasingly sure that baby boomers may soon be placing their last bets. According to the Los Angeles Times, large-scale projects including the $50 million renovation of the Bicycle Casino in Bell Gardens and a $285-million casino in the works by the Pechanga Band of Luiseño Indians are aimed at reaching a younger audience.
The last of Westwood's dive bars, O’Hara’s, celebrated its final night of business Saturday, the Los Angeles Times reports. Rocco's Tavern, an Italian-themed chain restaurant, will replace the bar.
"Kung Fu Panda 3" led the North American box office this weekend, with a respectable $41 million. According to Fox, the DreamWorks Animation film cost $145 million to make and earned an "A'' CinemaScore from audiences — 70 percent of whom were families. "The Revenant" and "Star Wars: The Force Awakens" took second and third place, respectively.
The Dow Jones industrial average was down 133 in early trading Monday to 16,333.. The S&P 500 was down 14 points to 1,926. The Nasdaq was down 31 points to 4,583. The LABJ Stock Index was down one point to 215.
How does an old-fashioned form of entertainment such as live theater survive and thrive in an era when so many consumers stream their entertainment at home and on mobile phones?
FOOD: Businesses look to balance expenses with mix of low-, high-cost flavors.
Here’s the scoop: Artisanal ice-cream shops find consistent menu prices pay off in more sales.
An assemblyman’s Parking Bill of Rights needs an important amendment, Charles Crumpley writes.
Tessa Young’s Prism looks to turn tables on male-dominated sector.
Tessa Young’s Prism aims to tune up the careers of women DJs.
Trumark Urban moves into downtown L.A.’s tight condo market with luxury tower project.
Developer Trumark Urban is high on prospects in downtown Los Angeles for its luxury condos.
STAFFING: Wilkinson Walsh founders hope to make their case with younger associates.
New boutique law firm Wilkinson Walsh + Eskovitz is banking on youth.
When Paran Johar gets ready to drive to work, he has his pick of impressive autos: a Mercedes, Jaguar, Chevrolet Camaro convertible and custom Triumph, among others.
L.A. housing grabs bigger chunk of owners’, renters’ income than other more famously high-price areas.
A variety of factors has opened the door to L.A.’s high costs for homeowners and renters, writes Ted M. Handel.
American Apparel’s ousted founder Dov Charney writes how the new owners are a poor fit for the clothing company.
News and notes from communities across Los Angeles County
Lee & Associates, an Orange-headquartered commercial real estate services firm, has opened an office in Pasadena, the firm’s 27th in California.
MANUFACTURING: New line of Barbies may also lift struggling Mattel’s stock.
Mattel’s pickup of tablet maker Fuhu pushes the right buttons with investors.
ONLINE: SteelHouse, others saw revenue soar with help of ‘programmatic’ process.
Revenue surged last year as SteelHouse and other ad tech firms continued to click with clients.
EMPLOYMENT: Women engineers particular focus in hiring for ZestFinance.
ZestFinance is trying to increase its employee diversity and the company wants the world to know why.
ECONOMY: Area boosters tout bright financial picture beyond pricey real estate.
Downtown L.A.’s renaissance has spread well beyond residents moving into high-price apartments and is now boosting the entire economy.
Joe Calabrese works on major entertainment deals around the world out of law firm Latham & Watkins’ Century City office.
TV: Revenue from streaming alters big picture for some.
Streaming services can prove a lucrative new financial channel for old programs.
John Cohen might not be a household name but the Hollywood movie producer is a megastar in the animation community.
Eighteen months ago, West Hollywood actress Ruth Connell was struggling to get auditions, let alone roles.
Summer Watson has studied as an opera singer at London’s prestigious Royal College of Music, scored a No. 1 album on the U.S. classical charts and performed for royalty and celebrities on the world’s leading concert stages.
Santa Monica’s Loews checks into $30 million renovation project.
Loews Santa Monica Beach Hotel looks to shore up its seaside appeal with a $30 million makeover.
SALE: Decron gives credit to broad tenant lineup for $84.5 million transaction.
Decron Properties, an L.A. real estate and management firm that made a $30.3 million wager on a struggling shopping center in the San Gabriel Valley nearly two decades ago, has seen its bet pay off.
FOOTWEAR: Shoes of Prey puts design decisions in hands of consumers while taming added costs of custom-made products.
Shoes of Prey touts its customer-designed products as the next step in connecting with consumers.