Anschutz Entertainment Group announced Tuesday that they are dropping plans for a 755-room high-rise Marriott hotel near Olympic Boulevard, the Los Angeles Times reports. The project came to a halt because of the city’s plans to modernize the convention center and include a 1,000-room on-site hotel, a project that would pose competition to AEG’s entertainment complex L.A. Live.
The Museum of Contemporary Art Los Angeles has elected Hard Rock Cafe co-founder Peter Morton to the Board of Trustees, ArtForum reports. Morton is the owner of 170 restaurants worldwide as well as twenty Hard Rock Hotels.
A glass slide nearly 1,000 feet above the streets of DTLA will open to the public on Saturday, Reuters reports. The Skyslide, a completely see-through slide on the 73-floor of the U.S. Bank Tower, is 45 feet long and goes from the 70th floor to the 69th floor and is enclosed by 11/4 inches of thick glass.
International markets took a tumble Friday morning after Britain voted to leave the European Union, the Los Angeles Times reports. After referendum results were announced, the value of the pound fell to its lowest level against the U.S. dollar since 1985. Britain’s FTSE 100 lost more than eight percent after opening bell and Japan’s Nikkei index fell more than seven percent.
The Dow Jones industrial fell 393 points in early Friday trading to 17,618. The S&P 500 fell 46 points to 2,067.The Nasdaq fell 124 points to 4,789. The LABJ stock index fell 5 points to 224.
Boeing Co. has established a preferred partnership with MemorialCare Health System to offer healthcare to its Southern California employees, the Los Angeles Times reports. The new option will offer full coverage for generic drug prescriptions, no co-payments for primary care office visits and smaller paycheck deductions for health care coverage.
Median home prices in Los Angeles are up 8.2 percent from last year, Curbed Los Angeles reports. The price of homes has risen for 50 consecutive months and is up to $525,000.
A fund that was setup to work with the Los Angeles Unified School District is starting its own charter school, the Los Angeles Times reports. The Los Angeles Fund for Public Education and the group LA’s Promise have voted to merge and plan to use their annual budget of $6 million for the new schools.
Los Angeles has agreed to a $60 million no-bid agreement with Taser International Inc. to outfit its police officers with body cameras, The Wall Street Journal reports. The deal includes 7,000 cameras and would make the Los Angeles Police Department the largest police department in the country to use the technology.
The Dow Jones industrial rose 147 points in early Thursday trading to 17,928. The S&P 500 rose 17 points to 2,102.The Nasdaq rose 42 points to 4,875. The LABJ stock index rose 2 points to 229.
Elon Musk, the chief executive of Tesla Motors, offered to buy SolarCity in an all-stock deal for $2.8 billion, The New York Times reports. The electric car company aims to create a renewable-energy giant by collecting clean electricity and putting it to work propelling cars.
The U.S. Justice Department approved a $3.87 billion merger between Comcast’s NBCUniversal and DreamWorks Animation, The Hollywood Reporter reports. In April, NBCU agreed to pay $41 a share to acquire DWA but the sale was pending until the DOJ decided that there was no legal reason to block the proposed merger.
Pacific Gas & Electric Co. announced Tuesday that it will be closing its Diablo Canyon nuclear plant within the next decade, the Los Angeles Times reports. The company will develop more solar, wind and other clean power technologies in order to bring the company closer to the mandate that 50 percent California’s electricity generation come from renewable energy sources by 2030.
The redevelopment of the Pacific Palisades shopping center received final approval from the Los Angeles City Council, the Los Angeles Times reports. The 116,000-square-foot complex on Swathmore Avenue is expected to open in summer 2018 and will include a movie theater, community space, grocer and retail shops as well as eight apartment units.
The Dow Jones industrial rose 36 points in early Wednesday trading to 17,870. The S&P 500 rose 3 points to 2,091. The Nasdaq fell 3 points to 4,841. The LABJ stock index fell one point to 227.