Los Angeles Business Journal

3,600 Without Power in Heat Wave

Roughly 3,600 Los Angeles Department of Water and Power customers are without power this morning, primarily in Mulholland, Brentwood and Sherman Oaks, the Daily News reports. The outage occurred Monday night after the utility’s customers set a record for peak power usage, using about twice as much power as on a typical day due to the heatwave.

Rod Wright Resigns

California State Sen. Roderick D. Wright said Monday that he will resign from office effective Sept. 22, bowing to pressure from Senate leaders who called for his resignation after a judge sentenced him to 90 days in jail for lying about living in his Senate district when he ran for office in 2008, the Los Angeles Times reports.

CalPERS to End All Hedge Fund Investments

The California Public Employees’ Retirement System, the nation’s largest pension fund, on Monday said that it would liquidate its positions in hedge funds over the next year, eliminating investments that total $4 billion, the New York Times reports. After months of deliberation, the pension fund’s investment committee decided that the complexity and cost of hedge fund investments, as well as the lack of ability to scale at CalPERS size, “doesn’t merit a continued role.”

Alibaba Raises IPO Target

Responding to higher-than-expected demand for Alibaba Group’s stock, the Chinese e-commerce behemoth raised the price range for its initial public offering to $66 to $68 for each American depositary share, up from $60 to $66, according to a regulatory filing on Monday, the New York Times reports. This pushes its potential total to as much as $21.8 billion.

Shipping Increases at Port of Los Angeles, Decreases at Port of Long Beach

Cargo volumes increased last month at the Port of Los Angeles, although the neighboring Port of Long Beach saw a decline in activity after what officials there characterized as a mismatch between last year’s peak shipping season and this year’s, the Business Journal reports.

Gov. Brown Repeals Parts of Prop. 187

Gov. Jerry Brown signed legislation Monday repealing unenforceable provisions of Proposition 187, which was intended to withhold public services from those in the country illegally, the Los Angeles Times Reports.

PUC President Removes Himself from PG&E Proceedings

After criticism the Public Utilities Commission had developed “too cozy” a relationship with the state’s largest utility, Pacific Gas & Electric Co., PUC President Michael Peevey removed himself from further proceedings over a huge explosion in 2010 in the Bay Area city of San Bruno that killed eight, the Los Angeles Times reports. Peevey also said he had asked his chief of staff to resign for “inappropriate communications” with the utility, and she did.

‘Apes’ Take China

“Dawn of the Planet of the Apes” won back the top spot at the Chinese box office, beating last week’s winner, “The Expendables 3,” by a hair, Variety reports.

Popup Cat Café Coming to Chinatown

Half a year after announcing a Kickstarter campaign to fund California's first cat café, Carlos Wong will launch Catfe as a four-day pop-up shop, partnering with the Chinatown Business Improvement District and Best Friends LA, a no-kill shelter, LA Weekly reports. Patrons will enter a room full of cats, and sip coffee and tea while socializing with them.

Stocks Mixed

The Dow Jones industrial average was down seven points in Tuesday morning trading to 17,024. The S&P 500 was up two points to 1,987. The Nasdaq was down four points to 4,514.

Garcetti Urges Neighboring Cities to Raise Wages

After announcing his plan to raise the minimum wage in Los Angeles, Mayor Eric Garcetti is trying to persuade neighboring cities to do the same, potentially deflating tension from critics of the measure, who argued that businesses might move to nearby cities to pay workers less, the Los Angeles Times Reports.

Senate Leaders Call for Wright’s Resignation

Leaders of the Senate are calling for California state Senator Rod Wright, who represents an Inglewood-area district, to resign after he was sentenced Friday to three months in prison for perjury, voter fraud and other charges related to lying about where he lived when he ran for office, the Associated Press reports. If Wright is expelled or resigns, Gov. Jerry Brown would need to call a special election to fill his seat.

USC to Unveil Biggest Construction Project in University’s History

USC will unveil today the final design of a $650-million housing and retail complex just north of the main campus, the biggest construction project in the university's history, the Los Angeles Times reports.

Django Unchained Actress Detained

Daniele Watts, an actress from the movie “Django Unchained” was detained by police following a public display of affection with her white boyfriend, CNN reports. Watts and her boyfriend, Brian Lucas, believe they were targeted unfairly and suspect police assumed the actress was a prostitute and he, her client.

Microsoft Buys ‘Minecraft’ Company Mojang

Microsoft Corp. agreed to buy Mojang AB, the company behind the hit videogame “Minecraft,” for $2.5 billion, but the startup’s founders and top executives won’t be joining the software giant, the Wall Street Journal reports.

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