Los Angeles Business Journal

Workers Repairing Water Main Break

L.A. Department of Water and Power workers have a lot of work to do to repair the water main break that sent 8 to 10 million gallons of water pouring through Sunset Boulevard and the UCLA campus on Tuesday. A cause of the break has yet to be determined, the Los Angeles Times said.

National Economy Grew 4 Percent in Second Quarter

The Commerce Department’s initial estimates show the U.S. economy grew 4 percent in the year’s second quarter, beating estimates and more than reversing the first quarter’s 2.1 percent shrinkage, according to the New York Times.

New ‘Harry Potter’ Team at Warner Bros.

Warner Bros. Entertainment has formed a team to create a film series and other projects related to the “Harry Potter” universe created by author J.K. Rowling, Variety reported.

Work Begins on Long Beach’s Last C-17

Assembly line employees have begun work on the final C-17 military transport jet that Boeing Co. plans to build in Long Beach before closing the factory in about one year, the Long Beach Press-Telegram reported.

Craft Brewers Fear Drought’s Effects

California’s three-year drought is bad news for the state’s craft brewers, which are facing limits on growth and potential price increases due to water supply problems, the Los Angeles Times reported.

U.S., Europe Increase Russia Sanctions

The United States and the European Union announced new sanctions against Russia’s military and its banking and oil industries as western governments attempt to pressure the country into decreasing its support for pro-Russian forces in the Ukraine conflict, the Wall Street Journal reported.

Changes For Arts District

The transformation of L.A.’s arts district from a quirky but rough land of artists’ studios into an increasingly hip neighborhood is worrisome to longtime residents, the Los Angeles Times said.

Investors Await Fed Statement

The Federal Reserve is expected to announce today its monthly asset purchases will drop from $35 billion to $25 billion as it moves to wind down the bond-buying program, but a firm statement on its plans to eventually raise interest rates is less likely, Reuters said.

Twitter’s Big Report

Social media company Twitter reported a loss of nearly $145 million on Tuesday, but the company’s revenue increased more than 100 percent to some $312 million while user growth increased. Investors sent the stock price rising on the news, according to the Wall Street Journal.

Former LACMA Leader Dies

Andrea L. Rich, formerly the president of LACMA and a UCLA administrator, has died at the age of 71. The Los Angeles Times covers the story of her life.

SEC Investigating DreamWorks Animation

The nation’s financial watchdog is probing DreamWorks Animation related to a $13.5 million writedown the studio took on the animated movie “Turbo,” Variety said.

Dow Jones, S&P 500 Down, Nasdaq Up

The Dow Jones industrial average was down 69 points in Wednesday morning’s trading to 16,843. The S&P 500 was down 4 points to 1,966. The Nasdaq was up 9 points to 4,452.

Donald Sterling Loses Clippers Case

Los Angeles Clippers co-owner Donald Sterling lost his legal fight with estranged wife Shelly on Monday when a probate judge ruled that she had the right to sell the team for $2 billion to former Microsoft chief Steve Ballmer. Donald Sterling, however, has filed other related lawsuits that are still active, the Los Angeles Times said.

Time Warner Agrees to Arbitration in Dodgers Dispute

Time Warner Cable has agreed to binding arbitration as a means to resolve its dispute with DirectTV and other television companies over the price to carry SportsNet LA, the only local channel showing Los Angeles Dodgers games, the Los Angeles Times reported.

Labor Panel Rules Against L.A. Pension Plans

A city labor panel ruled Los Angeles Mayor Eric Garcetti’s attempt to save an estimated $4 billion over the next 30 years through such steps as raising recently hired city workers’ retirement age to 65 is invalid because the new rules were made without negotiations with unions, the Los Angeles Daily News reported.