Now that the 12-nation Pacific Rim trade deal has been reached, some big businesses in California, namely pharmaceuticals and entertainment firms, could profit if the agreement is approved by Congress, the Los Angeles Times reports. Farmers statewide could also benefit since they would be able to increase their rice and dairy exports to Japan.
Who said Halloween can only be celebrated for one day? The Los Angeles Zoo is hosting its annual “Boo at the Zoo” every weekend this month, NBC Los Angeles reports. During the event, kids can watch pumpkin-carving demonstrations, meet spooky costumed characters and visit the zoo’s “Graveyard Safari.”
The Dow Jones industrial average was up 51 points in early trading Tuesday to 16,827. The S&P 500 was down one points to 1,987. The Nasdaq was down 18 points to 4,764. The LABJ Stock Index was down one point to 222.
In a long-expected move, downtown L.A.’s American Apparel Inc. said it plans to file for Chapter 11 bankruptcy today after reaching a restructuring deal with 95 percent of its secured lenders, the Los Angeles Times reports. Lots of old shares, including the stake held by founder Dov Charney, will be wiped out. The filing will substantially lighten the apparel maker’s heavy debt.
Officials with Pacific Northwest grocery chain Haggen announced Monday that they have reached an agreement to begin selling some of the chain’s California stores to Encino’s Gelson’s Markets and Commerce warehouse retailer Smart & Final, the Portland Business Journal reports. Haggen has filed for Chapter 11 bankruptcy and plans to go to court later this month to begin the process of auctioning off its other assets.
After filing for bankruptcy earlier this year, embattled entertainment company Relativity Media is facing a turnaround as Ryan Kavanaugh reached a deal Sunday with a group of investors – including supermarket magnate Ron Burkle – to buy the company except for its TV business, the Los Angeles Times reports. Kavanaugh would remain chairman and chief executive, and the company would emerge with $30 million in debt if approved by a bankruptcy court Monday.
The riverfront property nicknamed Piggyback Yard near downtown stands to get a huge makeover if Los Angeles secures the 2024 Olympics, the Los Angeles Times reports. The 120-acre site would become the Olympic Village, restoring the area years ahead of schedule. But that assumes its current owner, Union Pacific Corp., agrees to sell the land.
A 12-nation Pacific Rim trade deal was reached Monday that will help President Obama reach his foreign policy goals, the Wall Street Journal reports. And the deal could have implications for L.A.’s port complex. Congress will not be able to vote on the deal until early next year.
“Mission: Impossible” star Tom Cruise has put his 10,000-square-foot, Beverly Hills mansion on the market for $50 million, the Los Angeles Times reports. He bought the property, which also has a swimming pool and a tennis court, in 2007 for $30.5 million. It’s just one of several properties he’s unloading.
Disneyland is raising the prices of its annual passes, getting rid of the Premium pass – which allowed people to attend its Anaheim theme parks with no blackout dates – for one that costs more than $1,000, the Los Angeles Times reports. Disneyland is also upping the price of all of its other annual passes. It costs $99 for a one-day ticket to the theme park, but at least it will soon include a new “Star Wars” land.
Director Ridley Scott's "The Martian," starring Matt Damon, beat expectations, making $55 million in its North American debut, the Hollywood Reporter says. Sony Pictures Entertainment's "Hotel Transylvania 2" came in at No. 2, making $33 million. Lions Gate's "Sicario" was No. 3, making $12.1 million.
The Dow Jones industrial average was up 187 points in early trading Monday to 16,659. The S&P 500 was up 25 points to 1,976. The Nasdaq was up 50 points to 4,757. The LABJ Stock Index was up two points to 221.
Now that the $5.2 billion merger of Westlake Village home builder Ryland Group Inc. with Irvine’s home builder Standard Pacific Corp. has been completed, the combined company plans to lay off about 10 percent of its total workforce, the Los Angeles Times reports. It could result in about 280 employees losing their jobs. The combined company, CalAtlantic Group Inc., is now the fourth-largest residential home developer in the nation.
Employers nationwide added 142,000 jobs last month, much lower than expected, according to a Labor Department report released this morning, CNBC reports. Stock plunged in early trading.
A new and stricter smog limit was adopted by the Environmental Protection Agency Thursday. It will have the greatest impact in California, which is not in compliance with the current standards, the Los Angeles Times reports. In predictable responses, manufacturers complain it will cost the industry billions while environmentalists say the new restrictions don’t go far enough.