Yahoo announced late Tuesday it would spin off its stake in China's Alibaba Group directly to shareholders in a tax-free transaction. The stake is worth about $40 per Yahoo share and accounts for the bulk of the company's valuation, CNBC reports.
Meanwhile, a powerful Chinese government agency accused Alibaba of failing to crack down on the sale of fake goods, bribery and other illegal activity on its site, the Wall Street Journal reports.
The federal government has agreed to settle a lawsuit accusing the Department of Veterans Affairs of misusing its West Los Angeles health campus, sources told the Los Angeles Times on Tuesday. Under the settlement, the VA will develop a master land-use plan for the campus that identifies sites for housing homeless veterans.
Standard & Poor’s Ratings Services could reach a deal as early as Thursday to pay more than $1.37 billion to resolve lawsuits with the Justice Department and more than a dozen states which allege that S&P knowingly misled investors by issuing inaccurate mortgage grades, sources told the Wall Street Journal.
The Los Angeles Homeless Services Authority on Tuesday announced it will receive $91.9 million in funding from the Department of Housing and Urban Development, the Daily News reports.
USC, which received almost $732 million in gifts in 2014, was once again ranked third among U.S. universities for its fundraising successes, bested only by Harvard and Stanford, according to a national survey released today, the Los Angeles Times reports.
A man who dresses as the superhero character Mr. Incredible was convicted of assaulting a woman who dresses as Batgirl in a fight outside the Hollywood & Highland Center, prosecutors said on Tuesday, the Daily News Reports.
The Dow Jones industrial average was down 18 points in Wednesday morning trading to 17,370. The S&P 500 was down four points to 2,025. The Nasdaq was up one point to 4,683. The LABJ Stock Index was down two points to 215.
L.A. officials moved closer to lowering the business tax on gross receipts Monday when City Council’s budget committee approved Mayor Eric Garcetti’s proposed reduction. The measure, which would lower the rate in 2016 to $4.75 for each $1,000 of gross receipts from the current $5.07, was sent to the full council for a vote, the Los Angeles Times reports. Read more about the battle over the gross receipts tax in the Los Angeles Business Journal.
The Rams took a step toward lame-duck status in St. Louis and a possible move back to the West Coast by notifying the city’s Convention and Visitors Commission on Monday that they intend to switch to a year-to-year lease agreement for their use of the Edward Jones Dome, the Associated Press reports.
Meanwhile, Rams owner Stan Kroenke’s plan to build an 80,000-seat NFL stadium in Inglewood came closer to getting on the city’s ballot by this summer after developers submitted almost three times as many signatures than needed for a voter initiative, KPCC reports.
A City Council committee went against the recommendation of the Parks Commission Monday, rejecting its recommendation to hand over management of the Greek Theatre in Griffith Park to Live Nation in favor of keeping it with the existing operator Nederlander group, the Daily News reports. Nederlander has partnered with Staples Center developer AEG in a bid to keep running the Greek.
The employer group representing shipping lines and West Coast port terminal operators said it reached a tentative agreement with the dockworkers union over repairing and maintaining chassis, the trailers that truckers use to haul containers in and out of the the ports of Los Angeles and Long Beach, the Long Beach Press Telegram reports.
East Hollywood’s 90029 is one of Top 10 most expensive ZIP codes to live in if you’re buying car insurance, according to a study noted by the Los Angeles Times. In that neighborhood, the average premium to insure a 2014 Honda accord for a year is $2,416.
Dealmaking at Sundance Film Festival, the first movie market of the year, is fiercer than it has been in years as distribution rights to about a half-dozen high-profile movies have been picked up, Bloomberg reports.