Los Angeles Business Journal

BofA Swings to Loss

Bank of America said it swung to a first-quarter loss as results were hurt by $6 billion in legal charges and slumping mortgage originations, the Wall Street Journal reports.

Southland Home Prices Surge, Sales Plummet

The median price of a house reaches $400,000 in the Southland. But would-be buyers of low- and mid-priced properties are increasingly priced out amid tight lending standards and stagnant paychecks, the Los Angeles Times reports.

Market Forces Haircut on IPOs

With seven out of the 10 IPOs that priced last week now trading below their IPO price, CNBC reports that every single IPO deal so far this week has priced below the expected range. Moelis & Co.'s shares opened higher in their trading debut this morning, but only after an initial public offering that priced below the New York investment bank's expectations, the Wall Street Journal reports.

Industry Shows Vigor, But Housing a Drag on Economy

U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum. But Reuters also reports that groundbreaking for new homes still remains well below its post-recession peak in November.

Mt. Gox Gives Up on Rehabilitation Bid

The defunct bitcoin exchange has given up its plan to rebuild under bankruptcy protection and said it has agreed with a Tokyo court on the first step toward liquidation, the Wall Street Journal reports.

Bill Seeks to Ease Affordability of Housing

SB 391 would fund more than 10,000 subsidized homes a year through a new fee on recording real estate documents. The Los Angeles Times reports that critics say it unfairly saddles homeowners and businesses with added costs.

Carriers, Manufacturers Back Anti-Theft Measures for Smartphones

With several states and municipalities considering various mandatory "kill-switch" laws for mobile devices, the wireless industry on Tuesday announced a voluntary commitment to include new anti-theft technology on phones starting next year, CNBC reports.

New Money for Alamitos Bay Marina Approved

The Long Beach City Council on Tuesday voted to approve a $1.85 million contract increase to upgrade electrical infrastructure at Alamitos Bay Marina, the city's oldest marina, the Long Beach Press-Telegram reports.

Metro Drops Downtown Subway Entrance Plans

Transportation officials have shelved plans for a second entrance to a downtown subway station across from L.A. police headquarters and the Los Angeles Times because the newspaper's parent company says it may develop the site, the Times reports.

Owens Valley Mobilizes Against DWP Project

A parade of Owens Valley residents at a public hearing Tuesday said the Los Angeles Department of Water and Power's plan to cover two square miles of high desert with a million solar panels would destroy scenic vistas and ruin the sense of isolation at Manzanar National Historic Site, the Los Angeles Times reports.

Grads Remake China Workforce

The Chinese have long been potent rivals to American and European manufacturers. Now, China is giving Westerners something new to worry about: a generation of workers able to compete in higher-technology endeavors, Bloomberg News reports.

Markets Rise

In Wednesday morning trading, the Dow Jones industrial average was up 98 points to 16,360. The Nasdaq rose 21 points to 4,055. The S&P 500 rose 10 points to 1,853.

New York Attorney General Probes Herbalife

The New York Attorney General’s Office is investigating Herbalife over claims it is a pyramid scheme, the New York Post reported. At least two whistleblowers have given investigators sworn testimony, sources said.

Garcetti Budget Would Delay Cut in Business Tax

L.A. Mayor Eric Garcetti's proposed budget calls for hiring 140 firefighters and a sweeping overhaul of the city's 911 dispatch system, the Los Angeles Times reports. But the $8.1-billion budget plan also delays a promised cut in the city business tax.

County Unveils Budget With Hiring Binge

Los Angeles County’s budget officials on Monday unveiled a proposed spending plan that calls for hiring about 1,300 new employees, as well as money for reforms in the troubled jail and child welfare systems, the Los Angeles Daily News reports.