Los Angeles Business Journal

Web-Based TV Production on the Rise in Los Angeles

Amazon is filming six television series locally, the Los Angeles Times reports. Web-based TV production in Los Angeles has surged 353 percent from 2008 to 2013 and Web shows now account for as many production days in Los Angeles as sitcoms, according to a report by FilmL.A. Inc.

Anthem Blue Cross Partners With Hospital Groups

Anthem Blue Cross, a large California health insurance company, is teaming up with seven competitive hospital groups – including UCLA Health and Cedars-Sinai – to create a new health system in the Los Angeles area, the New York Times reports.

Audi Beats Google to Self-Driving Car Permit

The German automaker Audi on Tuesday became the first to get a permit from California to test its self-driving cars, the same day that a law went into effect allowing for such testing, Mashable reports.

Gov. Brown Poised to Sign Film Tax Bill

Gov. Jerry Brown is scheduled to sign a bill that would triple annual funding for California's film and TV tax credit program on Thursday at the Chinese Theatre in Hollywood, the Los Angeles Times reports.

Transfer Station Catches Fire Amid Heat Wave

The strain of triple-digit temperatures and record electrical usage on Tuesday caused an overheated circuit breaker to set an electrical distribution center on fire in Van Nuys, according to the Los Angeles Department of Water and Power. The fire was extinguished in less than two hours, the Los Angeles Times reports.

Flash Flood Warning in San Gabriel Valley, Antelope Valley

Flash flooding threatened parts of the Southland today as a combination of high heat and subtropical moisture created atmospheric instability, raising a chance of showers and thunderstorms, City News Service reports. The National Weather Service issued a flash flood watch that will be in effect in the San Gabriel Mountains and the Antelope Valley from 10 a.m. through this evening.

Sony’s Expected Loss Shows Weakness in Mobile Communications

Japanese electronics behemoth Sony said Wednesday that it expected to post a loss of more than $2 billion for the fiscal year, almost five times larger than previously forecast, the New York Times reports. Going forward, Sony said it would focus more on its higher-end phones and change its mobile communications division’s strategy.

Black Bear Lounges Poolside

A black bear swam in a Sierra Madre homeowner's backyard pool on Sunday to cool off during the heatwave, NBC reports.

Stocks Rise

The Dow Jones industrial average was up 26 points points in Wednesday morning trading to 17,158. The S&P 500 was up two points to 2,001. The Nasdaq was up six points to 4,559.

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.