Univision Communication is eliminating about 6 percent of its workforce, or nearly 250 workers, the Los Angeles Times reports. The Spanish-language media company reported a third-quarter net loss of nearly $30.5 million, compared with a profit of nearly $109.8 million during the same period last year and blames the decrease partially on fewer political ad dollars than anticipated during the election.
Los Angeles reported the largest number of chronically homeless people for the second year in a row, the Los Angeles Times reports. Nearly 13,000 percent of them live outdoors in cars, tents, and encampments. Nearly 2,700 are veterans and 3,000 are youth, a report from the U.S. Department of Housing and Urban Development said.
A report from the U.S. Census Bureau says millennials are leaving Los Angeles at one of the highest rates in the country, LA Weekly reports. The analysis found that residents between the ages of 18 and 35 decreased by 7.4 percent over the last 10 years, a decrease of 780,000 people, making it the third-worst city for millennial population loss.
After failing to pay millions of dollars in bills, Faraday Future’s contractor, Los Angeles-based engineering giant Aecom, halted work on its $1 billion North Las Vegas car factory, the Los Angeles Times reports. The Gardena-based start-up is planning on building an automated electric car that will rival Tesla.
The Dow Jones industrial average rose 25 points in Thursday trading to 18,893. The S&P 500 rose 7 points to 2,183. The Nasdaq rose 14 points to 5,308. The LABJ stock stayed steady at 228.
Boeing Co. plans to move 1,600 jobs from its Huntington Beach facility to locations in Los Angeles County over the next four years, the Los Angeles Times reports. The moves are part of Boeing’s larger efforts to consolidate its defense and space operations, and the positions will move to either the company’s El Segundo satellite design and manufacturing facility or its Long Beach plant, which provides commercial airplane support.
Chinese technology and entertainment group Le Eco has raised $600 million in fresh capital, Variety reports. The company, the principal financier of Gardena electric car maker Faraday Future, will direct half of the funding towards its electric car-making operations.
Goldman Sachs Group Inc. and three other investors could lose as much as $123 million after buying 94 percent of American Apparel Inc.’s debt when it filed for bankruptcy 13 months ago, Bloomberg reports. Goldman, Monarch Alternative Capital, Coliseum Capital Management, and Pentwater Capital Management hold $189.2 million of its senior debt, and so far American Apparel has only attracted a limited $66 million bid from Canadian T-shirt company Gildan Activewear Inc. after filing for bankruptcy protection earlier this week.
Viacom has made a deal to buy Argentina’s largest broadcast network, Television Federal, for $345 million, The New York Times reports. The acquisition will help the media giant reach 95 percent of Argentina’s households and become the first American firm to operate a free-to-air channel in Argentina in almost 50 years.
The Dow Jones industrial average fell 52 points in early Wednesday trading to 18,871. The S&P 500 fell 5 points to 2,175. The Nasdaq fell 4 points to 5,272. The LABJ stock index stayed steady at 227.
Estee Lauder Cosmetics has agreed to buy Los Angeles-based cosmetic company Too Faced for about $1.45 billion, Bloomberg reports. Too Faced will help Estee Lauder expand in e-commerce and specialty stores, and will be the biggest acquisition in the beauty brand’s history.
Fans visiting L.A. Live will get to witness a new look at the downtown sports and entertainment center. Anschutz Entertainment Group and Toshiba announced a global multiyear deal on Tuesday that gives the downtown sports and entertainment presenter a chance to offer fans interactive installations and LED digital screens across venues in North America and Europe. Financial terms of the deal were undisclosed.
Chinese conglomerate Dalian Wanda Group will be spending nearly $15 billion on a theme park and more than a dozen malls in China’s Hunan province that will compete with Walt Disney Co.’s new $5.5 billion theme park in Shanghai, the Los Angeles Times reports. The company will spend more than $7 billion on a Wanda City theme park and another $7 billion on 15 shopping plazas.
Porsche Motorsports North America has opened their 53-acre driving course in Carson, the Los Angeles Times reports. The $60 million “Experience Center” includes a 4.1-mile track that features water hazards and a slalom driving area, and the building includes a restaurant, car museum, conference center, and Porsche “laboratory.”
The Dow Jones industrial average fell 41 in early Tuesday trading to 18,828. The S&P 500 fell 6 points to 2,170. The Nasdaq rose 44 points to 5,263. The LABJ stock index stayed steady at 227.