News from Around the Web
Hyperloop One has settled a breach of fiduciary lawsuit brought by Brogan BamBrogan, its former chief technology officer and co-founder, and three other employees, the Business Journal reports. In a complaint filed July in Los Angeles Superior Court, BamBrogan claimed he was fire after he was critical of Hyperloop One Board Chairman Shervin Pishevar’s management of the company, whose behavior he claimed was tantamount to a breach of fiduciary duty. Terms of the settlement were not disclosed.
Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal, the Business Journal reports. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market. The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.
One of L.A.’s oldest and most prominent importers of Japanese foods and restaurant supplies is being acquired by a $1.3 billion Japanese company, the Business Journal reports. Takara Holdings Inc., based in Kyoto, Japan, said it would pay $8.16 million for an additional 10.3 percent stake in downtown’s Mutual Trading Co. Inc. Takara already owns a 40.7 percent stake in Mutual Trading.
Warner Bros. and J.K. Rowling’s new Harry Potter-related film “Fantastic Beasts and Where to Find Them,” sold $75 million in North American tickets over the weekend, and $143.3 million in partial release overseas, The New York Times reports. STX’s “The Edge of Seventeen” took in $4.8 million, and Open Road’s “Bleed for This” made $2.4 million.
The Dow Jones industrial average rose 45 points in early Monday trading to 18,913. The S&P 500 rose 11 points to 2,193. The Nasdaq rose 37 points to 5,358. The LABJ stock index rose 1 point to 226.
Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer, rising 29 percent to close at $4. Guidance Software Inc., the Pasadena investigative software company, also saw big gains, shooting up 24.9 percent to close the week at $6.81. The week’s biggest laggard was Commerce-based furniture maker Nova Lifestyle Inc., which sank 25.4 percent to close at $2.41.
Steve Mnuchin’s OneWest Bank many have broken federal laws by keeping branches out of minority neighborhoods and making just two mortgages to black borrowers in 2014 and 2015 in Southern California, Bloomberg reports. The redlining complaint, that was submitted by two housing advocates this week, asks the Department of Housing and Urban Development to investigate whether OneWest broke laws ensuring equal access to credit for minority home buyers.
The Port of Los Angeles introduced a $1.3 million pilot with GE Transportation on Tuesday to deliver cargo information to retailers and truckers that will begin next year, the Daily News reports. The digitization should prevent congestion, give retailers, truckers and railroad companies more lead time, and could cut costs for the products that come through the port.
The Los Angeles Department of Water and Power owes its customers at least $67.5 million after the utility company overbilled them because of a faulty computer billing system that was launched in 2013, the Los Angeles Times reports. Because of a class-action settlement, customers will be refunded 100 percent of the amount they were owed by early next summer, and ratepayers have the right to make claims for “consequential damages” stemming from the billing problem.
The Dow Jones industrial average rose 3 points in Friday trading to 18,907. The S&P 500 fell 1 point to 2,187. The Nasdaq rose 1 point to 5,336. The LABJ stock index fell 1 point to 227.
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.