Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

L.A. Downtown News Publisher Looking for Buyer

The Los Angeles Downtown News might soon have a new owner. After 44 years, its editor and publisher Sue Laris on Friday announced the free weekly paper is up for sale.

Silicon Beach Report Sept. 30: Honest Co. to Drop Disputed Ingredient from Laundry Detergent

Honest Co. to drop disputed ingredient from laundry detergent, Event Farm acquires Attend, and native virtual reality ad startup Vertebrae raises $10 million.

L.A. Council Places Building Moratorium Initiative on March Ballot

The Los Angeles City Council on Friday voted to place on the March ballot an initiative from neighborhood anti-development activists that would impose a two-year moratorium on most major building projects and sharply curtail major projects going forward.

Movers for Week Ending September 30, 2016

Commerce-based Nova Lifestyle Corp. was this week’s biggest mover, gaining 83 percent to end at $3.63. Emcore Corp. of Alhambra was also among the week’s movers. The technology manufacturing company gained 9 percent to end at $5.70. Beverly Hills-based biotechnology company Capricor Therapeutics Inc. was this week’s biggest loser, dropping 8 percent to end at $3.24.

FTC Charges Owner of Sage Auto Group with Practicing Deceptive Sales Tactics

Sage Auto Group in Universal City has found itself in the hot seat. The Federal Trade Commission charged the owner and nine of its auto dealerships with using the term “yo-yo” financing tactics on customers and practicing unfair and deceptive sales on Thursday.

Silicon Beach Report Sept. 29: Legendary Digital Launching Paid Streaming Service

Legendary Digital launching paid streaming service, Adam Carolla launches car maintenance management app, and Warner Bros. launches slots mobile game with Mario Lopez.

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California Pledges $250M Backup for L.A. 2024 Olympic Games

California Governor Jerry Brown signed state bill 1465 into law on Thursday, which would provide up to $250 million in state financial support to L.A.’s bid to host the 2024 Olympic and Paralympic Games.

Wells Fargo Pays $4 Million to Settle Claims of Auto Loan Abuses

Wells Fargo has yet again found itself in hot water. In what is just the latest incident in a string of bad publicity, the bank has agreed to change its policies and pay more than $4 million in a settlement with the U.S. Department of Justice for allegedly violating a federal law by repossessing hundreds of cars owned by military service members.

Inglewood Apartments Draw Investor Universe Holdings

Two Inglewood apartments sold this month to an investor planning to renovate the units and lift rents as part of a plan to capitalize on the city’s appeal to residents priced out of neighboring Westside markets.

Panda Express Grows Alternative Investment Platform

The Panda Restaurant Group announced plans today to expand their family office’s investment platform by bringing in Founding Partner and Managing General Partner of Breakaway Capital Warren Woo, and former Managing Director at Wells Fargo & Co. Carey Do Kim to the investment arm of the Cherng Family Trust Office in Los Angeles.

Silicon Beach Report Sept. 28: SpaceX’s Musk: Less Than 5 Percent of Company Working on Mars Mission

SpaceX’s Musk says less than five percent of company working on Mars mission, Telesign joins ‘Lock Down Your Login’ initiative, Tinder starts testing ‘Boost’ feature, and more.

Banker Charged with Allegedly Taking Bribes from Santa Monica Company

Executives at Santa Monica-based ServiceMesh Inc. raked in nearly $100 million in bonus cash by bribing a former Australian banking executive, according to charges filed Tuesday by federal prosecutors and the Securities and Exchange Commission against the banker.

Silicon Beach Report Sept. 27: SpaceX’s Elon Musk Reveals Mars Mission Plans

SpaceX’s Elon Musk reveals Mars mission plans, Jukin Media adds marketing division, Peter Guber and investors buys e-sports team.

Wells Fargo Faces Class-Action Lawsuits from Shareholders, Workers

One week after Wells Fargo’s chief executive faced a federal hearing over the bank’s numerous transgressions, the company now faces a multitude of lawsuits filed by customers, shareholders, and former employees.

Muirfield Acquired by New York Public Relations Powerhouse

Public relations powerhouse Prosek Partners has acquired Westwood-based Muirfield Partners for an undisclosed amount of cash and equity from Muirfield founder Mickey Mandelbaum.

Silicon Beach Report Sept. 26: Snapchat Changes Its Name, Unveils Sunglasses with Camera

Snapchat changes its name and unveils sunglasses with camera, Disney in talks to buy Twitter, SpaceX test fires Mars rocket and more.

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Tesla’s Santa Monica Shop Sells for $15.6M

Tesla Motors’ sleek storefront on Santa Monica’s Third Street Promenade has sold for about $15.6 million, or roughly $5,200 a square foot.

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Onni Closes Monday on $105M Purchase of Times HQ

Tribune Media Co. finalized its sale of the Los Angeles Times building to Onni Group on Monday for at least $105 million.

Councilman Calls for Autonomous Driving in Los Angeles by 2035

L.A. City Councilman David Ryu filed a motion Wednesday requesting that the Los Angeles Department of Transportation examine the effects of having an “autonomous transit city” and suggest steps needed to ensure the city is driverless by 2035.

Movers for Week Ending Sept. 23, 2016

Century City-based Ritter Pharmaceuticals was this week’s biggest mover.