Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

L.A. Billionaire Now With Providence Health

L.A. billionaire and biotech entrepreneur Dr. Patrick Soon-Shiong will become the global director for cancer services and bioinformatics at Providence Health & Services, the hospital chain announced on Thursday.

CBRE Group Buys Australian Firm

CBRE Group Inc. of Los Angeles bought Paragon Project Management for an undisclosed price, the company announced Thursday.

Herbalife to Expand Chinese Production

Herbalife announced Thursday that it plans to begin manufacturing its products at a facility in China that the company anticipates will be able to produce nearly two thirds of its products sold in that country.

Bank of America's Countrywide Unit to Pay $1.3 Billion

The Countrywide Financial mortgage lender unit owned by Bank of America has been ordered to pay $1.3 billion in damages for selling thousands of defective loans.

EARNINGS: DirecTV, Edison, Oaktree, Occidental, PS Business Parks, Ryland, Superior

DirecTV, Edison International, Oaktree Capital Group, Occidental Petroleum, PS Business Parks Inc., Ryland Group Inc. and Superior Industries International Inc. were among firms reporting earnings.

Poll: Do you use a "mobile wallet?"

Every week the Los Angeles Business Journal asks readers their views on a variety of business and economic issues. A running tally is available on the site and later will be published in the Commentary section of our print edition.

Stocks Fall

The Dow Jones industrial average lost 318 points in Thursday’s trading to close at 16,563. The S&P 500 lost 39 points to close at 1,931. The Nasdaq lost 93 points to close at 4,370. The LABJ Stock Index lost 3 points to close at 197.

Privlo Raises $3.8 Million Seed, $350 Million Debt Financing

Privlo, an online real estate loan provider, announced it had raised a $3.8 million seed round as well as $350 million in debt financing.

Glu Mobile Acquires Long Beach’s Cie Games

Glu Mobile Inc., mobile game studio behind Deer Hunter and the record-breaking Kardashian app, has acquired Long Beach game developer Cie Games for $100 million in a cash and stock deal.

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Swagbucks Scores SodaHead Acquisition

Prodege, the parent company of online rewards site Swagbucks, announced it will acquire digital consumer polling platform SodaHead.

AllenCo Fined $99,000 in Environmental Case

The U.S. Environmental Protection Agency said Wednesday that AllenCo Energy has agreed to pay a $99,000 penalty for violating federal environmental laws at an oil field near USC.

Molina Net Income Falls Short

Molina Healthcare Inc. reported meager earnings after markets closed Wednesday, falling well short of Wall Street expectations on profits.

Superior Industries Shutting Down Plant

Aluminum wheel manufacturer Superior Industries International Inc. announced Wednesday it would close its Arkansas plant by the end of the year as it prepares to open a fourth plant in Mexico next year.

EARNINGS: Dine Equity, Stamps.com, TetraTech

Dine Equity Inc., Stamps.com and TetraTech Inc. were among firms reporting earnings.

Princess Cruises Places Order for $800 Million Ship

Princess Cruises will add a third ship to its Royal Princess fleet, a 3,560-passenger vessel that will cost about $800 million, the Santa Clarita company announced on Wednesday.

Dow Jones Down; S&P 500 Flat; Nasdaq, LABJ Up

The Dow Jones industrial average fell 32 points in Wednesday’s trading to close at 16,880. The S&P 500 was flat at 1,970. The Nasdaq gained 20 points to close at 4,463. The LABJ Stock Index gained 2 points to close at 200.

'Dragon' a Drag for DreamWorks

Weak box office results for “How to Train Your Dragon 2” put a drag on DreamWorks Animation SKG Inc. second quarter earnings, which failed to match analysts’ expectations.

TrueCar Inc. Moving to New Santa Monica Offices

Online car sales platform TrueCar Inc. announced that it will move its headquarters to 1401 Ocean Ave. from 120 Broadway, expanding its Santa Monica headquarters presence.

j2 Global Acquires Contactology

Cloud service and digital media network provider j2 Global has acquired Contactology, a North Carolina email marketing service company.

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Snapchat Reported in Talks with Alibaba, $10 Billion Valuation

Snapchat is in talks to sell a stake to Alibaba Group, a round of financing that would value the company at $10 billion, according to a report from Bloomberg News.