Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

State Leaders Unveil Transportation Package with Hikes in Diesel, Gas Taxes

Gov. Jerry Brown and legislative leaders on Wednesday unveiled a $5 billion-a- year plan for road and highway projects, to be funded chiefly by steep hikes in taxes for diesel fuel and gasoline, and a new tax on vehicle registrations.

Silicon Beach Report March 29: Santa Monica’s DogVacay Purchased by Rival Rover.com

Santa Monica’s DogVacay Purchased by Rival Rover.com, Science Inc. begins raising $60 million fund, and test firing readies SpaceX rocket for relaunch Thursday.

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Santa Monica’s DogVacay Purchased by Rival Rover.com

Santa Monica pet-sitting app-maker DogVacay was purchased Tuesday by Rover.com for an undisclosed sum, according to the companies.

Battery Distributor Industrial PowerSource Acquired by Crown Battery

Industrial PowerSource Inc., a distributor and servicer of industrial batteries has been acquired by Crown Battery Manufacturing Co. for an undisclosed amount.

George Lucas Donates $10 Million to USC Film School for Diversity Effort

Filmmaker George Lucas has doubled his support for student diversity at USC’s School of Cinematic Arts with another $10 million endowment. The gift from the George Lucas Family Foundation raises the foundation’s student diversity support effort to $20 million.

Silicon Beach Report March 28: Rubicon Sued by Publishing Customer The Guardian

Rubicon sued by publishing customer The Guardian, Tinder plans to launch website version, and Facebook clones Snapchat stories and then puts feature atop newsfeed, and more.

Port of Long Beach to Hand Out $46 Million in Health Grants

The Port of Long Beach plans to give out $46 million in grants to community organizations to develop health programs in areas most affected by port-related pollution in the San Pedro Bay.

Midcourse Hospitality Group Shuffles Its Restaurant Portfolio

When one restaurant door closes, another opens. So it goes for local operator Midcourse Hospitality Group, which closed three of its eight L.A. restaurants this month.

Hudson Pacific Properties Sells Office Building, Land for $35 million

Hudson Pacific Properties Inc. has sold an office building and an adjacent 1.2-acre plot of land in Santa Monica for $35 million to Santa Monica-based solar power provider Cypress Creek Renewables. The deal closed March 21 and was announced this week.

L.A. Adds Solar Jobs, But Slips to No. 2 for Metro Areas

L.A.’s solar power industry grew by 11 percent in 2016 over 2015, but dropped to second place for most solar-related jobs in the nation’s metropolitan areas, according to a report issued Tuesday by the Solar Foundation, a Washington D.C. nonprofit dedicated to promoting the solar power industry.

Silicon Beach Report March 27: Faraday Future Cancels Plans to Build Assembly Factory in California

Faraday Future cancels plans to build assembly factory in California, Snap Inc. stock jumps after underwriters give company ‘buy’ rating, and Nasdaq threatens to drop Global Eagle over delayed SEC filing.

Update: New Owners of Us Weekly Confirm L.A. Office Closure, Staff Layoffs

Magazine publisher American Media Inc. confirmed Monday it is closing the West Coast office of Us Weekly, which it bought earlier this month, and laying off less than 30 percent of the publication’s total staff, or around 30 people.

Aging Echo Park Retail Buildings Acquired for $9.5 Million

Champion Real Estate Company has acquired a collection of aging retail buildings on Sunset Boulevard in Echo Park for $9.5 million. The company plans to repurpose them into a mixed-use development of retail, restaurants, and residential lofts called BrickWorks.

Us Weekly Closing West Coast Office in L.A., Laying off Staff: Media Reports

Us Weekly is closing its West Coast office in Los Angeles, Page Six reported Friday, while several news sites reported the New York-based celebrity news publication was laying off as many as 40 of its employees.

Federal Judge Rules USC Retirement Class Action Stays in Court

A federal judge on Thursday shot down USC’s attempt to compel plaintiffs to private arbitration, instead pushing forward the class action litigation related to allegations that the university’s retirement plans were rife with excessive fees and costs.

Silicon Beach Report March 24: SpaceX Plans to Relaunch Used Falcon 9 Rocket Next Week

SpaceX plans to relaunch used rocket next week, Black Tux to open showrooms in six Nordstrom stores, and Lions Gate has ‘helluva good day’ with Power Rangers video game launch.

Movers for Week Ending March 24, 2017

Technology and social media company Snap Inc. was this week’s biggest mover, gaining 16 percent to end at $22.74. Differential Brands Group Inc. was also among the week’s biggest movers. The Commerce-based branded consumer platform gained 16 percent to end at $2.15. Ritter Pharmaceuticals Inc. was this week’s biggest loser, dropping 20 percent to end at $1.80.

Largest Los Angeles Spec Home Hits the Market for $75M

The biggest spec house in Los Angeles has hit the market, clocking in at 40,000 square feet.

L.A. County Unemployment Rate Falls to 4.8 Percent as 33,000 Jobs Added

L.A. County’s economy chugged along at nearly full employment in February as the unemployment rate fell to 4.8 percent and employers added 33,000 jobs to their payrolls, state figures released Friday show.

Black Tux to Open Showrooms in Six Nordstrom Stores

Online tux rental service Black Tux plans to open six showrooms inside Nordstrom department stores, starting with a location in Mission Viejo.