Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

American Apparel Stock Rises on Charney Ouster

American Apparel Inc. stock rose 17 percent Wednesday on the news that Dov Charney has been fired – for good – and will be replaced by veteran fashion executive Paula Schneider next month.

Stocks Rise

The Dow Jones industrial average rose 288 points in Wednesday trading to close at 17,357. The S&P 500 rose 40 points to 2,013. The Nasdaq rose 96 points to 4,644. The LABJ Stock Index rose four points to 213.

Poll: What would L.A.’s business operators most like to see reduced in 2015?

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. Our latest poll is available on the bottom right column of our home page.

Port Volume Up in Long Beach, Down in L.A.

Last month was the Port of Long Beach’s busiest November since 2007, with cargo volume up 2.1 percent over a year ago.

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Ratkovich Adds Downtown Retail Tenants

Downtown L.A. developer Ratkovich Co. last week announced that two retail tenants have signed leases for the Bloc, a mixed-use redevelopment of the mall at 700 S. Flower St., and a third committed to staying put.

Upfront Ventures Raises $280 Million Fund

The Santa Monica VC firm has raised $280 million to close its fifth fund, General Partner Mark Suster announced on his blog.

Dov Charney Fired -- Again

Dov Charney has been fired by American Apparel Inc., this time for good.

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Serviz Fixes on $12.5 Million

These days, you can request anything with the push of a button. And Serviz, an on-demand home service startup, is showing just how much investors are willing to back this new business model.

Hotel Industry Sues L.A. over Minimum Wage Law

Hotel industry groups on Tuesday sued the city of Los Angeles in federal court over the city’s enactment of a minimum wage ordinance requiring large non-union hotels to pay their workers $15.37 an hour.

OneWest Expected to Receive Over $2.4 Billion From FDIC

Livingston, N.J., finance firm CIT Group Inc. is expected to collect $1.4 billion from federal regulators to cover future losses should its purchase of Pasadena’s OneWest Bank be approved, according to a report from a group trying to hold up the deal.

Feds Charge Pair in $100 million Ponzi Scheme

Two Woodland Hills men accused of orchestrating a 15-year-long Ponzi scheme that defrauded nearly 2,000 investors of more than $100 million were charged Tuesday in federal court.

Stocks Down

The Dow Jones industrial average fell 112 points in Tuesday trading to close at 17,069. The S&P 500 fell 17 points to 1,973. The Nasdaq fell 57 points to 4,548. The LABJ Stock Index fell one point to 209.

NantWorks Strikes Deal with Sorrento Therapeutics

NantWorks, billionaire Patrick Soon-Shiong’s Culver City holding company, has inked a deal with San Diego biopharmaceutical firm Sorrento Therapeutics Inc. to develop cancer and auto-immune disease treatments.

DCHS: Bucking Union, Members Support Sale to Prime

A growing number of union members at the six Daughters of Charity Health System hospitals in California have gone against their own union leadership and signed petitions in support of the sale of the hospitals to Prime Healthcare Services of Ontario, the hospital chain said.

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Ace in the Hole? Downtown Hotel Listed for Sale

Less than a year after opening its doors, the Ace Hotel Los Angeles in downtown L.A.’s Broadway Theater District is on the market.

Virtual Piggy Banks Partnership

Virtual Piggy, a payments provider for teens, has added another partner to its playpen.

DashGo Acquired by AdRev

Digital music distributor DashGo has been acquired by AdRev, a division of digital licensing firm AudioMicro Inc., which helps artists collect revenue from music used in YouTube videos.

Surf Air Begins Oakland Service

Surf Air started service on Monday to Oakland International Airport, the eighth destination for the aviation startup that largely serves executives and professionals.

SEC to Dismiss Herbalife Case After Roommates Flee to Poland

The Securities and Exchange Commission on Monday filed to dismiss charges against a man accused of profiting from privileged information related to the embattled Los Angeles nutritional supplement company Herbalife.

Stocks Fall

The Dow Jones industrial average fell 100 points in Monday trading to close at 17,181. The S&P 500 fell 13 points to 1,990. The Nasdaq fell 48 points to 4,605. The LABJ Stock Index fell three points to 210.