Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Silicon Beach Report Feb. 20: Whatsapp Updates with Snapchat-Like Vanishing Content

WhatsApp updates with Snapchat-like vanishing content, SpaceX lands its latest Falcon 9 rocket booster, media buying on Snapchat confuses advertisers, and more.

L.A. Tops Congestion Ranking for U.S., Global Cities

The L.A. metro area has topped a list of the world’s most gridlocked cities, according to a report issued late Sunday.

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DineEquity Inc. Shares Drop Almost 10 Percent on News of CEO Resignation

The resignation of DineEquity Inc.’s chief executive amid declining sales Friday caused the restaurant company’s stock to fall 9.6 percent in a single day, closing at $60.14.

Paramount Pictures Chairman Brad Grey Expected to Step Down

Paramount Pictures Chairman and Chief Executive Brad Grey is apparently on his way out after 12 years at the helm of the financially troubled studio.

Silicon Beach Report Feb. 17: Rubicon Project Signs SoundCloud

Rubicon Project signs SoundCloud, Elon Musk is seriously pursuing tunneling as a business, and GM deploys 100 electric cars for car sharing program in Los Angeles.

Movers for Week Ending February 17, 2017

Beverly Hills-based Capricor Therapeutics Inc. was this week’s biggest mover, gaining 18 percent to end at $3.11. Puma Biotechnology was also among the week’s biggest movers. The Los Angeles pharmaceutical company gained 10 percent to end at $40.25. Commerce-based lifestyle furniture company Nova Lifestyle Inc. was the week’s biggest loser, dropping 25 percent to end at $1.26.

Former 99 Cents Only Stores CEO to List Beverly Hills Home for $13.8 Million

He may have sold household products for just a dollar each, but former 99 Cents Only Stores Chief Executive Stephane Gonthier is listing his Beverly Hills mansion for a whole lot more.

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Hanjin Shipping Declared Bankrupt As Port of Long Beach Recovers

As Hanjin Shipping Co. finally sank Friday, the Port of Long Beach looked to a future without its most important cargo carrier and former lease-holder of its largest terminal.

Silicon Beach Report Feb. 16: Tinder Acquires Snapchat-Like App Wheel

Tinder acquires Snapchat-like app Wheel, Snap Inc. aims to raise as much as $3.2 billion in IPO, and Disney’s Maker Studios is eyeing layoffs.

Tinder Acquires Snapchat-Like App Wheel

Tinder announced on Thursday that it had for an undisclosed amount acquired General Specific Inc., the developer of Wheel, a video-and-picture slideshow app.

Royalty Fee Collector Worldwide Subsidy Group Rebuffed in Court

A federal judge in Los Angeles booted a case brought by royalty collection service Worldwide Subsidy Group over fees the company said were owed by David Letterman’s production company Worldwide Pants Inc.

Silicon Beach Report Feb. 15: Fika Ventures Raises $40 Million Seed Fund

Fika Ventures raises $40 million seed fund, Musk posts tweet opposing Muslim ban, then deletes it, Imax opens flagship virtual reality center on Fairfax, and more.

Fika Ventures Launches $40M Seed Fund

Fika Ventures has raised a $40 million seed fund to invest in business-to-business companies developing software products for finance, online marketplaces, and healthcare.

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Nasty Gal Expected to Close Retail Stores by End of the Month

Bankrupt women’s clothier Nasty Gal has asked the U.S. Bankruptcy Court to allow it to end the leases on its two retail stores by the end of the month and liquidate all their furniture, fixtures, and equipment, according to court documents filed this week.

Toyota’s Torrance Headquarters Hits the Market

Toyota Motor North America Inc. has just put its massive Torrance campus on the market, several years after announcing plans to relocate its North American headquarters to Texas.

L.A. City Council Gives Final Approval to Decriminalize Street Vending

The Los Angeles City Council on Wednesday gave final approval to an ordinance decriminalizing street vending and laying out a compromise proposal for regulating vending within the city.

L.A. Startups Received $369 Million in Seed Funding in 2016

Seed-stage companies in Los Angeles received a total of $369 million in funding in 2016, according to report from Venice tech accelerator Amplify.LA.

Silicon Beach Report Feb. 14: Mattel Partners with Alibaba to Develop Toys for China

Mattel partners with Alibaba to develop toys for China, PewDiePie original YouTube show canceled following anti-Semitic comments, and ZestFinance launches service to rate credit for millennials without borrowing history.

Mattel Partners with Alibaba to Develop Toys for China

Toy maker Mattel Inc. of El Segundo has partnered with Alibaba Group of Hangzhou, China to market and develop products for Chinese consumers.

Nasty Gal to Close Kentucky Fulfillment Facility

It’s not such a sweet Valentine’s Day for Nasty Gal Inc.’s employees in Kentucky.