Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Downtown Motel to Check Out After $26.5 Million Sale

ACQUISITION: China-linked buyer plans to build 24-story residential-retail building. A parcel near downtown’s Financial District sold last month for $26.5 million, or $795 a square foot, to a developer that plans to build a 24-story condominium tower in place of a decades-old motel.

Movers for Week Ending July 21, 2017

Beverly Hills-based biotechnology company Capricor Therapeutics was this week’s biggest mover, gaining 92.65 percent to end at $1.31. Social Reality Inc. was also among this week’s biggest movers. The Los Angeles-based internet advertising company rose 19.17 percent to end at $1.43. Santa Monica-based automotive pricing and information website True Car Inc. was this week’s biggest loser, dropping 7.42 percent to end at $19.96.

L.A. Unemployment Rate Unchanged at Record Low 4.4 Percent

L.A. County’s unemployment rate remained unchanged in June from May’s record low 4.4 percent as a seasonal drop in education payrolls offset modest hiring in other sectors.

Tease photo

LAEDC to Host New Center for Workforce Training Programs

The Los Angeles County Economic Development Corp. will host a new center for workforce training programs as part of a program funded by local community colleges, LAEDC executives and community college officials were set to announce Thursday.

Tease photo

Pasadena Avatar-Generating Startup Oben Inc. Raises $5 Million

Artificial intelligence startup Oben Inc. said it has raised a $5 million round led by Chinese investment firm Tencent Holdings.

Tease photo

Movers for Week Ending July 14, 2017

Santa Monica’s Cornerstone OnDemand Inc. was the week’s top gainer, jumping 10.8 percent to close at $38.37. Guidance Software Inc. also had a big week, with the Pasadena-based company gaining 9.2 percent to close at $7.14. Reed’s Inc., the downtown beverage-maker, was the week’s biggest laggard. It closed at $1.65, down 35.3 percent.

Private Equity Fund First Beverage Ventures Raises $64 Million

Century City’s beverage advisor firm First Beverage Group has raised $64 million through its venture fund, according to a document filed Thursday with the U.S. Securities and Exchange Commission.

Movers for Week Ending July 7, 2017

Differential Brands Group Inc. was this week’s biggest mover, gaining 5.26 percent to end at $2.00. Software company Simulations Plus was also among this week’s biggest movers. The simulation software company rose 4.86 percent to end at $12.95. Sherman Oaks-based apparel and footwear company Cherokee Inc. was this week’s biggest loser, dropping 28.78 percent to end at $4.95.

L.A. Ventures Forge Links to Blockchain

TECHNOLOGY: Software behind bitcoin draws backers.

Some investors and businesses are putting their money on bitcoin’s blockchain system.

Clearlake Capital Sells Software Firms to Centerbridge Partners for $1.26 Billion

Santa Monica’s Clearlake Capital Group has combined two of its portfolio companies – Syncsort Inc. and Vision Solutions Inc. – and sold the combined entity to New York’s Centerbridge Partners for $1.26 billion.

Visual Effects Company Digital Domain to Expand to Beijing

Playa Vista visual effects company Digital Domain plans to expand its footprint in China with a new studio in Beijing. The firm also has offices in Shanghai and Hong Kong, as well as in Vancouver, British Columbia; Portland, Ore.; New York and London.

Movers for Week Ending June 30, 2017

Monrovia technology company AeroVironment Inc. was this week’s biggest mover, gaining 24 percent to end at $38.20. Portsmouth Square Inc. was also among the week’s biggest movers. The Los Angeles-based property management company rose 12.90 percent to end at $70. Internet advertising and technology company Social Reality Inc. was this week’s biggest loser, dropping 11 percent to end at $1.24.

RBB Bancorp Files For $83 Million IPO

RBB Bancorp is preparing for an $82.8 million initial public offering, according to documents filed with the Securities and Exchange Commission Wednesday.

Movers for Week Ending June 23, 2017

Clinical diagnostic sequencing company Fulgent Genetics Inc. was this week’s biggest mover, gaining 32.63 percent to end at $6.95. Patrick Soon-Shiong’s Culver City-based NantHealth Inc. was also among the week’s biggest movers. The health care company gained 28.29 percent to end at $4.58. Oil and gas exploration and production company California Resources Corporation was this week’s biggest loser, dropping 10.91 percent to end at $9.23.

Electronics Retailer, Chinese Firm Reconnect with $179 Million Investment

A technology company in China announced in a regulatory filing last week that it is paying $179 million to increase its stake in online electronics retailer Newegg Inc. to almost 94 percent.

Tease photo

Patrick Soon-Shiong Pulls Out of Phoenix Biomedical Complex Plan

Biotech billionaire Patrick Soon-Shiong’s plan to build a 7-acre biomedical complex in Phoenix in partnership with the city and Arizona State University is not moving forward, according to local media.

Tease photo