Los Angeles Business Journal

LA FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...
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Lawsuit Flares Up Over $122 Million Sale of Bijan Store

A pair of Los Angeles-based businessmen who said they helped arrange the $122 million sale of the Bijan store on Rodeo Drive in July are suing two fashion companies connected to the deal, claiming to be owed a finder’s fee.

Tetra Tech Part of $400 Million Army Base Cleanup Contract

Water Consulting and Engineering Firm Tetra Tech Inc. announced today it was chosen as one of seven contractors eligible to receive up to $400 million in federal dollars to aid the environmental cleanup of old U.S. Army bases.

County Unemployment Rate Ticks Up to 5 Percent, But Job Growth Strong

L.A. County’s unemployment rate rose slightly in September to 5 percent despite relatively strong job growth for the month, state figures released Friday show.

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Slice of Pie

DINING: Pizza chain Fresh Brothers cuts in investor to feed growth.

Fresh Brothers decides to take dough from Nolan Capital to feed the pizza chain’s expansion.

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Big Apple Firm Has Taste for Downtown Office

ACQUISITION: Tishman Speyer pays $25 million for couple of properties.

The company that owns New York’s Rockefeller Center is making a foray into L.A.’s up-and-coming Arts District.

Movers for Week Ending October 14, 2016

El Segundo-based sporting goods retailer Big 5 Sporting Goods was this week’s biggest mover, gaining 8 percent to end at $16.99. Kilroy Realty Corp. Real Estate Trust was also among the week’s movers. The DTLA real estate corporation gained 5 percent to end at $70.11. Specialty pharmaceutical company Ritter Pharmaceuticals Inc. was this week’s biggest loser, dropping 14 percent to end at $1.70.

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Veteran Investors Step Up to Plate With E-Sports

INTERNET: Peter Guber-led acquisition of Team Liquid could prove game-changer.

Peter Guber has drafted a veteran team of investors in his move into the e-sports field

Wells Fargo CEO John Stumpf to Step Down

Wells Fargo & Co. announced today that the company’s Chief Executive John Stumpf is retiring and will step down as chairman and chief executive, effective immediately.

Movers for Week Ending October 7, 2016

Century City-based pharmaceuticals company Ritter Pharmaceuticals Inc.was this week’s biggest mover, gaining 17 percent to end at $1.97. Big 5 Sporting Goods Corp. was also among the week’s movers. The El Segundo-based sporting goods retailer gained 16 percent to end at $15.74. Patent acquisition company Marathon Patent Group was this week’s biggest loser, dropping 14 percent to end at $2.42.

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New Home Base

Restrictions push Chinese investors away from higher-price single-family residences to condos

Condo projects could get a boost as Chinese investors move away from costlier single-family homes.

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Licensing of Legalized Pot Fires Up City, Vendors

GOVERNMENT: Marijuana firms scramble to solve pending permitting issue.

The prospect of legalized marijuana has city and vendors scrambling for licensing regime.

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Gannett Deal to Buy tronc May Be Imminent

The long-awaited end to the tronc-Gannett saga might be near. Then again, it might not be. The possibility of the announcement of a deal on Monday for Gannett, the newspaper chain and publisher of USA Today and other dailies, to purchase Los Angeles Times parent tronc was first reported by Politico on Sunday.

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Software Firm Works to Get on Track With Weed

TECHNOLOGY: Kind Financial aims to keep pot firms compliant.

Kind Financial switched focus to also put money on pot tracing and tracking software.

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Buyer Charged Up Over Electric-Car Storefront

ACQUISITION: Deal grows KLM’s landlord presence at Third Street Promenade.

The sleek storefront that is home to Tesla Motors Inc.’s showroom on Santa Monica’s Third Street Promenade has sold for about $15.6 million, or roughly $5,200 a square foot, to the same company that purchased the Promenade’s Apple store in 2014.

U.S. Bank Agrees to $13.5M Settlement Over Foreclosed Homes Upkeep

The L.A. City Attorney’s Office has reached a $13.5 million settlement with U.S. Bank to resolve allegations that the bank allowed hundreds of foreclosed properties in Los Angeles to fall into disrepair, officials announced Thursday.