The Dow Jones industrial average fell 588 points in Monday trading to close at 15,871, its lowest close since February 2014. The S&P 500 fell 78 points to close at 1,893. The Nasdaq fell 180 points to close at 4,526. The LABJ Stock Index fell 10 points to close at 207. Of the 158 stocks on the LABJ Stock Index, 140 lost value Monday, while just 10 companies saw shares rise. Eight stocks were unchanged on the day.
Drivers for Uber and Lyft lined up opposite opponents of the ridesharing companies Tuesday at a Los Angeles City Council committee hearing that could determine whether the firms will be able to operate at Los Angeles International Airport.
L.A. is set to pick up a new public company next week, as Century City investment bank Houlihan Lokey prepares for its initial public offering.
With L.A. 2015 now underway, how about L.A. 2024?
Just shy of a year after the deal was first announced, federal banking regulators have signed off on New Jersey lender CIT Group Inc.’s purchase of Pasadena’s OneWest Bank.
Tuesday Rundown: Green Dot Opens Shanghai Office, Aecom Sells Staffing Unit, Molina Buys in Florida Again
Pasadena prepaid debit card firm Green Dot Corp has opened a new subsidiary in China that will focus on technology and software development.
Irvine lender Plaza Bank has closed its acquisition of Manhattan Bancorp, the El Segundo parent of Bank of Manhattan.
REAL ESTATE: Buyer of CIM property jolted by designation.
The buyer of a Hollywood apartment just built by CIM Group was surprised to learn it was rent controlled.
UCLA Environmental Study Gives L.A. County a C+ Los Angeles County has work to do when it comes to the environment, according to a UCLA study released on Tuesday that rates the county’s environmental performance as a C+.
LENDING: Alex Meruelo to take control of NCAL despite scrutiny over payday loans.
Alex Meruelo further diversifies eclectic portfolio with deal for controlling stake in NCAL Bancorp.
Chicago lender Monroe Capital has dropped a lawsuit it filed this summer against Los Angeles dealmaker Warren Woo and his new investment firm, Breakaway Capital.
Casinos split over wisdom of no-collection games
Some casinos see the big draw of no-collection card games as a big risk for their business.
Olivier de Givenchy saw finance career as better fit than family’s fashion, design pursuits.
Banker Olivier de Givenchy has made a name for himself outside of the fashion and beauty sectors his family is famous for.
Los Angeles International Airport remains on pace for a record year after a strong September, according to passenger traffic figures released Friday.
Lenders compete to help business owners tap dividend recapitalizations for hefty payouts while loading their companies with debt. Once limited, the practice nears record pace.
Bankers take dividend recapitalizations mainstream, letting business owners load up on money while loading their companies with debt.
finance: New handle offered Cappello new life in court fight.
Investment bank Cappello Capital has gone back to work under a new name after a firm-scuttling lawsuit.
Port-commissioned app to help drivers with Desmond project.
Internet Long Beach port builds bridge to future with app to help navigate traffic during Gerald Desmond work.
Ari Bass was one of many L.A. dads who spent a couple weeks in August driving a van on a family vacation.
Banking: Hanmi joins rivals in chasing out-of-state growth.
Banking: Koreatown’s Hanmi is in a state of expansion with its acquisition of Texas’ United Central.
Koreantown bank holding company Hanmi Financial Corp. completed its acquisition of United Central Bank of Garland, Texas, over the weekend in a deal that gives Hanmi a presence in Illinois, Texas and Virginia.
Quest Nutrition’s new products offer buyers taste of protein.
Quest Nutrition hopes for healthy returns from its new milk protein-based chips.
Downtown stock brokerage Wedbush Securities in Los Angeles has responded to a financial industry group’s allegations of problems in its market access operations over the past several years.
INSURANCE: CEO at parent of companies says rapid growth helped spur review.
Two insurance companies owned by Malibu billionaire Don Hankey are under review by ratings agency A.M. Best Co., which said it is concerned that the insurers might not have enough reserves to keep pace with their growth.
Pelican Products looks to secure new market with sturdy approach.
Security case maker Pelican Products has a brand new bag: luggage.
LENDING: Longer deals take hold at Koreatown institutions.
Some Koreatown banks have broken with a long tradition of short contracts for CEOs.
Great American Group lost money in the quarter ended June 30, but it indicated Thursday that it could swing to a profit now that it’s combined with West L.A. investment bank and brokerage B. Riley & Co.
Santa Monica startup airline Surf Air has announced big expansion plans, including the addition of as 15 new planes to its fleet and as many as 13 new destinations.
LENDING: Celtic Capital spins off from bank parent PacWest in order to maintain focus on high-risk asset-based loans.
Principals at newly spun-off Celtic Capital see the risky asset-based loan business as a safe bet.
From soap opera extra to crew director, Steven Barber has had every job in the “biz” over the past 25 years.
APPAREL: Cherokee’s expansion plan proves good fit on Wall Street.
Brand licensor Cherokee’s expansion plan grows on investors despite a dip in dividends.
Isotech uses falcons, hawks to chase birds from client properties.
Isotech looks to feather its nest by offering falcons and hawks to chase off pesky birds at client properties.
INVESTMENT: Many cultivate young CEOs before they’re rich.
Money managers look to get a jump on future millions by hooking up with tech entrepreneurs before they’ve raised any funds.
Molina Healthcare Inc. reported meager earnings after markets closed Wednesday, falling well short of Wall Street expectations on profits.
LENDING: Non-profit seeks Villaraigosa’s help on local impact of bank acquisition.
An advocacy group protesting a local bank transaction wants former Los Angeles Mayor Antonio Villaraigosa to broker a deal and end the dispute.
SCE Federal staff takes turns offering financial tips on daily program.
SCE Federal Credit Union hopes its star rises with employees’ daily appearances on TV show “Tu Mundo Hoy!”
BANKING: Investment in Pan American could pay off in public-service benefits.
Investing institutions expect to buoy their business by sinking $6.3 million into floundering Pan American.
City National Corp. reported strong second-quarter earnings after markets closed Thursday, posting net income of $66.7 million ($1.11 a share), up 12 percent over the same period a year ago.
More than a dozen West Coast banks, including eight in Los Angeles County, pumped $6 million of new capital into East L.A. lender Pan American Bank, which was on the verge of being shut down by regulators.
Shares of Koreatown lenders BBCN Bancorp Inc., Hanmi Financial Corp. and Wilshire Bancorp all closed slightly down Tuesday after the three banks reported earnings.
MEDIA: Lions Gate among content owners boosted by bid for Time Warner.
Producer-distributor Lions Gate’s star rises on increased demand for TV and movie content.
FINANCE: Capital raises show strength of once-snubbed sector.
Small lenders look to capitalize on big investors’ surging interest in the sector.
Most bank executives wouldn’t brag about how many of their employees were watching sports during the workday. Then there’s Alan Rothenberg.
GOLD: Rosland Capital to adapt U.S.-centric pitch in hopes of stoking interest.
Expansion into Britain may test the mettle of brokerage Rosland Capital.
finance: Westlake expands services to major dealerships.
Subprime auto lender Westlake Financial Services has taken a turn for major dealerships.
Los Angeles City Attorney Mike Feuer has asked a court to appoint a receiver to oversee the actions of two organizations run by the Department of Water and Power and a local union.
Washington law firm Venable has acquired Westwood firm Weingarten Brown, the firms announced Tuesday.
LENDING: High court may decide whether Korean or L.A. business can use name.
Downtown L.A. lender Hana Financial Inc. lost the latest round in its long-running trademark fight with South Korean banking conglomerate Hana Financial Group last year.
FINANCE: Monroe Capital says Warren Woo used its assets to set up his business.
Ex-employer of Warren Woo alleges high-profile executive went for broke using its assets to launch firm.
Engineering: Firms have noticed that there’s plenty of work in Los Angeles, so they’re opening offices and beefing up here.
The development boom is luring out-of-town firms to Los Angeles and leading local firms to expand.
International: Small L.A. bank halts remittances to war-ravaged nation.
Carson lender Merchants Bank of California is one of the smallest banks around, but it plays an outsized role in war-ravaged Somalia: The bank processes about two-thirds of the $215 million sent from Somali immigrants in the United States to their relatives back home, according to non-profit groups there.
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