Stories for June 2014

Monday, June 30

Rexford Industrial Buys Nine Buildings

Rexford Industrial Realty has acquired a nine-building portfolio of Southern California properties, the company announced Monday.

Point.360 Gets $1.6 Million for Unused Building

Digital media firm Point.360 reported a net gain of $1.6 million on the sale of an excess property the company owned near the crossing of Lexington Avenue and Vine Street in Hollywood.

Kennedy Wilson Affiliate Closes $1.2 Billion European Deal

A European affiliate of Beverly Hills real estate investment and services firm Kennedy Wilson has closed $1.2 billion worth of deals for properties in the United Kingdom.

Dow Jones, S&P 500 Down; Nasdaq, LABJ Up

The Dow Jones industrial average fell 25 points in Monday’s trading to close at 16,827. The S&P 500 dropped less than a point to 1,960. The Nasdaq rose 10 points to 4,408. The LABJ Stock Index rose shy of a point, to 198.

Science Inc. Backs

Science Inc., which invests in early tech startups, has announced a seed investment in, a mobile user acquisition platform for game developers that drives traffic through in-app purchases.

Susa Ventures Launches with $25 Million Seed

Susa Ventures, a seed fund investing in “companies with a maniacal focus on data,” launched Monday after raising $25 million.

Hobby Lobby Wins Contraception Case

The Supreme Court favored Hobby Lobby and other closely-held companies, saying they may cite religious views to opt out of the Affordable Care Act’s mandate to include contraceptives as a part of employer-provided health coverage. The court’s decision came in a 5-4 ruling, the Wall Street Journal reported.

Decision Expected in Clippers Case

A judge is expected to decide today whether Los Angeles Clippers co-owner Shelly Sterling has the right to sell the team without the approval of estranged husband and co-owner Donald Sterling, the Associated Press said.

G.M. to Pay Victims in Parts Case

General Motors will fully pay anyone who can prove they were hurt in a crash connected to the defective ignition switches that led to the automaker recalling 2.59 million vehicles, the attorney in charge of paying claims declared. G.M. may spend billions to make good on the expected claims, Bloomberg said.

Long Beach Oil Producer Wants to Restore Habitat

Synergy Oil & Gas, which wants to modernize its equipment employed in Long Beach, has about $7 million set aside to restore wetlands, the Long Beach Press-Telegram reports

New Transportation Hub for Burbank Airport

A newly-completed $112-million transportation hub at Bob Hope Airport is intended to allow travelers to get in and out of the airport without needing to drive, and can also double as a “nerve center” for authorities during emergencies, the Los Angeles Daily News said.

U.S. Outgunned on Export Aid

The Obama Administration is trying to gain support for the 80-year-old Export-Import Bank by pointing out other nations’ support for their own exporters. The bank assists foreign purchasers of U.S.-made goods, and an extension of its charter is in doubt, Bloomberg reported.

Big Money for “Transformers”

“Transformers: Age of Extinction” grossed some $90 million this past weekend at Chinese cinemas, a near-record haul in the country, according to the Hollywood Reporter. Meanwhile, the fourth movie in the Transformers series brought in an estimated $100 million in this country, with that amount being part of a $301 million performance worldwide, Variety said.

Developers Say No Need to Protect Bird

Developers say scientific evidence shows no need to protect the California gnatcatcher as a threatened species. Removing federal protections for the bird could open nearly 200,000 acres of Southern California land to development, the Los Angeles Times reports.

BNP Paribas Expected to Pay Billions

BNP Paribas, France’s largest bank, is expected to pay about $9 billion in an anticipated settlement to settle a U.S. criminal investigation into allegations the bank conducted business with parties in countries subject to sanctions, Bloomberg said.

Supreme Court Rules for Union Challengers

The Supreme Court ruled in a 5-4 decision Monday that Illinois home health care workers could not be forced to pay dues to a public-sector union they did not wish to join. The ruling was based on the view that the workers should have been considered to be public employees, the Wall Street Journal reported.

Facebook Experiment Tested Users’ Emotions

Facebook users are upset to learn the popular social networking company conducted an experiment to learn if it could manipulate users’ emotions by omitting positive or negative posts from some 700,000 users’ new feeds. Those users did not know they were involved in the experiment, the Wall Street Journal reports.

Dow Jones Down; S&P 500, Nasdaq Up

The Dow Jones industrial average was down 2 points to 16,850 in early trading today. The S&P 500 was up 1 point to 1,962. The Nasdaq was up 9 points to 4,407.

Hitting Hard

Hard-money lending – loans against hard assets such as real estate – is on the rise in Los Angeles.

Hard-money lending is on the rise because banks can’t make certain types of loans and investors are looking for high returns.

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Creative Economy’s Naked Truth

The sacking of Dov Charney points out how creative types still don’t fit well in straight-laced corporate America, Charles Crumpley writes.

Dispute Sinks Ocean Eco-Charity

NON-PROFIT: Co-founder sues Schwabs over Suharto land deal.

Co-founders of eco-conscious ocean charity accuse each other of dirty dealing.

Forming Passage to, From India

Music manager seeks artists who play well in U.S., overseas.

DesiHits looks to cue up Indian musical artists for success in the United States.

Business Journal Scoops Honors

AWARDS: National recognition includes trade group’s top prize.

Business Journal wins in seven categories including top honors from national publishers’ association.

Mouse Looks To Click With Video Gamers

Adesso tries hand at luminescent accessory with flashy iMouse G3.

Adesso says its video-game-focused mouse will also come in handy for general use with computers.

New Method Fights Back Against Pain

Dr. Hyun Bae attempts to use stem cells to treat spine problems.

Dr. Hyun Bae is experimenting with stem-cell injections as a backup to treating spine pain.

Goal Was to Have Fun So They Kept Playing

Swagbucks Chief Executive Chuck Davis, an avid soccer fan, enjoyed this summer’s World Cup in person by heading down to Brazil to catch some games.

Regional Report

News and notes from communities across Los Angeles County

FameBit, a 6-month-old Santa Monica startup that connects YouTube video creators with advertisers, has raised a $1.4 million seed round led by Science Inc., 500Startups, DeNA and Machinima founder Allen DeBevoise.

Wall Street Dials In to TV-Radio Station Owner

MEDIA: Entravision shares lifted in part by Mexico’s World Cup performance.

Entravision’s shares rise on a triple play of World Cup ratings, ad firm acquisition and a Supreme Court ruling.

Cartoon Producer Animated About New Direction

TV: Genius Brands revamps management as it looks to boost digital distribution.

Kids entertainment firm Genius Brands International wanted to get smarter, so it overhauled its executive ranks, rebuilt its board and changed its business model.

News of the Week

Last week’s major news from and other sources

Malibu’s city clerk presented the City Council with 1,400 verified signatures from a residential group calling for an ordinance to limit chain stores to 30 percent of any Malibu shopping center.

Data Security Company Locks Up Ex-NSA Official

SOFTWARE: Securonix hires federal insider to tout need for tracking behavior.

Securonix brings in former NSA official to help lock down customers for the company’s security products.

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Retailers Plan More in Stores

INTERNET: Shops dial into smartphones to offer deals.

InMarket’s app lets retailers send in-store deals to shoppers’ phones to combat “showrooming.”

Range of Apps Look to Ride Uber’s Reputation

BRANDING: Cargomatic among firms tapping service’s image with young people.

Tech companies these days are likening themselves to popular ridesharing app Uber in the hopes of generating buzz about their services.


Upcoming local conventions.


Upcoming local events.

Protest Reservations

Calls to boycott Beverly Hills hotels to punish owner sultan of Brunei will only hurt local workers.

Robert H. Kerrigan Jr. lobbies hotel boycotters to rethink their protest of the sultan of Brunei.

Violence In Iraq

Islamic terrorists have pushed from Syria deeply into Iraq, raising questions as to whether the government can protect itself in the absence of American force. So the Business Journal asks:

How concerned are you about Iraq?

Classic Approach

Restaurateur Lisa Vanderpump says she takes a classic approach to clothing.

AEG Scoops Up Downtown Office Space Whole

LEASE: Former Desmond property offers chance to consolidate outposts.

Downtown L.A. entertainment giant Anschutz Entertainment Group signed a lease last week for the entire office portion of the historic five-story Desmond building in downtown’s South Park district, according to real estate sources.

Hard-Money Lender Is Now Serving Hard Time

Hard-money lender Ezri Namvar illustrates the risks of getting overleveraged.

Mother Helping Family Punch Up Bottled Sangria

ALCOHOL: Wine business hopes to tap celeb appeal of Lisa Vanderpump.

Vanderpump Wines and Spirits looks to mix it up in the bottled sangria market with its premium product.

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Developer to Shed Property as He Scales Tower

REAL ESTATE: Plaza deal comes as Kambiz Hekmat ramps up Westwood project.

Developer sheds Westwood property as he looks to build support for the area’s tallest tower.

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High-End Lockup

STORAGE: William Warren Group thinks outside box with pricey pickup service and bellhops to move items.

William Warren Group looks to box out rivals by offering high-end services to pick up and carry items.

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’Net Dreams

Sit ’N Sleep in drive to boost online mattress sales

Sit ’N Sleep gets in bed with a Marina del Rey ad firm in hopes of boosting the mattress dealer’s online presence.

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Friday, June 27

Board Member Loans Aura Systems $1.1 Million

Aura Systems, which produces mobile power generators and power management systems, announced Friday it received a new $1.1 million unsecured non-controvertible short term loan from a board member.

MannKind Gets FDA Approval for Inhalable Insulin

MannKind Corp. on Friday finally secured government approval to sell its Afrezza brand of inhalable insulin.

Report: Loans Due for American Apparel

American Apparel will have to pay a $10 million loan in full after the company’s request to stay out of default was denied, Bloomberg reported Friday.

’Net Dreams

Sit ’N Sleep gets in bed with a Marina del Rey ad firm in hopes of boosting the mattress dealer’s online presence.

Dispute Sinks Ocean Eco-Charity

For a moment in 2011, charity organization Seathos Foundation was Venice’s celebrity cause de jour. Its mission to spread awareness of the human impact on oceans drew such supporters as actors Julia Roberts and Jeff Bridges and surfer Kelly Slater. But while the goodwill poured in, its co-founders were allegedly discussing ways that Seathos could promote their own business activities – ambitious plans that ultimately resulted in a nasty partnership breakup.

American Apparel, IPC, CytRx Among Week’s Big Movers

The Los Angeles Business Journal’s index of the largest local public companies rose slightly for the week.

Stocks Up

The Dow Jones industrial average rose 6 points in Friday’s trading to 16,852. The S&P 500 rose 4 points to 1,961. The Nasdaq rose 19 points to 4,398. The LABJ Stock Index rose slightly to 197.

Poll: What does your summer reading consist of?

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.

New Chief Named at Port of Long Beach

The Port of Long Beach’s next executive director will be former FedEx Canada president Jon Slangerup. His toughest task may be managing extensive construction projects, the Long Beach Press-Telegram reports.

L.A. Gets 4D Movie Theater

The first U.S. 4D movie theater, adding moving seats, fog and even smells to the viewing experience, opens at L.A. Live with showings of “Transformers: Age of Extinction,” The Wrap reports.

Rail Connection Coming for LAX

Metro officials on Thursday approved plans to build a new rail station near LAX that would connect travelers to a “people mover” system linked to the airport, Southern California Public Radio reports.

Inside Charney’s Ouster

American Apparel directors who made the move to fire company founder Dov Charney earlier this month made their decision at a New York City steakhouse after years of sexual harassment allegations and a fading of the company’s fortunes, as reported in the New York Times.

B.E.T. Experience Comes Back Downtown

Cable network B.E.T. is set to host its second B.E.T. Experience, which begins today. The weekend event features concerts, an awards show and other events Staples Center, Nokia Theater and the Convention Center. Last year’s event attracted 100,000 people to downtown, the Los Angeles Times reports.

Virtual Skydiving Developed in South Bay

A pair of tech firms have developed virtual reality skydiving simulators designed to train military personnel and smokejumpers, according to the Daily Breeze.

State Senate Votes to Repeal Glove Law

In the face of a backlash from restaurants and bars, lawmakers are taking steps to repeal a law that requires food handlers to wear gloves, the Los Angeles Times reports.

Wages Stagnant as Fed Seeks Inflation

Americans’ wages are not rising in accord with the Federal Reserve’s moves to support inflations as a means to aid debtors and bolster businesses’ profits. Economic improvement could lag if consumers cannot afford to spend more, Bloomberg said.

KB Home Reports Profit

KB Home can thank rising home prices for the $26.6 million profit the Los Angeles-based firm earned during the quarter ending May 31, the Los Angeles Times reports.

Dow Jones, S&P 500 Down; Nasdaq Up

The Dow Jones industrial average was down 25 points in early trading to 16,821. The S&P 500 was down slightly to 1,957. The Nasdaq was up 6 points to 4,385.

Thursday, June 26

TapZen Receives $8 Million from Tencent

Mobile gaming company TapZen has an $8 million investment from Tencent Holdings Ltd. amid news of its first game launch, “This Means WAR!”

Study: Hotel Wage Hike Could Hurt City

Raising L.A. hospitality workers’ minimum pay above $15 may burden the local hotel industry to the point of causing a loss of tax revenue for the city, according to a study released Thursday.

Assembly Passes Aerospace Tax Credit Bill

A bill that would give California aerospace companies up to $420 million worth of employment tax credits for work on an “advanced strategic aircraft program” has passed the Assembly.

Dow, S&P, Nasdaq Fall; LABJ Rises

The Dow Jones industrial average fell 21 points to 16,846. The S&P 500 fell 2 points to 1,957. The Nasdaq fell slightly to 4,379. The LABJ Stock Index went up slightly to 197.

The Bouqs Blossoms With $6 Million Series A Round

The Bouqs Co., an online flower delivery startup, has raised $6 million in a Series A round with plans to expand the team, offer overseas delivery and scale up the company’s tech infrastructure to meet growing consumer demands. Azure Capital Partners led the round, with support from KEC Ventures and existing investors Quest Venture Partners, SG-VC and Siemer Ventures.

EV Connect Appoints New Chief Executive

EV Connect, a management software company for commercial and governmental electric vehicle charging stations, announced Thursday that Scott Jarus has been appointed as the company’s new chief executive.

Broadcasters’ Stocks Rise After Aereo Ruling

Stocks of CBS Corp., Walt Disney Co. and other entertainment companies rose following broadcasters’ Supreme Court victory over streaming firm Aereo, with analysts lauding the decision as a positive for the TV sector, according to the Hollywood Reporter.

Construction Soars West of Downtown

A $200 million development on Sixth Street is one example of a construction boom spreading from downtown Los Angeles to neighborhood’s west of the city’s Financial District, the Los Angeles Times reports.

Ikea to Raise Minimum Pay

Furniture retailer Ikea will raise minimum pay at its 38 U.S. stores to $10.76 per hour, beginning next year. The chain’s current entry-level pay rate of $9.17 is already more than $3 greater than the current federal minimum, the Los Angeles Times reports.

Google Seeking Omnipresence

Google wants to be everywhere: in your home, your car on your wrist. That vision became clear at the search giant’s conference in San Francisco, where the company unveiled plans to expand Android, its mobile operating system, for new categories like wearable computers and automobiles, the New York Times said.

Port Disruption Could Cost $50 Billion

Manufacturers and retailers warn a work stoppage at West Coast ports could cost nearly $50 billion if trade is disrupted for as long as 20 days. The business groups issued the warning as negotiations for a labor contract are likely to extend beyond the June 30 expiration of the current agreement, the Los Angeles Times reports. Check out the Business Journal’s earlier coverage.

Risk Officers Gain Influence at U.S. Banks

The increase in bank regulations that followed the past recessions have resulted in risk officers, charged with preventing major losses, gaining power at banks across the country, the Wall Street Journal said.

Domestic Manufacturing is a Tough Gig

Manufacturers who have attempted to produce goods in the United States are not having an easy time of it. Firms face major obstacles in the form of regulations, the availability of skilled workers and Americans’ seeming reluctance to spend more for Made in USA products, the Wall Street Journal reports.

A $100 Million Weekend for New Transformers Movie

“Transformers: Age of Extinction” may generate $100 million in ticket sales when it opens this weekend. The action movie is likely to have this year’s biggest weekend since “Captain America: The Winter Soldier” opened, Variety reports.

No New Dynasties in Reality TV

Television producers have been unable to duplicate the success of “Duck Dynasty.” The A&E; show remains the most popular unscripted show despite a ratings drop, and new hits are harder to come by in a saturated market for reality shows, according to the Hollywood Reporter.

Supreme Court Limits Presidential Appointments

The Supreme Court issued a unanimous decision reducing the president’s authority to appoint officials while Congress is in recess. The decision limits the president’s power to appoint controversial nominees to government positions, NBC News reports.

Stocks Down

Stocks were down in midday trading on Thursday. The Dow Jones industrial average fell 92 points to 16,776. The S&P 500 fell 10 points to 1,950. The Nasdaq fell 21 points to 4,359.

Tastemade Dishes Success With $25 Million Series C

Tastemade, a digital multichannel food and lifestyle network, closed a $25 million Series C round of funding with plans to further its video content production and app expansion, the company announced Thursday.

Wednesday, June 25

Shotgun Software to be Acquired by Autodesk

Shotgun Software has agreed to be acquired by Autodesk as both companies look to increase product development and management for entertainment production.

Malibu Council Gets Signatures Opposing Chains

The Malibu City Clerk has presented the council with 1,400 verified signatures calling for limits on the amount of space chain stores can occupy in shopping centers.

Production Incentive Bill Advances

A California Senate committee approved on Wednesday proposed legislation to renew the film and television tax credit program to keep production in the state.

PR Firm to Close

Harris Shepard Public Relations of Century City is scheduled to close after completing its final day of business on Thursday.

Stocks Rise

The Dow Jones industrial average gained 49 points in Wednesday’s trading to finish at 16,868. The S&P 500 rose 10 points to close at 1,960. The Nasdaq climbed 29 points to reach 4,380. The LABJ Stock Index edged up 1 point to 196.

Cargomatic Speeds Along With $2.6 Million Funding

Cargomatic, the trucking industry’s version of Uber, launched Wednesday after raising $2.6 million in early-stage funding.

Supreme Court Rules Against Aereo

The Supreme Court this morning ruled 6-3 that streaming service Aereo violated copyright law by retransmitting television signals to online customers. The decision is a victory for broadcasters, the Los Angeles Times reports.

Warrants Required for Cell Phone Searches

Police must obtain warrants before searching an arrested suspect's smartphone, the Supreme Court ruled today. Justices unanimously determined that the amount of data carried by phones means the devices are significantly different from other personal property that may be searched, the Los Angeles Times said.

U.S. to Export Oil

The federal government is poised to allow the first oil exports in nearly 40 years. The Obama Administration is set to allow two U.S. firms to export crude oil as early as August, the Wall Street Journal reports.

Clippers Sponsorships at Risk

The Los Angeles Clippers' recent successes on the hardwood and in the marketplace may not be enough to keep sponsorships intact. Advertisers are wary of being associated with the team as long as co-owner Donald Sterling, who was caught on tape making racist comments, continues his fight to undo a sale of the franchise and remain associated with the team, according to the Los Angeles Times.

Revolution Studios May Sell for $500 Million

Producer Joe Roth is reported to be close to a $500 million deal to sell Santa Monica-based Revolution Studios to New York-based hedge fund manager Fortress Investment Group, according to the Hollywood Reporter.

Autodesk Buys Shotgun Software

Autodesk, Inc., a San Rafael-based publisher of software used by the entertainment industry, is set to buy Venice-based Shotgun Software. Shotgun produces production-management software and is expected to remain headquartered in Venice, Variety reports.

Fewer T.V. Pilots Shot in Los Angeles

The production of television pilots in Los Angeles is declining as producers flee for locations that offer more incentives. For the first time ever, the share of pilots shot in Los Angeles dropped below half of all such productions for a development cycle, the Los Angeles Daily News reports.

Uber Drivers Protest in Santa Monica

Drivers who have worked for Uber, the company whose app allows customers to request car service from their smartphone, protested Tuesday outside the firm's offices in Santa Monica. The Teamsters union organized the protest and drivers said their objections include concerns that they could be assigned to less lucrative roles with the company if they do not acquire new vehicles, according to CBS Los Angeles.

Difficulties for Food Trucks

Members of the Los Angeles area's famed food truck industry are experiencing challenges of increased production and tighter regulations, according to the Los Angeles Register.

Albertsons Agrees to $3.4 Million Settlement

Grocery chain Albertsons will pay $3.4 million to settle claims the company illegally handled hazardous materials at 188 California stores. The settlement is the outcome of a case involving the Los Angeles City Attorney's Office and authorities in other Southern California counties, the Los Angeles Times reports.

Stocks Up in Early Trading

The Dow Jones industrial average was up 56 points to 16,874 in trading Wednesday morning. The S&P 500 edged up 6 points to 1,955. The Nasdaq was up 12 points to 4,362.

Tuesday, June 24

Council to Consider Criminalizing Wage Theft

Two Los Angeles city councilmen on Tuesday called for a crackdown on employers who do not pay their workers the proper amount of wages.

Whole Foods Settles Pricing Case

The operators of Whole Foods Markets will pay nearly $800,000 to settle allegations of overcharging customers at California stores, the Los Angeles City Attorney’s Office announced Tuesday.

Report: American Apparel Seeks New Cash

Clothing manufacturer and retailer American Apparel may be seeking to raise new sources of capital as the firm’s current leaders seek to wrest control of the company from founder Dov Charney.

Business Journals Reap Industry Honors

The Los Angeles Business Journal was honored with seven awards, including the top prize for general excellence, at the annual Association of Area Business Publications conference.

Stocks Down

At the close of markets Tuesday, the Dow Jones industrial average was down 119 points to 16,818. The Nasdaq fell 18 points to 4,350. The S&P 500 was down 13 point to 1,950. The LABJ was down 1 point to 195.

Epoxy Raises $6.5 Million Series A

Epoxy has raised a $6.5 million Series A round, led by Upfront Ventures and Time Warner Investments.

AdColony Purchased for Up to $350 Million

AdColony has been acquired by Norwegian mobile software firm Opera Software for $75 million in cash, with potential earn-out payments of up to $275 million.

Los Angeles May Aid Hotel Builders

Los Angeles officials are considering a $180 million plan to aid Related Cos. and another hotel developer by allowing them long-term tax benefits, the Los Angeles Times reports.

Paramount Rushes to End ‘Transformers’ Dispute in China

A whirlwind of activity over a product placement dispute shows the lengths to which Hollywood is willing to go to keep its Chinese partnerships on track, the Los Angeles Times reports.

California Democrats Seek Changes to Carbon Law

A group of moderate Democrats in the Legislature are seeking changes to California's controversial cap-and-trade law because they believe an expected 15 cent price increase per gallon at gas stations next year could harm low-income drivers, the Los Angeles Times reports.

Shelly Sterling May Have Advantage in Clippers Lawsuit

Shelly Sterling, the estranged wife of embattled Los Angeles Clippers co-owner Donald Sterling may have an advantage in a lawsuit that could determine whether she had a right to negotiate the sale of the NBA team to former Microsoft leader Steve Ballmer, the Los Angeles Times reports.

Auto Recalls at an All-Time High

Auto recalls reached record levels this year as automakers have become increasingly reliant upon common parts. The latest recall, announced Monday, is the result of a defective air bag inflator manufactured by Takata Corp., the Los Angeles Times reports.

Pension Funds, Universities Miss Out on Stock Boom

Institutional investors such as pension funds and university endowments have missed opportunities to benefit from the bullish conditions that have characterized the stock market since 2009, the Wall Street Journal reports.

Computer Experts Form Startup to Fight ‘Botnet’

Computer security figure Dan Kaminsky is leading a new company, called White Ops that is devoted to developing technology that can tell the determine when a human is using accessing a Web site or whether access is being sought by "botnets" of infected computers, the New York Times reports.

Millenials Making Inroads into Home Ownership

Young Americans, often referred to as "Millenials," have been blamed for slowing the housing recovery as many have been unable to afford the burdens of a mortgage, Bloomberg reports.

GOP Members Seek to Close Export-Import Bank

Republican lawmakers in Congress are pushing to close down the U.S. Export-Import Bank, an 80-year-old institution designed to help foreign companies buy U.S. goods, Bloomberg reports.

Gerald Desmond Bridge Work Delayed

Plans to replace the Gerald Desmond Bridge linking Long Beach to Terminal Island will be delayed for at least one year, the Long Beach Press-Telegram reports.

Propeller Planes to Get New Van Nuys Facility

A $21 million development at Van Nuys airport is expected to provide new hangars, a fueling facility and other amenities for owners of propeller planes at Van Nuys airport, the Los Angeles Daily News reports.

Stocks up

In early midday trading Tuesday, the Dow Jones is up 18 points to 16,955 in early trading. The S&P 500 is up 4 points to 1,966. The Nasdaq is up 31 points to 4,399.

Monday, June 23

Redken Founder, Courier Owner Paula Kent Meehan Dies at 82

Paula Kent Meehan, co-founder of hair products firm Redken Laboratories and the owner of the Beverly Hills Courier, died Monday, that newspaper reported. She was 82 years old.

FameBit Raises $1.4 Million

FameBit, a 6-month-old Santa Monica startup that connects YouTube video creators with advertisers, has raised a $1.4 million seed round led by Science Inc., 500Startups, DeNA and Machinima founder Allen DeBevoise.

American Apparel Hires Advisory Firm

Clothing manufacturer American Apparel announced Monday that it had hired Peter J. Solomon Co. to act as a strategic and financial advisor in the wake of the dismissal of company founder Dov Charney as chairman and chief executive.

OSI Lands $102 Million DoD Contract

OSI Systems announced Monday that its security division had won a $102 million contract from the Department of Defense to support operations in Iraq.

Nasdaq, LABJ edge upward; Dow, S&P down

At the close of markets Monday, the Dow Jones Industrial Average was down 10 points to 16,937. The Nasdaq was up by about less than a point to 4,369. The S&P 500 was down a fraction of a point to 1,963. The LABJ Stock Index was up by less than a point to 197.

Former Warner Bros. Executive Gets Major Chinese Investment

Chinese firm Fosun International Ltd. will invest in Studio 8, a new company being led by former Warner Bros. executive Jeff Robinov. The deal gives the Shanghai-based Fosun "significant influence" over the distribution of future Studio 8 productions in mainland China, Hong Kong, Taiwan and Macau. Studio 8 now has some $1 billion in financing following the Fosun investment. At Warner Bros., Robinov oversaw the productions of such recent hits as the "Dark Knight" trilogy and "Argo," reports.

Dov Charney Threatens to Sue to Get Top Job Back

Ousted American Apparel chief executive Dov Charney's lawyer has threatened a lawsuit against the Los Angeles-based firm's board of directors. American Apparel's board voted Wednesday to drop Charney from the board and suspend him, pending his eventual firing, as chief executive. The board's decision "grew out of an ongoing investigation into alleged misconduct" after Charney rejected an ultimatum to resign. Charney's attorney said the board's actions were unlawful and he is willing to sue to get his job back, the Los Angeles Times reports.

U.S. Home Sales Climbed in May

Sales of previously-owned homes grew in May at the highest rate in nearly three years. May's 4.9 percent increase in sales of existing homes was the greatest since August 2011. Home sales outperformed forecasts and the news suggests that the housing recovery is continuing. Median U.S. home prices increased by 5.1 percent to $213,400, Bloomberg reports.

Feds Increase Scrutiny of Employee-Stock-Ownership Plans

The Labor Department is a plaintiff in 15 lawsuits involving employee-stock-ownership plans. Virtually all of the cases are based on allegations that company owners sold their shares to the plans at inflated values. If the allegations in these cases are true, employees who relied upon the plans for their retirements would have their investments placed in jeopardy. The government is expected to propose new rules to govern how appraisers provide valuations for employee-stock-ownership plans, the Wall Street Journal reports.

Labor Relations Judge to Hear Claims Against Trucking Firm

Los Angeles and Long Beach truck drivers alleging a Rancho Dominguez trucking firm has committed more than 50 labor violations are scheduled to have their claims heard in August by a National Labor Relations Board judge. The drivers, represented by the International Brotherhood of Teamsters, have accused Green Fleet Systems of harassing union supporters and other violations. An attorney for Green Fleet responds that the union itself has committed unlawful picketing activities and that most of Green Fleet drivers are independent contractors who are not entitled to unionize, the Long Beach Press-Telegram reports.

G.M. Calculating Costs of Injury Claims

Experts estimate that G.M. may end up paying billions of dollars to people filing injury claims over defective automobiles. The automaker is dealing with a crisis over faulty ignition switches that led to the recalls of 2.6 million vehicles as it attempts to recover from bankruptcy. G.M. has already paid a $35 million penalty to the government, and the costs of making restitution to the injured may exceed payments paid in claims involving fatal crashes, the New York Times reports.

Controversy Bubbles Over Governor's Plan For Water Tunnels

Gov. Jerry Brown's administration has a study claiming his plan to excavate two tunnels to carry water from the Sacramento-San Joaquin River Delta to Los Angeles and the Central Valley could create an average of 15,500 jobs a year over one decade of work. The $25 billion plan is further forecasted to generate 19,600 jobs a year for half a century. A University of the Pacific professor says the first part of the forecast is realistic, but the long-term job predictions are "ridiculous," the Los Angeles Times reports.

Sherman Oaks Set and Prop Firm Finds Success Despite Runaway Production

Goodnight and Co., which builds sets and props for commercials, awards shows and stage production, is thriving despite business trends sending production work outside of Los Angeles. The company has a core staff of 20 employees that can grow by more than 100 people during awards season or other busy times, the Los Angeles Daily News reports.

Porsche in Steve McQueen Flick Could Fetch $20 million

The rare 1969 Porsche 917K race care featured in the Steve McQueen movie "Le Mans" could sell for more than $20 million. Auction house Gooding & Co. of Santa Monica announced Monday that the car will be put up for bid in August. Porsche only built 25 of this model, and other cars of this variety have sold in the $10 million to $15 million range, the Los Angeles Times reports.

"Think Like a Man Too" Wins Weekend Box Office

"Think Like a Man Too," the comedy movie starring Kevin Hart, was the top performer at this weekend's box office. The Sony/Screen Gems movie brought in $30 million. Another comedy sequel, "22 Jump Street," took second place with $29 million for the weekend and "How to Train Your Dragon 2" was the third place finisher with $25.3 million. Director Clint Eastwood's "Jersey Boys," an adaptation of the Broadway hit, underperformed with a $13.5 million debut weekend, the Hollywood Reporter writes.

Stocks Lower

Stocks edged down in morning trading. The Dow Jones industrial average was down 31.09 (-0.18 percent) to 16,915.99. The S&P 500 was down1.89 (-0.10 percent) to 1,960.98. Nasdaq was down 5.44 (-0.12 percent) to 4,362.59.

Troubling Sign for Real Estate

California lawmakers must act to shore up commercial properties by boosting Hollywood production.

Loss of Hollywood productions has played a big role in commercial building vacancies, writes Lee S. Segal.

Volleyball Tourney Eyes Net Gain

Asics competition only second in sport to offer $1 million purse.

Asics World Series of Beach Volleyball looks to spike its rivals for top talent with a $1 million purse.

Bidders Quick to Move on Affordable Housing

REAL ESTATE: Subsidized building in Koreatown sells for more than $22 million.

Koreatown building drew many suitors willing to buy into its affordable housing subsidies.

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Link to Website Windfall Splits Lawyers

LAW: Davis Shapiro feud shows risk of equity stakes in tech firms.

Firm’s equity stake in a booming consumer rewards site has led to friction over who should share in the windfall.

Online Goals

Internet firms look to connect with World Cup fans

An ad tech company and the maker of a liquor store-delivery app are among the local firms looking to score with World Cup fans.

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Buying In?

RETAIL: Del Amo Fashion Center enters second phase of renovation with hopes tied to Nordstrom as big draw.

Nordstrom’s tenancy could be the key to selling shoppers on the Del Amo Fashion Center’s renovation.

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Home Prices Cross Threshold

HOUSING: Median surpasses $500,000 for first time since ’07.

L.A.’s median home price has passed $500,000 for the first time since 2007, but there’s little bubble worry.

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Polish Maker Nails Down Paint Line

OPI teams up with Ace Hardware to bring home branded shades.

Nail polish maker OPI Products tries its hand at home maintenance with a branded line of paints.

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New Energy Fund Looks to Clean Up in China

INVESTMENT: Renewables execs eye alternative tech for growing market.

U.S. Renewables Group’s new fund looks to power up clean-energy companies for the Chinese market.

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Drought Could Leave Some Investors in Dust

Larry Palmer looks at how California’s drought could soak investors.

Breaking The Chains

Opponents of chain stores in Malibu are pushing a measure that would restrict them to 30 percent at any retail center in the city. So the Business Journal asks:

Should Malibu place restrictions on chain stores in the city?

Malibu Wineries’ Vintage Appeal

Ted Lux looks to press Malibu vintners’ appeal with wine lovers.

Curtain Finally Set to Rise on Hollywood Building

DEVELOPMENT: After years of delays, Jerry Snyder gets Vine Street project going.

After many years of delay, an eight-story office building on Vine Street at Selma Avenue – in the heart of heavy Hollywood development activity – will soon break ground.


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Upcoming local events.

News of the Week

Last week’s major news from and other sources

Dov Charney, the controversial chief executive of downtown L.A. clothing company American Apparel, has been suspended by the company’s board and is to be ousted in a month.

Miami Restaurateur Turns Up Heat in Los Angeles

DINING: Barton G. Weiss chooses West Hollywood for his second namesake eatery.

Miami restaurateur and event coordinator Barton G. Weiss has brought his theatrical culinary experience to West Hollywood with the opening last week of his second Barton G. restaurant.

L.A.’s Biggest Firm Thinks Young With New Hires

EMPLOYMENT: Latham sees future in recruiting for next-generation partners.

The L.A. office of Latham & Watkins, the region’s biggest law firm by revenue, has made its first two partner hires of the year in John M. Pierce and Scott A. McPhee.

Vehicle Maker Maps Out New Future in Efficiency

Transportation: Vision turns to new software to add range to fuel-cell trucks.

Vision Motor hopes range-boosting software will help drive sales of its fuel cell trucks.

School Furniture Maker Sits Well With Investors

MANUFACTURING: Virco shares climb on strength of healthy earnings report.

School furniture maker’s latest earnings report makes the grade with investors.

Regional Report

News and notes from communities across Los Angeles County

L.A. hospitality company Lore Group has teamed up with Las Vegas company the Light Group and chef Akira Back to launch Yellowtail Sunset in West Hollywood.

Violinist Not Ready to Bow Out

Shortly after Andrew Silber opened his Whale & Ale pub in San Pedro, he hired a retired violinist to provide entertainment every Friday night.

Wine Festival Toasts DIY Approach

Garagiste event looks to open doors for boutique vintners.

Festival at Union Station will raise a glass to ‘garagiste’ vintners.

Mexican Coke Hits Sweet Spots

SODA: Sugar cane-based brew popping up across Los Angeles.

Sugar cane-fueled flavor is helping Mexican Coke pop up more and more at L.A. stores and restaurants.

Friday, June 20

L.A. Unemployment Rate Falls

L.A. County’s unemployment rate dipped to 8.2 percent in May as 15,000 more residents found jobs during the month, according to state figures released Friday.

Mexican Coke Hits Sweet Spots

The imported Mexican version of Coca-Cola has long been a favorite in the immigrant community, with its distinctive bottles on sale at bodegas and ethnic grocery chains.

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Two L.A. Firms Get State Tax Credits

Two L.A. companies were among the 29 firms that were approved to receive $28.9 million in state tax credits, Gov. Jerry Brown’s office announced Thursday.

Home Prices Cross Threshold

The return of the bubble? Thanks to the economic recovery, the Westside tech boom, the end of the foreclosure wave and the return of cash-rich investors, L.A. has hit a milestone: The median home price has topped $500,000 for the first time in seven years.

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The Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies rose for the week.

Stocks Rise

At the close of the markets Friday, the Dow Jones industrial average was up 26 points to 16,947. The Nasdaq rose 9 points to 4,368. The S&P 500 ticked up 3 points to 1,963. The LABJ Stock index rose less than 1 point to 197.

Charney's Ouster Could Ruin American Apparel

American Apparel Chief Executive Dov Charney’s problems may lead to the destruction of the company he founded: Charney's sudden suspension probably will lead to drastic changes at the company layoffs, store closures, bankruptcy and possibly a sale, the Los Angeles Times reports. It was a remarkable fall, the New York Times reports.

No Buyers Yet for Univision

Spanish-language network Univision has been knocking on the doors of deep-pocketed media conglomerates, including CBS Corp. and Time Warner Inc. But so far Univision hasn't gotten the nibbles its owners have been looking for as potential buyers are balking at a $20 billion price tag for a company weighed down by $9 billion in debt, the Los Angeles Times reports.

Governor to Sign California Budget Today

Gov. Jerry Brown is scheduled Friday to sign California’s $108 billion spending plan, which sets aside money in a rainy day fund and pays down state debts thanks to surging tax revenue and the booming stock market, the Associated Press reports.

Judge Denies Shelly Sterling’s Motion to Protect Witnesses

A Los Angeles probate judge Thursday rejected a motion by Shelly Sterling’s attorneys seeking to prevent Donald Sterling from intimidating witnesses, following threatening calls he allegedly placed to doctors who evaluated him, the Los Angeles Daily News reports.

Former Sonny and Cher Abode on Sale for $150 Million

Owlwood, the Westside compound that had been home to actor Tony Curtis and singing duo Sonny and Cher, is back up for sale and listed at $150 million, the Los Angeles Times reports.

Kushner Fires Back at L.A. Register Criticism

The Freedom Communications chief executive has come under fire for launching a daily newspaper in Los Angeles, then announcing budget cuts just two months later. Now, Kushner is defending his business plan, the Wrap reports.

Olive View-UCLA Medical Center Settles Patient-Dumping Case

Olive View-UCLA Medical Center has agreed to pay $40,750 to settle a patient dumping case involving a man who waited in the hospital’s emergency department for more than six hours and never received care for his pain and acute appendicitis, the Los Angeles Daily News reports.

Pilot Reports Laser Strike During Takeoff from LAX

The Federal Aviation Administration says a pilot reported visual impairment after a laser struck a plane taking off from Los Angeles International Airport on Wednesday, the Associated Press reports.

China-Hollywood Venture Fizzles

Chinese entertainment company Huayi Brothers Media Corp.’s plan to fund a new Hollywood studio is on hold, the Wall Street Journal reports.

‘Think Like a Man Too’ Looks Like a Hit

'Think Like a Man Too' is on course for a $30 million-plus debut at the North American box office, where it could find itself in a close battle for No. 1 with fellow Sony comedy '22 Jump Street' and family film 'How to Train Your Dragon 2,' the Los Angeles Times reports.

Chelsea Handler Moves From E to Netflix

A late-night talk show is coming to Netflix. The streaming service announced on Thursday a deal with Chelsea Handler, the soon-to-exit star from the E cable network, the New York Times reports.

Stocks Up

In Friday morning trading, the Dow Jones industrial average was up 40 points to 16,972. The Nasdaq rose 6 point to 4,365. The S&P 500 ticked up 4 points to 1,964.

Thursday, June 19

MiTú Raises $10 Million

Culver City’s MiTú, a Latino YouTube network, has raised $10 million in Series B funding led by Upfront Ventures.

Entravision Buys Digital Ad Firm

Spanish-language radio and TV station owner Entravision Communications Corp. of Santa Monica has acquired digital advertising firm Pulpo Media.

B. Riley, Great American Close Merger

West L.A. boutique investment bank B. Riley & Co. has completed its merger with liquidation and inventory-lending company Great American Group Inc., the companies announced Wednesday.

Charney Suspension Boosts American Apparel Stock

American Apparel shares rose on Thursday after the company’s decision to suspend Dov Charney as chairman and chief executive pending his ouster.

News Site Launches to Cover the Westside

Web publishing firm Port Media Solutions has launched a news website to cover the Westside of Los Angeles, the firm announced on Thursday.

Dow, S&P, LABJ Up; Nasdaq Down

At the close of the markets Thursday, the Dow Jones industrial average was up 15 points to 16,921. The Nasdaq fell 4 points to 4,359. The S&P 500 rose 3 points to 1,959. The LABJ Stock Index was up less than 1 point to 196.

American Apparel to Oust Charney

Dov Charney, the controversial CEO of American Apparel, was suspended Wednesday by the company's board and will be ousted in a month, the Los Angeles Times reports. Charney is expected to fight back.

Skechers Sues Reebok for Patent Infringement

Sport shoes maker Skechers USA Inc. of Manhattan Beach said it filed a lawsuit against Reebok International Ltd, alleging infringement of patents related to the company's Go Walk shoes, Reuters reports.

Southern California Edison to Hike Rates for All Customers

Southern California Edison’s almost 5 million customers can expect to see average increases of between $5 and $10 on their next monthly electricity bill, the Los Angeles Daily News reports.

Kilroy Unveils Plans for Lush Complex in Hollywood

An urban campus with office buildings, shops and a residential tower is slated for an entire block in Hollywood just south of the ArcLight Cinema complex in a development spearheaded by L.A. developer Kilroy Realty Corp., the Los Angeles Times reports.

Plans for Century City Tower Highlight Congestion

A 37-story office tower proposed along Avenue of the Stars in Century City has sparked a new round of debate over what has long been the district's most distinctive feature - traffic congestion, the Los Angeles Times reports.

Bixby Land Completes $25-Million Office Project in El Segundo

El Segundo's transformation from aerospace bastion to hub for creative businesses remains in high gear as a renovated 1970s office building hits the market with half of its space already committed to tenants, the Los Angeles Times reports.

Ratkovich Unveils Details of Upgrade for Downtown Sheraton

The $45-million renovation of the Sheraton Los Angeles Downtown Hotel now underway will include upgrading all the rooms and suites as well as the hotel lobby, according to details unveiled Wednesday by L.A. developer Ratkovich Co., the Los Angeles Times reports.

U.S. Jobless Claims Fall to 312,000

The number of Americans filing new claims for jobless benefits dropped last week, maintaining a level not seen regularly since before the recession, the Wall Street Journal reports.

State Gasoline Prices Remain Stable, Despite Iraq Turmoil

Although Californians have paid more than $4 per gallon for regular, unleaded gasoline for 25 consecutive days, the good news is prices have remained relatively stable despite turmoil in Iraq, the Los Angeles Daily News reports.

Hillary Clinton to Sign Copies of Memoir at the Grove

Hillary Rodham Clinton will sign copies of her memoir about her four years as secretary of state at the Grove and accept an award from a lawyers’ group in Century City today, City News Service reports.

Stocks Down

In Thursday morning trading, the Dow Jones industrial average was down 26 points to 16,880. The Nasdaq fell 10 points to 4,353. The S&P 500 lost 2 points to 1,955.

Wednesday, June 18

En Pointe Wins $72 Million L.A. County Contract for Microsoft

En Pointe Technologies, a Gardena information technology firm that sells Microsoft products, has won a 5-year, $72 million contract to provide cloud-based software to all of Los Angeles County’s 30-plus departments.

L’Oreal Buys Commerce Cosmetics Firm

Paris cosmetics giant L’Oreal is buying Nyx Cosmetics of Commerce, the companies announced Wednesday.

99 Cents Only Relocating Headquarters in Massive Lease

Deep-discount retailer 99 Cents Only Stores Inc. has signed a mammoth lease for 615,000 square feet in the City of Commerce – the largest industrial infill lease ever signed in Los Angeles County.

DreamWorks to Release Feline Fashions

DreamWorks Animation SKG Inc. has got itself a wonderful, wonderful cat.

Stocks Rise

At the close of the markets Wednesday, the Dow Jones industrial average was up 98 points to 16,907. The Nasdaq rose 26 points to 4,363. The S&P 500 ticked up 15 points to 1,957. The LABJ Stock Index rose 2 points to 196.

Poll: How concerned are you about Iraq?

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.

Big Swings in L.A. Radio Ratings Raise Questions

Nielsen's disclosure that its Los Angeles radio ratings had been compromised prompted the company to disqualify two families from its sample audience. That caused a big ratings swing – raising questions about how just two families in Nielsen's audience pool of 2,700 Los Angeles-area families could have such an enormous effect on the ratings, the Los Angeles Times reports.

Facebook Pokes at Snapchat Again with New App

Facebook is trying once again to catch Snapchat's wave with an app released on Tuesday called Slingshot that allows people to share short-lived photos and videos with one another, CNET reports.

Extremists Take Control of Iraq’s Biggest Oil Refinery

Iraq’s biggest oil refinery fell to Islamic extremists Wednesday morning after army helicopter gunships failed to beat back an attack on the facility 130 miles north of Baghdad, the New York Times reports.

Amazon Expected to Unveil 3-D Smartphone Inc. chief executive Jeff Bezos will preside over a mystery launch on Wednesday near the firm's Seattle campus. Industry observers predict the arrival of a long-rumored smartphone after years of development, Reuters reports.

DreamWorks Animation Aiming Beyond Film With Events, New Media

For months, DreamWorks Animation has been working on a prototype for a product it hopes will change how the world’s children meet Santa each Christmas – just one example of how the company is expanding beyond theatrical releases, the New York Times reports.

Elon Musk's SolarCity to Acquire Panel Maker

SolarCity, the dominant U.S. installer of residential solar panels whose largest shareholder is entrepreneur Elon Musk, announced Tuesday that it plans to acquire solar panel maker Silevo and expand into manufacturing with new panel factories, USA Today reports.

Viacom, 60 Cable Firms Part Ways in Rural U.S.

For two months, nearly 1 million households in small towns across the United States haven't been able to watch Nickelodeon, MTV or Comedy Central, as a result of a blackout of the Viacom Inc. channels by some 60 small cable operators. So far, there is little evidence any more than a handful of the households care, the Wall Street Journal reports.

Big Companies Pitch Projects to Tech Startups at UCLA Event

At last month's SwitchPitch event at UCLA, big companies such as Boeing Co. and Warner Bros. pitched projects to tech start-ups, the Los Angeles Times reports.

North Hollywood Company Accused of Defrauding Medicare, Medicaid

The U.S. Justice Department has accused IPC The Hospitalist Co. of North Hollywood of defrauding the federal government of millions of dollars by overbilling for services its doctors performed, the Los Angeles Times reports.

King of L.A. Food Trucks Moves On to a Hotel

Roy Choi is a chef known for his multicultural mash-up cooking and Kogi food trucks. But these days, Choi is presiding over a Koreatown hotel called Line, which he and his partners opened this year, the New York Times reports.

Stocks Fall

In Wednesday morning trading, the Dow Jones industrial average was down 46 points to 16,742. The Nasdaq fell 9 points to 4,329. The S&P 500 lost 2 points to 1,940.

Tuesday, June 17

USC in Talks With Scripps

The University of Southern California is in talks to form a relationship with the Scripps Research Institute in San Diego, USC and Scripps said Tuesday in a joint statement.

Saban, Jakks to Launch Web Series

Century City kids entertainment firm Saban Brands is teaming up with Malibu toymaker Jakks Pacific to bring to life emojis – those smiley face symbols on your cell phone texts – with a forthcoming web series and toy line, the companies announced Tuesday.

Ares Buys Texas Oil Field Developer

Century City private equity firm Ares Management has acquired oil and gas field developer BlackBrush Oil & Gas of San Antonio, Texas, the companies announced Tuesday.

OSI Gets X-Ray Contract

OSI Systems, the Hawthorne company with divisions that produce security scanning equipment, medical devices and optoelectronic equipment, announced today that its security division has obtained a contract worth about $10 million with an undisclosed international customer.

Shanghai to House Largest Disney Store

Construction has started in Shanghai on what will be the world’s largest Disney Store, according to Chinese media reports on Tuesday.

Dow, S&P, Nasdaq Rise; LABJ Flat

At the close of the markets Tuesday, the Dow Jones industrial average was up 27 points to 16,808. The Nasdaq rose 16 points to 4,337. The S&P 500 ticked up 4 points to 1,942. The LABJ Stock Index was unchanged at 194.

Cross Campus Expands to Pasadena

Santa Monica collaborative work space Cross Campus, which caters to tech entrepreneurs, will open a second, larger location in Old Pasadena.

Univision Radio Exec Fired Over Inflated Ratings

Spanish-language media giant Univision Communications has fired a programming executive at its KSCA-FM (101.9) in Los Angeles for scheming to artificially inflate the radio station's ratings, the Los Angeles Times reports.

Garcetti Drops F-bomb at Kings Celebration

Los Angeles Mayor Eric Garcetti, known for his disciplined campaign style and careful approach to governing, celebrated the Kings' Stanley Cup victory Monday by letting an obscenity fly on live television, the Los Angeles Times reports.

Doc Rivers Promoted in Clippers Front-Office Shuffle

The Los Angeles Clippers have restructured their basketball leadership, changing coach Doc Rivers' front-office title to president of basketball operations, the Associated Press reports.

Los Angeles on Cusp of Becoming 'Major' Walkable City

Despite its long love affair with the car, Los Angeles is on the cusp of becoming a “major” walkable urban area, the Los Angeles Times reports, citing a recent report.

Defunct Disney Game Remade by Unsanctioned Teen

Walt Disney Co. shut down its Toontown online game last year, but now Toontown is getting a second life thanks to fans who have created a knockoff version without the company’s permission, Bloomberg reports.

USC Entrepreneurship Program Going Strong

USC’s entrepreneurship program was ranked No. 2 in the country by U.S. News & World Report this year thanks to innovations such as an official business accelerator and five venture competitions with a total of $200,000 at stake, the Los Angeles Register reports.

Americans Expatriating to Escape Tax Rules

Record numbers of Americans are cutting ties with the United States. This year is on track to top last year's total of 2,999 renunciations, which was the most since the government began disclosing the data, the Wall Street Journal reports.

Drought is Drain on California Lake, Reservoir Tourism

The drought is disrupting a variety of summer activities that help make up the state's $85-billion outdoor recreation industry, the nation's largest, the Los Angeles Times reports, dealing a severe blow to rural communities that rely heavily on money from skiing, fishing and camping trips.

Stephen Colbert's In-House Startup Wants to Fix TV Scripts

The legacy of the Colbert Report will surely be the always-in-character blowhard host. But it’s possible that Stephen Colbert will also leave a lasting mark in the obscure, off-camera realm of television-production software, BusinessWeek reports.

World Cup Ratings Up From Four Years Ago

Viewer interest seems to be strong for this year’s World Cup, with Univision and ESPN averaging a combined 7.5 million television viewers — up from four years ago, Variety reports.

Dow, S&P Down; Nasdaq Up

In Tuesday morning trading, the Dow Jones industrial average was down 10 points to 16,771. The Nasdaq rose 9 points to 4,330. The S&P 500 lost 1 point to 1,937

Monday, June 16

Tapatalk Taps $5.8 Million

Santa Monica’s Tapatalk, which makes an app that streamlines online forum discussions, has raised a $5.8 million seed funding round from Palo Alto’s Floodgate and Accel Partners.

L.A. Port Traffic Rises

Traffic at the ports of Los Angeles and Long Beach rose in May compared with the same month last year, according to figures released Monday.

DreamWorks Shares Slip After ‘Dragon 2’ Disappointment

Shares of DreamWorks Animation SKG Inc. fell sharply in Monday trading after a disappointing opening weekend for the Glendale animation studio’s “How to Train Your Dragon 2.”

Amgen Lung-Cancer Drug Goes to Trial

Amgen Inc. announced on Monday it is joining a high-level research partnership that will test its experimental cancer drug rilotumumab on lung-cancer patients.

Dow, S&P, Nasdaq Rise; LABJ Flat

At the close of the markets Monday, the Dow Jones industrial average was up 5 points to 16,781. The Nasdaq rose 10 points to 4,321. The S&P 500 ticked up 2 points to 1,938. The LABJ Stock Index was flat at 194.

DreamWorks Launches Family YouTube Channel

DreamWorks Animation has launched DreamWorksTV, a YouTube channel featuring original content for family viewing.

California Lawmakers OK Budget

Flush with optimism from California's resurgent economy, lawmakers on Sunday approved a $156.4 billion state budget that expands preschool for children from poor families, increases welfare payments and provides funding for building the nation's first bullet train, the Los Angeles Times reports. The spending bill now goes to Gov. Jerry Brown.

First Bitcoin ATMs Coming to Los Angeles

Bitcoin owners in Los Angeles will be able to exchange their virtual currency for cash at two bitcoin-to-cash ATMs set to open this week, the Los Angeles Times reports.

Rioting Kings Fans Knock Drone Out Of Sky

Los Angeles Kings fans knocked a drone out of the sky while celebrating outside of the Staples Center Friday night, and there were questions as to whether the unmanned aircraft was property of the LAPD, Forbes reports.

Condo Tower Project Revived in Downtown L.A.

A long-planned 24-story luxury condominium tower in downtown Los Angeles that fell victim to the housing crash is being revived by a San Francisco developer that recently acquired rights to the $100-million project, the Los Angeles Times reports.

Bills Targeting Grease Theft, Sugary Sodas and Plastic Bags Survive

The grease bill that would increase criminal penalties for vegetable oil theft sailed out of the Assembly and moved to the Senate, the Los Angeles Times reports, along with other bills targeting plastic bags and soda.

Entertainment Companies Scout for Mergers

Distributors of pay-television services have been pairing up in megamergers. Now, the companies that make the shows may not be far behind, the Wall Street Journal reports.

KCRW to Leave Basement for New Studio Complex

KCRW-FM (89.9) will soon move out of its decades-old, claustrophobic underground studios in the heart of the Santa Monica College campus. The station has begun construction of a 35,000-square-foot, cutting-edge media center that will nearly triple its current space, the Los Angeles Times reports.

Political Turmoil Could Give Rocketdyne an Edge

Political fallout over the seizure of Crimea has caused the U.S. government to rethink its partnership with Russia on space programs, which has bolstered business prospects for Aerojet Rocketdyne in Canoga Park, the Los Angeles Times reports.

For Fox, Much Is Riding on Sequels to ‘Avatar’

The long-awaited screenplays for the three sequels to “Avatar” are expected to surface within weeks, signaling the beginning of what could be 20th Century Fox's grandest enterprise, the New York Times reports.

'22 Jump Street' Tops Weekend Box Office

Laughing its way to the second-best opening of all time for an R-rated comedy, Channing Tatum and Jonah Hill's "22 Jump Street" beat out "How to Train Your Dragon 2" for the top spot at the Father's Day weekend box office with $60 million, according to the Hollywood Reporter.

L.A. Kings Parade Starts at Noon

A championship parade and rally celebrating the Los Angeles Kings’ second Stanley Cup championship in three seasons will be held today in downtown Los Angeles, City News Service reports.

Stocks Up

In Monday morning trading, the Dow Jones industrial average was up 11 points to 16,787. The Nasdaq rose 7 points to 4,318. The S&P 500 ticked up 4 points to 1,940.

Want Oil or Politicians?

Bill Gunderson wants L.A. to celebrate and encourage oil exploration, not tar it with negative, unproductive campaigns.

Discounter 99 Cents Only Stocks Up on Property

LEASING: Deal for 615,000 square feet in Commerce is L.A.’s largest for infill.

Deep-discount retailer 99 Cents Only Stores Inc. has signed a mammoth lease for 615,000 square feet in the City of Commerce – the largest industrial infill lease ever signed in Los Angeles County.


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News of the Week

Clippers owner Donald Sterling reneged on his pledge to drop a lawsuit against the NBA opposing the forced sale of the team.

Here Comes L.A.’s Biggest Residence

Bel-Air project rivals Spelling mansion for county’s largest.

Stakes are high as developer aims to build L.A.’s largest single-family home.

Time for L.A. Hospitals to Cooperate

Hospitals need to take a creative approach to fulfilling their missions, argues Stephen A. Ralph.

Let’s Flip Again?

As the real estate market booms in Los Angeles, investors of all sizes, from individuals to corporations, are buying properties, fixing them up and selling them for profit.

Would you get involved in house flipping?

Smaller Payday Advance for CEOs

COMPENSATION: Total increase of L.A.’s top execs was single-digit.

Pay packages for a few local CEOs declined steeply, dragging overall remuneration down from last year’s levels.

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Critics Taking Saw to Chains

RETAIL: Opponents renew call for restrictions on Malibu stores.

Chain stores are again in the sights of Malibu residents who say they are trying to preserve the seaside town’s local flavor.

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So Who Says Med Scrubs Aren’t Sexy?

Jaanuu’s new line for hospital professionals has emphasis on style.

New line scrubs the idea that hospital wear needs to be frumpy.

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Expansion Plans

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.

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Mideast Connections Take Off as LAX Upgrades

TRAVEL: Three new carriers land in Los Angeles with Bradley Terminal revamp.

A fancy new terminal and an uptick in the economy has several new international airlines checking into LAX.

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Hollywood Site to Be Recast as Apartment Project

DEVELOPMENT: Large mixed-use project set to rise amid boom in construction.

Partners snap up a Hollywood site for $28 million with plan to recast it as a mixed-use project.

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Don’t Mess With Terrorism Insurance

Tea party Republicans threaten to destabilize a program that protects LAX, the ports and other vital sites.

Rep. Maxine Waters says the Terrorism Risk Insurance Act aids businesses and deserves to be renewed.

Santa Monica Ad-Placing Company Seals Deal

Acquisition: Adconion gets picked up by mobile advertising firm Amobee.

It’s been a busy few weeks for L.A. tech exits.

Carson Lender Had Big Role in Somalia Money

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.

Dolls Strike Right Chord With Music Fans, Brands

MANUFACTURING: Startup toy venture parlays focus on streaming music into licenses.

Doll maker Popstar Club has struck a chord with music fans and merchandisers with Beatrix Girls line.

Word of Timely Testing Spurs Interest in Xencor

BIOTECH: Monrovia firm’s trials of its asthma drug breathe life into stock.

Investors breathe new life into the stock of drug maker Xencor as its asthma drug enters clinical trials.

Technology Makes for a Perfect Fit

JS Apparel licenses tailoring system that employs body scan.

The custom tailor may be a thing of the past as garment fitting goes automated.

Film School

Tech firms show studios how to broaden audiences

Tech startups are teaching Hollywood how to use Big Data to broaden audience reach.

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Venturing Into A New Model

FINANCE: Shares in startups boost UCLA investment fund.

The UCLA Venture Capital Fund is taking a novel approach to engage tech entrepreneurs to step up as donors and investors.

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Regional Report

News and notes from communities across Los Angeles County

Oaktree Capital said it would acquire Highstar Capital, an investor in physical infrastructure for the energy industry.

Faithful Fan Waits for Cleveland to Rock

On a Thursday in May, Hugh Hewitt was not at the Burbank studio where he records his nationally syndicated radio program or at the downtown Los Angeles law firm offices where he is a partner.

Friday, June 13

TrueCar Partners with Farmers

Santa Monica’s TrueCar, an online automotive marketplace, is partnering with Farmers Insurance to create a car-buying service for the insurer’s customers.

L.A. Approved to Bid for 2024 Olympics

Los Angeles is one of four U.S. cities approved to bid for the 2024 Summer Olympics, the U.S. Olympic Committee announced Friday.

MannKind in Talks for Afrezza Partnership

Diabetes drug developer MannKind Corp. of Valencia is exploring multiple partnership opportunities to take its inhalable insulin drug Afrezza to market as the company awaits FDA approval.

Venturing Into A New Model

The UCLA Venture Capital Fund is taking a novel approach to engage tech entrepreneurs to step up as donors and investors.

Film School

Los Angeles has long been the world’s entertainment capital, so it’s no wonder tech startups are sprouting up here to help content creators better reach their audiences.

The Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies fell for the week.

Stocks Rise

At the close of the markets Friday, the Dow Jones industrial average was up 42 points to 16,776. The Nasdaq rose 13 points to 4,311. The S&P 500 ticked up 6 points to 1,936. The LABJ Stock Index was flat at 194.

Sterling Investigators Digging Up Dirt on NBA

Los Angeles Clippers owner Donald Sterling’s lawyers have hired private investigation firms to dig up dirt on the NBA’s former and current commissioners and other team owners, said a source familiar with Sterling’s strategy, the Associated Press reports.

Musk Opens Tesla Patents

The Tesla Model S just became the world’s first open-source car after Elon Musk, chief executive of Tesla Motors Inc., said Thursday that he was opening up the electric car company’s patents to all comers, the Los Angeles Times reports.

Univision Held Preliminary Sale Talks With CBS, Time Warner

L.A. billionaire Haim Saban and the other owners of Univision Communications Inc. have held preliminary sale discussions in recent weeks with several media companies, including CBS Corp. and Time Warner Inc., the Wall Street Journal reports.

Fears About Iraq Continue to Push Up Oil Prices

Oil prices continued to reach new highs on today, as the escalating tensions in Iraq prompt concerns over production, the New York Times reports.

Interns Remain Unpaid at Lions Gate

A wave of lawsuits has led some of the biggest Hollywood companies to end their long-standing practice of not paying interns. But there's a high-profile holdout in this labor controversy: Lions Gate, the Los Angeles Times reports.

Citadel Outlets to Get New Tenants

New tenants are coming to the Citadel Outlets in Commerce, replacing a handful of stores that are leaving or closing, the Los Angeles Register reports.

Rift Virtual Reality Game System Gets Real Acclaim

Palmer Luckey started his virtual reality game system, called the Rift, as a teenager in his Long Beach garage a few years ago. This week, the latest version had developers and fans lining up at the E3 video game conference at the Los Angeles Convention Center, the Los Angeles Times reports.

Brown, Legislators Reach Deal on Bullet Train Funds

California's controversial bullet train would receive hundreds of millions of dollars in the coming year under a budget deal reached by Gov. Jerry Brown and lawmakers Thursday, a critical step toward beginning construction as the project continues to face legal and political challenges, the Los Angeles Times reports.

Group Wants to Cap L.A. Parking Fines

A grass-roots group of Angelenos wants to revamp the way Los Angeles collects money from parking tickets and has pledged to take its campaign to the ballot box if the city doesn't embrace change, the Los Angeles Times reports.

'Dragon,’ ‘Jump Street’ Sequels to Jockey for No. 1 at Box Office

It’s a sequel slugfest at the multiplexes this weekend as “How to Train Your Dragon 2” and “22 Jump Street” battle for No. 1 at the box office this weekend, Variety reports.

World Peace Joins Palisades High Coaching Staff

Metta World Peace has spent time in recent years with the Los Angeles Lakers and New York Knicks, and now the NBA free agent is adding another stop to his resume: Palisades High, ESPN reports.

Stocks Up

In Friday morning trading, the Dow Jones industrial average was up 44 points to 16,777. The Nasdaq rose 15 points to 4,313. The S&P 500 ticked up 6 points to 1,936.

Thursday, June 12

Univision Reportedly in Merger Talks

Univision Communications Inc. is reportedly in merger talks with multiple potential buyers that include CBS Corp. and Time Warner Inc., the Wall Street Journal reported late Thursday.

PaeDae Raises $8 Million, Changes Name

Santa Monica mobile advertising company PaeDae has secured $8 million in Series B funding, led by a venture capital firm it declined to name, and has relaunched as Mobile Majority.

Nikki Finke Returns With New Site

Nikki Finke is back to writing show business news, the trade reporter wrote on a newly minted website Thursday, practically promising to offend those in the industry she deems worthy of her wrath.

UCLA Forecast Predicts Job Growth in State

The California economy will benefit from job growth and reduced unemployment in the next three years, according to the most recent UCLA Anderson Forecast released Thursday.

Tutor Perini to Build Miami High-Rise

Tutor Perini Corp. has received a $255 million contract for construction of an 82-story, mixed-use apartment tower along Biscayne Bay in Miami.

HUB Network CEO Stepping Down

Margaret Loesch, chief executive of The Hub Network in Burbank, will step down at the end of the year when her contract expires, according to media reports on Thursday.

Stocks Go Lower

At the close of markets Thursday, the Dow Jones industrial average was down 110 points to 16,734. The Nasdaq lost 34 points to 4,298. The S&P 500 dropped 14 points to 1,930. The LABJ Stock Index was down 1 point to 193.

Port of Los Angeles Gets New Executive Director

The Los Angeles City Council on Wednesday unanimously approved the appointment of Gene Seroka as the executive director of the Port of Los Angeles, one of the nation's largest seaports that has been without permanent leadership since late last year, the Los Angeles Times reports.

Downtown Faces Condo Shortage

Surging demand, combined with a lull in condo construction, has created a shortage of condos that is driving up prices and shutting out many buyers in downtown Los Angeles, the Los Angeles Times reports.

POM Notches Legal Win in Coke Fruit Juice Dispute

POM Wonderful of Los Angeles may take Coca-Cola to court to accuse it of being misleading in how it markets its Minute Maid pomegranate blueberry juice, Reuters reports.

Garcetti Joins Fight for George Lucas Museum

Los Angeles Mayor Eric Garcetti has launched a campaign to woo the Lucas Museum of Cultural Arts, a project of “Star Wars” creator George Lucas, stepping into what had been a two-way battle between Chicago and San Francisco for the director’s private art collection, the Chicago Tribune reports.

Original Farmers Market Opens First Outside Location, at LAX

Eighty years after setting up at Fairfax Avenue and 3rd Street, the Original Farmers Market has opened its first outside location, at the airport, the Los Angeles Register reports.

Nielsen to Rework L.A. Radio Ratings

Ratings firm Nielsen conceded on Wednesday that two months of L.A. radio station ratings data might be wrong because of problems with Nielsen's sample audience, the Los Angeles Times reports. The disclosure rocked the region's radio stations, which rely heavily on Nielsen's numbers to set their advertising rates.

SoCal Housing Market Settles to Stable Pace

After several topsy-turvy years, Southern California's housing market is starting to look almost normal, the Los Angeles Times reports.

Oil Prices Head Higher as Iraq Tensions Flare

A confluence of geopolitical events — particularly a Sunni militant uprising in Iraq — could now drive already high oil prices even higher and keep them there, CNBC reports.

U.S. Economic Recovery Looks Distant as Growth Stalls

Five years after the end of the recession, the nation’s total annual output has moved substantially above the prerecession peak, but economic growth has averaged only about 2 percent a year. A growing number of experts see evidence that the economy will never rebound completely, the New York Times reports.

AT&T Says DirecTV Buyout Only Way to Stay Competitive

AT&T; Inc.'s proposed $48 billion acquisition of DirecTV DTV is the only way the two companies can compete with Comcast Corp. and Time Warner Cable Inc., the company told regulators Wednesday, the Wall Street Journal reports.

Amazon Introduces New Music Streaming Service

Amazon introduced a music streaming feature on Thursday that gives subscribers of its Prime service access to thousands of songs for free. But it omits most new releases and will not include the catalog of the Universal Music Group, the world’s largest music company due to a dispute, the New York Times reports.

World Cup 2014 to Break Social Media Record

The 2014 FIFA World Cup, set to kick off today in Brazil, is expected to be the most-social sporting event ever globally, Variety reports.

Stocks Down

In Thursday morning trading, the Dow Jones industrial average was down 65 points to 16,778. The Nasdaq lost 18 points to 4,314. The S&P 500 fell 8 points to 1,936.

Wednesday, June 11

Amobee Buys Adconion for $209 Million

Mobile advertising company Amobee, a division of Singapore’s SingTel that operates out of Redwood City, bought Santa Monica’s Adconion Media Group for $209 million.

Arts District Warehouses to House Retail Project

An East Coast company has teamed with Century City real estate services firm Blatteis & Schnur to purchase five warehouse buildings in downtown L.A.’s Arts District for $32.5 million, the companies announced Wednesday.

West Hollywood Hospitality Firm Acquired

A Las Vegas hospitality firm has acquired a majority stake of West Hollywood hospitality firm H.Wood Group.

Stocks Go Lower

At the close of the markets Wednesday, the Dow Jones industrial average was down 102 points to 16,844. The Nasdaq fell 6 points to 4,332. The S&P 500 lost 7 points to 1,944. The LABJ Stock Index lost 1 point to 194.

Poll: Should Malibu place restrictions on chain stores in the city?

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.

Sales-Tax Hike to Fix L.A. Roads on Hold

Los Angeles officials will not seek to put a half-cent sales tax hike for street and sidewalk repairs on the November ballot, the Los Angeles Times reports

Panel Takes Step Toward Wage Boost for L.A. Hotel Workers

Los Angeles lawmakers took a crucial step Tuesday toward ramping up the minimum wage for thousands of hotel workers, asking staff to draft an ordinance that would increase their pay to at least $15.37 an hour, the Los Angeles Times reports.

FAA OKs Commercial Drone Flights Over Land

Following the agency's decision, Monrovia drone maker AeroVironment Inc. is using an unmanned aircraft to scout land for BP Exploration Inc. in Alaska, the Los Angeles Times reports.

Shuttered Rialto Theatre For Sale

The historic South Pasadena venue that closed in 2009 is now up for sale, according to the family trust that currently owns it, the Los Angeles Register reports.

Donald Sterling Calls NBA Officials 'Bullies,' 'Hypocrites,' 'Monsters'

A defiant Donald Sterling said as much in a written statement sent to the media through one of his lawyers, CNN reports.

Central America Newspapers Tout 'Dream Act' Open Door

Newspapers in El Salvador and Honduras are promoting the Obama administration’s policy that defers deportation to minors brought to the United States as children by their parents – those known as "Dreamers," Newsmax reports. Up to 500 illegal minors are being housed at a naval base in Ventura County.

Film Shoots Increase in Santa Clarita

The upcoming Paramount Pictures movie "Scouts vs. Zombies" was just the latest in a flurry of movie and TV projects to shoot in the northern Los Angeles County city, which is enjoying a record level of production this year, the Los Angeles Times reports.

L.A. Taxicab Drivers Again Protest Uber

Taxi drivers lined the steps of Los Angeles City Hall Tuesday to call for added regulation of competing ride-share services like Uber, Lyft and Sidecar, and were supported by local councilmen, KNBC reports.

Amazon Suspends Preorders of Warner Bros. DVD Titles has stopped taking DVD preorders for upcoming Warner Bros. Home Video releases, including the studio’s recent hit “The Lego Movie,” as the companies wrangle over contract terms, Variety reports.

Time Warner Looks to Vice to Boost Struggling News Channel

Time Warner is in talks with Vice Media about partnerships in an attempt to rejuvenate CNN's struggling sister channel, HLN, the Wall Street Journal reports.

At E3, Nintendo Unveils Toy Line

At L.A.'s Electronic Entertainment Expo on Tuesday, Japanese gaming giant Nintendo unveiled a toy figure line called “amiibo” that will work in tandem with its video games like the toys-meet-games franchises from Activision Blizzard Inc. and the Walt Disney Co., the Los Angeles Daily News reports.

Stocks Down

In Wednesday morning trading, the Dow Jones industrial average was down 94 points to 16,852. The Nasdaq fell 4 points to 4,334. The S&P 500 lost 7 points to 1,944.

Tuesday, June 10

CheckAlt Buys Diebold Subsidiary

CheckAlt, a Los Angeles company that offers electronic deposit services for banks, has acquired secure machine-maker Diebold’s Eras division, a maker of remote banking software, for an undisclosed sum.

Two L.A. Companies in Line for State Tax Credits

A metal company in Long Beach and a health supplement company in City of Industry have made the final list of 31 companies eligible for state hiring tax credits under a jobs program, Gov. Jerry Brown’s office announced Tuesday.

Barrack Donates $15 million to USC Marshall School

L.A. private equity billionaire Thomas Barrack has donated $15 million to the university’s Marshall School of Business, the university announced Tuesday.

NBA Not Surprised By Sterling Reversal

The NBA is poised to take several steps in response to Donald Sterling's reversal on his agreement to allow the sale of the Clippers to proceed, Sports Illustrated reported Tuesday.

Ares Management Reports First Quarter Earnings

Century City private equity firm Ares Management on Tuesday reported substantial growth in assets under management and a downturn in profitability in its first earnings release as a public company.

Dow, Nasdaq Up; S&P Down

At the close of the markets Tuesday, the Dow Jones industrial average was up 3 points to 16,946. The Nasdaq rose 2 points to 4,338. The S&P 500 lost less than a point to 1,951. The LABJ Stock Index was flat at 195.

Washio Raises $10.5 Million

Washio, a home delivery laundry and dry cleaning service, has received $10.5 million Series A round led by Menlo Park venture capital firm Canaan Partners.

L.A. Employers Plan to Increase Hiring

Nearly one in four Los Angeles area employers plan to hire more workers during the third quarter, the best showing in several years, the Business Journal reports, citing a Manpower survey.

Consoles Still for Games, Microsoft Emphasizes at E3

The New York Times reports that Microsoft wants consumers to know that its consoles are still very much about games even though they can be used for other media, and is delivering that message at the annual Electronic Entertainment Expo, or E3, game convention in Los Angeles.

Dozens at Register Apply for Buyouts as Layoffs Loom

Many journalists have applied for voluntary buyouts at the Orange County Register, and those who haven’t are bracing for layoffs in the latest sign that the publisher’s expansion is faltering, the Los Angeles Times reports.

Blighted Homes Linger in L.A.

Four years after L.A. targeted squalor at foreclosed homes, thousands of blighted homes still fester, the Los Angeles Times reports.

More Misses Than Hits for Warner

Summer hasn't technically begun yet, but Warner Bros. may already be itching for a vacation as Hollywood's biggest film studio has started the season with a rare series of setbacks, the Los Angeles Times reports.

For Disney Junior, Toys Above TV

Disney's film studio, rather than TV networks, has traditionally provided much of the material for the company's consumer products and theme-parks. But the formula has been flipped with new TV shows that are already a hit on store shelves, the Wall Street Journal reports.

For Hollywood Studios, It's Theme Park Mania

You will soon be able to visit Hogwarts in Osaka, travel to the “Ice Age” in Kuala Lumpur and hang out with Shrek in Moscow. Construction of theme parks, resorts and other attractions based on movie characters has accelerated to a blistering pace in the past few years, with more on the way, the Wrap reports.

Small Pay-TV Provider Feels Squeeze Play Over Dodgers Channel

Only one pay-TV company in Southern California other than Time Warner now carries the all-Dodgers SportsNet LA. That's tiny Champion Broadband, which serves about 5,500 subscribers in Arcadia and Monrovia and isn't happy about the situation, the Los Angeles Times reports.

Ex-UCLA Player on Stand in Federal Court

The battle to give top football and basketball players a cut of the billions of dollars flowing into college athletics began in earnest Monday with former UCLA basketball star Ed O'Bannon taking the stand, ESPN reports. As the trial began, the NCAA announced it had reached a $20 million settlement in a related case involving video games that used the likenesses and images of players without their permission.

Academy Museum Director Merges Interests in Art, Film

Kerry Brougher, currently at the Smithsonian Institution in Washington, D.C. will step into his new role as director of the future Academy of Motion Picture Arts and Sciences museum on July 1, the Los Angeles Times reports.

Elon Musk Pictures Making Flying Submersible Cars

Elon Musk's says he's been contemplating what it would take to produce cars that fly and go underwater, Business Insider reports

Stocks Down

In Tuesday morning trading, the Dow Jones industrial average fell 14 points to 16,930. The Nasdaq dropped 5 points to 4,331. The S&P 500 lost 3 points to 1,949.

L.A. Employers Plan to Increase Hiring in Third Quarter

Nearly one in four Los Angeles area employers plan to hire more workers during the third quarter, the best showing in several years, according to a survey released today from Manpower Inc.

Monday, June 9

New Amgen CFO Gets $2 Million Signing Bonus

Amgen Inc. appointed David W. Meline as its chief financial officer on Monday, luring him from 3M with a $2 million signing bonus.

Shopzilla Revamps Connexity

Los Angeles online marketplace Shopzilla Inc. has beefed up its newly acquired media buying platform Connexity by folding two of its consumer insights divisions into the brand.

Mayor Announces Veteran Hiring Program

Los Angeles Mayor Eric Garcetti announced Monday that more than 140 local employers have pledged to hire more than 10,000 veterans over the next three years.

Oaktree Buys Infrastructure Investment Firm

Downtown Los Angeles investment firm Oaktree Capital is acquiring Highstar Capital, a New York firm that invests in physical infrastructure for the energy industry, Oaktree announced Monday.

Stocks Up

At the close of the markets Monday, the Dow Jones industrial average was up 19 points to 16,943. The Nasdaq rose 15 points to 4,336. The S&P 500 ticked up 2 points to 1,951. The LABJ Stock Index rose 1 point to 196.

Job Recovery in Los Angeles Outpacing U.S. Gains

Each month since April 2012 except one, Los Angeles County has seen at least 2 percent year-over-year job growth, compared with a 1.7 percent average across the country, the Los Angeles Times reports.

Most L.A. City Employees Don't Live in L.A.

More than two-thirds of people who work for the city of Los Angeles live somewhere else, the Los Angeles Times reports.

California Tax Credit Plan Proves Popular With Businesses

With less than a month to go, California businesses are eager to qualify for a new state income tax credit, the Los Angeles Times reports.

Bidding for Clippers Was 'Like Speed Dating'

In quick succession, billionaire suitors lined up to meet Shelly Sterling last month at her Malibu beachfront mansion to bid for the Clippers, the Los Angeles Times reports. Along with winning bidder Steve Ballmer, other visitors included Patrick Soon-Shiong, former NBA player Grant Hill and investment giant Tony Ressler.

Ackman: My New Friend Icahn Should Sell Herbalife Stake

Activist investor Bill Ackman has some advice for frenemy Carl Icahn: Sell your Herbalife stock, CNBC reports.

AT&T Mulls Offering NFL Sunday Ticket to Wireless Customers

AT&T; Inc. is floating the possibility of offering DirecTV's National Football League Sunday Ticket programming to all its wireless phone customers, The Wall Street Journal reports.

New Rules Lift BYD's Electric-Car Sales

Electric carmaker BYD's sales are up thanks to how big cities in China are relaxing subsidy rules that effectively prevented sales of electric and hybrid cars by local manufacturers that weren't based in their jurisdictions, The Wall Street Journal reports.

Smog-Busting Roof Tiles Could Clean Tons of Pollution

UC Riverside researchers say they have demonstrated an inexpensive roof coating that gobbles up smog-forming pollutants and, if widely adopted, could clean tons of air pollution from Southern California each day, the Los Angeles Times reports.

‘Fault in Our Stars’ Soars Past Tom Cruise With $48.2 Million

“The Fault in Our Stars” launched to an astounding $48.2 million this weekend, justifying 20th Century Fox’s gamble that summer crowds would show up to a low-budget romance about cancer patients in the height of popcorn movie season, Variety reports.

No Summer Vacation for Network TV

Summer used to be network television's dead zone, but networks are pouring unprecedented amounts of money into getting A-list movie writer-producers and actors working on TV shows that air during the summer, the Los Angeles Times reports.

Topless Maid Van Prompts South Pasadena to Revisit City Code

Slashed tires aren’t the only thing the owner of a hot pink van has to worry about, especially if his vehicle continues to advertise topless maids for $99 in South Pasadena, the Los Angeles Daily News reports.

Stocks Rise

In Monday morning trading, the Dow Jones industrial average was up 20 points to 16,944. The Nasdaq rose 11 points to 4,332. The S&P 500 ticked up 2 points to 1,952.

Toymaker’s Game Plan Fails to Please Investors

MANUFACTURING: Jakks’ shares tumble on news of convertible notes issuance.

Shares of Jakks fall after the toymaker makes a play for $100 million in convertible notes.

Taking Stock Of Trades

Brokerage’s app lets family, friends share investment moves social-network style.

Ditto Trade’s app lets friends and family share and share alike by tracking their stock moves.

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City Tackles New Convention Center Without NFL

TOURISM: Council OKs remodeling plan as scoring football team seems unlikely.

City of Los Angeles looks to field an improved Convention Center as football stadium plans fade.

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Flipping Lid

Buyer/fixer-uppers move to higher-priced homes

Investment firms flip for buying and fixing higher-price homes after the lower-price market dried up.

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Skin Care Executive Puts New Face on School Items

MANUFACTURING: Yoobi brand aims for wow factor, bright colors with supplies.

Yes To co-founder looks to apply lessons learned in the skin care business to making school supplies.

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Bill Aims to Clean Up Grease Theft

REGULATION: State proposal looks to target slick operators.

State lawmaker looks to smooth the way for police to crack down on the theft of used kitchen grease.

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Curbed Regulation

Los Angeles has sufficient funds but seems to lack required drive to properly inspect food trucks.

James Somers wants Los Angeles to get rolling on food truck inspections.

Where’s the Money?

L.A. money managers have been launching mutual funds to take part in the stock market surge. So the Business Journal asks: Where would you invest today, individual stocks, mutual funds or bonds?

Where would you invest today, individual stocks, mutual funds or bonds?

Music Publisher Cues Up New Office in Valley

LEASE: Universal division consolidates outposts in deal valued at $46.6 million.

The largest music publisher in the world, Santa Monica’s Universal Music Group, signed a long-term lease in Woodland Hills for a whopping 146,600 square feet, the largest nonrenewal lease by square foot signed in the San Fernando Valley this year.

Ports Must Keep Moving

Jonathan Gold wants terminal operators and dockworkers to steady the course on cargo flow.


Upcoming local conventions.


Upcoming local events.

News of the Week

Last week’s major news from and other sources

Elon Musk, the billionaire entrepreneur behind Space Exploration Technologies Corp., or SpaceX, in Hawthorne, unveiled the Dragon V2 manned spaceship as a 21st century space taxi for astronauts.

Veteran Executive Ready to Speak Up for Himself

LAUNCH: Bill Harrison rejoins former worker to form Third Street firm.

Public relations veteran Bill Harrison has reunited with former employee Jackie Feldman to launch PR agency Third Street Media Group.

City Hall Vet Votes for Job at Downtown Firm

EXPANSION: Jane Usher says Musick Peeler’s local focus helped draw her in.

The addition of former Special Assistant City Attorney Jane Usher as a partner to Musick Peeler & Garrett is the latest boost for the downtown L.A. law firm, which has grown quickly in recent years.

Payday Loans May Have Cost Bank Needed Sale

LENDING: Borrowers fault National Bank of California for role as processor.

Class-action suits against payday lenders might have stalled a life-saving sale of National Bank of California.

Linked In

TECHNOLOGY: Latest exec hires at Silicon Beach show local scene strong enough now to create and keep top managers.

Silicon Beach startups now can draw from a local pool of experienced execs to shore up their businesses.

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Regional Report

News and notes from communities across Los Angeles County

VCA Antech Inc., a West L.A.-based operator of veterinary hospitals, has officially changed its name to VCA Inc.

Not Following Dad’s Footsteps

As a college student in the late 1970s, Darell Krasnoff dreamed of getting a job with a company where he could climb the ranks and eventually become a top executive.

Lessons Learned From Pitching

Developers of educational software moved to front of class at UCLA contest.

SmartestK12 co-founders schooled rivals in a UCLA pitch contest with their product for teachers.

Floundering Fish Importer Reels In Crucial Catch

SEAFOOD: Contessa gets line on future with buyer Red Chamber.

Red Chamber makes a splash with the acquisition of sinking Contessa.

Bank Scene Rich In Hiring Options

Market consolidation has allowed remaining lenders to fill their executive ranks with top-drawer veterans.

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Friday, June 6

Wedbush Charged With Market Access Violations

Downtown Los Angeles brokerage Wedbush Securities was charged by the Securities and Exchange Commission on Friday for breaking the agency’s market access rules.

Bill Aims to Clean Up Grease Theft

The theft of used kitchen grease might seem like an innocuous crime, but the thefts are causing large losses for sellers of biodiesel that depend on the waste to make fuel.

Floundering Fish Importer Reels In Crucial Catch

When San Pedro seafood importer Contessa Premium Foods Inc. was put up for sale in April, the sharks were already circling. Potential buyers began touring its facilities the day the company announced its insolvency; within weeks, 32 parties expressed interest, from local competitors to celebrity chef Ina Garten, who had partnered with the company on a frozen-food line named after her “Barefoot Contessa” television program. Now a winning bidder has emerged.

MannKind, Jakks Pacific Among Week’s Biggest Movers

The Los Angeles Business Journal’s index of largest local public companies rose for the week.

Stocks Rise

At the close of the markets Friday, the Dow Jones industrial average was up 88 points to 16,924. The Nasdaq rose 25 points to 4,321. The S&P 500 ticked up 9 points to 1,949. The LABJ Stock Index was flat at 195.

Tinder Puts the Moves on Disappearing Photos

West Hollywood dating app Tinder on Thursday unveiled a disappearing photo feature in an apparent challenge to Venice app maker Snapchat.

U.S. Regains All Jobs Lost in Recession

Nearly five years after the Great Recession ended, the U.S. has finally regained all the jobs lost in the downturn, the Associated Press reports. The underlying trend in unemployment continues to point to a firming labor market, Reuters reports.

Chinese Tourism and Investment Surges in L.A.

Tourism from China into Los Angeles nearly quadrupled last year compared with four years earlier, the Los Angeles Times reports, citing a study by the Los Angeles Economic Development Corp.

BofA Settles With Insulted Countrywide Borrower

It looks as if a North Carolina homeowner will keep his home with a loan modification. It's the conclusion to a long drama that began when Countrywide Financial kingpin Angelo Mozilo insulted him in an email, the Los Angeles Times reports. Meanwhile, BofA, which bought Countrywide, is close to reaching a $12 settlement with the Justice Department and several states over its handling of shoddy mortgages, The Wall Street Journal reports.

California to Mount Aggressive Bid for Tesla Battery Plant

California lawmakers and the governor’s office said Thursday that they’re making a major effort to lure a Tesla Motors electric-car battery factory to the Golden State, the Los Angeles Times reports. Still, the state's odds look slim.

All Things 'Frozen' Flying Off Shelves

Disney's “Frozen” has become the fifth-highest grossing film of all time, and the huge demand for anything “Frozen” has created a shortage of merchandise on Disney Store shelves all over North America. It’s also led to hours-long waits to see the princesses at Disney parks in Florida and California, the Associated Press reports.

Car-Sharing Service Arrives in South Bay

Car2go, a car-sharing service, has pulled into the South Bay as cities try to encourage residents to embrace public transportation and other commuting alternatives, the Daily Breeze reports.

UCLA Reports $12 Million Increase in Athletic Revenue

On the brink of its most anticipated football season in more than a decade, UCLA athletics has never been more profitable, the Orange County Register reports.

Iger Re-Elected Vice Chairman of US-China Business Council

Disney Chairman and CEO Bob Iger has been re-elected vice chairman of the U.S.-China Business Council, which focuses on commercial relations between the two nations, the Wrap reports.

Panel Calls for Even-Year L.A. City Elections to Boost Turnout

A citizens commission charged with finding ways to boost L.A.’s low voter turnout called Thursday for city elections to move from odd-numbered years to even ones, when higher profile contests like governor or president are on the ballot, the Los Angeles Times reports.

'Fault in Our Stars' Set to Defeat Tom Cruise's 'Edge of Tomorrow'

In a battle of the sexes, Fox's female-fueled 'Fault in Our Stars' has a strong shot at defeating Tom Cruise's male-driven 'Edge of Tomorrow' at the North American box office this weekend, according to The Hollywood Reporter.

Stocks Up

In Friday morning trading, the Dow Jones industrial average was up 68 points to 16,904. The Nasdaq rose 24 points to 4,320. The S&P 500 ticked up 8 points to 1,948.

Thursday, June 5

AEG Denies Report of Kings Sale

Anschutz Entertainment Group of downtown Los Angeles on Thursday categorically denied a New York Post report that it is shopping the Kings hockey team for a sale.

Infrascale Raises $16.3 Million, Buys EverSync

El Segundo cloud-storage provider Infrascale has raised a $16.3 million Series B funding round that it will use in part to acquire EverSync, a data protection company in Salt Lake City, for an undisclosed amount.

Ares Management Acquires N.Y. Lender

Century City private equity firm Ares Management announced Thursday that it had bought Tarrytown, N.Y. lender Keltic Financial and would be using the acquisition to make more asset-based loans to small and mid-sized companies.

RealD Shares Rise After Earnings Beat Expectations

RealD shares moved higher on Thursday after the Beverly Hills 3-D movie technology company reported quarterly earnings that beat analyst expectations.

Stocks Rise

At the close of the markets Thursday, the Dow Jones industrial average was up 99 points to 18,836. The Nasdaq rose 45 points to 4,296. The S&P 500 ticked up 13 points to 1,940. The LABJ Stock Index was up 1 point to 195.

Sterling Agrees to Sell Clippers, Will Drop Suit

Donald Sterling has agreed to drop a lawsuit and go along with the $2-billion sale of the Clippers negotiated by his wife, Shelly, the Los Angeles Times reports. In exchange, the NBA will drop its charges against the longtime team owners.

Gender Bias Alleged at UCLA Anderson

An internal review has found UCLA’s Anderson School of Management, one of the nation's top-ranked business schools, is "inhospitable to women faculty," The Wall Street Journal reports.

GM Fires 15, Says More Recalls Are Coming

General Motors has fired 15 employees over its protracted recall disaster and is preparing another wave of recalls, CEO Mary Barra told GM employees in Detroit this morning, BusinessWeek reports.

T-Mobile and Sprint Zeroing In on a $32 Billion Merger

Responding to a wave of consolidation in the telecommunications industry, the nation’s third- and fourth-largest wireless phone operators have agreed on the terms of a deal to join forces, the New York Times reports.

Reports Speak to Increased International Trade for L.A. Ports

The ports of Los Angeles and Long Beach maintained their ranking as the nation’s top gateway for international trade last year and container traffic through the twin ports is expected to rise this year and next year, the Los Angeles Daily News Reports.

Downtown L.A. Development Spreading South

A $1-billion residential, hotel and retail complex is being planned south of the 10 Freeway in downtown Los Angeles as robust development promises to spread beyond the traditional boundaries of the neighborhood, the Los Angeles Times reports.

800-Get-Thin Probe Intensifies

Federal agents on Wednesday raided the Beverly Hills offices of Michael and Julian Omidi, alleged in court documents to be the owners of the weight-loss surgery business behind Lap-Band weight loss surgeries and tied to the now-defunct 1-800-Get-Thin marketing campaign, the Los Angeles Times reports.

Mercedes-Benz Starts Next Phase at Long Beach Facility

The luxury automaker is establishing its next phase of growth in Long Beach at a former Boeing Co. plane factory, the Long Beach Press-Telegram reports.

Imax Donates Theater to USC

USC is getting a giant Imax screen that will be installed in a new auditorium donated by Michelle and Kevin Douglas, Imax Corp.'s largest shareholders, the Los Angeles Times reports.

Pimco Manager to Quit and Start Food Truck Business

Jeremie Banet, a fund manager at Pacific Investment Management Co. specializing in inflation-protected bonds, plans to leave the firm to start a food truck business in Los Angeles and Orange County, Bloomberg reports.

Stocks Up

In Thursday morning trading, the Dow Jones industrial average was up 32 points to 16,770. The Nasdaq rose 8 points to 4,260. The S&P 500 ticked up 3 points to 1,930.

Wednesday, June 4

Boingo Partners with Time Warner Cable

Boingo Wireless, a wireless Internet provider headquartered in in Los Angeles, has partnered with Virginia’s Time Warner Cable to give both companies’ customers more places to surf the Web.

Los Angeles Times to Launch LGBT Site

The Los Angeles Times will begin hosting a site later this month dedicated to news and lifestyle issues in the local gay community.

NASA Announces SpaceShipTwo Payloads

Twelve payloads from research institutions and private companies will be launched by Virgin Galactic’s SpaceShipTwo, which is under development in the Antelope Valley, NASA has announced.

Stocks Rise

At the close of the markets Wednesday, the Dow Jones industrial average was up 15 points to 16,738. The Nasdaq rose 18 points to 4,252. The S&P 500 ticked up 4 points to 1,928. The LABJ Stock Index was up 1 point to 194.

Poll: Would you get involved in home flipping?

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.

Register Owner to Cut Staff, Merge Long Beach and L.A. Newspapers

Seven weeks after launching a new Los Angeles newspaper amid fanfare, the Orange County Register’s parent company, Freedom Communications Inc., is showing signs of financial distress, the Los Angeles Times reports.

Eli Broad’s Downtown Art Museum Sues Over Delays

The flagship museum of billionaire Eli Broad, still under construction in downtown Los Angeles, has filed a $19.8 million lawsuit against a German company for what it describes as delays in fabricating the building blocks for its unusual latticed facade, The New York Times reports.

Elan Carr, Ted Lieu Set for Runoff for 33rd District

With Democrats splitting the vote Tuesday, a Republican — Los Angeles County Deputy District Attorney Elan Carr — emerged atop a large primary field in the race to succeed Democratic Rep. Henry Waxman in Congress. Carr will face Democrat Sen. Ted Lieu of Torrance in a November runoff for the 33rd Congressional District seat, the Daily Breeze reports.

Garcia Beats Dunn in Long Beach Mayor Race

Robert Garcia beat former NFL player Damon Dunn Tuesday to become the youngest mayor of Long Beach in the city’s history, and the first openly gay person to win the office, the Long Beach Press-Telegram reports. Dunn was backed by the business community.

Soon-Shiong Working on Dream Project With UCI Law

The wealthiest man in Los Angeles is looking to team up with UC Irvine’s Law School in hopes of transforming the country’s judicial system, the Orange County Register reports.

Audit Finds L.A. Foreclosure Registry ‘Never Operated Effectively’

L.A.’s four-year-old foreclosure registry program has been flawed and “never operated effectively,” according to a sharply critical audit released Tuesday, KPCC reports.

Elon Musk Hints at Surprise Move on Tesla Patents

Tesla Chief Executive Elon Musk, in expressing surprise other automakers haven’t made big commitments to electric cars, said Tuesday he’s thinking of doing something “fairly controversial” regarding the company’s patents, USA Today reports.

In Stanley Cup, Big Markets Don’t Mean Big Viewership

As teams from the nation’s two largest markets meet, some wonder if this is the formula for record viewership, especially as playoff viewership in Los Angeles has lagged behind other cities, The New York Times reports.

TV Shows Get Longer Window on Paid Ads

The big broadcast TV networks are moving to get paid for commercials that viewers see for a full week after they originally air, a development with major implications for the roughly $70 billion TV advertising marketplace. The Wall Street Journal reports that viewers increasingly watch shows on DVR and video-on-demand several days after they air.

TV Apps Are Soaring in Popularity

People are streaming broadcast television on their smartphones in record numbers, The New York Times reports.

Dr. Dre Spends $40 Million for Brentwood Estate

The rapper and founder of Beats electronics has dropped $40 million on the Brentwood estate of Gisele Bündchen, supermodel and actress, and her husband, New England Patriots quarterback Tom Brady, the Los Angeles Times reports.

Dow Down; Nasdaq Up

In Wednesday morning trading, the Dow Jones industrial average was down 15 points to 16,707. The Nasdaq rose 8 points to 4,242. The S&P 500 lost 1 point to 1,925.

Tuesday, June 3

KKR To Buy Internet Brands for $1.1 Billion

El Segundo Web holding company Internet Brands, which began as, has struck a deal to be acquired by New York private equity firm Kohlberg Kravis Roberts for an estimated $1.1 billion.

Record Number of Applicants for Film Tax Credit Lottery

A record number of film and TV show producers have applied for a piece of the $100 million in tax credits allotted annually to productions filming in the state, the California Film Commission announced Tuesday.

CU Bancorp to Acquire Enterprise Bank

Encino bank holding company CU Bancorp will acquire downtown Los Angeles lender 1st Enterprise Bank in an all-stock deal, the banks announced Tuesday.

Payroll Executive Arrested in Tax Case

The former chief executive of bankrupt Miracle Mile payroll services company Axium International has been arrested on charges of committing tax crimes, the U.S. Attorney’s Office in Los Angeles announced Tuesday.

Stocks Go Lower

At the close of the markets Tuesday, the Dow Jones industrial average was down 21 points to 16,722. The Nasdaq fell 3 points to 4,234. The S&P 500 lost 1 point to 1,924. The LABJ Stock Index was flat at 193.

KKR to Buy Internet Brands for $1.1 Billion

Private equity firm KKR & Co. said today it has agreed to buy Internet Brands, an El Segundo website and software company with holdings that include CarsDirect, in a bet that it can help the company expand, The New York Times reports.

Israeli Bank to Consolidate Three L.A. Branches Downtown

Bank Leumi USA announced today it closing its Beverly Hills and Encino branches to merge them into the downtown Los Angeles office of the Israeli banking company, City News Service reports.

Low Turnout Expected for Today’s Election

The outcome of today’s statewide and local primaries could be decided by just a small fraction of the electorate — even though several races offer voters a rare chance to handpick new leadership for agencies mired in scandal, the Los Angeles Daily News reports.

California Could Cash In on Climate Rules Proposed By EPA

The federal government is trying to catch up with the state by making global warming rules, and that could open up some opportunities for California companies already doing businesses in the clean energy industry, the Los Angeles Times reports.

Ticketmaster to Pay in Suit Over Fees

Live Nation Entertainment Inc.'s Ticketmaster has agreed to a tentative settlement in a decade-old class action that, if approved, would offer to issue roughly $400 million in credit to 50 million ticket buyers, The Wall Street Journal reports.

Wave of Consolidation Among Reality TV Firms

In the last 18 months, there has been a tremendous wave of consolidation among production companies that specialize in reality shows such as "Duck Dynasty," "Top Chef" and "Party Down South," the Los Angeles Times reports.

Has Summer Moviegoing Gone Unbearably ADD?

The three movines with the biggest May openings - "The Amazing Spider-Man 2," "Godzilla" and "X-Men: Days of Future Past" - had massive fall-offs the following week, the Los Angeles Times reports.

Sterling Facing Lawsuit From Another Alleged Ex-lover

A woman who said she is a former employee and romantic partner of Donald Sterling filed a lawsuit against the embattled Clippers owner Monday, alleging discrimination and retaliation, the Los Angeles Daily News reports.

FAA May Approve Drones for Hollywood Filmmaking

The Federal Aviation Administration is considering a proposal to allow production companies to use drones in film and TV production, Variety reports.

Stocks Down

In Tuesday morning trading, the Dow Jones industrial average was down 37 points to 16,706. The Nasdaq dropped 11 points to 4,227. The S&P 500 lost 4 points to 1,921.

Monday, June 2

CPO Commerce Acquired for $30 Million

Pasadena online power-tool retailer CPO Commerce has been acquired by United Stationers Supply Co. of Deerfield, Ill., for $30 million. The price tag could reach $40 million based on company performance.

Puma Shares Fall Amid Trial Results

Shares of Westwood drug developer Puma Biotechnology plummeted in trading on Monday after presentations by the company and another drugmaker soured investors on their prospects.

Layoffs Planned at Disney's Maker Studios

Maker Studios will lay off about 10 percent of its workforce this week following the YouTube network’s acquisition by Walt Disney Co.

Insider Trading Co-Conspirator Sentenced

Bryan Shaw, the Encino jeweler who made $1.6 million on stocks he traded with insider information from former KPMG senior partner Scott London, was sentenced to five months in prison on Monday.

Dow, Nasdaq Down; S&P Up

At the close of the markets Monday, the Dow Jones industrial average was up 26 points to 16,744. The Nasdaq fell 5 points to 4,237. The S&P 500 rose 1 point to 1,925. The LABJ Stock Index was flat at 193.

Sterling Goes to Service at Black Church, V. Stiviano Attacked in N.Y.

Donald Sterling, whose racist remarks in a recording triggered the fight over ownership of Los Angeles Clippers, attended a predominantly black church service in South Los Angeles on Sunday, the Associated Press reports. Meanwhile, Sterling’s ex-mistress, V. Stiviano, was attacked by two men as she left a New York City restaurant Sunday night, the City News Service reports.

Film Academy to Pay $36 Million for Movie Museum Lease

The motion picture academy will pay more than $36 million to the Los Angeles County Museum of Art to lease land for a movie museum scheduled to open in 2017, the Los Angeles Times reports.

EPA Seeks Major Cut in Power Plant Emissions

The Environmental Protection Agency is proposing a plan to cut U.S. carbon-dioxide emissions from power plants 30 percent by 2030, compared with emissions from 25 years earlier, The Wall Street Journal reports. It’s an ambitious target that marks the first-ever attempt at limiting such pollution.

West Hills Shopping Center Sold for $210 Million

A New York real estate investment trust announced today that it is buying the Fallbrook Shopping Center in West Hills for $210 million in cash, the West Valley Post-Periodical reports.

L.A. Sues JPMorgan Chase, Alleges Predatory Lending

The city of Los Angeles accused JPMorgan Chase & Co. of steering minority borrowers into risky home loans they couldn’t afford, triggering a foreclosure wave that hammered property values and city coffers, the Los Angeles Times reports.

'Maleficent' Casts Box Office Spell

Walt Disney Co.'s "Maleficent," which stars Angelina Jolie in a retelling of "Sleeping Beauty," won the weekend box office by opening to a solid $70 million in the U.S. and Canada, The Wall Street Journal reports.

Longtime Celebrity Columnist Marilyn Beck Dies at 85

Marilyn Beck, whose celebrity news column appeared in the Los Angeles Daily News for three decades, died Saturday at her home in Oceanside, the Daily News reports.

Apple Expected to Unveil New Operating System

Apple kicks off its annual Worldwide Developers conference today with a keynote that will likely provide the first glimpse at updates to its operating system for iPhones and iPads, USA Today reports.

Stanley Cup Tickets Most Expensive in Years

For the first time since 1981 when the Yankees and Dodgers played each other in the World Series, New York and Los Angeles will be squaring off with a major sports title on the line - as a result, ticket prices are high, Forbes reports.

Dow Up; S&P, Nasdaq Down

In Monday morning trading, the Dow Jones industrial average was up 13 points to 16,730. The Nasdaq fell 15 points to 4,228. The S&P 500 lost 1 points to 1,923.

Regional Report

News and notes from communities across Los Angeles County

rueX Media, an interactive ad developer in Brentwood, has raised $6 million in additional funding from previous investors Pinnacle Ventures, Norwest Venture Partners, Jafco Ventures and Redpoint Ventures.

Online Publisher Clicks as Value Buy With Investors

INTERNET: Demand also boosted by future spin-off of domain-name business.

Demand Media shares rise as some investors read the online publisher as a value buy.

Repo Firm Hopes to Seize Regulation Opportunity

LENDING: Remarketing sees increased need for its services among financial institutions.

One firm’s regulation is another’s windfall.

News of the Week

Last week’s major news from and other sources

An announcement regarding a buyer for the Los Angeles Clippers was expected at press time, although that selection won’t end the conflict.


Upcoming local event.

Twenty In Their 20s: NANXI LIU

We first funded everything from our bank accounts and personal savings. After we built a prototype and got customers to sign up, we went to entrepreneurs whom we admired and they gave us $2.5 million.

Twenty In Their 20s: NATALIA BENSON

A collection of metal jewelry on display caught her attention.

Twenty In Their 20s: DAVID SHOPHET

I wouldn’t be content with slaving away to make others rich and successful; I wanted to slave away to be successful myself.

Twenty In Their 20s: JILLIENE HELMAN

My father is a serial entrepreneur and I’ve wanted to build my own business since I was a kid growing up in an entrepreneurial family.

Twenty In Their 20s

From a jewelry maker to the creator of a social media platform, the Business Journal turns the spotlight on 20 young entrepreneurs who have gotten a jump on the business world.

Twenty In Their 20s: DANIEL GONG

I have always been an avid listener of rap music and decided I would try to create it when I was 16 years old.

It’s Time for Traveling

The first day of summer is just around the corner as are many people’s seasonal work breaks. So the Business Journal asks: What are your summer vacation plans?

What are your summer vacation plans?

Mentoring With Arugula

Victoria Thomas offers a farewell kiss to agency Harris Shepard with a story of lipstick and mentoring.