Los Angeles Business Journal

Two Charged With Insider Trading on Herbalife

The Securities and Exchange Commission on Tuesday accused two men, Filip Szymik and Jordan Peixoto, of insider trading based on information they received about William Ackman and Pershing Square Capital Management’s not-yet-public plans to bet against Herbalife, the New York Times reports. Only Peixoto actually made Herbalife trades, earning $47,100 once Ackman announced his plan.

Gov. Brown Vetoes Bill to Give Unions Screening Power

Gov. Jerry Brown vetoed a bill that would have restored the power of public employee unions to screen appointees to the L.A.’s Employee Relations Board and the county’s Employee Relations Commission, the Los Angeles Times reports.

L.A. Councilman Calls for Hearings on Airport Settlement

Los Angeles City Councilman Mike Bonin on Tuesday called for hearings to investigate whether officials have complied with a 2006 court settlement to spread out air traffic by facilitating the growth of all the city's commercial airports, not just busy Los Angeles International, which falls in his district, the Los Angeles Times reports.

L.A. Housing Market is Overvalued, Report Says

Los Angeles, Orange County, and the Inland Empire are all among the five most overvalued housing markets in the country, according to a report released today from the real estate website Trulia. Prices in Los Angeles and Orange Counties were each 15 percent above what economic fundamentals support, the Los Angeles Times reports.

News Corp. to Buy Owner of Realtor.com

Rupert Murdoch’s News Corp. agreed to buy Move Inc., the owner of Realtor.com, for $950 million, expanding its digital real-estate listings to compete with sites such as Zillow.com, Bloomberg reports.

Federal Data Says Drug Companies Paid Doctors

Drug and medical device companies paid at least $3.5 billion to U.S. physicians and teaching hospitals during the final five months of last year, according to an analysis of federal data released Tuesday as part of the 2010 Affordable Care Act, the Wall Street Journal reports.

Bell Gardens Mayor Shot to Death at Home

Bell Gardens Mayor Daniel Crespo was shot and killed by his wife, Levette, during a domestic dispute on Tuesday, Sheriff's Department officials told the Los Angeles Times.

Bryan Stow Seeks Damages From Dodgers

Bryan Stow, a Giants fan who received a $18 million judgment after he was brutally beaten and permanently handicapped at Dodgers Stadium, filed a new lawsuit on Monday, alleging that his insurance company, the Dodgers, and his former employer failed to provide enough medical coverage for him, the Los Angeles Times reports.

Stocks Down

The Dow Jones industrial average fell 138 points in Wednesday morning trading to 6,904. The S&P 500 fell 11 points to 1,962. The Nasdaq fell 38 points to 4,455.

Metro Connector Breaks Ground, Legal Challenges Loom

U.S. Transportation Secretary Anthony Foxx and Los Angeles Mayor Eric Garcetti presided over a groundbreaking Tuesday for the $1.4 billion downtown Regional Connector, a project still facing legal challenges from downtown L.A. property owners.

Stocks Down

The Dow Jones industrial average fell 28 points in Tuesday trading to 17,043. The S&P 500 fell six points to 1,972. The Nasdaq fell 12 points to 4,493. The LABJ stock index was flat at 201.

AEG Seeks More Time for Downtown NFL Stadium

AEG asked city officials on Monday for a six month extension to sign a National Football League team and begin to build “Farmers Field” stadium in downtown Los Angeles, the Los Angeles Times reports.

Recovery in Los Angeles Lags Behind State, Nation

The economic recovery in Los Angeles lags behind both the state and the nation, with unemployment more than three percentage points above the national average, according to a report released this morning by Beacon Economics and the Los Angeles Area Chamber of Commerce, the Business Journal reports.

Gov. Brown Vetoes Franchise Bill

Gov. Jerry Brown on Monday vetoed a bill giving franchise owners more power in business transactions, the Sacramento Bee reports.

EBay to Spin Off PayPal

EBay said on Tuesday that it will spin off its payments processor, PayPal, into a separate publicly traded company, the New York Times reports. Billionaire activist-investor Carl Icahn nine months ago demanded the move, which will split eBay roughly in half, as a way to generate value for shareholders.