Los Angeles Business Journal

Warner Bros. Considers as Many as 1,000 Layoffs

Warner Bros. Entertainment is expected to cut as many as 1,000 jobs ﹘ or more than ten percent of the studio’s 9,000-person workforce, Variety reports.

Foster Care Agency Directors Charged With Embezzlement

CSJ Kidogo, the executive director of the nonprofit Little People’s World, and his wife, Hitaji Kidogo, are charged with embezzling more than $460,000 from the taxpayer-funded nonprofit agency hired by Los Angeles County to help abused and neglected foster children, the district attorney’s office announced on Thursday. A county audit in 2011 concluded that the couple had used agency funds to purchase real estate, personal vacations, and to pay themselves collective salaries totaling $269,000, the Los Angeles Times reports.

San Fernando Valley Losing Businesses, Jobs

The seven Los Angeles City Council members representing the Valley met at a luncheon Thursday to discuss how to tackle recent hardships the area as faced, the Los Angeles Times reports. Those hardships include Nestle USA and Sunkist leaving the area, taking hundreds of jobs with them, as well of the decline of adult film production, much of which is based in the Valley.

L.A. Taxi Commission to Review Rule Book

At Mayor Eric Garcetti urging, and to level the playing field for taxi firms competing with new app-based ride-sharing businesses such as Uber, Los Angeles officials agreed Thursday to re-examine hundreds of regulations that control the city's nine licensed cab companies, the Los Angeles Times reports.

Alibaba IPO Set to be One of World’s Largest

Shares of Chinese e-commerce giant Alibaba are set to start trading on the New York Stock Exchange today after pricing at $68 last night, topping the company’s initial expected range, Fortune reports. The stock offering, which was expected to be one of the world’s largest, will raise at least $21.8 billion.

California Health Exchange to Stay Neutral on Prop. 45

Despite its concerns, California’s health insurance exchange on Thursday remained neutral on a Nov. 4 ballot initiative that would allow the state’s elected insurance commissioner to regulate rates, the Sacramento Bee reports.

UBM to Acquire Santa Monica Tradeshow Company

British communications and events company UBM Plc is in advanced talks to acquire privately-held Santa Monica trade show organizer Advanstar for around $900 million, according to people familiar with the matter, Reuters reports.

LAUSD to Double Staff Working on iPad Plan

As recommended by a critical evaluation of the Los Angeles Unified School District’s program to provide iPads to all students, the system will double the number of people who will help with technical and instructional issues, the Los Angeles Times reports. The technical assistance this year will involve about 120 employees at a cost of about $3.9 million.

Larry Ellison to Leave Oracle

Oracle announced Thursday that Larry Ellison, its chief executive, will step down after almost 40 years running the enterprise software and computer services company he co-founded in 1977, the Los Angeles Times reports. But don’t expect Ellison, the third-richest American, to retire to his Malibu mansion.

Iggy Azalea Sues for Infringement

Australian hip-hop artist Iggy Azalea sued Primco Management Inc. ﹘ a Seattle penny-stock company that describes itself as a “multi-media company, medical marijuana and real estate management company,” ﹘ and a handful of other defendants for copyright and trademark infringement, Bloomberg reports. The suit, filed in federal court in Los Angeles, alleges the defendants plan to distribute music downloaded from Azalea’s computer without her consent.

Stocks Rise

The Dow Jones industrial average was up 58 points points in Wednesday morning trading to 17,324. The S&P 500 was up five points to 2,016. The Nasdaq was up nine points to 4,602.

Temple Community Hospital Closes

Temple Community Hospital of Los Angeles closed on Sept. 9 after more than 70 years in business, citing low revenue and the looming cost of seismic retrofits, the Los Angeles Times reports.

Garcetti Receives Warm Welcome at Valley Chamber Luncheon

Los Angeles Mayor Eric Garcetti received a warm welcome on Wednesday as he addressed almost 500 San Fernando Valley business leaders in a ballroom at the Warner Center Marriott for the United Chambers of Commerce’s 10th annual Mayor’s Luncheon, the Daily News reports.

IPad Learning Foiled by Technical Difficulties

A 95-page report released Wednesday says that a lack of technical support hindered the Los Angeles Unified School District’s efforts to teach students with iPads, according to the Daily News. The report recommends that the district move forward with its plan to get every student a tablet.

Manhattan Beach Attorney Charged With Embezzlement

James Miller, a Manhattan Beach attorney who worked for Body Glove International has been charged with stealing more than $250,000 from a former employer while serving as its president and managing partner, federal prosecutors said Wednesday. A five-count indictment alleges that Miller, who will face trial in November, devised a scheme to steal money from MWRC Internet Sales in Redondo Beach, the Daily Breeze reports.

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