Los Angeles Business Journal

Global Markets Looking Up

Wall Street surged again Thursday morning as the Dow Jones industrial average rose 224 points in early trading, the Wall Street Journal reports. Of course, analysts say it is too early to know whether the recent volatility is over.

Church Near Downtown to be Redeveloped

A large parcel near downtown Los Angeles that was owned by a financially troubled Korean church has sold to a developer that plans to make it into a mixed-use residential center, the Los Angeles Business Journal reports. The finished project will include retail that faces Sunset Boulevard, and units could have a commanding view of downtown.

Maternity Tourism

The term “anchor babies” may create images of Hispanic immigrants sneaking into the United States to birth their babies on American soil. But there is a sizable “birth tourism” industry – especially in the San Gabriel Valley – in which Asian women give birth here, the Los Angeles Times reports. The practice is basically legal, but authorities have been finding ways to crack down on it.

L.A. on Target, Water-wise

Los Angeles residents cut their water use by 21 percent last month, beating the state mandate, according to city officials, Los Angeles Times reports. It marks the second straight month the city has met California requirements.

An Olympic Effort

Los Angeles officials revealed details this week for the city’s bid for the 2024 Summer Olympics – at an estimated cost of $4.6 billion – with possible venues that could be selling points to help woo the International Olympic Committee, the Los Angeles Daily News reports. A renovated Los Angeles Memorial Coliseum would be the focal point of the games while Griffith Park, the Rose Bowl, Carson’s StubHub facilities, UCLA’s Pauley Pavilion and San Pedro are among the proposed sites. The City Council’s new ad hoc committee is scheduled to meet Friday to discuss the plans.

Tesla’s High Rating

Tesla Motors Inc. has reason to celebrate as its P85D, the all-wheel-drive version of the Model S, earned a 103 out of a possible 100 from Consumer Reports magazine, the highest ranking ever, Bloomberg reports. The Tesla sedan also was the fastest the magazine has ever tested, accelerating to 60 miles an hour from a stop in 3.5 seconds using its “insane mode.” Despite the high score, the car was criticized for the quality of the materials used in its interior compared to those in other luxury models.

Big Layoffs Could Impact Suppliers

Boeing Co.'s decision to lay off possibly hundreds of employees at its El Segundo satellite factory has sparked concerns that the entire aerospace industry could suffer if Congress does not revive the Export-Import Bank, the Los Angeles Times reports. Some are concerned there could be a ripple effect for subcontractors in light of the fact Boeing channeled $48 billion in business last year to subcontractors, including more than 3,000 in California. But others argue the layoffs are not necessarily a sign of bad news to come.

L.A. Not No. 1 for Traffic Congestion?

If you think Los Angeles has the worst traffic in the nation, think again. While Southern California drivers sat in traffic for around 80 hours last year, Washington, D.C. commuters faced the biggest delays, clocking 82 hours, according to traffic analysts, the Los Angeles Times reports. However, Los Angeles still has some of the most troublesome stretches of freeways with the top one being the southbound 101 Freeway from Woodland Hills to downtown.

Call for Transparency

The Los Angeles City Ethics Commission is debating whether to require that businesses that donate directly to city campaigns publicly disclose more information about who owns them, the Los Angeles Times reports. The argument is that without knowing who owns a company, it is not clear who might be funding a candidate. Some argue that such rules would violate free speech rights, and campaign consultants are concerned they would make it more difficult to raise money.

GDP Expanded Nicely in Second Quarter

The U.S. economy’s second quarter was better than expected with the gross domestic product growing at a seasonally adjusted annual rate of 3.7 percent, the Wall Street Journal reports. The Commerce Department had previously estimated a rate of just 2.3 percent, the agency said Thursday.

Free Tickets for New Museum

After several delays, the new Broad Museum, built by philanthropists Eli and Edythe Broad, is scheduled to open Sept. 20, and there’s still a chance to be among the first to visit it, LAist reports. Free tickets for the contemporary art museum downtown, next door to Disney Concert Hall, can be reserved online, beginning Monday. The museum will feature more than 250 works from such artists as Andy Warhol, Barbara Kruger and Kara Walker.

Stocks Up

The Dow Jones industrial average was up 169 points in early trading Thursday to 16,455. The S&P 500 was up 26 points to 1,966. The Nasdaq was up 71 points to 4,768. The LABJ Stock Index was up four points to 222.

Stocks Take Off

The Dow Jones industrial average was up 253 points in early trading Wednesday to 15,919. The S&P 500 was up 37 points to 1,904. The Nasdaq was up 75 points to 4,581. The LABJ Stock Index was up two points to 213.

Wall Street Recovery?

Stocks rebounded in early trading Wednesday after plunging late Tuesday, the Wall Street Journal reports. The Dow Jones industrial average surged briefly more than 400 points early Wednesday before trimming its gains. Fears about China’s economy in light of the recent devaluing of its currency have shaken the markets in recent weeks. As a result, some are now predicting the Federal Reserve will not raise interest rates in September.

Boeing Announces Layoffs

The expiration of the Export-Import Bank is having ripple effects in Southern California. Boeing Co. has announced it will lay off possibly several hundred employees at its El Segundo satellite factory after a client canceled an order for an electric-powered satellite because it couldn’t get financing through the bank, the Los Angeles Times reports. The bank’s charter expired July 30, but some in Congress still hope to revive it.