Los Angeles Business Journal

Hanjin to Present Restructuring Plan as Bankruptcy Deadline Nears

Embattled South Korean cargo container carrier Hanjin Shipping Co. Ltd. is expected to present a $1.1 billion liquidity plan Thursday in efforts to avoid bankruptcy.

Kitson Founder Files Lawsuit Against Former Chief Executive

The dust has yet to settle around the closing of the once trendy West Hollywood boutique Kitson, which closed its doors in December.

New Era Cap Signs Multiyear Deal With L.A. Live Owner AEG

L.A. Live has a new founding partner. Buffalo, N.Y.-based New Era Cap Co. signed a multiyear deal with complex owner AEG to become the official headwear provider for the downtown sports and entertainment campus. Financial terms were not disclosed.

J2 Global Inc. Acquires Another Six Companies in Q2

As it does every quarter, J2 Global Inc. gobbled up another slate of companies. The Hollywood-based internet services company acquired six small companies for an undisclosed amount in the second quarter. The acquired firms include email marketing companies SMTP and Publicaster, digital media company GameTrailers, as well as backup storage companies Electronic Vaulting Services, Safebackup, and 24sevenbackup.

AEG Drops Plans for DTLA Hotel

Anschutz Entertainment Group announced Tuesday that they are dropping plans for a 755-room high-rise Marriott hotel near Olympic Boulevard, the Los Angeles Times reports. The project came to a halt because of the city’s plans to modernize the convention center and include a 1,000-room on-site hotel, a project that would pose competition to AEG’s entertainment complex L.A. Live.

Peter Morton Joins LA MoCA Board

The Museum of Contemporary Art Los Angeles has elected Hard Rock Cafe co-founder Peter Morton to the Board of Trustees, ArtForum reports. Morton is the owner of 170 restaurants worldwide as well as twenty Hard Rock Hotels.

Skyslide Opens on Saturday

A glass slide nearly 1,000 feet above the streets of DTLA will open to the public on Saturday, Reuters reports. The Skyslide, a completely see-through slide on the 73-floor of the U.S. Bank Tower, is 45 feet long and goes from the 70th floor to the 69th floor and is enclosed by 11/4 inches of thick glass.

Asian, European Markets Drop

International markets took a tumble Friday morning after Britain voted to leave the European Union, the Los Angeles Times reports. After referendum results were announced, the value of the pound fell to its lowest level against the U.S. dollar since 1985. Britain’s FTSE 100 lost more than eight percent after opening bell and Japan’s Nikkei index fell more than seven percent.

Stocks Fall

The Dow Jones industrial fell 393 points in early Friday trading to 17,618. The S&P 500 fell 46 points to 2,067.The Nasdaq fell 124 points to 4,789. The LABJ stock index fell 5 points to 224.

Boeing Makes Health Care Deal

Boeing Co. has established a preferred partnership with MemorialCare Health System to offer healthcare to its Southern California employees, the Los Angeles Times reports. The new option will offer full coverage for generic drug prescriptions, no co-payments for primary care office visits and smaller paycheck deductions for health care coverage.

Home Prices Up

Median home prices in Los Angeles are up 8.2 percent from last year, Curbed Los Angeles reports. The price of homes has risen for 50 consecutive months and is up to $525,000.

LA Fund to Open Charter Schools

A fund that was setup to work with the Los Angeles Unified School District is starting its own charter school, the Los Angeles Times reports. The Los Angeles Fund for Public Education and the group LA’s Promise have voted to merge and plan to use their annual budget of $6 million for the new schools.

LAPD To Buy 7,000 Body Cameras

Los Angeles has agreed to a $60 million no-bid agreement with Taser International Inc. to outfit its police officers with body cameras, The Wall Street Journal reports. The deal includes 7,000 cameras and would make the Los Angeles Police Department the largest police department in the country to use the technology.

Stocks Rise

The Dow Jones industrial rose 147 points in early Thursday trading to 17,928. The S&P 500 rose 17 points to 2,102.The Nasdaq rose 42 points to 4,875. The LABJ stock index rose 2 points to 229.

Tesla Motors Going Solar?

Elon Musk, the chief executive of Tesla Motors, offered to buy SolarCity in an all-stock deal for $2.8 billion, The New York Times reports. The electric car company aims to create a renewable-energy giant by collecting clean electricity and putting it to work propelling cars.