Los Angeles Business Journal

Hermosa Beach Votes on Oil Drilling

Residents in Hermosa Beach votes today on whether to approve a contract with the energy company, E&B Natural Resources Management, the New York Times reports.

More Than 130 Californians on Forbes' List of Billionaires

California is home to 131 of a record 1,826 billionaires around the world, the Los Angeles Times reports.

ASCAP Record: More Than $1 Billion in Revenue

The American Society of Composers, Authors and Publishers, or ASCAP, exceeded $1 billion in revenue last year, the first time any music licensing organization hit that level, the New York Times reports.

New Owner, Upgrades at Bear Mountain and Snow Summit

Mammoth Resorts is considering upgrading Bear Mountain and Snow Summit after completing a deal for $38 million to buy the two resorts, the Los Angeles Times reports.

Los Angeles Lags in Downtown Job Growth

For the first time in several decades cities across the country are seeing job growth in their downtown areas.

China Beats U.S. in February Box Office Revenue

China overtook the United States as the worldwide box office leader in February, the Hollywood Reporter reports, based on the strength of a slew of domestic films in the Lunar New Year holiday season.

Stocks Down

The Dow Jones industrial average was down 147 points in Tuesday morning trading to 18,142. The S&P 500 was down 18 points to 2,099. The Nasdaq was down 48 points to 4,960. The LABJ Stock Index was down two points to 225.

PacWest Bancorp to Buy Square 1 for $849 million

Century City’s PacWest Bancorp has announced it will acquire Square 1 Financial for around $849 million in an all-stock deal, Reuters reports.

Costco Strikes Credit Card Deal with Amex Competitor

Citi will be the new exclusive issuer of Costco’s credit cards, the New York Times reports.

Hewlett-Packard to Buy Aruba Networks for $2.7 Billion

Computer giant Hewlett-Packard Co. has agreed to purchase Sunnyvale’s Aruba Networks, a wireless-networking company, the Wall Street Journal reports.

Wells Fargo Caps Subprime Auto Loans

Wells Fargo has announced it will, for the first time, put a ceiling on car loans it offers subprime borrowers, the New York Times reports.

California GOP Formally Welcomes Gay Group

The California Republican party has voted overwhelmingly to grant a charter to the Log Cabin Republicans' California chapter, the Los Angeles Times reports.

Manufacturing Grows at the Slowest Pace in a Year

Domestic manufacturing last month grew at its slowest pace in a year, Bloomberg reports.

U.S. Consumers Spent Less in January

U.S. consumer spending fell in January for a second straight month, CNBC reports.

Stocks Up

The Dow Jones industrial average was up 122 points in Monday morning trading to 18,255. The S&P 500 was up nine points to 2,114. The Nasdaq was up 37 points to 5,001. The LABJ Stock Index was up one point to 226.