Los Angeles Business Journal

Long Beach Port Chief Sees Ongoing Slide

Jon Slangerup, chief executive of the Port of Long Beach, says he expects the shipping industry to see one to two more years of losses, Bloomberg reports. His comments came as a research report was released projecting industry losses of $6 billion in 2016 due to shifting demand, low fuel prices, and an excess of container ships.

Redstone Appoints New Stewards

After dismissing two of the trustees of the entity controlling his media empire last week, Sumner Redstone has appointed two new stewards to fill the vacancies, The Wall Street Journal Reports. Jill Krutick and Tad Jankowski will join the seven-member trust that will oversee his controlling stakes in Viacom Inc. and CBS Corp. when he dies or is deemed incapacitated. His granddaughter Kimberlee Ostheimer was appointed to the board of National Amusements.

SpaceX Blasts Away

SpaceX is planning to attempt its fifth rocket launch of the year out of Cape Canaveral, Fla., on Thursday, Business Insider reports. The Falcon 9 rocket will be carrying a 7,000-pound satellite that will provide TV and internet to Southeast Asia. SpaceX also hopes to attempt its third successful at-sea landing on a drone ship in the Atlantic.

Caltech Professor First Woman to Collect $1.1M Prize

A Caltech bioengineer has become the first woman to win the $1.1 million Millennium Technology Prize for her pioneering work in directed evolution, the Daily News reports. Frances Arnold is a professor of chemical engineering, bioengineering and biochemistry and is the fourth U.S. Citizen to win the prestigious prize.

Stocks Rise

The Dow Jones industrial rose 116 points in early Wednesday trading to 17,824. The S&P 500 rose 13 points to 2,089. The Nasdaq rose 22 points to 4,883. The LABJ stock index rose 1 point to 229.

Viacom Executives Fight Back

Viacom executives Philippe Dauman and George Abrams, ousted last week from the trust that manages Sumner Redstone’s holdings, are firing back. The pair allege in a suit filed Monday that the media mogul is being subject to undue influence by his daughter, The New York Times reports. Dauman, Viacom’s chairman and chief executive, is calling the move “an unlawful corporate takeover.”

Battery Recycler Gets Charged Up

City of Industry battery recycler Quemetco will start testing the soil around its plant at the end of the month, KPCC reports. Soil in major thoroughfares, creek beds, and residences within a quarter-mile of the plant will also be tested by September.

Front Page News for Soon-Shiong?

Billionaire and Wealthiest Angeleno Patrick Soon-Shiong wants to use “machine vision” technology and update the reader experience with his $70.5 million investment in Tribune Publishing Co., Bloomberg reports. Soon-Shiong will become the second-largest shareholder and vice chairman of the board with his 12.9 percent stake.

Ares Capital Buys Lender For $3.4B

Ares Capital Corp. said yesterday it would acquire American Capital Ltd. in a deal valued at $3.4 billion, Bloomberg reports. Ares Capital will pay $14.95 a share in cash for the company, and the combined operation will manage more than $13 billion.

Sanders Brings Out Backers

Presidential hopeful Bernie Sanders packed an Eastside Los Angeles baseball field and Santa Monica High School stadium in a last-minute attempt to appeal to Southern California voters, the Daily News reported. Donald Trump will be in Los Angeles on Wednesday for a fundraiser hosted by private equity investor and friend Thomas Barrack as well as an event at the Anaheim Convention Center.

Stocks Rise

The Dow Jones industrial rose 174 points in early Tuesday trading to 17,667. The S&P 500 rose 19 points to 2,067. The Nasdaq rose 50 points to 4,817. The LABJ stock index rose 2 points to 227.

Soon-Shiong Takes Stake in L.A. Times Owner

Tribune Publishing Co. said this morning that Patrick Soon-Shiong’s Nat Capital had taken a 12.9 percent stake in the beleaguered owner of the Los Angeles Times. The transaction, valued at $70 million, or $15 a share, matches the latest price offered by Gannett Co., The Wall Street Journal reports. Soon-Shiong, with a net worth of $15.4 billion, will become the vice chairman of Tribune Publishing in June.

CBRE Sells Site For $330M

CBRE Global Investors has sold its parent company CBRE’s headquarters in downtown for $330 million after bringing it to nearly full occupancy and making numerous renovations, the Los Angeles Business Journal reports. It had owned the 26-story building since it acquired it for $238 million 2012.

Build Higher in Beverly Hills?

Real estate investor Beny Alagem wants Beverly Hills voters to approve a plans for a 26-story high rise next to the Beverly Hilton Hotel, the Los Angeles Times reports. The plan would include 110 condos and a 1.7-acre park with art sculptures and a rose garden.

Redstone Lieutenants Bumped from Trust

Two of media mogul Sumner Redstone’s longtime colleagues were dismissed as trustees for the trust that manages his holdings in Viacom Inc. and CBS Corp. over the weekend, The Wall Street Journal reports. Viacom Chief Executive Philippe Dauman and Director George Abrams claim Redstone, who has recently been embroiled in a legal fight over his mental capacity, would never have made this decision and is being manipulated by his daughter Shari Redstone who they allege is angling for control of the companies.