Los Angeles Business Journal

Calpers Approves New Strategy

The board of the California Public Employees' Retirement System on Wednesday approved a plan to lower the target rate that it expects to earn on investments from 7.5 percent to 6.5 percent, the Los Angeles Times reports. As a result, taxpayers will have to pay billions more than they would have otherwise.

VIP Lounge Coming to LAX?

The rich and famous may soon have a haven from the paparazzi and fans at Los Angeles International Airport. The Board of Airport commissioners on Thursday will consider whether to build an exclusive private lounge to cater to VIPs, the Los Angeles Times reports. The lounge, if approved, would be built in what is now a cargo facility in a remote part of the airport.

Caruso’s Gift of Time

Developer Rick Caruso isn’t doling out gift cards or trinkets to his employees. He’s giving the gift of time instead. Thanks to the launch of his “Corporate Concierge” last month, many employees at his real estate company, Caruso Affiliated, can get help with their mundane chores, including grocery shopping and dry cleaning, Los Angeles Magazine reports. The idea is that busy career people have trouble keeping up with everyday tasks.

Ironing Out Duties for Olympics

We soon may know what’s expected of Los Angeles in the event the city hosts the 2024 Summer Olympics, according to a City News Service story in the Los Angeles Daily News. City officials are negotiating with the LA2024 Exploratory Committee and could reach an agreement by the end of this month. Any deal would still need to be voted on by the Los Angeles City Council.

Southern California Gets Google Express

Google Express, Google's overnight delivery service, which had only been available in West Los Angeles, is now expanding to all of Southern California, the Los Angeles Times reports. Customers can sign up for a $95 yearly membership or pay $4.99 for each delivery of products from participating stores, including Costco, Target and Walgreens.

Gores Asking $52 Million for Bel-Air Lot

Beverly Hills billionaire Tom Gores and owner of private equity firm Platinum Equity has relisted a site he owns in Bel Air for $52 million – $2 million more than it was listed for last year, the Los Angeles Times reports. The 3.2-acre plot includes a flat lot, retaining walls, an underground structure and a 15-car garage.

Stocks Down

The Dow Jones industrial average was down 15 points in early trading Thursday to 17,723. The S&P 500 was down one point to 2,082. The Nasdaq was down two points to 5,073. The LABJ Stock Index was flat at 242.

‘Ban the Box’ Coming to L.A.?

The days of asking potential employees right away to check a box if they have ever been convicted of a crime may soon be over in Los Angeles, the Los Angeles Times reports. City officials are considering a policy that would bar employers from asking that question or running a background check until an offer of employment was presented.

Carson Makes Plans for NFL Traffic

If you’re building something big in Los Angeles, what do you need to do? Figure a way to mitigate traffic. Officials in Carson unveiled plans Tuesday to use shuttle buses from area parking lots to decrease congestion around the city’s proposed $1.7 billion National Football League stadium, the Daily Breeze reports.

Steep Fee for NFL Move?

The fee for any team moving to Los Angeles could be a pricy one as the National Football League and team owners may have decided on a relocation fee that could be at least $500 million dollars, according to Sports Illustrated. The most recent previous relocation fee was $29 million paid by the Houston Oilers when that team moved to Tennessee and became the Titans.

Driverless Cars in the Future?

In the not so distant future, teenagers won’t need driver’s licenses, and people will opt not to own cars, taking advantage of driverless cars, ride-sharing services and “taxibots,” taxis driven by robots, according to presenters at this month’s L.A. Auto Show, the Los Angeles Times reports. Millennials are steering the trend, according to John Zimmer, Lyft's co-founder and president who predicts “the days of traditional car ownership are over.”

Taking the Reins for Charter Schools

A new nonprofit, Great Public Schools Now, has been formed to pick up where the Eli and Edythe Broad Foundation has left off in its proposal to raise $490 million to enroll half the students in the L.A. Unified School District in charter schools, the Los Angeles Times reports.

IPG’s Big Relocation to Century City

New York holding company Interpublic Group, or IPG, is relocating about 700 employees to leased office space that once belonged to Northrup Grumman Corp. in Century City, the Los Angeles Times reports. The company signed an 11-year lease that is estimated to be worth more than $70 million.

Sony Pictures Back to Normal

After the cyberattack nearly one year ago on Sony Pictures Entertainment, things seem to finally be returning to business as usual at the studio, the Los Angeles Times reports. Execs say focusing on reviving Sony’s movie business – which now ranks fifth out of the six major studios – seems to be healing old wounds.

Save Taco Bell

Just when it looked like Taco Bell’s first stand was about to be demolished to make way for a new development in Downey, the corporate office has stepped in to save it, the Orange County Register reports. It plans to relocate the 400-square-foot food stand to its headquarters in Irvine. After all, as Taco Bell Chief Executive Brian Niccol said, it is “arguably the most important restaurant in our company’s history.”