Los Angeles Business Journal

Oil-by-Rail Project Faces Environmental Challenges

Tesoro Corp.’s plan to carry oil by rail to Vancouver on its way to California could face serious environmental challenges, according to the San Gabriel Valley Tribune.

Renovation Planned for Los Cerritos Center

Santa Monica’s Macerich Co. is seeking approval from Cerritos officials for a $40 million renovation of Los Cerritos Center, a large indoor mall that would get a new cinema if the plan is approved, the Long Beach Press-Telegram reported.

Banking for Low-Income Depositors

Major U.S. banks are developing new services for financially-challenged consumers as a means of boosting their post-recession reputation, even if the new business is not likely to prove profitable, the New York Times said.

Hollywood Reaching Out to Comic Fans

Hollywood studios and TV networks plan to trade exclusive VIP-only events for a more fan-friendly focus at San Diego Comic Con, which begins Thursday, according to Variety.

Dow Jones down; S&P 500, Nasdaq Up

The Dow Jones industrial average was down 13 points in Wednesday morning’s trading to 17,100. The S&P 500 was up 5 points to 1,988. The Nasdaq was up 19 points to 4,474.

CIT Group to Buy OneWest Bank

CIT Group announced today it will buy OneWest in Pasadena for $3.4 billion in the largest bank merger thus far of 2014, the Wall Street Journal said.

New Terminal OK’d for LAX

LAX commissioners have granted their approval for a new $900 million terminal west of Tom Bradley International that will be built to handle the world’s largest passenger jets, the Los Angeles Times reported.

Court Deals Blow to Obamacare

A federal appeals court ruled today that consumers who buy insurance on federally run exchanges, as opposed to those managed by state governments, cannot receive subsidies for their purchases. The Wall Street Journal is covering the story.

Ballmer Meets Sterling Amid Battle Over Clippers

Former Microsoft chief Steve Ballmer, who wants to buy the Los Angeles Clippers for $2 billion, had a “friendly meeting” with team co-owner Donald Sterling, ESPN reported.

Time Warner May Attract New Offers

Analysts anticipate that 21st Century Fox may not be alone in its attempt to buy Time Warner after it rejected Fox’s $80 billion buyout offer, according to the Los Angeles Times.

Apple Prepares Larger iPhones

Apple is asking its suppliers to assemble 70 to 80 million iPhones with larger screens than current models in a bid to increase its competitiveness versus Samsung and other rivals, according to the Wall Street Journal.

Record Label Seeks Online “Awesomeness”

Universal Music Group has a new label dubbed “Awesomeness Music” to promote performing artists discovered on YouTube, the Los Angeles Times reported.

Probing Bank Accounts for Traffickers

Homeland Security and Treasury Department investigators are examining “funnel accounts” at U.S. banks to look for banking patterns that may point a way to smugglers who bear responsibility for the ongoing border crisis, the Los Angeles Times said.

NFL Draft May Move to Los Angeles

Los Angeles has not had an NFL team within its limits, or even claiming the city’s identity, for about two decades. Even so, either L.A. or Chicago will get to host the 2015 NFL draft, according to the Associated Press.

Leadership Update for CBS Films

CBS Films now has a single president in Terry Press. Press shared the studio’s presidency with Wolfgang Hammer, who now holds a consulting role, The Hollywood Reporter said.