Los Angeles Business Journal

Six Injured During Test Drive at L.A. Auto Show

Six people were injured on Monday when a 2017 Fiat 500e on a test drive at the Los Angeles Auto show struck a cement planter, sending debris flying, near the DTLA Convention Center, the Daily News reports. Eight people were evaluated for non-life-threatening injuries and six were taken to the hospital, including the man who was driving the car.

Snapchat Pop-Up Shops Attract Hundreds

Hundreds of people lined up for hours on Monday in New York for a chance to buy Snapchat Spectacles from a “Snapbot” vending machine in a pop-up store off Fifth Avenue, The New York Times reports. Venice-based Snapchat has kept the locations of its pop-up stores secret, and the shops have shown up around the Los Angeles area, Tulsa Okla,, and even at the Grand Canyon. The sunglasses record 10-second videos that are wirelessly sent to the user’s Snapchat app and retail for $130.

Tesla Completes SolarCity Acquisition

Tesla Motors Inc. officially closed on a deal Monday morning to buy SolarCity Corp. in an all-stock deal valuing the company at $2 billion, the Los Angeles Times reports. Tesla Chief Executive Elon Musk wants to sell the company’s solar panels through Tesla’s stores so customers can buy them to power their homes and charge their Tesla electric vehicles The company’s first joint project - solar roof tiles that look like traditional tiles - are expected to be on the market by summer.

Stocks Rise

The Dow Jones industrial average rose 39 points in early Tuesday trading to 18,996. The S&P 500 rose 4 points to 2,202. The Nasdaq rose 16 points to 5,385. The LABJ stock index stayed steady at 226.

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Hyperloop One Settles Employee Lawsuit

Hyperloop One has settled a breach of fiduciary lawsuit brought by Brogan BamBrogan, its former chief technology officer and co-founder, and three other employees, the Business Journal reports. In a complaint filed July in Los Angeles Superior Court, BamBrogan claimed he was fire after he was critical of Hyperloop One Board Chairman Shervin Pishevar’s management of the company, whose behavior he claimed was tantamount to a breach of fiduciary duty. Terms of the settlement were not disclosed.

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Oracle Buys Santa Monica Offices for $368 Million

Software giant Oracle Corp. has purchased a Santa Monica office building for $368 million, according to a source familiar with the deal, the Business Journal reports. At roughly $1,165 a square foot, the transaction is one of the priciest ever per square foot for a large office complex in the market. The sellers were Invesco Ltd., based in Atlanta, and Worthe Real Estate Group, based in Santa Monica, the source said.

Japanese Firm Takes Controlling Stake in L.A. Food Importer

One of L.A.’s oldest and most prominent importers of Japanese foods and restaurant supplies is being acquired by a $1.3 billion Japanese company, the Business Journal reports. Takara Holdings Inc., based in Kyoto, Japan, said it would pay $8.16 million for an additional 10.3 percent stake in downtown’s Mutual Trading Co. Inc. Takara already owns a 40.7 percent stake in Mutual Trading.

‘Fantastic Beasts’ Wins at the BO

Warner Bros. and J.K. Rowling’s new Harry Potter-related film “Fantastic Beasts and Where to Find Them,” sold $75 million in North American tickets over the weekend, and $143.3 million in partial release overseas, The New York Times reports. STX’s “The Edge of Seventeen” took in $4.8 million, and Open Road’s “Bleed for This” made $2.4 million.

Stocks Rise

The Dow Jones industrial average rose 45 points in early Monday trading to 18,913. The S&P 500 rose 11 points to 2,193. The Nasdaq rose 37 points to 5,358. The LABJ stock index rose 1 point to 226.

Movers for Week Ending November 18, 2016

Glendale-based Apollo Medical Holdings Inc. was the week’s biggest gainer, rising 29 percent to close at $4. Guidance Software Inc., the Pasadena investigative software company, also saw big gains, shooting up 24.9 percent to close the week at $6.81. The week’s biggest laggard was Commerce-based furniture maker Nova Lifestyle Inc., which sank 25.4 percent to close at $2.41.

OneWest Bank Accused of Redlining Minority Buyers

Steve Mnuchin’s OneWest Bank many have broken federal laws by keeping branches out of minority neighborhoods and making just two mortgages to black borrowers in 2014 and 2015 in Southern California, Bloomberg reports. The redlining complaint, that was submitted by two housing advocates this week, asks the Department of Housing and Urban Development to investigate whether OneWest broke laws ensuring equal access to credit for minority home buyers.

Port of L.A. Unveils $1.3 Million Tracking Program

The Port of Los Angeles introduced a $1.3 million pilot with GE Transportation on Tuesday to deliver cargo information to retailers and truckers that will begin next year, the Daily News reports. The digitization should prevent congestion, give retailers, truckers and railroad companies more lead time, and could cut costs for the products that come through the port.

DWP Owes L.A. Customers $67.5 Million for Overbilling

The Los Angeles Department of Water and Power owes its customers at least $67.5 million after the utility company overbilled them because of a faulty computer billing system that was launched in 2013, the Los Angeles Times reports. Because of a class-action settlement, customers will be refunded 100 percent of the amount they were owed by early next summer, and ratepayers have the right to make claims for “consequential damages” stemming from the billing problem.

Stocks Mixed

The Dow Jones industrial average rose 3 points in Friday trading to 18,907. The S&P 500 fell 1 point to 2,187. The Nasdaq rose 1 point to 5,336. The LABJ stock index fell 1 point to 227.

Univision Announces Staff Reduction

Univision Communication is eliminating about 6 percent of its workforce, or nearly 250 workers, the Los Angeles Times reports. The Spanish-language media company reported a third-quarter net loss of nearly $30.5 million, compared with a profit of nearly $109.8 million during the same period last year and blames the decrease partially on fewer political ad dollars than anticipated during the election.