Los Angeles Business Journal

California Named Top Movie Producer

California has been named the top state for film production for the second year in a row, but the share of movies being shot in the state fell from 21 percent in 2014 to 17 percent last year, the Daily News reports. Nineteen out of 109 movies released by major film companies were produced in California, with the United Kingdom coming in second with 15 projects.

Yamashiro Reopens Under New Operators

Hollywood Hills asian fusion restaurant Yamashiro is set to reopen today under new operators after shutting down for two days, the Los Angeles Times reports. The Japanese palace-shaped business will now be run by hospitality company BNG, Sugar Factory restaurants and TCL Chinese Theatres.

Redstone Pens Letter

Media mogul Sumner Redstone sent an email to Viacom’s lead director Frederic V. Solerno stating that he no longer trusts ousted chief executive Philippe P. Dauman or those who support him, The New York Times reports. The letter stated that Redstone felt like his wishes were being ignored and that he was “determined to act in the best interests of the company and all of its shareholders.”

Trump’s Hair Prompts Potential Gawker Lawsuit

An article by Gawker about Donald Trump’s hair has garnered the media company their latest lawsuit from Hulk Hogan’s lawyer Charles J. Harder, The New York Times reports. In a letter to Gawker on behalf of hair treatment clinic clinic Ivari International, and Edward Ivari, Hogan’s lawyer demanded that the company immediately remove the article and issue a public apology and full retraction.

Stocks Fall

The Dow Jones industrial fell 130 points early Thursday trading to 17,510. The S&P 500 fell 17 points to 2,054. The Nasdaq fell 43 points to 4,792. The LABJ stock index fell one point to 226.

California Becomes Sixth-Largest Economy

California has overtaken France as the sixth largest economy in the world as a result of good growth, large technology companies, booming agricultural and manufacturing industries, and a strong U.S. dollar, Bloomberg reports. The state’s gross domestic product of $2.5 trillion grew by 4.1 percent in 2015, compared with a 2.4 percent increase in the U.S.

Putin Approves of North Hollywood Firm’s Russian Theme Park

Russian President Vladimir Putin has given a North Hollywood firm Moschanko Investment Group his support to build a $4 billion theme park in the southwest of Moscow, the Los Angeles Times reports. The 540-acre Magical World of Russia is expected to be built with private investments and construction could begin in 14 months.

L.A. to Pay $950,000 in Two Legal Battles

The Los Angeles City Council voted to pay out $822,000 to settle a case brought by homeless people who sued the city for seized and destroyed their possessions, the Los Angeles Times reports. Lawmakers also approved to pay more than $125,000 in legal fees in another case from five years ago that involved a skid row protest that ended in activist Pete White’s arrest and was seen as a move for ejecting homeless residents and hastening gentrification.

The Bloc Opens in DTLA

The revamped Downtown Macy’s Plaza is expected to open this Thursday, Curbed Los Angeles reports. The $160-million open-air mall, now called “The Bloc,” takes up one city block and includes an outdoor courtyard with artificial turf, colorful outdoor furniture and hip, pedestrian friendly restaurants and shops.

Stocks Rise

The Dow Jones industrial rose 45 points in early Wednesday trading to 17,719. The S&P 500 rose 5 points to 2,081.The Nasdaq rose 10 points to 4,854. The LABJ stock index rose one point to 228.

Calderon Pleads Guilty in Political Corruption Scandal Tied to Long Beach Hospital

A week after his brother Tom Calderon copped a plea deal with federal prosecutors, former state senator Ronald Calderon followed suit, pleading guilty to one count of mail fraud and admitting he took tens of thousands of dollars in bribes in exchange for political favors.

Tease photo

Spring Street Historic Office Sells to Rising Realty

The Title Insurance Building in downtown’s Historic Core just traded for at least five times the amount it sold for in 2012.

Sony To Launch Virtual Reality Headset

Sony Corp announced Monday that it will be launching a $399 virtual-reality headset on Oct. 13, The Wall Street Journal reports. Blockbuster game titles such as “Final Fantasy,” “Star Wars,” “Batman Arkhan,” and “Resident Evil” will be playable on the device.

Money Manager Dana Giacchetto Found Dead

53-year-old “Stockbroker to the Stars” Dana Giacchetto was found dead in his Upper West Side apartment Sunday morning, the New York Daily News reports. The money manager, who plead guilty to securities fraud in 2001, was found dead after a weekend of heavy partying when his estranged girlfriend became concerned when she couldn’t get ahold of him and started calling friends for help on Saturday night.

Stocks Fall

The Dow Jones industrial fell 52 points in early Tuesday trading to 17,681. The S&P 500 fell 5 points to 2,073. The Nasdaq fell 7 points to 4,841. The LABJ stock index stayed steady at 226.