Los Angeles Business Journal

Dow, S&P Down; Nasdaq Up

The Dow Jones industrial average was down 26 points in Friday morning’s trading to 17,013. The S&P 500 was down 4 points to 1,988. The Nasdaq was up 1 point to 4, 533.

Bank of America Reaches Record Settlement

Bank of America and the Justice Department have reached a $16.7 billion settlement, ending federal investigations into the bank’s sale of toxic mortgage securities during the subprime housing boom, the Justice Department announced this morning. It is the single largest government settlement by a company in American history, the New York Times reported.

Zillow Says L.A. and Orange Counties Least Affordable in Nation

Renters in Los Angeles and Orange counties allocate more of their income towards housing than anywhere else in the country, according to new figures due out today from real estate website Zillow, the Los Angeles Times reported.

Developers Plan High-Rise in Hollywood

Kennedy Wilson and the LeFrak Organization, two of the country’s largest developers, plan to build a $150-million high-rise apartment complex at Hollywood Boulevard and La Brea Avenue, on a corner that has had a church since 1959, the Los Angeles Times Reported.

Gov. Brown Decries Calpers Pension Decision

The board of the California Public Employees' Retirement System voted to approve nearly 100 different types of supplemental pay to count toward pension calculations for state and local government employees, much to the chagrin of Gov. Jerry Brown, the Sacramento Bee reported.

Judge Orders Target to Stop Building Hollywood Shopping Center

A Superior Court judge called for Target Corp. to stop work on a half-constructed shopping center in Hollywood, arguing that the structure, which is slated to be 74 feet tall, is in a location where such projects cannot exceed 35 feet, according to the Los Angeles Times.

Lawmakers Approve Campaign Rules for Water Board Members

Lawmakers on Wednesday approved legislation that would bar elected water board members throughout California from accepting campaign contributions of more than $250 from donors with business pending before their boards, a response to controversy over the activities of suspended Sen. Ronald S. Calderon and former Assemblyman Tom Calderon, the Los Angeles Times said.

51 UPS Stores Hit by Breach

United Parcel Service said Wednesday that a data breach at 51 of its UPS Stores may have compromised data on approximately 105,000 customer transactions between January and August, according to the Wall Street Journal. The data breach affected 1percent of stores in 24 states, including California.

State Audit Finds Prison and Hospital Payroll Abuses

Audits of California's Sacramento prison and the Patton State Hospital in San Bernardino detail $230, 000 in improper payments and financial problems, according to reports released Wednesday, the Los Angeles Times said.

Chinese Businessman Indicted in Boeing C-17 Hacking

Businessman Su Bin, a Chinese national involved in a computer hacking scheme to steal trade secrets about the Long Beach-assembled Boeing C-17 military cargo plane and other aircraft, has been indicted by a federal grand jury, the U.S. Attorney’s Office announced Friday, according to Bloomberg.

L.A. Unified Teachers Protest Tracking System

United Teachers Los Angeles, the teachers union, has used the bungled rollout of an online student tracking system as a rallying cry, calling for smaller class sizes, higher staffing levels and raises for teachers amid contentious contract negotiations with the L.A. Unified School District, according to the Los Angeles Times.

Disney Unveils Star Wars Game for Mobile

Disney Interactive announced Star Wars: Commander, a free-to-play game for mobile devices today, one of many byproducts of The Walt Disney Company’s acquisition of Lucasfilm, the “Star Wars” studio, in October, the New York Times reported.

Gubernatorial Candidate Offers Cash for Ad

Neel Kashkari, Republican candidate for Governor of California, is offering a $25,000 scholarship to the California college student who can create the best 30-second ad for his campaign, the Sacramento Bee reported.

Woman Sues Hair Salon Over Pot Cookie

A 72-year-old woman is suing Woodland Hills’ Blush Salon, alleging she was served a cookie that was laced with THC from a hospitality tray, the Daily News reported.

Stocks Rise

The Dow Jones industrial average rose 73 points in Thursday morning’s trading to 17,052. The S&P 500 was up5 points to 1,992. The Nasdaq was up one point to 4, 529.