Los Angeles Business Journal

L.A. Artwork Recovered from Million-Dollar Heist

Nine artworks were recovered after being stolen six years ago in what was considered one of the biggest art thefts in L.A. history, reports the Los Angeles Times. Federal authorities detained the man believed responsible after he attempted to sell the pieces, worth $10 million, for $700,000.

Falling Ruble Spurs Russian Spending

The falling value of Russia’s currency has caused Russians to flock to cash registers, buying cars, home appliances and other large items, before prices for imported goods skyrocket, reports the Daily Mail. At one point Tuesday, the ruble fell 20 percent against the U.S. dollar.

Stocks Up

The Dow Jones industrial average was up 223 points in Thursday morning trading to 17,579. The S&P 500 was up 26 points to 2,039. The Nasdaq was up 65 points to 4,710.

Sam Nazarian Gives Up Vegas Hotel After Drug and Extortion Revelations

L.A. nightclub, restaurant and hotel owner Sam Nazarian’s recent attempt to expand into Las Vegas was throttled by the Nevada Gaming Control Board, whose routine vetting of Nazarian for a gaming license revealed recent cocaine use and roughly $3 million in payments to a felon with convictions for drug possession and money laundering, the Los Angeles Times reports. On Tuesday, Nazarian relinquished all control of his Las Vegas hotel to his principal investor, Stockbridge Capital.

‘Interview’ Premiere Canceled After Hackers Threaten Terrorist Attack

The New York premiere of “The Interview,” slated for Thursday, was canceled after Sony Pictures’ hackers threatened a 9/11-style attack on moviegoers at theaters that show the film, the New York Post reports. Sony told theaters they can opt out of their commitments to show the movie.

Storm Brings Snow, Waves, Flash Flood Warnings

The second of back-to-back storms, which started early Tuesday, produced snow in local mountains and high surf along the coast while raising flash flood warnings in the San Gabriel Valley, the Daily News reports.

LAPD Will Get 7,000 Body Cameras

Los Angeles Mayor Eric Garcetti announced Tuesday that 7,000 police officers citywide will receive and wear body cameras by mid-2016, the Daily News reports.

Sneaky Congress Ends Federal Ban on Medical Marijuana

Tucked deep inside the 1,603-page federal spending measure that passed Congress over the weekend is a provision that effectively ends the federal government's prohibition on medical marijuana, the Los Angeles Times reports.

Apple Halts Online Sales in Russia as Ruble Collapses

Apple Inc. halted online sales of its products to Russia today due to extreme fluctuations in the country’s currency, the ruble, which lost as much as 19 percent today, Bloomberg reports.

Ethics Commission Fines Former Candidate

Navraj Singh, a restaurateur who unsuccessfully campaigned for a spot on the Los Angeles City Council, and his campaign treasurer were fined $43,000 by the Ethics Commission on Tuesday for failing to keep accurate records and faking documents, along with other campaign violations, the Los Angeles Times reports.

Metrolink CEO to Resign

Metrolink’s Chief Executive Michael DePallo will resign after little more than two years, as the agency struggles with financial issues, outdated infrastructure and political criticism, the Orange County Register reports.

Stocks Up

The Dow Jones industrial average was up 93 points in Wednesday morning trading to 17,161. The S&P 500 was up 13 points to 1,986. The Nasdaq was up 19 points to 4,567.

Studios Break Silence on Sony Hack

Breaking Hollywood’s silence over the cyber assault on Sony Pictures, the Motion Picture Association of America expressed support for the studio as it tries to recover from the worst hack in industry history, the Los Angeles Times reports.

More Rain This Evening

The weaker of two storms forecast to hit Southern California came early this morning. A bigger one is expected to strike this evening and last until Wednesday, KTLA reports.

L.A. to Pitch Hosting the 2024 Olympic Games

Mayor Eric Garcetti and a group of advisors will have an hour to convince U.S. Olympic Committee officials today that Los Angeles is the best place to hold the 2024 Summer Games, the Los Angeles Times reports.