Los Angeles Business Journal

East West Bank Faces $39 Million Judgment

A Los Angeles County Superior Court jury handed down a $39 million verdict against Pasadena’s East West Bancorp Inc., finding that the bank had breached a multimillion-dollar construction loan agreement with a Cambodian refugee couple, forcing them to default on their loan and leading to foreclosure on the commercial property, the Los Angeles Times reports.

Santa Monica, West Hollywood to Consider Wage Hikes

Following Mayor Eric Garcetti’s proposal to gradually raise the minimum wage in Los Angeles, city councils in West Hollywood and Santa Monica each voted to consider their own minimum wage hikes, the Los Angeles Times reports.

Will Alibaba Target Snapchat and Lion’s Gate?

Bloomberg reports that Venice’s Snapchat and Santa Monica’s Lions Gate Entertainment Corp. could be among the investment/acquisition targets of Alibaba Group Holding Ltd., the Chinese Internet giant expected to have a war chest of as much as $8 billion after its fall IPO.

Report Says California’s Recovery Will Remain Slow

California’s “painfully plodding” economic recovery will continue its “slow, steady and unexceptional growth,” according to a third-quarter report from UCLA Anderson Forecast released today. The report predicts that the state unemployment rate will sink to 5.7 percent by the end of 2016 from 7.4 percent now, the Los Angeles Times says.

Queen Mary Retailers Must Abandon Ship

Several retailers, including the 31-year-old Scottish Heritage Center, were served with a 30-day notice to disembark from the Queen Mary ocean liner in Long Beach to make way for a San Diego company tasked with revamping retail on the ship, the Daily News reports.

Statistics Show a Loss of Hollywood Jobs

The U.S. has seen a steady loss of jobs in the motion picture and sound industries, according to the Bureau of Labor Statistics. Variety reports that preliminary BLS statistics show employment in those industries has dropped to 298,000 in August, a decrease of 8 percent from the year earlier and of 19 percent from two years ago.

Los Angeles Will Pay Lawyers Who Fought Policing on Skid Row

The Los Angeles City Council agreed on Wednesday to pay $725,000 in fees to civil rights attorneys who successfully challenged police sweeps of homeless encampments on skid row, the Los Angeles Times reports.

Megamansion Permits Revoked

The Los Angeles Department of Building and Safety has officially revoked the construction permits for the 30,000-square-foot megamansion Mohamed Hadid has been building on a Bel Air hilltop since 2011, the Los Angeles Times reports, amid concerns that it would destabilize the slope.

Los Angeles Leads Nation in Pick-Up Theft

The Los Angeles-Long Beach area has more pick-up truck theft than any other urban area in the county, according to a study by the National Insurance Crime Bureau, the Los Angeles Times says.

Stocks Down

The Dow Jones industrial average was down 72 points in Thursday morning trading to 16,997. The S&P 500 was down eight points to 1,988. The Nasdaq was down 21 points to 4,566.

American Apparel Settles for $1 Million Over Worker Death

American Apparel Inc. agreed on Tuesday to pay $1 million to settle a civil lawsuit brought by the Orange County District Attorney over an employee who was killed by an industrial knitting machine at one of the company’s factories in Garden Grove, LA Weekly reports.

House to Consider Temporary Renewal of the Export-Import Bank

Republican leaders in the U.S. House of Representatives included a nine-month extension of the Export-Import Bank’s charter in a short-term budget bill, Bloomberg reports.

Long-Term Unemployment Last to Recover From Recession

While the national unemployment rate has fallen to 6.1 percent, Labor Department data show that the number of people who have been out of work for more than six months remains historically high, the Los Angeles Times says.

CalPERS: No Illegal Pension Spiking Found, But Vulnerabilities Revealed

State Controller John Chiang released a report Tuesday citing areas of failure in efforts the California Public Employees’ Retirement System has made to detect and prevent pension spiking practices at the 3,100 public agencies that contract within the system, the Inland Valley Daily Bulletin reports.

Apple Pay May Boost iPhone Sales

Analysts say that the addition of a mobile payments service could help boost sales of Apple’s just-launched iPhone 6, according to Reuters. At least six brokerages raised their price target on Apple's stock by as much as $16 to a high of $116 on Wednesday, following the product launch of iPhone 6 and the Apple watch, which is the first new product introduced by Chief Executive Tim Cook.