Los Angeles Business Journal

Booming Economy, Yet More Are Poor

California has added jobs at a faster rate than most states over the past four years, but the poorest California residents are not faring well, the Los Angeles Times reports. In fact, the statewide poverty rate is 23.4 percent – the highest in the nation – according to a federal guideline.

Palmdale, El Segundo 'Most Business Friendly'

Palmdale and El Segundo on Thursday evening were named “the Most Business Friendly Cities” in the county this year by the Los Angeles County Economic Development Corp. Palmdale received the distinction for the city with a population greater than 65,000, and El Segundo for the city with a population less than 65,000 at the Eddy Awards.

Defending Charter School Plan

A top official defended charter schools, saying they serve all students, and the Eli and Edythe Broad Foundation’s plan to create 260 charter schools in Los Angeles County would not financially cripple the public school system, the Los Angeles Times reports.

A More Neighborly Airbnb

As battles over Airbnb have heated up, company execs say they plan to pay their “fair share” of taxes and work with city leaders and community stakeholders to avoid conflicts, according to a newly released “Airbnb Community Compact,” the Los Angeles Times reports. Critics have argued homesharing services take rental units off the market.

Haggen’s Loss, Other Stores’ Gain

Haggen’s exit from California is adding up to opportunity for other grocery chains as Haggen locations are doled out to bidders over the next few days, the Los Angeles Times reports. Smart & Final is expected to acquire 32 former Haggen stores in Southern and Central California and even Albertsons, which had to sell locations to Haggen originally, is in the bidding. See the Los Angeles Business Journal’s earlier coverage here.

What to Watch For at L.A. Auto Show

A Mercedes-Benz 2017 SL Roadster, Jaguar’s new F-Pace SUV and BMW’s M4 GTS are among the hot cars slated to make their debut next week at the Los Angeles Auto Show, Bloomberg reports. However, some car companies, including Ferrari and McLaren, announced they won’t be showing any new vehicles at the show.

Stocks Down

The Dow Jones industrial average was down 152 points in early trading Friday to 17,296. The S&P 500 was down nine points to 2,037. The Nasdaq was down 28 points to 4,977. The LABJ Stock Index was down one point to 234.

Mounting Complications for DTLA Subway Link

The cost of the $1.4-billion downtown Regional Connector is already exceeding estimates even though tunneling hasn’t even begun yet for the 1.9-mile subway project, according to the Metropolitan Transportation Authority, the Los Angeles Times reports. There are already problems with relocating underground utilities and electricity lines, which could delay the projected opening date of the end of 2020 by at least six months.

Could Iger’s NFL Role Help Disney?

Now that Walt Disney Co. Chief Executive Robert Iger has been named the non-executive chairman of a joint venture between the San Diego Chargers and the Oakland Raiders to build the proposed $1.7 billion stadium in Carson, the question arises as to whether Disney might benefit from the arrangement, the Los Angeles Times reports. Disney also owns sports network ESPN.

Another Big Gift From Geffen

Billionaire David Geffen has donated $100 million UCLA to build a secondary school, called the Geffen Academy at UCLA, the Hollywood Reporter says. The college preparatory school – which will offer grades six through 12 – will be run by the university and is being established, in part, for the children of UCLA staff. It’s a way to recruit and keep staffers who may be concerned about schools. Geffen has donated more than $400 million in total to UCLA.

Oil Drilling Hurting Poorer Areas?

Oil drilling in lower-income neighborhoods in Los Angeles may be contributing to health problems, including asthma and low birth weights, according to a report by the Liberty Hill Foundation, the Los Angeles Daily News reports. Just a week ago, environmental groups representing residents in South Los Angeles sued the city, claiming nothing had been done to protect the communities and no environmental reviews had been performed at oil drilling sites near schools and houses.

L.A. Loses ‘Priciest Mansion’ Crown, For Now

Move over Los Angeles. A 60,500-square-foot Florida mansion, called Le Palais Royal, is now on the market for $159 million which is $10 million higher than the asking price for Palazzo D'Amore, the Beverly Hills mansion which had been the most expensive listing in the United States, CNBC reports. However, Florida may not have the crown for long; a 74,000-square-foot house in Bel Air is under construction and is set to be priced at an astounding $500 million.

Preparing for Post-Scully Era

No one can truly replace legendary Vin Scully, who plans to retire next year as the announcer of the Los Angeles Dodgers. But the Los Angeles Daily News reports that the Dodgers are adding an announcer to its TV team. Joe Davis, 27, a Fox MLB and college football games announcer, will be stepping up to the plate as the play-by-play voice for the team for some of its away games.

Stocks Down

The Dow Jones industrial average was down 179 points in early trading Thursday to 17,523. The S&P 500 was down 12 points to 2,063. The Nasdaq was down 23 points to 5,044. The LABJ Stock Index was down one point to 238.

Inglewood Stadium Under FAA Scrutiny

The Federal Aviation Administration has warned that the proposed $1.86-billion NFL stadium in Inglewood could be “a hazard to air navigation,” the Los Angeles Times reports. Possible solutions would be to relocate the stadium or reduce its height since it could interfere with radar used at the Los Angeles International Airport that tracks inbound flights, according to a FAA report issued Monday.