Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

UC Regents to Consider $250 Million VC Fund

The University of California Board of Regents is set to hear a proposal that will establish a multimillion-dollar venture capital fund to back startups founded on student and faculty research. The Wall Street Journal reported the fund could be as large as $250 million.

AAA Renews Partnership With TrueCar

Santa Monica car-buying company TrueCar Inc. renewed a deal with insurance giant AAA, announcing Monday it will continue to power the auto club’s online auto-buying program.

Stocks Mixed

The Dow Jones industrial rose 44 points in Monday trading to close at 17,031. The S&P 500 fell one point to close at 1,984. The Nasdaq fell 49 points to close at 4,519. The LABJ Stock Index was flat at 204.

Real Estate is Major Driver of California’s Recovery, Report Says

Businesses are expanding and need more space, and that’s helping pump up California’s real estate industry. The real estate and rental leasing industries accounted for nearly a quarter of California’s economic growth in the second quarter, according to a report released Monday by downtown’s City National Bank and consulting firm Beacon Economics.

Downtown Investor Caught in Laundering Sweep

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

Former Scopely Exec Launches MobLabs

Andy Kleinman knows mobile games. But now, Kleinman has a bit of game fatigue having worked in the industry for nearly a decade. So he’s getting out. At least that’s the plan.

JibJab Acquires Make Believe Labs and Hello Santa

JibJab Bros. Studios, a digital media production company, has acquired Make Believe Labs and its live video call service Hello Santa.

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Gem Shines on Bitcoin Security

Though accepted at retailers such as Amazon.com, Sears and CVS, Bitcoin is still trying to shake the mainstream perception that it is black market currency used in degenerate corners of the Web.

USC Embarks on Major Expansion

With the demolition of its outdated University Village complete, USC was expected to formally break ground Monday on the $650 million first phase of its $1.1 billion two-phase master-planned Village at USC.

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Northrop Aims to Land Big One

Aerospace: Winning bid for spacecraft could lift entire sector.

A winning bid by Northrop Grumman to develop a space plane could help the local industry take wing.

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Data Analyzer Looks to Grow Its Client Numbers

Marketing: Retail sites no longer sole focus of business for Retention Science.

Retention Science looks to get a hold on new sectors for its customer-evaluation data services.

AssetAvenue Secures $3 Million Seed Money

AssetAvenue, an online commercial real estate lending platform, has raised $3 million in seed funding.

Daily News Could Be Sold

The Los Angeles Daily News is among the newspapers that could be sold as parent company Digital First Media said Friday it was reviewing strategic alternatives for its business.

DTS Acquires Manzanita Systems

Audio technology company DTS Inc. is acquiring Manzanita Systems, a Poway software developer for digital television, video-on-demand and other platforms.

Conversant, Rubicon Among Week’s Big Movers

The Los Angeles Business Journal’s index of the area’s largest public companies fell for the week.

Ex-Banker Austin Beutner Turns Page as Times Chief

Austin Beutner is an accomplished guy, what with being a co-founder of a successful investment bank and deputy mayor in Los Angeles. But since he has no experience in the news business, why did he take the top job at the Los Angeles Times?

Carwash Buyer Arrested for Money-Laundering

A downtown L.A. investor who recently purchased a prominent South Park development site was among those arrested last week when federal agents raided the Fashion District in connection with an alleged money-laundering scheme for international drug cartels.

Northrop Aims to Land Big One

The Defense Advanced Research Projects Agency wants to build an unmanned plane that can fly into space and land back on Earth, and Northrop Grumman Corp. and its partners are trying to figure out how to do it.

Stocks Fall

The Dow Jones industrial average fell 61 points in Friday trading to close at 16,988. The S&P 500 fell 12 points to close at 1,986. The Nasdaq fell 24 points to close at 4,568. The LABJ Stock Index was flat at 206.

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L.A. Launch List: Sept. 12

The Los Angeles Business Journal brings you a weekly roundup of L.A. launches.