Los Angeles Business Journal


Metacloud to be Acquired by Cisco

Metacloud, a cloud service company in Pasadena, is to be acquired by networking giant Cisco Systems Inc. of San Jose.

Spark Networks Breaking it Off With Employees

Spark Networks Inc., the company behind special-interest matchmaking sites such as ChristianMingle.com and JDate.com, has seen more of its customers fall for competing dating services.

Popchips to Move Headquarters to Los Angeles

San Francisco snack food manufacturer Popchips Inc. will move its headquarters to Playa Vista next month.

$508 Million Redevelopment Kicks Off at LAX

Southwest Airlines on Tuesday kicked off the $508 million redevelopment of Terminal 1 at Los Angeles International Airport, a modernization project expected to bring in 1,500 construction jobs, Los Angeles Mayor Eric Garcetti said at a groundbreaking ceremony.

Tribune Co. Buys Stake in Contend

Tribune Publishing Co., parent company of the Los Angeles Times, has invested in downtown L.A. content creator Contend and will partner with the company to create branded campaigns for Tribune advertisers. Terms of the deal were not disclosed.

SpaceX, Boeing to Share NASA Contract

Hawthorne rocket maker SpaceX and Chicago aerospace giant Boeing Co. will share a contract to ferry U.S. astronauts to and from the International Space Station, NASA Administrator Charles Bolden announced today.

L.A. Chamber Opposes Garcetti Plan to Hike Minimum Wage

The Los Angeles Area Chamber of Commerce board of directors has voted to oppose Los Angeles Mayor Eric Garcetti’s plan to hike the minimum wage in the city to $13.25 an hour by 2017.

Stocks Rise

The Dow Jones industrial rose 101 points in Tuesday trading to close at 17,132. The S&P 500 rose 15 points to close at 1,999. The Nasdaq rose 34 points to close at 4,553. The LABJ Stock Index rose one point to close at 205.

Workpop Launches After Raising $7.9 Million

Workpop, a job board site with a career development focus, has launched after securing $7.9 million in funding.

August Shipping Up at Port of Los Angeles, Down in Long Beach

Cargo volumes increased last month at the Port of Los Angeles, although the neighboring Port of Long Beach saw a decline in activity after what officials there characterized as mismatch between last year’s peak shipping season and this year’s.

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.