Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Kythera Drug Gets FDA Approval

A fat-dissolving drug from Kythera Biopharmaceuticals Inc. that reduces double chins was approved by the Food and Drug Administration Wednesday.

N.Y. Investor Enters L.A. Market With Record Deal

Joss Realty Partners, a New York real estate investment firm making its first investment on the West Coast, has entered the market in a big way, buying a Santa Monica office building for the highest price per square foot ever in Los Angeles County.

Stocks Fall

The Dow Jones industrial average fell 75 points in Wednesday trading to close at 18,036. The S&P 500 fell eight points to 2,107. The Nasdaq fell 32 points to 5,024. The LABJ stock index fell one point to 231.

Dun & Bradstreet Buys Back Former Unit

Dun & Bradstreet, which sold its Dun & Bradstreet Credibility Corp. unit to private equity group Great Hill Partners for $10 million in 2010, announced yesterday it would buy back the Malibu company for $320 million.

Farmer Bros. Taps Texas for New HQ

Torrance coffee roaster Farmers Bros. Co. will relocate to Northlake, in Denton County, Texas, company officials announced Tuesday. The choice of Texas was announced after an incentive package was officially approved by local authorities.

Live Nation Buys Bonnaroo Music Festival

Entertainment giant Live Nation has increased its portfolio of music festivals by buying a controlling stake in Bonnaroo, one of the largest in the country.

LAX Traffic Continues to Rise

The number of passengers traveling through Los Angeles International Airport continued to climb last month. More than 6 million travelers passed through the airport in March, up 4.2 percent from 5.8 million travelers in the same month in 2014.

Long Beach Bookstore Owner Sentenced in Textbook Theft Ring

A Long Beach bookstore owner was sentenced to state prison Tuesday after pleading no contest to charges he orchestrated a scheme to steal thousands of textbooks with the help of employees from four school districts.

Microsemi Corp. Completes Acquisition of Vitesse Semiconductor Corp.

Semiconductor manufacturer Microsemi Corp. closed its acquisition of Vitesse Semiconductor Corp. on Tuesday in a deal valued at $389 million.

Stocks Mixed

The Dow Jones industrial average rose 72 points in Tuesday trading to close at 18,110. The S&P 500 rose six points to 2,115. The Nasdaq fell five points to 5,055. The LABJ Stock Index was flat at 232.

City National Sued by Labor Department

The Department of Labor announced Tuesday that it has filed a lawsuit against downtown L.A.’s City National Bank and several of the company’s officers, alleging the bank charged the company’s retirement plan excessive fees that cost employees more than $4 million, violating the federal Employee Retirement Income Security Act.

Santa Monica Wellbeing Study Finds Unease

As part of what is becoming a worldwide trend, the City of Santa Monica released the results of a Wellbeing Index Monday to rate local levels of contentment.

Anthem Finishes $1.1 Million Drought-Tolerant Landscaping

Anthem Blue Cross on Monday showed off a $1.1 million landscaping project at its Woodland Hills offices that replaced an expansive lawn with drought-tolerant plants.

Contract Truckers Picket L.A., Long Beach Ports

Drivers at several trucking companies serving the ports of Los Angeles and Long Beach picketed four trucking companies Monday, pressuring them to hire them as full-time staff rather than as independent contractors.

Community Bank Reports Profitable Quarter

Pasadena’s Community Bank reported strong first quarter earnings after markets closed Friday, growing its net income by 8 percent from the same period last year.

Stocks Fall

The Dow Jones industrial average fell 42 points in Monday trading to close at 18,038. The S&P 500 fell nine points to 2,109. The Nasdaq fell 32 points to 5,060. The LABJ Stock Index fell two points to 232.

Snapchat Hires a CNN Reporter to Lead News Team

Further expanding its editorial team, Snapchat has hired a prominent CNN political reporter.

L.A. Angel Investor Named Chair of Troubled Bitcoin Foundation

Los Angeles angel investor Brock Pierce has been named chairman of the Bitcoin Foundation, a Washington, D.C., crypto-currency industry group.

Mattel Partners With Warner Bros.

Following several recently announced new partnerships, El Segundo toy maker Mattel Inc. said it would team up with Warner Bros.’ DC Entertainment and consumer product and animation divisions to launch a product line based on DC Comics’ female super heroes and villains.

Ducommum Lands Multiyear Deal with Rolls-Royce

Carson aerospace manufacturer Ducommun Inc. this week inked a multiyear contract with Britain’s engine maker Rolls Royce to provide systems for use in Boeing Co.’s 787 Dreamliner.