Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

Looming Wage Hike Tamps Down Business Confidence

L.A. area businesses are optimistic about business conditions this year and plan to sharply ramp up capital spending, according to a survey to be released today from the Los Angeles County Business Federation, or BizFed.

Lewis Brisbois To Stay at U.S. Bank Tower

Lewis Brisbois Bisgaard & Smith is staying put.

Soccer Club Heads for USC

L.A.’s new soccer franchise plans to build a new stadium at the site of the Los Angeles Memorial Sports Arena near USC, team officials announce Monday.

Protests Planned at L.A. Water Bottling Plant

Activists are planning to show up by the busload outside of Nestle Waters North America’s bottling facilities in downtown Los Angeles and Sacramento on Wednesday.

Long Beach Cargo Up in April

In contrast to the neighboring Port of Los Angeles, where container cargo volumes fell last month, Port of Long Beach officials reported a nearly 8 percent increase in April container cargo volume compared to the same month last year.

High Court Rules in Favor of Edison Employees

Weighing in on a dispute brought by employees of Rosemead utility Edison International, the Supreme Court unanimously ruled Monday that retirement plans have to monitor the investment options they offer, a move that could make it easier for employees to file lawsuits in the future over funds that charge high fees.

Stocks Rise

The Dow Jones industrial average rose 26 points in Monday trading to close at 18,299. The S&P 500 rose six points to 2,129. The Nasdaq rose 30 points to 5,078. The LABJ Stock Index rose one point to 234.

Zealot Buys Small Publisher, Hints at Future

Hinting at its ambitions original to enter the publishing realm, digital agency Zealot Networks of Venice has purchased Hutch Media, a small network of websites, for an undisclosed amount of cash and equity.

Council Separates Paid Time Off from Minimum Wage Hike Plan

Responding to an outcry from local business groups and from Los Angeles Mayor Eric Garcetti, City Council leaders late on Friday agreed to separate a controversial paid time off mandate from the minimum wage hike it plans to consider next week.

L.A. Launch List: May 15

The Los Angeles Business Journal brings you a weekly roundup of L.A. tech company and product launches.

Port of L.A. Cargo Traffic Falls in April

April’s container cargo numbers for the Port of Los Angeles fell more than 6 percent from a year ago, port officials announced Friday.

NantPharma Buys Sorrento Unit for Up to $1.3 Billion

NantPharma has acquired Igdrasol Inc., a division of San Diego biopharmaceutical firm Sorrento Therapeutics Inc., for $1.3 billion.

Molina Continues Expansion with Michigan Buy

Long Beach’s fast-growing managed care provider Molina Healthcare Inc. plans to add to its Medicaid contract holdings, announcing plans Friday to acquire the Medicaid contract businesses of HealthPlus of Michigan Inc. and its subsidiary, HealthPlus Partners Inc. through Molina’s Michigan subsidiary.

Social Media Ad Startup Shift Bought by Rival

Santa Monica’s Shift, a startup that helps marketers manage advertisements on social media platforms, sold Thursday for $50 million in cash and equity to its Boston rival Brand Networks.

Genting Hong Kong Completes Purchase of Crystal Cruises

Genting Hong Kong announced Friday it has completed its $550 million acquisition of Crystal Cruises in West Los Angeles.

PE Roundup: Private Equity Deals Announced This Week

Beverly Hills firm Platinum Equity announced Monday that it has completed the acquisition of acquisition of Irving, Texas, construction fastener maker PrimeSource Building Products Inc. from Japan’s Itochu Corp. Terms of the deal were not disclosed.

On Assignment, Nova Lifestyle Among This Week’s Movers

The Los Angeles Business Journal’s index of the largest local public companies rose slightly for the week. The weighted LABJ index rose 1 percent to close at 234, with gainers outpacing losers 96 to 52. Eight companies closed the week unchanged.

Stocks Mixed

The Dow Jones industrial average rose 20 points in Friday trading to close at 18,273. The S&P 500 rose two points to 2,123. The Nasdaq fell three points to 5,048. The LABJ Stock Index rose one point to 234.

Paid Time Off Part of Minimum Wage Proposal?

The minimum wage hike proposal approved by an L.A. City Council committee this week might require employers to pay minimum wage workers for time off.

Paramount Firm Pays $142,000 Penalty for Waste Violations

Anaplex Corp. of Paramount has agreed to pay $142,000 to settle allegations that the plating company had violated hazardous waste rules, the U.S. Environmental Protection Agency announced late Thursday.