Los Angeles Business Journal

LA BUSINESS JOURNAL DAILY NEWS

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Work/Life: Angela Reddock-Wright

The attorney on breaking barriers, taking chances and finding time to unwind.

Being a lawyer is something Angela Reddock-Wright naturally gravitated toward.

Silicon Beach Launch List: Aug. 21

A weekly roundup of L.A. tech company and product launches.

What to Watch this Weekend

Entertainment reporter Sandro Monetti’s business take on this weekend’s four big movie releases.

American Apparel Union Says Company Cutting Spousal Health Coverage

American Apparel Inc.’s newest union, representing production workers at the downtown retailer, has alleged that the company is longer offering to pay health insurance premiums for employees’ spouses.

MRV Communications, Point.360 Among This Week’s Movers

The Los Angeles Business Journal’s index of the largest local public companies was down for the week as both the Dow Jones Industrial Average and the S&P 500 posted their biggest percentage one-day drops since November 2011.

Stocks Fall

The Dow Jones industrial average fell 531 points in Friday trading to close at 16,460. The S&P 500 fell 65 points to 1,971. The Nasdaq fell 171 points to 4,706. The LABJ Stock Index fell five points to 222.

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Snapchat Grabs Ex-Fullscreen Exec as 2014 Losses Are Exposed

In the wake of leaked documents showing Snapchat hemorrhaged nearly $130 million last year, the Venice ephemeral photo app has scooped up another top media executive, solidifying its team of senior executives with experience forging revenue-generating deals.

PE Roundup: Private Equity Deals Announced This Week

Westwood firm Shamrock Capital Advisors, which began as an investment adviser for the Disney family, announced Wednesday that one of its portfolio companies, New York fantasy sports portal FanDuel, acquired New York sports analytics company NumberFire. Terms were not disclosed.

Santa Monica Solar Developer to Build Major Plant in Chile

SolarReserve, a Santa Monica developer of large-scale solar projects has received environmental approval for a 260 megawatt plant in Chile.

County Unemployment Rate Falls

L.A. County’s unemployment rate fell sharply in July to 7.1 percent from 7.5 percent in June, despite massive seasonal layoffs in education, state figures released Friday show.

Do Tech Companies Need to Adopt ‘Brutal’ Cultures to Succeed?

You don’t get a $250 billion market capitalization – the highest valuation of any retail company in the world – without hurting some feelings. Just ask Amazon of Seattle.

WeHo Tweaks Fur Ban

Two years after making national news for banning the sale of fur products in the city, West Hollywood has made its fur ban ordinance tougher, while also creating a loophole that could allow some fur sales in the city.

AeroVironment Wins $3.4 Million Contract

AeroVironment Inc. got a $3.4 million contract Thursday from the U.S. Army to supply its Raven unmanned aircraft to Spain.

Foursquare Echo Park Portfolio Sold

Developer Fred Afari has snatched up International Church of the Foursquare Gospel’s 15-property portfolio in Echo Park, paying nearly $18 million for the package.

Stocks Fall; B. Riley Rises, Rentech Slumps

The Dow Jones industrial average fell 358 points in Thursday trading to close at 16,991, the first time it’s closed below 17,000 since October. The S&P 500 fell 44 points to 2,036. The Nasdaq fell 142 points to 4,878. The LABJ Stock Index fell eight points to 227.

UTA Bolsters Music Biz with Agency Acquisition

United Talent Agency has made another big strategic move by acquiring the world’s largest independent music agency, the Agency Group.

Hudson Pacific Buys Arts District Portfolio

West L.A. real estate investment trust Hudson Pacific Properties Inc. is on a buying spree in downtown L.A.’s Arts District.

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Smart Doorbell Startup Ring Receives $28 Million Round

Billionaire Virgin Group founder Richard Branson is among several investors putting $28 million into Santa Monica startup Ring, a company that manufactures a doorbell with a video camera.

Clinics, Ambulance Firm Convicted of Medicare Fraud

Owners and employees of several Los Angeles-area businesses were convicted this week of operating Medicare fraud schemes that took in about $7 million in false billing.

Palisades Office Project Sells for $53 Million

Lincoln Property Co. and Linwood Investments have sold a 103,800-square-foot, Class A creative office campus in Pacific Palisades to New York real estate equity firm Brickman for $53 million, or roughly $500 a square foot.