Los Angeles Business Journal


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Veteran Investors Step Up to Plate With E-Sports

INTERNET: Peter Guber-led acquisition of Team Liquid could prove game-changer.Peter Guber has drafted a veteran team of investors in his move into the e-sports field

By Henry Meier October 14, 2016 midnight   $$ Share

County Unemployment Rate Ticks Up to 5 Percent, But Job Growth Strong

L.A. County’s unemployment rate rose slightly in September to 5 percent despite relatively strong job growth for the month, state figures released Friday show.

Movers for Week Ending October 14, 2016

El Segundo-based sporting goods retailer Big 5 Sporting Goods was this week’s biggest mover, gaining 8 percent to end at $16.99. Kilroy Realty Corp. Real Estate Trust was also among the week’s movers. The DTLA real estate corporation gained 5 percent to end at $70.11. Specialty pharmaceutical company Ritter Pharmaceuticals Inc. was this week’s biggest loser, dropping 14 percent to end at $1.70.

Wells Fargo CEO John Stumpf to Step Down

Wells Fargo & Co. announced today that the company’s Chief Executive John Stumpf is retiring and will step down as chairman and chief executive, effective immediately.

Movers for Week Ending October 7, 2016

Century City-based pharmaceuticals company Ritter Pharmaceuticals Inc.was this week’s biggest mover, gaining 17 percent to end at $1.97. Big 5 Sporting Goods Corp. was also among the week’s movers. The El Segundo-based sporting goods retailer gained 16 percent to end at $15.74. Patent acquisition company Marathon Patent Group was this week’s biggest loser, dropping 14 percent to end at $2.42.

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New Home Base

Restrictions push Chinese investors away from higher-price single-family residences to condos

Condo projects could get a boost as Chinese investors move away from costlier single-family homes.

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Licensing of Legalized Pot Fires Up City, Vendors

GOVERNMENT: Marijuana firms scramble to solve pending permitting issue.

The prospect of legalized marijuana has city and vendors scrambling for licensing regime.

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Gannett Deal to Buy tronc May Be Imminent

The long-awaited end to the tronc-Gannett saga might be near. Then again, it might not be. The possibility of the announcement of a deal on Monday for Gannett, the newspaper chain and publisher of USA Today and other dailies, to purchase Los Angeles Times parent tronc was first reported by Politico on Sunday.

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Software Firm Works to Get on Track With Weed

TECHNOLOGY: Kind Financial aims to keep pot firms compliant.

Kind Financial switched focus to also put money on pot tracing and tracking software.

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Buyer Charged Up Over Electric-Car Storefront

ACQUISITION: Deal grows KLM’s landlord presence at Third Street Promenade.

The sleek storefront that is home to Tesla Motors Inc.’s showroom on Santa Monica’s Third Street Promenade has sold for about $15.6 million, or roughly $5,200 a square foot, to the same company that purchased the Promenade’s Apple store in 2014.

U.S. Bank Agrees to $13.5M Settlement Over Foreclosed Homes Upkeep

The L.A. City Attorney’s Office has reached a $13.5 million settlement with U.S. Bank to resolve allegations that the bank allowed hundreds of foreclosed properties in Los Angeles to fall into disrepair, officials announced Thursday.

Inglewood Apartments Draw Investor Universe Holdings

Two Inglewood apartments sold this month to an investor planning to renovate the units and lift rents as part of a plan to capitalize on the city’s appeal to residents priced out of neighboring Westside markets.

Panda Express Grows Alternative Investment Platform

The Panda Restaurant Group announced plans today to expand their family office’s investment platform by bringing in Founding Partner and Managing General Partner of Breakaway Capital Warren Woo, and former Managing Director at Wells Fargo & Co. Carey Do Kim to the investment arm of the Cherng Family Trust Office in Los Angeles.

Banker Charged with Allegedly Taking Bribes from Santa Monica Company

Executives at Santa Monica-based ServiceMesh Inc. raked in nearly $100 million in bonus cash by bribing a former Australian banking executive, according to charges filed Tuesday by federal prosecutors and the Securities and Exchange Commission against the banker.

Wells Fargo Faces Class-Action Lawsuits from Shareholders, Workers

One week after Wells Fargo’s chief executive faced a federal hearing over the bank’s numerous transgressions, the company now faces a multitude of lawsuits filed by customers, shareholders, and former employees.