The Breakdown

Explaining Southern California's economy

In SoCal business news: PIMCO trustee criticizes founder's salary, negotiations extended for Ports 'O Call

Ports O' Call Village was built in the 1960's. Negotiations to develop the property were extended another 60 days, according to the Press-Telegram.
Ports O' Call Village was built in the 1960's. Negotiations to develop the property were extended another 60 days, according to the Press-Telegram. Port of Los Angeles

Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, we compile interesting business stories in the region.

  • A Pacific Investment Management Company (PIMCO) trustee criticized the reported $200 million annual salary of Bill Gross, the company's managing director, CIO and founder, according to the Los Angeles Times. Trustee William Popejoy told the Times: "You could hire 2,000 schoolteachers for that money."
  • Negotiations over the development of Ports O' Call Village in San Pedro has been extended another 60 days, the Press-Telegram reports. I covered the announcement of the negotiations for redevelopment last year. At the time, the LA Waterfront Alliance planned to have a mix of retail and restaurants at Ports O' Call, along with a boutique hotel and conference center. 
  • A new early stage fund in L.A. called TYLT Lab will help start-ups get access to manufacturing, according to the Pando Daily. The fund aims to make investments of $50,000 to $2 million in each deal, Pando Daily reports.
  • The Bangladesh Accord Foundation has been inspecting garment factories since last year's building collapse, in which more than 1,100 workers were killed, according to the New York Times. The group found safety flaws in some Bangladesh factories, resulting in the temporary closures of two locations, the Times said. KPCC's Air Talk did a segment on who should be responsible for the safety of those buildings. 
  • Los Angeles-based retailer American Apparel is using the controversy with factories in Bangladesh to call attention to its own labor practices. The ad campaign shows a topless woman who was born in Bangladesh, who works at American Apparel. That of course has drawn controversy, the New York Daily News reports.
  • Women represented just 15 percent of the protagonists in the top 100 money-making films last year, according to The Wrap. Minorities in films also remain few in number, KPCC reported earlier this year. To get a sense of the situation, check out Take Two's Alex Cohen's interview with director Angela Robinson.
  • The film tax credit discussions continue to unfold, this time in Louisiana. The Times-Picayune reports that two men, including an Hollywood lawyer-producer, are accused of committing $1.13 million in tax credit fraud and selling the credits to others for a profit. The Times-Picayune also outlines other fraud cases in its state involving the film tax credits.
  • L.A. is home to a lot of different restaurants, including a venue that lets people sit on fake toilets and eat food served in bowls shaped like toilets. The LA Weekly reports on the Magic Restroom Cafe in the City of Industry. I went there and I got to say, it is tough eating beef noodle soup out of a bowl that is shaped like a toilet.

Got business news? Tweet me @thewendylee.



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