CRAIN’S LOS ANGELES

Your news for Monday, January 09, 2017

Downtown L.A. has biggest building boom since the Roaring ’20s

Some 42 building developments of at least 50,000 square feet have been completed in downtown Los Angeles since 2010, and another 37 are underway. That’s the biggest boom since 1920-’29, when 155 went up, including such iconic landmarks as the Biltmore Hotel and City Hall, according to CoStar. It’s being fueled by foreign investment, creating thousands of construction jobs. (Los Angeles Times)

‘Hidden Figures,’ ‘Rogue One’ rocket to top of box office

“Hidden Figures” nearly tied “Rogue One: A Star Wars Story” for the top slot at the weekend domestic box office, with each taking in about $22 million. “Rogue One” has ranked first every weekend since its Dec. 16 debut and just surpassed the $900 million mark at the global box office. “Underworld: Blood Wars” proved toothless in its debut, as bad weather kept moviegoers at home over much of the country. (Hollywood Reporter)

L.A. is the capital of poorly paid, entry-level jobs

The median wage for all occupations in Los Angeles County was $39,250 last year, but the most quickly growing jobs are paid even worse: sales ($28,101), maintenance ($27,019) and food preparation and serving ($21,653). About 29.7 percent of the county’s projected entry-level jobs from 2015 through 2020 will require no more than a high school degree, and 34.6 percent won’t even require that, according to the Los Angeles County Economic Development Corp. (Los Angeles Times)

Russia demands LinkedIn’s removal from Apple, Google app stores

The move comes two weeks after a court blocked the service for ignoring local laws requiring internet firms to store data on Russian citizens within the country’s borders. While their removal may not have cut off access to content, it sent a signal that countries could push Google and Apple to make such drastic moves. (New York Times)

Vanguard attracts record $305B in 2016

The world’s largest mutual fund manager drew in an annual total that some firms don’t amass in a decade. While most of the money went into products that track indexes, more than $50 billion flowed in to active funds that buy bonds or a mix of stocks and bonds. (Investment News)

Board game scores big on Kickstarter

Kingdom Death: Monster 1.5 became the fastest-funded project on the crowdfunding site in November when it raised its first $1 million in just 19 minutes. The board game, which has since hit $10 million, is an immersive tabletop board game where players struggle to survive in a post-apocalyptic world. (CNBC)

Cigna goes against flow by entering Illinois’ Obamacare exchange

Other insurers tried, failed and fled the state’s exchange, and individual customers aren’t even Cigna’s forte. Yet it hit its goal – albeit modest – of about 25,000 sign-ups in its exchange debut. That could fuel further experimentation for the Connecticut-based company. (Crain’s Chicago Business)

AutoNation to hire nationwide on Tuesday

AutoNation Inc. will host a one-day hiring event in 15 cities. More than a thousand sales and service positions are available at the stores and service centers, said Marc Cannon, chief marketing officer at the nation’s largest new-vehicle retailer. This is the first time AutoNation, of Fort Lauderdale, Fla., has hosted a nationwide program. (Automotive News)

The Motor City is the place to be for glimpse of future

More than 5,000 journalists are descending on Detroit this week to participate in the North American International Auto Show. Thousands of auto executives are coming to find out what car companies plan to offer the public. On Tuesday, the 41st Automotive News World Congress will kick off with keynote speaker Bill Ford, executive chairman of Ford Motor Co. (Automotive News)

Food delivery startup Sprig adds a pinch of perks to retain servers

In addition to adding a tipping feature to its meal delivery app, Sprig confirmed that it would be increasing servers’ wages to $14.50. Servers who work more than 35 hours a week can receive full-time employee status with health benefits. The company believes it will make this money back in retention. (TechCrunch)