Black Friday has always been a source of joy for American shoppers. Last year, much of this was conducted online due to the coronavirus pandemic. At last week’s Black Friday sale, hundreds of shoppers showed up at Citadel outlets in Commerce, LA. Fox 11 reports.
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RAS Comes to LA
Remote Access Service (RAS) has been utilized a lot more in recent years. It is a way of facilitating and supervising of all network-connected devices; to easily troubleshoot; simplifying file access through connected networks and devices; delineating folder access for different user categories and through all of this, supporting business growth and development and more.
Since the start of the pandemic, remote working has become increasingly standardized. RAS users are being empowered to remotely access computers anywhere in the world and for office work evolution today, this is crucial.
The use of RAS is extremely widespread in LA today. One example being the InfoTech Services Group Inc. of Los Angeles which is providing this service for organizations and individuals throughout the LA and Venice communities. This includes the supervision, overseeing, management and more of computer networks. Those who use the service have encountered greater productivity from staff members working at home, enhanced cybersecurity, a reduction in overhead costs and more.
Another company providing this service is Remote Desktop. This IDrive remote access solution lets users access their computers and servers through Android, iOS, PC and Mac no matter where they are geographically located.
Co-founder of Workr Beeing (a form that focuses on workplace wellness) Patricia Grabarek said:
“Research shows that a lot of employees can be way more productive when they are home. They are able to focus in and create an environment that is conducive to how they like to work. And research for decades has shown that if we allow employees to have autonomy over how they do their work, and flexibility in their schedules, they are much more likely to be happy in their jobs.”
This is exactly where RAS has been helping.
Easing LA Port’s Congestion
Unfortunately, over the last few months there has been a huge increase in backdated containers at both Long Beach and LA ports. This has caused tremendous congestion as shipping companies have not moved their containers fast enough at marine terminals.
One way of dealing with the issue has been to impose fines. If the containers remain at the port for more than 9 days, the shipping companies will be fined each day thereafter starting with $100 for each container. The fine will be more onerous for the containers that need to be transferred by rail and the penalties for them will begin after 3 days of being at the port.
The issue is a simple one of space which has resulted in an interruption to the global supply chain. As it is a ruling was made to permit the port complex to work 24 hours a day to move the load. Given that a disproportionate number of containers from outside of America end up in LA and Long Beach which come from abroad (approximately 40%) and the substantial increase in orders since the beginning of the pandemic, this problem has now gotten significantly worse.
The fact that the Biden administration has gotten involved by making this law is indicative of how important the ports are to America’s economy.
Los Angeles seems to be becoming the hub for early-stage startups. Valuations are incredibly key to the success, especially pre-money ones which – in the first half of 2021 – increased 116%. While most US states saw substantial increases, the real jump was most significant in LA.
According to Kyle Stanford, Pitchbook Senior VC Analyst:
“Especially within hubs, such as L.A., competition for deals has grown considerably in recent years, with the flood of new investors and more capital looking to invest in startups. Los Angeles has, on its own, seen strong fundraising numbers, bringing more local capital to the ecosystem, expanding opportunities for the area’s companies.”
Two examples of this are JOON and LA Tango. In July, the former raised a $2.3m seed and in August LA Tango raised $5.7m seed round. Today, there are approximately 5,000 startups in LA, many of which are in their early stages.
Is Local Banking Coming to Town?
Los Angeles has long needed a local bank. The organization that has been fighting for this to happen is no took a break during the peak of the coronavirus pandemic and is now beginning to resume efforts with the LA City Council voting in favor of an investigation on how viable a city-owned bank would be, followed by the creation of a business plan.
Those in favor argue that creating such a bank would enable LA city to actually save banking fees as well as create additional credit access for SMEs, especially those in undeserved areas. Further, the move could facilitate the financial backing of affordable housing and green energy programs.
While all of this sounds extremely positive, those who are not supportive of the move ask if LA city is able to manage such an institution. Other cities (Philadelphia, San Francisco and Seattle) are also looking into the possibility of having a local bank.
LA’s Job Market
In this video Flynn Restaurant Group’s Gregory Flynn discusses the local job market, pre- and during- the (COVID-19) delta variant outbreak.
Kids Returning to School: What You Need to Know
LA county is the second largest school district in America. Hundreds of thousands of kids returned to school two weeks ago within the backdrop of the coronavirus pandemic. As such, the county is undertaking an extensive public health experiment whereby each student, teacher and school staff member have to get tested for Covid every week with no end in sight, regardless of vaccination status. Those who test positive stay home for at least 10 days.
Already by the end of the second week, LA Unified was reporting almost 3,000 active positive cases in their student and staff body, despite the fact that out of that only 7 cases were linked within the school setting. So no matter how hard everyone tries, it is very tough to keep it out.
With such difficulties, we have to look at the good that remains. There are still many organizations trying to help others – which is needed even more at this time. One example is the L.A. Education Recovery Fund which funded summer programs as well as important after- school programs run by dozens of L.A.-based nonprofits, including Woodcraft Rangers, LA’s Best, the YMCA and the Boys and Girls Club. These programs benefit more than 30,000 children (and their parents), many of whom come from underprivileged families. To date, $10m has been raised in capital by the organization and it hopes that it will add more programs in the fall.
Another initiative is LA Tech Cares which has raised $200,000 for the LA Education Recovery Fund. LA county’s poverty rate is one of the highest in the state of California. The fact that venture capitalists did not struggle so much in the pandemic made raising the money much easier, according to one of LA Tech Cares’ founders and Crosscut Ventures Managing Director Brett Brewer.
Funding Secured for Infrastructure Improvements
More than $71m has been secured in federal funding. This will be used for 20 projects throughout California. The projects still need to receive full Senate approval.
Senator Padilla explained:
“I’m proud to support projects that will strengthen our water infrastructure, improve our ability to fight fires, and help develop small businesses. I am constantly working to help meet the needs of California’s diverse population, economy, and geography. And in response to the current drought and wildfires, I will keep fighting to secure federal funding to increase California’s water resiliency and aid communities across California.”
In LA there was also cause for celebration by the Mayor who received approval for a $100 billion budget for the California Comeback Plan to help locals. He said:
“These funds and many more will help us expand and implement programs that will have lasting, positive impacts on our city and our communities. Thanks to our Los Angeles legislative delegation, our city secured some big wins. I want to thank our delegation and Governor Newsom for the important resources that will be coming to our community to address homelessness, housing, economic recovery, climate change, and more.”
Some of the money will be used for Los Angeles Department of Water and Power clients who have not been able to pay their bills due to the pandemic; expansion of summer youth employment programs; LA’s Gang Reduction and Youth Development Program; Enhanced pedestrian access at Louise Avenue 1010 Freeway; San Fernando Valley’s Roller and Skateboard Rink ; Potrero Canyon Pacific Coast Highway Pedestrian Bridge improvements and much more.
Recent Transactions in LA
Business seems to be picking up and company growth is happening once again in the Los Angeles region. While the entertainment industry was probably the hardest hit in the peak of the pandemic, thankfully now transactions are occurring in that sector. The examples we look at here are: AMC Entertainment and ESPN.
There will be two more AMC Entertainment locations in Los Angeles. The cinema company (the largest worldwide) is taking over The Grove shopping complex 14-screen cinema as well as the Brand’s 180screen cinema. AMC Entertainment entered into a transaction with Decurion which owns Pacific Theatre. Opening of the Grove theater (which three years ago was the 2nd highest grossing cinema) is anticipated for next month.
Anchors Neil Everett and Ashley Brewer will be connecting with ESPN. Brewer will join the 1 am EST edition with Everett, Linda Cohn and Stan Verrett, moving from her position as host of SportsNation.
Los Angeles’ Economic Recovery: Jobs and Housing
We are seeing some positive upticks in the economic recovery around the world. In Los Angeles – as in many other regions – there have been various ups and downs but latest news is indicating that at least in employment and jobs, things are looking up.
According to a recent report from the UC Riverside School of Business Center for Economic Forecasting and Development, both the job and housing markets are showing strength in Los Angeles. The labor market in Southern California has returned 70 percent (52 percent nationwide) of the jobs that were lost at the beginning of the pandemic in 2020.
Housing figures are likewise showing optimism. In fact, housing has actually been one sector that has done quite well with the pandemic with the first quarter of 2020 having a 17.8% increase in median home price. In LA County sales jumped 117% and prices of homes increased 25%.