Long Beach Container Terminal Selling For $1.78 Billion
Orient Overseas International Line (OOIL) is selling Long Beach Container Terminal to the Australia-based investment firm Macquarie Group for $1.78 billion, the shipping company announced today. As previously reported by the Business Journal, China-based COSCO SHIPPING Holdings Co. Ltd.’s purchase of OOIL was contingent upon the divestiture of the terminal, located within the Port of Long Beach, due to U.S. government concerns about a Chinese government-owned entity operating the facility.
Los Angeles Sees More Migration Than Any Other U.S. County
More people moved into and out of Los Angeles County than any other county in the United States, according to recently released U.S. Census Bureau data. From 2012 to 2016, an estimated 214,577 people moved to L.A. County from a different county, while an estimated 312,000 people moved out. Tracking state-to-state migrations, the Census Bureau noted that California saw the highest number of people moving out, at 661,026. The top five destinations for people leaving California were adjacent or nearby states: Texas, Arizona, Washington, Oregon and Nevada.
U.S. Gross Domestic Product Up 3.2%
Real gross domestic product (GDP) in the United States increased 3.2% in the first quarter of 2019, according to a press release from the U.S. Bureau of Economic Analysis. Exports were responsible for “nearly half a percentage point of overall GDP growth in the first quarter,” according to the announcement. The unemployment rate dropped to 3.8% in March, down from 4% in January. Annual wage growth for hourly workers increased 3.4% in February.
Molina Healthcare Brings On New Senior VP Of Investor Relations
Long Beach-based Molina Healthcare has named Julie Loftus Trudell as its new senior vice president of investor relations, responsible for developing and implementing “a comprehensive strategic investor relations program,” according to a company announcement. Trudell most recently served as senior vice president of marketing and communications for Magellan Health, and has 25 years of experience in investor relations, accounting, and corporate finance and communications.