Business
U.S. to Begin Formal Trade Talks With Taiwan
The Biden administration mentioned on Wednesday that it will start formal commerce negotiations with Taiwan this fall, after a number of weeks of rising tensions over the island democracy that China claims as its personal.
The announcement marks a step towards a pact that will deepen financial and technological ties between america and Taiwan, after preliminary talks had been introduced in June. However relations between america and China have markedly deteriorated since then, on the heels of visits by two delegations of U.S. lawmakers to Taiwan this month, together with by Speaker Nancy Pelosi.
The journeys angered the Chinese language authorities, which sees the island as an incontestable a part of its territory and has responded by ramping up navy drills and firing missiles into the waters round Taiwan. The USA, in flip, has accused China of utilizing the visits as a pretext to step up operations to intimidate Taiwan, and has vowed to keep up its personal navy operations within the area.
Talks for the pact, referred to as the U.S.-Taiwan Initiative on Twenty first-Century Commerce, will give attention to 11 commerce areas, the announcement from the Workplace of america Commerce Consultant mentioned, together with increasing commerce in agriculture and digital industries, elevating labor and environmental requirements, and enhancing commerce between small and medium-size companies.
The governments additionally mentioned they might fight market distortions attributable to state-owned enterprises, in addition to nonmarket insurance policies and practices — an obvious nod at China, the place such practices are frequent.
The U.S.-Taiwan commerce initiative can be negotiated by the American Institute in Taiwan, which is the unofficial U.S. embassy in Taipei, and the Taipei Financial and Cultural Consultant Workplace in america, which represents Taiwan in Washington within the absence of diplomatic recognition.
The Biden administration is finishing up a separate commerce negotiation with 13 Asian nations to type a pact referred to as the Indo-Pacific Financial Framework. Taiwan has expressed curiosity in becoming a member of these talks, however given its contested standing, it has not been invited to take part.
In a briefing on Wednesday, Daniel J. Kritenbrink, the assistant secretary of state for East Asian and Pacific affairs, defended what he referred to as “an formidable highway map for commerce negotiations” with Taiwan.
“We’ll proceed to meet our commitments underneath the Taiwan Relations Act,” he mentioned. “That features supporting Taiwan’s self-defense and sustaining our personal capability to withstand any resort to pressure or different types of coercion that will jeopardize Taiwan’s safety. And we’ll proceed, in keeping with our ‘one China’ coverage, to deepen our ties with Taiwan, together with by persevering with to advance our financial and commerce relations.”
Austin Ramzy contributed reporting.
Business
Ocean technology hub AltaSea blooms on San Pedro waterfront
A moon shot to make Southern California an international leader in the “blue economy” is taking shape in San Pedro as a $30-million renovation of three historic waterfront warehouses nears completion.
AltaSea at the Port of Los Angeles, as the complex is known, is home to sea-centered businesses such as the headquarters of explorer Robert Ballard, who located the wrecks of the Titanic and the German battleship Bismarck. His research vessel the Nautilus docks there, as does Pacific Alliance, a vessel for farming mussels far out at sea.
On barges docked on AltaSea’s wharf, scientists from USC, UCLA and Caltech are developing methods of reducing ocean carbon dioxide and technology to scrub ships’ exhaust stacks. Other tenants in the former warehouses include startup firms that are building a new generation of remote undersea cameras and 3-D printers to build parts for offshore wind, wave and solar farms.
“AltaSea is education, research and business all working together,” said Jenny Krusoe, executive vice president and chief operating officer. The size and waterfront location, she added, make AltaSea “a unicorn piece of property that is basically made to be the mother ship for the blue economy.”
Mayor Karen Bass and others who played a part in AltaSea, including City Councilman Tim McOsker and Port of Los Angeles Executive Director Gene Seroka, are expected to officially open the facilities at a ceremony Wednesday.
AltaSea is bringing new purpose to a previously moribund wharf that once played a rich part in the evolution of Southern California.
In the early 20th century, Los Angeles merchants and city leaders set out to capture a share of the increased global shipping trade expected to pass through the Panama Canal, a link between the Atlantic and Pacific oceans that opened in 1914. They created a municipal wharf on the waterfront of what has become the sprawling Port of Los Angeles, with a long stretch of warehouses where ships were loaded and unloaded into trains, carts and trucks by burly longshoremen.
The growth of containerized shipping after World War II gradually rendered City Dock No. 1 obsolete for moving goods, and the wharf was little used for decades. By 2011, advocates, including port officials, saw it for what it was: a choice 35-acre site for a research center and tech companies focused on sustainable uses of the world’s oceans.
A key part of the mission of the nonprofit enterprise is to create jobs with pioneering companies. Among them is the nonprofit AltaSeads Conservancy, the largest aquaculture seed bank in the United States. Like their terrestrial counterparts, aquaculture seed banks are meant to preserve genetic diversity in plant life for the future. AltaSeads is also advancing the use of kelp as an easily grown resource.
“It’s a super versatile crop,” said scientist Emily Aguirre of AltaSeads, that can provide food for humans and livestock while removing carbon from the atmosphere. “It can be also be used to fertilize terrestrial agriculture, and it’s fantastic because if you grow it out in the ocean, you’re not taking up any land.”
Kelp is also a source of algae that cuts methane emissions from cows, Aguirre said, and has many other food applications, including reducing freezer burn in ice cream.
Eco Wave Power, an Israel-based company, is set to install the first U.S. onshore wave energy pilot station in the coming months on the port’s Main Channel, next to AltaSea. The system of floaters attaches directly to preexisting structures — like breakwaters, wharfs and jetties — and produces energy from the constant motion of the waves. Another AltaSea business, CorPower Ocean, uses buoys and hydraulic pressure for energy production.
The figurative whale for AltaSea so far is Ballard, who set up shop at the aged docks several years ago and has captured public interest as a deep-sea explorer and scientific researcher. It’s his headquarters and home to his research and development.
AltaSea has an array of solar panels on the roof bigger than three football fields that generates 2.2 megawatts, enough to power 700 homes annually and more energy than the entire campus will need when it reaches full capacity.
To fund the wharf’s redevelopment, AltaSea received $29 million from the state, Port of Los Angeles and private donors. The funds paid for construction, installation of the solar panels and the future creation of a park.
AltaSea is one of multiple projects that are part of a two-decade process to clean up the air and water at the port and turn unused docks, wharves and warehouses into places where more people will want to work or visit, port officials said.
“Bringing people to our waterfront has been a hallmark of the Port of Los Angeles for decades,” Seroka said in 2020, and recent investments “will really bring us to the next level.”
Before the pandemic, about 3 million people came to L.A.’s waterfront annually for recreation, a tally port leaders hope to see double in the years ahead. To smooth the path of new development catering to visitors, the Port of Los Angeles is investing about $1 billion in infrastructure improvements over 10 years, Seroka said. Private developers building AltaSea and other projects will invest an estimated $500 million.
One of those projects, West Harbor, is a long-planned redevelopment of a 42-acre site that used to be home to Ports O’ Call, a kitschy imitation of a New England fishing village, built in the 1960s, that fell out of favor years ago and was razed in 2018.
Restaurants anchoring the dining, shopping and entertainment center will include Yamashiro, the second branch of a Japanese-themed Hollywood destination for locals and tourists. Another large restaurant will be Mexican-themed, with an over-water bar. There will also be a food hall and Bark Social, a membership off-leash dog park, bar and cafe. The complex is slated to open next year.
The waterfront developments represent improvements that San Pedro residents have been waiting decades to see, said Dustin Trani, whose family has been in the local restaurant business for nearly a century. Last year the chef opened Trani’s Dockside Station, a seafood restaurant situated between AltaSea and West Harbor, in part to capitalize on the expected influx of visitors.
“We’re on the cusp of a very big economic boom in this area that has not yet been seen,” Trani said.
Business
Netflix beefs up film ranks, hiring 'Bad Boys for Life' producer
“Bad Boys for Life” producer Doug Belgrad will join Netflix as its vice president of film as the streaming giant continues to beef up its movie ranks following a major shakeup.
A longtime Sony Pictures executive, Belgrad was involved in nearly all the movie studio’s live-action intellectual property, including the “Spider-Man” franchise, “Ghostbusters” and “Jumanji.” In 2016, after leaving Sony, he founded his own film and TV production and financing company called 2.0.
The Culver City-based firm has co-financed such movies as “Peter Rabbit,” “Peter Rabbit 2: The Runaway” and “Zombieland: Double Tap,” all of which had Belgrad attached as an executive producer.
“As an executive and producer, I’ve been fortunate to work with many of the world’s most talented filmmakers and performers,” Belgrad said in a statement. “There is no better place to continue that work than Netflix, whose global reach and resources are unmatched.”
The move comes just months after Netflix hired producer Dan Lin to run the company’s film division, which has seen tremendous growth in production and release of original movies. Lin replaced Scott Stuber, the former Universal Pictures executive who guided Netflix’s movie slate for years, resulting in tent poles including “Red Notice” and Oscar winners such as “Roma.”
In a statement, Lin praised Belgrad’s years of experience.
“We will be leaning on Doug’s great creative instincts, his eye for talent, and his deep relationships across the filmmaking and talent community,” he said.
After Belgrad moves to Netflix, his 2.0 production and financing company will be led by current chief financial officer Zack Conroy and Sophie Cassidy, executive vice president of production.
Business
Erewhon sues city to stop Sportsmen's Lodge development in Studio City
The owners of Erewhon have filed an environmental lawsuit against the city of Los Angeles, the latest attempt by the upscale supermarket chain to stop the planned demolition of Sportsmen’s Lodge hotel in Studio City to make way for a new apartment complex.
Erewhon operates a store next to the defunct hotel and previously joined with local residents, union officials and others in opposition to a 520-unit residential mixed use development planned to replace the inn that was known to generations of San Fernando Valley residents.
Plans for the new development took a leap forward last month when the City Council voted 13 to 1 to deny an appeal of the project filed by Erewon’s owners and others, clearing the way for Midwood Investment & Development to demolish the aged hotel at Ventura Boulevard and Coldwater Canyon Avenue.
Midwood is Erewhon’s landlord, having built in 2021 the Shops at Sportsmen’s Lodge, an outdoor mall where Erewhon is the anchor tenant among other stores, restaurants and an Equinox gym. The mall replaced a banquet facility that served as a local social center where couples got married and families shared big occasions such as bar mitzvahs.
The event center and a restaurant opened in 1946 and the hotel in 1962. The hotel permanently closed during the COVID-19 pandemic.
The landlord got city permission to knock down the 190-room hotel and build the Residences at Sportsmen’s Lodge, which would have 520 apartments, including 78 units of subsidized affordable housing. It would include ground-floor stores and restaurants intended to meld with the Shops at Sportsmen’s Lodge.
Prior to the recent City Council vote, Erewhon, the Studio City Residents Assn. and Unite Here Local 11, which represents hotel workers, sought to stop the project by appealing aspects of the city’s review and approval process.
Some opponents argued that the hotel should be preserved. It was one of the first to unionize in the San Fernando Valley and one of the first union hotels in Los Angeles. Others were concerned about the project’s 97-foot height, the construction noise and the environmental impact.
After the appeals were rejected, Erewhon’s parent company last week filed a lawsuit in Superior Court demanding that the project approvals be rescinded because the city allegedly failed to comply with the California Environmental Quality Act as well as other state and local laws. The environmental law in part is intended to increase the public’s awareness of the potential environmental effects of proposed developments and other projects.
The city violated the act by forgoing an exhaustive Environmental Impact Report, or EIR, in favor of a less rigorous assessment, the lawsuit said.
Proponents of the development say it would bring housing to this section of Studio City, which is being targeted for a flurry of new development. Across the river, private school Harvard-Westlake is planning to build an extensive athletic facility.
Representatives of Erewhon and Midwood didn’t immediately respond to requests for comment.
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