Stories for July 2009
Friday, July 31
Fast-growing military spending has countered the recession's pull on San Diego County, says a study released July 28 by a local think tank.
San Diego drugmaker La Jolla Pharmaceutical said it will officially wind down operations following the failure of its experimental lupus drug, according to a July 30 regulatory filing.
Sempra Energy said July 31 that it had second-quarter earnings of $198 million on revenue of $1.7 billion. During the second quarter of 2008, the utility and energy services corporation reported earnings of $244 million on revenue of $2.5 billion.
Temecula Valley Bancorp plans to enter Chapter 7 bankruptcy on Aug. 18 following the seizure and sale of its assets this month by regulators from the Federal Deposit Insurance Corp., according to a July 31 regulatory filing.
Thursday, July 30
The agency that operates Lindbergh Field is reaching out to more folks via two of the most popular social media sites, Facebook and Twitter, to let them know all about what the nation's busiest single-runway airport is up to.
DJO Inc., the Vista maker of prosthetic devices, reported July 30 a net loss of $13.1 million on revenue of $235.1 million for the second quarter.
Wednesday, July 29
Realty Income, an Escondido-based real estate investment trust, reported July 29 that revenue declined to $81.6 million for the second quarter ending June 30 from $82.1 million in the same quarter a year ago.
The board of the San Diego Association of Governments, the regional planning agency, said July 29 that it set aside $70 million to begin design work on three major infrastructure projects.
The Securities and Exchange Commission charged two San Diego men and a Mexican national along with the four businesses they controlled with securities fraud and operating a Ponzi scheme.
Novato-based Raptor Pharmaceuticals has agreed to buy failing drugmaker TorreyPines Therapeutics, which announced it would liquidate in May after weighing alternatives.
Tuesday, July 28
For a third consecutive month an index measuring San Diego's economy increased in June, suggesting the region is nearing a bottom of the recession.
Qualcomm and Verizon Wireless formed a new joint venture that will act as a standalone company to provide wireless "machine-to-machine" communications and smart services across multiple market segments, including health care, manufacturing, utilities, dis
Monday, July 27
Maj. Gen. Michael Lehnert heads through the main gate at Marine Corps Base Camp Pendleton and points out the sign for San Diego-based Soltek Pacific Construction. Like many other places on the 125,000-acre base, the main gate is a construction zone.
Although local theme parks have raised their admission prices at the gate and their guest counts are expected to be on par with last year, they're not likely to rake in any more dough.
Leading off this week's real estate news from around the county: Voit Real Estate Services said sales activity in the local office market has substantially increased in the second quarter of 2009.
Sempra Energy has awarded $200,000 in scholarship money to 38 high school seniors to continue their education.
Loop'd Network, an online community for action sports, announced July 20 a deal with ESPN's X Games to launch the official online community for ESPN X Games 15.
Coming off a dismal quarter, Qualcomm on July 22 posted earnings just under 2008 levels for the quarter ending June 28, and said that the chipset market appeared to have stabilized.
As the president and founder of an international financial consulting company that works closely with Chinese companies seeking to go public on U.S. stock market exchanges, I see the enormity of China's global financial influence and power on a daily basi
Bob Watkins, who had been acting chairman of the San Diego County Regional Airport Authority, was appointed to the job permanently by Mayor Jerry Sanders in a letter to the agency dated July 27.
First PacTrust Bancorp, parent of Pacific Trust Bank in Chula Vista, reported net income of $685,000 for the second quarter, compared to a net loss of $1.8 million for the like quarter of 2008, the company said July 27.
After selling his tech startup in 2004, Allan Camaisa figured he could kick back and enjoy life, maybe doing more golfing at his second home in Hawaii.
Well, we have a tentative budget in Sacramento for the next fiscal year.
From shore to ship! Talking head Mark Larson, morning host at KCBQ 1170, is making a return trip to the Middle East for one week starting Aug. 17.
Convoy Ronson Plaza and Industrial Park, a 104,213-square-foot, mixed-use space, has been sold for $12.25 million.
To observers, TelCentris may appear to have a split personality.
Just days after being hit with a record $208 million fine by South Korean regulators for alleged unfair business practices, Qualcomm on July 27 confirmed that Japanese regulators also plan to issue an order against the wireless chipset maker.
NBC San Diego and Cohn Restaurant Group have taken a page out of "Today Throws a Wedding" with "NBC 7/39 Throws a Wedding at The Prado Contest" , a promotion that offers a local couple a chance to tie the knot at one of the city's most popular wedding spo
The failures of Temecula Valley Bank and Vineyard Bank in Corona on July 17 were hardly a surprise.
San Diego's job picture continued to look bleak as it moved into double digit territory last month, generating conflicting opinions as to when the local economy would turn around.
The U.S. deficit has now reached the $l trillion mark and is not stabilizing.
The outlook is for more gloom on the county's industrial real estate forefront, but not doom, says Dennis Visser, industrial specialist and principal of Grubb & Ellis/BRE Commercial.
Now that the San Diego Padres' season is unofficially over (gee, that didn't take long), and the only question is whether they'll put more of their depleted personnel on the trading block, most of the city's sports focus is on the San Diego Chargers.
Friday, July 24
Sales of new cars and pickup trucks plummeted 42.9 percent in the second quarter of 2009 versus the same timeframe last year, according to the California New Car Dealers Association.
Weight loss drugmaker Orexigen Therapeutics has raised $70.9 million through the sale of 10 million shares of common stock, it said July 23.
The Korea Fair Trade Commission has levied a $208 million fine against Qualcomm.
Convenience store giant 7-Eleven announced July 24 that it plans an aggressive expansion push throughout Southern California that calls for 100 new stores within the next three years.
Thursday, July 23
California Community Bank, based in Escondido and with four branches, reported July 23 a net loss of $88,000 for the second quarter, compared to a net loss of $139,000 in the like quarter of 2008.
A San Marcos man pleaded guilty to violating copyright law July 22 in a Los Angeles federal court for uploading a pirated copy of "Slumdog Millionaire" late last year, according to federal prosecutors.
Cymer, the maker of laser equipment used in the manufacture of computer chips, reported July 22 net income of $500,000 for the second quarter.
Wednesday, July 22
Charlotte Russe Holding Inc., the San Diego young women's retail chain, reported July 21 net income of $6.25 million for its third quarter ended June 30, compared to net income of $6.57 million for the like quarter of 2008.
Coming off a dismal quarter, Qualcomm on July 22 posted earnings and revenues just under 2008 levels for the quarter ending June 28, and said that the chipset market appeared to have stabilized.
Rear Adm. Len Hering, commander of Navy shore facilities in California and five other states, will retire this year with successes, but a key regret as well.
Carlsbad-based Enviance said the U.S. Army has deployed its greenhouse gas reporting and management system to 12 bases nationwide.
Tuesday, July 21
PacWest Bancorp, parent of San Diego-based Pacific Western Bank, reported a net loss for the second quarter of $5.7 million, compared to a net profit of $1.4 million for the first quarter.
San Diego Trust Bank reported July 21 net income of $141,000 for the second quarter, down from $150,000 in net income for the same quarter of 2008.
Monday, July 20
As if the banking industry wasn't dealing with enough bad news, it's getting even more negative publicity as a result of most banks not accepting IOUs the state has been handing out in lieu of checks, due to Sacramento's inability to pass a budget.
From home inspections fees to title insurance, closing costs can pile up. Depending on the market, they can reach from 2 percent to 7 percent of the sale price of a home.
Decades of thoughtful, painstaking research has produced innovative new ideas in treating or preventing illnesses like diabetes, HIV/AIDS and heart disease.
Any resemblance between the Scripps Memorial Hospital Encinitas expansion project and a fashionable resort hotel is strictly by design.
A conversation with Sam Duran, CEO of Urban Corps of San Diego County
Celebrating its 40th year, Comic-Con returns July 22-26 to the San Diego Convention Center, infecting San Diegans with its alternate reality of superheroes, Japanese manga, Hollywood stars, TV moguls and video game publishers.
Benechill, a privately held San Diego medical device company, said July 20 it obtained $13.5 million in Series C financing, led by new investor HealthCap of Stockholm.
Local lenders are shunning a much ballyhooed federal loan program aimed at helping small businesses pay off delinquent debt.
Temecula Valley Bank's 11 offices opened July 20 under the new ownership of First Citizens Bank, based in Raleigh, N.C. and with $17.2 billion in assets, following the seizure and subsequent sale of the bank after the close of business July 17.
More than a decade after four government agencies got together to plan what San Diego's waterfront should look like, work on the first phase is nigh.
The area housing market is still far from stable, but one mortgage lender says there's enough potential locally to expand operations.
Leading off this week's real estate news from around the county: UrbanWest said July 9 that construction on the two-story, 20,000-square-foot Bressi Ranch Medical Plaza in Carlsbad is complete and 90 percent of the space has been sold.
LJ Balboa purchased the 6,600-square-foot free-standing bank building at 4493 Ruffin Road in Serra Mesa.
A Superior Court judge told the city of San Diego to kick the seals from the Children's Pool in La Jolla.
Since the 1950s, the architectural firm of Perkins + Will has completed 500 hospital design projects in the United States and overseas, including work for Baylor University Medical Center, Ronald Reagan UCLA Medical Center, and Mayo Clinic.
Tough times in New York City with a local connection? McGraw-Hill has apparently hired Evercore Partners, a boutique investment bank, to possibly sell its 80-year-old BusinessWeek title.
New taxpayers, not new taxes, will pull California and the rest of the country out of this recession.
The U.S. Navy has awarded a five-year, $67 million prime contract to military consulting firm Booz Allen Hamilton, which will support a program that helps foreign allies purchase U.S. military equipment, the firm said July 15.
Service-now.com, an information technology support company in Solana Beach, more than doubled its recurring revenue in the fiscal year ending June 30, to $28 million.
Another big deal in biofuels brought San Diego's research into the spotlight last week, when oil giant Exxon Mobil agreed to fund Synthetic Genomics with $300 million as the businesses seek ways of harnessing the power of algae for renewable gasoline.
Regional leaders continue their push to make North San Diego County into desalination central.
A former executive at Qualcomm Inc. was charged by the Securities and Exchange Commission July 20 of insider stock trading.
Dan Khabie is CEO of Digitaria, a digital marketing and technology business based in downtown San Diego.
On the heels of winning a five-year, $67 million U.S. Navy Spawar contract, Booz Allen Hamilton tapped San Diego-based Sentek Consulting on July 17 as a subcontractor on a program to help foreign allies purchase U.S. military equipment.
If there was ever a good news, bad news scenario, the county office market is just that.
First Business Bank has agreed to purchase 1st Pacific Bank of California, a lender four times its size, in a deal first revealed to the employees of both institutions on July 16.
Patients discharged from area hospitals after experiencing heart attack, heart failure or pneumonia returned at rates consistent with the rest of the nation, according to new data published by the Centers for Medicare & Medicaid Services.
Time Warner Cable is conducting its ninth annual Clothes 4 A Cause business clothing drive until the end of July.
Dozens of DNA testing companies have banked millions on the idea that consumers want to know more about their individual genetic makeup.
Friday, July 17
San Diego's unemployment rate broke into double digits in June, rising to 10.1 percent from May's adjusted 9.6 percent, making it the highest ever since the state's Employment Development Department changed the way it calculates data, the department state
Hotel industry veteran Joe Terzi, who has been serving as interim president and CEO of the San Diego Convention & Visitors Bureau, the county's tourism marketing arm, is no longer a stand-in.
Thursday, July 16
Some $8.7 million in federal stimulus funds will go to three California communities to help fight crime and drug trafficking along the U.S.-Mexican border.
Dutch giant Royal Philips, which invests in various medical technologies besides lighting and electronics, has agreed to buy InnerCool Therapies in a deal worth $12.75 million, the companies said July 15.
The housing market is showing consistent, albeit gradual signs of recovery as median home prices and home sales rose in June, La Jolla-based MDA DataQuick reported July 15.
Wednesday, July 15
The U.S. Navy has awarded a five-year, $67 million prime contract to military consulting firm Booz Allen Hamilton, which will support a program that helps foreign allies purchase U.S. military equipment, the firm said July 15.
USA Sevens LLC, the owners of the USA Sevens Rugby Tournament that was held in Petco Park the last three years, decided to move the tournament to Las Vegas starting in February, citing a better business deal.
Northrop Grumman said July 14 that it received a $276 million U.S. Air Force deal to put communications electronics on the battlefield.
Tuesday, July 14
Synthetic Genomics, led by genomic research pioneer J. Craig Venter, has forged a multimillion-dollar deal with ExxonMobil's research division to develop the next generation of biofuels.
Monday, July 13
Leading off this week's real estate news from around the county: A community room at the Old Grove Apartments in Oceanside, where children and adults brush up on a variety of skills, is scheduled to be renamed the Bank of America Learning Center during a
Though drug cartel killings make the headlines, slowly and surely, construction along the U.S.-Mexico border is fostering a new wave of commercial expansion in the area.
If there's a silver lining to the emergence of social media, it's that individual consumers have a little more leverage against corporate America.
Since commercial tenants usually consider their lease a valuable business asset, they also value the relationship they have with their landlord.
In a year of dramatic developments in the financial world, few things have unsettled investors more than the alleged $50 billion Ponzi scheme orchestrated by Bernie Madoff.
Windermere Exclusive Properties President Steve Rodgers has built a reputation on finding opportunities in tough times.
As a bevy of banks struggle to boost capital levels to bolster reserves under pressure from increased problem loans, they may dream of enjoying the unique position of San Diego's Embarcadero Bank.
San Diego-based Pinnacle Hotels USA purchased the 12-story, 292-room Marriott Riverside for $19.3 million, or $66,000 per room, from Sunstone Hotels.
Japanese pharmaceutical company Shionogi has scrapped its plans to buy Victory Pharmaceuticals, a privately held San Diego company specializing in pain treatments.
Most North County cities have completed their new fiscal year budgets with abounding cuts and reductions.
Pasha Automotive Services recently announced a three-year contract to import a combined 50,000 Hyundai and Kia cars annually.
General Atomics received a $32.7 million Navy contract to develop a proof-of-concept hybrid electric drive system for Navy ships.
LaDainian and Torsha Tomlinson hosted the second annual Night of Nights Gala, presented by the Palomar Pomerado Health Foundation at Hyatt Regency La Jolla at Aventine on June 13.
It seems to happen so effortlessly. The e-mail inbox fills with read messages, while desk trays overflow with old memos. Workers feel too overwhelmed to take on another project.
More than 30 years ago, while commercial broadcasting was still enjoying a near oligopoly market share, the Nixon administration proposed , and Congress enacted , the first federal funding bill to support development of what we now know as public broadcas
Coronado First Bank reported net profit of $38,000 in the second quarter, its first ever for the bank that opened in 2005. For the six-month period, the bank reported a net loss of $111,000, the bank said July 13.
The agency that operates Lindbergh Field launched its own stimulus plan with $1 billion in capital improvements to its far western terminal, a project that broke ground last week.
Kurt Kanish sells items on eBay for his customers, then cuts his customers a check , minus a 30 percent commission. He says he's able to generate $35,000 in sales per month.
Sign of the (troubled) times? Grossmont College reports that it has set a 48-year record for enrollment this summer.
The recession has taken a toll on nearly every enterprise, but those involved in infrastructure projects may be faring a bit better than most.
A conversation with Tom Wilson, executive director, Century Club of San Diego.
Hasbro's Play-Doh has been a staple of childhoods for 50 years. Yet some parents prefer not to use it because it contains wheat gluten.
Friday, July 10
Three San Diego men were charged in a 29-count federal indictment with conspiracy, mail fraud, wire fraud and bank fraud in connection with a real estate-related scheme that bilked investors of about $30 million, according to the U.S. attorney's office in
Thursday, July 9
Intellikine, a privately held La Jolla-based biotech startup with plans for a new cancer drug, said July 8 it has raised $51 million in a preferred stock sale that attracted some well-known names in the drug industry.
WD-40 reported net income of $6.9 million for its third quarter that ended May 31, down about 15 percent from the like quarter of 2008, it announced July 8.
The Environmental Protection Agency on July 8 awarded a $1.56 million grant to the San Diego County Air Pollution Control District towards lowering emissions of school buses.
Wednesday, July 8
Submarina California Subs, based in San Marcos and with 65 units, said it recently received a "significant investment" from Kerensa Investment Fund 1 to continue its rapid expansion plan.
A senior official at San Diego's Space and Naval Warfare Systems Command, his wife, and four other people were charged with corruption and fraud in a 25-count indictment handed up by a federal grand jury and unsealed July 7.
San Diego-based specialty pharmaceutical company Somaxon Pharmaceuticals said July 7 it entered into a $6 million private placement deal that will help it fund operations as it awaits FDA approval on its insomnia drug.
Tuesday, July 7
NextWave Wireless, a San Diego provider of wireless technology whose main subsidiary is Packet Video, said July 6 that Docomo Inc., Japan's largest mobile phone operator, took a 35 percent equity stake in Packet Video for an investment of $45.5 million.
Monday, July 6
Privately held Meritage, a newcomer to the local biotech scene, aims to develop the first FDA-approved drug for treating eosinophilic esophagitis.
Seville Plaza, located at 5469, 5471 and 5473 Kearny Villa Road, has reached 90 percent occupancy.
Jennifer Telfer started her retail career as a pitchman at county fairs where direct customer contact is a testing ground for all manner of products.
The Museum of Contemporary Art received a $750,000 grant from the James Irvine Foundation.
In a real estate world of seemingly endless downward spiraling of housing prices, now emerges a staggering problem of sub-professional appraisals contributing to that decline.
As the federal government funnels in economic stimulus money to various projects, portions are being set aside for improving infrastructure, specifically roads.
Although the Obama administration is intent on reforming the current regulatory system for the financial services industry, many local bankers say the proposals are heavy-handed, and could end up hurting consumers.
San Diego National Bank, the region's fifth largest bank and one of the oldest, could be on the market, in large part due to financial problems facing its Illinois-based parent, FBOP, according to sources in local banking circles.
The California Department of Transportation is using several sources of funding to get work on county road projects rolling.
Leading off this week's real estate news from around the county: UC San Diego was one of six California winners in the 2009 International Parking Institute's Awards of Excellence Competition.
Although the economy has weakened the commercial construction market, certain general contractors have found a lifeline in projects funded by the American Recovery and Reinvestment Act of 2009, or ARRA.
The tough economy has caused another startup bank to throw in the towel.
Dana Ben Kaplan, president and owner of Krav Maga San Diego, which teaches Israeli-based self-defense technique tactics to civilians, law enforcement officers and military personnel at two San Diego locations, says he's experienced a 400 percent growth in
The founder of a small local telephone company has relied on slow, steady growth that he believes will one day make Convergence Systems into a household name.
Pizza Hut has leased 4,700 square feet of retail space in Sweetwater Crossings at 1838 Sweetwater Road, in National City.
An official ceremony May 20 marked the completion of the Rancho Bernardo Reservoir Rehabilitation project.
San Diego Morrison & Foerster partner James Huston, who specializes in aviation production litigation, has penned a new legal thriller titled "Marine One."
Local residential real estate professionals are fuming over new rules imposed to strengthen the independence and accuracy of home appraisals, which they say are actually lowering property values and interfering with home sales.
After years of battling hyperactivity with prescription drugs and suffering the side-effects, 12-year-old Christopher Cronj & #233; is now using his own body to attack the disorder.
With the switch from analog behind us, the real digital transition can begin , bringing high-definition video on demand and broadcasts to any screen, anywhere, says Jamie Howard, CEO of Imagine Communications.
The Pentagon wants to buy five of Northrop Grumman's Global Hawk aircraft in fiscal 2010. Congress, however, may opt to buy just two.
Read all about it! Staffers at the San Diego Business Journal take home 17 awards, including three first place plaques, at the June 25 annual dinner sponsored by the local chapter of the Society of Professional Journalists.
The number of California hotels that are in default on their loans or have gone into foreclosure has jumped a whopping 125 percent in the past 60 days.
Bob's doctor just told him he had advanced Lyme disease. He would be disabled , indefinitely. Bob's financial time bomb was about to explode!
Thursday, July 2
General Atomics and the Navy have agreed on a ceiling price for an advanced aircraft catapult, which the Navy will install on its next-generation aircraft carrier.
Temecula Valley Bank said July 1 that a proposed $210 million capital infusion from Bancroft Capital and other institutional investors won't happen, leaving the troubled bank with less than two weeks to come up with an alternative solution.
Wednesday, July 1
The San Diego News Network, a startup online news service, seems to have found its sea legs after a choppy start.
An apparent mistake in San Diego home sales figures reported by the nonprofit Sandicor to the California Association of Realtors vastly overestimated the number of sales going back several months.
Bridgepoint Education, the San Diego online university that went public a few months ago, said July 1 it signed a lease for another 18,000 square feet of space in a building next to its current headquarters office in Sabre Springs.
The Securities and Exchange Commission has initiated an investigation into employee data mishandling at Sequenom, according to a June 30 regulatory filing.