San Diego Business Journal

SD FINANCE

Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Mayor Faulconer Sets His Priorities With New Budget

Mayor Kevin Faulconer campaigned to make neighborhoods his priority, and his 2014-15 fiscal year budget, which he released April 14, demonstrates that, according to a mayoral staff report.

Tease photo

Harrah’s Project Adds 200 to Staff, Additional 80 Jobs Expected

Harrah’s Resort Southern California said it added 200 jobs with the completion of its ambitious construction project, and is up to 1,600 employees at its hotel and casino.

Pratt & Whitney Considers Possible Closure of Kearny Mesa Plant

Pratt & Whitney AeroPower, part of Connecticut’s United Technologies Corp., told its 535 San Diego employees last week that it’s considering integrating the operations into other Pratt & Whitney units, and may close the Kearny Mesa plant.

SBLF Helping Banks Lend More to Small Business, Report Shows

The Treasury Department released another report on its Small Business Lending Fund program showing that participating banks extended about 56,900 additional small business loans, representing about $12.5 billion in dollars above what the banks lent before accepting the federal funds.

BofI Federal to Buy H&R Block Bank

BofI Federal Bank, formerly Bank of Internet USA, said it’s agreed to buy H&R Block’s bank business for an undisclosed price.

Tech and Biotech Stocks Slump

Biotech and tech stocks have been in a slump for the past three weeks, evidenced in part by the 3.1 percent drop in the Nasdaq Composite — the worst one day percentage decline, according to MarketWatch, since November 2011.

Former Exec Pleads Guilty to Bilking Investors, Tax Evasion

Sven Erik Ulsteen, pleaded guilty to using forged and counterfeit securities to fleece more than $2 million from California investors, according to the U.S. Attorney’s Office.

Tease photo

Qualcomm Boosts Dividend 20 Percent

Semiconductor maker Qualcomm Inc. authorized an increased dividend as its stock flourishes.

Lumena Files for $75 Million IPO

Lumena Pharmaceuticals Inc. has filed for a $75 million initial public offering, just a few weeks after it closed a $45 million Series B financing round.

Tease photo

Vital Therapies Resets Price of Planned IPO

Vital Therapies Inc. lowered the proposed size of its planned initial public offering, according to Renaissance Capital. Vital Therapies now plans to sell 4.5 million shares at $13 to $15 per share, expecting to raise about $63 million.

Brewery Redefines 'Beer Fund'

Santee-based Twisted Manzanita Ales and Spirits, which celebrates its fourth anniversary this year, is seeking investors to help fund a planned expansion of its distribution both domestically and internationally.

Encore Capital Completes Its Acquisition of Contolling Stake in Grove Capital

Encore Capital Group Inc., the San Diego buyer and collector of charged off credit card debt, said it closed its acquisition of a controlling stake on Grove Capital Management, a British firm that is focused on insolvencies in the United Kingdom and Spanish assets. Encore didn’t say what it paid for the company.

SBA Rule Changes Open Eligibility Door Wider for Borrowers

The Small Business Administration changed some rules covering its two primary loan programs in an effort to broaden the eligibility of borrowers and extend credit to folks who had been deemed to have too much cash to lend to.

TAPPING THE TALENT

ECONOMY: Programs Aim to Staff Region’s Craft Brewing

Craft beer is brewing up significant economic benefits for San Diego County, not to mention national buzz created by a growing array of local brands now being sold at stores, bars and restaurants across the country.