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San Diego retailers and restaurateurs can expect a sizeable holiday season, with a projected $5.3 billion to be spent here in December, according to an estimate from the San Diego Association of Governments, a regional planning agency.
North County Credit Union will merge with Sony San Diego Employees Federal Credit Union, taking over Sony’s 767 members, North County said Tuesday.
The La Costa 35 Athletic Club, a local nonprofit, hosted its 5th Annual Texas Hold ‘Em Poker Tournament, benefiting the Boys & Girls Clubs of Carlsbad. Since its first tourney, the program has more than doubled in attendance and raised more than $100,000. Tournament Director Rob Holzman said there were 20 poker tables, 180 players and net proceeds of more than $45,000 for the Boys & Girls Clubs of Carlsbad — a record.
FINANCE: Inventory Lending Can Be Risky, Attracts Alternative Lenders
The holiday shopping season can be extremely lucrative for retailers. Sales during November and December account for up to 40 percent of some retailers’ annual revenue, according to the National Retail Federation. And a Gallup poll this month showed U.S. shoppers anticipate spending an average of $830 this holiday, the highest spending estimate since 2007.
LEADERSHIP: PICO Announces Stock Buyback; Some Seek Board Change
PICO Holdings Inc., a publicly traded firm based in La Jolla with interests in water resources and home building, slashed its CEO’s salary and announced a $50 million stock buyback campaign this month as activist investors threatened to oust PICO’s board over declining share prices.
PHARMA: Puts Big Series B, Experienced Team Into Fight
Biotech investors seeking big returns don’t usually gravitate toward drugs that treat fungal infections. But increasingly, serial entrepreneurs (and their financial backers) see antifungals as a decent business opportunity. The latest infusion of cash against superbug strains goes to San Diego’s Amplyx Pharmaceuticals.
Private equity firm CVC Capital Partners and Canada Pension Plan Investment Board have signed an agreement to acquire the holding company for San Diego-based Petco Animal Supplies Inc. for $4.6 billion.
San Diego’s unemployment rate climbed back up to 5 percent in October, up from 4.6 percent in September, as the county’s job growth failed to keep pace with an expanding labor force.
HUYA Bioscience International recently celebrated the 10th anniversary of the company’s founding at the US Grant hotel in San Diego. The event included live entertainment and video greetings from colleagues and key opinion leaders in Japan and China. As part of HUYA’s mission to develop new treatments for cancer, the company announced that it has donated $20,000 to Breast Cancer Angels, a nonprofit providing financial and emotional assistance to breast cancer patients and their families. The organization accepted the donation and shared its experiences with the guests.
San Diego County Credit Union’s membership grew to 300,000 customers by the end of September, a 10 percent increase from the year before, the credit union said in its third quarter earnings report.
SERVICE: Policyholders, Cos. Find It’s Complicated
The companies emerging out of the sharing economy offer ways for users to make money using previously untapped resources, such as renting out an unused apartment for the weekend through Airbnb or inviting others over for a restaurant-quality meal with Feastly.
Novatel Wireless Inc. said Nov. 17 that its bank raised the amount of its revolving line of credit to $48 million.
ID Analytics, a consumer risk management firm, announced the appointment of Eric Lindeen as the vice president of marketing, reporting directly to the CEO Scott Carter.
The San Diego Regional Chamber of Commerce’s measure of business confidence fell to its lowest point since the survey began in 2013, following three months of year-long lows as businesses reported low expectations for future revenue growth.
Illumina Inc. will get a place on the Standard & Poor’s 500 stock index after the close of trading on Wednesday, Nov. 18.