San Diego Business Journal


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

Unanimous City Council Vote Puts Minimum Wage Issue on June 2016 Ballot

A phased-in minimum wage increase required of businesses located in the city of San Diego that would have raised the wage from $9 to $11.50 by 2017 will be put to a public vote on June 2016 following a unanimous 9-0 vote by the San Diego City Council.

Apricus Receives $10M in Financing to Pursue Licensing Deal

San Diego-based Apricus Biosciences Inc. announced that it has acquired $10 million in financing to purchase licensing from Finland-based Forendo Pharma to develop and commercialize an investigational treatment for urological conditions in men.

Acquisition of redIT Clears Final Regulatory Hurdle

KIO Networks, a Mexico-based Internet services provider, said it concluded the final regulatory process of acquiring redIT, a San Diego-based provider of information technology data centers.

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This Organization Helps Open the Door to Defense Contracts

ECONOMY: Group Can Be a Guide; It Can Also Advocate for Industry

Selling to the government is hardly simple, but by joining forces, contractors like Doug Ray make things easier for themselves and each other.

Neighborhood National Bank Slowly Filling Its Tanks These Days

If you’re a gas station owner looking for a loan, don’t bother visiting Neighborhood National Bank. It’s not that the San Diego lender can’t support anything connected to the oil industry. It’s just that it’s gotten hosed by a couple of problem loans to gas station borrowers.

Business Index Outlook Is Up 1.7 Points in September

The San Diego Business Outlook Index, a measure of local business owners’ confidence, increased by 1.7 points in September to 26.7, driven by more optimism about increased workforce hours.

September Unemployment Rate in County Is 5.9%

San Diego’s unemployment rate in September was 5.9 percent, down from August’s 6.2 percent, and down from the year-ago rate of 7.3 percent, according to the state’s Employment Development Department.

Registrar Validates Signatures for Potential Vote on Minimum Wage

Registrar of Voters has validated signatures collected by opponents of a recently approved hike in San Diego’s minimum wage, meaning enforcement will be delayed until the issue is decided by voters.

Region Ranks Sixth in Q3 Venture Capital Dollars

Twenty one San Diego area businessesattracted about $220 million in venture capital during the third quarter, according to the Dow Jones VentureSource report.

Seacoast Commerce Bank Reports Q3 Results

Seacoast Commerce Bank, based in San Diego, reported third quarter net income of $1 million, compared with net income of $250,000 for the like quarter of last year.

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Qualcomm to Buy British Company for $2.5 Billion

Qualcomm Inc. said Oct. 15 that it has agreed to buy CSR plc, a British fabless semiconductor company, for $2.5 billion in cash.

County Investment Pool Receives High Rating

San Diego County’s investment pool, used by local agencies for their short term cash needs, received Standard & Poor’s highest ratings for credit quality and volatility again based on its past fiscal year results, said County Treasurer-Tax Collector Dan McAllister.

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OneRoof Energy Receives $2M in Debt Financing

OneRoof Energy Inc., a San Diego provider of residential solar services, said New Resource Bank will provide it with about $2 million in debt financing to lower its cost of funds on a pool of existing solar projects.

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Cytori Completes $13.5M Registered Direct Offering

Cytori Therapeutics Inc. announced that it has completed the sale of shares of its Series A 3.6 percent convertible preferred stock pursuant to a registered direct offering representing gross proceeds of about $13.5 million.

Local Loan Firm Adds More Health Systems to Its Roster

Clear Balance, a San Diego provider of patient loans, recently added a few health care systems to its client base.