A group of elected officials and business leaders from both sides of the U.S.-Mexico international border gathered near the Otay Mesa port of entry to break ground on state Route 11, a four-lane road expected to provide a big boost to the region’s economy.
San Diego’s image as one of the more bicycle friendly cities in the country was burnished with the adoption of $312 million San Diego Bicycle Master Plan update by the City Council, funding investment in new bike lanes, support facilities and other programs over the next 20 years.
Steve Forbes, chairman and editor-in-chief of Forbes Media, is coming to Kearny Mesa Dec. 12 to sign a naming rights agreement between his company and San Diego-based Bridgepoint Education.
The four teams are set for San Diego’s two college football bowl games at Qualcomm Stadium this month.
The San Diego Padres will play the Mexico City Red Devils in an exhibition game set for March 27 at Petco Park, the team announced.
INFRASTRUCTURE: Carlsbad Desalination Project Gets Green Light
The San Diego region saw a $1 billion dollar project get finished this year, and another one for about the same cost get underway.
GOVERNMENT: Labor Gains Power; Downtown Focus Fades for Both Parties
No matter who wins San Diego’s mayoral runoff election in early 2014 between City Council Members David Alvarez and Kevin Faulconer, it won’t change the noticeable shift in the balance of power on the council that has taken place the past five years or how it impacted the business community during 2013.
TRADE: Recent Departure Of Ex-CEO puts Nonprofit In State of Transition
Samuel Kephart heads an organization that helps companies strike highly profitable international business connections while receiving little benefit from those deals itself.
ACQUISITIONS: Big Deals Dominate the Scene in 2013 As San Diego Is Sellers Market
A soaring stock market spurred a spate of San Diego company acquisitions this year, with six exceeding billion-dollar valuations.
An index measuring San Diego’s economy fell 0.4 percent in October, the first time it’s dropped since August of 2012.
Hall of Famer and longtime Padres great Dave Winfield was named as a special assistant at the Major League Players Association, joining recently appointed executive director Tony Clark.
Reaction Design, a San Diego developer of chemistry simulation software, said it entered into a definitive merger agreement with Ansys Inc., a Pittsburgh maker of engineering software.
San Diego County apartment rents during the fall declined 1 percent, while the vacancy rates continued to decrease, according to a recent report from the San Diego County Apartment Association.
Welk Resort Group, the San Diego developer and operator of resort properties, said it closed a $158.7 million securitization backed by notes receivable from vacation ownership interests.
FINANCE: Those Who Haven’t Saved May Find Golden Years Tarnished
As many older employees look at the time they have left before they retire, many realize they haven’t saved enough and are opting to continue working, local wealth advisers said.
PROPERTY: Housing Market Changes Give Investors Incentive to Rent
Business partners Imran Clark and Darrell Kucan were among the risk-takers in the wake of the housing market collapse, buying houses mainly through short sales — in which banks approved offers below the amount owed on their loans — and often flipping houses in a few days.
Bank merger activity slowed this year nationally, but prices paid are getting richer, according to a recent study by SNL Financial, a Virginia-based financial research firm.
Pulse Electronics Corp., a San Diego based maker of electronic components, recently shipped its 2 billionth antenna.
Consumer lending will likely be extinct at many community banks thanks to the implementation of the Dodd-Frank comprehensive banking reform law, one local bank executive said.
FINANCE: Not All Agree Policy Exists or Is Needed
As of the end of September, the nation’s four largest banks held nearly $8 trillion — that’s trillion with a T — in combined assets.
SPORT: Torrey Pines Golf Tournament Brings Company, County Exposure
Farmers Insurance was hailed as a white knight coming to rescue when agreed to be the title sponsor for San Diego’s biggest golf tournament in 2010.
CYBERCRIME: Identity Thieves Are Flourishing In This ‘Connected’ World
Banks and other financial entities that handle customers’ money through online websites are always trying to improve their security protection systems — and they’d better be, longtime security expert and San Diegan Jim Stickley said.
Jack in the Box Inc. reported net income of $22.8 million for its fiscal 2013 fourth quarter, nearly double the $12.5 million in net profit for the like quarter of fiscal 2012.
The $1 billion Carlsbad desalination project was recently named by the Bond Buyer as a Deal of the Year Finalist for the complex and innovative project financing.
Guild Mortgage Co., the San Diego mortgage bank that started here in 1960, continued opening new offices around the country, including eight in South Carolina since mid-2012.
FINANCE: Firm’s 429 Members to Vote On Proposed Merger
Ketema Federal Credit Union, one of the smallest in the county with about $1.3 million in assets, obtained preliminary approval from federal and state regulators to merge with California Coast Credit Union, San Diego’s third largest.
A group of community organizations, led by the California Reinvestment Coalition, is asking bank regulators to take a closer look and hold public hearings on PacWest Bancorp’s proposed acquisition of CapitalSource Inc., parent of CapitalSource Bank.
TRADE: Paola Avila Sees Binational Efforts As Key to Growth
Paola Avila hasn’t yet started her new job as executive director of the San Diego Regional Chamber of Commerce’s Mexico Business Center, but already she’s got lots of ideas.
FINANCE: Lending Instruments on Upswing Bringing Needed Business
Home loans for people who don’t meet the stringent underwriting requirements to be prime borrowers can still find financing, although it’ll cost more, housing industry sources said. And they appear to be doing so at an increasing pace.
Silvergate Bank, the area’s fourth-largest commercial lender, reported reduced third-quarter profit of $1.37 million, down about $1 million from the like quarter of last year.
SPORT: National University Gets Publicity, Team Building
Although it’s got some recognition here, National University knows it’s not a household name, and it wants to change that.
TECH: CEO Is Pleased With Year, Expects More Growth
Despite turning in a record year in revenue and earnings, Qualcomm Inc.’s fiscal fourth quarter results didn’t impress the market, which pushed down the stock.
INSURANCE: Firm Plans to Keep Office, Leadership Intact
Arthur J. Gallagher & Co., one of the nation’s largest insurance brokerages, has acquired San Diego-based G.S. Levine Insurance Services for an undisclosed price.
RETAIL: Urban Wineries Create a Following With Their Winemaking Talents and Central Locations
Mike McWilliams was looking for small wine bar as a retirement business several years ago before he ended up buying something called an urban winery.
RETAIL: Expansion Outside U.S. Contributed To Revenue, Earnings
PriceSmart Inc., the San Diego-based operator of club warehouse stores in Latin America and the Caribbean, turned in another stellar fourth quarter and year, causing investors to take notice.
Wireless: Current Stock Price May Open Door for Other Bidders
Shareholders of Leap Wireless International Inc., the San Diego prepaid carrier behind the Cricket brand, will convene in Denver this week to weigh in on the $4 billion sale of the company to AT&T following a postponement of the meeting last week.
FINANCE: GoFundMe Finds Niche, Helping in Crises
When James Rivera needed $5,000 to cover the expenses of the woman willing to donate a kidney to him, he turned to a San Diego-based website that is putting a new twist on the increasingly popular concept of crowdfunding.
ECONOMY: Recession A Possibility as Military Cuts Hit Hard in Region
San Diego’s economy is in danger of falling back into a recession as a result of higher federal government cuts that will occur next year, said Kelly Cunningham, the economist with National University System Institute for Policy Research.
Some bankers cynically called the program “Son of TARP,” but to many of the community banks that accepted capital from the U.S. Treasury through its Small Business Lending Program, it’s been quite a help.
Salaries for in-demand positions in several industries — particularly accounting and finance and high-tech — continued to increase this year in San Diego and nationally, and should rise again in 2014, according to a salary survey by Robert Half International.
The interest that lenders are paying on savings accounts is at an all-time low and getting worse, according to a recent study by GoBankingRates.com, a personal finance website.
LEGAL: Breach of Contract Allegations, IP Issues at Heart of Dispute
Technology Integration Group will receive a little more than $1 million to settle a five-year legal dispute involving former employees who the company accused of breaching their contracts and stealing its trade secrets to help their new employer.
FINANCE: Move Would Streamline Some Processes, Create 1 Board
The parent company of San Diego- based Torrey Pines Bank plans to consolidate its three subsidiary banks into a single charter, a move intended to improve efficiencies and reduce costs.
FINANCE: Owners List Business for Free; Buyers Charged a Fee
Selling a professional service business can be a delicate matter, especially selling one that manages people’s money.
Credit unions in recent years have been returning to more normal lending activity — more so than banks — after all lenders pulled back on extending credit because of the Great Recession, according to a recent study by SNL Financial LC.
AEROSPACE: 55 Jobs to Be Lost; Move Part of Cost Cutting
Precision Engine Controls Corp., a San Diego-based unit of United Technologies Corp. under its Aerospace Systems division, is moving its assembly and testing work to Poland, resulting in the loss of 55 local jobs.
SPORT: Dee Says Team Has Right Owners, Players and Plan
Mike Dee describes himself as “a recovering San Diegan.” Dee, the new chief executive for the San Diego Padres, left in 2002 to take an executive position with the Boston Red Sox, following mentor Larry Lucchino, and later became CEO of the Miami Dolphins.
FINANCE: Some Say Financing Tool Was Misused Across the State
A series of restrictions on a type of public bond financing for school districts was adopted last week following Gov. Jerry Brown’s signing of a reform bill supported by local state legislators.
As if banks and other traditional, brick-and-mortar lenders don’t have enough competition, yet another player has entered the market for small business lending — PayPal.
FINANCE: Pawnshops Fill a Need for Credit For Small Businesses
A man in his late 20s walked into a San Diego pawnshop with an idea for an online business and a $5,000 collection of gold coins.