Qualcomm Starts Strong With Impressive 1st Quarter
TECH: Company Revises Up Its Revenue Forecast for FY2013
Qualcomm Inc. started off its fiscal year with a bang, soundly beating Wall Street analysts’ expectations as it turned in record first quarter results for the period ending in December.
Merger of Local Banks Said to Be ‘in Process and on Track’
The biggest San Diego bank merger extant involving Coronado First Bank and San Diego Private Bank is moving ahead even though shareholders of each entity still haven’t received the proxy reports.
Many of the Region’s Residents Head for Exit
PLANNING: Slow Recovery, State’s Condition Spur Moves
Once a beacon for many transplants from other states seeking a new life, San Diego has been undergoing a dramatic shift in its population as more folks decide to relocate to greener pastures.
Accion San Diego Sets Record With Its 2012 Lending
There was nothing micro about Accion San Diego’s lending last year.
Region Attracts Over $1B in Venture Funding in 2012
INVESTING: Life Sciences Pulls in the Majority of the Dollars
Venture funding into San Diego companies last year passed $1 billion, the first time that’s happened since 2008, according to the latest MoneyTree Report.
Leave it to Bieber
MARKETING: Debit Card Business Uses Pop Star to Connect With Its Demographic
A San Diego debit card business that has yet to make a profit hopes to grab some attention and lots of new customers by signing an endorsement deal with arguably the biggest pop star today Justin Bieber.
Qualcomm Study Highlights Technology’s Role in Region
TECH: Company and Other Innovative Firms Called ‘Economic Engine’
Qualcomm Inc. used to keep its San Diego local employment number close to its corporate vest
Trading Card Innovator Leaves Lasting Legacy
SPORTS BIZ: Upper Deck Deals With CEO’s Passing
The untimely death of Upper Deck Co. co-founder and CEO, Richard McWilliam rocked a company already shaken by a spate of legal conflicts over the past several years.
Financing Closes on Desalination Plant
RESOURCES: Nearly $1B Deal Involved 60 Parties
Financing on the largest water desalination project in the nation closed late last month, triggering actual construction of the nearly $1 billion project in Carlsbad.
Oceanside Firm Is Finding Success in Its Space
SCIENCE: Company’s Telescopes Are in Demand By Schools, Stargazers
Oceanside Photo & Telescope started as a camera retailer but now generates most of its sales from folks who have stars in their eyes.
Financial Services Poised for Growth in Region’s Prime Office Space
San Diego’s financial services industry continues to be among the biggest renters of Class A offices, and occupies nearly a fifth of this region’s most desired space, according to a recent report from commercial brokerage firm Jones Lang LaSalle.
Hub Acquires Local Intercare Insurance Firm
Intercare Insurance Solutions, a San Diego-based business insurance brokerage, said it was acquired by Hub International Limited, based in Chicago, for an undisclosed price.
Airport Authority Aims Low With Latest Bond Offering
FINANCE: Low Interest Rate Is Goal in Green Build Financing
The board of directors for the agency that manages Lindbergh Field gave its top finance officer a big goal to hit when it issues some $440 million in revenue bonds this week.
Supply Is the Big Missing Piece in the Housing ‘Game’
PROPERTY: Median Home Price Climbs to $358,000 in November
Historic low interest rates and inadequate inventories drove up the number of homes sales and improved prices in most areas of San Diego County last year.
Dealing with the Recovery Process
ECONOMY: Region Sees Some Positive Indicators As Economy Slowly Heals
Hold on. The fiscal cliff isn’t the end of the federal government spending debate, but the beginning of a restructuring process that’s well under way, and still needs more time to get resolved.
Community Banks Feel Pressure to Consolidate for Growth
BANKING: Regulations, Sluggish Economy Increase The Need to Grow Assets
As 2012 wound down, two more San Diego banks announced they would join forces, capping off a year when acquisitions and mergers reduced the number of locally based banks from 19 to 16.
Businesses Will Feel Insurance Industry’s Pain
INSURANCE: Increase in Costs Coming, Including In Workers’ Compensation
After several years of declining premiums on their insurance coverage, businesses had a rude awakening last year when rates increased.
Recession Reconfigures Local Jobs Landscape
ECONOMY: Stratifying Effect Occurs as Midpaying Positions Take a Big Hit
San Diego took a beating in the Great Recession, but a new study reveals just how bad it was.
Big Picture for Banks Is Good, According to FDIC Report
Any doubt that the banking industry is doing better will be dismissed when reading the latest report from the industry’s top regulator, the Federal Deposit Insurance Corp.
Chula Vista Advances Plans for University
SCHOOLS: Mayor Sees Vision ‘Coming Together’
Chula Vista, the county’s second largest city, has long dreamed of building a four-year university, and those dreams got a bit closer to becoming reality when it recently entered into a negotiating agreement with developer HomeFed Corp. to explore a wider pact to create the long desired project.
New Year Invites Predictions About Business Prospects
ECONOMY: Experts at Event to Highlight the Key Trends for 2013
There’s no telling exactly what the future holds, but getting a grasp on what’s in store in 2013 is what this year’s San Diego Business Journal Economic Trends event is all about.
SAIC’s 700 Job Cuts Hit Home With 50 Local Reductions
WORKFORCE: Company To Offer Support, Training To Affected Employees
SAIC Inc., which once made its home in San Diego but is now managed from McLean, Va., reported it will be cutting another 700 jobs from its payroll, including 50 in San Diego.
Bank Makes Haste in Complying With Regulatory Demands
Talk about getting coal in your stocking. Vibra Bank, with a single office in Chula Vista, was hit with a consent order from its regulators, the Federal Deposit Insurance Corp. and the California Department of Financial Institutions, regarding some problems with risk management issues.
Bankers Vary in Views On TAG Expiration
BANKING: End Date Coming For Increased Insurance Level
Unless Congress extends deposit insurance guaranty coverage on transaction accounts above $250,000 by year-end, there could be a lot of money looking for a new home next year.
Swept Up in Foreign Trade Tide
Chad Grismer says his business, The Wheat Group, is having a fine year, but next year will be even better thanks in part to a federal program aimed at boosting exported goods.
Firm’s Pens Spread the Word for Companies
MARKETING: Promotional Products Remain Popular
Promotional giveaways like pens imprinted with a business name may seem like the poor man’s mode of advertising, but not to San Diego-based National Pen Co.
REMAINING IN A LEADING ROLE
ECONOMY: Former Mayor to Put Experience To Work as Chamber CEO
Jerry Sanders was in good spirits last week, still getting used to the fact he is no longer mayor of San Diego.
San Diego Ranks 17th in the Nation for Exports
COMMERCE: Two Local Agencies Help Companies Grow Exports
One of the best ways that San Diego companies can improve their bottom lines is to increase their exports, said two officials with organizations specializing in doing exactly that.
‘A Merger of Equals’ Brings Banks Together
FINANCE: Move by SDPB, CFB Driven by Dodd-Frank
Two small San Diego banks decided to join forces to navigate what is an increasingly tough road for smaller lenders.
Reed Takes Chairman’s Job at Sempra
Sempra Energy, parent firm to San Diego Gas & Electric Co. and other subsidiaries, named CEO Debra Reed as its chairman of the board, replacing Donald Felsinger, 65, who’s retiring at the end of this month after 40 years with the company.
BofI Is in Good Position to Continue Its Strong Growth
BofI Holding Inc., parent to BofI Federal Bank, turned in another record quarter for its fiscal 2013 first quarter reporting net income of $9 million, compared with $6.4 million for the like quarter in the prior year.
Wealth Management Firms Expand in a Changing Market
FINANCE: Margin Compression Changes Dynamics of Industry
Several local wealth management firms expanded their holdings and staffing this year, reflecting a more conducive merger environment.
It’s a Good Time to Sell For Some Businesses
FINANCE: Economy Improves, Stirring the Interest of Buyers
Shelby Standefer sold his Poway smog testing business earlier this year but it was a move he didn’t really consider seriously until his younger brother died.
Buyer Defines Role for Borrego Springs Bank
FINANCE: Current Structure Can Support SBA Lending
The Washington state bank buying troubled Borrego Springs Bank says it plans to retain its offices and most of its staff as it expands lending of small business loans.
Startup Harnesses Crowdsourcing to Assist Individual Investors
TECHNOLOGY: Company Aims to Help People Make Smarter Investment Decisions
Investing has always been something of a roll of the dice, but experienced investors know there are smart ways to play the game.
Home Sales on the Rise as Cash Buyers Muscle the Market
PROPERTY: Housing Demand Exceeds Supply, Pushing Prices Higher
House sales in San Diego continued to surge in October, with cash buyers still playing a big role in the local market.
Generous Severance Package Has Banker Going in Style
Generous severance packages, “golden parachutes,” for top execs who exit larger companies are alive and well despite increased government scrutiny.
SQUEEZED
REGULATION: New Law Saddles Community Banks With New Mandates, Costs
Five years after the beginning of the worst economic downturn since the Great Depression, every bank in the nation is dealing with increased regulations, but smaller community banks seem to be feeling the effects the most.
Credit Unions Look to Boost Cap, Opportunity
FINANCE: Increase Sought In Business Lending Limit
For the fourth consecutive year, the nation’s credit unions are trying to increase a cap on business lending that they say would help spur job creation.
Miro to Stay on Offense, Help Boeing in Defense
TECH: Acquisition to Give Boeing Boost in Global Efforts
Miro Technologies, a San Diego maker of software used by the aerospace and defense industries, expects its recent sale to the Boeing Co. will change some things, but certainly won’t slow its growth.
Biotechs Look Into Clouds for High-Powered Computing Services
TECHNOLOGY: Tools Help Genomics Researchers Analyze Terabytes of Data
As drug discovery and life sciences companies delve deeply into dissecting the mysteries of human genomes, they’re using faster and more powerful computers.
Software Sector Has The Hot-Jobs Ticket
TECH: Demand Gives Engineers Plenty of Options
San Diego’s software industry continues creating new jobs with positions added by both larger and smaller firms.
Wells Fargo Gets Well-Deserved Credit for 7(a) Loan Output
Wells Fargo Bank, which maintains the largest market share in San Diego with about $15 billion in deposits and 104 branches, can also lay claim as the area’s biggest lender of 7(a) loans guaranteed by the U.S. Small Business Administration.
Financing Package Is in Place for Wind Farm
ENERGY: It Will Be First of Its Kind To Use Powerlink
With 30 windmills already built, the first renewable energy project using the Sunrise Powerlink transmission line is closer to completion.
Torrey Pines Sees Continued Growth in Its Loan Portfolio, Assets
Torrey Pines Bank, which passed the $1 billion asset mark in 2009, is on track to reach $2 billion by the end of this year.
Sempra Gets Rights To Build, Operate Mexico Pipeline
Sempra Mexico, a unit of San Diego based Sempra Energy, was awarded two contracts to build, own and operate 500 miles of natural gas pipeline in the Mexican states of Sonora and Sinaloa by the Comision Federal de Electricidad (CFE), Mexico’s state owned electric utility.
Firm Seeks Its Future Off the Public Markets
FINANCE: Edgewave Sees Benefits in Deregistering Stock
While some businesses may view being publicly traded as some sort of Holy Grail, at least one local firm decided to give up that status.
Silvergate Sees Record Earnings in 3rd Quarter
BANKING: It Finds Success in New Lending Areas, Expands
Silvergate Bank, based in the University City area and with five branches, reported the best quarter in its 24- year history, with third quarter net income of $2.4 million, up 220 percent over its earnings in the like quarter of 2011.
Dutch Firm to Buy Cymer for $2.55B
TECHNOLOGY: ASML Will Continue Its R&D Push
The acquisition of laser maker Cymer Inc. isn’t likely to result in consolidation in the short term but that is a possibility in the future, said several research analysts who cover the company.
Borrego Operating Under Cease And Desist Order
BANKING: Action Discloses Usually Confidential Rating
Borrego Springs Bank, owned by the Viejas Band of the Kumeyaay Indians tribe, is operating under a cease and desist order from the U.S. Comptroller of the Currency, a sanction that requires the lender to adhere to a plan to correct problems and regularly communicate with its regulators.
